Derivative and Hedging Financial Instruments (Tables)

12 Months Ended

Dec. 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 for gas collars and gas hedges as of December 31, 2014:

Contract Period of BP Hedge	Volumes		Weighted- Average Floor Price		Weighted- Average Ceiling Price
	(MMBtu)		(per MMBtu)		(per MMBtu)
2015		345,523	$	4.00	$	4.28
All gas collars*		345,523

* Gas collars are comprised of IF Henry Hub (100%).

Contract Period Of Morgan Stanley Fixed I	Volumes		Weighted- Average Fixed Price
	(MMBtu)		(per MMBtu)
2015		3,578,155	$	4.11
2016		3,002,489	$	4.06
2017		2,495,153	$	4.16
2018		1,995,696	$	4.29
All gas hedges*		11,071,493

* Gas hedges are comprised of IF Henry Hub (100%).

Contract Period Of Morgan Stanley Fixed II	Volumes		Weighted- Average Fixed Price
	(MMBtu)		(per MMBtu)
2015		2,038,628	$	3.92
2016		1,067,313	$	3.92
2017		753,034	$	3.92
2018		546,949	$	3.92
All gas hedges*		4,405,924

* Gas hedges are comprised of IF Henry Hub (100%).

Contract Period Of Morgan Stanley Fixed III	Volumes		Basis Swap Fixed Price
	(MMBtu)		(per MMBtu)
2015		2,553,454	$	(1.12	)
2016		1,878,290	$	(1.12	)
2017		1,539,998	$	(1.12	)
2018		1,329,467	$	(1.12	)
All gas hedges*		7,301,209

* Gas hedges are comprised of IF Henry Hub (100%).

Summary of Fair Value of Derivative

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

	As of December 31, 2014
	Derivative Assets			Derivative Liabilities
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Commodity derivative	Current assets	$	5,420,309	Current liabilities	$	—
Commodity derivative	Noncurrent assets		2,809,847	Noncurrent liabilities		716,488
		$	8,230,156		$	716,488

	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 years ended December 31, 2014 and 2013.

	Twelve Months Ended December 31,
	2014		2013
Realized gains on commodity derivative	$	949,094	$	432,158
Change in fair value of commodity derivative		7,639,441		(125,773	)
Change in fair value of warrant derivative		—		808,278
Realized loss on warrant derivative		—		(7,000,000	)
Total realized and unrealized gains/(losses) recorded	$	8,588,535	$	(5,885,337	)

These realized and unrealized gains and losses are recorded in the accompanying consolidated statements of operations as derivative gains (losses).