Ceiling Test Write-downs

12 Months Ended

Dec. 31, 2013

Ceiling Test [Abstract]

Ceiling Test Write-downs

Ceiling Test Write-downs

As a result of lower natural gas prices and their negative impact on certain of the Company’s longer-lived estimated proved reserves and estimated future net cash flows, the Company recognized ceiling test write-downs of $137.1 million and $18.9 million during 2012 and 2011, respectively. No such write-down occurred during 2013. At December 31, 2012, the prices used in computing the estimated future net cash flows from the Company’s estimated proved reserves, including the effect of hedges in place at that date, averaged $2.21 per Mcf of natural gas, $102.81 per barrel of oil and $6.07 per Mcfe of Ngl. The Company’s cash flow hedges in place decreased the ceiling test write-down by approximately $2.2 million and $3.9 million during 2012 and 2011, respectively.