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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES

The Company measures the fair value of commodity derivative contracts using an income valuation technique based on the contract price of the underlying positions, crude oil and natural gas forward curves, discount rates, and Company or counterparty non-performance risk. The fixed-price swaps and collar derivative contracts are included in Level 2. The fair value of commodity derivative contracts and their presentation in our consolidated balance sheet as of December 31, 2022 are presented below:

 SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES

		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value				Effect of Netting				Net Fair Value Presented in the Consolidated Balance Sheet
(in thousands)
Assets
Current:
Commodity derivatives		$	-			$	488			$	-			$	488			$	(488	)		$	-
Commodity derivatives, assets		$	-			$	488			$	-			$	488			$	(488	)		$	-
Liabilities
Current:
Commodity derivatives		$	-			$	(2,182	)		$	-			$	(2,182	)		$	488			$	(1,694	)
Commodity derivatives, liabilities		$	-			$	(2,182	)		$	-			$	(2,182	)		$	488			$	(1,694	)
Net derivative instruments		$	-			$	(1,694	)		$	-			$	(1,694	)		$	-			$	(1,694	)

SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES

 SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES

		December 31,
		2022				2021
Number of shares owned			2,421,180				2,421,180
Quoted market price		$	0.04429			$	0.07874
Fair value		$	107,234			$	190,641

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- References

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- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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