Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Oil and gas contracts

As of December 31, 2015, the Company had entered into the following gas hedge contract:

Production Period	Instrument Type	Daily Volumes	Weighted Average Price
Natural Gas:
January 2016 - June 2016	Swap	10,000 Mmbtu	$3.22

At December 31, 2015, the Company had recognized an asset of approximately $1.5 million related to the estimated fair value of this derivative contract. Based on estimated future commodity prices as of December 31, 2015, the Company would realize a $0.9 million gain, net of taxes, during the next 12 months. This gain is expected to be reclassified to oil and gas sales based on the schedule of volumes stipulated in the derivative contracts.

During January 2016, the Company entered into the following additional derivative contract accounted for as a cash flow hedge:

Production Period	Instrument Type	Daily Volumes	Weighted Average Price
Natural Gas:
July 2016 - December 2016	Swap	5,000 Mmbtu	$2.50

Effect of cash flow hedges on the consolidated balance sheet

Effect of Cash Flow Hedges on the Consolidated Balance Sheet at December 31, 2015 and December 31, 2014:

	Commodity Derivatives
Period	Balance Sheet Location	Fair Value
December 31, 2015	Derivative asset	$	1,508
December 31, 2014	Derivative asset	$	8,631

Effect of cash flow hedges on the consolidated statement of operations

Effect of Cash Flow Hedges on the Consolidated Statement of Operations for years ended December 31, 2015, 2014 and 2013:

Instrument	Amount of Gain (Loss) Recognized in Other Comprehensive Income			Location of Gain Reclassified into Income	Amount of Gain (Loss) Reclassified into Income
Commodity Derivatives at December 31, 2015	$	9,991		Oil and gas sales	$	17,114
Commodity Derivatives at December 31, 2014	$	6,683		Oil and gas sales	$	(3,044	)
Commodity Derivatives at December 31, 2013	$	(999	)	Oil and gas sales	$	927

Effect of non-designated derivative instruments

Effect of Non-designated Derivative Instrument on the Consolidated Statement of Operations for the year ended December 31, 2013:

Instrument	Amount of Gain Recognized in Derivative Income
Commodity Derivatives at December 31, 2013	$	233