Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Commodity Derivative Instruments

The Company had the following open crude oil and natural gas derivative contracts as of March 31, 2016:

Period	Instrument	Commodity	Volume in MMBtu / Bbls		Fixed Price
April 2016 - March 2017	Swap	Crude Oil		60,000	$	42.30
April 2016 - March 2017	Swap	Crude Oil		60,000	$	42.30
April 2016 - June 2016	Swap	Crude Oil		30,000	$	58.00
April 2016 - December 2016	Swap	Crude Oil		45,000	$	60.80
April 2016 - December 2016	Swap	Crude Oil		45,000	$	60.80
April 2016 - December 2016	Swap	Natural Gas		630,000	$	2.530
January 2017 - December 2017	Swap	Natural Gas		480,000	$	2.785

In April 2016, the Company entered in the following commodity derivative contracts:

Period	Instrument	Commodity	Volume in MMBtu / Bbls		Fixed Price
May 2016 - December 2016	Swap	Crude Oil		80,000	45.17
January 2017 - December 2017	Swap	Crude Oil		120,000	46.75
May 2016 - December 2016	Swap	Natural Gas		80,000		2.380
January 2017 - December 2017	Swap	Natural Gas		240,000		2.860

Summary of Gross and Net Information about Commodity Derivative Instruments

The following table summarizes the location and fair value amounts of all derivative instruments in the Condensed Consolidated Balance Sheets as well as the gross recognized derivative assets, liabilities, and amounts offset in the Condensed Consolidated Balance Sheets (in thousands):

		March 31, 2016						December 31, 2015
Derivatives not designated as hedging contracts under ASC Topic 815	Balance Sheet Location	Gross Recognized Assets / Liabilities		Gross Amounts Offset		Net Recognized Assets / Liabilities		Gross Recognized Assets / Liabilities		Gross Amounts Offset		Net Recognized Assets / Liabilities
Commodity contracts	Current derivative assets	$	2,460	$	—	$	2,460	$	3,694	$	—	$	3,694
Commodity contracts	Noncurrent derivative assets	$	7	$	—	$	7	$	—	$	—	$	—

Realized and Unrealized Gains and Losses from Commodity Derivative Instruments

The follow table summarizes the location and amounts of the Company’s realized and unrealized gains and losses on derivative instruments in the Company’s Condensed Consolidated Statements of Operations (in thousands):

		Three months ended March 31,
Derivatives not designated as hedging contracts under ASC Topic 815	Statement of Operations Location	2016			2015
Unrealized loss on commodity contracts	Net gain on derivative contracts	$	(1,226	)	$	(820	)
Realized gain on commodity contracts	Net gain on derivative contracts	$	1,991		$	1,494
		$	765		$	674