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COMMODITY DERIVATIVE INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments The fair value of the crude oil futures 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, 2021
Contract TypeContract PeriodWeighted Average Strike Price (Barrels)Remaining Volume (Barrels)Fair Value
FuturesSep. 2021- Oct. 2021$98.22 35,000 $(155,929)
As of December 31, 2020
Contract TypeContract PeriodWeighted Average Strike Price (Barrels)Remaining Volume (Barrels)Fair Value
FuturesDec. 2020-Mar. 2021$62.33 55,000 $(94,214)
Schedule of fair value of derivative instruments within balance sheet
The carrying values of the Company’s derivatives positions and their locations on the consolidated balance sheets as of September 30, 2021 and December 31, 2020 are presented in the table below.
Balance Sheet ClassificationContract Type20212020
Derivative commodity liabilityFutures$(155,929)$(94,214)