Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v2.4.0.6
Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2012
Schedule of Derivative Assets at Fair Value

As of September 30, 2012, our open commodity derivative contracts were as follows:

 

Zero Cost Collars – Oil (NYMEX)  
Termination Period   Notional
Quantity (Bbls)
    Weighted Average
Contract Price
    Fair Value
Liability
(in thousands)
 
    Floor     Ceiling    
2012:   4th quarter     251,000      $ 75.00      $ 98.99      $ 345   

 

Swaps – Oil (ICE)  
Termination Period   Notional
Quantity  (Bbls)
    Weighted
Average

Contract  Price
    Fair Value
Liability
(in thousands)
 
2012:   4th quarter     257,600      $ 107.28      $ 977   
2013:   1st quarter     351,000        101.97        2,501   
  2nd quarter     336,700        101.97        1,862   
  3rd quarter     312,800        101.98        1,265   
  4th quarter     294,400        101.98        805   
2014:   1st quarter     180,000        97.38        1,073   
  2nd quarter     172,900        97.38        807   
  3rd quarter     165,600        97.38        573   
  4th quarter     156,400        97.37        365   
   

 

 

     

 

 

 
      2,227,400      $ 101.19      $ 10,228   
   

 

 

     

 

 

 
Estimated Fair Value of Derivative Contracts

The following balance sheet line items included amounts related to the estimated fair value of our open derivative contracts as indicated in the following table (in thousands):

 

     September 30,
2012
     December 31,
2011
 

Prepaid and other assets

   $ —         $ 2,341   

Other assets

     —           1,746   

Accrued liabilities

     6,950         7,199   

Other liabilities

     3,623         —     
Changes in Fair Value of Derivative Contracts Recognized in Earnings

Changes in the fair value of our derivative contracts are recognized currently in earnings and were as follows (in thousands):

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2012      2011     2012      2011  

Derivative (gain) loss:

          

Realized

   $ 875       $ 917      $ 6,960       $ 9,239   

Unrealized

     23,784         (18,240     7,461         (20,054
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 24,659       $ (17,323   $ 14,421       $ (10,815