The following table presents the Company’s netted asset or liability positions that have been measured at fair value and where they have been classified within the fair value hierarchy as of June 30, 2018 and December 31, 2017: | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements | | Gross Amounts of Assets and Liabilities | | Netting Adjustments(1) | | Net Amounts Presented on the Balance Sheets | | Level 1 | | Level 2 | | Level 3 | | | (in thousands) | June 30, 2018 | Financial assets | | | | | | | | | | Commodity derivative asset - current | $ | — |
| | $ | 23,991 |
| | $ | — |
| | $ | (1,264 | ) | | $ | 22,727 |
| Commodity derivative asset - noncurrent | — |
| | 1,622 |
| | — |
| | (1,622 | ) | | — |
| Total financial assets | $ | — |
| | $ | 25,613 |
| | $ | — |
| | $ | (2,886 | ) | | $ | 22,727 |
| | | | | | | | | | | Financial liabilities | | | | | | | | | | Commodity derivative liability - current | $ | — |
| | $ | 1,264 |
| | $ | — |
| | $ | (1,264 | ) | | $ | — |
| Commodity derivative liability - noncurrent | — |
| | 4,479 |
| | — |
| | (1,622 | ) | | 2,857 |
| Total financial liabilities | $ | — |
| | $ | 5,743 |
| | $ | — |
| | $ | (2,886 | ) | | $ | 2,857 |
| | | | | | | | | | | | December 31, 2017 | Financial Assets | | | | | | | | | | Commodity derivative asset - current | $ | — |
| | $ | 720 |
| | $ | — |
| | $ | (287 | ) | | $ | 433 |
| Commodity derivative asset - noncurrent | — |
| | 662 |
| | — |
| | — |
| | 662 |
| Total financial assets | $ | — |
| | $ | 1,382 |
| | $ | — |
| | $ | (287 | ) | | $ | 1,095 |
| | | | | | | | | | | Financial liabilities | | | | | | | | | | Commodity derivative liability - current | $ | — |
| | $ | 527 |
| | $ | — |
| | $ | (287 | ) | | $ | 240 |
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| | (1) | The Company has agreements in place with all of its counterparties that allow for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreements or contract termination. |
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