FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Financial Assets and Liabilities Accounted at Fair Value

The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012 by level within the fair value hierarchy

	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total
September 30, 2013
ASSETS:
Commodity contracts		—	$	522,733		—	$	522,733
LIABILITIES:
Warrant derivative liability		—		—		2,213,033		2,213,033
December 31, 2012
ASSETS:
Commodity contracts		—		—		—		—
LIABILITIES:
Warrant derivative liability		—		—		2,808,278		2,808,278

Significant Assumptions Used in Valuation of Warrant Derivative Liability

The significant assumptions used in the valuation of the warrant derivative liability as of September 30, 2013 Based on the Company’s stock are as follows:

Exercise price	$	1.63 per share
Stock price	$	2.89 per share
Volatility		75	%
Remaining Term of Warrants		1.41 years
Risk-free interest rate		0.20	%

Reconciliation of Changes in Fair Value of Financial Liabilities

The following table sets forth a reconciliation of changes in the fair value of financial liabilities classified as Level 3 in the fair value hierarchy:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
Balance as of beginning of period	$	(2,216,839	)	$	(1,156,660	)	$	(2,808,278	)	$	—
Total unrealized gains (losses)
Included in earnings		3,806			(63,023	)		595,245			780,317
Issuances		—			—			—			(2,000,000	)
Settlements		—			—			—			—
Transfers in and out of Level 3		—			—			—			—
Balance as of September 30	$	(2,213,033	)	$	(1,219,683	)	$	(2,213,033	)	$	(1,219,683	)
Change in unrealized gains included in earnings Relating to instruments still held as of September 30,	$	(3,806	)	$	63,023		$	(595,245	)	$	(780,317	)