Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Non-designated hedges outstanding

At June 30, 2015, the following non-designated hedges were outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Jul’15 – Dec’15	Crude oil – swap	1,000 Bbl/day	$95.00	WTI – NYMEX
Jul’15 – Dec’15	Crude oil – collar	2,000 Bbl/day	$58.00-$64.40	WTI – NYMEX
Jul’15 – Dec’15	Natural gas – swap	40,000 MMBtu/day	$3.98	NYMEX (HH)
Jul'15 – Sep'15	Natural gas – collar	30,000 MMBtu/day	$2.58-$3.04	NYMEX (HH)
Jan'16 - Dec'16	Natural gas – swap	10,000 MMBtu/day	$3.25	NYMEX (HH)

Fair Value Of Derivative Instruments And Locations In Balance Sheets

The following tables present the fair values and locations of the derivative transactions recorded in our Unaudited Condensed Consolidated Balance Sheets:

		Derivative Assets
		Fair Value
	Balance Sheet Location	June 30, 2015		December 31, 2014
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	14,587	$	31,139
Long-term	Non-current derivative asset	137		—
Total derivative assets		$	14,724	$	31,139

Effect Of Derivative Instruments Recognized In Statements Of Operations, Not Designated As Hedging Instruments

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations (derivatives not designated as hedging instruments) for the six months ended June 30:

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2015		2014
		(In thousands)
Commodity derivatives	Gain (loss) on derivatives not designated as hedges (1)	$	4,667	$	(29,075	)
Total		$	4,667	$	(29,075	)

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(1) Amounts settled during the 2015 and 2014 periods include a gain of $21.1 million and a loss of $18.0 million, respectively.

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations (derivatives not designated as hedging instruments) for the three months ended June 30:

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2015			2014
		(In thousands)
Commodity derivatives	Loss on derivatives not designated as     hedges(1)	$	(1,919	)	$	(10,709	)
Total		$	(1,919	)	$	(10,709	)

_______________________

(1) Amounts settled during the 2015 and 2014 periods include a gain of $10.1 million and a loss of $9.1 million, respectively.