DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2014

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
BRENT Oil	Swap	07/01/14 - 12/31/14	800 Bbl/d	$	102.12
BRENT Oil	Swap	07/01/14 - 09/30/14	700 Bbl/d	$	104.30
NYMEX Oil	Swap	10/01/14 - 12/31/14	300 Bbl/d	$	101.67
NYMEX Gas	Swap	07/01/14 - 12/31/14	7,000 MMBtu/d	$	3.79
NYMEX Gas	Swap	07/01/14 - 12/31/14	2,000 MMBtu/d	$	4.18
NYMEX Gas	Swap	07/01/14 - 12/31/14	3,000 MMBtu/d	$	4.27
NYMEX Gas	Swap	01/01/15 - 12/31/15	3,000 MMBtu/d	$	4.18
NYMEX Gas	Swap	07/01/14 - 12/31/14	6,000 MMBtu/d	$	0.20	*

*This represents a differential spread between NYMEX and CIG pricing.

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	2014			2013			2014			2013
(in thousands)
Realized cash settlements on hedges	$	(1,477	)	$	(509	)	$	(3,278	)	$	(677	)
Unrealized gain (loss) on hedges	(191		)	3,769			617			2,372
Total	$	(1,668	)	$	3,260		$	(2,661	)	$	1,695

Schedule of fair value and balance sheet location of net derivatives

June 30, 2014

	Derivative Assets
(in thousands)	Balance Sheet Location	Fair Value
Commodity—Natural Gas	Non-current	$	14
Total derivatives not designated as hedging instruments		$	14

June 30, 2014

	Derivative Liabilities
(in thousands)	Balance Sheet Location	Fair Value
Commodity—Oil	current	$	(1,829	)
Commodity—Natural Gas	current	(1,043		)
Total derivatives not designated as hedging instruments		$	(2,872	)

December 31, 2013

	Derivative Assets
(in thousands)	Balance Sheet Location	Fair Value
Commodity—Natural Gas	Non-current	$	43
Total derivatives not designated as hedging instruments		$	43

December 31, 2013

	Derivative Liabilities
(in thousands)	Balance Sheet Location	Fair Value
Commodity—Oil	current	$	(2,709	)
Commodity—Natural Gas	current	(808		)
Total derivatives not designated as hedging instruments		$	(3,517	)