XML 34 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
Fair Value Measurements (Tables)
 9 Months Ended
Jun. 30, 2016
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 June 30, 2016



 

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

 

$

 -

 

$

 (327,266)

 

$

 -

 

$

 (327,266)

Derivative Contracts - Collars

 

$

 -

 

$

 -

 

$

 (1,363,250)

 

$

 (1,363,250)



Summary Of Unobservable Inputs For Level 3 Fair Value Measurements



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

Instrument Type

 

Unobservable Input

 

Range

 

Weighted Average

 

Fair Value June 30, 2016



 

 

 

 

 

 

 

 

 

Oil Collars

 

Oil price volatility curve

 

0% - 31.49%

 

18.65%

 

$

 (527,012)

Natural Gas Collars

 

Natural gas price volatility curve

 

0% - 33.89%

 

19.12%

 

$

 (836,238)



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

 

 (8,313,053)

Included in other comprehensive income (loss)

 

 -

Purchases, issuances and settlements

 

 5,058,554 

Transfers in and out of Level 3

 

 -

Balance of Level 3 as of June 30, 2016

$

 (1,363,250)



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







 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Quarter Ended June 30,

 



 

2016

 

2015

 



 

Fair Value

 

Impairment

 

Fair Value

 

Impairment

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Producing Properties (a)

 

$

 -

 

$

 -

 

$

 203,216 

 

$

 132,118 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Nine Months Ended June 30,

 



 

2016

 

2015

 



 

Fair Value

 

Impairment

 

Fair Value

 

Impairment

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Producing Properties (a)

 

$

 9,741,650 

 

$

 11,849,064 

 

$

 4,036,434 

 

$

 3,532,760 

 



(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.