Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Commodity Derivative Positions

The following table sets forth our commodity derivative positions as of December 31, 2011:

			Average
			Volume Per		Weighted Average Price				Fair Value
	Instrument		Day		Floor/Swap		Ceiling		Asset		Liability
Natural Gas:			(in MMBtu)		($/MMBtu)
First quarter 2012		Collars		20,000	$	6.00	$	8.50		5,394		-
First quarter 2012		Swaps		10,000	$	5.10				1,880		-
Second quarter 2012		Swaps		20,000	$	5.31				3,935		-
Third quarter 2012		Swaps		20,000	$	5.31				3,706		-
Fourth quarter 2012		Swaps		10,000	$	5.10				1,424		-
Crude Oil:				(barrels)		($/barrel)
First quarter 2012		Collars		1,000	$	90.00	$	97.00		-		361
Second quarter 2012		Collars		1,000	$	90.00	$	97.00		-		447
Third quarter 2012		Collars		1,000	$	90.00	$	97.00		-		412
Fourth quarter 2012		Collars		1,000	$	90.00	$	97.00		-		350
First quarter 2013		Collars		1,000	$	90.00	$	100.00		-		146
Second quarter 2013		Collars		1,000	$	90.00	$	100.00		-		80
Third quarter 2013		Collars		1,000	$	90.00	$	100.00		-		14
Fourth quarter 2013		Collars		1,000	$	90.00	$	100.00		29		-
First quarter 2012		Swaps		1,400	$	101.16				261		-
Second quarter 2012		Swaps		1,000	$	100.61				106		-
Third quarter 2012		Swaps		500	$	100.00				52		-
Fourth quarter 2012		Swaps		500	$	100.00				88		-
First quarter 2013		Swaption		1,100	$	100.00				-		1,049
Second quarter 2013		Swaption		1,000	$	100.00				-		849
Third quarter 2013		Swaption		900	$	100.00				-		674
Fourth quarter 2013		Swaption		750	$	100.00				-		497
Premiums – Deferred 1										-		3,570
Settlements to be paid in subsequent period										162		-

¹  Premiums are attributable to the crude oil collars for 2013 and are included in noncurrent derivative liabilities.

Interest Rate Swap Terms and Positions

The following table sets forth the terms and positions of our interest rate swaps as of the periods presented:

	Notional		Swap Interest Rates 1					Fair Value as of December 31,
Term	Amount		Pay		Receive			2011		2010
Through June 2013	$	100,000		LIBOR + 8.175%		10.375	%	$	-	$	2,590

 ¹ References to LIBOR represent the 3-month rate.

Impact of Derivative Activities on Condensed Consolidated Statements of Income

The following table summarizes the effects of our derivative activities, for the periods presented: 

	Year Ended December 31,
	2011			2010			2009
Impact by contract type:
Commodity contracts	$	14,422		$	36,693		$	33,218
Interest rate contracts		1,229			5,213			(1,650	)
	$	15,651		$	41,906		$	31,568
Realized and unrealized impact:
Cash received (paid) for:
Commodity contract settlements	$	23,562		$	33,480		$	59,908
Interest rate contract settlements		3,818			(662	)		(1,761	)
		27,380			32,818			58,147
Unrealized gains (losses) attributable to:
Commodity contracts		(9,140	)		3,213			(26,690	)
Interest rate contracts		(2,589	)		5,875			111
		(11,729	)		9,088			(26,579	)
	$	15,651		$	41,906		$	31,568

Fair Value of Derivative Instruments on Condensed Consolidated Balance Sheets

The following table summarizes the fair value of our derivative instruments, as well as the locations of these instruments, on our Consolidated Balance Sheets as of the dates presented:

		Fair Values as of
		December 31, 2011				December 31, 2010
		Derivative			Derivative	Derivative		Derivative
Type	Balance Sheet Location	Assets			Liabilities	Assets		Liabilities
Commodity contracts	Derivative assets/liabilities - current	$	18,987	$	3,549	$	15,075	$	388
Interest rate contracts	Derivative assets/liabilities - current		-		-		1,743		-
			18,987		3,549		16,818		388
Commodity contracts	Derivative assets/liabilities - noncurrent		-		6,850		3,042		-
Interest rate contracts	Derivative assets/liabilities - noncurrent		-		-		847		-
			-		6,850		3,889		-
		$	18,987	$	10,399	$	20,707	$	388