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Fair Value Measurements (Tables)
 3 Months Ended
Dec. 31, 2015
Fair Value Measurements [Abstract]  
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, 2015

 

 

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

 

$

 -

 

$

 679,841 

 

$

 -

 

$

 679,841 

Derivative Contracts - Collars

 

$

 -

 

$

 -

 

$

 (43,727)

 

$

 (43,727)

 

Summary Of Unobservable Inputs For Level 3 Fair Value Measurements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Instrument Type

 

Unobservable Input

 

Range

 

Weighted Average

 

Fair Value December 31, 2015

 

 

 

 

 

 

 

 

 

 

Oil Collars

 

Oil price volatility curve

 

0.00%

 

0.00%

 

$

 426,727 

Natural Gas Collars

 

Natural gas price volatility curve

 

0% - 28.26%

 

17.97%

 

$

 (470,454)

 

Summary Of Reconciliation Of Derivative Contracts Classified As Level 3 Measurements

 

 

 

 

 

 

 

Derivatives

Balance of Level 3 as of October 1, 2015

$

 1,891,249 

Total gains or (losses)

 

 

Included in earnings

 

 (3,700,316)

Included in other comprehensive income (loss)

 

 -

Purchases, issuances and settlements

 

 1,765,340 

Transfers in and out of Level 3

 

 -

Balance of Level 3 as of December 31, 2015

$

 (43,727)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31,

 

 

 

2015

 

2014

 

 

 

Fair Value

 

Impairment

 

Fair Value

 

Impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Producing Properties (a)

 

$

 3,152,454 

 

$

 3,733,273 

 

$

 2,322,760 

 

$

 2,191,997 

 

 

(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.