Note 11 - Hedging Program and Derivatives

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

11. Hedging Program and Derivatives and Financial Instruments

As of December 31, 2022 the Company is not party to any hedge agreements. The liability as of December 31, 2021 relates to the December 2021 contract settlement paid in January 2022.

The following table illustrates the impact of derivative contracts on the Company’s balance sheet:

Fair Value Financial Instruments as of December 31, 2021
	Asset			Liability
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Commodity price derivatives	Derivatives - current	$	-	Derivatives - current	$	442
		$	-		$	442

Fair Value of Investments as of December 31, 2022
	Asset
	Balance Sheet Location	Fair Value
Financial instruments	Investments - long term	$	15,091
		$	15,091