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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Impact of Company's Contracts on its Balance Sheets
The following presents the impact of the Company’s contracts on its Condensed Balance Sheets for the periods indicated.
As of
March 31, 2025December 31, 2024
Commodity derivative instruments, marked to market:
Derivatives assets, current
$5,309,892 $5,497,057 
Derivative assets, noncurrent
$5,020,380 $5,473,375 
Derivative liabilities, current$5,426,195 $6,410,547 
Derivative liabilities, noncurrent$3,632,133 $2,912,745 
Schedule of Components of Gain (Loss) on Derivative Contracts
The components of “Gain (loss) on derivative contracts” from the Condensed Statements of Operations are as follows for the respective periods:
For the Three Months Ended
March 31, 2025March 31, 2024
Oil derivatives:
Realized gain (loss) on oil derivatives$(640,267)$(2,738,970)
Unrealized gain (loss) on oil derivatives2,341,425 (16,994,322)
Gain (loss) on oil derivatives$1,701,158 $(19,733,292)
Natural gas derivatives:
Realized gain (loss) on natural gas derivatives$86,673 $1,277,455 
Unrealized gain (loss) on natural gas derivatives(2,716,621)(558,658)
Gain (loss) on natural gas derivatives$(2,629,948)$718,797 
Gain (loss) on derivative contracts$(928,790)$(19,014,495)
Schedule of Components of Cash Received (Paid) for Commodity Derivative Settlements
The components of “Cash received (paid) for derivative settlements, net” within the Condensed Statements of Cash Flows are as follows for the respective periods:
For the Three Months Ended
March 31, 2025March 31, 2024
Cash flows from operating activities
Cash received (paid) for oil derivatives$(640,267)$(2,738,970)
Cash received (paid) for natural gas derivatives86,673 1,277,455 
Cash received (paid) for derivative settlements, net$(553,594)$(1,461,515)
Schedule of Current Derivative Contracts
The following tables reflect the details of current derivative contracts as of March 31, 2025 (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)
Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026Q1 2027
Swaps:
Hedged volume (Bbl)151,763 351,917 141,755 477,350 457,101 59,400 423,000 381,500 
Weighted average swap price$68.53 $71.41 $69.13 $70.16 $69.38 $66.70 $66.70 $63.80 
Two-way collars:
Hedged volume (Bbl)464,100 225,400 404,800 — — 379,685 — — 
Weighted average put price$60.00 $65.00 $60.00 $— $— $60.00 $— $— 
Weighted average call price$69.85 $78.91 $75.68 $— $— $72.50 $— $— 
Gas Hedges (Henry Hub)
Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026Q1 2027
NYMEX Swaps:
Hedged volume (MMBtu)513,900 455,250 128,400 140,600 662,300 121,400 613,300 — 
Weighted average swap price$3.60 $3.88 $4.25 $4.20 $3.54 $4.22 $3.83 $— 
Two-way collars:
Hedged volume (MMBtu)18,300 308,200 598,000 553,500 — 515,728 — 700,000 
Weighted average put price$3.00 $3.00 $3.00 $3.50 $— $3.00 $— $4.00 
Weighted average call price$4.15 $4.75 $4.15 $5.03 $— $3.93 $— $5.20 
Oil Hedges (basis differential)
Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026Q1 2027
Argus basis swaps:
Hedged volume (Bbl)
183,000 276,000 276,000 — — — — — 
Weighted average spread price (1)
$1.00 $1.00 $1.00 $— $— $— $— $— 
Gas Hedges (basis differential)
Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026Q4 2026Q1 2027
El Paso Permian Basin basis swaps:
Hedged volume (MMBtu)— — — — — — — 700,000 
Weighted average spread price (2)
$— $— $— $— $— $— $— $0.74 
(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.
(2) The gas basis swap hedges are calculated as the Henry Hub natural gas price less the fixed amount specified as the weighted average spread price above.