Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary Of Derivative Instruments Contracts

Derivative contracts in place as of December 31, 2023

Fiscal period	Contract total volume	Index	Contract average price
Natural gas costless collars
2024	1,455,000 Mmbtu	NYMEX Henry Hub	$3.57floor/$5.58ceiling
2025	540,000 Mmbtu	NYMEX Henry Hub	$3.21floor/$5.15ceiling
Natural gas fixed price swaps
2024	2,172,500 Mmbtu	NYMEX Henry Hub	$3.40
2025	180,000 Mmbtu	NYMEX Henry Hub	$4.16
Oil Costless Collars
2024	23,450 Bbls	NYMEX WTI	$64.11floor/$76.28ceiling
Oil fixed price swaps
Remaining 2023	5,500 Bbls	NYMEX WTI	$74.48
2024	16,350 Bbls	NYMEX WTI	$67.69
2025	7,800 Bbls	NYMEX WTI	$66.03

Subsequent to December 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 costless collars
April - September 2025	55,000 Mmbtu	NYMEX Henry Hub	$3.00floor/$3.75ceiling
November 2025 - March 2026	100,000 Mmbtu	NYMEX Henry Hub	$3.50floor/$4.85ceiling
Natural gas fixed price swaps
January - March 2025	50,000 Mmbtu	NYMEX Henry Hub	$3.51
April - October 2025	100,000 Mmbtu	NYMEX Henry Hub	$3.28
Oil costless collars
June - September 2024	500 Bbls	NYMEX WTI	$70.00floor/$78.10ceiling
October - December 2024	500 Bbls	NYMEX WTI	$67.00floor/$77.00ceiling
Oil fixed price swaps
July - October 2024	1,500 Bbls	NYMEX WTI	$69.50
November - December 2024	2,000 Bbls	NYMEX WTI	$69.50
January - March 2025	500 Bbls	NYMEX WTI	$69.50
January - June 2025	2,000 Bbls	NYMEX WTI	$70.90
April - June 2025	750 Bbls	NYMEX WTI	$69.50
July - September 2025	500 Bbls	NYMEX WTI	$69.50
July - December 2025	1,500 Bbls	NYMEX WTI	$68.90

Summary of Gain or Loss on Derivative Contracts, Net

Cash receipts 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.

	For the Year Ended			Three Months Ended			For the Year Ended
	December 31, 2023			December 31, 2022			September 30, 2022
Cash received (paid) on settled derivative contracts:
Natural gas costless collars	$	1,516,535		$	(455,040	)	$	(1,878,250	)
Natural gas fixed price swaps(1)		1,344,580			(1,896,872	)		(9,065,100	)
Oil costless collars		24,330			-			-
Oil fixed price swaps(1)		(328,387	)		(566,127	)		(3,590,210	)
Cash received (paid) on settled derivative contracts, net	$	2,557,058		$	(2,918,039	)	$	(14,533,560	)
Non-cash gain (loss) on derivative contracts:
Natural gas costless collars	$	857,675		$	1,779,405		$	(1,044,958	)
Natural gas fixed price swaps		3,119,388			4,557,865			(1,954,719	)
Oil costless collars		(702	)		(120,032	)		106,157
Oil fixed price swaps		326,170			47,803			594,002
Non-cash gain (loss) on derivative contracts, net	$	4,302,531		$	6,265,041		$	(2,299,518	)
Gains (losses) on derivative contracts, net	$	6,859,589		$	3,347,002		$	(16,833,078	)

(1) For the year ended December 31, 2023, three months ended December 31, 2022, and the year ended September 30, 2022, excludes $373,745, $903,461, and $7,522,794, respectively, of cash paid to settle off-market derivative contracts that are not reflected on the Statements of Income. Total cash paid related to off-market derivatives was $560,162, $3,010,661, and $19,260,104, respectively, for the year ended December 31, 2023, three months ended December 31, 2022, and the year ended September 30, 2022 and is reflected in the Financing Activities section of the Statements of Cash Flows. Cash (paid) or received not related to off-market derivatives is reflected in the Operating Activities section of the Statements of Cash Flows.

Summary Of Derivative Contracts

	12/31/2023												9/30/2022
	Fair Value												Fair Value
	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	$	3,318,046		$	197,439		$	344,614		$	181,634		$	924,258		$	8,798,237		$	124,983		$	812,195
Offsetting adjustments		(197,439	)		(197,439	)		(181,634	)		(181,634	)		(924,258	)		(924,258	)		(124,983	)		(124,983	)
Net presentation on Balance Sheets	$	3,120,607		$	-		$	162,980		$	-		$	-		$	7,873,979		$	-		$	687,212