Derivatives (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary Of Derivative Instruments Contracts and Settlements

Derivative Contracts in Place as of March 31, 2023

Calendar Period	Contract total volume	Index	Contract average price
Natural gas costless collars
2023	780,000 Mmbtu	NYMEX Henry Hub	$3.38 floor / $6.47 ceiling
2024	755,000 Mmbtu	NYMEX Henry Hub	$3.96 floor / $6.51 ceiling
Natural gas fixed price swaps
2023	1,220,000 Mmbtu	NYMEX Henry Hub	$3.42
2024	300,000 Mmbtu	NYMEX Henry Hub	$3.47
Oil costless collars
2023	10,000 Bbls	NYMEX WTI	$75.00 floor / $96.00 ceiling
2024	23,450 Bbls	NYMEX WTI	$64.11 floor / $76.28 ceiling
Oil fixed price swaps
2023	47,500 Bbls	NYMEX WTI	$74.55

Derivative Settlements during the Three Months Ended March 31, 2023

				Settlement
Contract period (1)	Production volume	Index	Contract price	(paid) received
Natural gas costless collars
January - March 2023	20,000 Mmbtu	NYMEX Henry Hub	$3.00 floor / $4.70 ceiling	$	10,800
January 2023	45,000 Mmbtu	NYMEX Henry Hub	$3.50 floor / $4.05 ceiling	$	(29,655	)
January - March 2023	20,000 Mmbtu	NYMEX Henry Hub	$6.00 floor / $10.00 ceiling	$	154,620
January - March 2023	40,000 Mmbtu	NYMEX Henry Hub	$6.00 floor / $14.50 ceiling	$	309,240
January - March 2023	35,000 Mmbtu	NYMEX Henry Hub	$6.00 floor / $12.40 ceiling	$	270,585
Natural gas fixed price swaps
January - February 2023	125,000 Mmbtu	NYMEX Henry Hub	$2.83	$	(269,750	)
January - March 2023	50,000 Mmbtu	NYMEX Henry Hub	$3.70	$	40,800
March 2023	100,000 Mmbtu	NYMEX Henry Hub	$3.37	$	91,900
January - March 2023	20,000 Mmbtu	NYMEX Henry Hub	$3.57	$	8,820
Oil costless collars
January - February 2023	2,500 Bbls	NYMEX WTI	$75.00 floor / $96.00 ceiling	$	-
Oil fixed price swaps
December 2022	9,000 Bbls	NYMEX WTI	$44.25	$	(290,412	)
December 2022	1,000 Bbls	NYMEX WTI	$94.49	$	17,972
January - February 2023	1,000 Bbls	NYMEX WTI	$64.00	$	(27,025	)
January - February 2023	1,500 Bbls	NYMEX WTI	$67.55	$	(29,888	)
January - February 2023	750 Bbls	NYMEX WTI	$70.05	$	(11,194	)
January - February 2023	1,500 Bbls	NYMEX WTI	$80.80	$	9,863
			Total (paid) received	$	256,676

(1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily average.

Summary of Gain or Loss on Derivative Contracts, Net

Cash receipts or payments in the following table reflect the gain or loss on derivative contracts which settled during the respective periods, and the non-cash gain or loss reflect the change in fair value of derivative contracts as of the end of the respective periods.

	Three Months Ended
	March 31,
	2023			2022
Cash received (paid) on derivative contracts:
Natural gas costless collars	$	715,590		$	(152,190	)
Natural gas fixed price swaps(1)		83,100			(474,935	)
Oil costless collars		-			-
Oil fixed price swaps(1)		(168,269	)		(583,641	)
Cash received (paid) on derivative contracts, net	$	630,421		$	(1,210,766	)
Non-cash gain (loss) on derivative contracts:
Natural gas costless collars	$	583,601		$	(1,465,603	)
Natural gas fixed price swaps		2,173,378			(7,686,898	)
Oil costless collars		22,262			-
Oil fixed price swaps		393,158			(2,620,139	)
Non-cash gain (loss) on derivative contracts, net	$	3,172,399		$	(11,772,640	)
Gains (losses) on derivative contracts, net	$	3,802,820		$	(12,983,406	)

(1) For the three months ended March 31, 2023 and 2022, excludes $373,745 and $2,493,481, respectively, of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Operations. Total cash paid related to off-market derivatives was $560,162 and $3,527,738, respectively, for the three months ended March 31, 2023 and 2022 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows.

Summary Of Derivative Contracts

	March 31, 2023												December 31, 2022
	Fair Value (a)												Fair Value (a)
	Commodity Contracts												Commodity Contracts
	Current Assets			Current Liabilities			Non-Current Assets			Non-Current Liabilities			Current Assets			Current Liabilities			Non-Current Assets			Non-Current Liabilities
Gross amounts recognized	$	2,462,101		$	421,102		$	326,656		$	214,200		$	908,001		$	2,442,035		$	627,664		$	486,319
Offsetting adjustments		(421,102	)		(421,102	)		(214,200	)		(214,200	)		(908,001	)		(908,001	)		(486,319	)		(486,319	)
Net presentation on condensed balance sheets	$	2,040,999		$	-		$	112,456		$	-		$	-		$	1,534,034		$	141,345		$	-

(a) See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.