Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Instruments

Commodity Volumes Under Derivative Contracts

Type of Contract	Remaining Contractual Volume (Bbls)	Term	Price ($/Bbl)(1)
Fixed price swap	20,400	01/15-12/15	$	91.44
Total contracted oil volumes	20,400
Type of Contract	Remaining Contractual Volume (Mcf)	Term	Price ($/Mcf)(2)
Three-way costless collar	6,600,000	01/15-12/15	$	3.25	put (short)
			$	3.85	put (long)
			$	4.08	call (short)
Total 2015 contracted volumes	6,600,000
Fixed price swap	1,830,000	01/16-12/16	$	4.07
Fixed price swap	3,660,000	01/16-12/16	$	4.15
Total 2016 contracted volumes	5,490,000
Total contracted natural gas volumes	12,090,000

(1) New York Mercantile Exchange (“NYMEX”) Light Sweet Crude Oil (“WTI”).

NYMEX Henry Hub Natural Gas (“NG”).

Summary of Derivatives on Consolidated Balance Sheet

		As of December 31,
Balance Sheet Location		2014		2013
Assets
Commodity derivatives	Assets from price risk management - current	$	3,546	$	218
	Assets from price risk management - long term		3,442		402
Total derivative assets		$	6,988	$	620
Liabilities
Commodity derivatives	Liabilities from price risk management - current		-		(13)
	Liabilities from price risk management - long term		-		(97)
Interest rate swap	Other current liabilities		-		(222)
	Other long term liabilities		-		(90)
Total derivative liabilities		$	-	$	(422)

Before-tax Effect of Derivative Instruments Not Designated as Hedging Instruments on Consolidated Statements of Operations

	Amount of Gain (Loss) Recognized in Income on Derivatives for the
	Year Ended December 31,
	2014		2013		2012
Unrealized gain (loss) on commodity contracts (1)	$	6,478	$	(6,915)	$	(7,410)
Realized gain (loss) on commodity contracts (1)		(235)		6,185		12,349
Unrealized gain (loss) on interest rate swap (2)		312		258		(523)
Realized loss on interest rate swap (2)		(495)		(265)		(111)
Total activity for derivatives not designated as hedging instruments	$	6,060	$	(737)	$	4,305

(1) Included in price risk management activities, net on the consolidated statements of operations. Price risk management activities totaled $6,243,  $(730) and $4,939, for the years ended December 31, 2014, 2013 and 2012, respectively. In conjunction with the Company entering into a new credit agreement, the Company closed out its commodity and interest rate derivative positions held with its former lender on August 29, 2014.  The Company realized a gain of $1,343 on its commodity derivatives and a $315 loss on its interest rate swap.  These settlements are included in the table above. 

Included in interest expense, net on the consolidated statements of operations.