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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Net Valuation of Derivatives
The following table summarizes the Company’s assets (liabilities) that are subject to fair value measurement on a recurring basis as of December 31, 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:
 
 
 
 
 
At December 31, 2016
$
—

 
$
(4,750
)
 
$
—

At December 31, 2015
$
—

 
$
1,508

 
$
—
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis
The following table summarizes the fair value of the 2017 Notes, 2021 Notes and 2021 PIK Notes as of December 31, 2016 and 2015, respectively (in thousands).

 
Fair Value at 12/31/16
Face Value at 12/31/16
Carrying value at 12/31/16
 
Fair Value at 12/31/15
Face Value at 12/31/15
Carrying value at 12/31/15
2017 Notes
$
21,970

$
22,650

$
22,568

 
$
238,000

$
350,000

$
347,008

2021 Notes
12,192

14,177

15,228

 
—

—

—

2021 PIK Notes
177,732

243,468

248,600

 
—

—

—

 
$
211,894

$
280,295

$
286,396

 
$
238,000

$
350,000

$
347,008