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COMMODITY DERIVATIVES (Tables) | 12 Months Ended
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Dec. 31, 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 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 2023 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First quarter 2023 |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | 60,000 |  |  | $ | 2.96 |
(1) | “Bbl” refers to one stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.
(2) | “Mmbtu” means 1 million BTUs (British Thermal Units).
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
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Derivative liabilities: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 1,694 |  |  | $ | - |
Total derivative liabilities |  | $ | 1,694 |  |  | $ | - |
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 consolidated statement of operations: SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Commodity derivative settlement losses: |  |  |  |  |  |  |  |
Oil contracts |  | $ | (6,277 | ) |  | $ | (260 | )
Gas contracts |  |  | (863 | ) |  |  | - |
Total derivative settlement losses |  | $ | (7,140 | ) |  | $ | (260 | )
Total net commodity derivative losses: |  |  |  |  |  |  |  |
Oil contracts |  | $ | (4,941 | ) |  | $ | (260 | )
Gas contracts |  |  | (741 | ) |  |  | - |
Total net commodity derivative losses |  | $ | (5,682 | ) |  | $ | (260 | )

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