COMMODITY DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2013

COMMODITY DERIVATIVES [Abstract]

Commodity Derivative Positions to Hedge Oil Production Price risk

On September 26, 2013, we entered into the following commodity positions to hedge our oil production price risk, through March 31, 2014. The following positions were outstanding at December 31, 2013:

Period	Volume (Barrels)				$/Barrel
	Daily		Total		Floor		Ceiling
NYMEX –WTI Collars Jan – March 2014		200		18,000	$	87.00	$	108.00

Derivatives Not Designated as Hedging Instruments

The following table summarizes the fair value of our open commodity derivatives as of December 31, 2013 and 2012:

	Liability Derivatives
		Fair Value
	Balance Sheet	December 31,		December 31,
	Location	2013		2012
Derivatives not designated as hedging instruments
Commodity derivatives	Current Liabilities	$	4,000	$	-

Change in Fair Value of Commodity Derivatives

The following table summarizes the change in fair value of our commodity derivatives:

	Income Statement	12 Months Ended December 31,
	Location	2013			2012
Derivatives not designated as hedging instruments
Unrealized loss on commodity derivatives	Other Income (Expense)	$	(4,000	)	$	-
Realized gain on commodity derivatives	Other Income (Expense)	$	-		$	254,151