Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2014

Summary Of Fair Value Measurement Information For Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis



	Fair Value Measurement at December 31, 2014
	Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs		Total Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Financial Assets (Liabilities):
Derivative Contracts - Swaps	$	-	$	8,386,282	$	-	$	8,386,282
Derivative Contracts - Collars	$	-	$	-	$	3,946,754	$	3,946,754

Summary Of Unobservable Inputs For Level 3 Fair Value Measurements



Instrument Type	Unobservable Input	Range	Weighted Average	Fair Value December 31, 2014

Oil Collars	Oil price volatility curve	0% - 38.56%	30.91%	$	1,557,327
Natural Gas Collars	Natural gas price volatility curve	0% - 33.11%	23.26%	$	2,389,427

Summary Of Reconciliation Of Assets Classified As Level 3 Measurements



	Derivatives
Balance of Level 3 as of October 1, 2014	$	30,044
Total gains or (losses)
Included in earnings		3,775,971
Included in other comprehensive income (loss)		-
Purchases, issuances and settlements		140,739
Transfers in and out of Level 3		-
Balance of Level 3 as of December 31, 2014	$	3,946,754

Summary Of Impairments Associated With Certain Assets Measured At Fair Value On A Nonrecurring Basis Within Level 3



	Quarter Ended December 31,
	2014				2013
	Fair Value		Impairment		Fair Value		Impairment

Producing Properties (a)	$	2,322,760	$	2,191,997	$	236,199	$	202,991

(a) At the end of each quarter, the Company assesses the carrying value of its producing properties for impairment. This assessment utilizes estimates of future cash flows. Significant judgments and assumptions in these assessments include estimates of future oil and natural gas prices using a forward NYMEX curve adjusted for locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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