DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2016

Summary of all the Company's derivative positions reported on the accompanying balance sheets

The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of June 30, 2016 and December 31, 2015:

		As of June 30, 2016		As of December 31, 2015
	Balance Sheet Location	Fair Value		Fair Value
		(in thousands)		(in thousands)
Derivative Assets:
Commodity contracts	Current assets	$	4,236	$	29,566
Commodity contracts	Noncurrent assets	—		—
Derivative Liabilities:
Commodity contracts	Current liabilities	—		—
Commodity contracts	Long-term liabilities	—		—
Total derivative asset		$	4,236	$	29,566

Summary of the components of the derivative gain (loss) presented on the accompanying statements of operations

The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations:

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
	(in thousands)						(in thousands)
Derivative cash settlement gain:
Oil contracts	$	3,893		$	14,507		$	11,401		$	49,298
Gas contracts	—			682			—			1,357
Total derivative cash settlement gain(1)	$	3,893		$	15,189		$	11,401		$	50,655
Change in fair value loss	$	(16,816	)	$	(20,667	)	$	(25,331	)	$	(37,277	)
Total derivative gain (loss)(1)	$	(12,923	)	$	(5,478	)	$	(13,930	)	$	13,378

_______________________________

(1) Total derivative gain (loss) and the derivative cash settlement gain for the three and six months ended June 30, 2016 and 2015 is reported in the derivative (gain) loss and derivative cash settlements line items on the accompanying statements of cash flows within the net cash provided by operating activities.

Commodity Derivative

Summary of derivative commodity contracts in place

As of June 30, 2016, and as of the filing date of this report, the Company had the following derivative commodity contracts in place:

Settlement Period	Derivative Instrument	Total Volumes (Bbls per day)	Average Fixed Price	Fair Market Value of Assets
				(in thousands)
Oil
3Q 2016	Swap	2,704	$51.78	$	449
4Q 2016	Swap	2,303	$52.83	653
3Q 2016	Put	4,733	$51.01	1,435
4Q 2016	Put	4,031	$51.01	1,699
Total				$	4,236