DERIVATIVES AND FAIR VALUE

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND FAIR VALUE

DERIVATIVES AND FAIR VALUE

The Company uses derivative financial instruments from time to time to achieve a more predictable cash flow from crude oil and gas production by reducing the Company’s exposure to price fluctuations. See table below for the list of outstanding contracts as of March 31, 2025:

Settlement Period	Type of Contract	Index	Average Monthly Volumes	Weighted Average Put Price		Weighted Average Call Price
			(Bbls)	(per Bbl)		(per Bbl)
April 2025 - June 2025	Collars	Dated Brent	70,000	$	65.00	$	81.00
July 2025 - September 2025	Collars	Dated Brent	60,000	$	65.00	$	80.00

The following table sets forth the gain (loss) on derivative instruments on the Company’s unaudited condensed consolidated statements of operations and comprehensive income:

		Three Months Ended March 31,
Derivative Item	Statements of Operations Line	2025		2024
		(in thousands)
Commodity derivatives	Cash settlements paid on matured derivative contracts, net	$	123	$	(24)
	Unrealized loss	(197)		(823)
	Derivative instruments loss, net	$	(74)	$	(847)