COMMODITY DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
Swap	Sep. 2020- Oct. 2020	$	37.10	10,000	$	9,000
Swap	Sep. 2020- Oct. 2020	$	46.33	10,000	(28,896)
Futures	Sep. 2020- Dec. 2020	$	48.67	26,000	(4,099)
					$	(23,995)

As of December 31, 2019
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
Swap	Dec. 2019-Mar. 2020	$	40.88	130,000	$	539,800
Swap	Dec. 2019-Mar. 2020	$	81.19	130,000	(673,428)
Futures	Dec. 2019-Mar. 2020	$	84.53	105,000	(242,222)
					$	(375,850)

Schedule of 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, 2020 and December 31, 2019 are presented in the table below.

Balance Sheet Classification	Contract Type	2020		2019
	Crude oil swaps	$	(19,896)	$	(133,628)
	Crude oil futures	(4,099)		(242,222)
Derivative commodity liability		$	(23,995)	$	(375,850)