Derivatives (Tables)

9 Months Ended

Jun. 30, 2020

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary Of Derivative Instruments Contracts

Derivative contracts in place as of June 30, 2020

	Production volume
Contract period	covered per month	Index	Contract price
Natural gas costless collars
April - October 2020	10,000 Mmbtu	NYMEX Henry Hub	$2.20 floor / $2.59 ceiling
November 2020 - December 2021	50,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.90 ceiling
November 2020 - December 2021	40,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
November 2020	26,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
December 2020	28,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
January 2021	32,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
February 2021	25,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
March 2021	30,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
April 2021	31,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
May 2021	32,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
June 2021	30,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
July 2021	31,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
August 2021	12,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
September 2021	11,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
October 2021	9,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
November 2021	8,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
December 2021	10,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
January 2022	25,500 Mmbtu	NYMEX Henry Hub	$2.30 floor / $2.85 ceiling
Natural gas fixed price swaps
January - December 2020	80,000 Mmbtu	NYMEX Henry Hub	$2.750
April - October 2020	10,000 Mmbtu	NYMEX Henry Hub	$2.405
November 2020 - March 2021	10,000 Mmbtu	NYMEX Henry Hub	$2.661
January - December 2021	10,000 Mmbtu	NYMEX Henry Hub	$2.765
January 2021 - February 2022	50,000 Mmbtu	NYMEX Henry Hub	$2.729
November 2020	26,500 Mmbtu	NYMEX Henry Hub	$2.582
December 2020	28,000 Mmbtu	NYMEX Henry Hub	$2.582
January 2021	32,000 Mmbtu	NYMEX Henry Hub	$2.582
February 2021	25,500 Mmbtu	NYMEX Henry Hub	$2.582
March 2021	30,500 Mmbtu	NYMEX Henry Hub	$2.582
April 2021	31,500 Mmbtu	NYMEX Henry Hub	$2.582
May 2021	32,500 Mmbtu	NYMEX Henry Hub	$2.582
June 2021	30,500 Mmbtu	NYMEX Henry Hub	$2.582
July 2021	31,500 Mmbtu	NYMEX Henry Hub	$2.582
August 2021	12,500 Mmbtu	NYMEX Henry Hub	$2.582
September 2021	11,000 Mmbtu	NYMEX Henry Hub	$2.582
October 2021	9,000 Mmbtu	NYMEX Henry Hub	$2.582
November 2021	8,000 Mmbtu	NYMEX Henry Hub	$2.582
December 2021	10,000 Mmbtu	NYMEX Henry Hub	$2.582
January 2022	25,500 Mmbtu	NYMEX Henry Hub	$2.582
Oil costless collars
January - December 2020	2,000 Bbls	NYMEX WTI	$55.00 floor / $62.00 ceiling
August - October 2020	1,000 Bbls	NYMEX WTI	$36.00 floor / $43.60 ceiling
November - December 2020	500 Bbls	NYMEX WTI	$36.00 floor / $43.60 ceiling
January 2021	2,000 Bbls	NYMEX WTI	$36.00 floor / $43.60 ceiling
February 2021	1,500 Bbls	NYMEX WTI	$36.00 floor / $43.60 ceiling
March - July 2021	2,000 Bbls	NYMEX WTI	$36.00 floor / $43.60 ceiling
January 2022	2,500 Bbls	NYMEX WTI	$36.00 floor / $43.60 ceiling
Oil fixed price swaps
January - December 2020	2,000 Bbls	NYMEX WTI	$55.28
January - December 2020	2,000 Bbls	NYMEX WTI	$58.65
January - December 2020	2,000 Bbls	NYMEX WTI	$60.00
January - December 2020	2,000 Bbls	NYMEX WTI	$58.05
July - December 2020	2,000 Bbls	NYMEX WTI	$58.10
January - December 2021	8,000 Bbls	NYMEX WTI	$37.00

Subsequent to June 30, 2020, 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
November - December 2020	53,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
January 2021	72,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
February 2021	48,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
March 2021	61,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
April 2021	63,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
May 2021	69,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
June 2021	61,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
July 2021	83,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
August - September 2021	27,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
October 2021	20,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
November 2021	14,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
December 2021	4,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
January 2022	77,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.10 ceiling
November 2020	54,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
December 2020	55,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
January 2021	64,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
February 2021	52,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
March - April 2021	62,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
May 2021	66,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
June 2021	60,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
July 2021	64,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
August 2021	24,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
September 2021	18,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
October 2021	19,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
November - December 2021	20,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
January - February 2022	50,000 Mmbtu	NYMEX Henry Hub	$2.30 floor / $3.00 ceiling
Oil costless collars
August - October 2020	1,000 Bbls	NYMEX WTI	$37.00 floor / $44.50 ceiling
November - December 2020	500 Bbls	NYMEX WTI	$37.00 floor / $44.50 ceiling
January - July 2021	2,000 Bbls	NYMEX WTI	$37.00 floor / $44.50 ceiling
August - September 2021	500 Bbls	NYMEX WTI	$37.00 floor / $44.50 ceiling
January 2022	3,000 Bbls	NYMEX WTI	$37.00 floor / $44.50 ceiling
August 2020	1,000 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
September - November 2020	500 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
December 2020	1,000 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
January 2021	2,500 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
February 2021	1,500 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
March - April 2021	2,000 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
May 2021	2,500 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
June - July 2021	2,000 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
August 21	500 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
January 22	2,500 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling
February 22	5,000 Bbls	NYMEX WTI	$37.00 floor / $45.00 ceiling

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

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2020			2019			2020			2019
Cash received (paid) on derivative contracts:
Natural gas costless collars	$	18,000		$	-		$	18,000		$	(191,200	)
Natural gas fixed price swaps		268,650			525,200			1,488,970			(294,940	)
Oil costless collars		625,968			(104,394	)		827,664			(359,564	)
Oil fixed price swaps		786,504			(1,914	)		895,400			(253,698	)
Cash received (paid) on derivative contracts, net	$	1,699,122		$	418,892		$	3,230,034		$	(1,099,402	)
Non-cash gain (loss) on derivative contracts:
Natural gas costless collars	$	(60,035	)	$	-		$	(32,152	)	$	10,453
Natural gas fixed price swaps		(129,865	)		1,255,469			(815,630	)		2,177,594
Oil costless collars		(757,060	)		128,829			(283,255	)		1,516,144
Oil fixed price swaps		(1,590,444	)		510,005			316,404			2,421,334
Non-cash gain (loss) on derivative contracts, net	$	(2,537,404	)	$	1,894,303		$	(814,633	)	$	6,125,525
Gains (losses) on derivative contracts, net	$	(838,282	)	$	2,313,195		$	2,415,401		$	5,026,123

Summary Of Derivative Contracts

	June 30, 2020												September 30, 2019
	Fair Value (a)												Fair Value (a)
	Commodity Contracts												Commodity Contracts
	Current Assets			Current Liabilities			Non-Current Assets			Non-Current Liabilities			Current Assets		Non-Current Assets
Gross amounts recognized	$	2,028,640		$	208,663		$	57,386		$	197,852		$	2,256,639	$	237,505
Offsetting adjustments		(208,663	)		(208,663	)		(57,386	)		(57,386	)		-		-
Net presentation on Condensed Balance Sheets	$	1,819,977		$	-		$	-		$	140,466		$	2,256,639	$	237,505

(a) See Note 11: Fair Value Measurements for further disclosures regarding fair value of financial instruments.