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Note 8 - Derivatives and Fair Value | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Derivatives and Fair Value [Text Block] | 8. DERIVATIVES AND FAIR VALUE The Company uses derivative financial instruments from time to time to achieve a more predictable cash flow from crude oil production by reducing the Company’s exposure to price fluctuations. See the table below for the list of outstanding contracts as of March 31, 2024:
Settlement Period | Type of Contract | Index |  | Average Monthly Volumes |  |  | Weighted Average Put Price |  |  | Weighted Average Call Price |
|  |  |  | (Bbls) |  |  | (per Bbl) |  |  | (per Bbl) |
April 2024 - June 2024 | Collars | Dated Brent |  |  | 65,000 |  |  | $ | 65.00 |  |  | $ | 100.00 |
July 2024 - September 2024 | Collars | Dated Brent |  |  | 80,000 |  |  | $ | 65.00 |  |  | $ | 92.00 |
The following table sets forth the loss on derivative instruments on the Company’s unaudited condensed consolidated statements of operations and comprehensive income:
|  |  |  | Three Months Ended March 31, |
Derivative Item |  | Statements of Operations Line |  | 2024 |  |  | 2023 |
|  |  |  | (in thousands) |
Commodity derivatives |  | Cash settlements paid on matured derivative contracts, net |  | $ | (24 | ) |  | $ | (59 | )
|  | Unrealized gain (loss) |  |  | (823 | ) |  |  | 80 |
|  | Derivative instruments gain (loss), net |  | $ | (847 | ) |  | $ | 21 |

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