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COMMODITY DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2020
Contract Type
Contract Period
Weighted Average Strike Price (Barrels)
Remaining Volume (Barrels)
Fair Value
 
 
 
 
 
Futures
Jun. 2020- Oct. 2020
$
50.57

108,000

(538,297
)
 
 
 
 
$
(538,297
)
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
)
Schedule of 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, 2020 and December 31, 2019 are presented in the table below.

Balance Sheet Classification
Contract Type
2020
2019
 
 
 
 
 
Crude oil swaps
$
—

$
(133,628
)
 
Crude oil futures
(538,297
)
(242,222
)
 
 
 
 
Derivative commodity liability
 
$
(538,297
)
$
(375,850
)