4. FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair value measurements by hierarchy

	Fair value measurements at March 31, 2016
			Significant
	Quoted prices		other		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Commodity derivatives – oil	$	-	$	2,735,087	$	-	$	2,735,087
Commodity derivatives – gas		-		205,325		-		205,325
Total assets	$	-	$	2,940,412	$	-	$	2,940,412

	Fair value measurements at December 31, 2015
			Significant
	Quoted prices		other		Significant
	in active		observable		unobservable
	markets		inputs		inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Commodity derivatives – oil	$	-	$	3,442,693	$	-	$	3,442,693
Commodity derivatives – gas		-		285,895		-		285,895
Total assets	$	-	$	3,728,588	$	-	$	3,728,588