5. COMMODITY DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity derivative instruments

	2016			2017
	Settlement			Settlement
NATURAL GAS (MMBtu):
Swaps
Volume		406,655			-
Price	$	2.657	*		-
3-way collars
Volume		-			248,023
Ceiling sold price (call)		-		$	3.280	*
Floor purchased price (put)		-		$	2.946	*
Floor sold price (short put)		-		$	2.381	*
CRUDE OIL (Bbls):
Put spread
Volume		98,902			-
Floor purchased price (put)	$	62.27			-
Floor sold price (short put)	$	40.00			-
3-way collars
Volume		23,449			113,029
Ceiling sold price (call) (WTI)	$	47.15		$	77.00
Floor purchased price (put) (WTI)	$	40.00		$	60.00
Floor sold price (short put) (WTI)	$	30.00		$	45.00
Swaps
Volume		11,533			-
Price	$	40.25			-

           *Price is a weighted average

Schedule of derivative assets and liablities

	Fair value as of
	March 31,			December 31,
	2016			2015
Asset commodity derivatives:
Current assets	$	2,765,219		$	3,069,115
Noncurrent assets		1,467,664			1,841,120
		4,232,883			4,910,235
Liability commodity derivatives:
Current liabilities		(625,057	)		(411,068	)
Noncurrent liabilities		(667,414	)		(770,579	)
		(1,292,471	)		(1,181,647	)
Total commodity derivative instruments	$	2,940,412		$	3,728,588

Sales of natural gas and crude oil

	Three Months Ended
	March 31,
	2016			2015
Sales of natural gas and crude oil	$	2,931,586		$	4,572,679
Gains (losses) realized from sale of commodity derivatives		-			4,030,000
Other gains (losses) realized on commodity derivatives		1,159,114			906,834
Unrealized gains (losses) on commodity derivatives		(788,176	)		(3,866,266	)
Total revenue from natural gas and crude oil	$	3,302,524		$	5,643,247

Schedule reconciliation of the components of accumulated other comprehensive income (loss) in the Consolidated Statements of Changes in Equity

	Three Months Ended				Year Ended
	March 31, 2016				December 31, 2015
	Before tax		After tax		Before tax			After tax
Balance, beginning of period	$	-	$	-	$	63,091		$	38,801
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
Balance, end of period	$	-	$	-	$	-		$	-