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Note 7 - Commodity Derivatices (Tables) | 9 Months Ended
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Sep. 30, 2023
Notes Tables |
Schedule of Derivative Instruments [Table Text Block] |
|  |  |  |  |  | Collars |  |  | Fixed Price Swaps |
|  | Quantity |  |  | Weighted |  |  | Quantity |  |  | Weighted |
|  | Crude oil |  |  | Average Prices |  |  | Crude oil |  |  | Average |
Commodity/ Index/ Maturity Period |  | (Bbls)(1) |  |  | Floors |  |  | Ceilings |  |  | (Bbls)(1) |  |  | Price |
NYMEX WTI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil 2023 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fourth quarter 2023 |  |  | 51,200 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | 18,000 |  |  | $ | 86.64 |
Total 2023 |  |  | 51,200 |  |  | $ | 60.00 |  |  | $ | 81.04 |  |  |  | 18,000 |  |  | $ | 86.64 |
Crude Oil 2024 Contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First quarter 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 53,300 |  |  | $ | 84.07 |
Second quarter 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48,600 |  |  | $ | 81.76 |
Third quarter 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,000 |  |  | $ | 79.80 |
Fourth quarter 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 40,720 |  |  | $ | 78.15 |
Total 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 187,620 |  |  | $ | 81.16 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Current assets |  | $ | 58 |  |  | $ | - |
Non-current assets |  |  | 16 |  |  |  | - |
Total derivative assets |  | $ | 74 |  |  | $ | - |
Derivative liabilities: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 422 |  |  | $ | 1,694 |
Total derivative liabilities |  | $ | 422 |  |  | $ | 1,694 |
Derivative Instruments, Gain (Loss) [Table Text Block] |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Derivative settlement gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil contracts |  | $ | (148 | ) |  | $ | (1,291 | ) |  | $ | (614 | ) |  | $ | (5,428 | )
Gas contracts |  |  | - |  |  |  | (321 | ) |  |  | (28 | ) |  |  | (671 | )
Total derivative settlement gains (losses) |  | $ | (148 | ) |  | $ | (1,612 | ) |  | $ | (642 | ) |  | $ | (6,099 | )
Total net derivative gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil contracts |  | $ | (504 | ) |  | $ | 4,338 |  |  | $ | 644 |  |  | $ | (4,026 | )
Gas contracts |  |  | - |  |  |  | (313 | ) |  |  | 60 |  |  |  | (918 | )
Total net derivative gains (losses) |  | $ | (504 | ) |  | $ | 4,025 |  |  | $ | 704 |  |  | $ | (4,944 | )

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