Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.10.0.1
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities
The tables below set forth by level within the fair value hierarchy represent the net components of the assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017. These net balances are intended solely to provide information on sources of inputs to fair value and proportions of fair value involving objective versus subjective valuations and do not represent either the actual credit exposure or net economic exposure.
 
 
 
September 30, 2018
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(In thousands)
Derivative liabilities
 
 
 
 
 
 
 
 
Commodity derivative liabilities - current
 
$

 
$
(53,263
)
 
$

 
$
(53,263
)
Commodity derivative liabilities - non-current
 

 
(56,253
)
 

 
(56,253
)
Series B Preferred Stock bifurcated derivative - non-current
 

 

 
(572
)
 
(572
)
Total derivative liabilities
 
$

 
$
(109,516
)
 
$
(572
)
 
$
(110,088
)

 
 
December 31, 2017
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
(In thousands)
Derivative liabilities
 
 
 
 
 
 
 
 
Commodity derivative liabilities - current
 
$

 
$
(10,772
)
 
$

 
$
(10,772
)
Commodity derivative liabilities - non-current
 

 
(7,383
)
 

 
(7,383
)
Series B Preferred Stock bifurcated derivative - non-current
 

 

 
(625
)
 
(625
)
Total derivative liabilities
 
$

 
$
(18,155
)
 
$
(625
)
 
$
(18,780
)
The financial instruments measured at fair value on a recurring basis consist of the following:
 
 
 
September 30,
 
December 31,
 
 
2018
 
2017

 
(In thousands)
Derivative assets (liabilities)
 
 

 
 

Derivative liabilities - current
 
$
(53,263
)
 
$
(10,772
)
Derivative liabilities - non-current
 
(56,825
)
 
(8,008
)
Total derivative liabilities
 
$
(110,088
)
 
$
(18,780
)
Schedule of Changes in Fair Value of Level 3 Liabilities
The table below sets forth a summary of changes in the fair value of the Company’s level 3 liabilities for the nine months ended September 30, 2018.

Beginning Balance
 
$
625

(Gains) losses reported in earnings
 
(53
)
Ending Balance
 
$
572