Item 7A. Qualitative and Quantitative Disclosures About Market Risk The primary objective of the following information is to provide forward-looking quantitative and qualitative information about our potential exposure to market risks. The term ‘‘market risks’’ as it relates to our currently anticipated transactions refers to the risk of loss arising from changes in commodity prices and interest rates. These disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage ongoing market risk exposures. We enter into market-risk sensitive instruments for purposes other than to speculate. We manage market and counterparty credit risk in accordance with our policies. In accordance with these policies and guidelines, our management determines the appropriate timing and extent of derivative transactions. See ‘‘Item 8. Financial Statements and Supplementary Data—Note 2— Accounting Policies, Note 8—Derivative Financial Instruments and Note 9—Fair Value Measurements’’ for a description of the accounting procedures we follow relative to our derivative financial instruments. The following table reconciles the changes that occurred in fair values of our open derivative contracts during the year ended December 31, 2017: Derivative Contracts Assets (Liabilities) Commodities Interest Rates Total (In thousands) Fair value of contracts outstanding as of December 31, 2016 . . . . . . . . . . . . . . . . . . . $ 1,638 $ 53 $ 1,691 Changes in contract fair value . . . . . . . . . . . . . (72,470) 648 (71,822) Contract maturities . . . . . . . . . . . . . . . . . . . . . (26,204) 316 (25,888) Fair value of contracts outstanding as of December 31, 2017 . . . . . . . . . . . . . . . . . . . $(97,036) $1,017 $(96,019) Commodity Price Risk The Company’s revenues, earnings, cash flows, capital investments and, ultimately, future rate of growth are highly dependent on the prices we receive for our crude oil, which have historically been very volatile. Our oil sales are indexed against Dated Brent crude. Dated Brent prices in 2017 ranged between approximately $44 to $67 per barrel. Commodity Derivative Instruments We enter into various oil derivative contracts to mitigate our exposure to commodity price risk associated with anticipated future oil production. These contracts currently consist of collars, put options, call options and swaps. In regards to our obligations under our various commodity derivative instruments, if our production does not exceed our existing hedged positions, our exposure to our commodity derivative instruments would increase. 101