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DERIVATIVES AND FAIR VALUE

12 Months Ended

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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- References

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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

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