COMMODITY DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The fair value of the crude oil swap agreements is based on the difference between the strike price and the New York Mercantile Exchange futures price for the applicable trading months.



Contract Type	Contract Period	Weighted Average Trade Price (Barrels)		Remaining Volume (Barrels)	Fair Value

Swap	Dec. 2018- Feb. 2019	$	48.78	60,000	$	(1,048,400	)
Swap	Dec. 2018- Feb. 2019	$	68.69	60,000	$	1,097,124
Futures	Feb. 2019- Mar. 2019	$	70.42	69,000	$	394,317
Futures	Dec. 2018- Feb. 2019	$	45.41	30,000	$	252,900

Fair Value of Derivative Instruments within Balance Sheet

The carrying values of the Company's derivatives positions and their locations on the consolidated balance sheets as of December 31, 2018 are presented in the table below.



Balance Sheet Classification	Contract Type	2018

Derivative commodity asset	Crude oil swaps	$	48,724
Derivative commodity asset	Crude oil futures	647,217

Total Derivative commodity		$	695,941

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details