FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013 by level within the fair value hierarchy

	Level 1		Level 2		Level 3		Total
March 31, 2014
ASSETS:
Commodity contracts		—		—		—		—
LIABILITIES:
Commodity contracts		—	$	431,423		—	$	431,423
December 31, 2013
ASSETS:
Commodity contracts		—		—		—		—
LIABILITIES:
Commodity contracts		—		125,773		—		125,773

Significant Assumptions Used in Valuation of Warrant Derivative Liability

The significant assumptions used in the valuation of the warrant derivative liability as of December 31, 2012 were 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:

	March 31, 2014		March 31, 2013
Balance as of beginning of period	$	—	$	(2,808,278	)
Total realized and unrealized gains (losses)
Included in earnings		—		123,677
Issuances		—		—
Settlements		—		—
Transfers in and out of Level 3		—		—
Balance as of March 31	$	—	$	(2,684,601	)
Change in unrealized gains included in earnings Relating to instruments still held as of March 31	$	—	$	123,677