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Note 7 - Commodity Derivatices (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Derivative Instruments [Table Text Block]

	Fixed Price Swaps
			Weighted
	Quantity		Average
Commodity/ Index/ Maturity Period	(Bbls)⁽¹⁾		Price

NYMEX WTI
Crude Oil 2024 Contracts:
First quarter 2024		53,300	$	84.07
Second quarter 2024		48,600	$	81.76
Third quarter 2024		45,000	$	79.80
Fourth quarter 2024		40,720	$	78.15
Total 2024		187,620	$	81.16

Schedule of Derivative Liabilities at Fair Value [Table Text Block]

	*December 31,*
	*2023*		*2022*
	(in thousands)
Derivative assets:
Current assets	$	1,844	$	-
Total derivative assets	$	1,844	$	-

Derivative liabilities:
Current liabilities	$	-	$	1,694
Total derivative liabilities	$	-	$	1,694

Derivative Instruments, Gain (Loss) [Table Text Block]

	*December 31,*
	*2023*			*2022*
	(in thousands)
Commodity derivative settlement gains (losses):
Oil contracts	$	(628	)	$	(6,277	)
Gas contracts		(28	)		(863	)
Total derivative settlement gains (losses)	$	(656	)	$	(7,140	)

Total net commodity derivative gains (losses):
Oil contracts	$	2,822		$	(4,941	)
Gas contracts		60			(741	)
Total net commodity derivative gains (losses)	$	2,882		$	(5,682	)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details