Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments Tables [Abstract]

Detail Schedule of Realized and Unrealized Gains and Losses

Commodity Derivative Contracts: At December 31, 2014, 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 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, 2014
						Asset
Swap	NYMEX-Henry Hub	Jan - Mar 2015	210,000	$4.54	$	29,201
Swap	NYMEX-Henry Hub	Apr - Oct 2015	522,500	$3.65	$	74,989

Subsequent to December 31, 2014 and through February 11, 2015, 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-Henry Hub	Apr - Oct 2015	150,000	$2.98

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 31,2014, 2013 and 2012:

		For the Year Ended December 31,
Commodity Derivatives:		2014		2013		2012
Realized (loss) gain on commodity derivatives-natural gas (1)	$	(48,170)	$	(20,552)	$	303,966
Realized gain (loss) on commodity derivatives-crude oil (1)		506		(326)		-
Unrealized gain (loss) on commodity derivatives (1)		130,066		(25,876)		(230,385)
Total gain (loss) on commodity derivatives	$	82,402	$	(46,754)	$	73,581
(1) Included in gain (loss) on commodity derivatives in the Consolidated Statements of Operations.