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Note 7 - Commodity Derivatices (Tables)

9 Months Ended

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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- Definition

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