Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE (Tables)

v2.4.1.9
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2015
FAIR VALUE [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
March 31, 2015 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)
  $ -     $ 124,698,923     $ -  
Commodity Derivatives – Non-Current Asset (crude oil swaps)
    -       14,397,517       -  
Commodity Derivatives – Current Liability (crude oil swaptions)
    -       (100,646 )     -  
Total
  $ -     $ 138,995,794     $ -  
 
   
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     $ -