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Derivatives (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Offsetting Assets and Liabilities
The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the senior credit facility (in thousands):

September 30, 2016
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
11,319

 
$
(1,127
)
 
$
10,192

 
$
—

 
$
10,192

Derivative contracts - noncurrent
 
110

 
(40
)
 
70

 
—

 
70

Total
 
$
11,429

 
$
(1,167
)
 
$
10,262

 
$
—

 
$
10,262

Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
4,109

 
$
(1,127
)
 
$
2,982

 
$
(2,982
)
 
$
—

Derivative contracts - noncurrent
 
975

 
(40
)
 
935

 
(935
)
 
—

Total
 
$
5,084

 
$
(1,167
)
 
$
3,917

 
$
(3,917
)
 
$
—


December 31, 2015
 
 
Gross Amounts
 
Gross Amounts Offset
 
Amounts Net of Offset
 
Financial Collateral
 
Net Amount
Assets
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
85,524

 
$
(1,175
)
 
$
84,349

 
$
—

 
$
84,349

Derivative contracts - noncurrent
 
—

 
—

 
—

 
—

 
—

Total
 
$
85,524

 
$
(1,175
)
 
$
84,349

 
$
—

 
$
84,349

Liabilities
 
 
 
 
 
 
 
 
 
 
Derivative contracts - current
 
$
1,748

 
$
(1,175
)
 
$
573

 
$
(573
)
 
$
—

Derivative contracts - noncurrent
 
—

 
—

 
—

 
—

 
—

Total
 
$
1,748

 
$
(1,175
)
 
$
573

 
$
(573
)
 
$
—
Open Oil and Natural Gas Commodity Derivative Contracts
At September 30, 2016, the Company’s open commodity derivative contracts consisted of the following:

Oil Price Swaps 
 
Notional (MBbls)
 
Weighted Average
Fixed Price
October 2016 - December 2016
1,288

 
$
56.45

January 2017 - December 2017
1,825

 
$
50.51


Natural Gas Price Swaps
 
Notional (MMcf)
 
Weighted Average
Fixed Price
October 2016 - December 2016
10,920

 
$
2.86

January 2017 - December 2017
18,250

 
$
3.12


Natural Gas Basis Swaps
 
Notional (MMcf)
 
Weighted Average
Fixed Price
October 2016 - December 2016
920

 
$
(0.38
)
Fair Value of Derivatives
The following table presents the fair value of the Company’s derivative contracts as of September 30, 2016 and December 31, 2015 on a gross basis without regard to same-counterparty netting (in thousands):
Type of Contract
 
Balance Sheet Classification
 
September 30,
2016
 
December 31,
2015
Derivative assets
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts-current
 
$
10,812

 
$
68,224

Oil collars - three way
 
Derivative contracts-current
 
—

 
17,300

Natural gas price swaps
 
Derivative contracts-current
 
507

 
—

Natural gas price swaps
 
Derivative contracts-noncurrent
 
110

 
—

Derivative liabilities
 
 
 
 
 
 
Oil price swaps
 
Derivative contracts-current
 
(2,415
)
 
—

Natural gas price swaps
 
Derivative contracts-current
 
(1,524
)
 
—

Natural gas basis swaps
 
Derivative contracts-current
 
(170
)
 
(1,748
)
Debt holder conversion feature
 
Current maturities of long-term debt
 
—

 
(29,355
)
Mandatory prepayment feature - PGC Senior Secured Notes
 
Current maturities of long-term debt
 
—

 
(2,941
)
Oil price swaps
 
Derivative contracts-noncurrent
 
(941
)
 
—

Natural gas price swaps
 
Derivative contracts-noncurrent
 
(34
)
 
—

Total net derivative contracts
 
$
6,345

 
$
51,480