Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2014 and December 31, 2013, respectively by level within the fair value hierarchy

	Level 1		Level 2		Level 3		Total
December 31, 2014
ASSETS:
Commodity contracts		—	$	8,230,156		—	$	8,230,156
LIABILITIES:
Commodity contracts		—	$	716,488		—	$	716,488
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:

	For the Twelve Months Ended December 31,
	2014		2013
Balance as of beginning of period	$	—	$	(2,808,278	)
Total unrealized gains (losses) included in earnings		—		(6,191,722	)
Issuances		—		—
Settlements		—		9,000,000
Transfers in and out of Level 3		—		—
Balance as of December 31	$	—	$	—
Change in unrealized gains (losses) included in earnings relating to instruments still held as of December 31,	$	—	$	—