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Derivative instruments (Tables)
 3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative instruments
The following table summarizes our crude oil derivatives outstanding as of March 31, 2014: 
 
 
 
 
Weighted average fixed price per Bbl
Period and type of contract
 
Volume
MBbls
 
Swaps
 
Sold puts
 
Purchased puts
 
Sold calls
2014
 
 
 
 
 
 
 
 
 
 
Swaps
 
581

 
$
92.30

 
$
—

 
$
—

 
$
—

Three-way collars
 
1,800

 
$
—

 
$
75.50

 
$
93.25

 
$
101.94

Enhanced swaps
 
630

 
$
98.24

 
$
80.00

 
$
—

 
$
—

Put spread enhanced swaps
 
2,072

 
$
93.85

 
$
80.00

 
$
60.00

 
$
—

Purchased puts
 
630

 
$
—

 
$
—

 
$
60.00

 
$
—

2015
 
 
 
 
 
 
 
 
 
 
Enhanced swaps
 
6,058

 
$
92.92

 
$
80.00

 
$
—

 
$
—


The following tables summarize our natural gas derivative instruments outstanding as of March 31, 2014: 
Period and type of contract
 
Volume
BBtu
 
Weighted
average
fixed price
per MMBtu
2014
 
 
 
 
Natural gas swaps
 
15,640

 
$
4.01

Natural gas basis protection swaps
 
16,120

 
$
0.24

2015
 
 
 
 
Natural gas swaps
 
22,170

 
$
4.20

Natural gas basis protection swaps
 
2,400

 
$
0.18
Derivative instruments recorded on the balance sheet at fair value
The estimated fair values of derivative instruments are provided below. The carrying amounts of these instruments are equal to the estimated fair values. 
 
As of March 31, 2014
 
As of December 31, 2013
 
Assets
 
Liabilities
 
Net value
 
Assets
 
Liabilities
 
Net value
Natural gas swaps
$
665

 
$
(7,457
)
 
$
(6,792
)
 
$
1,457

 
$
(3,706
)
 
$
(2,249
)
Oil swaps
—

 
(3,345
)
 
(3,345
)
 
112

 
(2,807
)
 
(2,695
)
Oil collars
733

 
(824
)
 
(91
)
 
2,776

 
(4
)
 
2,772

Oil enhanced swaps
1,621

 
(11,308
)
 
(9,687
)
 
6,988

 
(6,212
)
 
776

Oil purchased puts
10

 
—

 
10

 
74

 
—

 
74

Natural gas basis differential swaps
71

 
(289
)
 
(218
)
 
1,706

 
(63
)
 
1,643

Total derivative instruments
3,100

 
(23,223
)
 
(20,123
)
 
13,113

 
(12,792
)
 
321

Less:
 
 
 
 
 
 
 
 
 
 
 
Netting adjustments (1)
253

 
(253
)
 
—

 
4,558

 
(4,558
)
 
—

Current portion asset (liability)
—

 
(22,830
)
 
(22,830
)
 
2,152

 
(8,234
)
 
(6,082
)
 
$
2,847

 
$
(140
)
 
$
2,707

 
$
6,403

 
$
—

 
$
6,403

___________
(1)
Amounts represent the impact of master netting agreements that allow us to net settle positive and negative positions with the same counterparty. Positive and negative positions with a counterparty are netted only to the extent that they relate to the same current versus noncurrent classification on the balance sheet.
Derivative settlements outstanding
Derivative settlements outstanding at March 31, 2014 and December 31, 2013 were as follows: 
 
March 31,
2014
 
December 31,
2013
Derivative settlements receivable included in accounts receivable
$
156

 
$
4,616

Derivative settlements payable included in accounts payable and accrued liabilities
$
5,339

 
$
377
Non-hedge derivative gains (losses) in the consolidated statements of operations
Non-hedge derivative (losses) gains in the consolidated statements of operations are comprised of the following: 
 
 
Three months ended
 
 
March 31,
 
 
2014
 
2013
Change in fair value of commodity price swaps
 
$
(5,193
)
 
$
(19,364
)
Change in fair value of collars
 
(2,863
)
 
(8,285
)
Change in fair value of enhanced swaps and put options
 
(10,361
)
 
2,031

Change in fair value of natural gas basis differential contracts
 
(1,861
)
 
176

Amortization of premium
 
(166
)
 
—

(Payments on) receipts from settlement of commodity price swaps
 
(5,850
)
 
4,525

(Payments on) receipts from settlement of collars
 
(41
)
 
5,731

(Payments on) receipts from settlement enhanced swaps
 
(1,992
)
 
—

Payments on settlement of natural gas basis differential contracts
 
(872
)
 
(360
)
 
 
$
(29,199
)
 
$
(15,546
)