Hedging Program and Derivatives (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Contract Position and Additional Hedges

The following table sets forth our derivative contracts at June 30, 2013:

	Fixed Price Swap
	Oil – WTI			Oil - Brent
Contract Periods	Daily Volume (Bbl)	Swap Price (per Bbl)		Daily Volume (Bbl)	Swap Price (per Bbl)
2013	1,007	$	84.76	510	$	105.00
2014	687	$	94.16	505	$	100.56
2015	560	$	83.03	500	$	97.04
2016	963	$	84.10	—	$	—
2017	500	$	84.18	—	$	—

Impact of Derivative Contracts on Balance Sheet

The following table illustrates the impact of derivative contracts on the Company’s balance sheet:

Fair Value of Derivative Instruments as of June 30, 2013
	Asset Derivatives			Liability Derivatives
Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity price derivatives	Derivatives – current	$	1,170	Derivatives – current	$	2,532
Commodity price derivatives	Derivatives - long-term	2,317		Derivatives - long-term	510
		$	3,487		$	3,042

Fair Value of Derivative Instruments as of December 31, 2012
	Asset Derivatives			Liability Derivatives
Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity price derivatives	Derivatives – current	$	41	Derivatives – current	$	3,462
Commodity price derivatives	Derivatives – long-term	594		Derivatives – long-term	3,568
		$	635		$	7,030