Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

v3.21.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2021
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of contracts on the balance sheet

As of

    

September 30, 2021

    

December 31, 2020

Liabilities

 

  

 

  

Commodity derivative instruments

$

(38,402,944)

$

(3,287,328)

Derivative liabilities, current

$

(38,402,944)

$

(3,287,328)

Commodity derivative instruments

$

(6,061,724)

$

(869,273)

Derivative liabilities, non-current

$

(6,061,724)

$

(869,273)

Schedule of components of Gain (loss) on derivative contracts

Three months ended September 30,

Nine months ended September 30,

    

2021

    

2020

    

2021

    

2020

Gain (loss) on oil derivative

$

(6,720,320)

$

(4,502,080)

$

(73,387,510)

$

32,900,767

Gain (loss) on natural gas derivatives

 

 

(198,689)

Gain (loss) on derivative contracts

$

(6,720,320)

$

(4,502,080)

$

(73,586,199)

$

32,900,767

Schedule of components of Cash (paid) received for commodity derivative settlements

Three months ended September 30,

Nine months ended September 30,

    

2021

    

2020

    

2021

    

2020

Cash flows from operating activites

Cash (paid) received on oil derivatives

$

(14,921,008)

$

1,726,373

$

(34,030,310)

$

18,814,068

Cash (paid) received on natural gas derivatives

 

 

 

743,178

 

Cash (paid) received from derivative settlements

$

(14,921,008)

$

1,726,373

$

(33,287,132)

$

18,814,068

Schedule of put and call prices of those contracts

Throughout 2020 and the first half of 2021, the Company entered into additional derivative contracts in the form of costless collars, puts and swaps for 2021 and 2022 calendar period for both oil and natural gas. The following tables reflect the details of current contracts as of September 30, 2021:

Date entered into

    

Period covered

    

Barrels per day

    

Put price

    

Call price

    

Swap price

Oil derivative contracts

2021 costless collars

2/25/2020

 

Calendar year 2021

 

1,000

$

45.00

$

54.75

2/25/2020

 

Calendar year 2021

 

1,000

 

45.00

 

52.71

 

2/27/2020

Calendar year 2021

1,000

40.00

55.08

2021 put

3/2/2020

Calendar year 2021

1,500

40.00

2021 swaps

11/25/2020

Calendar year 2021

2,000

$

45.37

12/2/2020

Calendar year 2021

500

45.38

12/3/2020

Calendar year 2021

500

45.00

12/4/2020

 

Calendar year 2021

 

500

 

 

45.40

12/4/2020

Calendar year 2021

500

 

45.60

12/7/2020

Calendar year 2021

500

45.96

2022 swaps

12/4/2020

Calendar year 2022

500

44.22

12/7/2020

Calendar year 2022

500

44.75

12/10/2020

Calendar year 2022

500

44.97

12/17/2020

Calendar year 2022

250

45.98

1/4/2021

Calendar year 2022

250

47.00

2/4/2021

 

Calendar year 2022

 

250

 

 

 

50.05

5/11/2021

Calendar year 2022

879

(1)

49.03

(1) The notional quantity per the swap contract entered into on May 11, 2021 is for 26,750 barrels of oil per month. The 879 represents the daily amount on an annual basis.