Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

v3.22.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
6 Months Ended
Jun. 30, 2022
DERIVATIVE FINANCIAL INSTRUMENTS  
Schedule of contracts on the balance sheet

As of

    

June 30, 2022

    

December 31, 2021

Commodity derivative instruments

$

1,353,196

$

Derivative assets, current

$

1,353,196

$

Commodity derivative instruments

$

785,389

$

Derivative assets, noncurrent

$

785,389

$

Commodity derivative instruments

$

32,700,566

$

29,241,588

Derivative liabilities, current

$

32,700,566

$

29,241,588

Schedule of components of (Loss) on derivative contracts

Three Months Ended

Six Months Ended

June 30, 

June 30,

    

2022

    

2021

    

2022

    

2021

(Loss) on oil derivative

$

(7,457,018)

$

(35,277,240)

$

(35,053,159)

$

(66,667,190)

(Loss) on natural gas derivatives

 

 

(198,689)

(Loss) on derivative contracts

$

(7,457,018)

$

(35,277,240)

$

(35,053,159)

$

(66,865,879)

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

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2022

    

2021

    

2022

    

2021

Cash flows from operating activites:

Cash (paid) on oil derivatives

$

(19,617,265)

$

(12,436,333)

$

(33,732,766)

$

(19,100,302)

Cash received on natural gas derivatives

 

 

 

 

743,178

Cash (paid) for derivative settlements, net

$

(19,617,265)

$

(12,436,333)

$

(33,732,766)

$

(18,357,124)

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. Additionally, on June 28 and 29, 2022, the Company entered into twelve new derivative contracts in the form of put options. The following tables reflect the details of current contracts as of June 30, 2022:

    

    

Type of

    

Barrels 

    

    

Swap

Strike

Deferred

Date entered into

    

Period covered

    

Contract

    

per day

    

Index

    

price

    

price

    

premium

Oil derivative contracts:

  

12/04/2020

Calendar year 2022

Swap

500

WTI

$

44.22

12/07/2020

 

Calendar year 2022

 

Swap

500

WTI

44.75

12/10/2020

 

Calendar year 2022

 

Swap

500

WTI

 

44.97

 

12/17/2020

Calendar year 2022

Swap

250

WTI

45.98

01/04/2021

Calendar year 2022

Swap

250

WTI

47.00

02/04/2021

Calendar year 2022

Swap

250

WTI

50.05

05/11/2021

Calendar year 2022

Swap

879

(1)

WTI

49.03

02/01/2022

02/01/2022 - 12/31/2022

Swap

1,000

WTI

82.01

  

06/28/2022

07/01/2022 - 09/30/2022

Put

1,000

WTI

$

107.90

$

6.95

06/28/2022

10/01/2022 - 12/31/2022

Put

1,000

WTI

100.60

11.71

06/28/2022

01/01/2023 - 03/31/2023

Put

1,000

WTI

95.75

13.96

06/28/2022

 

04/01/2023 - 06/30/2023

 

Put

1,000

WTI

92.70

15.20

06/28/2022

07/01/2023 - 09/30/2023

Put

1,000

WTI

 

90.00

 

16.00

06/28/2022

10/01/2023 - 12/31/2023

Put

1,000

WTI

87.70

16.53

06/29/2022

01/01/2023 - 03/31/2023

Put

500

WTI

95.25

14.25

06/29/2022

04/01/2023 - 06/30/2023

Put

500

WTI

91.85

15.58

06/29/2022

07/01/2023 - 09/30/2023

Put

500

WTI

89.10

16.45

06/29/2022

10/01/2023 - 12/31/2023

Put

500

WTI

86.90

16.93

06/29/2022

01/01/2024 - 03/31/2024

Put

500

WTI

84.70

17.15

06/29/2022

04/01/2024 - 06/30/2024

Put

500

WTI

82.80

17.49

(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.