Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v2.4.0.8
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2014 and December 31, 2013.

   
Fair Value Measurements at
June 30, 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 Liability (crude oil swaps and collars)
  $ -     $ (45,110,007 )   $ -  
Commodity Derivatives – Non-Current Liability (crude oil swaps)
    -       (12,389,078 )     -  
Commodity Derivatives – Non-Current Liability (crude oil swaptions)
    -       (3,616,689 )     -  
Total
  $ -     $ (61,115,774 )   $ -  

   
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)
    -       1,745,405       -  
Commodity Derivatives – Non-Current Liability (crude oil swaps)
    -       (637,208 )     -  
Total
  $ -     $ (17,948,559 )   $ -