COMMODITY DERIVATIVE INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

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

As of March 31, 2022
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
Options	Mar 2022 - May 2022	$	4.83	20,000	$	230,200
Futures	Mar 2022 - Jun 2022	$	28.27	136,000	$	133,390

As of December 31, 2021
Contract Type	Contract Period	Weighted Average Strike Price (Barrels)		Remaining Volume (Barrels)	Fair Value
Options	Dec. 2021-Mar. 2022	$	3.18	18,000	$	136,440
Futures	Dec. 2021-Mar. 2022	$	31.59	20,000	$	71,000
Futures	Dec. 2021-Mar. 2022	$	32.48	50,000	$	(111,460)

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 March 31, 2022 and December 31, 2021 are presented in the table below.

Balance Sheet Classification	Contract Type	2022		2021
	Crude oil options	$	230,200	$	136,440
	Crude oil futures	$	133,390	$	(40,460)
Derivative commodity asset		$	363,590	$	95,980