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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of gain loss on derivatives

		Three months ended September 30,								Nine months ended September 30,
		2020				2019				2020				2019
Gain (loss) on derivatives:
Oil derivatives		$	(103,165	)		$	492,530			$	2,003,505			$	917,482
Natural gas derivatives			—				332				—				7,749
Total		$	(103,165	)		$	492,862			$	2,003,505			$	925,231

Schedule of net cash receipts from derivatives

		Three months ended September 30,								Nine months ended September 30,
		2020				2019				2020				2019
Net cash received from payments on derivatives
Oil derivatives		$	279,533			$	156,820			$	1,323,427			$	250,323
Natural gas derivatives			—				6,846				—				11,557
Total		$	279,533			$	163,666			$	1,323,427			$	261,880

Schedule of notional amounts of outstanding derivative

		1st Quarter				2nd Quarter				3rd Quarter				4th Quarter
2020
Oil Swaps:
Volume (MBbl)			—				—				—				15.78
Price per Bbl			—				—				—			$	55.18
2021
Oil Swaps:
Volume (MBbl)			15.26				15.18				5.20				—
Price per Bbl		$	49.40			$	50.87			$	38.25				—

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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