Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of March 31, 2017:

	Period	Volume (Bbl)	Weighted Average Fixed Price ($/Bbl)
Crude oil swaps	April 2017 - December 2017	508,750	$	50.41
	January 2018 - December 2018	36,500	$	55.95
Crude oil basis swaps	April 2017 - November 2017	85,750	$	(0.20	)
	Period	Volume (MMBtu)	Weighted Average Fixed Price ($/MMBtu)
Natural gas swaps	April 2017 - December 2017	1,100,000	$	2.94

Derivative Instruments, Gain (Loss)

The following table presents gains and losses for derivative instruments not designated as hedges for accounting purposes for the periods presented:

	Successor		Predecessor
(in thousands)	For the Three Months Ended March 31, 2017		For the Three Months Ended March 31, 2016
Net gain on derivative instruments	$	3,759	$	1,918

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following tables summarize the location and fair value amounts of all the Company’s derivative instruments in the consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the condensed consolidated balance sheets:

	March 31, 2017
(in thousands)	Balance Sheet Classification	Gross Asset/Liability Amounts		Gross Amounts Offset (1)			Net Recognized Fair Value Assets/Liabilities
Derivative Assets
Derivative instruments	Current assets	$	1,092	$	(223	)	$	869
Derivative instruments	Noncurrent assets	109		—			109
Total derivative assets		$	1,201	$	(223	)	$	978
Derivative Liabilities
Derivative instruments	Current liabilities	$	1,996	$	(223	)	$	1,773
Derivative instruments	Noncurrent Liabilities	—		—			—
Total derivative liabilities		$	1,996	$	(223	)	$	1,773

(1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.

	December 31, 2016
(in thousands)	Balance Sheet Classification	Gross Asset/Liability Amounts		Gross Amounts Offset (1)			Net Recognized Fair Value Assets/Liabilities
Derivative Assets
Derivative instruments	Current assets	$	739	$	(308	)	$	431
Derivative instruments	Noncurrent assets	—		—			—
Total derivative assets		$	739	$	(308	)	$	431
Derivative Liabilities
Derivative instruments	Current liabilities	$	5,669	$	(308	)	$	5,361
Derivative instruments	Noncurrent Liabilities	20		—			20
Total derivative liabilities		$	5,689	$	(308	)	$	5,381

(1) The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination.