DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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 Swap	01/01/14  12/31/14	800 Bbl/d	$	102.12
Oil	Brent Swap	10/01/13  09/30/14	700 Bbl/d	$	104.30
Gas	Swap	07/01/13  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	07/01/13  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 Nine Months
Hedging Instrument under	Ended September 30,						Ended September 30,
authoritative guidance	2013			2012			2013			2012
(in thousands)
Realized cash settlements on hedges	$	(181	)	$	(688	)	$	(857	)	$	(1,542	)
Unrealized non-cash gain (loss) on hedges	(1,024		)	(2,695		)	1,348			(2,230		)
Total	$	(1,205	)	$	(3,383	)	$	491		$	(3,772	)

Schedule of fair value and balance sheet location of net derivatives

September 30, 2013

	Derivative Assets
	Balance Sheet
(in thousands)	Location	Fair Value
Commodity—Oil	Non-current	135
Commodity—Natural Gas	Non-current	(83		)
Total derivatives not designated as hedging instruments		$	52

September 30, 2013

	Derivative Liabilities
	Balance Sheet
(in thousands)	Location	Fair Value
Commodity—Oil	current	$	(180	)
Commodity—Natural Gas	current	81
Total derivatives not designated as hedging instruments		$	(99	)

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	)