DERIVATIVE AND HEDGING FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Volumes and Average Contract Prices of Contracts

The following tables summarize the approximate volumes and average contract prices of contracts the Company had in place as of December 31, 2013:

Gas Collars
Contract Period	Volumes		Weighted- Average Floor Price		Weighted- Average Ceiling Price
	(MMBtu)		(per MMBtu)		(per MMBtu)
2014		1,650,248	$	4.00	$	4.28
2015		464,825	$	4.00	$	4.28
All gas collars *		2,115,073

* Gas collars are priced based on Inside FERC - Henry Hub (100%).

Summary of Fair Value of Derivatives

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

	As of December 31, 2013
	Derivative Assets			Derivative Liabilities
	Balance Sheet         Classification	Fair Value		Balance Sheet         Classification	Fair Value
Commodity derivative	Current assets	$	—	Current liabilities	$	58,176
Commodity derivative	Noncurrent assets		—	Noncurrent liabilities		67,597
Warrant derivative liability			—	Noncurrent liabilities		—
		$			$	125,773

	As of December 31, 2012
	Derivative Assets			Derivative Liabilities
	Balance Sheet         Classification	Fair Value		Balance Sheet         Classification	Fair Value
Commodity derivative	Current assets	$	—	Current liabilities	$	—
Commodity derivative	Noncurrent assets		—	Noncurrent liabilities		—
Warrant derivative liability			—	Noncurrent liabilities		2,808,278
		$	—		$	2,808,278

Summary of Realized and Unrealized Gains and Losses Related to Derivative Instrument

The table below summarizes the realized and unrealized gains and losses related to our derivative instruments for the years ended December 31, 2013 and 2012.

	Twelve Months Ended December 31,
	2013			2012
Realized gains on commodity derivative	$	432,158		$	639
Change in fair value of commodity derivative		(125,773	)		—
Change in fair value of warrant derivative		808,278			(808,278	)
Realized loss on warrant derivative		(7,000,000	)
Total realized and unrealized gains/(losses) recorded	$	(5,885,337	)	$	(807,639	)