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DERIVATIVES AND FAIR VALUE | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVES AND FAIR VALUE | DERIVATIVES AND FAIR VALUE Commodity swaps Outstanding derivative contracts at December 31, 2024 are as follows:
Settlement Period |  | Type of Contract |  | Index |  | Average Monthly Volumes |  | Weighted Average Put Price |  | Weighted Average Call Price
|  |  |  |  |  | (Bbls)b |  | (per Bbl) |  | (per Bbl)
January 2025 - March 2025 |  | Collars |  | Dated Brent |  | 70,000 |  | $ | 65.00 |  |  | $ | 85.00 |
April 2025 - June 2025 |  | Collars |  | Dated Brent |  | 70,000 |  | $ | 65.00 |  |  | $ | 81.00 |
Settlement Period |  | Type of Contract |  | Index |  | Average Monthly Volumes |  | Weighted Average SWAP Price in CAD
|  |  |  |  |  | (GJ)b |  | (per GJ)
January 2025 - 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. The following table sets forth the gain (loss) on derivative instruments on the Company’s consolidated statements of operations and comprehensive income (loss):
|  |  |  | Year Ended December 31,
Derivative Item |  | Statements of Operations Line |  | 2024 |  | 2023 |  | 2022
|  |  |  | (in thousands)
Commodity derivatives |  | Cash settlements paid on matured derivative contracts, net |  | $ | (453) |  |  | $ | (127) |  |  | $ | (42,935) |
|  | Unrealized gain (loss) |  | (292) |  |  | 359 |  |  | 5,123 |
|  | Derivative instruments gain (loss), net |  | $ | (745) |  |  | $ | 232 |  |  | $ | (37,812) |

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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