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Note 7 - Commodity Derivatives (Tables)

6 Months Ended

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

X

- Definition

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