DERIVATIVE AND HEDGING FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014:

Gas Collars

Contract Period	Volumes		Weighted- Average Floor Price		Weighted- Average Ceiling Price
	(MMBtu)		(per MMBtu)		(per MMBtu)
2014		1,046,420	$	4.00	$	4.28
2015		464,825	$	4.00	$	4.28
All gas collars*		1,511,245

* Gas collars are comprised of IF 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 March 31, 2014
	Derivative Assets			Derivative Liabilities
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Commodity derivative	Current assets	$	—	Current liabilities	$	431,423
Commodity derivative	Noncurrent assets		—	Noncurrent liabilities		—
		$			$	431,423
	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
		$	—		$	125,773

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 three months ended March 31, 2014 and 2013.

	Three Months Ended March 31,
	2014			2013
Realized gains (loss) on commodity derivative	$	(260,542	)	$	639
Change in fair value of commodity derivative		(305,650	)		—
Change in fair value of warrant derivative liability		—			(124,316	)
Total realized and unrealized gains recorded	$	(566,192	)	$	(123,677	)