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Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Trading Securities, Derivative Assets, and RSU and PSU Liabilities
The fair value of investments, derivatives, PSU and DSU liabilities at December 31, 2019, and December 31, 2018 were as follows:
 
As at December 31,
(Thousands of U.S. Dollars)
2019
 
2018
Investment - current and long-term assets
$
94,741

 
$
41,435

 
$
94,741

 
$
41,435

 
 
 
 
Derivative liability
$
775

 
$
1,017

PSU and DSU liability
7,859

 
17,683

 
$
8,634

 
$
18,700
Schedule of Losses or Gains on Financial Instruments Recognized
The following table presents gains or losses on financial instruments recognized in the accompanying consolidated statements of operations:
(Thousands of U.S. Dollars)
Year Ended December 31,
 
2019
 
2018
 
2017
Commodity price derivative loss
$
3,642

 
$
13,972

 
$
17,327

Foreign currency derivative loss (gain)
27

 
(890
)
 
(1,287
)
Investment gain
(49,884
)
 
(786
)
 
(111
)
 
$
(46,215
)
 
$
12,296

 
$
15,929
Schedule of the Rollforward of Level 3 Financial Assets and Liabilities: The table below presents a roll-forward of the long-term portion of the investment:

 
Year Ended December 31,
(Thousands of U.S. Dollars)
2019
 
2018
Opening balance
$
8,711

 
$
19,147

Transfer from long-term (Level 3) to current (Level 1)
(11,881
)
 
(10,522
)
Unrealized gain on valuation
2,604

 
846

Unrealized gain (loss) on foreign exchange
566

 
(760
)
Closing balance
$
—

 
$
8,711
Schedule of Price Risk Derivatives As at December 31, 2019, the Company had outstanding commodity price derivative positions as follows:
Period and type of instrument
Volume,
bopd
Reference
Purchased Put ($/bbl, Weighted Average)
Sold Call ($/bbl, Weighted Average)
Premium ($/bbl, Weighted Average)
Collars: January 1, to June 30, 2020
6,000

ICE Brent
55.00

69.05

n/a
Schedule of Derivative Instruments As at December 31, 2019 and subsequent to, the Company had outstanding foreign currency derivative positions as follows:
Period and type of instrument
Amount Hedged
(Millions COP)
U.S. Dollar Equivalent of Amount Hedged (Thousands of U.S. Dollars)(1)
Reference
Floor Price
(COP, Weighted Average)
Cap Price (COP, Weighted Average)
Collars: January 1, to December 31, 2020
134,500

40,994

COP
3,305

3,423

(1) At December 31, 2019 foreign exchange rate.