COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2021

Investments, All Other Investments [Abstract]

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2021 and 2020:

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three and six months ended June 30, 2021 and 2020:

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Gain (loss) on derivatives:
Oil derivatives	$	(182,034	)		(402,374	)	$	(539,949	)	$	2,106,671
Natural gas derivatives		—			—			—			—
Total	$	(182,034	)		(402,374	)	$	(539,949	)	$	2,106,671

The following represents the Company’s net cash receipts from (payments on) derivatives for the three and six months ended June 30, 2021 and 2020:

The following represents the Company’s net cash receipts from (payments on) derivatives for the three and six months ended June 30, 2021 and 2020:

	Three months ended June 30,					Six months ended June 30,
	2021			2020		2021			2020
Net cash received from payments on derivatives
Oil derivatives	$	(230,279	)	$	510,609	$	(358,224	)	$	1,043,894
Natural gas derivatives		—			—		—			—
Total	$	(230,279	)	$	510,609	$	(358,224	)	$	1,043,894

The Company has no outstanding natural gas derivatives.

The following table sets forth the Company’s outstanding derivative contracts at June 30, 2021. The Company has no outstanding natural gas derivatives.

	3rd Quarter		4th Quarter
2021
Oil Swaps:
Quarterly volume (MBbl)		5.20		—
Price per Bbl	$	38.25		—