RIDGEWOOD ENERGY A-1 FUND LLC - FORM 10-K - XML - IDEA: XBRL DOCUMENT - February 16, 2012

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Derivative Instruments
 12 Months Ended
Dec. 31, 2011
Derivative Instruments [Abstract]  
Derivative Instruments
2.   Derivative Instruments
 
The Fund periodically enters into derivative contracts relating to its oil or gas production.  During the second quarter 2011, the Fund entered into three twelve-month derivative contracts for put options relating to the pricing of oil for a portion of its anticipated production.  The use of such derivative instruments limits the downside risk of adverse price movements.  Currently, the Fund has elected not to use hedge accounting for its derivatives and consequently, the derivatives are marked-to-market each quarter with fair value gains and losses recognized as other income on the statement of operations.  The estimated fair value of these contracts is based upon various factors, including reported prices on the Intercontinental Exchange ("ICE"), volatility, and the time value of options.  See Note 5. "Fair Value Measurements."  The Fund has exposure to credit risk to the extent the derivative instrument counterparty is unable to satisfy its settlement commitment.  The Fund actively monitors the creditworthiness of each counterparty and assesses the impact, if any, on its derivative positions.
 
Derivative instruments are carried at their fair value on the balance sheet within "Other current assets".  The derivative contracts relating to oil pricing are settled based upon reported prices on ICE.  The Fund recognizes all unrealized and realized gains and losses related to these contracts on a mark-to-market basis in the statement of operations under the caption "Other (loss) income."  Settlements of derivative contracts are reflected in operating activities on the statement of cash flows.
 
At December 31, 2011, the Fund had outstanding derivative contracts with respect to its future production of oil that are not designated for hedge accounting as detailed in the following table.
 
Production Period
  
Type of
Contract
  
Volume in
barrels
    
ICE Contract
Price per
barrel
    
Estimated
 Fair Value
 Asset
  
                   
(in thousands)
  
January 1, 2012 - April 30, 2012
  
Put Options
     2,764     $ 105.00     $ 13  
January 1, 2012 - April 30, 2012
  
Put Options
     1,312     $ 112.00     $ 11  
January 1, 2012 - April 30, 2012
  
Put Options
     1,312     $ 100.00     $ 4  

For the year ended December 31, 2011, the Fund's derivative instrument income consisted of realized losses of $64 thousand and unrealized gains of $1 thousand.  There was no derivative instrument income for the year ended December 31, 2010.

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