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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2017
Open Option Contracts Written [Line Items]  
Summary of gross asset balances of derivative instruments
The following table presents the gross asset and liability fair values of the Company’s commodity price derivative financial instruments and the location of these balances in the interim unaudited condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 (in thousands).
Derivative Instruments
Gross
amounts
recognized
 
Gross amounts
netted in the condensed
consolidated
balance sheets
 
Net amounts presented in the condensed
consolidated
balance sheets
March 31, 2017
 
 
 
 
 
   Current assets
$
5,399

 
$
(3,684
)
 
$
1,715

   Other assets
6,137

 
(3,854
)
 
2,283

   Current liabilities
(12,005
)
 
3,684

 
(8,321
)
   Other liabilities
(3,854
)
 
3,854

 
—

      Total
$
(4,323
)
 
$
—

 
$
(4,323
)
December 31, 2016
 
 
 
 
 
   Current liabilities
$
(24,203
)
 
$
—

 
$
(24,203
)
   Other liabilities
(751
)
 
—

 
(751
)
      Total
$
(24,954
)
 
$
—

 
$
(24,954
)
Summary of location and aggregate fair value of all derivative financial instruments recorded in the consolidated statements of operations
The following table summarizes the location and aggregate fair value of all derivative financial instruments recorded in the interim unaudited condensed consolidated statements of operations for the periods presented (in thousands). These derivative financial instruments are not designated as hedging instruments.
 
 
 
Three Months Ended 
 March 31,
Type of Instrument
Location in Condensed Consolidated Statement of Operations
 
2017
 
2016
Derivative Instrument
 
 
 
 
 
Oil
Revenues: Realized (loss) gain on derivatives
 
$
(1,635
)
 
$
5,464

Natural Gas
Revenues: Realized (loss) gain on derivatives
 
(584
)
 
1,599

Realized (loss) gain on derivatives
 
(2,219
)
 
7,063

Oil
Revenues: Unrealized gain (loss) on derivatives
 
17,780

 
(7,654
)
Natural Gas
Revenues: Unrealized gain on derivatives
 
2,851

 
815

Unrealized gain (loss) on derivatives
 
20,631

 
(6,839
)
Total
 
 
$
18,412

 
$
224
Open costless collar contracts  
Open Option Contracts Written [Line Items]  
Summary of contracts for oil and natural gas
The following is a summary of the Company’s open costless collar contracts for oil and natural gas at March 31, 2017.
Commodity
Calculation Period
 
Notional Quantity (Bbl or MMBtu)
 
Weighted Average Price Floor ($/Bbl or
$/MMBtu)
 
Weighted Average Price Ceiling ($/Bbl or
$/MMBtu)
 
Fair Value of Asset (Liability) (thousands)
Oil
04/01/2017 - 12/31/2017
 
3,690,000

 
$
45.17

 
$
55.75

 
$
(3,493
)
Oil
01/01/2018 - 12/31/2018
 
1,920,000

 
$
43.91

 
$
63.44

 
2,205

Natural Gas
04/01/2017 - 12/31/2017
 
18,810,000

 
$
2.51

 
$
3.60

 
(2,502
)
Natural Gas
01/01/2018 - 12/31/2018
 
13,200,000

 
$
2.53

 
$
3.68

 
(533
)
Total open derivative financial instruments
 
 
 
 
 
 
 
$
(4,323
)