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Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events (Unaudited) | Subsequent Events (Unaudited) Hedging
Subsequent to December 31, 2020, the Company entered into the following derivative contracts:
(1) In February 2021, the Company terminated a total of 920,000 Bbls of short call swaption contracts for the second half of 2021 and simultaneously executed the full year 2022 short call swaption contracts shown in the table above.
(2) The short call swaption contracts shown in the table above have exercise expiration dates of December 31, 2021.
Additionally, in January 2021, the Company paid approximately $3.1 million to terminate 184,000 Bbls of crude ICE Brent swaps. In February 2021, the Company executed offsetting crude ICE Brent swaps on 159,300 Bbls, resulting in a locked-in loss of approximately $2.9 million which the Company will pay as the applicable contracts settle.
Exercise of Warrants
In January and February 2021, certain entities that were issued September 2020 Warrants and November 2020 Warrants provided notice and exercised their outstanding warrants. As a result of these exercises, the Company issued a total of 6.4 million shares of its common stock in exchange for 8.4 million outstanding warrants determined on a net share settlement basis. The exercise of the September 2020 Warrants also resulted in settlement of the associated derivative liability which at December 31, 2020 was $79.4 million.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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