| Schedule of Long-Term Debt |
The Company’s debt as at June 30, 2026, and December 31, 2025, was as follows: | | | | | | | | | | | | | (Thousands of U.S. Dollars) | As at June 30, 2026 | | As at December 31, 2025 | | Current | | | | 7.75% Senior Notes | $ | 24,201 | | | $ | — | | 9.50% Senior Notes | 21,910 | | | 21,910 | | | Unamortized Senior Notes discount | (247) | | | (496) | | | Unamortized debt issuance costs | (147) | | | (202) | | | $ | 45,717 | | | $ | 21,212 | | | | | | | Long-Term | | | | 7.75% Senior Notes, due May 2027 (“7.75% Senior Notes”) | $ | — | | | $ | 24,201 | | 9.50% Senior Notes, due October 2029 (“9.50% Senior Notes”) | 65,729 | | | 694,430 | | 9.75% Senior Notes, due April 2031 (“9.75% Senior Notes”) | 494,353 | | | — | | | Unamortized Senior Notes discount | (21,343) | | | (29,365) | | Unamortized debt issuance costs (1) | (9,233) | | | (14,458) | | | 529,506 | | | 674,808 | | Long-term lease obligation (2) | 22,306 | | | 11,713 | | | $ | 551,812 | | | $ | 686,521 | | | Total Debt | $ | 597,529 | | | $ | 707,733 | |
(1) Includes $0.1 million of deferred financing fees related to Canadian revolving credit facility as at June 30, 2026 (December 31, 2025 - $1.8 million related to Canadian revolving and Colombian credit facilities). (2) The current portion of the lease obligation was included in accounts payable and accrued liabilities on the Company’s condensed consolidated balance sheet and totaled $25.2 million as at June 30, 2026 (December 31, 2025 - $17.0 million).
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| Schedule of Debt |
| | | | | | | | | | | | | (Thousands of U.S. Dollars) | 9.50% Senior Notes | | 9.75% Senior Notes | Senior Notes, December 31, 2025 | $ | 716,340 | | | $ | — | | Principal exchanged for 9.75% Senior Notes | (628,701) | | | 628,701 | | | Early participation principal payment | — | | | (125,000) | | | Rounding adjustment on exchange | — | | | (131) | | | Purchased in the open market | — | | | (9,217) | | Senior Notes principal, June 30, 2026 | $ | 87,639 | | | $ | 494,353 | |
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| Schedule of Interest Expense Recognized |
The following table presents the total interest expense recognized in the accompanying interim unaudited condensed consolidated statements of operations: | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (Thousands of U.S. Dollars) | 2026 | 2025 | | 2026 | 2025 | | Contractual interest and other financing expenses | $ | 22,751 | | $ | 20,284 | | | $ | 61,336 | | $ | 39,686 | | | Amortization of debt issuance costs | 1,722 | | 4,082 | | | 13,015 | | 7,915 | | | $ | 24,473 | | $ | 24,366 | | | $ | 74,351 | | $ | 47,601 | |
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