Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2015

The following sets forth, by level within the hierarchy, the fair value of our assets and liabilities measured at fair value as of March 31, 2015 and December 31, 2014 (in thousands):



	Level 1		Level 2			Level 3

March 31, 2015
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative financial instruments- asset	$	—	$	36,645		$	—
Derivative financial instruments- liability	—		(5,893		)	—
Derivative deferred premiums - liability	—		—			(3,545		)
Net financial assets	$	—	$	30,752		$	(3,545	)

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Asset retirement obligations	$	—	$	—		$	21

December 31, 2014
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Derivative financial instruments- asset	$	—	$	27,044		$	—
Derivative financial instruments- liability	—		—			—
Net financial assets	$	—	$	27,044		$	—

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Asset retirement obligations	$	—	$	—		$	3,171
Impairment of proved oil and natural gas properties	$	—	$	—		$	30,206

Schedule of changes in Level 3 fair value measurements

A summary of the changes in Level 3 fair value measurements for the periods presented are as follows:



	Three Months Ended March 31, 2015			Year Ended December 31, 2014
	(in thousands)
Balance of Level 3 at beginning of period	$	—		$	—
Derivative deferred premiums - purchases	(4,068		)	—
Derivative deferred premiums - settlements	523			—
Balance of Level 3 at end of period	$	(3,545	)	$	—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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