Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following tables summarize the approximate volumes and average contract prices of contracts the Company had in place as of September 30, 2013, and through the filing date of this report:

Oil Contracts

Oil Swaps

Contract Period	Volumes	Weighted-Average  Contract Price
	(Bbls)	(per Bbl)
Remainder of 2013	1,118,000	$	97.09
2014	5,164,000	$	95.25
2015	2,911,000	$	89.06
2016	2,704,000	$	85.19
All oil swaps*	11,897,000

*Oil swaps are comprised of NYMEX WTI (93%) and Argus Louisiana Light Sweet (“LLS”) (7%).

Oil Collars

Contract Period	NYMEX WTI  Volumes	Weighted- Average Floor  Price		Weighted- Average Ceiling  Price
	(Bbls)	(per Bbl)		(per Bbl)
Remainder of 2013	1,480,000	$	88.14	$	114.12
2014	3,022,000	$	84.07	$	105.46
2015	3,366,000	$	85.00	$	94.25
All oil collars	7,868,000

Gas Contracts

Gas Swaps

Contract Period	Volumes	Weighted-Average  Contract Price
	(MMBtu)	(per MMBtu)
Remainder of 2013	19,047,000	$	4.06
2014	64,453,000	$	4.06
2015	49,328,000	$	4.04
2016	36,126,000	$	4.18
2017	23,430,000	$	4.21
2018	10,200,000	$	4.31
All gas swaps*	202,584,000

*Gas swaps are comprised of IF El Paso Permian (3%), IF HSC (72%), IF NGPL TXOK (3%), IF NNG Ventura (2%), IF PEPL (8%), IF Reliant N/S (10%), and IF NGPL MidCont (2%).

Gas Collars

Contract Period	Volumes	Weighted- Average Floor Price		Weighted- Average Ceiling Price
	(MMBtu)	(per MMBtu)		(per MMBtu)
Remainder of 2013	1,640,000	$	4.39	$	5.31
2014	5,734,000	$	4.38	$	5.36
2015	14,480,000	$	3.96	$	4.30
All gas collars*	21,854,000

*Gas collars are comprised of IF El Paso Permian (2%), IF HSC (54%), IF NGPL TXOK (4%), IF NNG Ventura (5%), IF PEPL (7%), IF Reliant N/S (15%), and IF TETCO STX (13%).

NGL Contracts

NGL Swaps

Contract Period	Volumes	Weighted-Average  Contract Price
	(Bbls)	(per Bbl)
Remainder of 2013	511,000	$	53.16
2014	404,000	$	58.42
All NGL swaps*	915,000

*NGL swaps are comprised of OPIS Mont Belvieu Purity Ethane (7%), OPIS Mont Belvieu LDH Propane (45%), OPIS Mont Belvieu NON-LDH Isobutane (13%), OPIS Mont Belvieu NON-LDH Normal Butane (16%), and OPIS Mont Belvieu NON-LDH Natural Gasoline (19%).

Schedule of fair value of derivatives in accompanying balance sheets

The following tables detail the fair value of derivatives recorded in the accompanying balance sheets, by category:

	As of September 30, 2013
	Derivative Assets			Derivative Liabilities
	Balance Sheet  Classification	Fair Value		Balance Sheet  Classification	Fair Value
	(in thousands)
Commodity contracts	Current assets	$	43,305	Current liabilities	$	22,648
Commodity contracts	Noncurrent assets	28,659		Noncurrent liabilities	6,873
Derivatives not designated as hedging instruments		$	71,964		$	29,521

	As of December 31, 2012
	Derivative Assets			Derivative Liabilities
	Balance Sheet  Classification	Fair Value		Balance Sheet  Classification	Fair Value
	(in thousands)
Commodity contracts	Current assets	$	37,873	Current liabilities	$	8,999
Commodity contracts	Noncurrent assets	16,466		Noncurrent liabilities	6,645
Derivatives not designated as hedging instruments		$	54,339		$	15,644

Schedule of the potential effects of master netting arrangements [Table Text Block]

The following table provides a reconciliation between the gross assets and liabilities reflected on the accompanying balance sheets and the potential effects of master netting arrangements on the fair value of the Company's derivative contracts:

	Derivative Assets						Derivative Liabilities
	As of						As of
Offsetting of Derivative Assets and Liabilities	September 30, 2013			December 31, 2012			September 30, 2013			December 31, 2012
	(in thousands)
Gross amounts presented in the accompanying balance sheets	$	71,964		$	54,339		$	(29,521	)	$	(15,644	)
Amounts not offset in the accompanying balance sheets	(29,225		)	(13,400		)	29,225			13,400
Net amounts	$	42,739		$	40,939		$	(296	)	$	(2,244	)

Schedule of derivative (gain) loss

The following table summarizes the components of the derivative (gain) loss presented in the accompanying statements of operations:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
	(in thousands)
Derivative cash settlement (gain) loss:
Oil contracts	$	13,538		$	2,472		$	13,786		$	13,142
Gas contracts	(11,019		)	(9,031		)	(18,752		)	(40,495		)
NGL contracts	(1,231		)	(4,362		)	(7,749		)	(5,450		)
Total derivative cash settlement (gain) loss (1)	$	1,288		$	(10,921	)	$	(12,715	)	$	(32,803	)
Derivative (gain) loss:
Oil contracts	30,488			30,667			8,233			(32,616		)
Gas contracts	(2,264		)	28,231			(12,462		)	40,464
NGL contracts	10,421			7,879			2,259			(15,085		)
Total derivative (gain) loss (2)	$	39,933		$	55,856		$	(14,685	)	$	(40,040	)

⁽¹⁾  Derivative cash settlement (gain) loss is reported in the derivative cash settlement gain line item on the condensed consolidated statements of cash flows within net cash provided by operating activities.

⁽²⁾  Total derivative (gain) loss is reported in the derivative gain line item on the condensed consolidated statements of cash flows within net cash provided by operating activities.

Detail of the effect of derivative instruments reclassified from AOCI to the statement of operations (net of income tax)

The following table summarizes the effect of derivative instruments on AOCIL and the accompanying statements of operations (net of income tax):

		Location in Statements of Operations	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	Derivatives		2013		2012			2013		2012
			(in thousands)
Amount reclassified from AOCIL	Commodity contracts	Realized hedge gain (loss)	$	308	$	(315	)	$	1,115	$	(1,465	)