v2.4.0.8

Fair Value of Financial and Derivatives Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Commodity Derivative Volumes and Prices

At June 30, 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
2014		Collar		650 Bbls/d		$85.05/Bbl – $95.05/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
2013 (3)		Collar		100,000 MMBtu/month		$4.00/MMBtu – $4.36/MMBtu
2014		Swap		360,000 MMBtu/month		$4.18/MMBtu

(1) February 2013 – December 2013

(2) March 2013 – December 2013

(3) May 2013 – December 2013

Summary of Fair Value of Open Commodity Derivatives

The following table summarizes the fair value of our open commodity derivatives as of June 30, 2013, and December 31, 2012 (in thousands).

		Asset/Liability Derivatives
		Balance Sheet Location		Fair Value
				June 30,				December 31,
				2013				2012
Derivatives not designated as hedging instruments
Commodity derivatives		Unrealized gain on commodity derivatives		$	2,624			$	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								Six Months Ended
				June 30,								June 30,
				2013				2012				2013				2012
Derivatives not designated as hedging instruments
Commodity derivatives		Realized (loss) gain on commodity derivatives		$	(714	)		$	361			$	(407	)		$	(123	)
Unrealized gain on commodity derivatives					4,290				9,439				190				6,767
				$	3,576			$	9,800			$	(217	)		$	6,644

Summary of Financial Instruments Not Recorded at Fair Value

The following table sets forth the fair values of financial instruments that are not recorded at fair value on our financial statements (in thousands).

		June 30, 2013
		Carrying Amount				Fair Value
Senior Notes		$	250,000			$	251,250

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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.

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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.

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