Note 16 - Subsequent Events

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 16. Subsequent Events

Dividends and dividend equivalents. In April 2023, the Board approved a quarterly dividend of $0.025 per share of common stock outstanding which will result in a total of approximately $2.8 million in dividends to be paid on May 25, 2023. In addition, under the terms of the LTIP, the Company will pay a dividend equivalent per share to all vested stock option holders of $282,000 in May 2023 and will accrue a dividend equivalent per share to all unvested stock option holders which is payable upon vesting of up to an additional $5,000, assuming no forfeitures. In addition, the Company will accrue an additional combined $53,000 in dividends on the restricted stock issued to directors, management directors and certain employees that will be payable upon vesting.

Derivatives. In April 2023, the Company entered into an additional deferred premium put option contract for 5,000 Bopd from January 2024 through September 2024 at a strike price of $56.15 per Bbl with deferred premiums of $5.00 per Bbl. After the effect of this new contract, the Company’s outstanding crude oil derivative contracts and the weighted average crude oil prices per barrel for those contracts are as follows:

	Remainder of 2023
	Second Quarter		Third Quarter		Fourth Quarter		Total
Crude Oil Price Swaps – WTI:
Volume (MBbls)		546.0		276.0		—		822.0
Price per Bbl	$	67.81	$	72.30	$	—	$	69.32
Deferred Premium Put Options – WTI:
Volume (MBbls)		364.0		644.0		920.0		1,928.0
Price per Bbl (Put Price)	$	61.05	$	60.46	$	55.97	$	58.43
Price per Bbl (Net of Premium)	$	56.05	$	55.46	$	50.97	$	53.43

	2024
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Deferred Premium Put Options – WTI:
Volume (MBbls)		910.0		910.0		920.0		—		2,740.0
Price per Bbl (Put Price)	$	53.83	$	53.83	$	53.83	$	—	$	53.83
Price per Bbl (Net of Premium)	$	48.83	$	48.83	$	48.83	$	—	$	48.83