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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Significant Unobservable Inputs - Liabilities

The significant unobservable inputs and range and weighted average of these inputs used in the fair value measurement of the conversion features at December 31, 2015 are included in the table below.

Unobservable Input		Range						Weighted Average			Fair Value
											(In thousands)
Debt conversion feature hazard rate		114.0	%	–	135.2	%		119.2	%		$	29,355

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands):

December 31, 2017 - Successor

	Fair Value Measurements												Netting(1)				Assets/Liabilities at Fair Value
	Level 1				Level 2				Level 3
Assets
Commodity derivative contracts	$	—			$	5,582			$	—			$	(4,272	)		$	1,310
Investments	$	5,072			$	—			$	—			$	—			$	5,072
	$	5,072			$	5,582			$	—			$	(4,272	)		$	6,382
Liabilities
Commodity derivative contracts	$	—			$	18,467			$	—			$	(4,272	)		$	14,195
	$	—			$	18,467			$	—			$	(4,272	)		$	14,195

December 31, 2016 - Successor

	Fair Value Measurements												Netting(1)				Assets/Liabilities at Fair Value
	Level 1				Level 2				Level 3
Assets
Investments	$	7,541			$	—			$	—			$	—			$	7,541
	$	7,541			$	—			$	—			$	—			$	7,541
Liabilities
Commodity derivative contracts	$	—			$	29,714			$	—			$	—			$	29,714
	$	—			$	29,714			$	—			$	—			$	29,714

____________________

(1)Represents the impact of netting assets and liabilities with counterparties where the right of offset exists.

Fair Value, Reconciliation of Level 3 Fair Value Measurements - Liabilities

The table below sets forth a reconciliation of the Predecessor Company’s Level 3 fair value measurements for debt holder conversion features (in thousands):

		Predecessor
		Period from January 1, 2016 through October 1, 2016
Beginning balance		$	29,355
Gain on derivative holder conversion feature		(880		)
Conversions		(21,194		)
Write off of derivative holder conversion feature to reorganization items		(7,281		)
Ending level 3 debt holder conversion feature balance		$	—

Estimated Fair Value and Carrying Value of the Company's Notes

The estimated fair values and carrying values of the Company’s long-term debt are as follows (in thousands):

	December 31, 2017								December 31, 2016
	Fair Value				Carrying Value				Fair Value				Carrying Value
Convertible Notes	$	—			$	—			$	334,800			$	268,780
Building Note	$	42,526			$	37,502			$	40,608			$	36,528

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of liabilities. This disclosure may include, but is not limited to, the fair value of the liability, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 820
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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