Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair value hierarchy of financial assets and liabilities

The following table sets forth by level within the fair value hierarchy our financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012:



	Fair Value Measurements Using:
	Quoted Prices in Active Markets		Significant Other Observable Inputs			Significant Unobservable Inputs
In thousands	(Level 1)		(Level 2)			(Level 3)			Total
December 31, 2013
Assets:
Oil and natural gas derivative contracts – current	$	—	$	5		$	—		$	5
Oil and natural gas derivative contracts – long-term	—		3,034			6,908			9,942
Total Assets	$	—	$	3,039		$	6,908		$	9,947

Liabilities:
Oil and natural gas derivative contracts – current	$	—	$	(53,822	)	$	—		$	(53,822	)
Oil and natural gas derivative contracts – long-term	—		(3,214		)	(199		)	(3,413		)
Total Liabilities	$	—	$	(57,036	)	$	(199	)	$	(57,235	)

December 31, 2012
Assets:
Oil and natural gas derivative contracts – current	$	—	$	19,477		$	—		$	19,477
Oil and natural gas derivative contracts – long-term	—		36			—			36
Total Assets	$	—	$	19,513		$	—		$	19,513

Liabilities:
Oil and natural gas derivative contracts – current	$	—	$	(2,659	)	$	—		$	(2,659	)
Oil and natural gas derivative contracts – long-term	—		(23,781		)	—			(23,781		)
Total Liabilities	$	—	$	(26,440	)	$	—		$	(26,440	)

The changes in the fair value of Denbury's Level 3 assets and liabilities for the twelve months ended

The following table summarizes the changes in the fair value of our Level 3 assets and liabilities for the years ended December 31, 2013 and 2012:



	Year Ended December 31,
In thousands	2013		2012
Fair value of Level 3 instruments, beginning of year	$	—	$	23,950
Fair value adjustments on commodity derivatives	6,709		3,921
Receipt on settlements of commodity derivatives	—		(27,871		)
Fair value of Level 3 instruments, end of year	$	6,709	$	—

The amount of total gains for the period included in earnings attributable to the change in unrealized gains relating to assets still held at the reporting date	$	6,709	$	—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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