DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables illustrate our derivative positions for calendar years 2017 and 2018 as of February 23, 2017:



		Put Contracts (NYMEX)
		Oil
		Cost of Put		Daily Volume	Price
		($ in thousands)		(Bbls/d)	($ per Bbl)
2017	February - December	$	752	1,000	$	50.00
2017	February - December	802		1,000	50.00
2018	January - December	2,183		1,000	54.00



		Fixed-Price Swaps (NYMEX)
		Oil
		Daily Volume	Swap Price
		(Bbls/d)	($ per Bbl)
2017	March - December	1,000	$	53.90
2018	January - December	1,000	52.50

Location and Fair Value Amounts of Derivative Instruments Reported in Balance Sheet

The following table discloses the location and fair value amounts of derivatives qualifying as hedging instruments, as reported in our balance sheet, at December 31, 2015.



Fair Value of Derivatives Qualifying as Hedging Instruments at
December 31, 2015
	Asset Derivatives			Liability Derivatives
Description	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Current assets: Fair value of derivative contracts	$	38,576	Current liabilities: Fair value of derivative contracts	$	—
	Long-term assets: Fair value of derivative contracts	—		Long-term liabilities: Fair value of derivative contracts	—
		$	38,576		$	—

Before Tax Effect of Derivative Instruments in Statement of Operations

The following table discloses the before tax effect of derivatives qualifying as hedging instruments, as reported in the statement of operations, for the years ended December 31, 2016, 2015 and 2014:



Effect of Derivatives Qualifying as Hedging Instruments on the Statement of Operations
for the Years Ended December 31, 2016, 2015, and 2014
Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives			Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) (a)			Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion)
				Location			Location
	2016				2016			2016
Commodity contracts	$	(1,648	)	Operating revenue - oil/natural gas production	$	35,457	Derivative income (expense), net	$	(810	)
Total	$	(1,648	)		$	35,457		$	(810	)

	2015				2015			2015
Commodity contracts	$	52,630		Operating revenue - oil/natural gas production	$	149,955	Derivative income (expense), net	$	2,713
Total	$	52,630			$	149,955		$	2,713

	2014				2014			2014
Commodity contracts	$	136,097		Operating revenue - oil/natural gas production	$	526	Derivative income (expense), net	$	5,721
Total	$	136,097			$	526		$	5,721

(a)

For the year ended December 31, 2016, effective hedging contracts increased oil revenue by $23,747 and increased natural gas revenue by $11,710. For the year ended December 31, 2015, effective hedging contracts increased oil revenue by $135,617 and increased natural gas revenue by $14,338. For the year ended December 31, 2014, effective hedging contracts increased oil revenue by $7,929 and decreased natural gas revenue by $7,403.

Gains or Losses Related to Changes in Fair Value and Cash Settlements on Derivatives Not Qualifying as Hedging Instruments

The following table discloses the before tax effect of our derivatives not qualifying as hedging instruments on the statement of operations for the years ended December 31, 2016, 2015 and 2014.



Gain (Loss) Recognized in Derivative Income (Expense)
	Year Ended
Description	December 31, 2016		December 31, 2015			December 31, 2014
Commodity contracts:
Cash settlements	$	—	$	17,385		$	1,484
Change in fair value	—		(12,146		)	12,146
Total gain on non-qualifying derivatives	$	—	$	5,239		$	13,630