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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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