Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Details)

v2.4.0.8
DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]        
Volumes (Bbl) 6,800,000   6,800,000  
Weighted Average Price (in dollars per barrel) $ 89.61   $ 89.61  
Notional volume barrels per month (in barrels)     90,000  
Increase in derivative contracts (in barrels)     90,000  
Average price per barrel (in dollars per barrel)     91.00  
Oil Swap 1 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     120,000  
Fixed Price (in dollars per barrel) 91.65   91.65  
Oil Swap 1 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 1 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 2 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     232,500  
Fixed Price (in dollars per barrel) 88.55   88.55  
Oil Swap 2 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 2 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 3 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     232,500  
Fixed Price (in dollars per barrel) 88.60   88.60  
Oil Swap 3 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 3 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 4 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     232,500  
Fixed Price (in dollars per barrel) 88.40   88.40  
Oil Swap 4 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 4 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 5 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     232,500  
Fixed Price (in dollars per barrel) 88.50   88.50  
Oil Swap 5 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 5 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 6 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     60,000  
Fixed Price (in dollars per barrel) 91.35   91.35  
Oil Swap 6 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 6 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 7 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     60,000  
Fixed Price (in dollars per barrel) 90.00   90.00  
Oil Swap 7 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 7 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 8 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     120,000  
Fixed Price (in dollars per barrel) 90.15   90.15  
Oil Swap 8 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 8 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 9 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     120,000  
Fixed Price (in dollars per barrel) 91.00   91.00  
Oil Swap 9 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 9 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 10 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     60,000  
Fixed Price (in dollars per barrel) 93.00   93.00  
Oil Swap 10 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 10 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 11 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     120,000  
Fixed Price (in dollars per barrel) 90.00   90.00  
Oil Swap 11 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 11 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 12 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     120,000  
Fixed Price (in dollars per barrel) 90.00   90.00  
Oil Swap 12 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 12 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 13 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     120,000  
Fixed Price (in dollars per barrel) 93.50   93.50  
Oil Swap 13 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 13 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 14 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     30,000  
Fixed Price (in dollars per barrel) 90.58   90.58  
Oil Swap 14 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 14 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Oil Swap 15 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     420,000  
Fixed Price (in dollars per barrel) 89.15   89.15  
Oil Swap 15 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil Swap 15 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 16 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     60,000  
Fixed Price (in dollars per barrel) 90.50   90.50  
Oil Swap 16 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 16 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 17 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) 88.55   88.55  
Oil Swap 17 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 17 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 18 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) 88.00   88.00  
Oil Swap 18 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 18 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 19 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     60,000  
Fixed Price (in dollars per barrel) 90.75   90.75  
Oil Swap 19 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 19 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 20 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     60,000  
Fixed Price (in dollars per barrel) 90.25   90.25  
Oil Swap 20 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 20 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 21 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) 89.00   89.00  
Oil Swap 21 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 21 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 22 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) 89.00   89.00  
Oil Swap 22 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 22 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2015  
Oil Swap 23 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     720,000  
Fixed Price (in dollars per barrel) 89.00   89.00  
Oil Swap 23 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 23 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 24 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     360,000  
Fixed Price (in dollars per barrel) 89.00   89.00  
Oil Swap 24 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 24 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 25 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     360,000  
Fixed Price (in dollars per barrel) 89.02   89.02  
Oil Swap 25 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 25 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 26 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) 89.00   89.00  
Oil Swap 26 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 26 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 27 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) 89.00   89.00  
Oil Swap 27 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2015  
Oil Swap 27 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 28 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000 [1]  
Fixed Price (in dollars per barrel) 90.75 [1]   90.75 [1]  
Oil Swap 28 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2015 [1]  
Oil Swap 28 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015 [1]  
Oil Swap 29 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000 [1]  
Fixed Price (in dollars per barrel) 91.00 [1]   91.00 [1]  
Oil Swap 29 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2015 [1]  
Oil Swap 29 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015 [1]  
Oil Swap 30 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000 [1]  
Fixed Price (in dollars per barrel) 91.25 [1]   91.25 [1]  
Oil Swap 30 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2015 [1]  
Oil Swap 30 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015 [1]  
Oil Swap 31 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     360,000  
Fixed Price (in dollars per barrel) 89.00   89.00  
Oil Swap 31 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2015  
Oil Swap 31 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 32 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     360,000  
Fixed Price (in dollars per barrel) 90.00   90.00  
Oil Swap 32 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2015  
Oil Swap 32 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 33 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     360,000  
Fixed Price (in dollars per barrel) 91.00   91.00  
Oil Swap 33 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2015  
Oil Swap 33 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 34 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) 90.00   90.00  
Oil Swap 34 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2016  
Oil Swap 34 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 35 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) 90.00   90.00  
Oil Swap 35 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2016  
Oil Swap 35 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 36 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) 90.00   90.00  
Oil Swap 36 [Member] | Minimum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2016  
Oil Swap 36 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Open Commodity Swap 1 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Volumes (Bbl) 1,920,000   1,920,000  
Weighted Average Price (in dollars per barrel) $ 89.79   $ 89.79  
Open Commodity Swap 2 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Volumes (Bbl) 3,960,000   3,960,000  
Weighted Average Price (in dollars per barrel) $ 89.43   $ 89.43  
Open Commodity Swap 3 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Volumes (Bbl) 900,000   900,000  
Weighted Average Price (in dollars per barrel) $ 90.00   $ 90.00  
Collar 1 [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2014  
Oil (in barrels)     120,000  
Price minimum (in dollars per barrel) $ 90.00   $ 90.00  
Price maximum (in dollars per barrel) $ 99.05   $ 99.05  
Collar 1 [Member] | Maximum [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2014  
Not Designated as Hedging Instrument [Member]
       
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) on Price Risk Derivative Instruments Not Designated as Hedging Instruments $ (11,248,770) $ (498,817) $ (18,066,750) $ (870,100)
Unrealized gain (loss) on price risk derivatives not designated as hedges $ (35,307,533) $ 17,009,668 $ (43,167,216) $ 2,099,013
[1] The Company has entered into crude oil derivative contracts that give counterparties the option to extend certain current derivative contracts for an additional six-month period. Options covering a notional volume of 90,000 barrels per month are exercisable on or about December 31, 2015. If the counterparties exercise all such options, the notional volume of the Company’s existing crude oil derivative contracts will increase by 90,000 barrels per month at an average price of $91.00 per barrel for each month during the period January 1, 2016 through June 30, 2016.