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