Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table is a listing of the Company’s assets and liabilities that are measured at fair value and where they were classified within the fair value hierarchy as of December 31, 2013:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	52,510	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	62,178
Unproved oil and gas properties ⁽²⁾	$	—	$	—	$	3,280
Oil and gas properties held for sale ⁽²⁾	$	—	$	—	$	650
Liabilities:
Derivatives⁽¹⁾	$	—	$	31,020	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	56,985

(1) This represents a financial asset or liability that is measured at fair value on a recurring basis.

(2) This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

The following table is a listing of the Company’s assets and liabilities that are measured at fair value and where they were classified within the hierarchy as of December 31, 2012:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	54,339	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	209,959
Unproved oil and gas properties ⁽²⁾	$	—	$	—	$	42,765
Liabilities:
Derivatives⁽¹⁾	$	—	$	15,644	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	78,827

(1) This represents a financial asset or liability that is measured at fair value on a recurring basis.

(2) This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

^[1],[2]

Schedule of reconciliation of fair value measurements using Level 3 inputs

The following table reflects the activity for the Company’s Net Profits Plan liability measured at fair value using Level 3 inputs:



	For the Years Ended December 31,
	2013			2012			2011
	(in thousands)
Beginning balance	$	78,827		$	107,731		$	135,850
Net increase (decrease) in liability ⁽¹⁾	3,527			(9,251		)	2,269
Net settlements ^{(1) (2) (3)}	(25,369		)	(19,653		)	(30,388		)
Transfers in (out) of Level 3	—			—			—
Ending balance	$	56,985		$	78,827		$	107,731


(1)	Net changes in the Net Profits Plan liability are shown in the Change in Net Profits Plan liability line item of the accompanying statements of operations.


(2)	Settlements represent cash payments made or accrued under the Net Profits Plan. The amounts in the table include cash payments made or accrued under the Net Profits Plan of $10.3 million, $2.3 million, and $6.3 million relating to divestiture proceeds for the years ended December 31, 2013, 2012, and 2011, respectively.


(3)	During 2011, the Company elected to cash out several Net Profits Plan pools with a $2.6 million direct payment. As a result, the Company reduced its Net Profits Plan liability by that amount. There was no impact on the accompanying statements of operations for the period ended December 31, 2011, related to these settlements.

Schedule of Long-term Debt Instruments [Table Text Block]

The following table reflects the fair value of the Senior Notes measured at fair value using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value on the accompanying balance sheets as of December 31, 2013 or 2012, as they are recorded at historical value.



	As of December 31,
	2013		2012
	(in thousands)
2019 Notes	$	374,290	$	371,875
2021 Notes	$	373,625	$	371,070
2023 Notes	$	422,000	$	424,200
2024 Notes ⁽¹⁾	$	475,315	$	—

(1) The 2024 Notes were issued on May 20, 2013.

[1]	This represents a non-financial asset that is measured at fair value on a nonrecurring basis.
[2]	This represents a financial asset or liability that is measured at fair value on a recurring basis.

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

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-Name Statement of Financial Accounting Standard (FAS)

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- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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