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COMMODITY DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The fair value of the crude oil swap agreements is based on the difference between the strike price and the New York Mercantile Exchange futures price for the applicable trading months.

As of September 30, 2019
Contract Type
Contract Period
Weighted Average Strike Price (Barrels)
Remaining Volume (Barrels)
Fair Value
 
 
 
 
 
Swap
Oct. 2019- Jan. 2020
$
37.25

210,000

$
(1,456,700
)
Swap
Oct. 2019- Jan. 2020
$
76.90

210,000

$
(153,636
)
Futures
Oct. 2019- Jan. 2020
$
79.50

60,000

$
99,763

As of December 31, 2018
Contract Type
Contract Period
Weighted Average Strike Price (Barrels)
Remaining Volume (Barrels)
Fair Value
 
 
 
 
 
Swap
Dec. 2018-Feb. 2019
$
48.78

60,000

$
(1,048,400
)
Swap
Dec. 2018-Feb. 2019
$
68.69

60,000

$
1,097,124

Futures
Feb. 2019-Mar. 2019
$
70.42

69,000

$
394,317

Futures
Dec. 2018-Feb. 2019
$
45.41

30,000

$
252,900
Fair Value of Derivative Instruments within Balance Sheet
The carrying values of the Company's derivatives positions and their locations on the consolidated balance sheets as of September 30, 2019 and December 31, 2018 are presented in the table below.

Balance Sheet Classification
Contract Type
2019
2018
 
 
 
 
 
Crude oil swaps
$
(1,610,336
)
$
48,724

 
Crude oil futures
99,763

647,217

 
 
 
 
Derivative commodity asset (liability)
 
$
(1,510,573
)
$
695,941