At September 30, 2017, the Company had various costless collar and swap contracts open and in place to mitigate its exposure to oil and natural gas price volatility, each with a specific term (calculation period), notional quantity (volume hedged), price floor and ceiling for the costless collars and fixed price for the swaps. Each contract is set to expire at varying times during 2017 and 2018.

The following is a summary of the Company’s open costless collar contracts for oil and natural gas and open swap contracts for oil and Natural Gas Liquids (“NGL”) at September 30, 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	10/01/2017 - 12/31/2017	1,230,000	$	45.17	$	55.75	$	(1,452	)
Oil	01/01/2018 - 12/31/2018	2,880,000	$	44.27	$	60.29	670
Natural Gas	10/01/2017 - 12/31/2017	6,270,000	$	2.51	$	3.60	(129		)
Natural Gas	01/01/2018 - 12/31/2018	16,800,000	$	2.58	$	3.67	(249		)
Total open costless collar contracts							$	(1,160	)



Commodity	Calculation Period	Notional Quantity (Bbl or Gal)	Fixed Price ($/Bbl or $/Gal)			Fair Value of Asset (Liability) (thousands)
Oil Basis Swaps	01/01/2018 - 12/31/2018	5,220,000	$	(1.02	)	$	(2,337	)
NGL	10/01/2017 - 12/31/2017	900,000	$	0.89		(8		)
Total open swap contracts						$	(2,345	)
Total open derivative financial instruments						$	(3,505	)

These derivative financial instruments are subject to master netting arrangements, and all but one counterparty allow for cross-commodity master netting provided the settlement dates for the commodities are the same. The Company does not present different types of commodities with the same counterparty on a net basis in its interim unaudited condensed consolidated balance sheets.

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 September 30, 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
September 30, 2017
Current assets	$	89,456		$	(89,396	)	$	60
Other assets	29,939			(29,654		)	285
Current liabilities	(93,037		)	89,396			(3,641		)
Other liabilities	(29,863		)	29,654			(209		)
Total	$	(3,505	)	$	—		$	(3,505	)
December 31, 2016
Current liabilities	$	(24,203	)	$	—		$	(24,203	)
Other liabilities	(751		)	—			(751		)
Total	$	(24,954	)	$	—		$	(24,954	)

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 September 30,					Nine Months Ended September 30,
Type of Instrument	Location in Condensed Consolidated Statement of Operations	2017			2016		2017			2016
Derivative Instrument
Oil	Revenues: Realized gain (loss) on derivatives	$	485		$	837	$	(568	)	$	6,861
Natural Gas	Revenues: Realized gain (loss) on derivatives	—			48		(608		)	3,552
Realized gain (loss) on derivatives		485			885		(1,176		)	10,413
Oil	Revenues: Unrealized (loss) gain on derivatives	(12,479		)	2,007		15,949			(24,967		)
Natural Gas	Revenues: Unrealized gain (loss) on derivatives	115			1,196		5,508			(5,294		)
NGL	Revenues: Unrealized loss on derivatives	(8		)	—		(8		)	—
Unrealized (loss) gain on derivatives		(12,372		)	3,203		21,449			(30,261		)
Total		$	(11,887	)	$	4,088	$	20,273		$	(19,848	)