Note 7 - Hedging Program and Derivatives (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

Schedule of Fixed Price Derivatives [Table Text Block]

	Oil - WTI
Contract Periods	Daily Volume (Bbl)		Swap Price (per Bbl)
Fixed Swaps
2021 July - December		750	$	52.50

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

Fair Value of Derivative Contracts as of June 30, 2021
	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	$	-	Derivatives – current	$	3,006
Commodity price derivatives	Derivatives – long-term		-	Derivatives – long-term		-
		$	-		$	3,006

Fair Value of Derivative Contracts as December 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	$	9,639	Derivatives – current	$	480
Commodity price derivatives	Derivatives – long-term		10,281	Derivatives – long-term		-
		$	19,920		$	480