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FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 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. The fair value of commodity derivative contracts and their presentation in our condensed consolidated balance sheet as of June 30, 2022 are presented below:

 

   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  $-   $430   $-   $430   $(430)  $- 
Non-current:                              
Commodity derivatives  $-   $644   $-   $644   $(644)  $- 
                               
Liabilities                              
Current:                              
Commodity derivatives  $-   $(6,755)  $-   $(6,755)  $430   $(6,325)
Non-current:                              
Commodity derivatives  $-   $(1,952)  $-   $(1,952)  $644   $(1,308)
                               
Net derivative instruments  $-   $(7,633)  $-   $(7,633)  $-   $(7,633)
SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES

 

   June 30,   December 31, 
   2022   2021 
Current assets:          
Marketable equity securities          
Number of shares owned   2,421,180    2,421,180 
Quoted market price  $0.06213   $0.07874 
           
Fair value of marketable equity securities  $150,417   $190,641