Annual report pursuant to Section 13 and 15(d)

FAIR VALUE (Tables)

v2.4.1.9
FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2014
FAIR VALUE [Abstract]  
Financial instruments measured at fair value on recurring basis
The following schedule summarizes the valuation of financial instruments measured at fair value on a recurring basis in the balance sheet as of December 31, 2014 and 2013.

   
Fair Value Measurements at
December 31, 2014 Using
 
   
Quoted Prices In Active Markets for Identical Assets
(Level 1)
   
Significant Other Observable Inputs
(Level 2)
   
Significant Unobservable Inputs
(Level 3)
 
Commodity Derivatives – Current Asset (crude oil swaps)
  $ -     $ 128,893,220     $ -  
Commodity Derivatives – Non-Current Asset (crude oil swaps)
    -       25,013,011       -  
Commodity Derivatives – Non-Current Liability (crude oil swaptions)
    -       (579,070 )     -  
Total
  $ -     $ 153,327,161     $ -  

   
Fair Value Measurements at
December 31, 2013 Using
 
   
Quoted Prices In Active Markets for Identical Assets
(Level 1)
   
Significant Other Observable Inputs
(Level 2)
   
Significant Unobservable Inputs
(Level 3)
 
Commodity Derivatives – Current Asset (crude oil swaps and collars)
  $ -     $ 62,890     $ -  
Commodity Derivatives – Current Liability (crude oil swaps and collars)
            (19,119,646 )        
Commodity Derivatives – Non-Current Asset (crude oil swaps and collars)
    -       1,745,405       -  
Commodity Derivatives – Non-Current Liability (crude oil swaps and collars
    -       (637,208 )     -  
Total
  $ -     $ (17,948,559 )   $ -