Quantitative and Qualitative Disclosures About Market Risk
−Removed: primary sources of market risk for us include fluctuations in commodity prices and interest rates.
+Added: primary source of market risk for us includes fluctuations in commodity prices and interest rates.
All of our financial instruments are
2 unchanged sentences
credit risk is related to oil and gas production sold to various purchasers and the receivables are generally not collateralized.
−Removed: December 31, 2021, our largest credit risk associated with any single purchaser was $530,696 or 71% of our total oil and gas receivables.
+Added: June 30, 2022, our largest credit risk associated with any single purchaser was $851,059 or 56% of our total oil and gas receivables.
We have not experienced any significant credit losses.
5 unchanged sentences
volatility to continue in the future.
+Added: that can cause price fluctuations include the level of global demand for petroleum products, foreign and domestic supply of oil and gas,
+Added: the establishment of and compliance with production quotas by oil-exporting countries, weather conditions, the price and availability
+Added: of alternative fuels and overall political and economic conditions in oil producing and consuming countries.
example, in the last twelve months, the NYMEX West Texas Intermediate (“WTI”) posted price for crude oil has ranged from
−Removed: a low of $43.60 per bbl in January 2021 to a high of $80.63 per bbl in October 2021.
+Added: a low of $58.30 per bbl in August 2021 to a high of $119.68 per bbl in March 2022.
The Henry Hub Spot Market Price (“Henry Hub”)
−Removed: posted price for natural gas has ranged from a low of $2.43 per MMBtu in April 2021 to a high of $23.86 per MMBtu in February 2021.
−Removed: December 31, 2021, the WTI posted price for crude oil was $71.19 and the Henry Hub posted price for natural gas was $3.83.
−Removed: of Operations above for the Company’s realized prices during the three and nine months.
−Removed: Subsequently, on January 25, 2022, the
−Removed: WTI posted price for crude oil was $81.58 and the Henry Hub posted price for natural gas was $4.24.
+Added: posted price for natural gas has ranged from a low of $3.32 per MMBtu in December 2021 to a high of $9.44 per MMBtu in May 2022.
+Added: 30, 2022, the WTI posted price for crude oil was $101.74 and the Henry Hub posted price for natural gas was $5.75.
+Added: See Results of Operations
+Added: above for the Company’s realized prices during the quarter.
+Added: in oil and natural gas prices will materially adversely affect our financial condition, liquidity, ability to obtain financing and operating
+Added: Changes in oil and gas prices impact both estimated future net revenue and the estimated quantity of proved reserves.
+Added: Any reduction
+Added: in reserves, including reductions due to price fluctuations, can reduce the borrowing base under our credit facility and adversely affect
+Added: the amount of cash flow available for capital expenditures and our ability to obtain additional capital for our acquisition, exploration
+Added: and development activities.
+Added: In addition, a noncash write-down of our oil and gas properties could be required under full cost accounting
+Added: rules if prices declined significantly, even if it is only for a short period of time.
+Added: Lower prices may also reduce the amount of crude
+Added: oil and natural gas that can be produced economically.
+Added: Thus, we may experience material increases or decreases in reserve quantities
+Added: solely as a result of price changes and not as a result of drilling or well performance.
any improvements in oil and gas prices can have a favorable impact on our financial condition, results of operations and capital resources.
−Removed: If the average oil price had increased or decreased by ten dollars per barrel for the first nine months of fiscal 2022, pretax income
−Removed: or loss would have changed by $458,570.
−Removed: If the average gas price had increased or decreased by one dollar per mcf for the first nine
−Removed: months of fiscal 2022, pretax income or loss would have changed by $274,204.
+Added: Oil and natural gas prices do not necessarily fluctuate in direct relationship to each other.
+Added: If the average oil price had increased
+Added: or decreased by ten dollars per barrel for the quarter ended June 30, 2022, our oil sales would have changed by $142,240.
+Added: If the average
+Added: gas price had increased or decreased by one dollar per mcf for the quarter ended June 30, 2022, our natural gas sales would have increased
+Added: or decreased by $129,706.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.