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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2021
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)  
Schedule of gain loss on derivatives

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Gain (loss) on derivatives:

 

 

 

 

 

 

Oil derivatives

 

$

(357,915

)

 

$

2,509,045

 

Schedule of net cash receipts from derivatives

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Net cash received from payments on derivatives

 

 

 

 

 

 

Oil derivatives

 

$

(127,944

)

 

$

533,285

 

Schedule of notional amounts of outstanding derivative

 

 

2nd Quarter

 

 

3rd Quarter

 

 

4th Quarter

 

2021

 

 

 

 

 

 

 

 

 

Oil Swaps:

 

 

 

 

 

 

 

 

 

Quarterly volume (MBbl)

 

 

15.18

 

 

 

5.20

 

 

 

 

Price per Bbl

 

$

50.87

 

 

$

38.25