Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Measurements Tables

Schedule of assets and liabilities measured on a recurring and non-recurring basis

The following tables summarize the valuation of the Company’s financial assets and liabilities at June 30, 2013 and December 31, 2012:

	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets or Liabilities  (Level 1)		Significant or Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Fair Value at June 30, 2013
Assets:
Commodities derivatives	$	—	$	155,744	$	—		$	155,744
Total	$	—	$	155,744	$	—		$	155,744
Liabilities
Environmental liability	$	—	$	—	$	(2,088,158	)	$	(2,088,158	)
Asset retirement obligations (non-recurring)	$	—	$	—	$	(3,399,096	)	$	(3,399,096	)
Total	$	—	$	—	$	(5,487,254	)	$	(5,487,254	)

	Fair Value Measurements at Reporting Date Using
(in thousands)	Quoted Prices in Active Markets for Identical Assets or Liabilities  (Level 1)		Significant or Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Fair Value at December 31, 2012
Assets:
Commodities derivatives	$	—	$	290,788	$	—		$	290,788
Total	$	—	$	290,788	$	—		$	290,788
Liabilities:
Environmental liability	$	—	$	—	$	(2,100,000	)	$	(2,100,000	)
Asset retirement obligations (non-recurring)		—		—		(3,317,358	)		(3,317,358	)
Total	$	—	$	—	$	(5,417,358	)	$	(5,417,358	)

Scheudle of changes to fair value measurements using Level 3 inputs

The following is a summary of changes to fair value measurements using Level 3 inputs during the three months ended June 30, 2013:

	Environmental Liability
Balance, December 31, 2012	$	2,100,000
Acquisitions		—
Settlement of liabilities		11,842
Revisions of previous estimates		—
Balance, June 30, 2013	$	2,088,158