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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2026
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 oil derivative contracts as of June 30, 2026:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Instrument | ​ | Daily | ​ ​ ​ | Total | ​ ​ ​ | Weighted | ​ ​ ​ | Weighted | ​ ​ ​ | Weighted
Period | ​ ​ ​ | Type | ​ ​ ​ | Volumes | ​ | Volumes | ​ | Strike Price | ​ | Floor Price | ​ | Ceiling Price
Oil (WTI) | ​ | ​ | ​ | (Bbls) (1) | ​ | (Bbls) | ​ | ($/Bbls) | ​ | ($/Bbls) | ​ | ($/Bbls)
July 2026 - Dec 2026 | ​ | collars | ​ | 4,000 | ​ | 736,000 | ​ | $ | — | ​ | $ | 56.18 | ​ | $ | 69.40
July 2026 - Dec 2026 | ​ | swap | ​ | 2,000 | ​ | 368,000 | ​ | ​ | 64.53 | ​ | ​ | — | ​ | ​ | —
July 2026 - April 2027 | ​ | call | ​ | 10,000 | ​ | 3,040,000 | ​ | ​ | 122.50 | ​ | ​ | — | ​ | ​ | —
​ ​ ​ ​ ​ ​
(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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | June 30, | ​ | December 31,
​ | ​ | 2026 | ​ | 2025
Prepaid expenses and other current assets | ​ | $ | 1,477 | ​ | $ | 318
Accrued liabilities | ​ |  | 6,760 | ​ |  | —
The impact of commodity derivative contracts on the Condensed Consolidated Statements of Operations was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​
Realized loss (gain) | ​ | $ | 13,691 | ​ | $ | (9,493) | ​ | $ | 16,369 | ​ | $ | (5,854) | ​
Unrealized (gain) loss | ​ | ​ | (11,774) | ​ | ​ | (2,554) | ​ | ​ | 10,061 | ​ | ​ | (3,436) | ​
Derivative loss (gain), net | ​ | $ | 1,917 | ​ | $ | (12,047) | ​ | $ | 26,430 | ​ | $ | (9,290) | ​
​ ​ ​ ​
Schedule of net values and estimated fair values of the Company's debt | The following table presents the net values and estimated fair values of the Company’s debt (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | June 30, 2026 | ​ ​ ​ | December 31, 2025
​ | ​ | Net Value | ​ ​ ​ | Fair Value | ​ ​ ​ | Net Value | ​ ​ ​ | Fair Value
10.75% Notes | ​ | $ | 343,418 | ​ | $ | 357,420 | ​ | $ | 342,355 | ​ | $ | 320,208
TVPX Loan | ​ | ​ | 8,158 | ​ | ​ | 8,211 | ​ | ​ | 8,458 | ​ | ​ | 8,613
Total | ​ | $ | 351,576 | ​ | $ | 365,631 | ​ | $ | 350,813 | ​ | $ | 328,821

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