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9. Derivative Instruments (Tables) | 9 Months Ended
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Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Outstanding derivative contracts with respect to future production | Crude Oil Swaps
Settlement Period |  | Oil (Barrels) |  |  | Fixed Price |
October 1, 2015 – December 31, 2015 |  |  | 6,000 |  |  | $ | 88.28 |
October 1, 2015 – December 31, 2015 |  |  | 5,250 |  |  | $ | 89.70 |
October 1, 2015 – December 31, 2015 |  |  | 3,000 |  |  | $ | 92.38 |
October 1, 2015 – December 31, 2015 |  |  | 7,500 |  |  | $ | 90.16 |
October 1, 2015 – December 31, 2015 |  |  | 36,000 |  |  | $ | 61.87 |
April 1, 2016 – May 31, 2016 |  |  | 15,000 |  |  | $ | 62.88 |
April 1, 2016 – May 31, 2016 |  |  | 10,000 |  |  | $ | 90.36 |
April 1, 2016 – May 31, 2016 |  |  | 4,000 |  |  | $ | 88.15 |
Crude Oil Costless Collars
|  |  |  |  | Floor/Ceiling |  |  |  |
Settlement Period |  | Oil (Barrels) |  |  | Price |  |  | Basis |
October 1, 2015 – December 31, 2015 |  |  | 9,000 |  |  |  | $75.00/$95.60 |  |  |  | NYMEX |
April 1, 2016 – May 31, 2016 |  |  | 3,334 |  |  |  | $80.00/$89.50 |  |  |  | NYMEX |
Realized and unrealized gains and losses on derivative instruments |
|  | Nine Months Ended |
|  | September 30, |
|  | 2015 |  |  | 2014 |
Gain (loss) on settled derivatives: |  |  |  |  |  |  |  |
Crude oil fixed price swaps |  | $ | 8,579,756 |  |  | $ | (449,135 | )
Crude oil collars |  |  | 857,147 |  |  |  | – |
Gain (loss) on settled derivatives, net |  | $ | 9,436,903 |  |  | $ | (449,135 | )
Gain (loss) on the mark-to-market of derivatives: |  |  |  |  |  |  |  |
Crude oil fixed price swaps |  | $ | (4,366,810 | ) |  | $ | 1,012,502 |
Crude oil collars |  |  | (519,374 | ) |  |  | 40,137 |
Gain (loss) on the mark-to-market of derivatives, net |  | $ | (4,886,184 | ) |  | $ | 1,052,639 |
Gross amounts of recognized derivative assets and liabilities |
|  | September 30, 2015 |  |  | December 31, 2014 |
|  |  |  |  | Gross |  |  | Net |  |  |  |  |  | Gross |  |  | Net |
|  | Gross |  |  | amounts |  |  | amounts of |  |  | Gross |  |  | amounts |  |  | amounts of |
|  | amounts of |  |  | offset |  |  | assets |  |  | amounts of |  |  | offset |  |  | assets |
|  | recognized |  |  | on balance |  |  | on balance |  |  | recognized |  |  | on balance |  |  | on balance |
|  | assets |  |  | sheet |  |  | sheet |  |  | assets |  |  | sheet |  |  | sheet |
Commodity derivative assets |  | $ | 2,694,001 |  |  | $ | (440 | ) |  | $ | 2,693,561 |  |  | $ | 7,620,896 |  |  | $ | (41,151 | ) |  | $ | 7,579,745 |
|  |  | September 30, 2015 |  |  |  | December 31, 2014 |
|  |  |  |  |  |  | Gross |  |  |  | Net |  |  |  |  |  |  |  | Gross |  |  |  | Net |
|  |  | Gross |  |  |  | amounts |  |  |  | amounts of |  |  |  | Gross |  |  |  | amounts |  |  |  | amounts of |
|  |  | amounts of |  |  |  | offset |  |  |  | liabilities |  |  |  | amounts of |  |  |  | offset |  |  |  | liabilities |
|  |  | recognized |  |  |  | on balance |  |  |  | on balance |  |  |  | recognized |  |  |  | on balance |  |  |  | on balance |
|  |  | liabilities |  |  |  | sheet |  |  |  | sheet |  |  |  | liabilities |  |  |  | sheet |  |  |  | sheet |
Commodity derivative liabilities |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Reconciliation of derivative assets and liabilities |
|  | September 30, |  |  | December 31, |
|  | 2015 |  |  | 2014 |
Derivative assets |  | $ | 2,693,561 |  |  | $ | 3,571,803 |
Noncurrent derivative assets |  |  | – |  |  |  | 4,007,942 |
Net amount of assets on the balance sheet |  |  | 2,693,561 |  |  |  | 7,579,745 |
Current portion of derivative liabilities |  |  | – |  |  |  | – |
Derivative liabilities |  |  | – |  |  |  | – |
Net amount of liabilities on the balance sheet |  |  | – |  |  |  | – |
Total derivative assets (liabilities), net |  | $ | 2,693,561 |  |  | $ | 7,579,745 |

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