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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
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 fair value of the Company’s derivatives subject to fair value measurement on a recurring basis as of March 31, 2017 and December 31, 2016 (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:
 
 
 
 
 
March 31, 2017
$
—

 
$
(1,561
)
 
$
—

December 31, 2016
$
—

 
$
(4,750
)
 
$
—
Fair value of debt instruments
The following table summarizes the fair value, carrying value and face value of the 2017 Notes, 2021 Notes and 2021 PIK Notes as of March 31, 2017 and December 31, 2016 (in thousands):
 
March 31, 2017
 
December 31, 2016
 
Fair Value
Face Value
Carrying Value
 
Fair Value
Face Value
Carrying Value
2017 Notes
$
—

$
—

$
—

 
$
21,970

$
22,650

22,568

2021 Notes
12,618

14,177

15,174

 
12,192

14,177

15,228

2021 PIK Notes
191,420

251,868

254,130

 
177,732

243,468

248,600

 
$
204,038

$
266,045

$
269,304

 
$
211,894

$
280,295

$
286,396