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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Notes Tables |
Schedule of Contracted Volumes and Weighted Average Prices of Open Derivative Contracts | The following table reflects the contracted volumes and weighted average prices under the terms of the Company’s open costless collar contracts as of June 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Daily |  | Total |  | Weighted |  | Weighted
Period |  | Volumes | ​ | Volumes | ​ | Floor Price | ​ | Ceiling Price
Natural Gas (Henry Hub) | ​ | (Mmbtu) (1) | ​ | (Mmbtu) | ​ | ($/Mmbtu) | ​ | ($/Mmbtu)
July 2025 - Dec 2025 | ​ | 70,000 | ​ | 12,880,000 | ​ | $ | 4.02 | ​ | $ | 5.32
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Oil (WTI) | ​ | (Bbls) (2) | ​ | (Bbls) | ​ | ($/Bbls) | ​ | ($/Bbls)
July 2025 - Dec 2025 | ​ | 2,000 | ​ | 368,000 | ​ | $ | 63.00 | ​ | $ | 77.25
​ ​ ​ ​ ​ ​
(1) | Mmbtu – Million British Thermal Units
(2) | Bbls – barrels of oil, condensate or NGLs
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The fair value of the Company’s derivative financial instruments was recorded in the Condensed Consolidated Balance Sheets as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
Prepaid expenses and other current assets | ​ | $ | 8,985 | ​ | $ | 868
Other assets | ​ |  | — | ​ |  | 4,150
Accrued liabilities | ​ |  | 1,322 | ​ |  | 3,731
The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Realized gain (1) | ​ | $ | (9,493) | ​ | $ | (364) | ​ | $ | (5,854) | ​ | $ | (4,119)
Unrealized (gain) loss | ​ | ​ | (2,554) | ​ | ​ | 2,738 | ​ | ​ | (3,436) | ​ | ​ | 1,616
Derivative (gain) loss, net | ​ | $ | (12,047) | ​ | $ | 2,374 | ​ | $ | (9,290) | ​ | $ | (2,503)
​ ​ ​ ​ (1) The three and six months ended June 30, 2025 include $4.3 million related to the monetization of the Company’s natural gas put contracts.
Schedule of Net Values and Estimated Fair Values of Debt Instruments | The following table presents the net values and estimated fair values of the Company’s debt (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2025 |  | December 31, 2024
​ | ​ | Net Value |  | Fair Value |  | Net Value |  | Fair Value
Term Loan | ​ | $ | — | ​ | $ | — | ​ | $ | 112,132 | ​ | $ | 109,727
11.75% Notes | ​ | ​ | — | ​ |  | — | ​ |  | 272,081 | ​ |  | 278,765
10.75% Notes | ​ | ​ | 341,350 | ​ | ​ | 308,543 | ​ | ​ | — | ​ | ​ | —
TVPX Loan | ​ | ​ | 8,737 | ​ | ​ | 9,004 | ​ | ​ | 9,010 | ​ | ​ | 9,395
Total | ​ | $ | 350,087 | ​ | $ | 317,547 | ​ | $ | 393,223 | ​ | $ | 397,887

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