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Note 7 - Commodity Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2024
Notes Tables |
Schedule of Derivative Instruments [Table Text Block] |
|  | Fixed Price Swaps |
|  | Quantity |  |  | Weighted |
|  | Crude oil |  |  | Average |
Commodity/ Index/ Maturity Period |  | (Bbls)(1) |  |  | Price |
NYMEX WTI |  |  |  |  |  |  |  |
Crude Oil 2024 Contracts: |  |  |  |  |  |  |  |
Third quarter 2024 |  |  | 45,000 |  |  | $ | 79.80 |
Fourth quarter 2024 |  |  | 40,720 |  |  | $ | 78.15 |
Total 2024 |  |  | 85,720 |  |  | $ | 79.02 |
Crude Oil 2025 Contracts: |  |  |  |  |  |  |  |
First quarter 2025 |  |  | 45,000 |  |  | $ | 75.73 |
Second quarter 2025 |  |  | 43,225 |  |  | $ | 74.19 |
Third quarter 2025 |  |  | 39,100 |  |  | $ | 72.82 |
Fourth quarter 2025 |  |  | 36,800 |  |  | $ | 71.64 |
Total 2025 |  |  | 164,125 |  |  | $ | 73.71 |
Total all contracts |  |  | 249,845 |  |  | $ | 75.53 |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] |
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | (in thousands) |
Derivative assets: |  |  |  |  |  |  |  |
Current assets |  | $ | - |  |  | $ | 1,844 |
Non-current assets |  |  | - |  |  |  | - |
Total derivative assets |  | $ | - |  |  | $ | 1,844 |
Derivative liabilities: |  |  |  |  |  |  |  |
Current liabilities |  | $ | 97 |  |  | $ | - |
Non-current liabilities |  |  | 77 |  |  |  | - |
Total derivative liabilities |  | $ | 174 |  |  | $ | - |
Derivative Instruments, Gain (Loss) [Table Text Block] |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | (in thousands) |  |  |  |  |  |  |  |  |
Commodity derivative settlement gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil contracts |  | $ | 121 |  |  | $ | (89 | ) |  | $ | 525 |  |  | $ | (466 | )
Gas contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28 | )
Total commodity derivative settlement gain (loss) |  | $ | 121 |  |  | $ | (89 | ) |  | $ | 525 |  |  | $ | (494 | )
Total net commodity derivative gain (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil contracts |  | $ | (112 | ) |  | $ | 288 |  |  | $ | (1,493 | ) |  | $ | 1,148 |
Gas contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 60 |
Total net commodity derivative gain (loss) |  | $ | (112 | ) |  | $ | 288 |  |  | $ | (1,493 | ) |  | $ | 1,208 |

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