COMMODITY DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity derivative instruments

	2016		2017
	Settlement		Settlement
NATURAL GAS (MMBtu):
Swaps
Volume		298,957		-
Price (NYMEX)	$	3.28		-
3-way collars
Volume		-		67,361
Ceiling sold price (call) (NYMEX)		-	$	4.03
Floor purchased price (put) (NYMEX)		-	$	3.50
Floor sold price (short put) (NYMEX)		-	$	3.00
CRUDE OIL (Bbls):
Put spread
Volume		138,286		-
Floor purchased price (put) (LLS)	$	62.27		-
Floor sold price (short put) (LLS)	$	40.00		-
3-way collars
Volume		-		113,029
Ceiling sold price (call) (WTI)		-	$	77.00
Floor purchased price (put) (WTI)		-	$	60.00
Floor sold price (short put) (WTI)		-	$	45.00

Fair value and balance sheet location of each classification of commodity derivative contracts

	Fair value as of December 31,
	2015			2014
Asset commodity derivatives:
Current assets	$	3,069,115		$	6,413,935
Noncurrent assets		1,841,120			3,163,891
		4,910,235			9,577,826
Liability commodity derivatives:
Current liabilities		(411,068	)		(3,075,398	)
Noncurrent liabilities		(770,579	)		(1,760,782	)
		(1,181,647	)		(4,836,180	)
Total commodity derivative instruments	$	3,728,588		$	4,741,646

Sales of natural gas and crude oil

	Years Ended December 31,
	2015			2014			2013
Sales of natural gas and crude oil	$	18,680,584		$	38,659,392		$	28,235,413
Gains (losses) realized from sale of commodity derivatives		4,030,000			-			-
Other gains (losses) realized on commodity derivatives		1,958,793			(1,420,217	)		(524	)
Unrealized gains (losses) on commodity derivatives		(949,967	)		4,724,985			(231,886	)
Amortized gains from benefit of sold qualified gas options		-			93,750			72,600
Total revenue from natural gas and crude oil	$	23,719,410		$	42,057,910		$	28,075,603

Reconciliation of the components of accumulated other comprehensive income (loss)

	Years Ended December 31,
	2015						2014				2013
	Before tax			After tax			Before tax		After tax		Before tax			After tax
Balance, beginning of period	$	63,091		$	38,801		$	63,041	$	38,770	$	437,140		$	268,841
Sale of unexpired contracts
previously subject to hedge
accounting rules		(119,917	)		(73,749	)		-		-		-			-
Other reclassifications due to expired
contracts previously subject to
hedge accounting rules		56,826			34,948			50		31		(374,099	)		(230,071	)
Balance, end of period	$	-		$	-		$	63,091	$	38,801	$	63,041		$	38,770