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DERIVATIVES AND FAIR VALUE (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of List of Outstanding Contracts | 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.
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 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 Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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