Ceiling Test Write-down

12 Months Ended

Dec. 31, 2014

Ceiling Test [Abstract]

Ceiling Test Write-down

Ceiling Test Write-down

As a result of low 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 a ceiling test write-down of $137.1 million during 2012. No such write-down occurred during 2014 or 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.