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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
OIL SALES (Note 7) $ 151,373 $ 179,921 $ 474,559 $ 482,013
EXPENSES        
Operating 46,060 49,367 141,561 139,227
Transportation 3,911 3,842 14,185 10,599
Depletion, depreciation and accretion (Note 4) 55,573 55,019 167,213 163,424
General and administrative (Note 10) 6,346 10,238 37,616 32,800
Transaction costs (Note 12) 1,459 0 1,459 0
Foreign exchange (gain) loss (3,084) 1,717 (8,312) 8,126
Other gain 0 (354) 0 (1,444)
Interest expense (Note 5) 19,892 13,503 56,714 38,017
EXPENSES 130,157 133,332 410,436 390,749
INTEREST INCOME 684 271 2,393 1,686
INCOME BEFORE INCOME TAXES 21,900 46,860 66,516 92,950
INCOME TAX EXPENSE (RECOVERY)        
Current (Note 8) 15,217 26,343 61,422 63,706
Deferred (Note 8) 5,550 13,990 (32,332) 43,242
INCOME TAX EXPENSE (RECOVERY) 20,767 40,333 29,090 106,948
NET AND COMPREHENSIVE INCOME (LOSS) $ 1,133 $ 6,527 $ 37,426 $ (13,998)
NET INCOME (LOSS) PER SHARE        
BASIC (in dollars per share) [1] $ 0.04 $ 0.20 $ 1.20 $ (0.42)
DILUTED (in dollars per share) [1] $ 0.04 $ 0.20 $ 1.20 $ (0.42)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares) [1] 30,732,807 33,287,368 31,273,861 33,675,160
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares) [1] 30,732,807 33,350,050 31,273,861 33,675,160
[1] Reflects Company’s 1-for-10 reverse stock split that became effective May 5, 2023.