Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company is further required to assess the creditworthiness of the counter-party to the derivative contract. The results of the assessment of non-performance risk, based on the counter-party’s credit risk, could result in an adjustment of the carrying value of the derivative instrument. The following tables sets forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2016, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):

	Quoted Prices  in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2015
Assets:
NYMEX Fixed Price Derivative contracts	$	—	$	21,731	$	—	$	21,731
NYMEX Collars	—		—		5,634		5,634
Total Assets	$	—	$	21,731	$	5,634	$	27,365
Liabilities:
NYMEX Fixed Price Derivative contracts	$	—	$	—	$	—	$	—
Total Liabilities	$	—	$	—	$	—	$	—

	Quoted Prices  in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs  (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2016
Assets:
NYMEX Fixed Price Derivative contracts	$	—	$	35	$	—	$	35
NYMEX Collars	—		—		19		19
Total Assets	$	—	$	35	$	19	$	54
Liabilities:
NYMEX Fixed Price Derivative contracts	$	—	$	8,759	$	—	$	8,759
NYMEX Collars/basis differential swaps	$	—	$	—	$	253	$	253
Total Liabilities	$	—	$	8,759	$	253	$	9,012

Additional Information for Recurring Fair Value Measurements Using Significant Unobservable Inputs

Additional information for the Company's recurring fair value measurements using significant unobservable inputs (Level 3 inputs) for the year ended December 31, 2016.

	(In thousands)
Unobservable inputs at December 31, 2015	$	5,634
Changes in market value	(2,385		)
Settlements during the period	(3,483		)
Unobservable inputs at December 31, 2016	$	(234	)