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DERIVATIVES
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES

In connection with Alta Mesa’s bankruptcy filing, we cancelled (prior to contract settlement date) all open derivative contracts in September 2019 for net proceeds of approximately $4.0 million. Proceeds received were used to make permanent repayments against our outstanding borrowings under the Alta Mesa RBL. After September 2019, we held no open derivative positions.

The following summarizes the fair value and classification of our derivatives at December 31, 2018:
Balance sheet location
 
Gross
fair value
of assets
 
Gross liabilities
offset against assets
in the Balance Sheet
 
Net fair
value of assets
presented in
the Balance Sheet

 
(in thousands)
Derivatives, current assets
 
$
22,512

 
$
(6,089
)
 
$
16,423

Derivatives, long-term assets
 
7,910

 
(4,963
)
 
2,947

Total
 
$
30,422

 
$
(11,052
)
 
$
19,370


໿
Balance sheet location
 
Gross
fair value
of liabilities
 
Gross assets
offset against liabilities
in the Balance Sheet
 
Net fair
value of liabilities
presented in
the Balance Sheet

 
(in thousands)
Derivatives, current liabilities
 
$
7,799

 
$
(6,089
)
 
$
1,710

Derivatives, long-term liabilities
 
5,143

 
(4,963
)
 
180

Total
 
$
12,942

 
$
(11,052
)
 
$
1,890


໿

The following summarizes the effect of our derivatives in our statements of operations (in thousands):

Successor
 
 
Predecessor

 
 
February 9, 2018
 
 
January 1, 2018
Derivatives not
Year Ended
 
Through
 
 
Through
designated as hedges
December 31, 2019
 
December 31, 2018
 
 
February 8, 2018
Gain (loss) on derivatives -
 
 
 
 
 
 
Oil commodity contracts
$
(16,013
)
 
$
(3,559
)
 
 
$
4,796

Natural gas commodity contracts
4,269

 
(6,688
)
 
 
1,867

Total gain (loss) on derivatives
$
(11,744
)
 
$
(10,247
)
 
 
$
6,663



Other receivables at December 31, 2018 included $1.3 million of derivative positions that were settled in January 2019.