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FAIR VALUE (Tables)
 12 Months Ended
Dec. 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 as of December 31, 2015 and 2014.

  
Fair Value Measurements at
December 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)
 
$
-
  
$
64,611,558
  
$
-
 
Total
 
$
-
  
$
64,611,558
  
$
-
 

  
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
  
$
-