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Commodity Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:

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:

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:

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