Derivatives (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives outstanding

At March 31, 2016, we had the following derivatives outstanding:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Apr’16 – Dec’16	Natural gas – swap	45,000 MMBtu/day	$2.596	IF – NYMEX (HH)
Jan’17 – Dec'17	Natural gas – swap	10,000 MMBtu/day	$2.795	IF – NYMEX (HH)
Apr’16 – Dec'16	Natural gas – collar	42,000 MMBtu/day	$2.40 - $2.88	IF – NYMEX (HH)
Apr’16 – Dec'16	Natural gas – three-way collar	13,500 MMBtu/day	$2.70 - $2.20 - $3.26	IF – NYMEX (HH)
Jan’17 – Dec'17	Natural gas – three-way collar	15,000 MMBtu/day	$2.50 - $2.00 - $3.32	IF – NYMEX (HH)
Apr’16 – Jun'16	Crude oil – collar	5,150 Bbl/day	$40.71- $49.88	WTI – NYMEX
Jul’16 – Dec'16	Crude oil – collar	1,450 Bbl/day	$47.50 - $56.40	WTI – NYMEX
Apr’16 – Dec'16	Crude oil – three-way collar	700 Bbl/day	$46.50 - $35.00 - $57.00	WTI – NYMEX
Jul’16 – Dec'16	Crude oil – three-way collar (1)	700 Bbl/day	$47.50 - $35.00 - $63.50	WTI – NYMEX
Jan’17 – Dec'17	Crude oil – three-way collar	750 Bbl/day	$50.00 - $37.50 - $63.90	WTI – NYMEX

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(1) We pay our counterparty a premium, which can be and is being deferred until settlement.

Subsequent derivatives outstanding

After March 31, 2016, we entered into the following derivatives:

Term	Commodity	Contracted Volume	Weighted Average  Fixed Price	Contracted Market
Jan’17 – Dec'17	Natural gas – swap	20,000 MMBtu/day	$2.960	IF – NYMEX (HH)
Jan’17 – Oct'17	Natural gas – collar	10,000 MMBtu/day	$2.75 - $2.95	IF – NYMEX (HH)
Jul'16 – Sep'16	Crude oil – collar	1,000 Bbl/day	$40.00 - $46.75	WTI – NYMEX

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	March 31, 2016		December 31, 2015
		(In thousands)
Commodity derivatives:
Current	Current derivative asset	$	13,901	$	10,186
Long-term	Non-current derivative asset	942		968
Total derivative assets		$	14,843	$	11,154

		Derivative Liabilities
		Fair Value
	Balance Sheet Location	March 31, 2016		December 31, 2015
		(In thousands)
Commodity derivatives:
Long-term	Non-current derivative liability	$	185	$	285
Total derivative liabilities		$	185	$	285

Effect Of Derivative Instruments Recognized In Statements Of Operations, Derivative Instruments

Effect of derivative instruments on the Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31:

Derivatives Instruments	Location of Gain Recognized in Income on Derivative	Amount of Gain Recognized in Income on Derivative
		2016		2015
		(In thousands)
Commodity derivatives	Gain on derivatives (1)	$	10,929	$	6,586
Total		$	10,929	$	6,586

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(1) Amounts settled during the 2016 and 2015 periods include gains of $7.1 million and $11.0 million, respectively.