Derivative Financial Instruments (Tables)

3 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Fair Value Amounts of Derivative Contracts

The following table summarizes the fair value amounts of derivative contracts in the consolidated balance sheets as well as the gross recognized derivative assets in the consolidated balance sheets as of June 30, 2020.

	Gross Recognized Asset		Gross Amounts Offset		Net Recognized Asset
Oil price hedging contracts - current	$	550	$	-	$	550
Oil price hedging contracts – non-current		-		-		-
	$	550	$	-	$	550

Summary of Realized and Unrealized Gains (losses) On Derivative Contracts

The following tables summarizes the amounts of the Company’s realized and unrealized gains (losses) on derivative contracts in the Company’s consolidated statements of operations for the quarter ended June 30, 2020.

	Gain Recognized
Realized gain (loss) on oil price hedging contracts	$	(7,800	)
Unrealized gain (loss) on oil price hedging contracts		550
Net realized and unrealized loss on derivative contracts	$	(7,250	)

Summary of Derivative Contracts

The periods covered, notional amounts, fixed price and related commodity pricing index of the Company’s outstanding crude oil derivative contracts as of June 30, 2020 are set forth in the table below:

Period	Type of Contract	Index	Volume Bbls		Weighted Average Floor Price
July 2020	Put Options	NY MEX WTI		3,000	$	25.00
August 2020	Put Options	NY MEX WTI		2,000	$	25.00