v3.26.1
Financial Instruments and Risk Management (Tables)
 3 Months Ended
Mar. 31, 2026
Financial Instruments and Risk Management [Abstract]  
Schedule of Asset and Liability The following table summarizes the gross asset and liability positions of the Company’s individual risk management contracts that are offset in the consolidated statements of financial position:

 

As at

  March 31, 2026   December 31, 2025 
Gross amount  $(81,072)  $13,456 
Amount offset   666    (2,440)
Risk management contracts – (liability) asset  $(80,406)  $11,016 
Schedule of Gain (Loss) on Risk Management Contracts
   Three months ended
March 31,
2026		   Three months ended
March 31,
2025		 
Realized loss on risk management contracts  $(3,211)  $(1,101)
Unrealized (loss) gain on risk management contracts   (91,422)   6,349 
Gain (loss) on risk management contracts  $(94,633)  $5,248 
Schedule of Financial Commodity Risk Management Contracts

As at March 31, 2026, the following financial commodity risk management contracts were in place, with oil volumes hedged in barrels (“bbl”) and natural gas volumes hedged in gigajoules (“GJ”):

 

   Instrument  Units  Volume (per day)   Swap Price   Put Price   Call Price 
Q2 2026  WTI Costless Collar  C$ / bbl   5,027    
-
   $78.50   $83.84 
Q2 2026  WTI Costless Collar  US$ / bbl   2,473    
-
   $57.00   $65.15 
Q2 2026  WTI Fixed Price Swap  US$ / bbl   4,387   $68.85    
-
    
-
 
Q2 2026  WCS Differential Swap  US$ / bbl   14,000   $(12.15)   
-
    
-
 
Q2 2026  AECO Swap  C$ / GJ   24,297   $2.30    
-
    
-
 
Q3 2026  WTI Costless Collar  US$ / bbl   7,500    
-
   $57.34   $66.26 
Q3 2026  WTI Fixed Price Swap  US$ / bbl   3,500   $71.28    
-
    
-
 
Q3 2026  WCS Differential Swap  US$ / bbl   14,000   $(12.80)   
-
    
-
 
Q3 2026  AECO Swap  C$ / GJ   24,848   $2.30    
-
    
-
 
Q4 2026  WTI Costless Collar  US$ / bbl   7,473    
-
   $59.01   $72.21 
Q4 2026  WTI Fixed Price Swap  US$ / bbl   674   $68.83    
-
    
-
 
Q4 2026  AECO Swap  C$ / GJ   27,000   $2.30    
-
    
-
 
Q1 – Q4 2027  AECO Swap  C$ / GJ   27,000   $2.93    
-
    
-
 
Q1 – Q4 2028  AECO Swap  C$ / GJ   27,000   $2.93    
-
    
-
 
Schedule of Net Income, Before Tax, Based on the Financial Risk Management Contracts

The following table illustrates the potential impact of changes in commodity prices on the Company’s net income (loss), before tax, based on the financial risk management contracts in place at March 31, 2026:

 

 		  10% change in commodity prices 
As at March 31, 2026  Increase   Decrease 
Increase (decrease) to fair value of the risk management contracts  $(33,243)  $25,281 
Schedule of Credit Risk

Credit Risk

 

 

As at

  March 31 2026   December 31 2025 
Trade receivables  $49,846   $32,482 
Joint interest receivables   7,841    19,719 
Accrued joint interest receivables   25,672    13,985 
Accounts receivable  $83,359   $66,186 
Schedule of Contractual Maturities of its Financial Liabilities

The following table details the Company’s contractual maturities of its financial liabilities at March 31, 2026, and December 31, 2025:

 

   As at March 31 2026   As at December 31 2025 
   Less than
one year		   Greater than one year   Less than
one year		   Greater than one year 
Accounts payable and accrued liabilities  $84,794   $
-
   $88,432   $
-
 
Risk management contracts   72,906    7,500    
-
    
-
 
Lease liabilities and other(1)   1,521    6,408    3,457    2,787 
Debt(2)   
-
    4,148    
-
    
-
 
Total financial liabilities  $159,221   $18,056   $91,889   $2,787 

 

(1)Amounts represent the expected undiscounted cash payments.
(2)Amounts represent undiscounted principal only and exclude interest and transaction costs.