XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.3
DERIVATIVES
 9 Months Ended
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
InstrumentIndexOctober 2025 to December 2025January 2026 to March 2026April 2026 to June 2026July 2026 to September 2026
Crude oil:
CollarsDated Brent
Total volumes (Bbls)480,000400,000360,00075,000 
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:
SwapsAECO 7A
Total volumes (GJs)(a)
214,000150,000 ——
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 ItemStatements of Operations Line2025202420252024
(in thousands)(in thousands)
Commodity derivativesCash 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)