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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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