Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table is a listing of the Company’s assets and liabilities that are measured at fair value in the accompanying balance sheets and where they are classified within the fair value hierarchy as of December 31, 2015:



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	488,411	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	124,184
Other property and equipment ⁽²⁾	$	—	$	—	$	629
Liabilities:
Derivatives⁽¹⁾	$	—	$	8	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	7,611

____________________________________________

(1) This represents a financial asset or liability that is measured at fair value on a recurring basis.

(2) This represents a non-financial asset that is measured at fair value on a nonrecurring basis.



	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Derivatives ⁽¹⁾	$	—	$	592,208	$	—
Proved oil and gas properties ⁽²⁾	$	—	$	—	$	33,423
Oil and gas properties held for sale ⁽²⁾	$	—	$	—	$	17,891
Liabilities:
Derivatives⁽¹⁾	$	—	$	70	$	—
Net Profits Plan ⁽¹⁾	$	—	$	—	$	27,136

____________________________________________

(1) This represents a financial asset or liability that is measured at fair value on a recurring basis.

(2) This represents a non-financial asset that is measured at fair value on a nonrecurring basis.

^{[1],[2],[3],[4]}

Schedule of reconciliation of fair value measurements using Level 3 inputs

The following table reflects the activity for the Company’s Net Profits Plan liability measured at fair value using Level 3 inputs:



	For the Years Ended December 31,
	2015			2014			2013
	(in thousands)
Beginning balance	$	27,136		$	56,985		$	78,827
Net increase (decrease) in liability ⁽¹⁾	(12,238		)	(12,492		)	3,527
Net settlements ^{(1) (2)}	(7,287		)	(17,357		)	(25,369		)
Transfers in (out) of Level 3	—			—			—
Ending balance	$	7,611		$	27,136		$	56,985

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(1)	Net changes in the Company’s Net Profits Plan liability are shown in the Change in Net Profits Plan liability line item of the accompanying statements of operations.


(2)	Settlements represent cash payments made or accrued under the Net Profits Plan. The amounts in the table include cash payments made or accrued under the Net Profits Plan of $3.8 million, $8.3 million, and $10.3 million for the years ended December 31, 2015, 2014, and 2013, respectively, as a result of the divestitures of properties subject to the Net Profits Plan.

Long Term Debt Fair Value [Table Text Block]

The following table reflects the fair value of the Senior Notes measured using Level 1 inputs based on quoted secondary market trading prices. The Senior Notes were not presented at fair value on the accompanying balance sheets as of December 31, 2015 or 2014, as they are recorded at carrying value, net of unamortized deferred financing costs.



	As of December 31,
	2015		2014
	(in thousands)
2019 Notes⁽¹⁾	$	—	$	350,018
2021 Notes	$	262,938	$	343,000
2022 Notes	$	440,250	$	556,500
2023 Notes	$	296,000	$	379,000
2024 Notes	$	334,065	$	435,000
2025 Notes⁽¹⁾	$	326,875	$	—

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(1) The 2019 Notes were fully redeemed on June 22, 2015 and the 2025 Notes were issued on May 21, 2015.

[1]	This represents a financial asset or liability that is measured at fair value on a recurring basis.
[2]	This represents a financial asset or liability that is measured at fair value on a recurring basis.
[3]	This represents a non-financial asset that is measured at fair value on a nonrecurring basis.
[4]	This represents a non-financial asset that is measured at fair value on a nonrecurring basis.