DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2015

DERIVATIVE INSTRUMENTS AND PRICE RISK MANAGEMENT [Abstract]

Schedule of non-cash gains or losses on derivative contracts

Non-cash gains and losses below represent the change in fair value of derivative instruments which continue to be held at period-end and the reversal of previously recognized non-cash gains or losses on derivative contracts that matured or were liquidated during the period.

	Year Ended December 31,
	2015			2014			2013
Cash Received (Paid) on Derivatives(1)	$	161,098,510		$	(7,863,104	)	$	(12,198,633	)
Non-Cash Gain (Loss) on Derivatives		(88,715,603	)		171,275,719			(21,259,018	)
Gain (Loss) on Derivative Instruments, Net	$	72,382,907		$	163,412,615		$	(33,457,651	)

(1) Net cash receipts for crude oil collars for the year ended December 31, 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.

Open commodity swap contracts

The following table reflects open commodity swap contracts as of December 31, 2015, the associated volumes and the corresponding fixed price.

Settlement Period	Oil (Barrels)	Fixed Price ($)
Swaps-Crude Oil
01/01/16 – 06/30/16	180,000	89.00
01/01/16 – 06/30/16	180,000	90.00
01/01/16 – 06/30/16	180,000	91.00
01/01/16 – 06/30/16	180,000	90.00
01/01/16 – 06/30/16	90,000	90.00
01/01/16 – 06/30/16	90,000	90.00
07/01/16 – 12/31/16	180,000	65.00
07/01/16 – 12/31/16	180,000	64.93
07/01/16 – 12/31/16	90,000	65.00
07/01/16 – 12/31/16	180,000	65.00
07/01/16 – 12/31/16	180,000	64.93
07/01/16 – 12/31/16	90,000	65.30

Schedule of weighted average price of open commodity derivative contracts

The following table reflects the weighted average price of open commodity swap derivative contracts as of December 31, 2015, by year with associated volumes.

Weighted Average Price Of Open Commodity Swap Contracts
Year	Volumes (Bbl)	Weighted Average Price ($)
2016	1,800,000	77.50
2017 and beyond	-	-

Derivatives instruments balance sheet location

The following table sets forth the amounts, on a gross basis, and classification of the Company's outstanding derivative financial instruments at December 31, 2015 and 2014, respectively.  Certain amounts may be presented on a net basis on the consolidated financial statements when such amounts are with the same counterparty and subject to a master netting arrangement:

		December 31, Estimated Fair Value
Type of Crude Oil Contract	Balance Sheet Location	2015		2014
Derivative Assets:
Swap Contracts	Current Assets	$	64,611,558	$	128,893,220
Swap Contracts	Non-Current Assets		-		25,013,011
Total Derivative Assets		$	64,611,558	$	153,906,231
Derivative Liabilities:
Swaption Contracts	Non-Current Liabilities	$	-	$	(579,070	)
Total Derivative Liabilities		$	-	$	(579,070	)

Reconciliation between gross assets and liabilities and the amounts reflected on balance sheet

The tables presented below provide reconciliation between the gross assets and liabilities and the amounts reflected on the balance sheet.  The amounts presented exclude derivative settlement receivables and payables as of the balance sheet dates.

	Estimated Fair Value at December 31, 2015
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet
Offsetting of Derivative Assets:
Current Assets	$	64,611,558	$	-	$	64,611,558
Total Derivative Assets	$	64,611,558	$	-	$	64,611,558

	Estimated Fair Value at December 31, 2014
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet
Offsetting of Derivative Assets:
Current Assets	$	128,893,220		$	-	$	128,893,220
Non-Current Assets		25,013,011			-		25,013,011
Total Derivative Assets	$	153,906,231		$	-	$	153,906,231
Offsetting of Derivative Liabilities:
Current Liabilities	$	-		$	-	$	-
Non-Current Liabilities		(579,070	)		-		(579,070	)
Total Derivative Liabilities	$	(579,070	)	$	-	$	(579,070	)