Derivative and Hedging Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

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 hedges and gas basis hedges as of September 30, 2016:

Contract Period Of Morgan Stanley Restrike	Volumes		Weighted- Average Fixed Price
	(MMBtu)		(per MMBtu)
2016		1,251,001	$	3.27
2017		3,248,187	$	3.27
2018		2,542,645	$	3.27
All gas hedges		7,041,833
Contract Period Of Morgan Stanley Fixed III	Volumes		Basis Swap Fixed Price
	(MMBtu)		(per MMBtu)
2016		574,741	$	(1.12	)
2017		1,518,648	$	(1.12	)
2018		1,209,491	$	(1.12	)
All gas basis hedges*		3,302,880

* Gas basis hedges are based on the difference between TETCO M2 and IF Henry Hub (100%).

Summary of Fair Value of Derivative

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

	As of September 30, 2016 (unaudited)
	Derivative Assets				Derivative Liabilities
	Balance Sheet Classification		Fair Value		Balance Sheet Classification		Fair Value
Commodity derivative		Current assets	$	1,091,835		Current liabilities	$	28,234
Commodity derivative		Noncurrent assets		1,104,800		Noncurrent liabilities		344,246
			$	2,196,635			$	372,480
	As of December 31, 2015
	Derivative Assets				Derivative Liabilities
	Balance Sheet Classification		Fair Value		Balance Sheet Classification		Fair Value
Commodity derivative		Current assets	$	3,417,887		Current liabilities	$	474,696
Commodity derivative		Noncurrent assets		2,423,508		Noncurrent liabilities		1,253,024
			$	5,841,395			$	1,727,720

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 and nine months ended September 30, 2016 and 2015.

	Three Months Ended September 30, (Unaudited)				Nine Months Ended September 30, (Unaudited)
	2016		2015		2016			2015
Cash settlements on commodity derivatives	$	463,299	$	2,108,934	$	2,992,891		$	14,238,371
Change in fair value of commodity derivatives		1,637,144		813,129		(2,289,520	)		(4,468,047	)
Total contract gains recorded	$	2,100,443	$	2,922,063	$	703,371		$	9,770,324

These gains and losses are recorded in the accompanying unaudited condensed consolidated statements of operations as gain on derivative assets.