DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2020

DERIVATIVES

Schedule of changes in fair value of derivative instruments

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Beginning fair value of commodity derivative instruments	$	9,783,362		(937,938)	$	804,501	$	4,227,946
(Loss) gain on commodity derivative instruments		(4,040,972)		2,733,582		6,091,641		(2,236,208)
Net cash received on settlements of derivative instruments		(2,861,167)		(129,757)		(4,014,919)		(325,851)
Ending fair value of commodity derivative instruments	$	2,881,223	$	1,665,887	$	2,881,223	$	1,665,887

Schedule of derivative contracts

		June 30,		December 31,
Classification	Balance Sheet Location	2020		2019
Assets:
Current asset	Commodity derivative assets	$	3,231,583	$	687,933
Long-term asset	Commodity derivative assets		—		116,568
Liabilities:
Current liability	Commodity derivative liabilities		—		—
Long-term liability	Commodity derivative liabilities		(350,360)		—
		$	2,881,223	$	804,501

Schedule of commodity derivative contracts

As of June 30, 2020, the Partnership’s open commodity derivative contracts consisted of the following:

Oil Price Swaps

	Notional	Weighted Average		Range (per Bbl)
	Volumes (Bbl)	Fixed Price (per Bbl)		Low		High
June 2020 - December 2020	313,518	$	41.28	$	28.17	$	61.43
January 2021 - December 2021	535,455	$	44.26	$	34.95	$	56.10
January 2022 - June 2022	251,968	$	39.15	$	35.65	$	41.77

Natural Gas Price Swaps

	Notional	Weighted Average		Range (per MMBtu)
	Volumes (MMBtu)	Fixed Price (per MMBtu)		Low		High
July 2020 - December 2020	3,471,344	$	2.43	$	2.09	$	2.63
January 2021 - December 2021	6,886,090	$	2.54	$	2.33	$	2.85
January 2022 - June 2022	3,214,637	$	2.43	$	2.23	$	2.70