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Derivatives (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023
Derivatives [Abstract] |  |
Schedule of Derivatives | The following table sets forth the derivative volumes by period as of March 31, 2024 for the Company:
|  | Price collars |
Period |  | Volume (Bbls/month) |  |  | Weighted average floor price ($/Bbl) |  |  | Weighted average ceiling price ($/Bbl) |  |  | Weighted average sold call ($/Bbl) |
Q2 2024 |  |  | 9,000 |  |  | $ | 70.00 |  |  | $ | 91.90 |  |  | $ | 91.90 |
Q3-Q4 2024 |  |  | 9,000 |  |  | $ | 70.00 |  |  | $ | 85.50 |  |  | $ | 85.50 |
The following table reflects the weighted-average price of open commodity swap contracts as of March 31, 2024:
Commodity Swaps
|  |  |  |  | Weighted |
|  | Volume |  |  | average |
Period |  | (Bbls/month) |  |  | price ($/Bbl) |
Q2-Q4 2024 |  |  | 2,250 |  |  | $ | 70.89 |
Q1-Q4 2025 |  |  | 5,000 |  |  | $ | 70.21 |
| The following table sets forth the derivative volumes by period as of December 31, 2023 for the Company:
|  | Price collars |
Period |  | Volume (Bbls/month) |  |  | Weighted average floor price ($/Bbl) |  |  | Weighted average ceiling price ($/Bbl) |  |  | Weighted average sold call ($/Bbl) |
Q1-Q2 2024 |  |  | 9,000 |  |  | $ | 70.00 |  |  | $ | 91,90 |  |  | $ | 91.90 |
Q3-Q4 2024 |  |  | 9,000 |  |  | $ | 70.00 |  |  | $ | 85.50 |  |  | $ | 85.50 |
|  | Price collars |
Period |  | Volume (Bbls/month) |  |  | Weighted average floor price ($/Bbl) |  |  | Weighted average ceiling price ($/Bbl) |  |  | Weighted average sold call ($/Bbl) |
Q1-Q2 2023 |  |  | 20,000 |  |  | $ | 63.75 |  |  | $ | 97.79 |  |  | $ | 76.06 |
Q3-Q4 2023 |  |  | 20,000 |  |  | $ | 65.00 |  |  | $ | 100.00 |  |  | $ | 72.25 |
Commodity Swaps
|  |  |  |  | Weighted |
|  | Volume |  |  | average |
Period |  | (Bbls/month) |  |  | price ($/Bbl) |
Q1-Q4 2024 |  |  | 3,000 |  |  | $ | 71.30 |
Q1-Q4 2025 |  |  | 3,000 |  |  | $ | 67.96 |
Schedule of Conducting Derivative Activities | The combined fair value of derivatives included in the accompanying consolidated balance sheets as of March 31, 2024 and December 31, 2023 is summarized below.
|  | As of March 31, 2024 |
|  | Gross fair value |  |  | Amounts netted |  |  | Net fair value |
Commodity derivatives: |  |  |  |  |  |  |  |  |
Short-term derivative asset |  | $ | 128,714 |  |  | $ | (128,714 | ) |  | $ | — |
Long-term derivative asset |  |  | — |  |  |  | — |  |  |  | — |
Short-term derivative liability |  |  | (1,132,478 | ) |  |  | 128,714 |  |  |  | (1,003,764 | )
Long-term derivative liability |  |  | (388,642 | ) |  |  | — |  |  |  | (388,642 | )
Total derivative asset |  |  |  |  |  |  |  |  |  | $ | (1,392,406 | )
|  | As of December 31, 2023 (Successor) |
|  | Gross fair value |  |  | Amounts netted |  |  | Net fair value |
Commodity derivatives: |  |  |  |  |  |  |  |  |
Short-term derivative asset |  | $ | 583,035 |  |  | $ | (191,547 | ) |  | $ | 391,488 |
Long-term derivative asset |  |  | 76,199 |  |  |  | — |  |  |  | 76,199 |
Short-term derivative liability |  |  | (191,547 | ) |  |  | (191,547 | ) |  |  | — |
Long-term derivative liability |  |  | — |  |  |  | — |  |  |  | — |
Total derivative asset |  |  |  |  |  |  |  |  |  | $ | 467,687 |
| The combined fair value of derivatives included in the accompanying consolidated balance sheets as of December 31, 2023 and 2022 is summarized below.
|  | As of December 31, 2023 (Successor) |
|  | Gross fair value |  |  | Amounts netted |  |  | Net fair value |
Commodity derivatives: |  |  |  |  |  |  |  |  |
Short-term derivative asset |  | $ | 583,035 |  |  | $ | (191,547 | ) |  | $ | 391,488 |
Long-term derivative asset |  |  | 76,199 |  |  |  | — |  |  |  | 76,199 |
Short-term derivative liability |  |  | (191,547 | ) |  |  | (191,547 | ) |  |  | — |
Long-term derivative liability |  |  | — |  |  |  | — |  |  |  | — |
Total derivative asset |  |  |  |  |  |  |  |  |  | $ | 467,687 |
|  | As of December 31, 2022 (Predecessor) |
|  | Gross fair value |  |  | Amounts netted |  |  | Net fair value |
Commodity derivatives: |  |  |  |  |  |  |  |  |
Short-term derivative asset |  | $ | 1,596,361 |  |  | $ | 1,596,361 |  |  | $ | — |
Long-term derivative asset |  |  | — |  |  |  | — |  |  |  | — |
Short-term derivative liability |  |  | (2,787,715 | ) |  |  | 1,596,361 |  |  |  | (1,191,354 | )
Long-term derivative liability |  |  | — |  |  |  | — |  |  |  | — |
Total derivative liability |  |  |  |  |  |  |  |  |  | $ | (1,191,354 | )
Schedule of Derivatives on the Consolidated Statements of Operations | The effects of the Company’s derivatives on the consolidated statements of operations are summarized below:
|  | Three Months Ended March 31, 2024 |  |  | Three Months Ended March 31, 2023 |
|  | Successor |  |  | Predecessor |
Total gain (loss) on unsettled derivatives |  | $ | (1,997,247 | ) |  | $ | 584,024 |
Total loss on settled derivatives |  |  | (137,154 | ) |  |  | (166,990 | )
Net gain (loss) on derivatives |  | $ | (1,997,247 | ) |  | $ | (417,034 | )
| The effects of the Company’s derivatives on the consolidated statements of operations are summarized below:
|  | Successor |  |  | Predecessor |
|  | November 15, 2023 to December 31, 2023 |  |  | January 1, 2023 to November 14, 2023 |  |  | For the year ended December 31, 2022 |
Total gain on unsettled derivatives |  | $ | 443,349 |  |  | $ | 1,215,693 |  |  | $ | 2,185,000 |
Total loss on settled derivatives |  |  | (102,541 | ) |  |  | (1,163,736 | ) |  |  | (6,978,790 | )
Net gain (loss) on derivatives |  | $ | 340,808 |  |  | $ | 51,957 |  |  | $ | (4,793,790 | )

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