Derivatives (Tables)

9 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of commodity derivative positions

At March 31, 2015, the Company had the following commodity derivatives positions outstanding:

Commodity and Time Period	Contract Type	Volume Transacted	Contract Price
Crude Oil
April 1, 2015 – December 31, 2015	Put	5,500-7,000 Bbls/month	$50.00/Bbl
January 1, 2016 – June 30, 2016	Put	5,000-5,500 Bbls/month	$58.00/Bbl

Schedule of fair value of open commodity derivatives

The following table summarizes the fair value of the Company’s open commodity derivatives as of March 31, 2015 and June 30, 2014:

	Balance Sheet Location	Fair Value
(in thousands)		March 31, 2015		June 30, 2014
Derivatives not designated as hedging
instruments
Commodity derivatives	Commodities derivative asset	$	292	$	37
Commodity derivatives	Commodities derivative liability	$	—	$	(121	)

Schedule of change in fair value of commodity derivatives

The following tables summarize the change in the fair value of the Company’s commodity derivatives:

	Income Statement Location	Three Months Ended,
(in thousands)		March 31, 2015			March 31, 2014
Derivatives not designated as hedging
instruments
Commodity derivatives	Realized (loss) gain on commodity derivatives	$	—		$	(23	)
Commodity derivatives	Unrealized (loss) gain on commodity derivatives		(183	)		(41	)
		$	(183	)	$	(64	)

	Income Statement Location	Nine Months Ended,
(in thousands)		March 31, 2015		March 31, 2014
Derivatives not designated as hedging
instruments
Commodity derivatives	Realized (loss) gain on commodity derivatives	$	782	$	(74	)
Commodity derivatives	Unrealized (loss) gain on commodity derivatives		—		(272	)
		$	782	$	(346	)