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10. Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding derivative contracts with respect to future production
Crude Oil Swaps        
   Oil   Fixed 
Settlement Period  (Barrels)   Price 
April 1, 2016 – May 31, 2016   10,000   $90.36 
April 1, 2016 – May 31, 2016   4,000   $88.15 
April 1, 2016 – May 31, 2016   15,000   $62.88 

 

Crude Oil Costless Collars

 

    Oil   Floor/Ceiling    
Settlement Period   (Barrels)   Price   Basis
April 1, 2016 – May 31, 2016   3,334   $80.00/$89.50   NYMEX

 
Realized and unrealized gains and losses on derivative instruments
   Years Ended 
   December 31, 
   2015   2014 
Realized gain on derivatives:          
Crude oil fixed price swaps  $10,325,126   $511,451 
Crude oil collars   1,152,527    – 
Realized gain on derivatives, net  $11,477,653   $511,451 
           
Gain (loss) on the mark-to-market of derivatives:          
Crude oil fixed price swaps  $(5,669,678)  $6,827,126 
Crude oil collars   (755,667)   966,295 
Gain (loss) on the mark-to-market of derivatives, net  $(6,425,345)  $7,793,421 
Offsetting derivative assets and liabilities

   December 31, 2015   December 31, 2014 
       Gross   Net       Gross   Net 
   Gross   amounts   amounts of   Gross   amounts   amounts of 
   amounts of   offset   assets   amounts of   offset   assets 
   recognized   on balance   on balance   recognized   on balance   on balance 
   assets   sheet   sheet   assets   sheet   sheet 
Commodity derivative assets  $1,154,417   $(17)  $1,154,400   $7,620,896   $(41,151)  $7,579,745 

 

   December 31, 2015   December 31, 2014 
       Gross   Net       Gross   Net 
   Gross   amounts   amounts of   Gross   amounts   amounts of 
   amounts of   offset   liabilities   amounts of   offset   liabilities 
   recognized   on balance   on balance   recognized   on balance   on balance 
   liabilities   sheet   sheet   liabilities   sheet   sheet 
Commodity derivative liabilities  $        –   $        –   $        –   $        –   $        –   $        – 

 
Reconciliation of derivative assets and liabilities
   December 31, 
   2015   2014 
Derivative assets  $1,154,400   $3,571,803 
Noncurrent derivative assets   –    4,007,942 
Net amount of assets on the balance sheet   1,154,400    7,579,745 
           
Derivative liabilities   –    – 
Noncurrent derivative liabilities   –    – 
Net amounts of liabilities on the balance sheet   –    – 
Total derivative assets, net  $1,154,400   $7,579,745