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FINANCIAL INSTRUMENTS AND DERIVATIVES (Tables)
 12 Months Ended
Dec. 31, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of commondity derivatives
The table below is a summary of the Company's commodity derivatives as of December 31, 2012:
 
 
 
Weighted Avg
Natural Gas
Period
MMBtu/d
Price per MMBtu
Collars
Jan 2013 - Dec 2013
12,500
$4.50 - $5.96(1)
Swaps
Jan 2013 - Dec 2013
15,500
$3.52
Ceilings sold (call)
Jan 2014 - Dec 2014
16,000
$5.91
 
 
 
Weighted Avg
Crude Oil
Period
Bbl/d
Price per Bbl
Collars
Jan 2013 - Dec 2013
2,763
$81.38 - $97.61
Three-way collar (2)
Jan 2014 - Dec 2014
663
$65.00 - $85.00 - $91.25
Three-way collar (2)
Jan 2015 - Dec 2015
259
$70.00 - $85.00 - $91.25
Three-way collar (2)
Jan 2013 - Dec 2013
2,000
$60.63 - $80.00 - $100.00
Three-way collar (2)
Jan 2014 - Dec 2014
4,000
$64.94 - $85.00 - $102.50
Three-way collar (3)
Jan 2013 - Dec 2013
763
$65.00 - $91.25 - $101.25
Swaps
Jan 2013 - Dec 2013
1,000
$91.46
Floors sold (put)
Jan 2013 - Dec 2013
1,438
$65.00
 
 
 
 
(1)  Weighted averages prices for sold put and sold call, respectively.
(2)  These three-way collars are a combination of three options: a sold put, a purchased put, and a sold call.
(3)  This three-way collar is a combination of three options: a sold put, a purchased call, and a sold call.
Schedule of fair value of derivative contracts
The following table summarizes the fair value of the Company's derivative contracts as of the dates indicated:
 
Derivatives not designated as hedging instruments
 
Gross Derivative Assets
 
Gross Derivative Liabilities
 
December 31,
 
December 31,
 
2012
 
2011
 
2012
 
2011
Commodity
(in thousands)
Derivative assets - current
$
4,882

 
$
5,732

 
$
—

 
$
—

Derivatives and other long term assets
—

 
1,192

 
—

 
—

Derivative and other current liabilities
—

 
—

 
(3,501
)
 
(5,800
)
Derivative liabilities - long term
—

 
—

 
(3,976
)
 
(6,112
)
Total commodity
$
4,882

 
$
6,924

 
$
(7,477
)
 
$
(11,912
)
 
 
 
 
 
 
 
 
Financial
 
 
 
 
 
 
 
Derivative assets - current
$
264

 
$
—

 
$
—

 
$
—

Derivative liabilities - long term
—

 
—

 
(43,548
)
 
—

Total financial
$
264

 
$
—

 
$
(43,548
)
 
$
—
Schedule of net gain (loss) on derivative contracts
The following table summarizes the net gain (loss) on all derivative contracts included in other income (expense) on the consolidated statements of operations for the years ended December 31, 2012, 2011 and 2010:
 
For the Year Ended December 31,
 
2012
 
2011
 
2010
 
(in thousands)
Realized gain (loss)
$
11,294

 
$
(2,136
)
 
$
3,877

Unrealized gain (loss)
10,945

 
(4,210
)
 
(3,063
)
Net gain (loss) on derivative contracts
$
22,239

 
$
(6,346
)
 
$
814