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COMMODITY DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2022

Commodity Derivatives

SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS

 SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS

		Collars												Fixed Price Swaps
		Quantity												Quantity
Commodity/ Index/		Crude Oil-(Bbls) Natural				Weighted Average Prices								Crude Oil- (Bbls) Natural				Weighted Average
Maturity Period		Gas-(Mmbtu)				Floors				Ceilings				Gas-(Mmbtu)				Price
NYMEX WTI
Crude Oil 2022 Contracts:
Third quarter 2022			73,400			$	59.97			$	80.54				9,000			$	49.99
Fourth quarter 2022			71,800			$	59.86			$	80.34				9,000			$	49.99
Total Remaining 2022			145,200			$	59.92			$	80.44				18,000			$	49.99
Crude Oil 2023 Contracts:
First quarter 2023			66,200			$	57.73			$	76.00				6,000			$	59.20
Second quarter 2023			53,500			$	60.00			$	81.04				6,000			$	59.20
Third quarter 2023			52,600			$	60.00			$	81.04				-			$	-
Fourth quarter 2023			51,200			$	60.00			$	81.04				-			$	-
Total 2023			223,500			$	59.33			$	79.55				12,000			$	59.20
NYMEX Henry Hub
Natural Gas 2022 Contracts:
Third quarter 2022			-			$	-			$	-				60,000			$	2.96
Fourth quarter 2022			-			$	-			$	-				60,000			$	2.96
Total remaining 2022			-			$	-			$	-				120,000			$	2.96
Natural Gas 2023 Contracts:
First quarter 2023			-			$	-			$	-				60,000			$	2.96

SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS

The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets by category:

 SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS

		June 30, 2022				December 31, 2021
		(in thousands)
Derivative liabilities:
Current liabilities		$	6,325			$	-
Non-current liabilities			1,308				-
Total derivative liabilities		$	7,633			$	-

SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS

The following table summarizes the commodity components of the derivative settlement gain (loss) as well as the components of the net derivative loss line-item presentation in the accompanying condensed consolidated statement of operations:

 SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS

		2022				2021				2022				2021
		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(in thousands)
Derivative settlement losses:
Oil contracts		$	(2,590	)		$	(38	)		$	(4,137	)		$	(40	)
Gas contracts			(239	)			-				(350	)			-
Total derivative settlement losses		$	(2,829	)		$	(38	)		$	(4,487	)		$	(40	)
Total net derivative loss:
Oil contracts		$	(2,068	)			(317	)		$	(8,364	)			(210	)
Gas contracts			(64	)			-				(605	)			-
Total net derivative loss		$	(2,132	)			(317	)		$	(8,969	)		$	(210	)

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