DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2013

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Outstanding Commodity Derivatives

As of March 31, 2013, the Company had the following outstanding commodity derivatives:

Commodity and Derivative Type	Weighted-Average Contract Price	Volume	Contract Period
Derivatives Designated as Hedging Instruments
Natural gas collars	$3.09 Floor / $4.12 Ceiling  per Mcf	26.7   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.35 Floor / $4.01 Ceiling  per Mcf	26.7   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.40 Floor / $4.12 Ceiling  per Mcf	13.4   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.60 Floor / $3.99 Ceiling  per Mcf	13.4   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.60 Floor / $4.17 Ceiling  per Mcf	13.4   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.76 Floor / $4.16 Ceiling  per Mcf	13.4   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.86 Floor / $4.34 Ceiling  per Mcf	13.4   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.96 Floor / $4.41 Ceiling  per Mcf	13.4   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$5.15 Floor / $6.20 Ceiling  per Mcf	13.4   Bcf	Apr. 2013 - Dec. 2013
Natural gas collars	$3.60 Floor / $4.58 Ceiling  per Mcf	31.1   Bcf	Apr. 2013 - Dec. 2014
Natural gas collars	$3.96 Floor / $4.56 Ceiling  per Mcf	31.1   Bcf	Apr. 2013 - Dec. 2014
Natural gas collars	$3.86 Floor / $4.66 Ceiling  per Mcf	17.7   Bcf	Jan. 2014 - Dec. 2014
Natural gas collars	$4.12 Floor / $4.64 Ceiling  per Mcf	35.5   Bcf	Jan. 2014 - Dec. 2014
Crude oil swaps	$101.90  per Bbl	825   Mbbl	Apr. 2013 - Dec. 2013

Effect of Derivatives Instruments on the Consolidated Balance Sheet

		Fair Values of Derivative Instruments
		Derivative Assets				Derivative Liabilities
(In thousands)		March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
Derivatives Designated as Hedging Instruments
Commodity contracts	Derivative instruments (current assets)	$	4,215	$	50,824	$	—	$	—
Commodity contracts	Derivative instruments (current liabilities)	—		—		26,100		192
Commodity contracts	Derivative instruments (non-current liabilities)	—		—		3,799		—
		$	4,215	$	50,824	$	29,899	$	192

Schedule of offsetting of derivative assets and liabilities in the condensed consolidated balance sheet

(In thousands)	March 31, 2013			December 31, 2012
Derivative Assets
Gross amounts of recognized assets	$	18,353		$	54,454
Gross amounts offset in the statement of financial position	(14,138		)	(3,630		)
Net amounts of assets presented in the statement of financial position	4,215			50,824
Gross amounts of financial instruments not offset in the statement of financial position	832			1,892
Net amount	$	5,047		$	52,716
Derivative Liabilities
Gross amounts of recognized liabilities	$	44,037		$	3,822
Gross amounts offset in the statement of financial position	(14,138		)	(3,630		)
Net amounts of liabilities presented in the statement of financial position	29,899			192
Gross amounts of financial instruments not offset in the statement of financial position	—			—
Net amount	$	29,899		$	192

Effect of Derivatives Designated as Hedging Instruments on the Consolidated Statement of Operations

Derivatives Designated	Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)					Location of Gain (Loss) Reclassified from Accumulated OCI into	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
as Hedging Instruments	Three Months Ended March 31,					Income	Three Months Ended March 31,
(In thousands)	2013			2012		(In thousands)	2013		2012
Commodity Contracts	$	(60,946	)	$	70,728	Natural gas revenues	$	13,328	$	56,996
						Crude oil and condensate revenues	2,042		(1,326		)
							$	15,370	$	55,670

Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statement of Operations

Derivatives Not Designated as	Location of Gain (Loss)	Three Months Ended
Hedging Instruments	Recognized in Income on	March 31,
(In thousands)	Derivatives	2013		2012
Commodity Contracts	Natural gas revenues	$	—	$	42