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COMMODITY DERIVATIVES (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Commodity Derivatives |
SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS | SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS
|  | Collars |  |  | Fixed Price Swaps |
Commodity/ Index/ |  | Quantity Crude oil |  |  | Weighted Average Prices |  |  | Quantity Crude oil |  |  | Weighted Average Swap |
Maturity Period |  | (Bbls)(1) |  |  | Floors |  |  | Ceilings |  |  | (Bbls)(1) |  |  | Price |
NYMEX WTI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil 2023 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Second quarter 2023 |  |  | 53,500 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | 6,000 |  |  | $ | 59.02 |
Third quarter 2023 |  |  | 52,600 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | - |  |  | $ | - |
Fourth quarter 2023 |  |  | 51,200 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | - |  |  | $ | - |
Total 2023 |  |  | 157,300 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | 6,000 |  |  | $ | 59.02 |
(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.
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
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | (in thousands) |
Derivative liabilities: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 369 |  |  | $ | 1,694 |
Total derivative liabilities |  | $ | 369 |  |  | $ | 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 condensed consolidated statement of operations: SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS
|  | 2023 |  |  | 2022 |
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Derivative settlement gain (loss) |  |  |  |  |  |  |  |
Oil contracts |  | $ | (378 | ) |  | $ | (1,547 | )
Gas contracts |  |  | (28 | ) |  |  | (97 | )
Total net derivative settlement gain (loss) |  | $ | (406 | ) |  | $ | (1,644 | )
Total net derivative gain (loss) |  |  |  |  |  |  | $ |
Oil contracts |  | $ | 859 |  |  |  | (6,296 | )
Gas contracts |  |  | 60 |  |  |  | (541 | )
Total net derivative gain (loss) |  | $ | 919 |  |  | $ | (6,837 | )

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