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COMMODITY DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
he 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.

As of June 30, 2019
Contract Type
Contract Period
Weighted Average Strike Price (Barrels)
Remaining Volume (Barrels)
Fair Value
 
 
 
 
 
Swap
Jul. 2019- Nov. 2019
$
54.40

150,000

$
(216,400
)
Swap
Jul. 2019- Nov. 2019
$
79.08

150,000

$
265,020

Futures
Jul. 2019- Aug. 2019
$
81.45

45,000

$
(157,177
)
As of December 31, 2018
Contract Type
Contract Period
Weighted Average Strike 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 June 30, 2019 and December 31, 2018 are presented in the table below.

Balance Sheet Classification
Contract Type
2019
2018
 
 
 
 
 
Crude oil swaps
$
48,620

$
48,724

 
Crude oil futures
(157,177
)
647,217

 
 
 
 
Derivative commodity asset (liability)
 
$
(108,557
)
$
695,941