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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Contracts on the Balance Sheet
The following presents the impact of the Company’s contracts on its Balance Sheets for the periods indicated.
As of December 31,
20242023
Commodity derivative instruments, marked to market:
Derivative assets, current5,497,057 7,768,697 
Discounted deferred premiums— (1,553,323)
Derivatives assets, current, net of premiums$5,497,057 $6,215,374 
Derivative assets, noncurrent$5,473,375 $11,634,714 
Derivative liabilities, current$6,410,547 $7,520,336 
Derivative liabilities, noncurrent$2,912,745 $11,510,368 
Schedule of Components of Gain (Loss) on Derivative Contracts
The components of “Gain (loss) on derivative contracts” from the Statements of Operations are as follows for the respective periods:
For the years ended December 31,
202420232022
Oil derivatives:
Realized gain (loss) on oil derivatives$(10,264,202)$(11,364,484)$(61,875,870)
Unrealized gain (loss) on oil derivatives6,859,929 9,462,374 40,546,123 
Gain (loss) on oil derivatives$(3,404,273)$(1,902,110)$(21,329,747)
Natural gas derivatives:
Realized gain (loss) on natural gas derivatives5,070,529 2,279,564 (650,084)
Unrealized gain (loss) on natural gas derivatives(4,032,173)2,389,708 447,172 
Gain (loss) on natural gas derivatives$1,038,356 $4,669,272 $(202,912)
Gain (loss) on derivative contracts$(2,365,917)$2,767,162 $(21,532,659)
Schedule of Components of Cash (Paid) Received for Commodity Derivative Settlements
The components of “Cash received (paid) for derivative settlements, net” within the Statements of Cash Flows are as follows for the respective periods:
For the years ended December 31,
202420232022
Cash flows from operating activities
Cash received (paid) for oil derivatives$(10,264,202)$(11,364,484)$(61,875,870)
Cash received (paid) for natural gas derivatives5,070,529 2,279,564 (650,084)
Cash received (paid) for derivative settlements, net$(5,193,673)$(9,084,920)$(62,525,954)
Schedule of Derivatives Not Designated as Hedging Instruments
The following tables reflect the details of current derivative contracts as of December 31, 2024 (Quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts):
Oil Hedges (WTI)
Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026
Swaps:
Hedged volume (Bbl)193,397 151,763 351,917 141,755 477,350 457,101 59,400 423,000 
Weighted average swap price$68.68 $68.53 $71.41 $69.13 $70.16 $69.38 $66.70 $66.70 
Two-way collars:
Hedged volume (Bbl)474,750 464,100 225,400 404,800 — — 379,685 — 
Weighted average put price$57.06 $60.00 $65.00 $60.00 $— $— $60.00 $— 
Weighted average call price$75.82 $69.85 $78.91 $75.68 $— $— $72.50 $— 
Gas Hedges (Henry Hub)
Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026
NYMEX Swaps:
Hedged volume (MMBtu)451,884 647,200 330,250 11,400 26,600 555,300 17,400 513,300 
Weighted average swap price$3.77 $3.46 $3.72 $3.74 $3.74 $3.39 $3.74 $3.74 
Two-way collars:
Hedged volume (MMBtu)22,016 27,300 308,200 598,000 553,500 — 515,728 — 
Weighted average put price$3.00 $3.00 $3.00 $3.00 $3.50 $— $3.00 $— 
Weighted average call price$4.40 $4.15 $4.75 $4.15 $5.03 $— $3.93 $— 
Oil Hedges (basis differential)
Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026
Argus basis swaps:
Hedged volume (Bbl)
177,000 273,000 276,000 276,000 — — — — 
Weighted average spread price (1)
$1.00 $1.00 $1.00 $1.00 $— $— $— $— 

(1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude.