Commodity Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative [Line Items]

Summary of Fair Values and Classifications of Derivative Instruments

The table below summarizes the fair values and classifications of the Company’s derivative instruments as of December 31, 2020 (in thousands):

		As of December 31, 2020
Classification	Balance Sheet Location	Gross Fair Value		Effect of Netting			Net Carrying Value
Assets:
Current asset	Other current assets	$	342	$	(342	)	$	-
Long-term asset	Other assets		-		-			-
Total assets		$	342	$	(342	)	$	-
Liabilities:
Current liability	Other current liabilities	$	1,286	$	(342	)	$	944
Long-term liability	Other non-current liabilities		-		-			-
Total liabilities		$	1,286	$	(342	)	$	944

Summary of Change in Fair Values of Derivative

Changes in the fair values of the Company’s derivative instruments are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented (in thousands):

	Year Ended
	December 31,
	2020			2019		2018
Unrealized gain (loss) of open non-hedge derivative instruments	$	(944	)	$	-	$	(1,151	)
Realized gain (loss) on settlement of non-hedge derivative instruments		(256	)		-		(305	)
Gain (loss) on commodity derivative instruments	$	(1,200	)	$	-	$	(1,456	)

Oil Swap Contracts [Member]

Derivative [Line Items]

Summary of Open Derivative Contracts

The Company had the following open derivative contracts for oil as of December 31, 2020:

					Range (Per Bbl)
			Weighted Average
Period and Type of Contract	Volume (Bbl)		Price (Per Bbl)		Low		High
Oil Swap Contracts:
2021
First Quarter		98,000	$	40.40	$	40.40	$	40.40

Natural Gas Collar Contracts [Member]

Derivative [Line Items]

Summary of Open Derivative Contracts

The Company had the following open derivative contracts for natural gas as of December 31, 2020:

			Weighted Average		Weighted Average
Period and Type of Contract	Volume (MMBtu)		Floor Price (Per MMBtu)		Ceiling Price (Per MMBtu)
Natural Gas Collar Contracts:
2021
First Quarter		481,000	$	3.15	$	3.55