DERIVATIVE INSTRUMENTS/HEDGING (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments/Hedging

Outstanding hedging contracts relative to future production

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		Total
Oil Collars:
2016:
Three-Way Collars WTI (1)
Volume (Bbls)		—		273,000		276,000		276,000		825,000
Wtd Avg Price - Lower Floor	$	—	$	40.00	$	40.00	$	40.00	$	40.00
Wtd Avg Price - Upper Floor	$	—	$	50.00	$	50.00	$	50.00	$	50.00
Wtd Avg Price - Ceiling	$	—	$	60.00	$	60.00	$	60.00	$	60.00
Collars WTI (1)
Volume (Bbls)		—		364,000		368,000		368,000		1,100,000
Wtd Avg Price - Floor	$	—	$	35.00	$	35.00	$	35.00	$	35.00
Wtd Avg Price - Ceiling	$	—	$	42.50	$	42.50	$	42.50	$	42.50
2017:
Collars WTI (1)
Volume (Bbls)		360,000		364,000		—		—		724,000
Wtd Avg Price - Floor	$	35.00	$	35.00	$	—	$	—	$	35.00
Wtd Avg Price - Ceiling	$	42.50	$	42.50	$	—	$	—	$	42.50

(1) WTI refers to West Texas Intermediate price as quoted on the New York Mercantile Exchange.

	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		Total
Gas Collars:
2016:
PEPL (1)
Volume (MMBtu)		—		2,730,000		2,760,000		2,760,000		8,250,000
Wtd Avg Price - Floor	$	—	$	2.32	$	2.32	$	2.32	$	2.32
Wtd Avg Price - Ceiling	$	—	$	2.75	$	2.75	$	2.75	$	2.75
Perm EP (1)
Volume (MMBtu)		—		3,030,000		2,760,000		2,760,000		8,550,000
Wtd Avg Price - Floor	$	—	$	2.45	$	2.42	$	2.42	$	2.43
Wtd Avg Price - Ceiling	$	—	$	2.90	$	2.87	$	2.87	$	2.88
2017:
PEPL (1)
Volume (MMBtu)		1,800,000		1,820,000		—		—		3,620,000
Wtd Avg Price - Floor	$	2.13	$	2.13	$	—	$	—	$	2.13
Wtd Avg Price - Ceiling	$	2.70	$	2.70	$	—	$	—	$	2.70
Perm EP (1)
Volume (MMBtu)		2,700,000		2,730,000		—		—		5,430,000
Wtd Avg Price - Floor	$	2.42	$	2.42	$	—	$	—	$	2.42
Wtd Avg Price - Ceiling	$	2.97	$	2.97	$	—	$	—	$	2.97

(1) PEPL refers to Panhandle Eastern Pipe Line, Tex/OK Mid-Continent Index as quoted in Platt’s Inside FERC. Perm EP refers to El Paso Natural Gas Company, Permian Basin Index as quoted in Platt’s Inside FERC.

Net (gains) and losses from settlements and changes in fair value of derivative contracts

	Three Months Ended
	March 31,
(in thousands)	2016		2015
(Gain) loss on derivative instruments, net	$	(428)	$	—
Settlement (gains) losses	$	(5,068)	$	—

Schedule of amounts and classifications of entity's derivative assets and liabilities as well as the potential effect of netting arrangements on contracts with the same counterparty

March 31, 2016:
(in thousands)	Balance Sheet Location	Asset		Liability
Oil contracts	Current assets — Derivative instruments	$	5,132	$	—
Natural gas contracts	Current assets — Derivative instruments		6,736		—
Natural gas contracts	Non-current assets — Derivative instruments		422		—
Oil contracts	Current liabilities — Derivative instruments		—		3,812
Oil contracts	Non-current liabilities — Other liabilities		—		1,776
Natural gas contracts	Non-current liabilities — Other liabilities		—		96
Total gross amounts presented in accompanying balance sheet			12,290		5,684
Less: gross amounts not offset in the accompanying balance sheet			(1,802)		(1,802)
Net amount:		$	10,488	$	3,882
December 31, 2015:
(in thousands)	Balance Sheet Location	Asset		Liability
Oil contracts	Current assets — Derivative instruments	$	6,774	$	—
Natural gas contracts	Current assets — Derivative instruments		3,971		—
Natural gas contracts	Non-current assets — Derivative instruments		501		—
Total gross amounts presented in accompanying balance sheet			11,246		—
Less: gross amounts not offset in the accompanying balance sheet			—		—
Net amount:		$	11,246	$	—