Derivatives (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary Of Derivative Instruments Contracts and Settlements

Derivative Contracts in Place as of June 30, 2023

Calendar Period	Contract total volume	Index	Contract average price
Natural gas costless collars
2023	480,000 Mmbtu	NYMEX Henry Hub	$3.34 floor / $6.21 ceiling
2024	1,025,000 Mmbtu	NYMEX Henry Hub	$3.77 floor / $6.18 ceiling
2025	270,000 Mmbtu	NYMEX Henry Hub	$3.25 floor / $5.25 ceiling
Natural gas fixed price swaps
2023	1,000,000 Mmbtu	NYMEX Henry Hub	$3.24
2024	780,000 Mmbtu	NYMEX Henry Hub	$3.33
Oil costless collars
2023	2,500 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	33,250 Bbls	NYMEX WTI	$74.91
2024	10,200 Bbls	NYMEX WTI	$65.69
2025	4,800 Bbls	NYMEX WTI	$64.80

Derivative Settlements during the Three Months Ended June 30, 2023

				Settlement
Contract period (1)	Production volume	Index	Contract price	(paid) received
Natural gas costless collars
April - June 2023	20,000 Mmbtu	NYMEX Henry Hub	$3.00 floor / $4.70 ceiling	$	54,220
April - June 2023	100,000 Mmbtu	NYMEX Henry Hub	$3.50 floor / $7.00 ceiling	$	421,100
Natural gas fixed price swaps
April - June 2023	100,000 Mmbtu	NYMEX Henry Hub	$3.37	$	382,100
April - June 2023	20,000 Mmbtu	NYMEX Henry Hub	$3.57	$	88,420
April - June 2023	20,000 Mmbtu	NYMEX Henry Hub	$3.58	$	89,020
June 2023	50,000 Mmbtu	NYMEX Henry Hub	$2.52	$	16,950
Oil costless collars
March - May 2023	2,500 Bbls	NYMEX WTI	$75.00 floor / $96.00 ceiling	$	12,515
Oil fixed price swaps
March 2023	1,000 Bbls	NYMEX WTI	$64.00	$	(9,373	)
March - May 2023	1,500 Bbls	NYMEX WTI	$67.55	$	(32,673	)
March - May 2023	750 Bbls	NYMEX WTI	$70.05	$	(10,711	)
March - May 2023	1,500 Bbls	NYMEX WTI	$80.80	$	26,952
April - May 2023	1,000 Bbls	NYMEX WTI	$80.74	$	10,421
			Total (paid) received	$	1,048,941

(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						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Cash received (paid) on derivative contracts:
Natural gas costless collars	$	475,320		$	(653,495	)	$	1,190,910		$	(805,685	)
Natural gas fixed price swaps(1)		576,490			(3,562,961	)		659,590			(4,037,896	)
Oil costless collars		12,515			-			12,515			-
Oil fixed price swaps(1)		(15,384	)		(1,453,691	)		(183,653	)		(2,037,332	)
Cash received (paid) on derivative contracts, net	$	1,048,941		$	(5,670,147	)	$	1,679,362		$	(6,880,913	)
Non-cash gain (loss) on derivative contracts:
Natural gas costless collars	$	(488,755	)	$	926,778		$	94,846		$	(538,825	)
Natural gas fixed price swaps		(521,078	)		1,853,506			1,652,299			(5,833,392	)
Oil costless collars		29,131			(38,910	)		51,394			(38,910	)
Oil fixed price swaps		114,767			541,547			507,925			(2,078,592	)
Non-cash gain (loss) on derivative contracts, net	$	(865,935	)	$	3,282,921		$	2,306,464		$	(8,489,719	)
Gains (losses) on derivative contracts, net	$	183,006		$	(2,387,226	)	$	3,985,826		$	(15,370,632	)

(1) For the six months ended June 30, 2023, excludes $373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Condensed Statements of Operations. For the three and six months ended June 30, 2022, excludes $1,284,024 and $3,777,505, 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 $9,443,174, respectively, for the six months ended June 30, 2023 and 2022 and is reflected in the Financing Activities section of the Condensed Statements of Cash Flows.

Summary Of Derivative Contracts

	June 30, 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	$	1,724,913		$	353,536		$	253,874		$	337,731		$	908,001		$	2,442,035		$	627,664		$	486,319
Offsetting adjustments		(353,536	)		(353,536	)		(253,874	)		(253,874	)		(908,001	)		(908,001	)		(486,319	)		(486,319	)
Net presentation on condensed balance sheets	$	1,371,377		$	-		$	-		$	83,857		$	-		$	1,534,034		$	141,345		$	-

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