DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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| DERIVATIVE FINANCIAL INSTRUMENTS |
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| Schedule of contracts on the balance sheet |
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As of |
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March 31, 2021 |
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December 31, 2020 |
Liabilities |
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Commodity derivative instruments |
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$ |
(24,546,980) |
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$ |
(3,287,328) |
Derivative liabilities, current |
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(24,546,980) |
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(3,287,328) |
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Commodity derivative instruments |
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(5,277,469) |
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|
(869,273) |
Derivative liabilities, non-current |
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(5,277,469) |
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(869,273) |
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| Schedule of components of Gain (loss) on derivative contracts |
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March 31, 2021 |
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March 31, 2020 |
Gain (loss) on oil derivatives |
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$ |
(31,389,950) |
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$ |
50,420,809 |
Gain (loss) on natural gas derivatives |
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(198,689) |
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|
— |
Gain (loss) on derivative contracts |
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(31,588,639) |
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50,420,809 |
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| Schedule of components of Cash (paid) received for commodity derivative settlements |
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Cash flows from operating activities |
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March 31, 2021 |
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March 31, 2020 |
Cash (paid) received on oil derivatives |
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$ |
(6,663,969) |
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$ |
3,334,128 |
Cash (paid) received on natural gas derivatives |
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|
743,178 |
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|
— |
Cash (paid) received for derivative settlements |
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(5,920,791) |
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|
3,334,128 |
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| Schedule of put and call prices of those contracts |
Throughout 2020 and the first quarter of 2021, the Company entered into additional derivative contracts in the form of costless collars 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 March 31, 2021:
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Date entered into |
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Period covered |
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Barrels per day |
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Put price |
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Call price |
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Swap price |
Oil derivative contracts 2021 costless collars |
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2/25/2020 |
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Calendar year 2021 |
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1,000 |
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$ |
45.00 |
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$ |
54.75 |
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2/25/2020 |
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Calendar year 2021 |
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1,000 |
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|
45.00 |
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52.71 |
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2/27/2020 |
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Calendar year 2021 |
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1,000 |
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|
40.00 |
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55.08 |
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3/2/2020 |
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Calendar year 2021 |
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1,500 |
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|
40.00 |
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55.35 |
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2021 swaps |
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11/25/2020 |
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Calendar year 2021 |
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2,000 |
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$ |
45.37 |
12/2/2020 |
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Calendar year 2021 |
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500 |
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45.38 |
12/3/2020 |
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Calendar year 2021 |
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500 |
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45.00 |
12/4/2020 |
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Calendar year 2021 |
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500 |
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45.40 |
12/4/2020 |
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Calendar year 2021 |
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500 |
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45.60 |
12/7/2020 |
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Calendar year 2021 |
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500 |
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45.96 |
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2022 swaps |
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12/4/2020 |
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Calendar year 2022 |
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500 |
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44.22 |
12/7/2020 |
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Calendar year 2022 |
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500 |
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44.75 |
12/10/2020 |
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Calendar year 2022 |
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500 |
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44.97 |
12/17/2020 |
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Calendar year 2022 |
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250 |
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45.98 |
1/4/2021 |
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Calendar year 2022 |
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250 |
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47.00 |
2/4/2021 |
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Calendar year 2022 |
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250 |
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50.05 |
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MMBTU |
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Swap |
Date entered into |
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Period covered |
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per day |
|
price |
Natural gas derivative contracts |
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2021 swaps |
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11/4/2020 |
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Calendar year 2021(1) |
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6,000 |
|
$ |
2.9910 |
2022 swaps |
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11/4/2020 |
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Calendar year 2022(1) |
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5,000 |
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|
2.7255 |
| (1) |
On March 30, 2021, the Company unwound its remaining gas swaps for Calendar year 2021 and 2022, resulting in the receipt of a cash payment of $581,424. |
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