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SUBSEQUENT EVENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Subsequent Events [Abstract] |
Schedule of natural gas basis swap positions | As of December 31, 2022, the Company had the following natural gas basis swap positions open:
| Gulfport Pays |  | Gulfport Receives |  | Daily Volume |  | Weighted Average Fixed Spread
Natural Gas |  |  |  |  | (MMBtu/d) |  | ($/MMBtu)
2023 | Rex Zone 3 |  | NYMEX Plus Fixed Spread |  | 60,000 |  |  | $ | (0.22) |
2023 | NGPL TXOK |  | NYMEX Plus Fixed Spread |  | 20,000 |  |  | $ | (0.40) |
2023 | TETCO M2 |  | NYMEX Plus Fixed Spread |  | 40,082 |  |  | $ | (1.01) |
2024 | TETCO M2 |  | NYMEX Plus Fixed Spread |  | 9,973 |  |  | $ | (1.03) |
Subsequent to December 31, 2022 and as of February 23, 2023, the Company entered into the following derivative contracts:
Period |  | Type of Derivative Instrument |  | Index |  | Daily Volume (MMBtu) |  | Weighted Average Price
2023 |  | Basis Swaps |  | TETCO M2 |  | 76,219 |  |  | $(0.85)
2023 |  | Basis Swaps |  | Rex Zone 3 |  | 59,452 |  |  | $(0.22)
2023 |  | Basis Swaps |  | NGPL TXOK |  | 42,685 |  |  | $(0.34)
2024 |  | Swaps |  | NYMEX Henry Hub |  | 30,000 |  |  | $3.90
2024 |  | Costless Collars |  | NYMEX Henry Hub |  | 60,000 |  |  | $3.17 / $3.96
Additionally, subsequent to year end, the Company restructured a portion of its natural gas sold call position by buying back a portion of its 2023 natural gas sold call position, and selling additional natural gas calls for 2023 and 2025. The following table summarizes these transactions:
Period |  | Type of Derivative Instrument |  | Index |  | Daily Volume (MMBtu) |  | Weighted Average Price
2023 |  | Purchased Gas Call Options |  | NYMEX Henry Hub |  | 134,137 |  |  | $2.90
2023 |  | Sold Gas Call Options |  | NYMEX Henry Hub |  | 134,137 |  |  | $3.70
2025 |  | Sold Gas Call Options |  | NYMEX Henry Hub |  | 160,000 |  |  | $6.04

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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
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