Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

v3.22.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2022
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of contracts on the balance sheet

As of

    

March 31, 2022

    

December 31, 2021

Commodity derivative instruments

$

42,722,228

$

29,241,588

Derivative liabilities, current

$

42,722,228

$

29,241,588

Schedule of components of (Loss) on derivative contracts

Three Months Ended

March 31, 

    

2022

    

2021

(Loss) on oil derivative

$

(27,596,141)

$

(31,389,950)

(Loss) on natural gas derivatives

 

 

(198,689)

(Loss) on derivative contracts

$

(27,596,141)

$

(31,588,639)

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

Three Months Ended

March 31, 

    

2022

    

2021

Cash flows from operating activites:

Cash (paid) on oil derivatives

$

(14,115,501)

$

(6,663,969)

Cash received on natural gas derivatives

 

 

743,178

Cash (paid) for derivative settlements, net

$

(14,115,501)

$

(5,920,791)

Schedule of put and call prices of those contracts

During 2020, 2021, and early 2022, the Company entered into additional derivative contracts in the form of swaps for the 2022 calendar period for oil. The following tables reflect the details of current contracts as of March 31, 2022:

Date entered into

    

Period covered

    

Barrels per day

    

Swap price

Oil derivative contracts: 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

2/1/2022

Balance of calendar year 2022

1,000

83.47

(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.