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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Oil and gas contracts
As of December 31, 2017, the Company had entered into the following gas and oil hedge contracts:
    
Production Period
 
Instrument Type
 
Daily Volumes
 
Weighted Average Price
Natural Gas:
 
 
 
 
 
 
January 2018 - March 2018
 
Swap
 
35,000 Mmbtu
 
$3.24
 
 
 
 
 
 
 
Crude Oil:
 

 

 

January 2018 - December 2018
 
Swap
 
250 Bbl
 
$55.00
At December 31, 2017, the Company had recognized a net asset of approximately $0.4 million related to the estimated fair value of these derivative contracts. Based on estimated future commodity prices as of December 31, 2017, the Company would realize a $0.3 million gain, net of taxes, during the next 12 months. This gain is expected to be reclassified to oil and gas sales based on the schedule of volumes stipulated in the derivative contracts.
Effect of cash flow hedges on the consolidated balance sheet
Effect of Cash Flow Hedges on the Consolidated Balance Sheet at December 31, 2017 and December 31, 2016:
 
Commodity Derivatives
Period
Balance Sheet
Location
Fair Value
December 31, 2017
Derivative asset
$
1,174

December 31, 2017
Derivative liability
$
(731
)
December 31, 2016
Derivative liability
$
(3,947
)
December 31, 2016
Other long-term liabilities
$
(803
)
Effect of cash flow hedges on the consolidated statement of operations
Effect of Cash Flow Hedges on the Consolidated Statement of Operations for years ended December 31, 2017, 2016 and 2015:
Instrument
Amount of Gain (Loss)
Recognized in Other
Comprehensive Income
 
Location of
Gain Reclassified
into Income
 
Amount of Gain Reclassified into
Income
Commodity Derivatives at December 31, 2017
$
6,654

 
Oil and gas sales
 
$
1,461

Commodity Derivatives at December 31, 2016
$
(4,447
)
 
Oil and gas sales
 
$
1,811

Commodity Derivatives at December 31, 2015
$
9,991

 
Oil and gas sales
 
$
17,114