Annual report pursuant to Section 13 and 15(d)

Note 10 - Derivatives and Fair Value

v3.24.0.1
Note 10 - Derivatives and Fair Value
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Derivatives and Fair Value [Text Block]

10. DERIVATIVES AND FAIR VALUE

 

Commodity swaps 

 

Outstanding derivative contracts at  December 31, 2023 are as follows:

 

Settlement Period

 

Type of Contract

 

Index

 

Average Monthly Volumes

   

Weighted Average Put Price

   

Weighted Average Call Price

 
           

(Bbls)

   

(per Bbl)

   

(per Bbl)

 

January 2024 - March 2024

 

Collars

 

Dated Brent

    85,000     $ 65.00     $ 97.00  

April 2024 - June 2024

 

Collars

 

Dated Brent

    65,000     $ 65.00     $ 100.00  

 

The following table sets forth the gain (loss) on derivative instruments on the Company’s consolidated statements of operations and comprehensive income (loss):

 

       

Twelve Months Ended December 31,

 

Derivative Item

 

Statements of Operations Line

 

2023

   

2022

   

2021

 
       

(in thousands)

 

Commodity derivatives

 

Cash settlements paid on matured derivative contracts, net

  $ (127 )   $ (42,935 )   $ (18,020 )
   

Unrealized gain (loss)

    359       5,123       (4,806 )
   

Derivative instruments gain (loss), net

  $ 232     $ (37,812 )   $

(22,826

)