FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) |
Sep. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Oil and gas derivative liabilities | $ (3,000,078) | |
| Oil and gas derivative assets | $ 11,086,621 | |
| Total | 11,086,621 | (3,000,078) |
| Fair Value, Inputs, Level 1 [Member] | ||
| Oil and gas derivative liabilities | 0 | |
| Oil and gas derivative assets | 0 | |
| Total | 0 | 0 |
| Fair Value, Inputs, Level 2 [Member] | ||
| Oil and gas derivative liabilities | (3,000,078) | |
| Oil and gas derivative assets | 11,086,621 | |
| Total | 11,086,621 | (3,000,078) |
| Fair Value, Inputs, Level 3 [Member] | ||
| Oil and gas derivative liabilities | 0 | |
| Oil and gas derivative assets | 0 | |
| Total | $ 0 | $ 0 |
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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of asset after deduction of liability. No definition available.
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