Note 10 - Derivatives and Fair Value

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Derivatives and Fair Value [Text Block]

10. DERIVATIVES AND FAIR VALUE

Commodity swaps 

Outstanding derivative contracts at  December 31, 2023 are as follows:

Settlement Period	Type of Contract	Index	Average Monthly Volumes		Weighted Average Put Price		Weighted Average Call Price
			(Bbls)		(per Bbl)		(per Bbl)
January 2024 - March 2024	Collars	Dated Brent		85,000	$	65.00	$	97.00
April 2024 - June 2024	Collars	Dated Brent		65,000	$	65.00	$	100.00

The following table sets forth the gain (loss) on derivative instruments on the Company’s consolidated statements of operations and comprehensive income (loss):

		Twelve Months Ended December 31,
Derivative Item	Statements of Operations Line	2023			2022			2021
		(in thousands)
Commodity derivatives	Cash settlements paid on matured derivative contracts, net	$	(127	)	$	(42,935	)	$	(18,020	)
	Unrealized gain (loss)		359			5,123			(4,806	)
	Derivative instruments gain (loss), net	$	232		$	(37,812	)	$	(22,826	)