v3.25.2
Derivatives (Tables)
6 Months Ended
Jun. 30, 2025
Derivatives [Abstract]  
Schedule of Weighted-Average Price of Open Commodity Swap Contracts

The following table reflects the weighted-average price of open commodity swap contracts as of June 30, 2025:

 

Commodity Swaps
       Weighted 
   Volume   average 
Period  (Bbls/month)   price ($/Bbl) 
Q3-Q4 2025   5,000   $70.21 

 

The following table reflects the weighted-average price of open commodity swap contracts as of December 31, 2024:

 

Commodity Swaps
       Weighted 
   Volume   average 
Period  (Bbls/month)   price ($/Bbl) 
Q1-Q2 2025   5,000   $70.21 
Q3-Q4 2025   5,000   $70.21 
Schedule of Derivatives Included in the Accompanying Consolidated Balance Sheets The combined fair value of derivatives included in the accompanying consolidated balance sheets as of June 30, 2025 and December 31, 2024 is summarized below.
   As of June 30, 2025 
   Gross fair
value
   Amounts
netted
   Net fair
value
 
Commodity derivatives:            
Short-term derivative asset  $674,314   $      -   $674,314 
Long-term derivative asset   
-
    
-
    
-
 
Short-term derivative liability   
-
    
-
    
-
 
Long-term derivative liability   
 
    
-
    
-
 
Total derivative liability            $674,314 

 

   As of December 31, 2024 
   Gross fair
value
   Amounts
netted
   Net fair
value
 
Commodity derivatives:            
Short-term derivative asset  $151,303   $(44,906)  $106,397 
Long-term derivative asset   
-
    
-
    
-
 
Short-term derivative liability   (44,906)   (44,906)   
-
 
Long-term derivative liability   
-
    
-
    
-
 
Total derivative asset            $106,397 
Schedule of Derivatives on the Consolidated Statements of Operations

The effects of the Company’s derivatives on the consolidated statements of operations are summarized below:

 

   Three Months
Ended
June 30,
2025
   Three Months
Ended
June 30,
2024
   Six Months
Ended
June 30,
2025
   Six Months
Ended
June 30,
2024
 
         
Total gain (loss) on unsettled derivatives  $510,129   $177,970   $567,917   $(1,682,123)
Total gain (loss) on settled derivatives   379,350    (261,448)   236,491    (398,602)
Net gain (loss) on derivatives  $889,479   $(83,478)  $804,408   $(2,080,725)