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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES

We measure the fair value of commodity derivative contracts using an income valuation technique based on the contract price of the underlying positions, crude oil forward curves, discount rates, and Company or counterparty non-performance risk. The fixed-price swaps and collar derivative contracts are included in Level 2.

 

   Quoted Prices in Active Markets for Identical Assets
(Level 1)		   Significant Other Observable Inputs
(Level 2)		   Significant Unobservable Inputs
(Level 3)		   Total
Fair Value		   Effect
Of
Netting		   Net Fair Value Presented in the Condensed Consolidated Balance
Sheet		 
(in thousands)
Assets                                                  
Current:                              
Commodity derivatives  $-   $411   $-   $411   $(411)  $- 
Non-current:                              
Commodity derivatives  $-   $930   $-   $930   $(930)  $- 
                               
Liabilities                              
Current:                              
Commodity derivatives  $-   $(6,888)  $-   $(6,888)  $411   $(6,478)
Non-current:                              
Commodity derivatives  $-   $(2,796)  $-   $(2,796)  $930   $(1,867)
                               
Net derivative instruments  $-   $(8,344)  $-   $(8,344)  $-   $(8,344)
SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES

 

   March 31,   December 31, 
   2022   2021 

Current assets:

          
Marketable equity securities          
Number of shares owned   2,421,180    2,421,180 
Quoted market price  $0.11217   $0.07874 
           
Fair value of marketable equity securities  $271,572   $190,641