• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
DERIVATIVE INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The fair value of the crude oil swap agreements is based on the difference between the strike price and the New York Mercantile Exchange futures price for the applicable trading months.

Contract Type
Contract Period
Weighted Average Strike Price (Barrels)
Remaining Volume (Barrels)
Fair Value
 
 
 
 
 
Swap
Jan. 2018- June 2018
$
55.37

80,000

$
(23,200
)
Swap
Jan. 2018- June 2018
$
81.59

80,000

$
(35,448
)
Futures
Jan. 2018- June 2018
$
81.10

110,000

$
(408,180
)
Fair Value of Derivative Instruments within Balance Sheet
The carrying values of the Company's derivatives positions and their locations on the consolidated balance sheets as of March 31, 2018 are presented in the table below.

Balance Sheet Classification
Contract Type
2018
 
 
 
Current liabilities
Crude oil swaps
$
(58,648
)
 
Crude oil futures
(408,180
)
 
 
 
Total derivatives
 
$
(466,828
)