Derivative and Hedging Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
| Summary of Volumes and Average Contract Prices of Contracts |
The following tables summarize the approximate volumes and average
contract prices of contracts the Company had in place for gas
collars and gas hedges as of December 31, 2015:
|
|
|
|
|
|
|
|
|
|
Contract Period Of Morgan
Stanley Restrike
|
|
Volumes |
|
|
Weighted-
Average Fixed
Price |
|
| |
|
(MMBtu) |
|
|
(per MMBtu) |
|
|
2016
|
|
|
4,166,789 |
|
|
$ |
3.27 |
|
|
2017
|
|
|
3,300,403 |
|
|
$ |
3.27 |
|
|
2018
|
|
|
2,796,751 |
|
|
$ |
3.27 |
|
|
|
|
|
|
|
|
|
|
|
All gas basis hedges*
|
|
|
10,263,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Period Of Morgan
Stanley Fixed III
|
|
Volumes |
|
|
Basis Swap Fixed
Price |
|
| |
|
(MMBtu) |
|
|
(per MMBtu) |
|
|
2016
|
|
|
1,878,290 |
|
|
$ |
(1.12 |
) |
|
2017
|
|
|
1,539,998 |
|
|
$ |
(1.12 |
) |
|
2018
|
|
|
1,329,467 |
|
|
$ |
(1.12 |
) |
|
|
|
|
|
|
|
|
|
|
All gas basis hedges*
|
|
|
4,747,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
Gas basis hedges are based on the
difference between TETCO M2 and IF Henry Hub (100%). |
|
| Summary of Fair Value of Derivative |
The following tables detail the fair value of derivatives recorded
in the accompanying balance sheets, by category:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31,
2015 |
|
| |
|
Derivative Assets |
|
|
Derivative Liabilities |
|
| |
|
Balance Sheet
Classification |
|
Fair Value |
|
|
Balance Sheet
Classification |
|
Fair Value |
|
|
Commodity derivative
|
|
Current assets |
|
$ |
3,417,887 |
|
|
Current liabilities |
|
$ |
474,696 |
|
|
Commodity derivative
|
|
Noncurrent assets |
|
|
2,423,508 |
|
|
Noncurrent liabilities |
|
|
1,253,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,841,395 |
|
|
|
|
$ |
1,727,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31,
2014 |
|
| |
|
Derivative Assets |
|
|
Derivative Liabilities |
|
| |
|
Balance Sheet
Classification |
|
Fair Value |
|
|
Balance Sheet
Classification |
|
Fair Value |
|
|
Commodity derivative
|
|
Current assets |
|
$ |
5,420,309 |
|
|
Current liabilities |
|
$ |
— |
|
|
Commodity derivative
|
|
Noncurrent assets |
|
|
2,809,847 |
|
|
Noncurrent liabilities |
|
|
716,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,230,156 |
|
|
|
|
$ |
716,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Realized and Unrealized Gains and Losses Related to Derivative Instrument |
The table below summarizes the realized and unrealized gains and
losses related to our derivative instruments for the years ended
December 31, 2015 and 2014.
|
|
|
|
|
|
|
|
|
| |
|
Twelve Months Ended
December 31, |
|
| |
|
2015 |
|
|
2014 |
|
|
Realized gains on commodity derivative
|
|
$ |
15,756,161 |
|
|
$ |
949,094 |
|
|
Change in fair value of commodity derivative
|
|
|
(3,399,993 |
) |
|
|
7,639,441 |
|
|
|
|
|
|
|
|
|
|
|
Total realized and unrealized gains/(losses) recorded
|
|
$ |
12,356,168 |
|
|
$ |
8,588,535 |
|
|
|
|
|
|
|
|
|
|
These realized and unrealized gains and losses are recorded in the
accompanying consolidated statements of operations as derivative
gains (losses).
|