Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

NOTE 12: Subsequent Events

Debt Redetermination

Subsequent to March 31, 2023, the Company entered into the Fourth Amendment to the Credit Agreement on May 5, 2023 pursuant to which, among other changes, the borrowing base under the Company’s Credit Facility decreased from $50.0 million to $45.0 million in connection with its regularly scheduled semi-annual redetermination. This reduction in the borrowing base constitutes the periodic redetermination of the borrowing base scheduled for June 1, 2023 under the terms of the Credit Agreement.

Derivative Contracts

Subsequent to March 31, 2023, the Company entered into new derivative contracts as summarized in the table below:

	Production volume
Contract period	covered per month	Index	Contract price
Natural gas fixed price swaps
June - October 2023	50,000 Mmbtu	NYMEX Henry Hub	$2.52
April - June 2024	10,000 Mmbtu	NYMEX Henry Hub	$3.21
July - October 2024	25,000 Mmbtu	NYMEX Henry Hub	$3.47