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COMMODITY DERIVATIVES (Tables)

9 Months Ended

Sep. 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)(1) Natural				Weighted Average Prices								Crude Oil- (Bbls) Natural				Weighted Average
Maturity Period		Gas-(Mmbtu)(2)				Floors				Ceilings				Gas-(Mmbtu)				Price
NYMEX WTI
Crude Oil 2022 Contracts:
Fourth quarter 2022			71,800			$	59.86			$	80.34				9,000			$	49.99
Total Remaining 2022			71,800			$	59.86			$	80.44				9,000			$	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:
Fourth quarter 2022			-			$	-			$	-				60,000			$	2.96
Total remaining 2022			-			$	-			$	-				60,000			$	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

		September 30, 2022				December 31, 2021
		(in thousands)
Derivative liabilities:
Current liabilities		$	1,991			$	-
Non-current liabilities			6				-
Total derivative liabilities		$	1,997			$	-

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 September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
		(in thousands)
Derivative settlement losses:
Oil contracts		$	(1,291	)		$	(80	)		$	(5,428	)		$	(119	)
Gas contracts			(321	)			-				(671	)			-
Total derivative settlement losses		$	(1,612	)		$	(80	)		$	(6,099	)		$	(119	)
Total net derivative loss:
Oil contracts		$	4,338				(25	)		$	(4,026	)			(235	)
Gas contracts			(313	)			-				(918	)			-
Total net derivative loss		$	4,025				(25	)		$	(4,944	)		$	(235	)

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