Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

v3.20.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2020
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of put and call prices of those contracts

During May 2020, the Company unwound the costless collars for June 2020 and July 2020, resulting in the receipt of a cash payment of $5,435,136.  Concurrently, the Company entered into swap contracts at $33.24 for 5,500 barrels per day for June and July 2020, equal to the barrels for which the costless collars were unwound.  Similar to costless collars, there is no cost to enter into the swap contracts.  On swap contracts, there is no spread and payments will be made or received based on the difference between WTI and the swap contract price.  The following table reflects the  prices of those contracts:

Date entered into

    

Barrels per day

    

Put price

    

Call price

2020 costless collars, in place for August through December 2020

04/01/19

 

1,000

$

50.00

$

65.83

04/01/19

 

1,000

 

50.00

 

65.40

11/05/19

1,000

50.00

58.40

11/07/19

1,000

50.00

58.25

11/11/19

1,500

50.00

58.65

2021 costless collars, in place for January through December 2021

02/25/20

1,000

$

45.00

$

54.75

02/25/20

1,000

45.00

52.71

02/27/20

1,000

40.00

55.08

03/02/20

 

1,500

 

40.00

 

55.35

2020 Swap, in place for July 2020

Swap price

05/29/20

5,500

$

33.24