Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Fair Value Disclosure [Abstract]

Fair Value Disclosures [Text Block]

7.  FAIR VALUE MEASUREMENTS:

As required by FASB ASC 820, the Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three level hierarchy for measuring fair value. Fair value measurements are classified and disclosed in one of the following categories:

Level 1:       Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access at the measurement date.

Level 2:       Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter forwards and swaps.

Level 3:       Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability.

The valuation assumptions utilized to measure the fair value of the Company's commodity derivatives were observable inputs based on market data obtained from independent sources and are considered Level 2 inputs (quoted prices for similar assets, liabilities (adjusted) and market-corroborated inputs).

The following table presents for each hierarchy level the Company'sassets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis, as of March 31, 2013. The Company has no derivative instruments which qualify for cash flow hedge accounting.

		Level 1		Level 2		Level 3		Total
Liabilities:
Current derivative liability	$	-	$	44,715	$	-	$	44,715

In consideration of counterparty credit risk, the Company assessed the possibility of whether each counterparty to the derivative would default by failing to make any contractually required payments as scheduled in the derivative instrument in determining the fair value. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions.

Fair Value of Financial Instruments

The estimated fair value of financial instruments is the estimated amount at which the instrument could be exchanged currently between willing parties. The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. The Company uses available market data and valuation methodologies to estimate the fair value of its debt. The valuation assumptions utilized to measure the fair value of the Company's debt are considered Level 2 inputs. This disclosure is presented in accordance with FASB ASC Topic 825, Financial Instruments, and does not impact the Company's financial position, results of operations or cash flows.

		March 31, 2013				December 31, 2012
		Carrying		Estimated		Carrying		Estimated
		Amount		Fair Value		Amount		Fair Value
Long-Term Debt:
5.45% Notes due 2015, issued 2008	$	100,000	$	106,060	$	100,000	$	107,801
7.31% Notes due 2016, issued 2009		62,000		70,494		62,000		72,046
4.98% Notes due 2017, issued 2010		116,000		125,412		116,000		127,109
5.92% Notes due 2018, issued 2008		200,000		225,909		200,000		230,062
7.77% Notes due 2019, issued 2009		173,000		213,944		173,000		219,045
5.50% Notes due 2020, issued 2010		207,000		230,368		207,000		234,552
4.51% Notes due 2020, issued 2010		315,000		325,882		315,000		331,329
5.60% Notes due 2022, issued 2010		87,000		96,325		87,000		98,526
4.66% Notes due 2022, issued 2010		35,000		35,558		35,000		36,361
5.85% Notes due 2025, issued 2010		90,000		100,327		90,000		102,096
4.91% Notes due 2025, issued 2010		175,000		177,595		175,000		179,677
Credit Facility		373,000		373,000		277,000		277,000
	$	1,933,000	$	2,080,874	$	1,837,000	$	2,015,604