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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Net valuation of the Company's derivatives subject to fair value measurement on a recurring basis
The following table summarizes the net valuation of the Company’s derivatives subject to fair value measurement on a recurring basis as of September 30, 2016 and December 31, 2015 (in thousands):
 
Fair Value Measurements Using
Instrument
Quoted Prices
in Active
Markets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
Commodity Derivatives:
 
 
 
 
 
September 30, 2016
$
—

 
$
(228
)
 
$
—

December 31, 2015
$
—

 
$
1,508

 
$
—
Fair value of debt instruments
The following table summarizes the valuation of the 2017 Notes, 2021 Notes and 2021 PIK Notes as of September 30, 2016 and December 31, 2015 (in thousands):
 
September 30, 2016
 
December 31, 2015
 
Fair Value
Face Value
Carrying Value
 
Fair Value
Face Value
Carrying Value
2017 Notes
$
18,799

$
22,650

$
22,538

 
$
238,000

$
350,000

$
347,008

2021 Notes
10,349

14,177

15,286

(1
)
—

—

—

2021 PIK Notes
165,558

243,468

243,106

(1
)
—

—

—

 
$
194,706

$
280,295

$
280,930

 
$
238,000

$
350,000

$
347,008

(1) The carrying value of the 2021 Notes and 2021 PIK Notes includes the effect of the troubled debt restructurings described in Note 5.