Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2012

Commodity Derivative Positions

The following table sets forth our commodity derivative positions as of March 31, 2012:

			Average
			Volume Per		Weighted Average Price				Fair Value
	Instrument		Day		Floor/Swap		Ceiling		Asset		Liability
Natural Gas:				(in MMBtu)		($/MMBtu)
Second quarter 2012		Swaps		20,000	$	5.31			$	5,667	$	-
Third quarter 2012		Swaps		20,000	$	5.31				5,234		-
Fourth quarter 2012		Swaps		10,000	$	5.10				2,042		-
Crude Oil:				(barrels)		($/barrel)
Second quarter 2012		Collars		1,000	$	90.00	$	97.00		-		677
Third quarter 2012		Collars		1,000	$	90.00	$	97.00		-		842
Fourth quarter 2012		Collars		1,000	$	90.00	$	97.00		-		904
First quarter 2013		Collars		1,000	$	90.00	$	100.00		-		710
Second quarter 2013		Collars		1,000	$	90.00	$	100.00		-		647
Third quarter 2013		Collars		1,000	$	90.00	$	100.00		-		573
Fourth quarter 2013		Collars		1,000	$	90.00	$	100.00		-		491
Second quarter 2012		Swaps		3,000	$	103.05				307		472
Third quarter 2012		Swaps		3,000	$	104.40				423		504
Fourth quarter 2012		Swaps		3,000	$	104.40				349		569
First Quarter 2013		Swaps		2,250	$	103.51				81		381
Second Quarter 2013		Swaps		2,250	$	103.51				123		239
Third Quarter 2013		Swaps		1,500	$	102.77				84		118
Fourth Quarter 2013		Swaps		1,500	$	102.77				175		73
First Quarter 2014		Swaps		2,000	$	100.44				22		53
Second Quarter 2014		Swaps		2,000	$	100.44				189		-
Third Quarter 2014		Swaps		1,500	$	100.20				265		-
Fourth Quarter 2014		Swaps		1,500	$	100.20				378		-
First quarter 2013		Swaption		1,100	$	100.00				-		1,195
Second quarter 2013		Swaption		1,000	$	100.00				-		1,013
Third quarter 2013		Swaption		900	$	100.00				-		831
Fourth quarter 2013		Swaption		750	$	100.00				-		620
First Quarter 2014		Swaption		812	$	100.00				-		725
Second Quarter 2014		Swaption		812	$	100.00				-		725
Third Quarter 2014		Swaption		812	$	100.00				-		725
Fourth Quarter 2014		Swaption		812	$	100.00				-		725
Settlements to be paid in subsequent period										-		624

Interest Rate Swap Terms and Positions

The following table sets forth the terms and liability position of our interest rate swap as of the dates presented:

	Notional		Swap Interest Rates 1					March 31,			December 31,
Term	Amount		Pay		Receive			2012			2011
Through April 15, 2019	$	100,000		LIBOR + 5.68%		7.250	%	$	(599	)	$	-

¹ References to LIBOR represent the one-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:

	Three Months Ended March 31,
	2012			2011
Impact by contract type:
Commodity contracts	$	294		$	1,308
Interest rate contracts		(599	)		20
	$	(305	)	$	1,328
Realized and unrealized impact:
Cash received (paid) for:
Commodity contract settlements	$	7,981		$	6,744
Interest rate contract settlements		-			-
		7,981			6,744
Unrealized gains (losses) attributable to:
Commodity contracts		(7,687	)		(5,436	)
Interest rate contracts		(599	)		20
		(8,286	)		(5,416	)
	$	(305	)	$	1,328

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 Condensed Consolidated Balance Sheets as of the dates presented:

		Fair Values as of
		March 31, 2012				December 31, 2011
			Derivative		Derivative		Derivative		Derivative
Type	Balance Sheet Location		Assets		Liabilities		Assets		Liabilities
Commodity contracts	Derivative assets/liabilities - current	$	14,492	$	7,262	$	18,987	$	3,549
Interest rate contracts	Derivative assets/liabilities - current		344		-		-		-
			14,836		7,262		18,987		3,549
Commodity contracts	Derivative assets/liabilities - noncurrent		1,167		7,494		-		6,850
Interest rate contracts	Derivative assets/liabilities - noncurrent		-		943		-		-
			1,167		8,437		-		6,850
		$	16,003	$	15,699	$	18,987	$	10,399