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Commodity Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2023

Commodity Risk Management Activities

Schedule of fair value of derivatives

​

​	​	​	​	​	​	​
​	​	Fair Value of Derivative  Assets
​		June 30,			December 31,
​	​	2023		​	2022
Current		​			​
NYMEX Henry Hub swap		$	1,106,445	​	$	1,219,865
Tennessee Z4 basis swap		​	179,625	​	​	181,775
​		$	1,286,070	​	$	1,401,640

​

​	​	​	​	​	​	​
​	​	Fair Value of Derivative  Liabilities
​		June 30,			December 31,
​	​	2023		​	2022
Current		​			​
Tennessee Z4 basis swap		$	—	​	$	(179,550)
​		$	—	​	$	(179,550)
​	​	​	​	​	​	​
​	​	​	​	​	​	​
Net Fair Value of Derivatives		$	1,286,070	​	$	1,222,090

Schedule of fair value of derivatives rollforward

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Three months ended June 30,					​	Six months ended June 30,
​		2023			2022			2023			2022
Fair value of asset (liability), beginning of the period	​	$	1,927,450	​	$	—	​	$	1,222,090	​	$	(239,824)
Gains (losses) on derivative contracts included in earnings	​		628,178	​		776,994	​		1,696,838	​		(194,910)
Settlement of commodity derivative contracts	​		(1,269,558)	​		163,559	​		(1,632,858)	​		1,375,287
Fair value of asset, end of the period	​	$	1,286,070	​	$	940,553	​	$	1,286,070	​	$	940,553

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

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-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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