11. Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Valuation of financial instruments at fair value

	Fair Value Measurements at December 31, 2015
	Level 1		Level 2			Level 3
Assets
Cash and cash equivalents	$	228,194	$	–		$	–
Derivative Instruments (crude oil swaps and collars)		–		1,154,400			–
Total assets		228,194		1,154,400			–
Liabilities
Revolving credit facilities and long term debt, net of discounts		–		60,350,629			–
Total Liabilities		–		60,350,629			–
	$	228,194	$	(59,196,229	)	$	–

	Fair Value Measurements at December 31, 2014
	Level 1		Level 2			Level 3
Assets
Cash and cash equivalents	$	94,682	$	–		$	–
Derivative Instruments (crude oil swaps and collars)		–		7,579,745			–
Total assets		94,682		7,579,745			–
Liabilities
Revolving credit facilities and long term debt, net of discounts		–		51,834,603			–
Total Liabilities		–		51,834,603			–
	$	94,682	$	(44,254,858	)	$	–