DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Hedging Positions

The following tables illustrate our derivative positions for calendar years 2017 and 2018 as of May 8, 2017:

		Put Contracts (NYMEX)
		Oil
		Cost of Put ($ in thousands)		Daily Volume (Bbls/d)	Price ($ 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
2018	January - December	1,453		1,000	45.00

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

		Collar Contracts (NYMEX)
		Oil
		Daily Volume (Bbls/d)	Floor Price ($ per Bbl)		Ceiling Price ($ per Bbl)
2017	March - December	1,000	$	50.00	$	56.45
2017	April - December	1,000	50.00		56.75

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 period from January 1, 2017 through February 28, 2017 (Predecessor) and the period from March 1, 2017 through March 31, 2017 (Successor) (in millions).

Gain (Loss) Recognized in Derivative Income (Expense)
	Successor		Predecessor
	Period from March 1, 2017 through March 31, 2017		Period from January 1, 2017 through February 28, 2017
Description
Commodity contracts:
Cash settlements	$	0.2	$	—
Change in fair value	2.4		(1.8		)
Total gains (losses) on derivatives not designated or not qualifying as hedging instruments	$	2.6	$	(1.8	)

The following table discloses the location and fair value amounts of derivatives not designated or not qualifying as hedging instruments, as reported in our balance sheet, at March 31, 2017 (in millions). We had no outstanding hedging instruments at December 31, 2016 (Predecessor). 

Fair Value of Derivatives Not Designated or Not Qualifying as Hedging Instruments at
March 31, 2017
(Successor)
	Asset Derivatives			Liability Derivatives
Description	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity contracts	Current assets: Fair value of derivative contracts	$	3.4	Current liabilities: Fair value of derivative contracts	$	—
	Long-term assets: Fair value of derivative contracts	3.2		Long-term liabilities: Fair value of derivative contracts	—
		$	6.6		$	—

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, during the three months ended March 31, 2016 (Predecessor) (in millions):

Effect of Derivatives Qualifying as Hedging Instruments on the Statement of Operations
for the Three Months Ended March 31, 2016
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)
	2016		Location	2016		Location	2016
Commodity contracts	$	4.6	Operating revenue - oil/natural gas production	$	12.8	Derivative income (expense), net	$	0.1
Total	$	4.6		$	12.8		$	0.1

(a) For the three months ended March 31, 2016, effective hedging contracts increased oil revenue by $9.3 million and increased natural gas revenue by $3.5 million.