Derivatives (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the senior credit facility (in thousands):

December 31, 2015



	Gross Amounts		Gross Amounts Offset			Amounts Net of Offset		Financial Collateral			Net Amount
Assets
Derivative contracts - current	$	85,524	$	(1,175	)	$	84,349	$	—		$	84,349
Derivative contracts - noncurrent	—		—			—		—			—
Total	$	85,524	$	(1,175	)	$	84,349	$	—		$	84,349

Liabilities
Derivative contracts - current	$	1,748	$	(1,175	)	$	573	$	(573	)	$	—
Derivative contracts - noncurrent	—		—			—		—			—
Total	$	1,748	$	(1,175	)	$	573	$	(573	)	$	—

December 31, 2014



	Gross Amounts		Gross Amounts Offset		Amounts Net of Offset		Financial Collateral		Net Amount
Assets
Derivative contracts - current	$	291,414	$	—	$	291,414	$	—	$	291,414
Derivative contracts - noncurrent	47,003		—		47,003		—		47,003
Total	$	338,417	$	—	$	338,417	$	—	$	338,417

Liabilities
Derivative contracts - current	$	—	$	—	$	—	$	—	$	—
Derivative contracts - noncurrent	—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—

Open Oil and Natural Gas Commodity Derivative Contracts

At December 31, 2015, the Company’s open commodity derivative contracts consisted of the following:

Oil Price Swaps

Natural Gas Basis Swaps

Oil Collars - Three-way



	Notional (MBbls)	Sold Put		Purchased Put		Sold Call
January 2016 - December 2016	2,556	$	83.14	$	90.00	$	100.85

Fair Value of Derivative Contracts

The following table presents the fair value of the Company’s derivative contracts as of December 31, 2015 and 2014 on a gross basis without regard to same-counterparty netting (in thousands):



		December 31,
Type of Contract	Balance Sheet Classification	2015			2014
Derivative assets
Oil price swaps	Derivative contracts—current	$	68,224		$	204,072
Natural gas price swaps	Derivative contracts—current	—			29,648
Natural gas basis swaps	Derivative contracts—current	—			350
Oil collars—three way	Derivative contracts—current	17,300			56,289
Natural gas collars	Derivative contracts—current	—			1,055
Oil price swaps	Derivative contracts—noncurrent	—			36,288
Oil collars—three way	Derivative contracts—noncurrent	—			10,715
Derivative liabilities
Natural gas basis swaps	Derivative contracts—current	(1,748		)	—
Long-term debt holder conversion feature	Long-term debt	(29,355		)	—
Mandatory prepayment feature - PGC Senior Secured Notes	Long-term debt	(2,941		)	—
Total net derivative contracts		$	51,480		$	338,417

Notional (MBbls)

Weighted Average
Fixed Price

January 2016 - December 2016