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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2019
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 18 – SUBSEQUENT EVENTS Subsequent to December 31, 2019, the Company entered into new derivative contracts covering 4,500 barrels of oil per day for the period of January 2021 through December 2021. All of the derivative contracts are in the form of costless collars of WTI Crude Oil prices. "Costless collars" are the combination of two options, a put option (floor) and a call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option. Please see the below table for information related to the put prices and call prices for the derivative contracts in place for 2021. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Date entered into |  | Barrels per day |  | Put price |  | Call price
2021 contracts | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
02/25/20 |  | 1,000 | ​ | $ | 45.00 | ​ | $ | 54.72
02/25/20 |  | 1,000 | ​ | ​ | 45.00 | ​ |  | 52.71
02/27/20 |  | 1,000 | ​ | ​ | 40.00 | ​ |  | 55.08
03/02/20 |  | 1,500 | ​ | ​ | 40.00 | ​ |  | 55.35
​ Subsequent to December 31, 2019, there has been a significant decline in oil prices due to global circumstances that are out of our control. As a result, the value of our derivative contracts has changed significantly. As of December 31, 2019, our balance sheet reflected a $3,000,078 derivative liability. As of March 16, 2020, there has been an unrealized gain on derivativs and that liability has become an asset.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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