Quarterly report pursuant to Section 13 or 15(d)

11. Fair Value of Financial Instruments (Tables)

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11. Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Valuation of financial instruments at fair value

    Fair Value Measurements at September 30, 2016  
    Level 1     Level 2     Level 3  
Assets                        
Cash and cash equivalents   $ 57,366     $     $  
Derivative Instruments (crude oil swaps and collars)                  
Total assets     57,366              
Liabilities                        
Derivative Instruments (crude oil swaps and collars)                  
Revolving credit facilities and long term debt                  
Total Liabilities                  
    $ 57,366     $     $  

 

    Fair Value Measurements at December 31, 2015  
    Level 1     Level 2     Level 3  
Assets                        
Cash and cash equivalents   $ 228,194     $     $  
Derivative Instruments (crude oil swaps and collars)           1,154,400        
Total assets     228,194       1,154,400        
Liabilities                        
Revolving credit facilities and long term debt           60,350,629        
Total Liabilities           60,350,629        
    $ 228,194     $ (59,196,229 )   $