Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v3.8.0.1
FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Financial instruments measured at fair value on recurring basis
The following tables set forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis:
 
Fair Value Measurements at September 30, 2017 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)
$

 
$
2,622,120

 
$

Commodity Derivatives – Noncurrent Asset (crude oil swaps and collars)

 
817,418

 

Commodity Derivatives – Current Liabilities (crude oil swaps)

 
(4,741
)
 

Total
$

 
$
3,434,797

 
$


 
Fair Value Measurements at December 31, 2016 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)
$

 
$
4,517

 
$

Commodity Derivatives – Current Liabilities (crude oil swaps and collars)
 
 
(10,001,564
)
 
 
Commodity Derivatives – Noncurrent Liabilities (crude oil swaps)

 
(1,738,329
)
 

Total
$

 
$
(11,735,376
)
 
$