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DERIVATIVES | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVES | DERIVATIVES We have entered into derivative contracts primarily with counterparties that are also lenders under the 2025 RBL Facility (defined below) to hedge price risk associated with a portion of our oil, natural gas and NGLs production. Pricing for these derivative contracts is based on certain market indexes and prices at our primary sales points. See table below for the list of outstanding contracts as of September 30, 2025:
|  |  |  | Settlement Period
Instrument |  | Index |  | October 2025 to December 2025 |  | January 2026 to March 2026 |  | April 2026 to June 2026 |  | July 2026 to September 2026
Crude oil: |  |  |  |  |  |  |  |  |  |
Collars |  | Dated Brent |  |  |  |  |  |  |  |
Total volumes (Bbls) |  |  |  | 480,000 |  | 400,000 |  | 360,000 |  | 75,000 |
Weighted average floor price ($/Bbl) |  |  |  | $ | 60.83 |  |  | $ | 62.29 |  |  | $ | 61.88 |  |  | $ | 65.00 |
Weighted average ceiling price ($/Bbl) |  |  |  | $ | 67.81 |  |  | $ | 68.63 |  |  | $ | 67.95 |  |  | $ | 71.00 |
Natural Gas: |  |  |  |  |  |  |  |  |  |
Swaps |  | AECO 7A |  |  |  |  |  |  |  |
Total volumes (GJs)(a) |  |  |  | 214,000 |  | 150,000 |  |  | — |  | —
Weighted average fixed price (CAD/GJ) |  |  |  | $ | 2.48 |  |  | $ | 2.86 |  |  | $ | — |  |  | $ | — |
(a) One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is approximately 25.5 cubic meters standard conditions. 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 |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  |  |  | (in thousands) |  | (in thousands)
Commodity derivatives |  | Cash settlements received (paid) on matured derivative contracts, net |  | $ | (355) |  |  | $ | 18 |  |  | $ | (141) |  |  | $ | (15) |
|  | Unrealized gain (loss) |  | (738) |  |  | 192 |  |  | (626) |  |  | (365) |
|  | Derivative instruments gain (loss), net |  | $ | (1,093) |  |  | $ | 210 |  |  | $ | (767) |  |  | $ | (380) |

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