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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

Schedule of valuation of assets and liabilities that are measured at fair value on a recurring basis

The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis.


		Fair Value Measurement Classification
		Quoted prices in
		Active Markets
		for Identical Assets			Significant Other			Significant
		or (Liabilities)			Observable Inputs			Unobservable
		(Level 1)			(Level 2)			Inputs (Level 3)			Total
As of December 31, 2017

Oil and gas derivative contracts		$	—		$	(3,968,286)		$	—		$	(3,968,286)

Total		$	—		$	(3,968,286)		$	—		$	(3,968,286)

As of December 31, 2018

Oil and gas derivative contracts		$	—		$	—		$	—		$	—

Total		$	—		$	—		$	—		$	—

As of December 31, 2019

Oil and gas derivative contracts		$	—		$	(3,000,078)		$	—		$	(3,000,078)

Total		$	—		$	(3,000,078)		$	—		$	(3,000,078)