XML 45 R34.htm IDEA: XBRL DOCUMENT v3.20.2
DERIVATIVES (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
$ / bbl
MMBbls
Dec. 31, 2019
USD ($)
Derivatives            
Daily oil and natural gas production before Phillips acquisition hedged (as a percent)         33.00%  
Change in fair values of derivative instruments            
Beginning fair value of commodity derivative instruments | $ $ 9,783,362 $ (937,938) $ 804,501 $ 4,227,946    
(Loss) gain on commodity derivative instruments, net | $ (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    
Assets:            
Current asset | $         $ 3,231,583 $ 687,933
Long-term asset | $           116,568
Liabilities:            
Long-term liability | $         (350,360)  
Derivative assets (liabilities) | $ $ 2,881,223 $ 1,665,887 $ 804,501 $ 1,665,887 $ 2,881,223 $ 804,501
Oil Price Swaps - June 2020 - December 2020            
Derivatives            
Notional Volumes | MMBbls         313,518  
Weighted Average Fixed Price         41.28  
Oil Price Swaps - January 2021 - December 2021            
Derivatives            
Notional Volumes | MMBbls         535,455  
Weighted Average Fixed Price         44.26  
Oil Price Swaps - January 2022 - June 2022            
Derivatives            
Notional Volumes | MMBbls         251,968  
Weighted Average Fixed Price         39.15  
Natural Gas Price Swaps - July 2020 - December 2020            
Derivatives            
Notional Volumes | MMBbls         3,471,344  
Weighted Average Fixed Price         2.43  
Natural Gas Price Swaps - January 2021 - December 2021            
Derivatives            
Notional Volumes | MMBbls         6,886,090  
Weighted Average Fixed Price         2.54  
Natural Gas Price Swaps - January 2022 - June 2022            
Derivatives            
Notional Volumes | MMBbls         3,214,637  
Weighted Average Fixed Price         2.43  
Minimum | Oil Price Swaps - June 2020 - December 2020            
Derivatives            
Weighted Average Fixed Price         28.17  
Minimum | Oil Price Swaps - January 2021 - December 2021            
Derivatives            
Weighted Average Fixed Price         34.95  
Minimum | Oil Price Swaps - January 2022 - June 2022            
Derivatives            
Weighted Average Fixed Price         35.65  
Minimum | Natural Gas Price Swaps - July 2020 - December 2020            
Derivatives            
Weighted Average Fixed Price         2.09  
Minimum | Natural Gas Price Swaps - January 2021 - December 2021            
Derivatives            
Weighted Average Fixed Price         2.33  
Minimum | Natural Gas Price Swaps - January 2022 - June 2022            
Derivatives            
Weighted Average Fixed Price         2.23  
Maximum | Oil Price Swaps - June 2020 - December 2020            
Derivatives            
Weighted Average Fixed Price         61.43  
Maximum | Oil Price Swaps - January 2021 - December 2021            
Derivatives            
Weighted Average Fixed Price         56.10  
Maximum | Oil Price Swaps - January 2022 - June 2022            
Derivatives            
Weighted Average Fixed Price         41.77  
Maximum | Natural Gas Price Swaps - July 2020 - December 2020            
Derivatives            
Weighted Average Fixed Price         2.63  
Maximum | Natural Gas Price Swaps - January 2021 - December 2021            
Derivatives            
Weighted Average Fixed Price         2.85  
Maximum | Natural Gas Price Swaps - January 2022 - June 2022            
Derivatives            
Weighted Average Fixed Price         2.70