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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Financial Instruments [Abstract]

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts, net of discount and deferred financing costs, and estimated fair values of the Company’s debt instruments (in thousands):

	September 30, 2025						December 31, 2024
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
9.000% Second-Priority Senior Secured Notes	$	613,301		$	645,431		$	611,135		$	640,619
9.375% Second-Priority Senior Secured Notes	$	611,646		$	652,556		$	610,264		$	635,750

Schedule of Impact that Derivatives not Qualifying as Hedging Instruments in Condensed Consolidated Statements of Operations

The following table presents the impact that derivatives, not designated as hedging instruments, had on its Condensed Consolidated Statements of Operations (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net cash received (paid) on settled derivative instruments	$	16,605		$	6,071		$	55,087		$	(14,941	)
Unrealized gain (loss)		(12,379	)		120,220			20,141			56,472
Price risk management activities income (expense)	$	4,226		$	126,291		$	75,228		$	41,531

Schedule of Contracted Volumes and Weighted Average Prices and will Receive Under the Terms of Derivative Contracts

The following tables reflect the contracted average daily volumes and weighted average prices under the terms of the Company's derivative contracts as of September 30, 2025:

Swap Contracts
Production Period	Settlement Index	Volumes			Swap Price
Crude oil:		(Bbls)			(per Bbl)
October 2025 – December 2025	NYMEX WTI CMA		23,967		$	71.01
January 2026 – December 2026	NYMEX WTI CMA		8,197		$	65.51
Natural gas:		(MMBtu)			(per MMBtu)
October 2025 – December 2025	NYMEX Henry Hub		40,000		$	3.53
January 2026 – December 2026	NYMEX Henry Hub		26,192		$	3.86

Two-Way Collar Contracts
Production Period	Settlement Index	Volumes			Floor Price			Ceiling Price
Crude oil:		(Bbls)			(per Bbl)			(per Bbl)
January 2026 – December 2026	NYMEX WTI CMA		11,000		$	60.45		$	68.50

Summary of Additional Information Related to Financial Instruments Measured at Fair Value on Recurring Basis

The following tables provide additional information related to financial instruments measured at fair value on a recurring basis (in thousands):

	September 30, 2025
	Level 1			Level 2			Level 3			Total
Assets:
Oil and natural gas derivatives	$	—		$	57,808		$	—		$	57,808
Liabilities:
Oil and natural gas derivatives		—			(13,939	)		—			(13,939	)
Total net asset (liability)	$	—		$	43,869		$	—		$	43,869

	December 31, 2024
	Level 1			Level 2			Level 3			Total
Assets:
Oil and natural gas derivatives	$	—		$	33,739		$	—		$	33,739
Liabilities:
Oil and natural gas derivatives		—			(10,011	)		—			(10,011	)
Total net asset (liability)	$	—		$	23,728		$	—		$	23,728

Schedule of Fair Value of Derivative Financial Instruments

The following table presents the fair value of derivative financial instruments as well as the potential effect of netting arrangements on the Company's recognized derivative asset and liability amounts (in thousands):

	September 30, 2025						December 31, 2024
	Assets			Liabilities			Assets			Liabilities
Oil and natural gas derivatives:
Current	$	50,305		$	9,270		$	33,486		$	6,474
Non-current		7,503			4,669			253			3,537
Total gross amounts presented on balance sheet		57,808			13,939			33,739			10,011
Less: Gross amounts not offset on the balance sheet		13,939			13,939			10,011			10,011
Net amounts	$	43,869		$	—		$	23,728		$	—

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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Tabular disclosure of price risk derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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