v3.3.1.900

Derivative Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivatives Volumes and Prices

At December 31, 2015, we had the following commodity derivatives positions outstanding:

Commodity and Period		Contract Type		Volume Transacted		Contract Price
Crude Oil
January 2016 — December 2016		Swap		500 Bbls/d		$62.50/Bbl
January 2016 — December 2016		Swap		250 Bbls/d		$62.55/Bbl
January 2016 — June 2016		Swap		500 Bbls/d		$40.25/Bbl
January 2016 — June 2016		Swap		1,000 Bbls/d		$40.00/Bbl
Natural Gas
March 2016 — December 2016		Swap		100,000 MMBtu/month		$2.91/MMBtu
March 2016 — December 2016		Swap		100,000 MMBtu/month		$2.95/MMBtu

Summary of Fair Value of Open Commodity Derivatives

The following summarizes the fair value of our open commodity derivatives as of December 31, 2015 and 2014 (in thousands):

		Balance Sheet Location		Fair Value
				December 31, 2015				December 31, 2014
Derivatives not designated as hedging instruments
Commodity derivatives		Unrealized gain on commodity derivatives		$	6,737			$	39,951

Summary of Change 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,
				2015				2014				2013
Derivatives not designated as hedging instruments
Commodity derivatives		Unrealized (loss) gain on commodity derivatives		$	(33,214	)		$	42,113			$	(4,596	)
		Realized gain (loss) on commodity derivatives			52,489				2,359				(1,048	)
				$	19,275			$	44,472			$	(5,644	)

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).

		December 31, 2015
		Carrying Amount				Fair Value
Senior Notes, net		$	225,839			$	82,915

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- 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 Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

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