Disclosures about Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Financial Assets and Liabilities Measured at Fair Value

The following summarizes the fair value of the Company’s derivative assets and liabilities according to their fair value hierarchy as of the reporting dates indicated (in thousands):



	September 30, 2016
	Level 1		Level 2			Level 3		Total
Commodity derivative contracts
Assets:
Short-term derivative instruments	$	—	$	32,537		$	—	$	32,537
Long-term derivative instruments	—		21,017			—		21,017
Total derivative instrument - asset	—		53,554			—		53,554

Liabilities:
Short-term derivative instruments	—		(21,122		)	—		(21,122		)
Long-term derivative instruments	—		(12,465		)	—		(12,465		)
Total derivative instruments - liability	—		(33,587		)	—		(33,587		)
Net commodity derivative asset	$	—	$	19,967		$	—	$	19,967



	December 31, 2015
	Level 1		Level 2			Level 3		Total
Commodity derivative contracts
Assets:
Short-term derivative instruments	$	—	$	83,262		$	—	$	83,262
Long-term derivative instruments	—		25,839			—		25,839
Total derivative instrument - asset	—		109,101			—		109,101

Liabilities:
Short-term derivative instruments	—		(34,518		)	—		(34,518		)
Long-term derivative instruments	—		(15,142		)	—		(15,142		)
Total derivative instruments - liability	—		(49,660		)	—		(49,660		)
Net commodity derivative asset	$	—	$	59,441		$	—	$	59,441

Schedule of Fair Value of Financial Instrument Not Carried at Fair Value

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets (in thousands):



	September 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Debt:
7.500% senior unsecured notes due 2022	$	550,000	$	586,438	$	550,000	$	522,610
6.250% senior unsecured notes due 2024	400,000		416,000		—		—
Revolving Credit Agreement	—		—		—		—