DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

DERIVATIVE FINANCIAL INSTRUMENTS

Summary of open financial derivative positions related to oil and gas production

Product	Type	Contract Period	Volume	Price per Mcf or Bbl
Oil	Brent Put	04/01/13  09/30/13	1,375 Bbl/d	$	70.00
Oil	Brent Swap	10/01/13  09/30/14	700 Bbl/d	$	104.30
Gas	Swap	04/01/13  12/31/13	7,000 MMBtu/d	$	3.39
Gas	Swap	01/01/14  12/31/14	7,000 MMBtu/d	$	3.79
Gas	Swap	05/01/13  12/31/14	2,000 MMBtu/d	$	4.18

Summary of amount of gains (losses) recognized in income from derivative instruments not designated as hedging instruments

Derivatives not designated as	For the Three Months						For the Six Months
Hedging Instrument under	Ended June 30,						Ended June 30,
authoritative guidance	2013			2012			2013			2012
(in thousands)
Realized cash settlements on hedges	$	(509	)	$	(474	)	$	(677	)	$	(854	)
Unrealized gain (loss) on hedges	3,769			963			2,372			465
Total	$	3,260		$	489		$	1,695		$	(389	)

Schedule of fair value and balance sheet location of net derivatives

June 30, 2013

	Derivative Assets
(in thousands)	Balance Sheet Location	Fair Value
Commodity—Oil	current	$	961
Commodity—Natural Gas	current	(66		)
Commodity—Oil	Non-current	457
Commodity—Natural Gas	Non-current	(147		)
Total derivatives not designated as hedging instruments		$	1,205

December 31, 2012

	Derivative Liabilities
(in thousands)	Balance Sheet Location	Fair Value
Commodity—Natural Gas	current	$	(457	)
Commodity—Oil	current	72
Commodity—Oil	Non-current	(567		)
Total derivatives not designated as hedging instruments		$	(952	)