Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v2.4.0.8
FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2013
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 September 30, 2013 and December 31, 2012.

 
 
Fair Value Measurements at
September 30, 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)
 
$
-
   
$
22,692
   
$
-
 
Commodity Derivatives – Current Liability (crude oil swaps and collars)
   
-
     
(21,841,508
)
   
-
 
Commodity Derivatives – Non- Current Asset (crude oil swaps and collars)
   
-
     
934,545
     
-
 
Commodity Derivatives – Non- Current Liability (crude oil swaps and collars)
   
-
     
(3,059,416
)
   
-
 
Total
 
$
-
   
$
(23,943,687
)
 
$
-
 

 
 
Fair Value Measurements at
December 31, 2012 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)
 
$
-
   
$
4,095,197
   
$
-
 
Commodity Derivatives – Non-Current Asset (crude oil swaps and collars)
   
-
     
1,763,008
     
-
 
Commodity Derivatives – Non-Current Liability (crude oil swaps and collars)
   
-
     
(2,547,745
)
   
-
 
Total
 
$
-
   
$
3,310,460
   
$
-