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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value Summary of Long-Term Debt with Fixed Interest Rates
The following table summarizes the fair value of our debt obligations with fixed interest rates, which is estimated based on the published market prices for these financial liabilities, as of the dates presented:
 
Successor
 
 
Predecessor
 
September 30, 2016
 
 
December 31, 2015
 
Fair
Value
 
Carrying
Value
 
 
Fair
Value
 
Carrying
Value
Senior Notes due 2019 1
$
—

 
$
—

 
 
$
40,830

 
$
300,000

Senior Notes due 2020 1
—

 
—

 
 
125,473

 
775,000

 
$
—

 
$
—

 
 
$
166,303

 
$
1,075,000

______________________
1 The Senior Notes were canceled upon our emergence from bankruptcy.
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables summarize the valuation of those assets and liabilities as of the dates presented:
 
 
Successor As of September 30, 2016
 
 
Fair Value
 
Fair Value Measurement Classification
Description
 
Measurement
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 

 
 

 
 

 
 

Commodity derivative assets – current
 
$
446

 
$
—

 
$
446

 
$
—

Assets of SERP 1
 
4,292

 
4,292

 
—

 
—

Liabilities:
 
 

 
 

 
 

 
 

Commodity derivative liabilities – current
 
(3,888
)
 
—

 
(3,888
)
 
—

Commodity derivative liabilities – noncurrent
 
(11,291
)
 
—

 
(11,291
)
 
—


______________________
1 In connection with our emergence from bankruptcy, the assets of the SERP reverted to us upon the release of claims by our employees attributable to certain deferred compensation arrangements in September 2016. The SERP assets were liquidated by the plan trustee in October 2016 and the cash value, which was included in accounts receivable as of September 30, 2016, was transferred to us for general corporate purposes.
 
 
Predecessor As of December 31, 2015
 
 
Fair Value
 
Fair Value Measurement Classification
Description
 
Measurement
 
Level 1
 
Level 2
 
Level 3
Assets:
 
 

 
 

 
 

 
 

Commodity derivative assets – current
 
$
97,956

 
$
—

 
$
97,956

 
$
—

Assets of SERP
 
4,123

 
4,123

 
—

 
—

Liabilities:
 
 

 
 

 
 

 
 

Deferred compensation – SERP obligations
 
(4,125
)
 
(4,125
)
 
—

 
—