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Commodity Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2021 and 2020:

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the years ended December 31, 2021 and 2020:

		For the Year Ended December 31,
		2021				2020
Gain (loss) on derivatives:
Oil derivatives		$	(586,181	)		$	1,738,871

The following represents the Company’s net cash receipts from (payments on) derivatives for the years ended December, 2021 and 2020:

The following represents the Company’s net cash receipts from (payments on) derivatives for the years ended December, 2021 and 2020:

		For the Year Ended December 31,
		2021				2020
Oil derivatives		$	(299,481	)		$	1,520,988
Natural gas derivatives			(535,960	)			—
Total		$	(835,441	)		$	1,520,988

The following table sets forth the Company’s outstanding derivative contracts at December 31, 2021:

The following table sets forth the Company’s outstanding derivative contracts at December 31, 2021:

	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		3rd Quarter
2023
WTI Index Put Options:
Quarterly volume (MBbl)	13.40		15.34		10.86
Floor Price (Bbl)	$40.00		$55.00		$55.00

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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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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