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DERIVATIVES AND FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of List of Outstanding Contracts

See the table below for the list of outstanding contracts as of September 30, 2024:

Settlement Period

Type of Contract

Index

Average Monthly Volumes

Weighted Average Put Price

(Bbls)a

(per Bbl)

October 2024 - December 2024

Put Options

Dated Brent

125,000

$

65.00

a)The premium for these options was $4.01 per barrel and was paid in October 2023.

Settlement Period

Type of Contract

Index

Average Monthly Volumes

Weighted Average SWAP Price in CAD

(GJ)b

(per GJ)

November 2024 - March 2025

Swap

AECO (7A)

67,000

$

2.80

b)One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is about 25.5 cubic metres at standard conditions.

Schedule of Sets Forth the Gain (Loss) on Derivative Instruments

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 September 30,												Nine Months Ended September 30,
Derivative Item						Statements of Operations Line						2024						2023						2024						2023
												(in thousands)												(in thousands)
Commodity derivatives						Cash settlements paid on matured derivative contracts, net						$	18					$	1					$	(15)					$	(62)
						Unrealized gain (loss)						192						(2,321)						(365)						(2,206)
						Derivative instruments gain (loss), net						$	210					$	(2,320)					$	(380)					$	(2,268)

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