COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Investments, All Other Investments [Abstract]

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three and nine months ended September 30, 2021 and 2020:

The following table summarizes the net realized and unrealized amounts reported in earnings related to the commodity derivative instruments for the three and nine months ended September 30, 2021 and 2020:

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Gain (loss) on derivatives:
Oil derivatives	$	112,183		$	(103,166	)	$	(427,766	)	$	2,003,505
Natural gas derivatives		(144,454	)		—			(144,454	)		—
Total	$	(32,271	)	$	(103,166	)	$	(572,220	)	$	2,003,505

The following represents the Company’s net cash receipts from (payments on) derivatives for the three and nine months ended September 30, 2021 and 2020:

The following represents the Company’s net cash receipts from (payments on) derivatives for the three and nine months ended September 30, 2021 and 2020:

	Three months ended September 30,					Nine months ended September 30,
	2021			2020		2021			2020
Net cash received (payments made) on derivatives
Oil derivatives	$	(177,736	)	$	279,533	$	(541,709	)	$	1,323,426
Natural gas derivatives		(144,454	)		—		(144,454	)		—
Total	$	(322,190	)	$	279,533	$	(686,163	)	$	1,323,426

The following table sets forth the Company’s outstanding derivative contracts at September 30, 2021.

The following table sets forth the Company’s outstanding derivative contracts at September 30, 2021.

	4th Quarter
2021
WTI Index Put Options:
Quarterly volume (MBbl)		20.68
Floor Price (Bbl)	$	40.00

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
2022
WTI Index Put Options:
Quarterly volume (MBbl)		20.56		20.43		20.32		15.72
Floor Price (Bbl)	$	40.00	$	40.00	$	40.00	$	40.00

	1st Quarter		2nd  Quarter
2023
WTI Index Put Options:
Quarterly volume (MBbl)		13.40		4.45
Floor Price (Bbl)	$	40.00	$	40.00