Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table presents the Company’s fair value measurements of its financial instruments as of December 31, 2021 and 2020:

	As at December 31,
	2021		2020
(Thousands of U.S. Dollars)
Level 1
Assets
Investment	$	—	$	48,323
PEF(1)	7,578		—
	$	7,578	$	48,323
Liabilities
DSUs liability - long-term(3)	$	4,346	$	1,480
6.25% Senior Notes	273,672		205,500
7.75% Senior Notes	271,500		206,865
	$	549,518	$	413,845
Level 2
Assets
Derivative asset(2)	$	219	$	—
Restricted cash and cash equivalents - long-term(1)	4,903		3,409
	$	5,122	$	3,409
Liabilities
Derivative liability	$	2,976	$	12,050
Revolving credit facility	66,987		188,704
PSUs liability - current	2,710		805
PSUs liability - long-term(3)	9,372		2,475
	$	82,045	$	204,034
Level 3
Liabilities
Asset retirement obligation	$	54,525	$	48,214

(1)The long-term portion of restricted cash and PEF are included in the other long-term assets on the Company’s balance sheet

(2) Included in the other current assets on the Company’s balance sheet

(3) Long-term DSUs and PSUs liabilities are included in the long-term equity compensation award liability on the Company’s balance sheet

Schedule of Losses or Gains on Financial Instruments Recognized

The following table presents gains or losses on derivatives and other instruments recognized in the accompanying consolidated statements of operations:

	Year Ended December 31,
(Thousands of U.S. Dollars)	2021		2020		2019
Commodity price derivative loss (gain)	$	48,723	$	(220)	$	3,642
Foreign currency derivative loss	115		3,155		27
Derivative instruments loss	$	48,838	$	2,935	$	3,669
Unrealized investment loss (gain)	$	2,032	$	46,883	$	(49,884)
Loss on sale of investment	1,355		—		—
Financial instruments (gain) loss	(18)		1,164		—
Other financial instruments loss (gain)	$	3,369	$	48,047	$	(49,884)

Schedule of Price Risk Derivatives

As at December 31, 2021, the Company had 3,000 bopd outstanding commodity price derivative positions and entered into additional 6,000 bopd commodity derivatives subsequent to year-end for a total hedging program presented as follows:

Period and Type of Instrument	Volume, bopd	Reference	Sold Swap ($/bbl, Weighted Average)	Sold Put ($/bbl, Weighted Average)	Purchased Put ($/bbl, Weighted Average)	Sold Call ($/bbl, Weighted Average)	Premium ($/bbl, Weighted Average)
Three-way Collars: January 1, to June 30, 2022	5,000	ICE Brent	—	63.56	73.56	91.28	—
Swaps: January 1, to June 30, 2022	3,000	ICE Brent	80.41	—	—	—	—
Deferred Puts: January 1, to June 30, 2022	1,000	ICE Brent	—	—	70.00	—	4.00