v2.4.0.6
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2013
Commodity Derivative Volumes and Prices

At March 31, 2013, we had the following commodity derivatives positions outstanding:

 

Commodity and 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

2013 (1)

    Collar    1,200 Bbls/d    $90.35/Bbl - $100.35/Bbl

2014

    Collar    550 Bbls/d    $90.00/Bbl – $105.50/Bbl

Crude Oil Basis Differential (Midland/Cushing)

2013 (2)

    Swap    2,300 Bbls/d    $1.10/Bbl

Natural Gas

         

2013

    Swap    200,000 MMBtu/month    $3.54/MMBtu

2013

    Swap    190,000 MMBtu/month    $3.80/MMBtu

2014

    Swap    360,000 MMBtu/month    $4.18/MMBtu

 

(1)

 February 2013 – December 2013
(2) March 2013 – December 2013
Summary of the Fair Value of Open Commodity Derivatives

The following table summarizes the fair value of our open commodity derivatives as of March 31, 2013, and December 31, 2012 (in thousands).

 

 
    

Asset/Liability Derivatives

  
    

Balance Sheet Location

    Fair Value  
          March 31,     December 31,  
          2013     2012  

Derivatives not designated as hedging instruments

        

Commodity derivatives

   

Unrealized (loss) gain on commodity derivatives    $ (1,666 )    $ 2,433   
Summary of Changes in Fair Value of Commodity Derivatives

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

 

    

Income Statement Location

    Three Months Ended  
          March 31,  
          2013     2012  

Derivatives not designated as hedging instruments

        

Commodity derivatives

    Unrealized loss on commodity derivatives    $ (4,100 )    $ (2,672 ) 
   Realized gain (loss) on commodity derivatives      307        (484 ) 
     

 

 

    

 

 

  
      $ (3,793 )    $ (3,156 )