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DERIVATIVES (Tables)
9 Months Ended
Sep. 30, 2022
DERIVATIVES  
Schedule of changes in fair value of derivative instruments

Three Months Ended September 30, 

Nine Months Ended September 30, 

2022

2021

2022

2021

Beginning fair value of derivative instruments

$

(38,741,643)

$

(29,998,417)

$

(26,624,646)

$

(6,280,863)

Loss on derivative instruments

(1,022,399)

(17,676,825)

(35,456,734)

(45,615,784)

Net cash paid on settlements of derivative instruments

14,410,499

6,425,055

36,727,837

10,646,460

Ending fair value of derivative instruments

$

(25,353,543)

$

(41,250,187)

$

(25,353,543)

$

(41,250,187)

Schedule of derivative contracts

September 30, 

December 31, 

Classification

Balance Sheet Location

2022

2021

Assets:

Current assets

Derivative assets

$

$

166,307

Long-term assets

Derivative assets

1,590,501

Liabilities:

Current liabilities

Derivative liabilities

(23,477,833)

(24,190,678)

Long-term liabilities

Derivative liabilities

(1,875,710)

(4,190,776)

$

(25,353,543)

$

(26,624,646)

Schedule of commodity derivative contracts

Oil Price Swaps

Notional

Weighted Average

Range (per Bbl)

Volumes (Bbl)

Fixed Price (per Bbl)

Low

High

October 2022 - December 2022

109,388

$

46.00

$

46.00

$

46.00

January 2023 - December 2023

303,411

$

59.35

$

53.38

$

63.00

January 2024 - September 2024

159,596

$

76.34

$

69.30

$

82.40

Natural Gas Price Swaps

Notional

Weighted Average

Range (per MMBtu)

Volumes (MMBtu)

Fixed Price (per MMBtu)

Low

High

October 2022 - December 2022

1,383,496

$

2.58

$

2.58

$

2.58

January 2023 - December 2023

4,245,899

$

2.90

$

2.52

$

3.28

January 2024 - September 2024

2,418,128

$

4.30

$

4.15

$

4.45