Note 6 - Hedging Program and Derivatives (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Schedule of Fixed Price Derivatives [Table Text Block]

	Oil - WTI
Contract Periods	Daily Volume (Bbl)		Swap Price (per Bbl)
Fixed Swaps
2020 April - December		3,729	$	55.10
2021 January - December		2,889	$	57.62
2022 January - December		2,412	$	50.60
2023 January - December		1,498	$	50.60
2024 January - December		1,589	$	50.60
Basis Swaps
2020 April - December		4,000	$	2.98

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Fair Value of Derivative Contracts as of March 31, 2020
	Asset Derivatives			Liability Derivatives
Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity price derivatives	Derivatives – current	$	34,020	Derivatives – current	$	800
Commodity price derivatives	Derivatives – long-term		36,788	Derivatives – long-term		-
		$	70,808		$	800

Fair Value of Derivative Contracts as of December 31, 2019
	Asset Derivatives			Liability Derivatives
Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity price derivatives	Derivatives – current	$	83	Derivatives – current	$	10,688
Commodity price derivatives	Derivatives – long-term		4,170	Derivatives – long-term		999
		$	4,253		$	11,687