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Commodity Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2021

Commodity Risk Management Activities

Schedule of natural gas price and basis swap contracts

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Fair Value

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Volume

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Ceiling

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Floor

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Basis

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June 30,

Derivative Type

(MMbtu)

Price

Price

Differential

2021

2021

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Basis swap

305,000

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$

(1.10)

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70,575

Two-way costless collar

1,835,000

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$

3.24

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$

2.78

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(910,639)

2022

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Two-way costless collar

900,000

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$

3.34

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$

2.80

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(494,469)

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$

(1,334,533)

Schedule of fair value of derivatives

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​	​	​	​	​	​	​
​	​	Fair Value of Derivative  Assets
​		June 30,			December 31,
​	​	2021		​	2020
Current		​			​
Basis swap		$	70,575	​	$	—
Two-way costless collar			117,647	​		—
​		$	188,222	​	$	—

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​	​	​	​	​	​	​
​	​	Fair Value of Derivative  Liabilities
​		June 30,			December 31,
​	​	2021		​	2020
Current		​			​
Basis swap		$	—	​	$	—
Two-way costless collar		​	(1,522,755)	​		—
​		$	(1,522,755)	​	$	—
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Net Fair Value of Derivatives		$	(1,334,533)	​	$	—

Schedule of fair value of derivatives rollforward

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​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three months ended June 30,					​	Six months ended June 30,
​		2021			2020			2021			2020
Fair value of asset (liability), beginning of the period	​	$	401,141	​	$	2,374,878	​	$	—	​	$	1,999,802
Gains (losses) on derivative contracts included in earnings	​		(1,827,334)	​		(85,348)	​		(1,361,993)	​		1,635,669
Settlement of commodity derivative contracts	​		91,660	​		(1,031,828)	​		27,460	​		(2,377,769)
Fair value of asset, end of the period	​	$	(1,334,533)	​	$	1,257,702	​	$	(1,334,533)	​	$	1,257,702

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