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COMMODITY DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
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.

As of March 31, 2020
Contract Type
Contract Period
Weighted Average Strike Price (Barrels)
Remaining Volume (Barrels)
Fair Value
 
 
 
 
 
Swap
Mar. 2019- May 2020
$
19.60

50,000

$
(968,200
)
Swap
Mar. 2019- May 2020
$
41.68

50,000

1,686,216

Futures
Mar. 2019- May 2020
$
42.06

40,000

87,780

 
 
 
 
$
805,796

As of December 31, 2019
Contract Type
Contract Period
Weighted Average Strike Price (Barrels)
Remaining Volume (Barrels)
Fair Value
 
 
 
 
 
Swap
Dec. 2019-Mar. 2020
$
40.88

130,000

$
539,800

Swap
Dec. 2019-Mar. 2020
$
81.19

130,000

(673,428
)
Futures
Dec. 2019-Mar. 2020
$
84.53

105,000

(242,222
)
 
 
 
 
$
(375,850
)
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 March 31, 2020 and December 31, 2019 are presented in the table below.

Balance Sheet Classification
Contract Type
2020
2019
 
 
 
 
 
Crude oil swaps
$
718,016

$
(133,628
)
 
Crude oil futures
87,780

(242,222
)
 
 
 
 
Derivative commodity asset (liability)
 
$
805,796

$
(375,850
)