Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

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

As of June 30, 2012, our open commodity derivatives were as follows:

 

Zero Cost Collars – Oil (NYMEX)

 

Termination Period

   Notional
Quantity (Bbls)
     Weighted Average
Contract Price
     Fair Value
Asset
(in thousands)
 
      Floor      Ceiling     

2012:     3rd quarter    

     124,000       $ 75.00       $ 97.88       $ 6   

4th quarter    

     251,000         75.00         98.99         68   
  

 

 

          

 

 

 
     375,000       $ 75.00       $ 98.62       $ 74   
  

 

 

          

 

 

 
Estimated Fair Value of Derivative Contracts

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

 

     June 30,
2012
     December 31,
2011
 

Prepaid and other assets

   $     9,188       $     2,341   

Other assets

     4,022         1,746   

Accrued liabilities

     —           7,199   
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
June 30,
    Six Months Ended
June 30,
 
     2012     2011     2012     2011  

Derivative (gain) loss:

        

Realized

   $ 285      $ 6,099      $ 6,084      $ 8,322   

Unrealized

     (50,157     (23,431     (16,322     (1,814
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ (49,872   $ (17,332   $ (10,238   $ 6,508