v2.4.0.6

Derivatives (Tables)

12 Months Ended

Dec. 31, 2012

Commodity Derivatives Volumes and Prices

At December 31, 2012, we had the following commodity derivatives positions outstanding:

Commodity and Time Period		Contract Type		Volume Transacted		Contract Price
Crude Oil
2013		Collar		650 Bbls/d		$90.00/Bbl – $105.80/Bbl
2013		Collar		450 Bbls/d		$90.00/Bbl – $101.45/Bbl
2014		Collar		550 Bbls/d		$90.00/Bbl – $105.50/Bbl
Natural Gas
2013		Swap		200,000 MMBtu/month		$3.54/MMBtu
2013		Swap		190,000 MMBtu/month		$3.80/MMBtu

Summary of Fair Value of Open Commodity Derivatives

The following summarizes the fair value of our open commodity derivatives as of December 31, 2012 and 2011 (in thousands):

Asset Derivatives

Liability Derivatives

Fair Value

Fair Value

Balance Sheet     Location

December 31, 2012

December 31, 2011

Balance Sheet     Location

December 31, 2012

December 31, 2011

Derivatives not designated as hedging instruments

Commodity derivatives

Unrealized gain on commodity derivatives

$

2,433

$

—

Unrealized loss on commodity derivatives

$

—

$

1,441

Summary of Changes in Fair Value of Commodity Derivatives

The following summarizes the change in the fair value of our commodity derivatives (in thousands):

		Income Statement Location
				Year Ended December 31,
				2012				2011				2010
Derivatives not designated as hedging instruments
Commodity derivatives		Unrealized gain (loss) on commodity derivatives		$	3,874			$	(347	)		$	788
		Realized (loss) gain on commodity derivatives			(108	)			3,375				5,784
				$	3,766			$	3,028			$	6,572

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 133

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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- Definition

Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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