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10. Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2015
Fair Value Disclosures [Abstract] |
Valuation of financial instruments at fair value |
|  | Fair Value Measurements at September 30, 2015 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 58,599 |  |  | $ | – |  |  | $ | – |
Derivative Instruments (crude oil swaps and collars) |  |  | – |  |  |  | 2,693,561 |  |  |  | – |
Total assets |  |  | 58,599 |  |  |  | 2,693,561 |  |  |  | – |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facilities and long term debt, net of discounts |  |  | – |  |  |  | 57,458,543 |  |  |  | – |
Total Liabilities |  |  | – |  |  |  | 57,458,543 |  |  |  | – |
|  | $ | 58,599 |  |  | $ | (54,764,982 | ) |  | $ | – |
|  | Fair Value Measurements at December 31, 2014 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 94,682 |  |  | $ | – |  |  | $ | – |
Derivative Instruments (crude oil swaps and collars) |  |  | – |  |  |  | 7,579,745 |  |  |  | – |
Total assets |  |  | 94,682 |  |  |  | 7,579,745 |  |  |  | – |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Revolving credit facilities and long term debt, net of discounts |  |  | – |  |  |  | 51,834,603 |  |  |  | – |
Total Liabilities |  |  | – |  |  |  | 51,834,603 |  |  |  | – |
|  | $ | 94,682 |  |  | $ | (44,254,858 | ) |  | $ | – |

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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