Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 07, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | RING ENERGY, INC. | |
Entity Central Index Key | 1,384,195 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | REI | |
Entity Common Stock, Shares Outstanding | 54,145,901 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 40,876,153 | $ 71,086,381 |
Accounts receivable | 7,634,987 | 3,453,238 |
Joint interest billing receivable | 877,246 | 454,461 |
Prepaid expenses and retainers | 327,112 | 226,835 |
Total Current Assets | 49,715,498 | 75,220,915 |
Properties and Equipment | ||
Oil and natural gas properties subject to amortization | 373,837,454 | 250,133,965 |
Inventory for property development | 1,033,806 | 1,582,427 |
Fixed assets subject to depreciation | 1,858,528 | 1,549,311 |
Total Properties and Equipment | 376,729,788 | 253,265,703 |
Accumulated depreciation, depletion and amortization | (54,780,641) | (41,347,152) |
Net Properties and Equipment | 321,949,147 | 211,918,551 |
Deferred Income Taxes | 18,180,259 | 20,051,908 |
Derivative Assets | 65,828 | 0 |
Deferred Financing Costs | 203,013 | 406,025 |
Total Assets | 390,113,745 | 307,597,399 |
Current Liabilities | ||
Accounts payable | 21,225,911 | 9,099,391 |
Asset retirement obligations | 414,000 | 0 |
Total Current Liabilities | 21,639,911 | 9,099,391 |
Asset retirement obligations | 8,205,194 | 7,957,035 |
Total Liabilities | 29,845,105 | 17,056,426 |
Stockholders' Equity | ||
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock - $0.001 par value; 150,000,000 shares authorized; 54,145,901 shares and 49,113,063 shares outstanding, respectively | 54,146 | 49,113 |
Additional paid-in capital | 397,060,212 | 335,197,845 |
Retained loss | (36,845,718) | (44,705,985) |
Total Stockholders' Equity | 360,268,640 | 290,540,973 |
Total Liabilities and Stockholders' Equity | $ 390,113,745 | $ 307,597,399 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Outstanding | 54,145,901 | 49,113,063 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Oil and Gas Revenues | $ 16,643,930 | $ 7,822,543 | $ 43,391,032 | $ 21,019,540 |
Costs and Operating Expenses | ||||
Oil and gas production costs | 4,261,923 | 2,329,228 | 10,481,669 | 7,019,771 |
Oil and gas production taxes | 787,777 | 389,029 | 2,062,215 | 1,032,335 |
Depreciation, depletion and amortization | 4,823,044 | 2,568,153 | 13,433,489 | 8,541,981 |
Ceiling test impairment | 0 | 9,648,942 | 0 | 56,513,016 |
Accretion expense | 109,974 | 125,813 | 420,723 | 360,167 |
General and administrative expense | 2,369,131 | 1,882,579 | 7,576,391 | 6,023,038 |
Total Costs and Operating Expenses | 12,351,849 | 16,943,744 | 33,974,487 | 79,490,308 |
Income (Loss) from Operations | 4,292,081 | (9,121,201) | 9,416,545 | (58,470,768) |
Other Income (Expense) | ||||
Interest expense | 0 | (95,864) | 0 | (597,910) |
Interest income | 85,553 | 6,417 | 249,543 | 83,470 |
Gain on change in fair value of derivatives | 65,828 | 0 | 65,828 | 0 |
Net Other Income (Expense) | 151,381 | (89,447) | 315,371 | (514,440) |
Income (Loss) before tax provision | 4,443,462 | (9,210,648) | 9,731,916 | (58,985,208) |
(Provision For) Benefit From Income Taxes | (1,369,702) | 3,266,511 | (3,468,112) | 21,824,527 |
Net Income (Loss) | $ 3,073,760 | $ (5,944,137) | $ 6,263,804 | $ (37,160,681) |
Basic Earnings (Loss) per Share | $ 0.06 | $ (0.14) | $ 0.12 | $ (1) |
Diluted Earnings (Loss) per Share | $ 0.06 | $ (0.14) | $ 0.12 | $ (1) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities | ||
Net income (loss) | $ 6,263,804 | $ (37,160,681) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation, depletion and amortization | 13,433,489 | 8,541,981 |
Ceiling test impairment | 0 | 56,513,016 |
Accretion expense | 420,723 | 360,167 |
Share-based compensation | 2,763,007 | 1,647,554 |
Deferred income tax provision (benefit) | 3,383,131 | (21,824,526) |
Excess tax deficiency (benefit) related to share-based compensation | 84,981 | 0 |
Change in fair value of derivative instruments | (65,828) | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (4,604,534) | 560,467 |
Prepaid expenses and retainers | 102,735 | 162,726 |
Accounts payable | 7,126,520 | (3,897,613) |
Settlement of asset retirement obligation | (605,432) | (7,817) |
Net Cash Provided by Operating Activities | 28,302,596 | 4,895,274 |
Cash Flows From Investing Activities | ||
Payments to purchase oil and natural gas properties | (26,915,783) | (6,154,997) |
Payments to develop oil and natural gas properties | (87,576,052) | (16,190,471) |
Purchase of inventory for development of oil and gas properties | (2,816,165) | 0 |
Purchase of equipment, vehicles and leasehold improvements | (309,217) | (9,320) |
Net Cash Used in Investing Activities | (117,617,217) | (22,354,788) |
Cash Flows From Financing Activities | ||
Proceeds from issuance of common stock | 59,104,393 | 61,064,671 |
Proceeds from issuance of notes payable | 0 | 5,000,000 |
Principal payments on revolving line of credit | 0 | (50,900,000) |
Proceeds from option exercise | 0 | 112,500 |
Net Cash Provided by Financing Activities | 59,104,393 | 15,277,171 |
Net Decrease in Cash | (30,210,228) | (2,182,343) |
Cash at Beginning of Period | 71,086,381 | 4,431,350 |
Cash at End of Period | 40,876,153 | 2,249,007 |
Supplemental Cash Flow Information | ||
Cash paid for interest | 0 | 564,640 |
Noncash Investing and Financing Activities | ||
Asset retirement obligation incurred during development | 846,868 | 248,487 |
Use of inventory in property development | 3,364,786 | 0 |
Capitalized expenditures attributable to drilling projects financed through current liabilities | $ 5,000,000 | $ 0 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1 BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three and nine months ended September 30, 2017, the change in fair value resulted in the recognition of a gain of $ 65,828 73 23 85 11 Approximately 90 All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and nine months ended September 30, 2017, was $ 4,823,044 13,433,489 12.46 2,568,153 8,541,981 11.72 83,445 232,923 71,666 229,422 Write-down of Oil and Gas Properties 10 The Company did not have any write-downs related to the full cost ceiling limitation during the three or nine months ended September 30, 2017. During the three and nine months ended September 30, 2016, the Company recorded $ 9,648,942 56,513,016 5 7 Compensation Stock Compensation (Topic 718.) 1,596,463 225,916 84,981 Recent Accounting Pronouncements In August 2016, the FASB issued Accounting Standards Update (ASU) 2016-15, Statement of Cash Flows (Topic 230). ASU 2016-15 seeks to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The adoption of this guidance will not have a material impact on the Company’s statement of cash flows. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 841). For lessees, the amendments in this update require that for all leases not considered to be short term, a company recognize both a lease liability and right-of-use asset on its balance sheet, representing the obligation to make payments and the right to use or control the use of a specified asset for the lease term. The amendments in this update are effective for annual periods beginning after December 15, 2018. Upon adoption the Company will begin reflecting long-term future lease payments as both an asset and a liability on its balance sheet. The adoption of this guidance will not have a material impact on the Company’s financial statements. In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The codification was amended through additional ASUs and, as amended, requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance is effective for annual and interim periods beginning after December 15, 2017. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Company will adopt the new standard utilizing the modified retrospective approach. Upon preliminary evaluation, the Company does not expect the adoption of this ASU to have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. Basic and Diluted Earnings (Loss) per Share |
EARNINGS (LOSS) PER SHARE INFOR
EARNINGS (LOSS) PER SHARE INFORMATION | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 2 EARNINGS (LOSS) PER SHARE INFORMATION For The Three Months For The Nine Months Ended September 30, Ended September 30, 2017 2016 2017 2016 Net Income (Loss) $ 3,073,760 $ (5,944,137) $ 6,263,804 $ (37,160,681) Basic Weighted-Average Shares Outstanding 53,009,696 41,917,061 50,441,375 36,996,932 Effect of dilutive securities: Stock options 1,357,952 - 1,318,734 - Diluted Weighted-Average Shares Outstanding 54,367,648 41,917,061 51,760,109 36,996,932 Basic Earnings (Loss) per Share $ 0.06 $ (0.14) $ 0.12 $ (1.00) Diluted Earnings (Loss) per Share $ 0.06 $ (0.14) $ 0.12 $ (1.00) Stock options to purchase 576,000 2,780,600 |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 3 DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to fluctuations in crude oil and natural gas prices on its production. We can utilize derivative strategies that consist of either a single derivative instrument or a combination of instruments to manage the variability in cash flows associated with the forecasted sale of our future domestic oil and natural gas production. While the use of derivative instruments may limit or partially reduce the downside risk of adverse commodity price movements, their use also may limit future income from favorable commodity price movements. On September 25, 2017, the Company entered into new derivative contracts in the form of costless collars of WTI Crude Oil prices in order to protect the Company’s cash flow from price fluctuation and maintain its capital programs. “Costless collars” are the combination of two options, a put option (floor) and call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option. The trades are for 1,000 49.00 55.35 49.00 54.60 Derivative financial instruments are recorded at fair value and included as either assets or liabilities in the accompanying balance sheets. Any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of other income in the accompanying statements of operations. The use of derivative transactions involves the risk that the counterparties, which generally are financial institutions, will be unable to meet the financial terms of such transactions. At September 30, 2017, 100% of our volumes subject to derivative instruments are with lenders under our credit facility. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | NOTE 4 FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We continue to evaluate our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the date of the event or change in circumstances that caused the transfer. The fair values of the Company’s derivatives are not actively quoted in the open market. The Company uses a market approach to estimate the fair values of its derivative instruments on a recurring basis, utilizing commodity futures pricing for the underlying commodities provided by a reputable third party, a Level 2 fair value measurement. Fair Value Measurement Classification Quoted prices in Significant Other Significant Total As of September 30, 2017 Oil and gas derivative contracts $ - $ 65,828 $ - $ 65,828 Total $ - $ 65,828 $ - $ 65,828 |
REVOLVING LINE OF CREDIT
REVOLVING LINE OF CREDIT | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 5 REVOLVING LINE OF CREDIT On July 1, 2014, the Company entered into a Credit Agreement with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (“Administrative Agent”), which was amended on May 18, 2016, June 26, 2015 and July 24, 2014 (as amended, the “Credit Facility”). The Credit Facility provides for a senior secured revolving credit facility with a maximum borrowing amount of $ 500 June 26, 2020 In May 2016, the borrowing base (the “Borrowing Base”) was reduced from the initial $ 100 60 The Credit Facility allows for Eurodollar Loans and Base Rate Loans (each as defined in the Credit Facility). The interest rate on each Eurodollar Loan will be the adjusted LIBOR for the applicable interest period plus a margin between 1.75 2.75 0.5 1.00 2.75 3.75 The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not more than 4.0 to 1.0 and (ii) a minimum current ratio of 1.0 to 1.0. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of September 30, 2017, no amounts were outstanding on the Credit Facility. We are in compliance with all covenants contained in the Credit Facility. |
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 6 ASSET RETIREMENT OBLIGATION The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation incurred at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates. Balance, December 31, 2016 $ 7,957,035 Liabilities incurred 846,868 Liabilities settled (605,432) Accretion expense 420,723 Balance, September 30, 2017 $ 8,619,194 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Common Stock Issued in Option Exercise During the nine months ended September 30, 2016, the Company issued 25,000 4.50 112,500 Also during the nine months ended September 30, 2016, the Company issued 395 500 2.00 105 1,000 9.52 During the nine months ended September 30, 2017, the Company issued 55,180 Options Exercise Shares Shares Stock price on Aggregate value of 4,100 2.00 3,491 609 13.47 8,200.00 60,000 2.00 50,156 9,844 12.19 120,000.00 200 8.00 116 84 13.75 1,600.00 1,500 10.89 1,188 312 13.75 16,335.00 600 5.25 229 371 13.75 3,150.00 Totals 66,400 55,180 11,220 149,285.00 Average 2.25 13.31 |
EMPLOYEE STOCK OPTIONS
EMPLOYEE STOCK OPTIONS | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 8 EMPLOYEE STOCK OPTIONS Compensation expense charged against income for share-based awards during the three and nine months ended September 30, 2017, was $ 959,715 2,763,007 555,587 1,647,554 In 2011, the Board of Directors and stockholders approved and adopted a long-term incentive plan which allowed for the issuance of up to 2,500,000 5,000,000 1,378,600 The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model and using certain assumptions. The expected volatility is based on the historical price volatility of the Company’s common stock. The Company uses the simplified method for estimating the expected term for options granted. Under the simplified method, the expected term is equal to the midpoint between the vesting period and the contractual term of the stock option. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related stock options. The dividend yield represents the Company’s anticipated cash dividend over the expected life of the stock options. 2016 Weighted-average volatility 100 - 99% Expected dividends 0 Expected term (in years) 6.5 Risk-free interest rate 1.51 -1.25% There were no options granted during the nine months ended September 30, 2017. Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding, December 31, 2016 3,362,350 $ 5.90 Exercised (66,400) $ 2.25 Forfeited (11,450) $ 10.12 Outstanding, September 30, 2017 3,284,500 $ 5.96 6.2 Years $ 28,023,555 Exercisable, September 30, 2017 1,990,800 $ 4.20 5.1 Years The intrinsic value was calculated using the closing price on September 29, 2017 of $ 14.49 4,524,939 2.6 668,967 |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 CONTINGENCIES AND COMMITMENTS Standby Letters of Credit 280,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 10 SUBSEQUENT EVENTS Subsequent to September 30, 2017, the Company entered into additional derivative contracts in the form of costless collars of WTI Crude Oil prices in order to protect the Company’s cash flow from price fluctuation and maintain its capital programs. The contracts are for an additional 1,000 barrels of oil per day for the period of January 1, 2018 through December 31, 2018. On these new contracts, the put price is $ 51.00 54.80 |
BASIS OF PRESENTATION AND SIG16
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Condensed Financial Statements Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K. |
Organization And Nature Of Operations [Policy Text Block] | Organization and Nature of Operations |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Fair Value Measurement, Policy [Policy Text Block] | Fair Measurements |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three and nine months ended September 30, 2017, the change in fair value resulted in the recognition of a gain of $ 65,828 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Major Customer 73 23 85 11 Approximately 90 |
Oil and Gas Properties Policy [Policy Text Block] | Oil and Gas Properties All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent engineers. The Company evaluates oil and gas properties for impairment at least annually. Amortization expense for the three and nine months ended September 30, 2017, was $ 4,823,044 13,433,489 12.46 2,568,153 8,541,981 11.72 83,445 232,923 71,666 229,422 Write-down of Oil and Gas Properties 10 The Company did not have any write-downs related to the full cost ceiling limitation during the three or nine months ended September 30, 2017. During the three and nine months ended September 30, 2016, the Company recorded $ 9,648,942 56,513,016 |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment, vehicles and leasehold improvements 5 7 |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligation |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Employee Compensation |
Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block] | Share-Based Compensation to Non-Employees |
Reclassification, Policy [Policy Text Block] | Reclassifications |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Compensation Stock Compensation (Topic 718.) 1,596,463 225,916 84,981 Recent Accounting Pronouncements In August 2016, the FASB issued Accounting Standards Update (ASU) 2016-15, Statement of Cash Flows (Topic 230). ASU 2016-15 seeks to reduce the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The adoption of this guidance will not have a material impact on the Company’s statement of cash flows. In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 841). For lessees, the amendments in this update require that for all leases not considered to be short term, a company recognize both a lease liability and right-of-use asset on its balance sheet, representing the obligation to make payments and the right to use or control the use of a specified asset for the lease term. The amendments in this update are effective for annual periods beginning after December 15, 2018. Upon adoption the Company will begin reflecting long-term future lease payments as both an asset and a liability on its balance sheet. The adoption of this guidance will not have a material impact on the Company’s financial statements. In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a joint revenue recognition standard, ASU 2014-09. The new standard removes inconsistencies in existing standards, changes the way companies recognize revenue from contracts with customers, and increases disclosure requirements. The codification was amended through additional ASUs and, as amended, requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The guidance is effective for annual and interim periods beginning after December 15, 2017. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The Company will adopt the new standard utilizing the modified retrospective approach. Upon preliminary evaluation, the Company does not expect the adoption of this ASU to have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings (Loss) per Share |
EARNINGS (LOSS) PER SHARE INF17
EARNINGS (LOSS) PER SHARE INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Basic And Diluted [Table Text Block] | For The Three Months For The Nine Months Ended September 30, Ended September 30, 2017 2016 2017 2016 Net Income (Loss) $ 3,073,760 $ (5,944,137) $ 6,263,804 $ (37,160,681) Basic Weighted-Average Shares Outstanding 53,009,696 41,917,061 50,441,375 36,996,932 Effect of dilutive securities: Stock options 1,357,952 - 1,318,734 - Diluted Weighted-Average Shares Outstanding 54,367,648 41,917,061 51,760,109 36,996,932 Basic Earnings (Loss) per Share $ 0.06 $ (0.14) $ 0.12 $ (1.00) Diluted Earnings (Loss) per Share $ 0.06 $ (0.14) $ 0.12 $ (1.00) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis. Fair Value Measurement Classification Quoted prices in Significant Other Significant Total As of September 30, 2017 Oil and gas derivative contracts $ - $ 65,828 $ - $ 65,828 Total $ - $ 65,828 $ - $ 65,828 |
ASSET RETIREMENT OBLIGATION (Ta
ASSET RETIREMENT OBLIGATION (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations [Table Text Block] | Changes in the asset retirement obligation were as follows: Balance, December 31, 2016 $ 7,957,035 Liabilities incurred 846,868 Liabilities settled (605,432) Accretion expense 420,723 Balance, September 30, 2017 $ 8,619,194 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Exercise Shares Shares Stock price on Aggregate value of 4,100 2.00 3,491 609 13.47 8,200.00 60,000 2.00 50,156 9,844 12.19 120,000.00 200 8.00 116 84 13.75 1,600.00 1,500 10.89 1,188 312 13.75 16,335.00 600 5.25 229 371 13.75 3,150.00 Totals 66,400 55,180 11,220 149,285.00 Average 2.25 13.31 |
EMPLOYEE STOCK OPTIONS (Tables)
EMPLOYEE STOCK OPTIONS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The following are the assumptions used to determine the fair value of options granted during the nine months ended September 30, 2016: 2016 Weighted-average volatility 100 - 99% Expected dividends 0 Expected term (in years) 6.5 Risk-free interest rate 1.51 -1.25% |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the stock option activity as of September 30, 2017, and changes during the nine months then ended is as follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding, December 31, 2016 3,362,350 $ 5.90 Exercised (66,400) $ 2.25 Forfeited (11,450) $ 10.12 Outstanding, September 30, 2017 3,284,500 $ 5.96 6.2 Years $ 28,023,555 Exercisable, September 30, 2017 1,990,800 $ 4.20 5.1 Years |
BASIS OF PRESENTATION AND SIG22
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)$ / Barrel-bbl | Sep. 30, 2016USD ($)$ / Barrel-bbl | Sep. 30, 2017USD ($)$ / Barrel-bbl | Sep. 30, 2016USD ($)$ / Barrel-bbl | |
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Depreciation | $ 83,445 | $ 71,666 | $ 232,923 | $ 229,422 |
Amortization expense | $ 4,823,044 | $ 2,568,153 | $ 13,433,489 | $ 8,541,981 |
Depletion At The Rate Per Barrel | $ / Barrel-bbl | 12.46 | 11.72 | 12.46 | 11.72 |
Estimated Present Value Of Future Net Revenues From Proved Reserves Discounted At An Interest Rate | 10.00% | |||
Percentage Of Accounts Receivables | 90.00% | 90.00% | ||
Impairment of Oil and Gas Properties | $ 9,648,942 | $ 56,513,016 | ||
Derivative, Gain (Loss) on Derivative, Net | $ 65,828 | $ 0 | $ 65,828 | $ 0 |
Adjustments To Deferred Income Taxes And Retained Loss [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1,596,463 | 1,596,463 | ||
Adjustments To Income Tax Provision [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 225,916 | |||
Accounting Standards Update 2016-09 [Member] | Adjustments To Income Tax Provision [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 84,981 | |||
Maximum [Member] | Office Equipment [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Minimum [Member] | Office Equipment [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Sales Revenue, Net [Member] | Customer One [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 73.00% | |||
Sales Revenue, Net [Member] | Customer Two [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 23.00% | |||
Accounts Receivable [Member] | Customer One [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 85.00% | |||
Accounts Receivable [Member] | Customer Two [Member] | ||||
Organization And Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 11.00% |
EARNINGS (LOSS) PER SHARE INF23
EARNINGS (LOSS) PER SHARE INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net Income (Loss) | $ 3,073,760 | $ (5,944,137) | $ 6,263,804 | $ (37,160,681) |
Basic Weighted-Average Shares Outstanding | 53,009,696 | 41,917,061 | 50,441,375 | 36,996,932 |
Effect of dilutive securities: | ||||
Stock options | 1,357,952 | 0 | 1,318,734 | 0 |
Diluted Weighted-Average Shares Outstanding | 54,367,648 | 41,917,061 | 51,760,109 | 36,996,932 |
Basic Earnings (Loss) per Share | $ 0.06 | $ (0.14) | $ 0.12 | $ (1) |
Diluted Earnings (Loss) per Share | $ 0.06 | $ (0.14) | $ 0.12 | $ (1) |
EARNINGS (LOSS) PER SHARE INF24
EARNINGS (LOSS) PER SHARE INFORMATION (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 576,000 | 2,780,600 | 576,000 | 2,780,600 |
DERIVATIVE FINANCIAL INSTRUME25
DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual) | Jan. 01, 2018$ / Rate | Oct. 01, 2017$ / Rate | Sep. 30, 2017 |
Disclosure of Derivative Financial Instruments [Line Items] | |||
Number Of Barrels Per Day | 1,000 | ||
Subsequent Event [Member] | Put Option [Member] | |||
Disclosure of Derivative Financial Instruments [Line Items] | |||
Derivative, Price Risk Option Strike Price | 49 | 49 | |
Subsequent Event [Member] | Call Option [Member] | |||
Disclosure of Derivative Financial Instruments [Line Items] | |||
Derivative, Price Risk Option Strike Price | 54.60 | 55.35 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) | Sep. 30, 2017USD ($) |
Fair Value, Inputs, Level 1 [Member] | |
Disclosure of Fair Value Measurements [Line Items] | |
Oil and gas derivative contracts | $ 0 |
Fair Value, Inputs, Level 2 [Member] | |
Disclosure of Fair Value Measurements [Line Items] | |
Oil and gas derivative contracts | 65,828 |
Fair Value, Inputs, Level 3 [Member] | |
Disclosure of Fair Value Measurements [Line Items] | |
Oil and gas derivative contracts | 0 |
Fair Value, Measurements, Recurring [Member] | |
Disclosure of Fair Value Measurements [Line Items] | |
Oil and gas derivative contracts | 65,828 |
Total | 65,828 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
Disclosure of Fair Value Measurements [Line Items] | |
Total | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Disclosure of Fair Value Measurements [Line Items] | |
Total | 65,828 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
Disclosure of Fair Value Measurements [Line Items] | |
Total | $ 0 |
REVOLVING LINE OF CREDIT (Detai
REVOLVING LINE OF CREDIT (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Jul. 31, 2014 | Sep. 30, 2017 | May 01, 2016 | |
Line of Credit Facility [Line Items] | |||
Leverage Ratio, Total | 4.0 to 1.0 | ||
Minimum Leverage Ratio Current | 1.0 to 1.0 | ||
Debt Instrument, Redemption, Description | The Borrowing Base will be redetermined semi-annually on each May 1 and November 1, beginning November 1, 2015. | ||
LIBOR [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Interest Rate During Period | 1.00% | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 26, 2020 | ||
Line of Credit Facility, Interest Rate During Period | 0.50% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.75% |
ASSET RETIREMENT OBLIGATION (De
ASSET RETIREMENT OBLIGATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Asset Retirement Obligation [Line Items] | ||||
Balance, December 31, 2016 | $ 7,957,035 | |||
Liabilities incurred | 846,868 | |||
Liabilities settled | (605,432) | |||
Accretion expense | $ 109,974 | $ 125,813 | 420,723 | $ 360,167 |
Balance, September 30, 2017 | $ 8,205,194 | $ 8,205,194 |
ASSET RETIREMENT OBLIGATION (29
ASSET RETIREMENT OBLIGATION (Details Textual) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Asset Retirement Obligation [Line Items] | |
Well Service Expenses Per Well | $ 18,000 |
Well Service Expense | $ 414,000 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Options exercised | 66,400 |
Exercise price | $ / shares | $ 2.25 |
Shares issued | 55,180 |
Shares retained | 11,220 |
Stock price on date of exercise | $ / shares | $ 13.31 |
Aggregate value of shares retained | $ | $ 149,285 |
Exercised Option 1 [Member] | |
Options exercised | 4,100 |
Exercise price | $ / shares | $ 2 |
Shares issued | 3,491 |
Shares retained | 609 |
Stock price on date of exercise | $ / shares | $ 13.47 |
Aggregate value of shares retained | $ | $ 8,200 |
Exercised Option 2 [Member] | |
Options exercised | 60,000 |
Exercise price | $ / shares | $ 2 |
Shares issued | 50,156 |
Shares retained | 9,844 |
Stock price on date of exercise | $ / shares | $ 12.19 |
Aggregate value of shares retained | $ | $ 120,000 |
Exercised Option 3 [Member] | |
Options exercised | 200 |
Exercise price | $ / shares | $ 8 |
Shares issued | 116 |
Shares retained | 84 |
Stock price on date of exercise | $ / shares | $ 13.75 |
Aggregate value of shares retained | $ | $ 1,600 |
Exercised Option 4 [Member] | |
Options exercised | 1,500 |
Exercise price | $ / shares | $ 10.89 |
Shares issued | 1,188 |
Shares retained | 312 |
Stock price on date of exercise | $ / shares | $ 13.75 |
Aggregate value of shares retained | $ | $ 16,335 |
Exercised Option 5 [Member] | |
Options exercised | 600 |
Exercise price | $ / shares | $ 5.25 |
Shares issued | 229 |
Shares retained | 371 |
Stock price on date of exercise | $ / shares | $ 13.75 |
Aggregate value of shares retained | $ | $ 3,150 |
STOCKHOLDERS' EQUITY (Details T
STOCKHOLDERS' EQUITY (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Class of Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 55,180 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 2.25 | |
Exercise Price 4.50 [Member] | ||
Class of Stock [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 25,000 | |
Stock Issued During Period, Value, Stock Options Exercised | $ 112,500 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.50 | |
Exercise Price 2.00 [Member] | ||
Class of Stock [Line Items] | ||
Stock Issued During Period Shares Stock Options Cashless Exercised | 500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 395 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 2 | |
Exercise Price 9.52 [Member] | ||
Class of Stock [Line Items] | ||
Stock Options Exercise Shares Held Shares | 105 | |
Stock Options Exercise Shares Held Value | $ 1,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 9.52 |
EMPLOYEE STOCK OPTIONS (Details
EMPLOYEE STOCK OPTIONS (Details) | 9 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividends | 0.00% |
Expected term (in years) | 6 years 6 months |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average volatility | 100.00% |
Risk-free interest rate | 1.51% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average volatility | 99.00% |
Risk-free interest rate | 1.25% |
EMPLOYEE STOCK OPTIONS (Detai33
EMPLOYEE STOCK OPTIONS (Details 1) | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Exercised | shares | (55,180) |
Weighted-Average Exercise Price, Exercised | $ / shares | $ 2.25 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding | shares | 3,362,350 |
Shares, Exercised | shares | (66,400) |
Shares, Forfeited | shares | (11,450) |
Shares, Outstanding | shares | 3,284,500 |
Shares, Exercisable | shares | 1,990,800 |
Weighted-Average Exercise Price, Outstanding | $ / shares | $ 5.9 |
Weighted-Average Exercise Price, Exercised | $ / shares | 2.25 |
Weighted-Average Exercise Price, Forfeited | $ / shares | 10.12 |
Weighted-Average Exercise Price, Outstanding | $ / shares | 5.96 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 4.2 |
Weighted Average Remaining Contractual Term, Outstanding | 6 years 2 months 12 days |
Weighted Average Remaining Contractual Term, Exercisable | 5 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 28,023,555 |
EMPLOYEE STOCK OPTIONS (Detai34
EMPLOYEE STOCK OPTIONS (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2013 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,378,600 | 1,378,600 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 4,524,939 | $ 4,524,939 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ 14.49 | $ 14.49 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 668,967 | |||||
Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses | $ 959,715 | $ 555,587 | $ 2,763,007 | $ 1,647,554 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 5,000,000 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Details Textual) | Sep. 30, 2017USD ($) |
Standby Letters of Credit [Member] | |
Loss Contingencies [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 280,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) | Jan. 01, 2018$ / Rate | Oct. 01, 2017$ / Rate | Sep. 30, 2017 |
Subsequent Event [Line Items] | |||
Number Of Barrels Per Day | 1,000 | ||
Subsequent Event [Member] | Costless Collars [Member] | |||
Subsequent Event [Line Items] | |||
Number Of Barrels Per Day | 1,000 | ||
Subsequent Event [Member] | Put Option [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Price Risk Option Strike Price | 49 | 49 | |
Subsequent Event [Member] | Put Option [Member] | Costless Collars [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Price Risk Option Strike Price | 51 | ||
Subsequent Event [Member] | Call Option [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Price Risk Option Strike Price | 54.60 | 55.35 | |
Subsequent Event [Member] | Call Option [Member] | Costless Collars [Member] | |||
Subsequent Event [Line Items] | |||
Derivative, Price Risk Option Strike Price | 54.80 |