Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

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 the periods indicated:



	Fair Value Measurements Using:
In thousands	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
June 30, 2015
Assets:
Oil and natural gas derivative contracts – current	$	—	$	155,972	$	112,053	$	268,025
Oil and natural gas derivative contracts – long-term	—		391		305		696
Total Assets	$	—	$	156,363	$	112,358	$	268,721

Liabilities:
Oil and natural gas derivative contracts – current	$	—	$	641	$	—	$	641
Oil and natural gas derivative contracts – long-term	—		—		—		—
Total Liabilities	$	—	$	641	$	—	$	641

December 31, 2014
Assets:
Oil and natural gas derivative contracts – current	$	—	$	283,238	$	157,121	$	440,359
Oil and natural gas derivative contracts – long-term	—		34,862		31,325		66,187
Total Assets	$	—	$	318,100	$	188,446	$	506,546

Changes in fair value of Level 3 assets and liabilities

The following table summarizes the changes in the fair value of our Level 3 assets and liabilities for the three and six months ended June 30, 2015 and 2014:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
In thousands	2015			2014			2015			2014
Fair value of Level 3 instruments, beginning of period	$	165,015		$	(6,097	)	$	188,446		$	6,709
Fair value adjustments on commodity derivatives	(7,302		)	(33,019		)	17,783			(45,825		)
Receipt on settlements of commodity derivatives	(45,355		)	—			(93,871		)	—
Fair value of Level 3 instruments, end of period	$	112,358		$	(39,116	)	$	112,358		$	(39,116	)

The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held at the reporting date	$	(4,325	)	$	(33,019	)	$	14,142		$	(45,825	)

Quantitative valuation techniques for assets and liabilities measured on a recurring basis (Level 3)

The following table details fair value inputs related to implied volatilities utilized in the valuation of our Level 3 oil derivative contracts:



	Fair Value at 6/30/2015 (in thousands)		Valuation Technique	Unobservable Input	Range
Oil derivative contracts	$	112,358	Discounted cash flow / Black-Scholes	Volatility of Light Louisiana Sweet for settlement periods beginning after June 30, 2015	16.0% - 33.6%