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Derivative Financial Instruments | 3 Months Ended
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Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS | At March 31, 2017, the Company had various costless collar contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged) and price floor and ceiling. Each contract is set to expire at varying times during 2017 and 2018. The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2017.
Commodity | Calculation Period |  | Notional Quantity (Bbl or MMBtu) |  | Weighted Average Price Floor ($/Bbl or $/MMBtu) |  | Weighted Average Price Ceiling ($/Bbl or $/MMBtu) |  | Fair Value of Asset (Liability) (thousands)
Oil | 04/01/2017 - 12/31/2017 |  | 3,690,000 |  |  | $ | 45.17 |  |  | $ | 55.75 |  |  | $ | (3,493 | )
Oil | 01/01/2018 - 12/31/2018 |  | 1,920,000 |  |  | $ | 43.91 |  |  | $ | 63.44 |  |  | 2,205 |
Natural Gas | 04/01/2017 - 12/31/2017 |  | 18,810,000 |  |  | $ | 2.51 |  |  | $ | 3.60 |  |  | (2,502 | )
Natural Gas | 01/01/2018 - 12/31/2018 |  | 13,200,000 |  |  | $ | 2.53 |  |  | $ | 3.68 |  |  | (533 | )
Total open derivative financial instruments |  |  |  |  |  |  |  | $ | (4,323 | )
These derivative financial instruments are subject to master netting arrangements; all but one counterparty allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets. The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 (in thousands).
Derivative Instruments | Gross amounts recognized |  | Gross amounts netted in the condensed consolidated balance sheets |  | Net amounts presented in the condensed consolidated balance sheets
March 31, 2017 |  |  |  |  |
Current assets | $ | 5,399 |  |  | $ | (3,684 | ) |  | $ | 1,715 |
Other assets | 6,137 |  |  | (3,854 | ) |  | 2,283 |
Current liabilities | (12,005 | ) |  | 3,684 |  |  | (8,321 | )
Other liabilities | (3,854 | ) |  | 3,854 |  |  | — |
Total | $ | (4,323 | ) |  | $ | — |  |  | $ | (4,323 | )
December 31, 2016 |  |  |  |  |
Current liabilities | $ | (24,203 | ) |  | $ | — |  |  | $ | (24,203 | )
Other liabilities | (751 | ) |  | — |  |  | (751 | )
Total | $ | (24,954 | ) |  | $ | — |  |  | $ | (24,954 | )
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
|  |  | Three Months Ended March 31,
Type of Instrument | Location in Condensed Consolidated Statement of Operations |  | 2017 |  | 2016
Derivative Instrument |  |  |  |  |
Oil | Revenues: Realized (loss) gain on derivatives |  | $ | (1,635 | ) |  | $ | 5,464 |
Natural Gas | Revenues: Realized (loss) gain on derivatives |  | (584 | ) |  | 1,599 |
Realized (loss) gain on derivatives |  | (2,219 | ) |  | 7,063 |
Oil | Revenues: Unrealized gain (loss) on derivatives |  | 17,780 |  |  | (7,654 | )
Natural Gas | Revenues: Unrealized gain on derivatives |  | 2,851 |  |  | 815 |
Unrealized gain (loss) on derivatives |  | 20,631 |  |  | (6,839 | )
Total |  |  | $ | 18,412 |  |  | $ | 224 |

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