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COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
Investments, All Other Investments [Abstract] |
The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three and nine months ended September 30, 2021 and 2020: | The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three and nine months ended September 30, 2021 and 2020:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Gain (loss) on derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil derivatives |  | $ | 112,183 |  |  | $ | (103,166 | ) |  | $ | (427,766 | ) |  | $ | 2,003,505 |
Natural gas derivatives |  |  | (144,454 | ) |  |  | — |  |  |  | (144,454 | ) |  |  | — |
Total |  | $ | (32,271 | ) |  | $ | (103,166 | ) |  | $ | (572,220 | ) |  | $ | 2,003,505 |
The following represents the Company’s net cash receipts from (payments on) derivatives for the three and nine months ended September 30, 2021 and 2020: | The following represents the Company’s net cash receipts from (payments on) derivatives for the three and nine months ended September 30, 2021 and 2020:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net cash received (payments made) on derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil derivatives |  | $ | (177,736 | ) |  | $ | 279,533 |  |  | $ | (541,709 | ) |  | $ | 1,323,426 |
Natural gas derivatives |  |  | (144,454 | ) |  |  | — |  |  |  | (144,454 | ) |  |  | — |
Total |  | $ | (322,190 | ) |  | $ | 279,533 |  |  | $ | (686,163 | ) |  | $ | 1,323,426 |
The following table sets forth the Company’s outstanding derivative contracts at September 30, 2021. | The following table sets forth the Company’s outstanding derivative contracts at September 30, 2021.
|  | 4th Quarter |
2021 |  |  |  |
WTI Index Put Options: |  |  |  |
Quarterly volume (MBbl) |  |  | 20.68 |
Floor Price (Bbl) |  | $ | 40.00 |
|  | 1st Quarter |  |  | 2nd Quarter |  |  | 3rd Quarter |  |  | 4th Quarter |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
WTI Index Put Options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Quarterly volume (MBbl) |  |  | 20.56 |  |  |  | 20.43 |  |  |  | 20.32 |  |  |  | 15.72 |
Floor Price (Bbl) |  | $ | 40.00 |  |  | $ | 40.00 |  |  | $ | 40.00 |  |  | $ | 40.00 |
|  | 1st Quarter |  |  | 2nd Quarter |
2023 |  |  |  |  |  |  |  |
WTI Index Put Options: |  |  |  |  |  |  |  |
Quarterly volume (MBbl) |  |  | 13.40 |  |  |  | 4.45 |
Floor Price (Bbl) |  | $ | 40.00 |  |  | $ | 40.00 |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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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 http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 + Details
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