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COMMODITY DERIVATIVES (Tables)

12 Months Ended

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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