Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the approximate volumes and average contract prices of swap contracts the Company had in place as of December 31, 2019:

Period
 
Volume (Bbl)
 
Volume (Bbls/d)
 
Weighted Average Differential
($/Bbl) (1)
Crude oil basis swaps
January 2020 - March 2020
 
273,000
 
3,000

 
$
0.67

 
April 2020 - June 2020
 
273,000
 
3,000

 
0.67

 
July 2020 - September 2020
 
276,000
 
3,000

 
0.67

 
October 2020 - December 2020
 
276,000
 
3,000

 
0.67

 

(1) 
These oil basis swap transactions are settled based on the difference between the arithmetic average of the ARGUS MIDLAND WTI and ARGUS WTI CUSHING indices, during each applicable settlement period.
Schedule of Impact of Derivative Instruments
The following table presents the impact of the Company’s derivative instruments on its Consolidated Statements of Operations for the periods presented:
 
Year Ended December 31,
(in thousands)
2019
 
2018
 
2017
Net gain (loss) on derivative instruments
$
(1,561
)
 
$
15,336

 
$
5,138
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value The tables below summarize the fair value amounts and classification in the Consolidated Balance Sheets of the Company’s derivative contracts outstanding at the respective balance dates, as well as the gross recognized derivative assets, liabilities and offset amounts:
 
 
 
Balance Sheet Classification
 
Gross Fair Value Asset/Liability Amounts
 
Gross Amounts Offset (1)
 
Net Recognized Fair Value Assets/Liabilities
(in thousands)
 
 
December 31, 2019
Derivative Liabilities
 
 
 
 
 
 
 
Commodity contracts
Current liabilities - Derivative instruments
 
$
325

 
$
—

 
$
325

 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
Derivative Assets
 
 
 
 
 
 
 
Commodity contracts
Current assets - Derivative instruments
 
$
7,708

 
$
(6,076
)
 
$
1,632

Derivative Liabilities
 
 
 
 
 
 
 
Commodity contracts
Current liabilities - Derivative instruments
 
$
12,127

 
$
(6,076
)
 
$
6,051

 
(1)
The Company has agreements in place with all of its counterparties that allow for the financial right of offset of derivative assets against derivative liabilities at settlement or in the event of a default under the agreements or contract termination.