C COMMODITY DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity derivative instruments

	Prices are Weighted Averages
	2014	2015		2016
	Settlement	Settlement		Settlement
NATURAL GAS (MMBtu):
3-way collars
Volume	415,862	2,377,371		1,122,533
Ceiling sold price (call)	$4.35	$4.47		$4.35
Floor purchased price (put)	$4.07	$4.00		$4.10
Floor sold price (short put)	$3.30	$3.25		$3.25
Swaps
Volume	382,570	458,622		-
Price	$4.05	$4.08		-
Reverse Swaps
Volume	122,974	293,234		-
Price	$4.27	$4.33		-
CRUDE OIL (Bbls):
3-way collars
Volume	11,400	89,512		70,263
Ceiling sold price (call)	$103.70	$104.36		$106.39
Floor purchased price (put)	$90.99	$86.49		$92.38
Floor sold price (short put)	$69.34	$65.82		$72.38
Swaps				-
Volume	43,375	-		-
Price	$95.46
Swaps with short puts
Volume	13,500	-		-
Swap price	$89.34
Floor sold price (short put)	$70.00	-		-
Reverse Swaps
Volume	33,999	-		-
Price	$95.30	-		-
Swaps at Argus Light Louisiana Sweet
Volume	10,453	-		-
Price	$99.40	-		-
Put Spread
Volume	-	27,588		-
Floor purchased price (put)	-	$90.00	*	-
Floor sold price (short put)	-	$75.00	*	-

Schedule of derivative assets and liablities

	Fair value as of
	September 30,	December 31,
	2014	2013
Asset commodity derivatives:
Current assets	$ 1,576,732	$ 1,109,403
Noncurrent assets	1,617,039	2,861,225
	3,193,771	3,970,628
Liability commodity derivatives:
Current liabilities	(1,193,129)	(1,786,535)
Noncurrent liabilities	(1,089,315)	(2,261,237)
	(2,282,444)	(4,047,772)
Total commodity derivative instruments	$ 911,327	$ (77,144)

Sales of natural gas and crude oil

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2014	2013	2014	2013
Sales of natural gas and crude oil	$ 7,821,497	$ 6,832,601	$ 31,837,566	$ 19,086,656
Gains (losses) realized on commodity
derivatives	(223,614)	(148,436)	(2,264,661)	(148,678)
Gains (losses) unrealized on
commodity derivatives	2,607,959	(823,361)	921,026	439,478
Amortized gains from benefit of sold
qualified gas options	23,438	18,150	70,313	54,450
Total sales of natural gas and crude oil	$ 10,229,280	$ 5,878,954	$ 30,564,244	$ 19,431,906

Schedule reconciliation of the components of accumulated other comprehensive income (loss) in the Consolidated Statements of Changes in Equity

	Nine Months Ended		Year Ended
	September 30, 2014		December 31, 2013
	Before tax	After tax	Before tax	After tax
Balance, beginning of period	$ 63,041	$ 38,770	$ 437,140	$ 268,841
Other reclassifications due to expired contracts
previously subject to hedge accounting rules	67,446	41,479	(301,499)	(185,422)
Amortized gains from benefit of sold qualified
options realized in income	(70,313)	(43,242)	(72,600)	(44,649)
Balance, end of period	$ 60,174	$ 37,007	$ 63,041	$ 38,770