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DERIVATIVES AND FAIR VALUE (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of List of Outstanding Contracts | See table below for the list of outstanding contracts as of June 30, 2025:
|  |  |  | Settlement Period
Instrument |  | Index |  | July 2025 to September 2025 |  | October 2025 to December 2025 |  | January 2026 to March 2026 |  | April 2026 to June 2026
Crude oil: |  |  |  |  |  |  |  |  |  |
Swaps |  | Dated Brent |  |  |  |  |  |  |  |
Total volumes (Bbls) |  |  |  | 100,000 |  | — |  | — |  | —
Weighted average fixed price ($/Bbl) |  |  |  | $ | 65.45 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Collars |  | Dated Brent |  |  |  |  |  |  |  |
Total volumes (Bbls) |  |  |  | 405,000 |  | 480,000 |  | 400,000 |  | 360,000
Weighted average floor price ($/Bbl) |  |  |  | $ | 63.02 |  |  | $ | 60.83 |  |  | $ | 62.29 |  |  | $ | 61.88 |
Weighted average ceiling price ($/Bbl) |  |  |  | $ | 74.36 |  |  | $ | 67.81 |  |  | $ | 68.63 |  |  | $ | 67.95 |
Natural Gas: |  |  |  |  |  |  |  |  |  |
Swaps |  | AECO 7A |  |  |  |  |  |  |  |
Total volumes (GJs)(a) |  |  |  | 342,000 |  | 114,000 |  | — |  | —
Weighted average fixed price (CAD/GJ) |  |  |  | $ | 2.15 |  |  | $ | 2.15 |  |  | $ | — |  |  | $ | — |
(a) One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is approximately 25.5 cubic meters 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 June 30, |  | Six Months Ended June 30,
Derivative Item |  | Statements of Operations Line |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  | (in thousands) |  | (in thousands)
Commodity derivatives |  | Cash settlements received (paid) on matured derivative contracts, net |  | $ | 91 |  |  | $ | (9) |  |  | $ | 214 |  |  | $ | (33) |
|  | Unrealized gain (loss) |  | 309 |  |  | 266 |  |  | 112 |  |  | (557) |
|  | Derivative instruments gain (loss), net |  | $ | 400 |  |  | $ | 257 |  |  | $ | 326 |  |  | $ | (590) |

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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 No definition available. + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
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