2.4.0.80016 - Disclosure - Price risk management activitiestruefalsefalse1false
falsefalseFrom2013-01-01to2013-06-30http://www.sec.gov/CIK0001373485duration2013-01-01T00:00:002013-06-30T00:00:001true
1XBOR_PriceRiskManagementActivitiesAbstractXBOR_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalse | xbrli:stringItemTypestringfalse0
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2us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: bold 10pt Times New Roman">11 – Price risk management activities</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman"> </font></div>
<div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman">ASC 815-25 (formerly SFAS No. 133 “Accounting for Derivative Instruments and Hedging Activities”) requires that all derivative instruments be recorded on the balance sheet at their fair value. Changes in the fair value of each derivative are recorded each period in current earnings or other comprehensive income, depending on whether the derivative is designated as part of a hedge transaction and, if it is, the type of hedge transaction. When choosing to designate a derivative as a hedge, management formally documents the hedging relationship and its risk-management objective and strategy for undertaking the hedge, the hedging instrument, the item, the nature of the risk being hedged, how the hedging instrument’s effectiveness in offsetting the hedged risk will be assessed, and a description of the method of measuring effectiveness. This process includes linking all derivatives that are designated as cash-flow hedges to specific cash flows associated with assets and liabilities on the balance sheet or to specific forecasted transactions. Based on the above, management has determined the swaps noted below do not qualify for hedge accounting treatment.</font></div>
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<div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman">At June 30, 2013, the Company had a net derivative asset of $155,744, as compared to a net derivative asset of $290,788 at December 31, 2012.  The change in net derivative asset/liability is recorded as non-cash mark-to-market income or loss.  Mark-to-market losses of $89,978 were recorded in the six months ended June 30, 2013 as compared to mark-to-market income of $245,722 during the twelve months ended December 31, 2012.  Net realized hedge settlement gain for the six months ended June 30, 2013 was $67,421 as compared to net realized hedge settlement gain of $317,593 for the twelve months ended December 31, 2012.  The combination of these two components of derivative expense/income is reflected in "Other Income (Expense)" on the Statements of Operations as "Gain (loss) on derivatives."</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt Times New Roman">As of June 30, 2013, the Company had crude oil swaps in place relating to a total of 3,000 Bbls per month, as follows:</font></div>
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</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td colspan="3" style="vertical-align: bottom; width: 24%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 13%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 13%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-indent: 0pt; display: block"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Price</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-indent: 0pt; display: block"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Volumes</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td colspan="5" style="vertical-align: bottom; width: 26%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Fair Value of Outstanding</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Derivative Contracts <font style="font-style: italic; display: inline">(1)</font></font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">as of</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 24%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Transaction</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 13%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 13%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Per</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Per</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 12%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">June 30,</font></div>
</td>
<td style="vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 10%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">December</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr>
<td style="vertical-align: top; width: 14%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Date</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Type <font style="font-style: italic; display: inline">(2)</font></font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Beginning</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Ending</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Unit</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Month</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%; border-bottom: black 2px solid"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 12%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">2013</font></div>
</td>
<td style="vertical-align: top; width: 2%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%; border-bottom: black 2px solid"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 10%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">31, 2012</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: bottom; width: 14%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">March 2011</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Swap</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">04/01/2011</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">02/28/20<font style="display: inline">13</font></font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">$104.55</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">1,000</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">$</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 12%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman"><font style="display: inline; font-family: times new roman">—</font></font></div>
</td>
<td style="vertical-align: bottom; width: 2%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">$</font></div>
</td>
<td style="text-align: right; vertical-align: bottom; width: 10%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">41,019</font></div>
</td>
<td style="vertical-align: bottom; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: top; width: 14%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">November 2011</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Swap</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">12/01/2011</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">11/30/2014</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">  $93.50</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">2,000</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 12%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">—</font></div>
</td>
<td style="vertical-align: top; width: 2%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 10%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">44,942</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: top; width: 14%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">February 2012</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Swap</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">03/01/2012</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">02/28/2014</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">$106.50</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">1,000</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 12%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">—</font></div>
</td>
<td style="vertical-align: top; width: 2%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 10%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">204,827</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr style="background-color: white">
<td style="text-align: left; vertical-align: top; width: 14%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">February 2013</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Swap</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">03/01/2013</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">11/01/2014</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">  $93.50</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">2,000</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 12%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">48,570</font></div>
</td>
<td style="vertical-align: top; width: 2%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 10%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">—</font></div>
</td>
<td style="vertical-align: top; width: 1%"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr style="background-color: #cceeff">
<td style="text-align: left; vertical-align: top; width: 14%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">February 2013</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">Swap</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">03/01/2013</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 13%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">02/01/2014</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">$106.50</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 9%; padding-bottom: 2px">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: center"><font style="display: inline; font: 10pt times new roman">1,000</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%; border-bottom: black 2px solid"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 12%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">107,174</font></div>
</td>
<td style="vertical-align: top; width: 2%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%; border-bottom: black 2px solid"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="text-align: right; vertical-align: top; width: 10%; border-bottom: black 2px solid">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">—</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 2px"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr><tr style="background-color: white">
<td colspan="11" style="vertical-align: top; width: 72%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: bottom; width: 1%; border-bottom: black 4px double; text-align: left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">$</font></div>
</td>
<td style="text-align: right; vertical-align: top; width: 12%; border-bottom: black 4px double">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">155,744</font></div>
</td>
<td style="vertical-align: top; width: 2%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
<td style="vertical-align: top; width: 1%; border-bottom: black 4px double; text-align: left">
<div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt"><font style="display: inline; font: 10pt times new roman">$</font></div>
</td>
<td style="text-align: right; vertical-align: top; width: 10%; border-bottom: black 4px double">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right"><font style="display: inline; font: 10pt times new roman">290,788</font></div>
</td>
<td style="vertical-align: top; width: 1%; padding-bottom: 4px"><font style="display: inline; font: 10pt times new roman">  </font></td>
</tr></table>
</div>
<div style="text-indent: 0pt; display: block"><br />
</div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt times new roman; font-size: 10pt; font-family: times new roman">
<tr>
<td style="text-align: left; vertical-align: top; width: 84%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">(1) The fair value of the Company's outstanding transactions is presented on the balance sheet by counterparty. Currently all of our derivatives are with the same counterparty. The balance is shown as current or long-term based on our estimate of the amounts that will be due in the relevant time periods at currently predicted price levels. Amounts in parentheses indicate liabilities.</font></div>
</td>
</tr><tr>
<td style="text-align: left; vertical-align: top; width: 84%">
<div style="text-indent: 0pt; display: block"> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left"><font style="display: inline; font: 10pt times new roman">(2) These crude oil hedges were entered into on a per barrel delivered price basis, using the NYMEX - West Texas Intermediate Index, with settlement for each calendar month occurring following the expiration date, as determined by the contracts.</font></div>
</td>
</tr></table>
</div>
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