Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Details)

v3.3.0.814
DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2015
USD ($)
bbl
$ / shares
$ / bbl
Sep. 30, 2014
USD ($)
Sep. 30, 2015
USD ($)
bbl
$ / shares
$ / bbl
Sep. 30, 2014
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]        
Volumes 2,800,000   2,800,000  
Weighted Average Price (in dollars per barrel) | $ / bbl 81.87   81.87  
Notional volume barrels per month     90,000  
Increase in derivative contracts     90,000  
Average price per barrel (in dollars per barrel) | $ / bbl     91.00  
Non-cash gains or losses on derivative contracts [Abstract]        
Cash Received (Paid) on Derivatives, Net | $ $ 42,958,080 $ (7,017,599) $ 113,934,910 $ (25,084,349)
Non-Cash Gain (Loss) on Derivatives, Net | $ 8,408,682 68,600,900 (59,115,913) 25,433,684
Gain on Derivative Instruments, Net | $ 51,366,762 61,583,301 54,818,997 349,335
Crude Oil Fixed Price Swaps [Member]        
Non-cash gains or losses on derivative contracts [Abstract]        
Cash Received (Paid) on Derivatives, Net | $ 42,958,080 (6,950,759) 113,732,460 (24,719,289)
Non-Cash Gain (Loss) on Derivatives, Net | $ 8,408,682 67,863,469 (59,115,913) 25,346,339
Crude Oil Collars [Member]        
Non-cash gains or losses on derivative contracts [Abstract]        
Cash Received (Paid) on Derivatives, Net | $ [1] 0 (66,840) 202,450 (365,060)
Non-Cash Gain (Loss) on Derivatives, Net | $ 0 $ 737,431 0 $ 87,345
Net cash receipts for crude oil collars | $ $ 202,000   $ 202,000  
Oil Swap 1 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) | $ / bbl 89.00   89.00  
Oil Swap 1 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 1 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 2 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) | $ / bbl 89.00   89.00  
Oil Swap 2 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 2 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 3 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) | $ / bbl 89.02   89.02  
Oil Swap 3 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 3 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 4 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     45,000  
Fixed Price (in dollars per barrel) | $ / bbl 89.00   89.00  
Oil Swap 4 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 4 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 5 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     45,000  
Fixed Price (in dollars per barrel) | $ / bbl 89.00   89.00  
Oil Swap 5 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 5 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2015  
Oil Swap 6 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels) [2]     90,000  
Fixed Price (in dollars per barrel) | $ / bbl [2] 90.75   90.75  
Oil Swap 6 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period [2]     Oct. 01, 2015  
Oil Swap 6 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period [2]     Dec. 31, 2015  
Oil Swap 7 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels) [2]     90,000  
Fixed Price (in dollars per barrel) | $ / bbl [2] 91.00   91.00  
Oil Swap 7 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period [2]     Oct. 01, 2015  
Oil Swap 7 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period [2]     Dec. 31, 2015  
Oil Swap 8 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels) [2]     90,000  
Fixed Price (in dollars per barrel) | $ / bbl [2] 91.25   91.25  
Oil Swap 8 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period [2]     Oct. 01, 2015  
Oil Swap 8 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period [2]     Dec. 31, 2015  
Oil Swap 9 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     270,000  
Fixed Price (in dollars per barrel) | $ / bbl 89.00   89.00  
Oil Swap 9 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 9 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 10 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     270,000  
Fixed Price (in dollars per barrel) | $ / bbl 90.00   90.00  
Oil Swap 10 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 10 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 11 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     270,000  
Fixed Price (in dollars per barrel) | $ / bbl 91.00   91.00  
Oil Swap 11 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Oct. 01, 2015  
Oil Swap 11 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 12 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) | $ / bbl 90.00   90.00  
Oil Swap 12 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2016  
Oil Swap 12 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 13 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) | $ / bbl 90.00   90.00  
Oil Swap 13 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2016  
Oil Swap 13 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 14 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) | $ / bbl 90.00   90.00  
Oil Swap 14 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jan. 01, 2016  
Oil Swap 14 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jun. 30, 2016  
Oil Swap 15 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) | $ / bbl 65.00   65.00  
Oil Swap 15 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2016  
Oil Swap 15 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2016  
Oil Swap 16 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) | $ / bbl 64.93   64.93  
Oil Swap 16 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2016  
Oil Swap 16 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2016  
Oil Swap 17 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) | $ / bbl 65.00   65.00  
Oil Swap 17 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2016  
Oil Swap 17 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2016  
Oil Swap 18 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) | $ / bbl 65.00   65.00  
Oil Swap 18 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2016  
Oil Swap 18 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2016  
Oil Swap 19 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     180,000  
Fixed Price (in dollars per barrel) | $ / bbl 64.93   64.93  
Oil Swap 19 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2016  
Oil Swap 19 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2016  
Oil Swap 20 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Oil (in barrels)     90,000  
Fixed Price (in dollars per barrel) | $ / bbl 65.30   65.30  
Oil Swap 20 [Member] | Minimum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Jul. 01, 2016  
Oil Swap 20 [Member] | Maximum [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Settlement Period     Dec. 31, 2016  
Open Commodity Swap 1 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Volumes 990,000   990,000  
Weighted Average Price (in dollars per barrel) | $ / shares 89.82   89.82  
Open Commodity Swap 2 [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Volumes 1,800,000   1,800,000  
Weighted Average Price (in dollars per barrel) | $ / shares 77.50   77.50  
[1] Net cash receipts for crude oil collars for the three- and nine-month periods ended September 30, 2015 include approximately $202,000 of proceeds received from crude oil derivative contracts that were settled in the second quarter of 2015 prior to their contractual maturities.
[2] 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.