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SUBSEQUENT EVENTS (Tables)

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Schedule of Commodity Derivatives

As of December 31, 2021, the Company had entered into the following commodity price derivative contracts:

						Crude Oil (NYMEX WTI)												Natural Gas (NYMEX Henry Hub)																		Natural Gas (CIG)												Natural Gas Liquids (OPIS)
						Bbls/day						Weighted Avg. Price per Bbl						MMBtu/day						Weighted Avg. Price per MMBtu																		MMBtu/day						Weighted Avg. Price per MMBtu						Bbls/day						Weighted Avg. Price per Bbl
1Q22
Collar						15,700						$43.83/$59.77						—						—																		20,000						$2.15/$2.75						—						—
Swap						15,371						$47.39						125,170						$2.90																		10,000						$2.13						4,000						$20.22
Oil roll swap(1)						2,000						$0.22						—						—																		—						—						—						—
2Q22
Collar						8,800						$38.09/$67.48						60,375						$2.50/$3.50																		20,000						$2.15/$2.75						—						—
Swap						10,139						$49.84						53,300						$2.77																		10,000						$2.13						4,000						$20.22
Oil roll swap(1)						2,000						$0.22						—						—																		—						—						—						—
3Q22
Collar						7,681						$40.35/$69.99						78,420						$2.59/$3.68																		—						—						—						—
Swap						9,359						$46.88						53,300						$2.77																		10,000						$2.13						4,000						$20.22
Oil roll swap(1)						2,000						$0.22						—						—																		—						—						—						—
4Q22
Collar						6,938						$40.75/$70.99						76,929						$2.60/$3.69																		—						—						—						—
Swap						8,686						$46.77						53,300						$2.77																		10,000						$2.13						4,000						$20.22
Oil roll swap(1)						2,000						$0.22						—						—																		—						—						—						—
2023
Collar						260						$40.00/$72.70						2,184						$2.00/$3.25																		—						—						—						—
Swap						200						$46.05						43,600						$2.51																		—						—						—						—
2024
Swap						—						—						22,309						$2.57																		—						—						—						—

_______________________________

(1) The weighted average differential represents the amount of reduction to NYMEX WTI prices for the notional volumes covered by the swap contracts.

As of March 1, 2022, the following commodity price derivative contracts were novated from Bison:

						Crude Oil (NYMEX WTI)												Natural Gas (NYMEX Henry Hub)
						Bbls/day						Weighted Avg. Price per Bbl						MMBtu/day						Weighted Avg. Price per MMBtu
2022(1)
Collar(2, 3)						2,756						$47.85 / $56.71						2,278						$2.67 / $3.39
Swap						873						$47.38						1,582						$2.52
2023
Collar(2, 3)						1,406						$48.62 / $57.71						1,828						$2.36 / $2.98
Swap						208						$46.47						470						$2.51
2024
Collar(2, 3)						143						$45.00 / $56.25						1,337						$2.40 / $3.15
Swap						479						$53.96						—						—

_______________________________

(1) Represents hedged volumes from the closing date through December 31, 2022.

(2) 79%, 100%, and 100% of the 2022, 2023, and 2024 oil collars presented include sold puts at a weighted average price of $38.72, $38.38, and $35.00 per Bbl, respectively

(3) 5%, 19%, and 23% of the 2022, 2023, and 2024 gas collars presented include sold puts at a weighted average price of $2.00 per MMBtu, respectively.

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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