Callon Petroleum Company Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Fair Value of Financial Instruments at Carrying and Fair Value

The following table summarizes the respective carrying and fair values at:



	For the year ended December 31,
	2013				2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facility	$	22,000	$	22,000	$	10,000	$	10,000
13% Senior Notes due 2016 (a)	53,748		50,299		110,668		100,112
Total	$	75,748	$	72,299	$	120,668	$	110,112


(a)	2013 and 2012 fair values are calculated only in relation to the $48,481 and $96,961 face value outstanding of the 13% Senior Notes, respectively. The remaining $5,267 and $13,707, respectively represents the Company’s deferred credits and have been excluded from the fair value calculation. See Note 4 for additional information.

Fair Value Liabilities Measured on Recurring Basis

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis for each hierarchy level:



December 31, 2013	Balance Sheet Presentation	Level 1		Level 2			Level 3		Total
Assets
Derivative financial instruments - current Portion	Fair market value of derivatives	$	—	$	60		$	—	$	60
Derivative financial instruments - non-current	Other assets, net	—		—			—		—
Sub-total assets		$	—	$	60		$	—	$	60

Liabilities
Derivative financial instruments - current portion	Fair market value of derivatives	$	—	$	1,036		$	—	$	1,036
Derivative financial instruments - non-current	Other long-term liabilities	—		72			—		72
Sub-total liabilities		$	—	$	1,108		$	—	$	1,108

Total		$	—	$	(1,048	)	$	—	$	(1,048	)



December 31, 2012	Balance Sheet Presentation	Level 1		Level 2		Level 3		Total
Assets
Derivative financial instruments - current portion	Fair market value of derivatives	$	—	$	1,674	$	—	$	1,674
Derivative financial instruments - non-current	Other assets, net	—		250		—		250
Sub-total assets		$	—	$	1,924	$	—	$	1,924

Liabilities
Derivative financial instruments - current portion	Fair market value of derivatives	$	—	$	125	$	—	$	125
Derivative financial instruments - non-current	Other long-term liabilities	—		116		—		116
Sub-total liabilities		$	—	$	241	$	—	$	241

Total		$	—	$1,683		$	—	$1,683

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References + Details

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References + Details