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Commodity Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Investments, All Other Investments [Abstract]

The following table summarizes the net realized and unrealized losses reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2022 and 2021:

The following table summarizes the net realized and unrealized losses reported in earnings related to the commodity derivative instruments for the three months ended March 31, 2022 and 2021:

		Three Months Ended March 31,
		2022				2021
Loss on derivatives:
Oil derivatives		$	(112,321	)		$	(357,915	)

The following represents the Company’s net cash payments on derivatives for the three months ended March 31, 2022 and 2021:

The following represents the Company’s net cash payments on derivatives for the three months ended March 31, 2022 and 2021:

		Three Months Ended March 31,
		2022				2021
Oil derivatives		$	(83,260	)		$	(127,944	)

The following table sets forth the Company’s outstanding derivative contracts at March 31, 2022:

The following table sets forth the Company’s outstanding derivative contracts at March 31, 2022:

			2nd Quarter		3rd Quarter		4th Quarter
2022
WTI Index Put Options:
Quarterly volume (MBbl)			20.43		20.32		15.72
Floor Price (Bbl)			$40.00		$40.00		$40.00
Quarterly volume (MBbl)							2.00
Floor Price (Bbl)							$70.00
	1st Quarter		2nd  Quarter		3rd Quarter		4th Quarter
2023
WTI Index Put Options:
Quarterly volume (MBbl)	13.40		15.34		10.86		6.00
Floor Price (Bbl)	$40.00		$55.00		$55.00		$60.00
Quarterly volume (MBbl)	6.00
Floor Price (Bbl)	$67.50

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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.

+ 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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Tabular disclosure of the notional amounts of outstanding derivative positions.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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