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FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
FINANCIAL INSTRUMENTS |
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 September 30, 2025:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Daily |  | Total |  | Weighted |  | Weighted
Period |  | Volumes | ​ | Volumes | ​ | Floor Price | ​ | Ceiling Price
Oil (WTI) | ​ | (Bbls) (1) | ​ | (Bbls) | ​ | ($/Bbls) | ​ | ($/Bbls)
Oct 2025 - Dec 2025 | ​ | 2,000 | ​ | 184,000 | ​ | $ | 63.00 | ​ | $ | 77.25
​ ​ ​ ​ ​ ​
(1) | Bbls – barrels of oil
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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2025 | ​ | 2024
Prepaid expenses and other current assets | ​ | $ | 546 | ​ | $ | 868
Other assets | ​ |  | — | ​ |  | 4,150
Accrued liabilities | ​ |  | 30 | ​ |  | 3,731
The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Realized gain (1) | ​ | $ | (9,691) | ​ | $ | (1,370) | ​ | $ | (15,545) | ​ | $ | (5,489)
Unrealized (gain) loss | ​ | ​ | 5,583 | ​ | ​ | (1,829) | ​ | ​ | 2,147 | ​ | ​ | (213)
Derivative gain, net | ​ | $ | (4,108) | ​ | $ | (3,199) | ​ | $ | (13,398) | ​ | $ | (5,702)
​ ​ ​ ​
(1) | The three and nine months ended September 30, 2025 include $7.6 million and $11.9 million, respectively, related to the monetization of the Company’s natural gas put contracts and costless collar.
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 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 | ​ | ​ | 341,843 | ​ | ​ | 338,695 | ​ | ​ | — | ​ | ​ | —
TVPX Loan | ​ | ​ | 8,600 | ​ | ​ | 8,809 | ​ | ​ | 9,010 | ​ | ​ | 9,395
Total | ​ | $ | 350,443 | ​ | $ | 347,504 | ​ | $ | 393,223 | ​ | $ | 397,887

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