Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Financial Instruments Tables [Abstract]

Detail Schedule of Realized and Unrealized Gains and Losses

Commodity Derivative Contracts: At December 31, 2013, the Company had the following open commodity derivative contracts to manage price risk on a portion of its production whereby the Company receives the fixed price and pays the variable price. The reference prices of these commodity derivative contracts are typically referenced to an index prices as published by independent third parties

Natural Gas:
Type	Commodity Reference Price	Remaining Contract Period	Volume - MMBTU/Day	Average Price/MMBTU		Fair Value - December 31, 2013
						Asset/(Liability)
Swap	NYMEX	Jan - Mar 2014	50,000	$4.38	$	458
Swap	NYMEX	Apr - Oct 2014	480,000	$3.90	$	(24,383)
Swap	NYMEX	Dec 2014	50,000	$4.39	$	121
Crude Oil:
Type	Commodity Reference Price	Remaining Contract Period	Volume - Bbls/Day	Average Price/Bbl		Fair Value - December 31, 2013
						(Liability)
Swap	NYMEX - WTI	Jan - Dec 2014	2,458	$93.23	$	(2,072)

Subsequent to December 31, 2013 and through February 11, 2014, the Company has entered into the following open commodity derivative contracts to manage price risk on a portion of its production whereby the Company receives the fixed price and pays the variable price:

Natural Gas:
Type	Commodity Reference Price	Remaining Contract Period	Volume - MMBTU/Day	Average Price/MMBTU
Swap	NYMEX	Feb - Mar 2014	100,000	$4.39
Swap	NYMEX	Nov - Dec 2014	60,164	$4.34
Crude Oil:
Type	Commodity Reference Price	Remaining Contract Period	Volume - Bbls/Day	Average Price/Bbl
Swap	NYMEX - WTI	Feb - Dec 2014	1,000	$90.03

The following table summarizes the pre-tax realized and unrealized gains and losses the Company recognized related to its natural gas derivative instruments in the Consolidated Statements of Operations for the years ended December 31,2013, 2012 and 2011:

		For the Year Ended December 31,
Commodity Derivatives:		2013		2012		2011
Realized (loss) gain on commodity derivatives-natural gas (1)	$	(20,552)	$	303,966	$	213,349
Realized (loss) on commodity derivatives-crude oil (1)		(326)		-		-
Unrealized (loss) on commodity derivatives (1)		(25,876)		(230,385)		100,383
Total (loss) gain on commodity derivatives	$	(46,754)	$	73,581	$	313,732
(1) Included in (loss) gain on commodity derivatives in the Consolidated Statements of Operations.