XML 32 R28.htm IDEA: XBRL DOCUMENT v3.3.0.814
9. Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative contracts with respect to future production

Crude Oil Swaps

 

Settlement Period  Oil (Barrels)   Fixed Price 
October 1, 2015 – December 31, 2015   6,000   $88.28 
October 1, 2015 – December 31, 2015   5,250   $89.70 
October 1, 2015 – December 31, 2015   3,000   $92.38 
October 1, 2015 – December 31, 2015   7,500   $90.16 
October 1, 2015 – December 31, 2015   36,000   $61.87 
April 1, 2016 – May 31, 2016   15,000   $62.88 
April 1, 2016 – May 31, 2016   10,000   $90.36 
April 1, 2016 – May 31, 2016   4,000   $88.15 

 

Crude Oil Costless Collars

 

       Floor/Ceiling     
Settlement Period  Oil (Barrels)   Price   Basis 
October 1, 2015 – December 31, 2015   9,000    $75.00/$95.60    NYMEX 
April 1, 2016 – May 31, 2016   3,334    $80.00/$89.50    NYMEX 

 
Realized and unrealized gains and losses on derivative instruments
  Nine Months Ended 
   September 30, 
   2015   2014 
Gain (loss) on settled derivatives:          
Crude oil fixed price swaps  $8,579,756   $(449,135)
Crude oil collars   857,147    – 
Gain (loss) on settled derivatives, net  $9,436,903   $(449,135)
           
Gain (loss) on the mark-to-market of derivatives:          
Crude oil fixed price swaps  $(4,366,810)  $1,012,502 
Crude oil collars   (519,374)   40,137 
Gain (loss) on the mark-to-market of derivatives, net  $(4,886,184)  $1,052,639 
Gross amounts of recognized derivative assets and liabilities
  September 30, 2015   December 31, 2014 
       Gross   Net       Gross   Net 
   Gross   amounts   amounts of   Gross   amounts   amounts of 
   amounts of   offset   assets   amounts of   offset   assets 
   recognized   on balance   on balance   recognized   on balance   on balance 
   assets   sheet   sheet   assets   sheet   sheet 
Commodity derivative assets  $2,694,001   $(440)  $2,693,561   $7,620,896   $(41,151)  $7,579,745 

 

 

    September 30, 2015    December 31, 2014 
         Gross    Net         Gross    Net 
    Gross    amounts    amounts of    Gross    amounts    amounts of 
    amounts of    offset    liabilities    amounts of    offset    liabilities 
    recognized    on balance    on balance    recognized    on balance    on balance 
    liabilities    sheet    sheet    liabilities    sheet    sheet 
Commodity derivative liabilities  $–   $–   $–   $–   $–   $– 
Reconciliation of derivative assets and liabilities
  September 30,   December 31, 
   2015   2014 
Derivative assets  $2,693,561   $3,571,803 
Noncurrent derivative assets   –    4,007,942 
Net amount of assets on the balance sheet   2,693,561    7,579,745 
           
Current portion of derivative liabilities   –    – 
Derivative liabilities   –    – 
Net amount of liabilities on the balance sheet   –    – 
Total derivative assets (liabilities), net  $2,693,561   $7,579,745