Quarterly report pursuant to Section 13 or 15(d)

10. Derivative Instruments (Tables)

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10. Derivative Instruments (Tables)
9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Realized and unrealized gains and losses on derivative instruments
    Nine Months Ended  
    September 30,  
    2016     2015  
Realized gain on derivatives:                
Crude oil fixed price swaps   $ 922,872     $ 8,579,756  
Crude oil collars     120,154       857,147  
Realized gain on derivatives, net   $ 1,043,026     $ 9,436,903  
                 
Loss on the mark-to-market of derivatives:                
Crude oil fixed price swaps   $ (4,157,491 )   $ (4,366,810 )
Crude oil collars     (131,245 )     (519,374 )
Loss on the mark-to-market of derivatives, net   $ (4,288,736 )   $ (4,886,184 )
Gross amounts of recognized derivative assets and liabilities

    December 31, 2015  
          Gross     Net  
    Gross     amounts     amounts of  
    amounts of     offset     assets  
    recognized     on balance     on balance  
    assets     sheet     sheet  
Commodity derivative assets   $ 1,154,417     $ (17 )   $ 1,154,400  

 

      December 31, 2015  
              Gross       Net  
      Gross       amounts       amounts of  
      amounts of       offset       liabilities  
      recognized       on balance       on balance  
      liabilities       sheet       sheet  
Commodity derivative liabilities   $     $     $  
Reconciliation of derivative assets and liabilities
    December 31,  
    2015  
Current assets from discontinued operations   $ 1,154,400  
Non-current assets from discontinued operations      
Net amount of assets on the balance sheet     1,154,400  
         
Current liabilities from discontinued operations      
Non-current liabilities from discontinued operations      
Net amounts of liabilities on the balance sheet      
Total derivative assets, net   $ 1,154,400