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Commodity Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2022
Investments, All Other Investments [Abstract] |
Commodity Derivative Financial Instruments | Note 7 – Commodity Derivative Financial Instruments The Company uses derivative financial instruments to manage its exposure to commodity price fluctuations. Commodity derivative instruments are used to reduce the effect of volatility of price changes on the oil and natural gas the Company produces and sells. The Company does not enter into derivative financial instruments for speculative or trading purposes. The Company’s derivative financial instruments consist of put options. The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its consolidated statements of operations as they occur. Unrealized gains and losses related to the contracts are recognized and recorded as an asset or liability on the Company’s consolidated balance sheets. 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, 2022 and 2021:
|  | For the Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Gain (loss) on derivatives: |  |  |  |  |  |  |  |
Oil derivatives |  | $ | (387,930 | ) |  | $ | (586,181 | )
The following represents the Company’s net cash receipts from (payments on) derivatives for the years ended December, 2022 and 2021:
|  | For the Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Oil derivatives |  | $ | (259,696 | ) |  | $ | (299,481 | )
Natural gas derivatives |  |  | — |  |  |  | (535,960 | )
Total |  | $ | (259,696 | ) |  | $ | (835,441 | )
The following table sets forth the Company’s outstanding derivative contracts at December 31, 2022:
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter
2023 |  |  |  |  |  |  |
WTI Index Put Options: |  |  |  |  |  |  |
Quarterly volume (Bbl) | 46,400 |  | 15,340 |  | 16,860 |  | 17,000
Floor Price (Bbl) | $40.00-$65.00 |  | $40.00-$55.00 |  | $55.00-$60.00 |  | $50.00

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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