Hammerhead Energy (HHRS) 20-F 28 Mar 23 2022 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2022	Mar. 28, 2023
Entity Addresses [Line Items]
Entity Registrant Name	Hammerhead Energy Inc.
Entity Central Index Key	0001946425
Trading Symbol	HHRS
Entity Current Reporting Status	No
Document Type	20-F
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity Interactive Data Current	Yes
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding		90,927,765
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Amendment Flag	false
Entity File Number	001-41630
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	A0
Entity Address, Address Line One	Suite 2700
Entity Address, Address Line Two	525-8th Avenue SW
Entity Address, City or Town	Calgary
Entity Address, Postal Zip Code	T2P 1G1
Document Annual Report	true
Document Registration Statement	false
Document Transition Report	false
Document Shell Company Report	false
Entity Address, State or Province	AB
Title of 12(b) Security	Class A Common Shares, without par value
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	1263
Auditor Location	Calgary, Alberta, Canada
Auditor Name	Ernst & Young LLP
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	Suite 2700
Entity Address, Address Line Two	525-8th Avenue SW
Entity Address, City or Town	Calgary
Entity Address, Postal Zip Code	T2P 1G1
City Area Code	403
Local Phone Number	930-0560
Entity Address, State or Province	AB
Contact Personnel Name	Michael G. Kohut

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 8,833	$ 12,239
Accounts receivable	89,235	49,433
Prepaid expenses and deposits	4,564	2,751
Risk management contracts	19,293	289
Total current assets	121,925	64,712
Property, plant and equipment	1,644,199	1,408,839
Total assets	1,766,124	1,473,551
Current liabilities
Accounts payable and accrued liabilities	135,547	116,866
Current portion of lease obligations	1,180	1,030
Risk management contracts	7,286	23,344
Total current liabilities	144,013	141,240
Bank debt	179,800	106,300
Term debt	78,932	134,747
Non-current portion of lease obligations	3,945	3,927
Risk management contracts	0	3,050
Warrant liability	21,971	11,360
Decommissioning obligations	23,115	29,569
Deferred tax liabilities	31,720	0
Total liabilities	483,496	430,193
SHAREHOLDERS' EQUITY
Common share capital	585,732	584,275
Preferred share capital	606,131	606,131
Contributed surplus	96,417	83,704
Deficit	(5,652)	(230,752)
Total shareholders' equity	1,282,628	1,043,358
Total liabilities and shareholders' equity	1,766,124	$ 1,473,551
Hammerhead Energy Inc. [Member]
Current assets
Accounts receivable	10
Total assets	10
SHAREHOLDERS' EQUITY
Common share capital	10
Total shareholders' equity	10
Total liabilities and shareholders' equity	$ 10

CONSOLIDATED STATEMENTS OF PROF

CONSOLIDATED STATEMENTS OF PROFIT (LOSS) AND COMPREHENSIVE PROFIT (LOSS) - CAD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUE
Oil and gas revenue		$ 844,644	$ 439,843	$ 263,514
Royalties		(104,508)	(38,577)	(17,185)
Oil and natural gas revenue, net of royalties		740,136	401,266	246,329
RISK MANAGEMENT CONTRACTS
Realized (loss) gain on risk management contracts		(105,977)	(95,407)	66,121
Unrealized gain (loss) on risk management contracts		38,112	(16,649)	(18,353)
Total gain (loss) on risk management contracts		(67,865)	(112,056)	47,768
OTHER INCOME		2,939	1,202	5,050
Total Revenue		675,210	290,412	299,147
EXPENSES
Operating		106,592	82,721	77,477
Transportation		69,683	62,044	57,393
General and administrative		22,268	21,565	21,838
Optimization fees		0	19,708	670
Transaction costs		19,080	0	0
Share-based compensation		10,044	14,039	7,155
Depletion and depreciation		147,168	127,333	135,184
Finance		25,497	21,264	37,344
Loss (gain) on foreign exchange		7,229	(350)	817
Loss (gain) on warrant revaluation		10,611	96	(3,981)
Loss (gain) on debt		218	0	(88,160)
Loss on asset disposition		0	13,813	0
Total expenses		418,390	362,233	245,737
Profit (loss) before tax		256,820	(71,821)	53,410
Deferred income tax expense		31,720	0	0
Profit (loss)		$ 225,100	$ (71,821)	$ 53,410
Net profit (loss) per common share
Basic		$ 0.51	$ (0.24)	$ 0.09
Diluted		$ 0.21	$ (0.24)	$ 0.05
Hammerhead Energy Inc. [Member]
REVENUE
Oil and natural gas revenue, net of royalties	$ 0
EXPENSES
Total expenses	0
Profit (loss)	$ 0
Net profit (loss) per common share
Basic	$ 0
Diluted	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Thousands	Common share capital [Member]	Preferred share capital [Member]	Contributed surplus [Member]	Deficit [Member]	Total	Hammerhead Energy Inc. [Member]
Balance, beginning of period at Dec. 31, 2019	$ 583,483	$ 468,338	$ 56,959	$ (212,341)	$ 896,439
Long term retention program	0
Issued in private placement, net of share issue costs		91,577
Issued on exercise of purchase warrants		11,239
Recognized under share-based compensation plans			8,352
Exercise of restricted share units	0		0
Net profit (loss)				53,410	53,410
Balance, end of period at Dec. 31, 2020	583,483	571,154	65,311	(158,931)	1,061,017
Long term retention program	527
Issued in private placement, net of share issue costs		34,977
Issued on exercise of purchase warrants		0
Recognized under share-based compensation plans			18,658
Exercise of restricted share units	265		(265)
Net profit (loss)				(71,821)	(71,821)
Balance, end of period at Dec. 31, 2021	584,275	606,131	83,704	(230,752)	1,043,358
Long term retention program	0
Issued in private placement, net of share issue costs		0
Issued on exercise of purchase warrants		0
Recognized under share-based compensation plans			14,157
Exercise of restricted share units	1,457		(1,444)
Net profit (loss)				225,100	225,100
Balance, end of period (In Shares) at Dec. 31, 2022						1
Balance, end of period at Dec. 31, 2022	585,732	606,131	96,417	(5,652)	1,282,628	$ 10
Balance, beginning of period (In Shares) at Aug. 31, 2022						0
Balance, beginning of period at Aug. 31, 2022						$ 0
Issuance of Common Share (In Shares)						1
Issuance of Common Share						$ 10
Net profit (loss)						$ 0
Balance, end of period (In Shares) at Dec. 31, 2022						1
Balance, end of period at Dec. 31, 2022	$ 585,732	$ 606,131	$ 96,417	$ (5,652)	$ 1,282,628	$ 10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands	4 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net profit (loss)		$ 225,100	$ (71,821)	$ 53,410
Adjustments for non-cash items:
Unrealized (gain) loss on risk management contracts		(38,112)	16,649	18,353
Share-based compensation		10,044	14,039	7,155
Depletion and depreciation		147,168	127,333	135,184
Finance, non-cash		13,414	14,685	10,209
Unrealized loss (gain) on foreign exchange		4,804	(341)	813
Loss (gain) on warrant revaluation		10,611	96	(3,981)
Deferred income tax expense		31,720	0	0
Settlement of decommissioning obligations		(123)	0	0
Loss (gain) on debt		218	0	(88,160)
Loss on asset disposition		0	13,813	0
Non-cash settlement under long term retention program		0	527	0
Gain on farmout transaction		0	0	(3,496)
Realized foreign exchange loss on debt repayment		5,168	0	0
Change in non-cash working capital		(38,657)	6,131	(9,801)
Net cash from operating activities		371,355	121,111	119,686
FINANCING ACTIVITIES
Drawdown of bank debt		209,500	51,500	23,300
Repayment of bank debt		(136,000)	(108,800)	(149,700)
Repayment of term debt		(78,621)	0	0
Debt transaction costs		(218)	0	(1,186)
Issued Series IX first preferred shares, net of issue costs		0	34,977	102,512
Proceeds from common shares issued		14	0	22
Payment of lease obligations		(1,283)	(1,441)	(1,522)
Net cash used in financing activities		(6,608)	(23,764)	(26,574)
INVESTING ACTIVITIES
Additions to property, plant and equipment ("PP&E")		(383,876)	(138,544)	(94,362)
Proceeds from asset disposition		0	10,027	0
Net change in accounts payable related to the addition of PP&E		15,723	37,337	(18,966)
Net cash used in investing activities		(368,153)	(91,180)	(113,328)
Net change in cash		(3,406)	6,167	(20,216)
Cash, beginning of period		12,239	6,078	26,450
Foreign exchange revaluation		0	(6)	(156)
Cash, end of period	$ 8,833	8,833	$ 12,239	$ 6,078
Hammerhead Energy Inc. [Member]
OPERATING ACTIVITIES
Net profit (loss)	0
Adjustments for non-cash items:
Net cash from operating activities	0
FINANCING ACTIVITIES
Net cash used in financing activities	0
INVESTING ACTIVITIES
Net cash used in investing activities	0
Net change in cash	0
Cash, beginning of period	0
Cash, end of period	$ 0	$ 0

REPORTING ENTITY

REPORTING ENTITY	12 Months Ended
	Dec. 31, 2022
Disclosure Of Corporate Information [Abstract]
REPORTING ENTITY [Text Block]	1. REPORTING ENTITY Hammerhead Resources Inc. ("HHR" or the "Company") is an oil and natural gas exploration, development and production company. HHR's reserves, producing properties and exploration prospects are located in the Deep Basin of West Central Alberta where it is developing multi-zone, liquids-rich oil and gas plays. The Company conducts certain of its operating activities jointly with others through unincorporated joint arrangements and these consolidated financial statements reflect only the Company's share of assets, liabilities, revenues and expenses under these arrangements. The Company conducts all of its principal business in one reportable segment. Hammerhead Resources Inc. was incorporated pursuant to the provisions of the Business Corporations Act (Alberta). On March 11, 2019, the Company incorporated a wholly owned subsidiary, "Prairie Lights Power GP Inc.", and formed an associated limited partnership; "Prairie Lights Power Limited Partnership", in order to initiate a power related project. The project has no active operations as at the date of these annual consolidated financial statements. The Company is controlled by Riverstone Holdings LLC ("Riverstone"). The Company's head office is located at Eighth Avenue Place, East Tower, Suite 2700, 525-8 th

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2022
Basis Of Preparation [Abstract]
BASIS OF PRESENTATION [Text Block]	2. BASIS OF PRESENTATION (a) Statement of compliance These annual consolidated statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. The Company's significant accounting policies under IFRS are presented in note 3. The annual consolidated financial statements were approved and authorized for issue by the Company's Board of Directors on March 28, 2023 (the "Financial Statements"). (b) Basis of measurement The Financial Statements have been prepared on a historical cost basis except for the warrant liab ility (note 11) and note 20), which (c) Functional and presentation currency The Financial Statements are presented in Canadian dollars ("Cdn$"), which is also the Company's functional currency. All references to US$ or USD are to United States dollars. (d) Use of estimates and judgements The preparation of the Financial Statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future years affected. Information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the Financial Statements are as follows: (i) Reserves Reserves engineering is an inherently complex and subjective process of estimating underground accumulations of petroleum and natural gas. The process relies on interpretations of available geological, geophysical, engineering, economic and production data. The accuracy of a reserves estimate is a function of the quality and quantity of available data, the interpretation of that data, the accuracy of various economic assumptions and the judgement of those preparing the estimate. Because these estimates depend on many assumptions, all of which may differ from actual results, reserves estimates and estimates of future net revenue may be different from the sales volumes ultimately recovered and net revenues actually realized. Changes in market conditions, regulatory matters and the results of subsequent drilling, testing and production may require revisions to the original estimates. Estimates of reserves impact: (i) the assessment of whether or not a new well has found economically recoverable reserves; (ii) depletion rates; (iii) the determination of net recoverable amount of oil and gas properties for impairment assessment and measurement, and (iv) the determination of reserve lives which affect the timing of decommissioning activities, all of which could have a material impact on earnings and financial positions. HHR's reserves have been evaluated at December 31, 2022 and 2021 by independent third-party professional engineers, who work with information provided by the Company to evaluate reserves in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (ii) Property, plant and equipment HHR's oil and gas assets are grouped into a cash generating unit ("CGU"). A CGU is the lowest level of integrated assets that generate identifiable cash inflows that are largely independent of the cash inflows of other assets or groups of assets. The allocation of assets into CGUs require significant judgement and interpretation with respect to the integration between assets, geological formation, geographical proximity, the existence of common sales points and shared infrastructures, product type, similar exposure to market risk and the way in which management monitors its operations. The recoverability of HHR's oil and gas assets is assessed at the CGU level, and therefore, the determination of a CGU's costs could have a significant impact on impairment losses or impairment reversals. Judgements are required to assess when impairment indicators are evident and impairment testing is required. The Company monitors internal and external indicators of impairment relating to its tangible assets. The recoverable amounts of the Company's CGU is determined based on the higher of the present value of value-in-use calculations and fair value less costs of disposal. Recoverable amounts calculated for impairment testing are based on estimates of future commodity prices, expected volumes, quantity of reserves and discount rates as well as future development costs, royalties and operating costs. These calculations require the use of estimates and assumptions, which by their nature, are subject to measurement uncertainty. In addition, judgement is exercised by management as to whether there have been indicators of impairment or of impairment reversal. Indicators of impairment or impairment reversal may include, but are not limited to a change in: the market value of assets, asset performance, estimates of future prices, royalties and costs, estimated quantity of reserves and appropriate discount rates. (iii) Depletion Oil and natural gas development and production assets are depleted on a unit-of-production basis at a rate calculated by reference to proved plus probable reserves determined in accordance with NI 51-101 and incorporate the estimated future cost of developing and extracting those reserves. (iv) Provisions for decommissioning liability costs Amounts recorded for decommissioning liabilities and the related accretion expense require the use of estimates with respect to the amount and timing of decommissioning expenditures, inflation rates and interest rates. Actual costs and cash outflows can differ from estimates because of changes in law and regulations, public expectations, market conditions, discovery and analysis of site conditions and changes in technology. Decommissioning liabilities are recognized in the period when it becomes probable that there will be a future cash outflow. (v) Leases Management applies judgement in reviewing each of its contractual arrangements to determine whether the arrangement contains a lease within the scope of IFRS 16. Leases that are recognized are subject to further management judgement and estimation in various areas specific to the arrangement. Where a contract is identified as containing a lease, the Company recognizes a right-of-use asset and a corresponding lease obligation on the statement of financial position, as of the date the asset becomes available for use. The right-of-use assets is measured at cost, comprised of; the initial measurement of the lease liability; the lease payments made at or before the commencement date, net of lease incentives received; the direct costs incurred; and an estimate of the costs to be incurred in restoring the underlying asset to the condition required by the terms of the lease. The lease liability is measured as the present value of the future lease payments, including; fixed payments, net of incentives received; variable lease payments that depend on an index or a rate; amounts expected to be payable under residual value guarantees, the exercise price of a purchase option if there is reasonable certainty the option will be exercised; and payments of penalties for terminating the lease, if the lease term reflects exercising the option to terminate. After initial recognition, the right-of-use asset is amortized over the shorter of the useful life of the asset and the lease term, with the depreciation expense recognized in the statement of profit (loss). The carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made. Amendments to the lease could result in a reassessment or modification of the lease liability and the corresponding right-of-use asset. Such amendments may include, but are not limited to, a change in the lease term, a change in the assessment of an option to purchase the underlying asset, a change in the amounts expected to be payable under a residual value guarantee, a change in future lease payments resulting from a change in an index or a rate used to determine those payments, a change in the scope of the lease resulting from the addition or removal of the right to use one or more underlying assets, and a change in the consideration for the lease. The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew by considering all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). Where the rate implicit in a lease is not readily determinable, the discount rate of lease obligations is estimated using a discount rate similar to HHR's company-specific incremental borrowing rate. This rate represents the rate that HHR would incur to obtain the funds necessary to purchase an asset of a similar value, with similar payment terms and security in a similar economic environment. (vi) Share-based compensation Compensation costs recorded pursuant to share-based compensation plans are subject to the estimated fair values of the awards on the grant date and the estimated number of units that will ultimately vest. The Company uses the Black-Scholes option valuation model to estimate the fair value of options, which requires the Company to determine the most appropriate inputs including the expected life of the options, volatility, forfeiture rates, risk free interest rates and future dividends, which by nature are subject to measurement uncertainty. (vii) Tax asset valuation and utilization Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. The Company is also subject to income tax audits and reassessments which may change its provision for income taxes. Therefore, the determination of income taxes is by nature complex and requires making certain estimates and assumptions. HHR recognizes net deferred tax benefits related to deferred tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred tax assets requires the Company to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred tax assets recorded at the reporting date could be impacted. (viii) Fair value determination The determination of fair value requires judgement and is based on market information, where available and appropriate. Fair value is best evidenced by an independent quoted market price for the same asset or liability in an active market. However, quoted market prices and active markets do not always exist. In those instances, fair valuation techniques are used. The Company applies judgement in determining the most appropriate inputs and the weighting ascribed to each such input as well as its selection of valuation methodologies. The calculation of fair value is based on market conditions as at each reporting date and may not be reflective of ultimate realizable value. (ix) Risk management contracts Derivative risk management contracts are valued using valuation techniques with market observable inputs. The most frequently applied valuation techniques include Black-Scholes option valuation model and forward pricing and swap models. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, volatilities of commodity prices and forward rate curves of the underlying commodity. Changes in any of these assumptions would impact fair value of the risk management contracts and as a result, future net profit (loss) and other comprehensive profit (loss). (x) Warrant liability The estimated fair value of the warrant liability depends on judgements regarding several key assumptions including volatility, projected and current share price, risk free rate, as well as likelihood and timing of a future liquidity event, among other considerations. Fluctuations in any of these assumptions could result in material differences in the warrant valuation. (xi) Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events, including estimates and amounts of future cash flows. (xii) Capitalized general and administrative costs The Company capitalizes general and administrative costs that are directly related to bringing an asset to a position in which it can be used to generate future economic benefits. Amounts recorded as capitalized general and administrative costs require the use of estimates and judgements and are, by nature, subject to measurement uncertainty.

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Hammerhead Energy Inc. [Member]
Disclosure of information about consolidated structured entities [line items]
Organization [Text Block]	1.) Organization Hammerhead Energy Inc. (the "Company") was incorporated under the laws of the Province of Alberta on September 1, 2022 as part of the plan of arrangement (the "Arrangement") to effect a business combination between Decarbonization Plus Acquisition Corporation IV ("DCRD") and Hammerhead Resources Inc. The Company's intended business activity is the exploration and development of oil and gas properties. As at December 31, 2022, the Company has not commenced operations and is expected to commence operations concurrent with the closing of the Arrangement (see note 3 - Subsequent events). The Company's mailing address of the principal place of business is Eighth Avenue Place, East Tower, Suite 2700, 525-8th Avenue SW, Calgary, Alberta, T2P 1G1, Canada. The Company issued one common share for $10 upon incorporation to Hammerhead Resources Inc. The common shares have no par value and the number of authorized common shares is unlimited.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Disclosure of information about consolidated structured entities [line items]
SIGNIFICANT ACCOUNTING POLICIES [Text Block]	3. SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently by the Company and its subsidiaries for all periods presented in these Financial Statements. (a) Basis of consolidation At December 31, 2022, the Financial Statements included the accounts of HHR and its wholly owned subsidiaries, including Prairie Lights Power GP Inc. and Prairie Lights Power Limited Partnership. Subsidiaries are consolidated from the date the Company obtains control and continues to be consolidated until the date such control ceases. Control is achieved when HHR is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All inter-entity transactions have been eliminated upon consolidation between HHR and its subsidiaries in these Financial Statements. HHR's operations are viewed as a single operating segment by the chief operating decision maker of the Company for the purpose of resource allocation and assessing performance. (b) Joint arrangements HHR conducts some of its oil and gas activities through joint operations. A joint operation is a type of joint arrangement over which two or more parties have joint control and rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. HHR does not have any joint arrangements that are material to the Company, or that are structured using separate vehicles. In relation to its interests in joint operations, HHR recognizes in the Financial Statements its share of assets, liabilities, revenues and expenses of the arrangements. (c) Revenue recognition Revenue associated with the sale of crude oil, natural gas and natural gas liquids is measured based on the consideration specified in contracts with customers. Revenue from contracts with customers is recognized when, or as, HHR satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service. The transfer of control of crude oil, natural gas and natural gas liquids coincides with title passing to the customer and the customer taking physical possession. HHR satisfies its performance obligations at a point in time and the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. While the transaction price is variable under the terms of the contract, at the time of delivery, there is only a minimal risk of a change in the transaction price to be allocated to the volume sold. Accordingly, at the point of sale there is not a significant risk of revenue reversal relative to the cumulative revenue recognized and there is no need to constrain any variable consideration. The amount of revenue recognized is based on the agreed upon transaction price, whereby any variability in revenue is related specifically to the Company's efforts to deliver production. Therefore, the resulting revenue is allocated to the production delivered in the period during which the variability occurs. As a result, HHR's revenue is recognized in the month of delivery. (d) Foreign currency translation Monetary assets and liabilities denominated in a foreign currency are translated at the rate of exchange in effect at the balance sheet date. Revenues and expenses are translated at the average exchange rates during the year. The corresponding realized and unrealized gains and losses from foreign currency translations are recognized in the consolidated statement of profit (loss). (e) Financial instruments Financial derivative instruments Financial derivative instruments are included in current assets/liabilities except for those with maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets/liabilities. The Company has not designated any of its financial derivative contracts as effective accounting hedges, and therefore has not applied hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, all financial derivative contracts are measured at fair value, with any gains and losses recorded in the consolidated statement of profit (loss). The fair value of a financial derivative instrument on initial recognition is normally the transaction price. Subsequent to initial recognition, the fair values are based on quoted market prices where available from active markets, otherwise fair values are estimated based on market prices at the reporting date for similar assets or liabilities with similar terms and conditions, or by discounting future payments of interest and principal at estimated interest rates that would be available to the Company at the reporting date. Financial assets and liabilities HHR's financial assets and financial liabilities are classified into two categories: Amortized Cost and Fair Value through Profit and Loss ("FVTPL"). The classification of financial assets is determined by their context in HHR's business model and by the characteristics of the financial asset's contractual cash flows. HHR does not classify any of its financial instruments as Fair Value through Other Comprehensive Income. At initial recognition, financial instruments are measured at fair value. Measurement in subsequent periods depends on classification of the financial instrument as described below: • • Impairment of financial assets Impairment losses are recognized using an expected credit loss model. The Company has adopted the simplified expected credit loss model for its accounts receivable, which permits the use of the lifetime expected loss provision. To measure the expected credit losses, accounts receivable have been grouped based on shared credit risk characteristics and days past due. The Company uses judgement in making these assumptions and selecting the inputs into the expected loss calculation based on past history, existing market conditions and forward looking estimates at the end of each reporting period. Offsetting Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. (f) Property, plant and equipment ("PP&E") PP&E primarily consists of petroleum and natural gas development and production assets, and is measured at cost less accumulated depletion and depreciation and accumulated impairment losses. These costs include property acquisitions, development drilling, completions, gathering and infrastructure, estimated decommissioning costs and transfers from E&E. Once technical feasibility and commercial viability has been met, all costs directly attributable to bringing an asset to the location and condition necessary for use are capitalized; this includes cash and non-cash overhead charges associated with staff dedicated to capital projects. Costs of replacing components of equipment are recognized as PP&E only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are expensed as incurred. Such capitalized amounts generally represent costs incurred in developing proved and/or probable reserves and bringing in or enhancing production from such reserves. The gain or loss from the divestitures of PP&E is recognized in the consolidated statements of profit (loss). In addition, risk-sharing agreements in which the Company cedes a portion of its working interest to a third-party are generally considered to be disposals of PP&E, potentially resulting in a gain or loss on disposition. Exchanges of assets within PP&E are measured at fair value unless the exchange transaction lacks commercial substance or the fair value of neither the asset received nor the asset given up is reliably measurable. The cost of the acquired asset is measured at the fair value of the asset received, unless the fair value of the asset given up is more clearly evident. Where fair value is not used, the cost of the acquired asset is measured at the carrying amount of the asset given up. The gain or loss on derecognition of the asset given up is recognized in profit (loss). An asset within PP&E is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in profit (loss) in the period in which the item is derecognized. (g) Depletion and depreciation Development and production costs are accumulated on a CGU basis ("depletion units"). The net carrying value of each depletion unit is depleted using the unit-of-production method by reference to the ratio of production in the year to the related proved plus probable reserves, taking into account estimated future development costs necessary to bring those reserves into production. These estimates are reviewed by independent reserve engineers at least annually. Undeveloped land is not depreciated. Proved plus probable reserves are estimated annually by independent and qualified reserve evaluators and represent the estimated quantities of petroleum and natural gas which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. Reserves are the remaining quantities of, petroleum and natural gas from known accumulations estimated to be recoverable from a given date forward. The estimates of reserves are determined from drilling, geological, geophysical and engineering data based on established technology and specified economic conditions. For depletion purposes, relative volumes of petroleum and natural gas production and reserves are converted at the energy equivalent conversion rate of six thousand cubic feet of natural gas to one barrel of crude oil. For other assets, depreciation is recognized in profit (loss) on a straight-line basis over the estimated useful life of three years of each part of an item of property and equipment. Leasehold improvements are depreciated over the term of the lease. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. (h) Impairment The Company reviews the carrying value of its PP&E at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's estimated recoverable amount is calculated. For the purpose of impairment testing, PP&E assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets, known as a CGU. The recoverable amount of a CGU is the greater of its value in use ("VIU") and its fair value less costs of disposal ("FVLCD"). FVLCD is defined as the amount obtainable from the sale of an asset or CGU in an arm's length transaction between knowledgeable, willing parties, less the costs of disposal or in the case of a lack of comparable transactions, based upon discounted after tax cash flows. The Company calculates FVLCD by reference to the after-tax future cash flows expected to be derived from production of proved plus probable reserves, less estimated selling costs. The estimated after-tax future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. VIU is determined by estimating the present value of the future net cash flows expected to be derived from the continued use of the asset or CGU. An impairment loss is recognized in the consolidated statements of profit (loss) if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amounts of the assets in the CGU on a pro rata basis. Impairment losses previously recognized are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimate used to determine the recoverable amount and is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation, if no impairment loss had been recognized. (i) Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A lease liability is recognized at the commencement date of the lease term as the present value of the lease payments that are not paid at that date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease obligation, adjusted for lease incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term. Interest expense is recognized on the lease liability using the effective interest rate method and payments are applied against the lease liability. (j) Provisions and contingencies Provisions are recognized when the Company has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured based on the best estimate of discounted future cash outflows. Decommissioning obligations The Company's activities give rise to dismantling, decommissioning and site disturbance remediation activities. Asset retirement obligation estimates capitalized to PP&E are included in the depletable base. Decommissioning obligations are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the consolidated statement of financial position date. The present value of the estimated obligation is recorded as a liability with a corresponding increase in the carrying amount of the related asset. The obligation is subsequently adjusted at the end period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as accretion costs whereas increases or decreases due to changes in the estimated future cash flows or changes in the real rate are capitalized. Actual costs incurred upon settlement or towards the settlement of the decommissioning obligations are charged against the provision to the extent the provision was established. Contingencies Contingent liabilities are disclosed when HHR has a possible obligation arising from a past event and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly under its control, or when HHR has a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources will be required to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. When a contingency is substantiated by confirming events, can be reliably measured and will likely result in an economic outflow, a liability is recognized in the Financial Statements as the best estimate required to settle the obligation. Contingent assets are only disclosed when the inflow of economic benefits is probable. When the economic benefit becomes virtually certain, the asset is no longer contingent and is recognized in the Financial Statements. (k) Income taxes Total income tax expense is composed of both current and deferred income taxes. Current income tax expense is the expected income tax payable on the taxable income for the current year, using tax rates enacted or substantively enacted at the reporting date and any adjustment to income tax payable in respect of previous periods. Deferred tax is recognized on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they are reversed, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to do so, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income or equity in the period in which the change occurs, depending on where the original deferred tax item was recorded. (l) Finance expense Finance expense includes interest expense on borrowings, amortization of debt issue costs, and accretion of decommissioning obligations and office lease provisions due to the passage of time. All borrowing costs are recognized in finance expense using the effective interest method. (m) Share-based compensation The Company's share-based compensation plans are all equity settled awards. Under the Company's share-based compensation plans, options, performance shares and restricted share units ("RSUs") are granted to directors, officers, and employees, whereby services are rendered as consideration for equity instruments. The fair value of options, performance shares and RSUs granted is estimated at the date of grant using a Black-Scholes valuation model and adjusted to reflect the number of awards that are expected to fully vest. The compensation cost of the options, performance shares and RSUs is recognized, together with the corresponding increase in contributed surplus, over the vesting period. Upon exercise of the options, consideration paid by the option holders and the value in contributed surplus pertaining to the exercised options are recorded as share capital. (n) Per share amounts Basic profit (loss) per common share is calculated by dividing profit (loss) for the period attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Profit (loss) attributable to common shareholders is calculated as net profit (loss), adjusted for the impact of any preferred share cumulative dividends earned in the period, as computed on a cash basis. Diluted profit (loss) per common share is calculated giving effect to the potential dilution that would occur if all outstanding "in-the-money" stock options and RSUs were exercised, all dilutive convertible preferred shares were exercised or converted to common shares, and all dilutive share purchase warrants were exercised. Potential ordinary shares are treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. For HHR options and RSUs, the number of dilutive common shares is determined using the treasury stock method. For HHR's convertible preferred shares with cumulative dividends, dividends can be paid in cash or as paid-in-kind ("PIK") at the Company's option. IAS 33 Earnings per Share For HHR's warrants with a dilutive impact, net profit (loss) is adjusted by the change in profit (loss) that would result from the conversion of the warrants into common shares. The number of dilutive common shares is determined using the treasury stock method. (o) Government grants The Company may receive government grants which provide immediate financial assistance as compensation for costs or expenditures to be incurred. Government grants are accounted for when there is reasonable assurance that conditions attached to the grants are met and that the grants will be received. The Company recognizes government grants in profit (loss) on a systematic basis and in line with recognition of the expense that the grants are intended to compensate. Government grants related to expenses or losses already incurred are recognized in profit (loss) by deducting the grant from its related expense in the period in which it becomes receivable. Government grants related to assets are presented in the consolidated statement of financial position and are amortized into profit (loss) on a systematic basis over the life of the depreciable asset as a reduced depreciation expense. (p) Changes in accounting standards On May 14, 2020, the International Accounting Standard Board published amendments IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and IFRS 1 First-time Adoption of International Financial Reporting Standards; all which were effective for periods beginning on or after January 1, 2022. The Company has adopted these amendments and determined no significant impact to the Company's Consolidated Financial Statements. (q) Future accounting pronouncements The IASB has announced amendments to accounting standards and interpretations and new accounting standards that are effective for annual periods beginning on or after January 1, 2023. These standards and interpretations have not been applied to the consolidated financial statements. Hammerhead does not expect that these changes will have a material impact on the Company’s consolidated financial statements on adoption.
Hammerhead Energy Inc. [Member]
Disclosure of information about consolidated structured entities [line items]
SIGNIFICANT ACCOUNTING POLICIES [Text Block]	2.) Summary of significant accounting policies a. Statement of Compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) incorporating interpretations issued by the IFRS Interpretations Committee (“IFRICs”).

BUSINESS COMBINATION

BUSINESS COMBINATION	12 Months Ended
	Dec. 31, 2022
Business Combination [Abstract]
BUSINESS COMBINATION [Text Block]	4. BUSINESS COMBINATION On February 23, 2023, the Company completed a plan of arrangement pursuant to a business combination agreement with Decarbonization Plus Acquisition Corporation IV ("DCRD"), an affiliate of the Company's controlling shareholder, Riverstone, and certain other parties and their respective shareholders. Pursuant to the plan of arrangement, DCRD amalgamated with a wholly owned subsidiary of the Company which was incorporated for the purpose of effecting the business combination to form Hammerhead Energy Inc. ("HEI"). Also pursuant to the plan of arrangement, Hammerhead Resources Inc. amalgamated with a wholly owned subsidiary of DCRD incorporated to effect the business combination to form Hammerhead Resources ULC, a wholly owned subsidiary of HEI. The transaction is considered a business combination under common control, and is accounted for under IFRS 2 Share Based Payment as it does not meet the definition of a business comination under IFRS 3 Business Combinations. HEI's common shares and warrants are publicly traded on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “HHRS” and “HHRSW”, respectively and the Toronto Stock Exchange (“TSX”) under the symbols “HHRS” and “HHRS.WT,” respectively. As a result of the combination, the Company's common shares, preferred shares, and 2020 warrants have been exercised if applicable, and converted to Class A common shares of HEI. The 2013 warrants were settled for a cash payment of $0.028 per warrant. The limited recourse loans of $5.8 million were terminated. HEI issued a combined total of 90,778,275 common shares and 28,549,991 warrants to the shareholders of Hammerhead and DCRD. Transaction costs incurred directly by the Company for the year ended December 31, 2022 in connection with the transaction were $19.1 million.

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT ("PP&E")	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT ("PP&E") [Text Block]	5. PROPERTY, PLANT AND EQUIPMENT ("PP&E") The following table reconciles movements of PP&E during the year: (Cdn$ thousands) Development and Production Assets Corporate Assets Right-of-Use Assets Total PP&E, at cost: Balance - December 31, 2020 2,031,343 9,722 3,266 2,044,331 Additions 143,170 1,204 3,145 147,519 Dispositions (51,360 ) - - (51,360 ) Balance - December 31, 2021 2,123,153 10,926 6,411 2,140,490 Additions 379,220 1,857 1,451 382,528 Balance - December 31, 2022 2,502,373 12,783 7,862 2,523,018 Accumulated depletion and depreciation Balance - December 31, 2020 621,093 6,107 1,470 628,670 Depletion and depreciation 125,111 1,481 741 127,333 Dispositions (24,352 ) - - (24,352 ) Balance - December 31, 2021 721,852 7,588 2,211 731,651 Depletion and depreciation 144,133 1,982 1,053 147,168 Balance - December 31, 2022 865,985 9,570 3,264 878,819 Net book value - December 31, 2021 1,401,301 3,338 4,200 1,408,839 Net book value - December 31, 2022 1,636,388 3,213 4,598 1,644,199 At December 31, 2022, an estimated $2.8 billion in future development costs associated with the proved plus probable undeveloped reserves were included in the calculation of depletion (December 31, 2021 - $2.4 billion, and year ended December 31, 2020 - $2.5 billion). (a) Capitalization of General and Administrative and Share-Based Compensation Expenses During the year ended December 31, 2022, $5.1 million (year ended December 31, 2021 - $4.7 million and year ended December 31, 2020 - $2.3 million) of directly attributable general and administrative expenses and $4.1 million (year ended December 31, 2021 - $4.6 million and year ended December 31, 2020 - $1.2 million) of share-based compensation expenses were capitalized to PP&E assets. These amounts directly related to development activities conducted during the period. (b) Impairment At December 31, 2022 and 2021, the Company assessed its production and development assets for indicators of impairment and none were noted.

DISPOSITION

DISPOSITION	12 Months Ended
	Dec. 31, 2022
Disposition [Abstract]
DISPOSITION [Text Block]	6. DISPOSITION For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Proceeds from disposition - 10,027 - PP&E after net accumulated depletion and depreciation - (27,008 ) - Decommissioning liabilities disposed - 3,168 - Loss on disposition - (13,813 ) - During the year ended December 31, 2021, HHR disposed of certain non-core assets and undeveloped land for gross proceeds of $10.0 million, resulting in a loss on disposition of $13.8 million.

BANK DEBT

BANK DEBT	12 Months Ended
	Dec. 31, 2022
Disclosure Of Detailed Information About Bank Debt [Abstract]
BANK DEBT [Text Block]	7. BANK DEBT (Cdn$ thousands) December 31, 2022 December 31, 2021 Syndicated facility 164,800 106,300 Operating facility 15,000 - Total bank debt outstanding 179,800 106,300 The Company's bank debt is held in a credit facility with a syndicate of lenders. On June 9, 2022, the Company amended its existing Credit Facilities pursuant to the 2022 Credit Agreement. Under the amended agreement, the maximum aggregate principal amount of the Credit Facilities was increased to $300.0 million, consisting of a $280.0 million revolving syndicated facility and a $20.0 million operating facility. On December 15, 2022, the Company further amended its existing credit facility, increasing the aggregate principal borrowing base to $350.0 million, consisting of a $330.0 million revolving syndicated facility and a $20.0 million operating facility. The amended credit facility agreement has a term date of May 31, 2023 and a maturity date of May 31, 2024, with an option to extend for an additional 364 days at the lenders' discretion. The total outstanding balance is due on the maturity date. Under the amended credit facility, determination of the borrowing base is made by the lenders at their sole discretion, and is subject to re-determinations semi-annually as of May 31 st th As at December 31, 2022, Hammerhead was compliant with all covenants and cross default clauses stated in the amended credit facility agreement. Covenants include reporting requirements and limitations on excess cash, indebtedness, equity issuances, acquisitions, dispositions, hedging, encumbrances, asset retirement obligations, as well as other standard business operating covenants. The Company is not subject to financial covenants. The lenders have first lien on all of the Company and its subsidiary's assets. Amounts borrowed in Canadian dollars under the amended credit facility bear interest based on the referenced Canadian prime lending rate or the bankers' acceptance rate in effect, at the Company's option, plus an applicable margin or fee, respectively. The applicable rate is determined by the ratio of first lien indebtedness to earnings before interest, taxes, depreciation, depletion and amortization. The amended credit facility also includes standby fees on balances not drawn. The following ranges are the applicable prime margin, bankers' acceptance and standby fees: Margin on Canadian Prime Rate Bankers' Acceptance Fee Standby Fee Credit facility 1.75% - 5.25% 2.75% - 6.25% 0.69% - 1.56% Letters of Credit The Company has guaranteed letters of credit in both Canadian and US dollars. On November 31, 2020, the CAD denominated letters of credit were transferred to Export Development Canada ("EDC"), and on August 17, 2021 the USD Denominated letters of credit were also transferred to EDC. As at December 31, 2022 and December 31, 2021, the Company's Canadian dollar denominated letters of credit were guaranteed through Export Development Canada ("EDC") and totaled $13.8 million and the Company's US dollar denominated letters of credit totaled US$0.7 million (Cdn$0.9 million).

TERM DEBT

TERM DEBT	12 Months Ended
	Dec. 31, 2022
Disclosure Of Detailed Information About Term Debt [Abstract]
TERM DEBT [text block]	8. TERM DEBT (Cdn$ thousands) December 31, 2022 December 31, 2021 2020 Senior Notes - outstanding principal 120,648 120,648 Principal repayment, net of outstanding PIK interest 1 (42,414 ) 23,374 Foreign exchange revaluation 2 698 (9,275 ) Total carrying value of long-term debt 78,932 134,747 1 2 Term debt consists of the 2020 Senior Notes, which have a maturity date of July 10, 2024. The notes bear interest at 12% per annum and provide the option of paying interest as cash or as paid-in-kind (“PIK”). PIK interest is added to the principal balance and is due on maturity. If a change of control or a specified asset disposition occurs, each holder of the 2020 Senior Notes has the right to require Hammerhead to purchase all or any part of the holder’s 2020 Senior Notes for cash, at a price equal to 101% of the principal amount repurchased plus accrued and unpaid interest (“the Put Option”). While the Put Option met the definition of an embedded derivative, it is considered to be closely related to the underlying value of the term debt. As at December 31, 2022, the Company was in compliance with all covenants related to term debt. There are no maintenance financial covenants related to the 2020 Senior Notes; however, there are standard business operating covenants, as well as covenants that may limit Hammerhead’s ability to incur additional debt . 2022 Debt Repayment On September 26, 2022, the Company repaid, at par value, US$59.3 million of principal and accrued interest on its 2020 Senior Notes, reducing the aggregate principal balance outstanding down to US$56.5 million. The debt repayment was accounted for in accordance with IFRS 9 Financial Instruments, with the transaction costs of $0.2 million related to the settlement recognized as part of the loss on debt repayment. The following table summarizes the calculation of the loss on repayment of the 2020 Senior Notes: (Cdn$ thousands) Net carrying amount of 2020 Senior Notes, prior to repayment 78,621 Less principal repaid (78,621 ) Transaction costs incurred (218 ) Loss on debt (218 ) On settlement of US$57.9 million of principal, $5.2 million of the accumulated unrealized loss recognized was reclassed to realized foreign exchange loss on the statement of profit (loss). The realized foreign exchange loss on debt was offset with a $3.2 million realized foreign exchange gain from the settlement of a foreign currency hedge. 2020 Debt Redemption On July 10, 2017, the Company issued US$160.0 million unsecured senior notes due July 10, 2022 On June 19, 2020, the Company amended its existing senior note agreement whereby the holders of the 2017 Senior Notes approved an initial debt redemption of US$48.0 million, reducing the aggregate principal balance owing from US$160.0 million to US$112.0 million (the "2020 Senior Notes"). The maturity date of the 2020 Senior Notes was extended to July 10, 2024 and bears interest at 12% per annum. Under the amended agreement, the Company has the option of paying interest as cash or as paid-in-kind ("PIK"). PIK interest is added to the principal payable balance of the 2020 Senior Notes and is due on maturity. Under the 2020 Senior Notes agreement, the Company was granted an additional debt redemption of US$24.0 million, subject to the receipt of an additional equity draw on the June 2020 Investment Agreement on or before September 30, 2020. On September 29, 2020, the Company received an additional equity investment of $25.0 million and subsequently redeemed US$24.0 million related to the 2020 Senior Notes principal balance on October 10, 2020 for a total cost of US$1.0 dollar. The June 19, 2020 debt redemption of US$48.0 million related to the 2017 Senior Notes was treated as a debt extinguishment in accordance with IFRS 9 Financial Instruments, as the debt redemption resulted in substantially different terms and cash flows. For the year ended December 31, 2020, the Company recognized a gain on debt redemption of $88.2 million.

LEASE OBLIGATIONS

LEASE OBLIGATIONS	12 Months Ended
	Dec. 31, 2022
Lease liabilities [abstract]
LEASE OBLIGATIONS [Text Block]	9. LEASE OBLIGATIONS The Company incurs lease payments related to office facilities in Calgary and Grande Prairie, as well as leased equipment for operations. The Company has recognized lease liabilities measured at the present value of the remaining lease payments using an incremental borrowing rate for the Calgary and Grande Prairie offices of 4.6% and 7.0%, respectively (December 31, 2021 - 4.6% and 7.0%, respectively). The incremental borrowing rate for the leased equipment is 4.7% (December 31, 2021 - nil (Cdn$ thousands) December 31, 2022 December 31, 2021 Balance, beginning of year 4,957 3,252 Additions and modifications 1,451 3,145 Interest expense 257 181 Lease payments (1,540 ) (1,621 ) Balance, end of year 5,125 4,957 Current portion 1,180 1,030 Long-term portion 3,945 3,927 Variable payments which are not linked to an index relate to property tax. Such items are charged to operating expense and general and administrative expense in the consolidated statements of profit (loss) and are immaterial. The following table details the undiscounted cash flows of Hammerhead's lease obligations: (Cdn$ thousands) December 31, 2022 December 31, 2021 Less than 1 year 1,405 1,256 2-3 years 2,398 1,840 4-5 years 1,899 689 After 5 years 1 1,900 Total lease payments 5,703 5,685 Amounts representing interest (578 ) (728 ) Present value of net lease payments 5,125 4,957

DECOMMISSIONING OBLIGATIONS

DECOMMISSIONING OBLIGATIONS	12 Months Ended
	Dec. 31, 2022
Disclosure Of Decommissioning Liabilities [Abstract]
DECOMMISSIONING OBLIGATIONS [Text Block]	10. DECOMMISSIONING OBLIGATIONS Decommissioning obligations arise as a result of the Company's net ownership interests in petroleum and natural gas assets including well sites, processing facilities and infrastructure. The following table reconciles the changes in the decommissioning obligation: (Cdn$ thousands) December 31, 2022 December 31, 2021 Balance, beginning of year 29,569 31,499 Obligations incurred 2,963 2,590 Obligations disposed (note 6) - (3,168 ) Settlements 1 (123 ) - Change in rates (9,948 ) (1,195 ) Change in estimates 73 (182 ) Accretion of decommissioning obligations 2 581 25 Balance, end of year 23,115 29,569 1 2 At December 31, 2022, key assumptions on which the carrying amount of the decommissioning obligations is based include a risk free rate of 3.3% and an inflation rate of 2.1% (December 31, 2021 - 1.7% and 1.8%, respectively). As at December 31, 2022, the undiscounted and uninflated amount of the estimated cash flows required to settle the obligation is $30.2 million (December 31, 2021 - $26.7 million), which is estimated to be incurred within the next 33 years.

WARRANT LIABILITY

WARRANT LIABILITY	12 Months Ended
	Dec. 31, 2022
Disclosure Of Warrant Liabilities [Abstract]
WARRANT LIABILITY [Text Block]	11. WARRANT LIABILITY The following table summarizes the warrants outstanding: Number of warrants (000's) December 31, 2022 December 31, 2021 2020 Warrants 35,020 35,020 2013 Warrants 6,000 6,000 Total 41,020 41,020 The Company issued warrants in connection with the June 17 and December 8, 2020 equity commitments (the "2020 Warrants") and the 2013 notes issuance (the "2013 Warrants"). The warrants represent standalone written put options and are classified as a liability rather than equity as the warrants provide for a variable number of shares that could be issued, which does not meet the 'fixed for fixed' requirement when classifying between debt or equity. The warrants were recorded at fair value upon inception and were net against the initial proceeds as a debt or equity issuance cost. The warrants are reassessed at the end of each reporting period with subsequent changes in fair value recognized through income as a non-cash item. The warrants are considered a level 3 financial instrument as the initial and subsequent valuations are based on prices or valuation techniques that are not based on observable market data. The 2020 and 2013 Warrants are valued using the Black-Scholes model, which requires several key assumptions including volatility, projected share price and likelihood of a future liquidity event, among other considerations. 2020 Warrants On June 17, 2020 and December 8, 2020 the Company entered into equity commitments with affiliates of its shareholders, one of which holds a controlling interest in the Company (collectively the "2020 Equity Commitments" - see note 12) pursuant to which HHR issued under each respective agreement 33.7 million and 1.3 million common share purchase warrants. Each warrant entitles the holder to acquire one common share at a deemed exercise price equal to $0.25 per share. The 2020 Warrants are exercisable at any point in time before the earlier of: i) the date on which a liquidity event occurs; and ii) the date of an initial public offering. 2013 Warrants On May 1, 2013, the Company issued 6.0 million common share purchase warrants. Each warrant entitles the holder thereof to acquire on a cashless exercise basis, provided a liquidity event has occurred, at any time on or before the date that is the earlier of: (i) three years from the date on which a liquidity event occurs; and (ii) ten years from the date of issuance of the warrants, one common share at a deemed exercise price equal to the lesser of: (i) $3.50 per share; and (ii) the liquidity price. Additionally, immediately prior to the occurrence of a change of control transaction, each warrant will be automatically exercised on a cashless basis for 0.15 common shares per warrant. The change in fair value of all warrants during the period is summarized in the following table: (Cdn$ thousands) 2020 Warrants 2014 Warrants 2013 Warrants Total Fair value at December 31, 2019 - 14,621 906 15,527 New warrants issued 10,935 - - 10,935 Change in fair value 103 (3,404 ) (680 ) (3,981 ) Exercise of warrants - (11,217 ) - (11,217 ) Fair value at December 31, 2020 11,038 - 226 11,264 Change in fair value 151 - (55 ) 96 Fair value at December 31, 2021 11,189 - 171 11,360 Change in fair value 10,614 - (3 ) 10,611 Fair value at December 31, 2022 21,803 - 168 21,971 On September 26, 2022, the Company announced that it had entered into a business combination agreement with DCRD, an affiliate of Riverstone Investment Group LLC, to form a publicly traded company listed on the Nasdaq and TSX. The agreement closed on February 23, 2023. Upon close, the 2013 Warrants were settled for a cash payment of $0.028 per warrant and the 2020 Warrants were exercised on a cashless basis and converted to Class A common shares of Hammerhead Energy Inc. The fair value of the warrants at December 31, 2022 reflected the transaction valuations.

EQUITY COMMITMENT

EQUITY COMMITMENT	12 Months Ended
	Dec. 31, 2022
Disclosure Of Information About Equity Commitment [Abstract]
EQUITY COMMITMENT [Text Block]	12. EQUITY COMMITMENT (a) June 2020 Equity Commitment On June 17, 2020, the Company entered into an investment agreement ("the June 2020 Equity Commitment") with an affiliate of its controlling shareholder. Under the June 2020 Equity Commitment, the Company has agreed to issue up to 600.0 million Series IX first preferred shares and 33.7 million common share purchase warrants, in exchange for aggregate cash proceeds of up to $300.0 million. The preferred shares have been classified as equity. (Cdn$ thousands) Issue Costs Number of Shares (000's) Gross Cash Proceeds Non-cash Cash Net Cash Proceeds As at December 31, 2020 200,000 100,000 (10,530 ) (1,139 ) 98,861 February 5, 2021 67,405 33,702 - (22 ) 33,680 As at December 31, 2022 and 2021 267,405 133,702 (10,530 ) (1,161 ) 132,541 Upon the close of the business combination agreement with DCRD on February 23, 2023, the June 2020 Equity Commitment was terminated. (b) December 2020 Equity Commitment On December 8, 2020, the Company entered into an investment agreement ("the December 2020 Equity Commitment") with an affiliate of one of its shareholders ("the Investor"). Under the December 2020 Equity Commitment, the Company has agreed to issue up to 23.1 million Series IX first preferred shares and 1.3 million common share purchase warrants, in exchange for aggregate cash proceeds of up to $11.6 million. The preferred shares have been classified as equity. (Cdn$ thousands) Issue Costs Number of Shares (000's) Gross Cash Proceeds Non-cash Cash Net Cash Proceeds As at December 31, 2020 7,700 3,850 (405 ) (199 ) 3,651 February 5, 2021 2,595 1,298 - - 1,298 As at December 31, 2022 and 2021 10,295 5,148 (405 ) (199 ) 4,949 Upon the close of the business combination agreement with DCRD on February 23, 2023, the December 2020 Equity Commitment was terminated.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2022
Disclosure of classes of share capital [abstract]
SHARE CAPITAL [Text Block]	13. SHARE CAPITAL (a) Common shares Authorized The Company is authorized to issue an unlimited number of voting common shares. Issued and outstanding The following table summarizes common shares issued and outstanding as at December 31, 2022: Number of shares (000's) Amount (Cdn$ thousands) Balance, December 31, 2020 391,038 583,483 Long term retention program - 527 Exercise of restricted share units 110 265 Balance, December 31, 2021 391,148 584,275 Exercise of restricted share units 1,413 1,457 Balance, December 31, 2022 392,561 585,732 (b) Preferred shares Authorized (i) Series I preferred shares The Company is authorized to issue one non-voting Series I preferred share. The Series I preferred share is issued to provide the holder with the right to elect a director of the Company. The Series I preferred share does not carry any dividend or liquidation rights and is redeemable at the option of the Company at a price of $1.00 if the holder owns less than 5% of the outstanding common shares of the Company (including all Series II preferred shares calculated on an as-converted basis). (ii) Series II preferred shares The Company is authorized to issue an unlimited number of Series II preferred shares, which have voting rights on an 'as converted' basis. The Series II preferred shares have preferential rights over the common shares with respect to the distribution of any assets on dissolution, liquidation, or winding-up. If dividends are paid to common shareholders, the Series II preferred shares receive a pari-passu number of dividends as if they had been converted to common shares. The Series II preferred shares are convertible, at the option of the holder, into common shares of the Company initially at a rate of 1.13208 common share per Series II preferred share, subject to certain adjustments. In the event of a sale of the preferred shares by the holder or a liquidity event or an initial public offering, the Series II preferred shares are automatically converted into common shares. (iii) Series III preferred shares The Company is authorized to issue an unlimited number of Series III preferred shares, which have voting rights on an 'as converted' basis. The Series III preferred shares have preferential rights over the common shares and Series II preferred shares with respect to the payment of dividends and the distribution of any assets on dissolution, liquidation or winding-up. If dividends are paid to common shareholders, the Series III preferred shares receive a pari-passu number of dividends as if they had been converted to common shares. Holders of the Series III preferred shares will be entitled to receive a dividend accruing at a rate of 10% per annum, compounded quarterly for the first two years following the date of issuance. HHR issued 40.0 million Series III preferred shares on June 30, 2015, and an additional 48.9 million Series III preferred shares on December 10, 2015. The dividends are only payable if and when declared by the Board of Directors, and any dividends declared can be settled through the issuance of cash or additional Series III shares, at the Company's option. The Series III preferred shares plus any accrued share-based dividends are convertible, at the option of the holder, at any time including, without limitation, in connection with a liquidity event or an initial public offering. The conversion price per share is $2.25 plus the amount of all unpaid dividends that have accrued and been compounded thereon, divided by $2.25. The Series III preferred shares plus any accrued share-based dividends may be purchased by the Company, at the option of the Company, in the event of an initial public offering, and any time after the second anniversary of the issue date at a price equal to the greater of: (i) the accreted value of the Series III preferred shares, plus all unpaid dividends that had accrued on such shares; and (ii) the fair market value if such shares were converted to common shares immediately prior to the purchase date. (iv) Series IV preferred shares The Company is authorized to issue one non-voting Series IV preferred share. The Series IV preferred share is issued to provide the holder with the right to elect a director of the Company. The Series IV preferred share does not carry any dividend or liquidation rights and is redeemable at the option of the Company at a price of $nil if the holder owns less than 5% of the outstanding common shares of the Company (including the Series II preferred shares and Series III preferred shares calculated on an as-converted basis, and assuming exercise or conversion of all then outstanding warrants, convertible equity or other equity-linked securities into common shares at their then applicable exercise or conversion prices). (v) Series V preferred shares On August 27, 2017, all of the issued and outstanding Series V preferred shares were automatically converted to common shares at a conversion rate of approximately 1.2 common shares per preferred share, in accordance with the Series V preferred share terms. As of December 31, 2022 and 2021 there were no Series V preferred shares outstanding. (vi) Series VI preferred shares The Company is authorized to issue one non-voting Series VI preferred share. The Series VI preferred share is issued to provide the holder with the right to elect a director of the Company. The Series VI preferred share does not carry any dividend or liquidation rights and upon notice from the Company will be surrendered to the Company for consideration of $1.00 if the holder owns less than 5% of the outstanding common shares of the Company (including the Series II preferred shares and Series III preferred shares calculated on an as-converted basis and assuming exercise or conversion of all then outstanding warrants, convertible equity or other equity-linked securities into common shares at their then applicable exercise or conversion prices). (vii) Series VII preferred shares The Company is authorized to issue an unlimited number of Series VII preferred shares, which have voting rights on an 'as converted' basis. Series VII preferred shares have preferential rights over all other shares of the Company with respect to the distribution of any assets on dissolution, liquidation, or winding-up. If dividends are paid to common shareholders, the Series VII preferred shares receive a pari-passu number of dividends as if they had been converted to common shares. Holders of the Series VII preferred shares will be entitled to receive a dividend accruing at a rate of 15% per annum, compounded quarterly for the first five years following the date of issuance. HHR issued 33.3 million Series VII preferred shares on November 6, 2018. The dividends are only payable if and when declared by the Board of Directors, and while the 2020 Senior Notes are outstanding, are only payable with the issuance of additional Series VII shares (i.e. non-cash dividend or payment-in-kind dividend). After the 2020 Senior Notes have matured, any dividends declared can be settled with shares or cash, at the Company's option. The Series VII preferred shares plus any accrued share-based dividends are convertible to common shares at the option of the holder, at any time including, without limitation, in connection with a liquidity event. The number of shares is determined by using the following formula: (a) the sum of the issue price of the Series VII preferred share (as increased for any compounded dividend not paid in cash) plus all accrued and unpaid dividends on such Series VII preferred share at such time, divided by (b) the issue price of such Series VII preferred share. In the event of an initial public offering the shares are automatically converted to common shares. The conversion ratio is based on a required return, which varies based on the time passed since issuance. The number of common shares issued as a result of an initial public offering conversion may not exceed the maximum amount of common shares issuable assuming the dividends accrued and compounded for 5 years after the share issue date. The number of common shares issued as a result of an initial public offering must be at least as many as would have been obtained assuming the dividends accrued and compounded throughout the period from the issue date to the date of the initial public offering. The Series VII preferred shares can be repurchased at the Company's option, at any time, subject to a minimum purchase amount. The purchase price is based on a required return, which varies based on the time passed since issuance. (viii) Series VIII preferred shares The Company is authorized to issue one non-voting Series VIII preferred share. The Series VIII preferred share is issued to provide the holder with the right to elect two directors of the Company. The Series VIII preferred share does not carry any dividend or liquidation rights and upon notice from the Company will be surrendered to the Company for cancellation for consideration of $3.00 if the holder owns less than 20% of the outstanding common shares of the Company (including the Series II preferred shares, Series III preferred shares and Series VII preferred shares calculated on an as-converted basis, and assuming exercise or conversion of all of the then outstanding warrants, convertible equity or other equity-linked securities into common shares at their then applicable exercise or conversion prices). (ix) Series IX preferred shares The Company is authorized to issue an unlimited number of Series IX preferred shares, which have voting rights on an 'as converted' basis. The Series IX preferred shares have preferential rights over the common shares and all other preferred shares with respect to the distribution of any assets on dissolution, liquidation or winding-up. If dividends are paid to common shareholders, the Series IX preferred shares receive a pari-passu number of dividends as if they had been converted to common shares. The Series IX preferred shares are convertible, at the option of the holder, into common shares of the Company initially at a rate of one common share per Series IX preferred share. In the event of an initial public offering, the Series IX preferred shares are automatically converted into common shares. Upon the close of the business combination agreement with DCRD on February 23, 2023, the outstanding preferred shares were converted to common shares of Hammerhead Energy Inc. Issued and outstanding The following table summarizes preferred shares issued and outstanding: Number of shares (000's) Amount (Cdn$ thousands) Series I preferred shares Balance, December 31, 2022 and 2021 one share one dollar Series II preferred shares Balance, December 31, 2022 and 2021 100,952 185,093 Series III preferred shares Balance, December 31, 2022 and 2021 88,889 198,945 Series IV preferred shares Balance, December 31, 2022 and 2021 one share one dollar Series VI preferred shares Balance, December 31, 2022 and 2021 one share one dollar Series VII preferred shares Balance, December 31, 2022 and 2021 33,333 95,539 Series VIII preferred shares Balance, December 31, 2022 and 2021 one share three dollars Series IX preferred shares Balance, December 31, 2020 207,700 91,577 Issued in private placement, net of share issue costs (note 12) 70,000 34,977 Balance, December 31, 2022 and 2021 277,700 126,554 Balance, December 31, 2022 and 2021 500,874 606,131 (c) Per share amounts The Company uses the treasury stock method to determine the dilutive effect of stock options, restricted share units ("RSUs"), warrants and convertible preferred shares. Under this method, only "in-the-money" dilutive instruments impact the calculation of diluted profit (loss) per common share. The following table outlines the adjustments made to net profit (loss), in computing the basic and diluted net profit (loss) per common share for the years ended and 2021: For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Basic Net profit (loss) 225,100 (71,821 ) 53,410 Effect of Series VII cumulative preferred share dividends (25,235 ) (21,780 ) (18,844 ) Net profit (loss) attributable to ordinary equity holders - basic 199,865 (93,601 ) 34,566 Diluted Net profit (loss) 225,100 (71,821 ) 53,410 Effect of Series VII cumulative preferred share dividends (25,235 ) (21,780 ) (18,844 ) Effect of 2020 warrant revaluation - - 103 Net profit (loss) attributable to ordinary equity holders - diluted 199,865 (93,601 ) 34,669 In computing the diluted profit per common share for the year ended December 31, 2022, the Company excluded the effect of 0.1 million RSUs, 6.0 million warrants and 61.4 million convertible preferred shares as they were anti-dilutive. In computing the diluted loss per common share for the year ended December 31, 2021, the Company excluded the effect of all share options, RSUs, warrants and convertible preferred shares as they were anti-dilutive. In computing the diluted profit per common share for the year ended December 31, 2020, the Company excluded the effect of 1.7 million RSUs, 6.0 million warrants and 45.8 million convertible preferred shares as they were anti-dilutive. The following table outlines the weighted average number of common shares outstanding used in the calculation of basic and diluted net (profit) loss per common share: For the years ended Number of shares (000's) December 31, 2022 December 31, 2021 December 31, 2020 Weighted average common shares outstanding, basic 391,803 391,106 391,052 Effect of convertible preferred shares 500,324 - 305,460 Effect of share options and RSUs 69,624 - 18,317 Effect of common share purchase warrants - - 13,746 Weighted average common shares outstanding, diluted 961,751 391,106 728,575

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract]
SHARE-BASED COMPENSATION [Text Block]	14. SHARE-BASED COMPENSATION Stock options Options to acquire common shares are granted to officers and employees from time to time under the Company's Stock Option Plan. Options granted under this plan are to be settled through the issuance of new common shares of the Company and have a maximum term of ten years to expiry. The vesting schedule is determined at the discretion of the Company's Board of Directors; however, options typically vest in equal tranches over a four year period starting on the first anniversary of the grant date. Each option granted permits the holder to purchase one common share of the Company at the stated exercise price. The exercise price is equal to the market value of the shares on the grant date as determined by the Company's Board of Directors. The following table summarizes information regarding stock options outstanding at December 31, 2022: Number of Options (000's) Balance at December 31, 2020 12,219 Expired (1,339 ) Forfeited (177 ) Balance at December 31, 2021 10,703 Expired (193 ) Balance at December 31, 2022 10,510 Exercisable at December 31, 2022 10,460 Restricted share units Under the Company's Restricted Share Unit Plan, RSUs are awarded to officers and employees from time to time. The RSUs granted under this plan are to be settled through the issuance of common shares of the Company and have a maximum term of five years to expiry. The vesting schedule is determined at the discretion of the Company's Board of Directors; however, RSUs typically vest in equal tranches over a four year period starting on the first anniversary of the grant date. During the year ended December 31, 2021, HHR granted an annual issuance of RSUs to its officers and employees that cliff vested on April 1, 2022. Each RSU granted permits the holder to purchase one common share of the Company for $0.01 per share. The following table summarizes information regarding RSUs outstanding at December 31, 2022: Number of RSUs (000's) Balance at December 31, 2020 18,273 Granted 43,380 Exercised (110 ) Expired (1,693 ) Forfeited (4,872 ) Balance at December 31, 2021 54,978 Granted 30,531 Exercised (1,413 ) Expired (313 ) Forfeited (187 ) Balance at December 31, 2022 83,596 Exercisable at December 31, 2022 60,962 Performance shares Under the Company's Performance Share Plan, performance shares are directly allocated to directors, officers and employees from time to time at nil cost. Performance shares allocated under this plan vest subject to satisfaction of certain performance and service criteria and are held in escrow to be released when both criteria have been met. No performance shares have been issued since 2014, and all of the performance shares previously allocated to directors, officers and employees are fully vested. The Company has 2.0 million unallocated performance shares outstanding at December 31, 2022 ( . Long-term retention program On June 10, 2016, the Company advanced loans totaling $7.4 million to participating officers and employees on a limited recourse b asis by a pledge of common shares of the Company owned by the officers and employees. During the period ended December 31, 2022, The total value of the loans outstanding as of December 31, 2022 were $5.8 million ( Upon the close of the business combination agreement with DCRD on February 23, 2023, the loans under the long-term retention program were terminated. Share-based compensation expense The total fair value associated with share options and RSUs is recognized over the service period using cliff or graded vesting, resulting in share-based compensation expense as outlined in the following table: For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Share-based compensation payments 14,157 18,658 8,352 Capitalized to developed and producing assets (4,113 ) (4,619 ) (1,197 ) Share-based compensation expense 10,044 14,039 7,155

DEFERRED INCOME TAX

DEFERRED INCOME TAX	12 Months Ended
	Dec. 31, 2022
Major components of tax expense (income) [abstract]
DEFERRED INCOME TAX [Text Block]	15. DEFERRED INCOME TAX Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. The components of the deferred tax liability are as follows: (Cdn$ thousands) December 31, 2022 December 31, 2021 PP&E (96,871 ) (81,924 ) Decommissioning obligation 5,316 6,801 Lease liability 1,179 903 Share and debt issue costs (1,225 ) (980 ) Foreign exchange 294 (505 ) Unrealized loss on risk management contracts (2,761 ) 6,004 Charitable donations 167 160 Non-capital losses 62,181 101,621 Deferred income tax asset not recognized - (32,080 ) Deferred income tax liability (31,720 ) - As at December 31, 2021, t he Company did not recognize a deferred tax asset due to uncertainty regarding future taxable profits against which losses can be offset. The deferred income tax provision differs from the expected amount calculated by applying the Canadian combined federal and provincial income tax rate of 23.00% (December 31, 2021 - 23.00% and December 31, 2020 - 23.99%) as summarized in the following table: (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Net profit (loss) before income taxes 256,820 (71,821 ) 53,410 Statutory income tax rate 23.00 % 23.00% 23.99% 59,069 (16,519 ) 12,813 Increase (decrease) resulting from: Share-based compensation 2,310 3,229 1,716 Warrant revaluation 2,441 22 (955 ) Rate change 228 (50 ) (586 ) Change in unrecognized tax assets (32,080 ) 12,000 (13,617 ) Other (248 ) 1,318 629 Deferred income tax expense 31,720 - - At December 31, 2022, the Company had approximately $270.4 million of non-capital losses which begin to expire after 2034 (December 31, 2021 - $441.8 million and December 31, 2020 - $386.8 million).

SUPPLEMENTAL INFORMATION

SUPPLEMENTAL INFORMATION	12 Months Ended
	Dec. 31, 2022
Statement of cash flows [abstract]
SUPPLEMENTAL INFORMATION [Text Block]	16. SUPPLEMENTAL INFORMATION Cash Flow Presentation Changes in non-cash working capital and cash interest transactions are summarized in the following table: For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 (Use) source of cash: Accounts receivable (39,802 ) (19,134 ) 2,993 Prepaid expenses and deposits (1,813 ) (71 ) (634 ) Accounts payable and accrued liabilities 18,681 62,673 (31,126 ) (22,934 ) 43,468 (28,767 ) Relating to: Related to operating activities (38,657 ) 6,131 (9,801 ) Related to investing activities 15,723 37,337 (18,966 ) (22,934 ) 43,468 (28,767 ) Other: Interest paid 10,764 6,433 35,582 Interest received 75 65 106

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	12 Months Ended
	Dec. 31, 2022
Disclosure Of Disaggregation Of Revenue From Contracts With Customers Abstract
REVENUE FROM CONTRACTS WITH CUSTOMERS [Text Block]	17. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company's revenue from contracts with customers consists of crude oil and natural gas sales, treating, processing & gathering income and transportation income. Hammerhead's crude oil and field condensate, natural gas and natural gas liquids are generally sold under variable price contracts. The transaction price for variable priced contracts is based on the commodity market price, adjusted for quality, location or other factors. Hammerhead is required to deliver nominated volumes of crude oil and field condensate, natural gas and natural gas liquids to the contract counterparty. Each barrel equivalent of commodity delivered is considered to be a distinct performance obligation. The amount of revenue recognized is based on the agreed transaction price and is recognized as performance obligations are satisfied, therefore resulting in revenue recognition in the same month as delivery. Revenues are typically collected on the 25th day of the month following production. Treating, processing & gathering fees charged to third parties are generally sold under multi-year contracts at fixed fees that vary by volume. During the years ended December 31, 2021, and 2020, transportation income relates primarily to take-or-pay mitigation. The following table presents the Company's revenue from contracts with customers, disaggregated by revenue source: For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Crude oil & field condensate 417,791 199,108 125,711 Natural gas 315,423 165,957 104,267 Natural gas liquids ("NGL") 111,430 74,778 33,536 Total oil and gas revenue 844,644 439,843 263,514 Treating, processing & gathering 1,403 1,343 954 Transportation income - 180 411 Total revenue from contracts with customers 846,047 441,366 264,879 Included in accounts receivable at December 31, 2022 was $86.0 million (December 31, 2021 - $43.2 million and December 31, 2020 - $25.5 million) of accrued oil and natural gas sales, which was collected subsequent to year end. HHR has applied the practical expedient to recognize revenue in the amount to which the Company has the right to invoice. As such, no disclosure is included relating to the amount of transaction price allocated to remaining performance obligations and when these amounts are expected to be recognized as revenue.

FINANCE EXPENSE

FINANCE EXPENSE	12 Months Ended
	Dec. 31, 2022
Disclosure Of Finance Cost [Abstract]
FINANCE EXPENSE [Text Block]	18. FINANCE EXPENSE For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Interest on term debt - cash 1 1,785 - 9,177 Interest on term debt - PIK 12,833 14,660 8,714 Total interest on term debt (2020 Senior Notes) 14,618 14,660 17,891 Interest and fees on bank debt 9,734 5,979 16,961 Interest on lease obligation 257 181 286 Interest on EDC facility - letters of credit 307 419 711 Amortization of financing costs (discount and debt issues) - - 1,459 Accretion of decommissioning obligations 581 25 36 Total finance expense 25,497 21,264 37,344 1

OPTIMIZATION FEES

OPTIMIZATION FEES	12 Months Ended
	Dec. 31, 2022
Disclosure Of Optimization Fees [Abstract]
OPTIMIZATION FEES [Text Block]	19. OPTIMIZATION FEES Optimization fees relate to a business improvement project intended to reduce costs and increase efficiencies throughout the Company. The project was initiated in late 2020 through a third-party consulting group, and was completed in the fourth quarter of 2021.

FINANCIAL INSTRUMENTS, FAIR VAL

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT [Text Block]	20. FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT (a) Fair Values of Financial Instruments The Company classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: • Level 1 - Values are based on unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date. • Level 2 - Values are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Prices in level 2 are either directly or indirectly observable as of the reporting date. • Level 3 - Values are based on prices or valuation techniques that are not based on observable market data. As at December 31, 2022 December 31, 2021 (Cdn$ thousands) Fair Value Carrying Value Fair Value Carrying Value Financial assets at amortized cost: Cash 8,833 8,833 12,239 12,239 Accounts receivable 89,235 89,235 49,433 49,433 Financial assets at fair value through profit or loss: Risk management contracts 19,293 19,293 289 289 Financial liabilities at amortized cost: Accounts payable and accrued liabilities 135,547 135,547 116,866 116,866 Bank debt 179,800 179,800 106,300 106,300 Term debt 78,932 78,932 134,747 134,747 Financial liabilities at fair value through profit or loss: Risk management contracts 7,286 7,286 26,394 26,394 Warrant liability 21,971 21,971 11,360 11,360 Assessment of the significance of a particular input to the fair value measurement requires judgement and may affect the placement within the fair value hierarchy. The Company has estimated the fair value amounts using appropriate valuation methodologies and information available to management as of the valuation dates. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it was practicable to estimate that value: • Cash, accounts receivable, accounts payable and accrued liabilities • Bank debt and term debt • Risk management contracts Inputs to the change in the fair value are disclosed in the note below. • Warrant liability During the years ended December 31, 2022, 2021 and 2020 there were no transfers of any financial assets or liabilities between levels. (b) Risk Management The Company's activities expose it to a variety of financial risks that arise as a result of its exploration, development, production and financing activities such as: • • • This note presents information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for measuring and managing risk and the Company's management of capital. The Board of Directors oversees management's establishment and execution of the Company's risk management framework. Management has implemented, and monitors compliance with risk management policies. The Company's risk management policies are established to identify and analyze the risks faced by the Company to set appropriate risk limits and controls and to monitor risks and adherence to market conditions and the Company's activities. (i) Credit Risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's accounts receivable from joint operators and oil and gas marketers. Accounts Receivable All of the Company's operations are conducted in Canada. The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. All of the Company's petroleum and natural gas production is marketed under standard industry terms. Accounts receivable from oil and natural gas marketers are normally collected on the 25 th Receivables from joint operators are typically collected within one to three months of the joint venture bill being issued. The Company attempts to mitigate the risk from joint venture receivables by obtaining the partners' pre-approval of significant capital expenditures. However, the receivables are from participants in the oil and natural gas sector and collection of the balances is dependent on industry factors such as commodity price fluctuations, escalating costs and the risk of unsuccessful drilling. In addition, further risks exist with joint operators as disagreements occasionally arise that may increase the potential for non-collection. The Company does not typically obtain collateral from oil and natural gas marketers or joint operators; however, the Company can withhold its production from joint operators in the event of non-payment. For the years ended December 31, 2022, 2021 and 2020, the Company had six, four and four, external customers, respectively, that constituted more than 10 percent of commodity sales. As at December 31, 2022, the Company had four external customers that constituted more than 10% of accounts receivable (December 31, 2021 - five external customers). As at December 31, 2022, the maximum exposure to credit risk for loans and receivables at the reporting dat e, by typ (Cdn$ thousands) December 31, 2022 December 31, 2021 Oil and gas marketers 85,838 43,206 Joint venture 334 528 GST input tax credit 2,935 2,965 Other 128 2,734 Accounts receivable 89,235 49,433 HHR's allowance for doubtful accounts was nominal as at December 31, 2022 and 2021. Based on industry experience, the Company considers its accounts receivable to be in default when the receivable is more than 90 days past due. When determining whether amounts that are past due are collectible, management assesses the creditworthiness and past payment history of the counterparty as well as the nature of the past due amount. All receivables from oil and gas marketers was collected subsequent to year end. Risk management contracts HHR executes with each of its risk management counterparties an International Swap and Derivatives Association ("ISDA") Master Agreement, which is a standard industry form contract containing general terms and conditions applicable to many types of derivative transactions. As of December 31, 2022, all of the risk management counterparties have entered inter-creditor agreements with the Company's lender to eliminate the need to post any collateral. HHR's risk management counterparties are all financial institutions that are engaged in similar activities and have similar economic characteristics that, in general, could cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. HHR does not require the posting of collateral for its benefit under its risk management agreements. However, HHR's ISDA Master Agreements generally contain netting provisions whereby if on any date amounts would otherwise be payable by each party to the other, then on such date the party that owes the larger amount will pay the excess of that amount over the smaller amount owed by the other party, thus satisfying each party's obligations. These provisions generally apply to all risk management transactions or all risk management transactions of the same type (e.g., commodity, interest rate, etc.), with the particular counterparty. Financial assets and liabilities are only offset if HHR has the legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. HHR's risk management contracts are subject to master netting agreements that create a legally enforceable right to offset by counterparty, where the currency and timing of settlement are the same. The following is a summary of HHR's financial assets and financial liabilities and associated amounts subject to offsetting at December 31, 2022 and 2021. The net asset amounts represent the maximum exposure to credit risk for risk management contracts at each reporting date. December 31, 2022 Gross Assets (Liabilities) Amount Offset Assets (Liabilities) Net Amount Presented (Cdn$ thousands) Current: Risk management contract assets 28,356 ( 9,063 ) 19,293 Risk management contract liabilities (16,349 ) 9,063 (7,286 ) Net asset 12,007 - 12,007 December 31, 2021 Gross Assets Amount Offset Net Amount Presented (Cdn$ thousands) Current: Risk management contract assets 289 - 289 Risk management contract liabilities (23,344 ) - (23,344 ) Long-term: Risk management contract liabilities (3,050 ) - (3,050 ) Net liability (26,105 ) - (26,105 ) (ii) Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company addresses its liquidity risk through its capital management of cash, working capital, credit facility capacity, and equity issuances along with its planned capital expenditure program. At December 31, 2022, the Company had $170.2 million b In the next twelve months, HHR's credit facility will undergo two borrowing base redeterminations. The Company has determined that its current financial obligations, including current commitments (note 22), are adequately funded from the available borrowing capacity and from funds derived from operations. However, any reduction in the borrowing base could result in a material impact to HHR's liquidity. Management believes that future funds generated from operations and available borrowing capacity will be sufficient to settle HHR's financial liabilities. The following table summarizes the timing of cash flows for the Company's financial and other significant liabilities at December 31, 2022: (Cdn$ thousands) 1 Year 2-3 Years 4-5 Years Thereafter Total Accounts payable and accrued liabilities 135,547 - - - 135,547 Bank indebtedness - principal - 179,800 - - 179,800 Bank indebtedness - interest 13,737 5,579 - - 19,316 Term debt - principal - 89,080 - - 89,080 Term debt - PIK interest - 5,196 - - 5,196 Lease obligations 1 1,405 2,398 1,899 1 5,703 Risk management contracts 7,286 - - - 7,286 Decommissioning obligations 1 - - - 30,197 30,197 Total liabilities 157,975 282,053 1,899 30,198 472,125 1 Estimated interest for future periods related to the credit facility were calculated using the published Canadian prime lending rate and bankers' acceptance rate in place as at the period end, plus an applicable margin or fee based on the credit facility agreement terms and the Company's proportion of debt outstanding under each interest option as at December 31, 2022. The existing maturity date in the credit facility agreement is May 31, 2024, with an option to extend for an additional 364 days at the lenders' discretion. The contractual maturity analysis assumes that both the principal amount of the 2020 Senior Notes, and any PIK interest accrued, is outstanding for the full term to maturity on July 10, 2024. Future PIK interest and principal payments have been converted from US dollars to Canadian dollars using the foreign exchange rate. (iii) Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and commodity prices will affect the Company's income or the value of its financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimizing the return. The Company may use risk management contracts to manage market risks as disclosed below. All such transactions are conducted within risk management policies that are reviewed by the Board of Directors. For the fair value of the Company's risk management contracts, see the Commodity Price Risk section below. Currency Risk Currency risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange rates. The Company's petroleum and natural gas sales are conducted in Canada and are denominated in Canadian dollars . The Company is also exposed to currency risk in relation to its 2020 Senior Notes, which are denominated in US dollars. Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company is exposed to interest rate risk related to borrowings drawn under the credit facility, as the interest charged on the credit facility fluctuates with floating interest rates. An increase (decrease) in the interest rates of 1% would have increased (decreased) interest expense by $1.1 million for the year ended December 31, 2022 (year ended December 31, 2021 - $1.1 million, and year ended December 31, 2020 - $2.4 million). Commodity Price Risk Commodity price risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for oil and natural gas are impacted not only by the relationship between the Canadian and United States dollars but also worldwide economic events that influence supply and demand. HHR enters into risk management contracts to manage its exposure to commodity price fluctuations, which have served to protect and provide certainty on a portion of the Company's cash flows. The following tables list the fair value of all outstanding risk management contracts by commodity type: (Cdn$ thousands) December 31, 2022 December 31, 2021 Crude oil (5,801 ) (13,463 ) Natural gas 17,808 (2,773 ) NGL - (9,869 ) Total net asset (liability) 12,007 (26,105 ) The following table summarizes commodity risk management contracts outstanding as at December 31, 2022: Remaining Term Reference Total Daily Volume (bbls/d) Weighted Average (Price/bbls) Crude Oil Swaps Jan 1, 2023 - Jun 30, 2023 US$ WTI 1,000 87.00 Jan 1, 2023 - Dec 31, 2023 US$ WTI 1,100 65.00 Remaining Term Reference Total Daily (GJ/d) Total Daily Volume (MMbtu/d) Weighted (CDN$/GJ) Weighted Average (US$/MMbtu) Natural Gas Swaps Apr 1, 2023 - Sep 30, 2023 CDN$ AECO 30,000 - 4.96 - Jan 1, 2023 - Jun 30, 2023 US$ Dawn - 30,000 - 3.04 Jan 1, 2023 - Dec 31, 2023 US$ AECO - NYMEX - 30,000 - (1.48 ) Natural Gas Collar Jan 1, 2023 - Dec 31, 2023 US$ NYMEX - 30,000 - 5.00 - 9.80 The following tables show the breakdown of realized and unrealized gains and losses recognized by commodity type: Year Ended December 31, 2022 Crude Oil Natural Gas NGL Total (Cdn$ thousands) Realized loss on risk management contracts (51,195 ) (43,077 ) (11,705 ) (105,977 ) Unrealized gain on risk management contracts 7,662 20,581 9,869 38,112 Loss on risk management contracts (43,533 ) (22,496 ) (1,836 ) (67,865 ) Year Ended December 31, 2021 Crude Oil Natural Gas NGL Total (Cdn$ thousands) Realized loss on risk management contracts (62,112 ) (23,452 ) (9,843 ) (95,407 ) Unrealized loss on risk management contracts (1,509 ) (5,271 ) (9,869 ) (16,649 ) Loss on risk management contracts (63,621 ) (28,723 ) (19,712 ) (112,056 ) Year Ended December 31, 2020 Crude Oil Natural Gas Total (Cdn$ thousands) Realized gain (loss) on risk management contracts 67,322 (1,201 ) 66,121 Unrealized gain (loss) on risk management contracts (18,758 ) 405 (18,353 ) Gain (loss) on risk management contracts 48,564 (796 ) 47,768 The Company's operational results and financial condition are largely dependent on the commodity price received for its oil and natural gas production. Commodity prices have fluctuated widely in recent years due to global and regional factors including supply and demand fundamentals, inventory levels, weather, economic and geopolitical factors. HHR manages the risks associated with changes in commodity prices by entering into a variety of risk management contracts. The Company assesses the effects of movement in commodity prices on income before tax. When assessing the potential impact of these commodity price changes, the Company believes a 10% volatility is a reasonable measure. A 10% change in commodity prices would have resulted in the following impact to the Company's unrealized gain (loss) on risk management contracts and net profit (loss) before tax, assuming all other variables including the Canadian dollar to United States dollar exchange rate, remained constant: Year Ended December 31, 2022 Increase 10% Decrease 10% (Cdn$ thousands) Crude oil (6,276 ) 6,276 Natural gas (11,359 ) 11,450 Year Ended December 31, 2021 Increase 10% Decrease 10% (Cdn$ thousands) Crude oil (18,559 ) 18,559 Natural gas (7,960 ) 8,889 NGLs (1,205 ) (1,205 ) Year Ended December 31, 2020 Increase 10% Decrease 10% (Cdn$ thousands) Crude oil (12,348 ) 12,348 Natural gas (5,847 ) 5,847 (c) Capital Management Hammerhead's objective when managing capital is to maintain a flexible capital structure and sufficient liquidity to meet its financial obligations and to execute its business plans. The Company considers its capital structure to include shareholders' equity, the funds available under outstanding debt and equity agreements, funds from operations and adjusted working capital. Modifications to Hammerhead's capital structure can be accomplished through issuing common and preferred shares, issuing new debt, adjusting capital spending and acquiring or disposing of assets, though there is no certainty that any of these additional sources of capital would be available if required. Hammerhead's short-term capital management objective is to fund its capital expenditures using primarily funds from operations, noting value-creating activities may be financed with a combination of funds from operations and other sources of capital. Adjusted EBITDA indicates the Company's ability to generate funds from its asset base on a continuing basis, for future development of its capital program and settlement of financial obligations. For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Net profit (loss) before income tax 256,820 (71,821 ) 53,410 Add (deduct): Unrealized (gain) loss on risk management contracts (38,112 ) 16,649 18,353 Optimization fees - 19,708 670 Transaction costs 19,080 - - Share-based compensation 10,044 14,039 7,155 Depletion, depreciation and impairment 147,168 127,333 135,184 Finance 25,497 21,264 37,344 Loss (gain) on foreign exchange 7,229 (350 ) 817 Loss (gain) on warrant liability 10,611 96 (3,981 ) Loss (gain) on debt repayment 218 - (88,160 ) Loss on asset disposition - 13,813 - Loss on settlement under long term retention program - 527 - Other income, excluding transportation income (2,939 ) (1,022 ) (4,639 ) Adjusted EBITDA 435,616 140,236 156,153 Previously, working capital was computed including risk management contracts, the current portion of lease obligations and current bank debt. As at December 31, 2022, 2021 and 2020 (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Cash (8,833 ) (12,239 ) (6,078 ) Accounts receivable (89,235 ) (49,433 ) (30,298 ) Prepaid expenses and deposits (4,564 ) (2,751 ) (2,680 ) Accounts payable and accrued liabilities 135,547 116,866 54,193 Adjusted working capital deficit 32,915 52,443 15,137 Total bank debt 179,800 106,300 163,600 Total term debt 78,932 134,747 120,435 Total net debt 291,647 293,490 299,172 Adjusted EBITDA 435,616 140,236 156,153 Net debt to adjusted EBITDA 0.7 2.1 1.9

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
RELATED PARTY TRANSACTIONS [Text Block]	21. RELATED PARTY TRANSACTIONS All related party transactions occurred in the normal course of operations. Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Hammerhead has determined that the key management personnel of the Company consists of its officers and directors. The following table summarizes compensation paid or payable to key management personnel of the Company: (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Salaries, bonuses, benefits and director fees 5,584 4,852 4,101 Share based compensation 7,334 9,071 5,259 Total key management compensation 12,918 13,923 9,360 During the year ended December 31, 2022, key management personnel were granted an aggregate of 14.9 million RSUs (December 31, 2021 - 19.5 million and December 31, 2020 - nil) and nil stock options (December 31, 2021 - nil and December 31, 2020 - 0.6 million stock options with an average exercise price of $0.50 per share). At December 31, 2022, $5.6 million in limited recourse loans previously advanced to key management personnel remained outstanding (December 31, 2021 - $5.6 million). The loans bear interest at a fixed rate of 1% per annum, which resulted in the receipt of $0.1 million in cash interest received by the Company from key management personnel during the year (December 31, 2021 - $0.1 million and December 31, 2020 - $0.1 million). On September 26, 2022, the Company announced that it had entered into a business combination agreement with DCRD, an affiliate of Riverstone Investment Group LLC, to form a publicly traded company listed on the NASDAQ and TSX. The agreement closed on February 23, 2023. Upon close of the arrangement the limited recourse loans were terminated.

COMMITMENTS AND CONTRACTUAL OBL

COMMITMENTS AND CONTRACTUAL OBLIGATIONS	12 Months Ended
	Dec. 31, 2022
Commitments And Contractual Obligations [Abstract]
COMMITMENTS AND CONTRACTUAL OBLIGATIONS [Text Block]	22. COMMITMENTS AND CONTRACTUAL OBLIGATIONS The Company enters into commitments and contractual obligations in the normal course of operations. Commitments include short-term drilling rig contracts, operating costs for office leases, and firm transportation and processing agreements. Although transportation and processing commitments are required to ensure access to sales markets, the Company actively manages the commitment portfolio to ensure firm commitment levels are in line with future development plans and diversified to multiple sales markets. The Company's firm transportation and processing agreements are terminable in very limited circumstances. If the Company does not meet the commitments with produced volumes, it will be obligated to pay the commitment. Contractual obligations comprise of liabilities to third parties incurred for the purpose of managing the Company's capital structure, the liability portion of office building leases, risk management contracts, and decommissioning liabilities. Hammerhead does not have guarantees or off-balance sheet arrangements other than as disclosed. The following table is a summary of the Company's commitments and contractual obligations as at December 31, 2022: (Cdn$ thousands) 1 Year 2-3 Years 4-5 Years Thereafter Total Firm transportation & processing 99,606 208,173 158,644 188,176 654,599 Office buildings 1 972 1,658 1,632 - 4,262 Drilling services 2,100 900 - - 3,000 Total annual commitments 102,678 210,731 160,276 188,176 661,861 Accounts payable and accrued liabilities 135,547 - - - 135,547 Bank indebtedness - principal 2 - 179,800 - - 179,800 Bank indebtedness - interest 13,737 5,579 - - 19,316 Term debt - principal - 89,080 - - 89,080 Term debt - PIK interest - 5,196 - - 5,196 Lease obligations 3 1,405 2,398 1,899 1 5,703 Risk management contracts 7,286 - - - 7,286 Decommissioning obligations 3 - - - 30,197 30,197 Total contractual obligations 157,975 282,053 1,899 30,198 472,125 Total future payments 260,653 492,784 162,175 218,374 1,133,986 1 2 3 These values are undiscounted and will differ from the amounts presented elsewhere in these consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Hammerhead Energy Inc. [Member]
Disclosure of information about consolidated structured entities [line items]
Subsequent Events [Text Block]	3.) Subsequent Events On February 23, 2023, the Company closed the Arrangement pursuant to a business combination agreement with DCRD. The new common shares and warrants of the Company issued, pursuant to the Arrangement, in exchange for the common shares, preferred shares and warrants of Hammerhead Resources Inc. and DCRD, were listed on the TSX and Nasdaq effective February 27, 2023.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Disclosure of information about consolidated structured entities [line items]
Basis of consolidation [Policy Text Block]	(a) Basis of consolidation At December 31, 2022, the Financial Statements included the accounts of HHR and its wholly owned subsidiaries, including Prairie Lights Power GP Inc. and Prairie Lights Power Limited Partnership. Subsidiaries are consolidated from the date the Company obtains control and continues to be consolidated until the date such control ceases. Control is achieved when HHR is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All inter-entity transactions have been eliminated upon consolidation between HHR and its subsidiaries in these Financial Statements. HHR's operations are viewed as a single operating segment by the chief operating decision maker of the Company for the purpose of resource allocation and assessing performance.
Joint arrangements [Policy Text Block]	(b) Joint arrangements HHR conducts some of its oil and gas activities through joint operations. A joint operation is a type of joint arrangement over which two or more parties have joint control and rights to the assets and obligations for the liabilities relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. HHR does not have any joint arrangements that are material to the Company, or that are structured using separate vehicles. In relation to its interests in joint operations, HHR recognizes in the Financial Statements its share of assets, liabilities, revenues and expenses of the arrangements.
Revenue recognition [Policy Text Block]	(c) Revenue recognition Revenue associated with the sale of crude oil, natural gas and natural gas liquids is measured based on the consideration specified in contracts with customers. Revenue from contracts with customers is recognized when, or as, HHR satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service. The transfer of control of crude oil, natural gas and natural gas liquids coincides with title passing to the customer and the customer taking physical possession. HHR satisfies its performance obligations at a point in time and the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. While the transaction price is variable under the terms of the contract, at the time of delivery, there is only a minimal risk of a change in the transaction price to be allocated to the volume sold. Accordingly, at the point of sale there is not a significant risk of revenue reversal relative to the cumulative revenue recognized and there is no need to constrain any variable consideration. The amount of revenue recognized is based on the agreed upon transaction price, whereby any variability in revenue is related specifically to the Company's efforts to deliver production. Therefore, the resulting revenue is allocated to the production delivered in the period during which the variability occurs. As a result, HHR's revenue is recognized in the month of delivery.
Foreign currency translation [Policy Text Block]	(d) Foreign currency translation Monetary assets and liabilities denominated in a foreign currency are translated at the rate of exchange in effect at the balance sheet date. Revenues and expenses are translated at the average exchange rates during the year. The corresponding realized and unrealized gains and losses from foreign currency translations are recognized in the consolidated statement of profit (loss).
Financial instruments [Policy Text Block]	(e) Financial instruments Financial derivative instruments Financial derivative instruments are included in current assets/liabilities except for those with maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets/liabilities. The Company has not designated any of its financial derivative contracts as effective accounting hedges, and therefore has not applied hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, all financial derivative contracts are measured at fair value, with any gains and losses recorded in the consolidated statement of profit (loss). The fair value of a financial derivative instrument on initial recognition is normally the transaction price. Subsequent to initial recognition, the fair values are based on quoted market prices where available from active markets, otherwise fair values are estimated based on market prices at the reporting date for similar assets or liabilities with similar terms and conditions, or by discounting future payments of interest and principal at estimated interest rates that would be available to the Company at the reporting date. Financial assets and liabilities HHR's financial assets and financial liabilities are classified into two categories: Amortized Cost and Fair Value through Profit and Loss ("FVTPL"). The classification of financial assets is determined by their context in HHR's business model and by the characteristics of the financial asset's contractual cash flows. HHR does not classify any of its financial instruments as Fair Value through Other Comprehensive Income. At initial recognition, financial instruments are measured at fair value. Measurement in subsequent periods depends on classification of the financial instrument as described below: • • Impairment of financial assets Impairment losses are recognized using an expected credit loss model. The Company has adopted the simplified expected credit loss model for its accounts receivable, which permits the use of the lifetime expected loss provision. To measure the expected credit losses, accounts receivable have been grouped based on shared credit risk characteristics and days past due. The Company uses judgement in making these assumptions and selecting the inputs into the expected loss calculation based on past history, existing market conditions and forward looking estimates at the end of each reporting period. Offsetting Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
Property, plant and equipment ("PP&E") [Policy Text Block]	(f) Property, plant and equipment ("PP&E") PP&E primarily consists of petroleum and natural gas development and production assets, and is measured at cost less accumulated depletion and depreciation and accumulated impairment losses. These costs include property acquisitions, development drilling, completions, gathering and infrastructure, estimated decommissioning costs and transfers from E&E. Once technical feasibility and commercial viability has been met, all costs directly attributable to bringing an asset to the location and condition necessary for use are capitalized; this includes cash and non-cash overhead charges associated with staff dedicated to capital projects. Costs of replacing components of equipment are recognized as PP&E only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are expensed as incurred. Such capitalized amounts generally represent costs incurred in developing proved and/or probable reserves and bringing in or enhancing production from such reserves. The gain or loss from the divestitures of PP&E is recognized in the consolidated statements of profit (loss). In addition, risk-sharing agreements in which the Company cedes a portion of its working interest to a third-party are generally considered to be disposals of PP&E, potentially resulting in a gain or loss on disposition. Exchanges of assets within PP&E are measured at fair value unless the exchange transaction lacks commercial substance or the fair value of neither the asset received nor the asset given up is reliably measurable. The cost of the acquired asset is measured at the fair value of the asset received, unless the fair value of the asset given up is more clearly evident. Where fair value is not used, the cost of the acquired asset is measured at the carrying amount of the asset given up. The gain or loss on derecognition of the asset given up is recognized in profit (loss). An asset within PP&E is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in profit (loss) in the period in which the item is derecognized.
Depletion and depreciation [Policy Text Block]	(g) Depletion and depreciation Development and production costs are accumulated on a CGU basis ("depletion units"). The net carrying value of each depletion unit is depleted using the unit-of-production method by reference to the ratio of production in the year to the related proved plus probable reserves, taking into account estimated future development costs necessary to bring those reserves into production. These estimates are reviewed by independent reserve engineers at least annually. Undeveloped land is not depreciated. Proved plus probable reserves are estimated annually by independent and qualified reserve evaluators and represent the estimated quantities of petroleum and natural gas which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. Reserves are the remaining quantities of, petroleum and natural gas from known accumulations estimated to be recoverable from a given date forward. The estimates of reserves are determined from drilling, geological, geophysical and engineering data based on established technology and specified economic conditions. For depletion purposes, relative volumes of petroleum and natural gas production and reserves are converted at the energy equivalent conversion rate of six thousand cubic feet of natural gas to one barrel of crude oil. For other assets, depreciation is recognized in profit (loss) on a straight-line basis over the estimated useful life of three years of each part of an item of property and equipment. Leasehold improvements are depreciated over the term of the lease. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term.
Impairment [Policy Text Block]	(h) Impairment The Company reviews the carrying value of its PP&E at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's estimated recoverable amount is calculated. For the purpose of impairment testing, PP&E assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets, known as a CGU. The recoverable amount of a CGU is the greater of its value in use ("VIU") and its fair value less costs of disposal ("FVLCD"). FVLCD is defined as the amount obtainable from the sale of an asset or CGU in an arm's length transaction between knowledgeable, willing parties, less the costs of disposal or in the case of a lack of comparable transactions, based upon discounted after tax cash flows. The Company calculates FVLCD by reference to the after-tax future cash flows expected to be derived from production of proved plus probable reserves, less estimated selling costs. The estimated after-tax future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. VIU is determined by estimating the present value of the future net cash flows expected to be derived from the continued use of the asset or CGU. An impairment loss is recognized in the consolidated statements of profit (loss) if the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amounts of the assets in the CGU on a pro rata basis. Impairment losses previously recognized are assessed at each reporting date for any indication that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimate used to determine the recoverable amount and is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation, if no impairment loss had been recognized.
Leases [Policy Text Block]	(i) Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A lease liability is recognized at the commencement date of the lease term as the present value of the lease payments that are not paid at that date. At the commencement date, a corresponding right-of-use asset is recognized at the amount of the lease obligation, adjusted for lease incentives received, retirement costs and initial direct costs. Depreciation is recognized on the right-of-use asset over the lease term. Interest expense is recognized on the lease liability using the effective interest rate method and payments are applied against the lease liability.
Provisions and contingencies [Policy Text Block]	(j) Provisions and contingencies Provisions are recognized when the Company has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are measured based on the best estimate of discounted future cash outflows. Decommissioning obligations The Company's activities give rise to dismantling, decommissioning and site disturbance remediation activities. Asset retirement obligation estimates capitalized to PP&E are included in the depletable base. Decommissioning obligations are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the consolidated statement of financial position date. The present value of the estimated obligation is recorded as a liability with a corresponding increase in the carrying amount of the related asset. The obligation is subsequently adjusted at the end period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as accretion costs whereas increases or decreases due to changes in the estimated future cash flows or changes in the real rate are capitalized. Actual costs incurred upon settlement or towards the settlement of the decommissioning obligations are charged against the provision to the extent the provision was established. Contingencies Contingent liabilities are disclosed when HHR has a possible obligation arising from a past event and whose existence will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly under its control, or when HHR has a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources will be required to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. When a contingency is substantiated by confirming events, can be reliably measured and will likely result in an economic outflow, a liability is recognized in the Financial Statements as the best estimate required to settle the obligation. Contingent assets are only disclosed when the inflow of economic benefits is probable. When the economic benefit becomes virtually certain, the asset is no longer contingent and is recognized in the Financial Statements.
Income taxes [Policy Text Block]	(k) Income taxes Total income tax expense is composed of both current and deferred income taxes. Current income tax expense is the expected income tax payable on the taxable income for the current year, using tax rates enacted or substantively enacted at the reporting date and any adjustment to income tax payable in respect of previous periods. Deferred tax is recognized on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they are reversed, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to do so, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income or equity in the period in which the change occurs, depending on where the original deferred tax item was recorded.
Finance expense [Policy Text Block]	(l) Finance expense Finance expense includes interest expense on borrowings, amortization of debt issue costs, and accretion of decommissioning obligations and office lease provisions due to the passage of time. All borrowing costs are recognized in finance expense using the effective interest method.
Share-based compensation [Policy Text Block]	(m) Share-based compensation The Company's share-based compensation plans are all equity settled awards. Under the Company's share-based compensation plans, options, performance shares and restricted share units ("RSUs") are granted to directors, officers, and employees, whereby services are rendered as consideration for equity instruments. The fair value of options, performance shares and RSUs granted is estimated at the date of grant using a Black-Scholes valuation model and adjusted to reflect the number of awards that are expected to fully vest. The compensation cost of the options, performance shares and RSUs is recognized, together with the corresponding increase in contributed surplus, over the vesting period. Upon exercise of the options, consideration paid by the option holders and the value in contributed surplus pertaining to the exercised options are recorded as share capital.
Per share amounts [Policy Text Block]	(n) Per share amounts Basic profit (loss) per common share is calculated by dividing profit (loss) for the period attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Profit (loss) attributable to common shareholders is calculated as net profit (loss), adjusted for the impact of any preferred share cumulative dividends earned in the period, as computed on a cash basis. Diluted profit (loss) per common share is calculated giving effect to the potential dilution that would occur if all outstanding "in-the-money" stock options and RSUs were exercised, all dilutive convertible preferred shares were exercised or converted to common shares, and all dilutive share purchase warrants were exercised. Potential ordinary shares are treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. For HHR options and RSUs, the number of dilutive common shares is determined using the treasury stock method. For HHR's convertible preferred shares with cumulative dividends, dividends can be paid in cash or as paid-in-kind ("PIK") at the Company's option. IAS 33 Earnings per Share For HHR's warrants with a dilutive impact, net profit (loss) is adjusted by the change in profit (loss) that would result from the conversion of the warrants into common shares. The number of dilutive common shares is determined using the treasury stock method.
Government grants [Policy Text Block]	(o) Government grants The Company may receive government grants which provide immediate financial assistance as compensation for costs or expenditures to be incurred. Government grants are accounted for when there is reasonable assurance that conditions attached to the grants are met and that the grants will be received. The Company recognizes government grants in profit (loss) on a systematic basis and in line with recognition of the expense that the grants are intended to compensate. Government grants related to expenses or losses already incurred are recognized in profit (loss) by deducting the grant from its related expense in the period in which it becomes receivable. Government grants related to assets are presented in the consolidated statement of financial position and are amortized into profit (loss) on a systematic basis over the life of the depreciable asset as a reduced depreciation expense.
Changes in accounting standards [Policy Text Block]	(p) Changes in accounting standards On May 14, 2020, the International Accounting Standard Board published amendments IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets; and IFRS 1 First-time Adoption of International Financial Reporting Standards; all which were effective for periods beginning on or after January 1, 2022. The Company has adopted these amendments and determined no significant impact to the Company's Consolidated Financial Statements.
Future accounting pronouncements [Policy Text Block]	(q) Future accounting pronouncements The IASB has announced amendments to accounting standards and interpretations and new accounting standards that are effective for annual periods beginning on or after January 1, 2023. These standards and interpretations have not been applied to the consolidated financial statements. Hammerhead does not expect that these changes will have a material impact on the Company’s consolidated financial statements on adoption.
Hammerhead Energy Inc. [Member]
Disclosure of information about consolidated structured entities [line items]
Statement of Compliance [Policy Text Block]	a. Statement of Compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) incorporating interpretations issued by the IFRS Interpretations Committee (“IFRICs”).

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT ("PP&E") (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Disclosure of movements of PP&E [Table Text Block]	(Cdn$ thousands) Development and Production Assets Corporate Assets Right-of-Use Assets Total PP&E, at cost: Balance - December 31, 2020 2,031,343 9,722 3,266 2,044,331 Additions 143,170 1,204 3,145 147,519 Dispositions (51,360 ) - - (51,360 ) Balance - December 31, 2021 2,123,153 10,926 6,411 2,140,490 Additions 379,220 1,857 1,451 382,528 Balance - December 31, 2022 2,502,373 12,783 7,862 2,523,018 Accumulated depletion and depreciation Balance - December 31, 2020 621,093 6,107 1,470 628,670 Depletion and depreciation 125,111 1,481 741 127,333 Dispositions (24,352 ) - - (24,352 ) Balance - December 31, 2021 721,852 7,588 2,211 731,651 Depletion and depreciation 144,133 1,982 1,053 147,168 Balance - December 31, 2022 865,985 9,570 3,264 878,819 Net book value - December 31, 2021 1,401,301 3,338 4,200 1,408,839 Net book value - December 31, 2022 1,636,388 3,213 4,598 1,644,199

DISPOSITION (Tables)

DISPOSITION (Tables)	12 Months Ended
	Dec. 31, 2022
Disposition [Abstract]
Disclosure of detailed information about disposition [Table Text Block]	For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Proceeds from disposition - 10,027 - PP&E after net accumulated depletion and depreciation - (27,008 ) - Decommissioning liabilities disposed - 3,168 - Loss on disposition - (13,813 ) -

BANK DEBT (Tables)

BANK DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Detailed Information About Bank Debt [Abstract]
Disclosure of detailed information about components of bank debt outstanding [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 Syndicated facility 164,800 106,300 Operating facility 15,000 - Total bank debt outstanding 179,800 106,300
Disclosure of detailed information about applicable prime margin and bankers acceptance fee [Table Text Block]	Margin on Canadian Prime Rate Bankers' Acceptance Fee Standby Fee Credit facility 1.75% - 5.25% 2.75% - 6.25% 0.69% - 1.56%

TERM DEBT (Tables)

TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Detailed Information About Term Debt [Abstract]
Disclosure of detailed information about components of term debt outstanding [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 2020 Senior Notes - outstanding principal 120,648 120,648 Principal repayment, net of outstanding PIK interest 1 (42,414 ) 23,374 Foreign exchange revaluation 2 698 (9,275 ) Total carrying value of long-term debt 78,932 134,747 1 2
Disclosure of detailed information about loss on repayment of Senior Notes [Table Text Block]	(Cdn$ thousands) Net carrying amount of 2020 Senior Notes, prior to repayment 78,621 Less principal repaid (78,621 ) Transaction costs incurred (218 ) Loss on debt (218 )

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Lease liabilities [abstract]
Disclosure of detailed information about leasing activities for lessee [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 Balance, beginning of year 4,957 3,252 Additions and modifications 1,451 3,145 Interest expense 257 181 Lease payments (1,540 ) (1,621 ) Balance, end of year 5,125 4,957 Current portion 1,180 1,030 Long-term portion 3,945 3,927
Disclosure of detailed information about undiscounted cash flows of lease obligations [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 Less than 1 year 1,405 1,256 2-3 years 2,398 1,840 4-5 years 1,899 689 After 5 years 1 1,900 Total lease payments 5,703 5,685 Amounts representing interest (578 ) (728 ) Present value of net lease payments 5,125 4,957

DECOMMISSIONING OBLIGATIONS (Ta

DECOMMISSIONING OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Decommissioning Liabilities [Abstract]
Disclosure of detailed information about decommissioning liability [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 Balance, beginning of year 29,569 31,499 Obligations incurred 2,963 2,590 Obligations disposed (note 6) - (3,168 ) Settlements 1 (123 ) - Change in rates (9,948 ) (1,195 ) Change in estimates 73 (182 ) Accretion of decommissioning obligations 2 581 25 Balance, end of year 23,115 29,569 1 2

WARRANT LIABILITY (Tables)

WARRANT LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Warrant Liabilities [Abstract]
Disclosure of detailed information about warrants outstanding [Table Text Block]	Number of warrants (000's) December 31, 2022 December 31, 2021 2020 Warrants 35,020 35,020 2013 Warrants 6,000 6,000 Total 41,020 41,020
Disclosure of detailed information about change in fair value of all warrants [Table Text Block]	(Cdn$ thousands) 2020 Warrants 2014 Warrants 2013 Warrants Total Fair value at December 31, 2019 - 14,621 906 15,527 New warrants issued 10,935 - - 10,935 Change in fair value 103 (3,404 ) (680 ) (3,981 ) Exercise of warrants - (11,217 ) - (11,217 ) Fair value at December 31, 2020 11,038 - 226 11,264 Change in fair value 151 - (55 ) 96 Fair value at December 31, 2021 11,189 - 171 11,360 Change in fair value 10,614 - (3 ) 10,611 Fair value at December 31, 2022 21,803 - 168 21,971 On September 26, 2022, the Company announced that it had entered into a business combination agreement with DCRD, an affiliate of Riverstone Investment Group LLC, to form a publicly traded company listed on the Nasdaq and TSX. The agreement closed on February 23, 2023. Upon close, the 2013 Warrants were settled for a cash payment of $0.028 per warrant and the 2020 Warrants were exercised on a cashless basis and converted to Class A common shares of Hammerhead Energy Inc. The fair value of the warrants at December 31, 2022 reflected the transaction valuations.

EQUITY COMMITMENT (Tables)

EQUITY COMMITMENT (Tables)	12 Months Ended
	Dec. 31, 2022
December 2020 Equity Commitment [Member]
Commitments And Contractual Obligations [Line Items]
Disclosure of detailed information about equity commitment [Table Text Block]	(Cdn$ thousands) Issue Costs Number of Shares (000's) Gross Cash Proceeds Non-cash Cash Net Cash Proceeds As at December 31, 2020 200,000 100,000 (10,530 ) (1,139 ) 98,861 February 5, 2021 67,405 33,702 - (22 ) 33,680 As at December 31, 2022 and 2021 267,405 133,702 (10,530 ) (1,161 ) 132,541
June 2020 Equity Commitment [Member]
Commitments And Contractual Obligations [Line Items]
Disclosure of detailed information about equity commitment [Table Text Block]	(Cdn$ thousands) Issue Costs Number of Shares (000's) Gross Cash Proceeds Non-cash Cash Net Cash Proceeds As at December 31, 2020 7,700 3,850 (405 ) (199 ) 3,651 February 5, 2021 2,595 1,298 - - 1,298 As at December 31, 2022 and 2021 10,295 5,148 (405 ) (199 ) 4,949

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Disclosure of basic and diluted net profit (loss) per common share [ Table Text Block]	For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Basic Net profit (loss) 225,100 (71,821 ) 53,410 Effect of Series VII cumulative preferred share dividends (25,235 ) (21,780 ) (18,844 ) Net profit (loss) attributable to ordinary equity holders - basic 199,865 (93,601 ) 34,566 Diluted Net profit (loss) 225,100 (71,821 ) 53,410 Effect of Series VII cumulative preferred share dividends (25,235 ) (21,780 ) (18,844 ) Effect of 2020 warrant revaluation - - 103 Net profit (loss) attributable to ordinary equity holders - diluted 199,865 (93,601 ) 34,669
Disclosure of weighted average number of common shares outstanding used in calculation [Table Text Block]	For the years ended Number of shares (000's) December 31, 2022 December 31, 2021 December 31, 2020 Weighted average common shares outstanding, basic 391,803 391,106 391,052 Effect of convertible preferred shares 500,324 - 305,460 Effect of share options and RSUs 69,624 - 18,317 Effect of common share purchase warrants - - 13,746 Weighted average common shares outstanding, diluted 961,751 391,106 728,575
Common shares [Member]
Disclosure of classes of share capital [line items]
Disclosure of issued and outstanding shares [ Table Text Block]	Number of shares (000's) Amount (Cdn$ thousands) Balance, December 31, 2020 391,038 583,483 Long term retention program - 527 Exercise of restricted share units 110 265 Balance, December 31, 2021 391,148 584,275 Exercise of restricted share units 1,413 1,457 Balance, December 31, 2022 392,561 585,732
Preferred share capital [Member]
Disclosure of classes of share capital [line items]
Disclosure of issued and outstanding shares [ Table Text Block]	Number of shares (000's) Amount (Cdn$ thousands) Series I preferred shares Balance, December 31, 2022 and 2021 one share one dollar Series II preferred shares Balance, December 31, 2022 and 2021 100,952 185,093 Series III preferred shares Balance, December 31, 2022 and 2021 88,889 198,945 Series IV preferred shares Balance, December 31, 2022 and 2021 one share one dollar Series VI preferred shares Balance, December 31, 2022 and 2021 one share one dollar Series VII preferred shares Balance, December 31, 2022 and 2021 33,333 95,539 Series VIII preferred shares Balance, December 31, 2022 and 2021 one share three dollars Series IX preferred shares Balance, December 31, 2020 207,700 91,577 Issued in private placement, net of share issue costs (note 12) 70,000 34,977 Balance, December 31, 2022 and 2021 277,700 126,554 Balance, December 31, 2022 and 2021 500,874 606,131

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Disclosure of stock options outstanding [Table Text Block]	Number of Options (000's) Balance at December 31, 2020 12,219 Expired (1,339 ) Forfeited (177 ) Balance at December 31, 2021 10,703 Expired (193 ) Balance at December 31, 2022 10,510 Exercisable at December 31, 2022 10,460
Disclosure of RSUs outstanding [Table Text Block]	Number of RSUs (000's) Balance at December 31, 2020 18,273 Granted 43,380 Exercised (110 ) Expired (1,693 ) Forfeited (4,872 ) Balance at December 31, 2021 54,978 Granted 30,531 Exercised (1,413 ) Expired (313 ) Forfeited (187 ) Balance at December 31, 2022 83,596 Exercisable at December 31, 2022 60,962
Additional information about share-based compensation expense [Table Text Block]	For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Share-based compensation payments 14,157 18,658 8,352 Capitalized to developed and producing assets (4,113 ) (4,619 ) (1,197 ) Share-based compensation expense 10,044 14,039 7,155

DEFERRED INCOME TAX (Tables)

DEFERRED INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2022
Major components of tax expense (income) [abstract]
Disclosure of detailed information about temporary differences between the carrying amount of assets and liabilities [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 PP&E (96,871 ) (81,924 ) Decommissioning obligation 5,316 6,801 Lease liability 1,179 903 Share and debt issue costs (1,225 ) (980 ) Foreign exchange 294 (505 ) Unrealized loss on risk management contracts (2,761 ) 6,004 Charitable donations 167 160 Non-capital losses 62,181 101,621 Deferred income tax asset not recognized - (32,080 ) Deferred income tax liability (31,720 ) -
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Net profit (loss) before income taxes 256,820 (71,821 ) 53,410 Statutory income tax rate 23.00 % 23.00% 23.99% 59,069 (16,519 ) 12,813 Increase (decrease) resulting from: Share-based compensation 2,310 3,229 1,716 Warrant revaluation 2,441 22 (955 ) Rate change 228 (50 ) (586 ) Change in unrecognized tax assets (32,080 ) 12,000 (13,617 ) Other (248 ) 1,318 629 Deferred income tax expense 31,720 - -

SUPPLEMENTAL INFORMATION (Table

SUPPLEMENTAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Statement of cash flows [abstract]
Disclosure for statement of cash flows changes in non-cash working capital and cash interest transactions [Table Text Block]	For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 (Use) source of cash: Accounts receivable (39,802 ) (19,134 ) 2,993 Prepaid expenses and deposits (1,813 ) (71 ) (634 ) Accounts payable and accrued liabilities 18,681 62,673 (31,126 ) (22,934 ) 43,468 (28,767 ) Relating to: Related to operating activities (38,657 ) 6,131 (9,801 ) Related to investing activities 15,723 37,337 (18,966 ) (22,934 ) 43,468 (28,767 ) Other: Interest paid 10,764 6,433 35,582 Interest received 75 65 106

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Disaggregation Of Revenue From Contracts With Customers Abstract
Disclosure of revenue from contracts with customers, disaggregated by revenue source [Table Text Block]	For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Crude oil & field condensate 417,791 199,108 125,711 Natural gas 315,423 165,957 104,267 Natural gas liquids ("NGL") 111,430 74,778 33,536 Total oil and gas revenue 844,644 439,843 263,514 Treating, processing & gathering 1,403 1,343 954 Transportation income - 180 411 Total revenue from contracts with customers 846,047 441,366 264,879

FINANCE EXPENSE (Tables)

FINANCE EXPENSE (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure Of Finance Cost [Abstract]
Disclosure of detailed information about finance expense [Table Text Block]	For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Interest on term debt - cash 1 1,785 - 9,177 Interest on term debt - PIK 12,833 14,660 8,714 Total interest on term debt (2020 Senior Notes) 14,618 14,660 17,891 Interest and fees on bank debt 9,734 5,979 16,961 Interest on lease obligation 257 181 286 Interest on EDC facility - letters of credit 307 419 711 Amortization of financing costs (discount and debt issues) - - 1,459 Accretion of decommissioning obligations 581 25 36 Total finance expense 25,497 21,264 37,344 1

FINANCIAL INSTRUMENTS, FAIR V_2

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Disclosure of fair value measurement [Table Text Block]	As at December 31, 2022 December 31, 2021 (Cdn$ thousands) Fair Value Carrying Value Fair Value Carrying Value Financial assets at amortized cost: Cash 8,833 8,833 12,239 12,239 Accounts receivable 89,235 89,235 49,433 49,433 Financial assets at fair value through profit or loss: Risk management contracts 19,293 19,293 289 289 Financial liabilities at amortized cost: Accounts payable and accrued liabilities 135,547 135,547 116,866 116,866 Bank debt 179,800 179,800 106,300 106,300 Term debt 78,932 78,932 134,747 134,747 Financial liabilities at fair value through profit or loss: Risk management contracts 7,286 7,286 26,394 26,394 Warrant liability 21,971 21,971 11,360 11,360
Disclosure of detailed information about maximum exposure to credit risk for loans and receivables [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 Oil and gas marketers 85,838 43,206 Joint venture 334 528 GST input tax credit 2,935 2,965 Other 128 2,734 Accounts receivable 89,235 49,433
Disclosure of detailed information about maximum exposure to credit risk for risk management contracts [Table Text Block]	December 31, 2022 Gross Assets (Liabilities) Amount Offset Assets (Liabilities) Net Amount Presented (Cdn$ thousands) Current: Risk management contract assets 28,356 ( 9,063 ) 19,293 Risk management contract liabilities (16,349 ) 9,063 (7,286 ) Net asset 12,007 - 12,007 December 31, 2021 Gross Assets Amount Offset Net Amount Presented (Cdn$ thousands) Current: Risk management contract assets 289 - 289 Risk management contract liabilities (23,344 ) - (23,344 ) Long-term: Risk management contract liabilities (3,050 ) - (3,050 ) Net liability (26,105 ) - (26,105 )
Disclosure of detailed information about liquidity risk [Table Text Block]	(Cdn$ thousands) 1 Year 2-3 Years 4-5 Years Thereafter Total Accounts payable and accrued liabilities 135,547 - - - 135,547 Bank indebtedness - principal - 179,800 - - 179,800 Bank indebtedness - interest 13,737 5,579 - - 19,316 Term debt - principal - 89,080 - - 89,080 Term debt - PIK interest - 5,196 - - 5,196 Lease obligations 1 1,405 2,398 1,899 1 5,703 Risk management contracts 7,286 - - - 7,286 Decommissioning obligations 1 - - - 30,197 30,197 Total liabilities 157,975 282,053 1,899 30,198 472,125 1
Disclosure of detailed information about fair value of all outstanding risk management contracts by commodity type [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 Crude oil (5,801 ) (13,463 ) Natural gas 17,808 (2,773 ) NGL - (9,869 ) Total net asset (liability) 12,007 (26,105 )
Disclosure of detailed information about the summary of commodity risk management contracts outstanding [Table Text Block]	Remaining Term Reference Total Daily Volume (bbls/d) Weighted Average (Price/bbls) Crude Oil Swaps Jan 1, 2023 - Jun 30, 2023 US$ WTI 1,000 87.00 Jan 1, 2023 - Dec 31, 2023 US$ WTI 1,100 65.00 Remaining Term Reference Total Daily (GJ/d) Total Daily Volume (MMbtu/d) Weighted (CDN$/GJ) Weighted Average (US$/MMbtu) Natural Gas Swaps Apr 1, 2023 - Sep 30, 2023 CDN$ AECO 30,000 - 4.96 - Jan 1, 2023 - Jun 30, 2023 US$ Dawn - 30,000 - 3.04 Jan 1, 2023 - Dec 31, 2023 US$ AECO - NYMEX - 30,000 - (1.48 ) Natural Gas Collar Jan 1, 2023 - Dec 31, 2023 US$ NYMEX - 30,000 - 5.00 - 9.80
Disclosure of detailed information about breakdown of realized and unrealized gains and losses recognized by commodity type [Table Text Block]	Year Ended December 31, 2022 Crude Oil Natural Gas NGL Total (Cdn$ thousands) Realized loss on risk management contracts (51,195 ) (43,077 ) (11,705 ) (105,977 ) Unrealized gain on risk management contracts 7,662 20,581 9,869 38,112 Loss on risk management contracts (43,533 ) (22,496 ) (1,836 ) (67,865 ) Year Ended December 31, 2021 Crude Oil Natural Gas NGL Total (Cdn$ thousands) Realized loss on risk management contracts (62,112 ) (23,452 ) (9,843 ) (95,407 ) Unrealized loss on risk management contracts (1,509 ) (5,271 ) (9,869 ) (16,649 ) Loss on risk management contracts (63,621 ) (28,723 ) (19,712 ) (112,056 ) Year Ended December 31, 2020 Crude Oil Natural Gas Total (Cdn$ thousands) Realized gain (loss) on risk management contracts 67,322 (1,201 ) 66,121 Unrealized gain (loss) on risk management contracts (18,758 ) 405 (18,353 ) Gain (loss) on risk management contracts 48,564 (796 ) 47,768
Disclosure of detailed information about commodity price risk impact [Table Text Block]	Year Ended December 31, 2022 Increase 10% Decrease 10% (Cdn$ thousands) Crude oil (6,276 ) 6,276 Natural gas (11,359 ) 11,450 Year Ended December 31, 2021 Increase 10% Decrease 10% (Cdn$ thousands) Crude oil (18,559 ) 18,559 Natural gas (7,960 ) 8,889 NGLs (1,205 ) (1,205 ) Year Ended December 31, 2020 Increase 10% Decrease 10% (Cdn$ thousands) Crude oil (12,348 ) 12,348 Natural gas (5,847 ) 5,847
Disclosure of detailed information about adjusted EBITDA [Table Text Block]	For the years ended (Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Net profit (loss) before income tax 256,820 (71,821 ) 53,410 Add (deduct): Unrealized (gain) loss on risk management contracts (38,112 ) 16,649 18,353 Optimization fees - 19,708 670 Transaction costs 19,080 - - Share-based compensation 10,044 14,039 7,155 Depletion, depreciation and impairment 147,168 127,333 135,184 Finance 25,497 21,264 37,344 Loss (gain) on foreign exchange 7,229 (350 ) 817 Loss (gain) on warrant liability 10,611 96 (3,981 ) Loss (gain) on debt repayment 218 - (88,160 ) Loss on asset disposition - 13,813 - Loss on settlement under long term retention program - 527 - Other income, excluding transportation income (2,939 ) (1,022 ) (4,639 ) Adjusted EBITDA 435,616 140,236 156,153
Disclosure of detailed information about calculation of net debt to annualized quarterly adjusted EBITDA [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Cash (8,833 ) (12,239 ) (6,078 ) Accounts receivable (89,235 ) (49,433 ) (30,298 ) Prepaid expenses and deposits (4,564 ) (2,751 ) (2,680 ) Accounts payable and accrued liabilities 135,547 116,866 54,193 Adjusted working capital deficit 32,915 52,443 15,137 Total bank debt 179,800 106,300 163,600 Total term debt 78,932 134,747 120,435 Total net debt 291,647 293,490 299,172 Adjusted EBITDA 435,616 140,236 156,153 Net debt to adjusted EBITDA 0.7 2.1 1.9

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Disclosure of compensation paid or payable to key management personnel [Table Text Block]	(Cdn$ thousands) December 31, 2022 December 31, 2021 December 31, 2020 Salaries, bonuses, benefits and director fees 5,584 4,852 4,101 Share based compensation 7,334 9,071 5,259 Total key management compensation 12,918 13,923 9,360

COMMITMENTS AND CONTRACTUAL O_2

COMMITMENTS AND CONTRACTUAL OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments And Contractual Obligations [Abstract]
Disclosure of commitments and contractual obligations in normal course of operations [Table Text Block]	(Cdn$ thousands) 1 Year 2-3 Years 4-5 Years Thereafter Total Firm transportation & processing 99,606 208,173 158,644 188,176 654,599 Office buildings 1 972 1,658 1,632 - 4,262 Drilling services 2,100 900 - - 3,000 Total annual commitments 102,678 210,731 160,276 188,176 661,861 Accounts payable and accrued liabilities 135,547 - - - 135,547 Bank indebtedness - principal 2 - 179,800 - - 179,800 Bank indebtedness - interest 13,737 5,579 - - 19,316 Term debt - principal - 89,080 - - 89,080 Term debt - PIK interest - 5,196 - - 5,196 Lease obligations 3 1,405 2,398 1,899 1 5,703 Risk management contracts 7,286 - - - 7,286 Decommissioning obligations 3 - - - 30,197 30,197 Total contractual obligations 157,975 282,053 1,899 30,198 472,125 Total future payments 260,653 492,784 162,175 218,374 1,133,986 1 2 3 These values are undiscounted and will differ from the amounts presented elsewhere in these consolidated financial statements.

Organization (Narrative) (Detai

Organization (Narrative) (Details) - Hammerhead Energy Inc. [Member]	Dec. 31, 2022 $ / shares shares
Disclosure of information about consolidated structured entities [line items]
Number of shares issued | shares	1
Par value per share | $ / shares	$ 10

BUSINESS COMBINATION (Narrative

BUSINESS COMBINATION (Narrative) (Details) - Decarbonization Plus Acquisition Corporation IV [Member]	12 Months Ended
	Dec. 31, 2022 CAD ($) shares
Disclosure of detailed information about business combination [line items]
Warrants settled, price per warrant	$ 0.028
Limited recourse loans terminated	$ 5,800,000
Number of common shares issued | shares	90,778,275
Number of warrants issued | shares	28,549,991
Acquisition-related transaction costs	$ 19,100,000

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT ("PP&E") (Narrative) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [abstract]
Estimated future development costs	$ 2,800	$ 2,400	$ 2,500
General and administrative expenses capitalized	5.1	4.7	2.3
Share-based compensation expenses capitalized	$ 4.1	$ 4.6	$ 1.2

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT ("PP&E") - Disclosure of movements of PP&E during the period (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	$ 1,408,839
Balance Ending	1,644,199	$ 1,408,839
Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	2,140,490	2,044,331
Additions	382,528	147,519
Dispositions		(51,360)
Balance Ending	2,523,018	2,140,490
Accumulated Depletion, Depreciation And Impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	(731,651)	(628,670)
Depletion and depreciation	147,168	127,333
Dispositions		(24,352)
Balance Ending	(878,819)	(731,651)
Development And Production Assets [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	1,401,301
Balance Ending	1,636,388	1,401,301
Development And Production Assets [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	2,123,153	2,031,343
Additions	379,220	143,170
Dispositions		(51,360)
Balance Ending	2,502,373	2,123,153
Development And Production Assets [Member] | Accumulated Depletion, Depreciation And Impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	(721,852)	(621,093)
Depletion and depreciation	144,133	125,111
Dispositions		(24,352)
Balance Ending	(865,985)	(721,852)
Corporate Assets [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	3,338
Balance Ending	3,213	3,338
Corporate Assets [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	10,926	9,722
Additions	1,857	1,204
Dispositions		0
Balance Ending	12,783	10,926
Corporate Assets [Member] | Accumulated Depletion, Depreciation And Impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	(7,588)	(6,107)
Depletion and depreciation	1,982	1,481
Dispositions		0
Balance Ending	(9,570)	(7,588)
Right-of-Use Assets [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	4,200
Balance Ending	4,598	4,200
Right-of-Use Assets [Member] | Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	6,411	3,266
Additions	1,451	3,145
Dispositions		0
Balance Ending	7,862	6,411
Right-of-Use Assets [Member] | Accumulated Depletion, Depreciation And Impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance, Beginning	(2,211)	(1,470)
Depletion and depreciation	1,053	741
Dispositions		0
Balance Ending	$ (3,264)	$ (2,211)

DISPOSITION (Narrative) (Detail

DISPOSITION (Narrative) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disposition [Abstract]
Proceeds from disposition of certain non-core assets and undeveloped land	$ 0	$ 10,027	$ 0
Loss on disposition of certain non-core assets and undeveloped land	$ 0	$ 13,813	$ 0

DISPOSITION - Disclosure of inf

DISPOSITION - Disclosure of information about disposition (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disposition [Abstract]
Proceeds from asset disposition	$ 0	$ 10,027	$ 0
PP&E net of accumulated depletion and depreciation	0	(27,008)	0
Decommissioning liabilities disposed	0	3,168	0
Losses on disposals of property, plant and equipment	$ 0	$ (13,813)	$ 0

BANK DEBT (Narrative) (Details)

BANK DEBT (Narrative) (Details) $ in Millions, $ in Millions	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 15, 2022 CAD ($)	Jun. 09, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Disclosure Of Detailed Information About Bank Debt [Line Items]
Maximum borrowing capacity			$ 350	$ 300
Syndicated Facility [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Maximum borrowing capacity			330	280
Operating Facility [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Maximum borrowing capacity			$ 20	$ 20
CAD Denominated Letters Of Credit [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Letter of credit issued	$ 13.8				$ 13.8
USD Denominated Letters Of Credit [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Letter of credit issued	$ 0.9	$ 0.7			$ 0.9	$ 0.7

BANK DEBT - Disclosure of bank

BANK DEBT - Disclosure of bank debt outstanding (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Detailed Information About Bank Debt [Line Items]
Total bank debt outstanding	$ 179,800	$ 106,300	$ 163,600
Syndicated facility [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Total bank debt outstanding	164,800	106,300
Operating facility [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Total bank debt outstanding	$ 15,000	$ 0

BANK DEBT - Disclosure of appli

BANK DEBT - Disclosure of applicable prime margin and bankers' acceptance fee (Details) - Credit Facility [Member]	12 Months Ended
	Dec. 31, 2022
Bottom Of Range [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Margin On Canadian Prime Rate	1.75%
Bankers Acceptance Fee	2.75%
Standby Fee	0.69%
Top Of Range [Member]
Disclosure Of Detailed Information About Bank Debt [Line Items]
Margin On Canadian Prime Rate	5.25%
Bankers Acceptance Fee	6.25%
Standby Fee	1.56%

TERM DEBT (Narrative) (Details)

TERM DEBT (Narrative) (Details) $ in Thousands				1 Months Ended		12 Months Ended
	Oct. 10, 2020 USD ($)	Jul. 10, 2017 CAD ($)	Jul. 10, 2017 USD ($)	Sep. 26, 2022 CAD ($)	Sep. 26, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)	Sep. 29, 2020 CAD ($)	Jun. 19, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Term debt						$ 78,932		$ 134,747	$ 120,435
Transaction costs incurred						218		0	1,186
Foreign exchange gain (loss)						(7,229)		$ 350	(817)
2020 Senior Notes [Member]
Disclosure of detailed information about borrowings [line items]
Principal amount repaid					$ 59,300,000	78,621
PIK interest						32,100
Accrued unpaid PIK interest						$ 4,100
Interest rate on borrowings						12%					12%
Term debt					$ 56,500,000						$ 112,000,000
Transaction costs incurred				$ 200		$ 218
Term debt settled							$ 57,900,000
Accumulated unrealized loss recognized reclassed to realized foreign exchange loss						5,200
Foreign exchange gain (loss)						$ 3,200
Term debt, redemption	$ 24,000,000										24,000,000
Additional equity investment										$ 25,000
Redemption transaction costs	$ 1
2017 Senior Notes [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate on borrowings			9%
Term debt			$ 160,000,000
Transaction costs incurred		$ 300
Proceeds from borrowings			148,000,000
Discounts on term debt			$ 12,000,000
Term debt, redemption											$ 48,000,000
Amount of gain on debt extinguished									$ 88,200

TERM DEBT - Disclosure of carry

TERM DEBT - Disclosure of carrying value of long-term debt (Details) $ in Thousands, $ in Millions	Dec. 31, 2022 CAD ($)	Sep. 26, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)	Jun. 19, 2020 USD ($)
Disclosure of detailed information about borrowings [line items]
Total carrying value of long-term debt	$ 78,932		$ 134,747	$ 120,435
2020 Senior Notes [Member]
Disclosure of detailed information about borrowings [line items]
Senior Notes - outstanding principal	120,648		120,648
Principal repayment, net of outstanding PIK interest	(42,414)		23,374
Foreign exchange revaluation	$ 698		$ (9,275)
Total carrying value of long-term debt		$ 56.5			$ 112

TERM DEBT - Disclosure of loss

TERM DEBT - Disclosure of loss on repayment of Senior Notes (Details) $ in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Sep. 26, 2022 CAD ($)	Sep. 26, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)
Disclosure of detailed information about borrowings [line items]
Transaction costs incurred			$ (218)	$ 0	$ (1,186)
2020 Senior Notes [Member]
Disclosure of detailed information about borrowings [line items]
Net carrying amount of 2020 Senior Notes, prior to repayment			78,621
Less principal repaid		$ (59.3)	(78,621)
Transaction costs incurred	$ (200)		(218)
Loss on debt			$ (218)

LEASE OBLIGATIONS (Narrative) (

LEASE OBLIGATIONS (Narrative) (Details)	Dec. 31, 2022	Dec. 31, 2021
Calgary [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of incremental borrowing rate	4.60%	7%
Grande Prairie Offices [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of incremental borrowing rate	4.60%	7%
Leased Equipment [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Percentage of incremental borrowing rate	4.70%	0%

LEASE OBLIGATIONS - Disclosure

LEASE OBLIGATIONS - Disclosure of lease obligations (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities [abstract]
Beginning balance	$ 4,957	$ 3,252
Additions and modifications	1,451	3,145
Interest expense	257	181	$ 286
Lease payments	(1,540)	(1,621)
Ending balance	5,125	4,957	$ 3,252
Current portion	1,180	1,030
Long-term portion	$ 3,945	$ 3,927

LEASE OBLIGATIONS - Disclosur_2

LEASE OBLIGATIONS - Disclosure of undiscounted cash flows (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	$ 5,703	$ 5,685
Amounts representing interest	(578)	(728)
Present value of net lease payments	5,125	4,957	$ 3,252
Less than 1 year [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	1,405	1,256
2-3 years [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	2,398	1,840
4-5 years [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	1,899	689
After 5 years [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Total lease payments	$ 1	$ 1,900

DECOMMISSIONING OBLIGATIONS (Na

DECOMMISSIONING OBLIGATIONS (Narrative) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Decommissioning Liabilities [Abstract]
Risk free rate	3.30%	1.70%
Inflation rate	2.10%	1.80%
Undiscounted and uninflated amount	$ 30.2	$ 26.7

DECOMMISSIONING OBLIGATIONS - D

DECOMMISSIONING OBLIGATIONS - Disclosure of changes in decommissioning obligation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Decommissioning Liabilities [Abstract]
Balance, beginning of period	$ 29,569	$ 31,499
Obligations incurred	2,963	2,590
Obligations disposed	0	(3,168)
Settlements	(123)	0	$ 0
Change in rates	(9,948)	(1,195)
Change in estimates	73	(182)
Accretion of decommissioning obligations	581	25
Balance, end of period	$ 23,115	$ 29,569	$ 31,499

WARRANT LIABILITY (Narrative) (

WARRANT LIABILITY (Narrative) (Details) $ / shares in Units, shares in Millions			1 Months Ended	12 Months Ended
	Dec. 08, 2020 $ / shares shares	May 01, 2013 $ / shares shares	Jun. 17, 2020 $ / shares shares	Dec. 31, 2022 CAD ($)
2020 Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants granted during period | shares	1.3		33.7
Exercise price of warrants granted | $ / shares	$ 0.25		$ 0.25
2013 Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants granted during period | shares		6
Exercise price of warrants granted | $ / shares		$ 3.5
Number of common shares to be granted per warrant on a cashless exercise		0.15
Warrants settled, price per warrant | $				$ 28

WARRANT LIABILITY - Disclosure

WARRANT LIABILITY - Disclosure of warrants outstanding (Details) - shares shares in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants	41,020	41,020
2020 Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants	35,020	35,020
2013 Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of warrants	6,000	6,000

WARRANT LIABILITY - Disclosur_2

WARRANT LIABILITY - Disclosure of change in fair value of warrants (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance, Fair value of warrants	$ 11,360	$ 11,264	$ 15,527
New warrants issued			10,935
Change in fair value	10,611	96	(3,981)
Exercise of warrants			(11,217)
Ending balance, Fair value of warrants	21,971	11,360	11,264
2020 Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance, Fair value of warrants	11,189	11,038	0
New warrants issued			10,935
Change in fair value	10,614	151	103
Exercise of warrants			0
Ending balance, Fair value of warrants	21,803	11,189	11,038
2014 Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance, Fair value of warrants	0	0	14,621
New warrants issued			0
Change in fair value	0	0	(3,404)
Exercise of warrants			(11,217)
Ending balance, Fair value of warrants	0	0	0
2013 Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance, Fair value of warrants	171	226	906
New warrants issued			0
Change in fair value	(3)	(55)	(680)
Exercise of warrants			0
Ending balance, Fair value of warrants	$ 168	$ 171	$ 226

EQUITY COMMITMENT (Narrative) (

EQUITY COMMITMENT (Narrative) (Details) - CAD ($) shares in Millions, $ in Millions	Dec. 08, 2020	Jun. 17, 2020
June 2020 Equity Commitment [Member]
Commitments And Contractual Obligations [Line Items]
Equity commitment, number of preferred shares		600
Equity commitment, number of warrants		33.7
Equity commitment, maximum proceeds		$ 300
December 2020 Equity Commitment [Member]
Commitments And Contractual Obligations [Line Items]
Equity commitment, number of preferred shares	23.1
Equity commitment, number of warrants	1.3
Equity commitment, maximum proceeds	$ 11.6

EQUITY COMMITMENT - Disclosure

EQUITY COMMITMENT - Disclosure of equity commitment (Details) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contractual Obligations [Line Items]
Net Cash Proceed	$ 14	$ 0	$ 22
June 2020 Equity Commitment [Member]
Commitments And Contractual Obligations [Line Items]
Beginning Balance, Number of shares	267,405	200,000
Number of Shares		67,405
Ending Balance, Number of shares	267,405	267,405	200,000
Beginning Balance, Gross Cash Proceeds	$ 133,702	$ 100,000
Gross Cash Proceeds		33,702
Ending Balance, Gross Cash Proceeds	133,702	133,702	$ 100,000
Beginning Balance, Non-cash Issue Costs	(10,530)	(10,530)
Non-cash Issue Costs		0
Ending Balance, Non-cash Issue Costs	(10,530)	(10,530)	(10,530)
Beginning Balance, Cash Issue Costs	(1,161)	(1,139)
Cash Issue Costs		(22)
Ending Balance, Cash Issue Costs	(1,161)	(1,161)	(1,139)
Beginning Balance, Net Cash Proceeds	132,541	98,861
Net Cash Proceed		33,680
Ending Balance, Net Cash Proceed	$ 132,541	$ 132,541	$ 98,861
December 2020 Equity Commitment [Member]
Commitments And Contractual Obligations [Line Items]
Beginning Balance, Number of shares	10,295	7,700
Number of Shares		2,595
Ending Balance, Number of shares	10,295	10,295	7,700
Beginning Balance, Gross Cash Proceeds	$ 5,148	$ 3,850
Gross Cash Proceeds		1,298
Ending Balance, Gross Cash Proceeds	5,148	5,148	$ 3,850
Beginning Balance, Non-cash Issue Costs	(405)	(405)
Non-cash Issue Costs		0
Ending Balance, Non-cash Issue Costs	(405)	(405)	(405)
Beginning Balance, Cash Issue Costs	(199)	(199)
Cash Issue Costs		0
Ending Balance, Cash Issue Costs	(199)	(199)	(199)
Beginning Balance, Net Cash Proceeds	4,949	3,651
Net Cash Proceed		1,298
Ending Balance, Net Cash Proceed	$ 4,949	$ 4,949	$ 3,651

SHARE CAPITAL (Narrative) (Deta

SHARE CAPITAL (Narrative) (Details) shares in Millions			1 Months Ended	12 Months Ended
	Nov. 06, 2018 shares	Dec. 10, 2015 shares	Jun. 30, 2015 shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2020 shares	Aug. 27, 2017
Series I Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Description of preferred share redemption price				$1.00 if the holder owns less than 5% of the outstanding common shares
Series II Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Conversion rate of preferred shares				1.13208
Series III Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Dividend accruing rate				10%
Number of shares issued		48.9	40
Conversion price per share | $ / shares				$ 2.25
Series IV Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Description of preferred share redemption price				$nil if the holder owns less than 5% of the outstanding common shares
Series V Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Conversion rate of preferred shares						1.2
Series VI Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Description of preferred share redemption price				$1.00 if the holder owns less than 5% of the outstanding common shares
Series VII Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Dividend accruing rate				15%
Number of shares issued	33.3
Series VIII Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Description of preferred share redemption price				$3.00 if the holder owns less than 20% of the outstanding common shares
Restricted Share Unit [Member]
Disclosure of classes of share capital [line items]
Anti-dilutive securities excluded from computation of diluted profit per share				0.1	1.7
Warrants [Member]
Disclosure of classes of share capital [line items]
Anti-dilutive securities excluded from computation of diluted profit per share				6	6
Convertible Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Anti-dilutive securities excluded from computation of diluted profit per share				61.4	45.8

SHARE CAPITAL - Disclosure of c

SHARE CAPITAL - Disclosure of common shares issued and outstanding (Details) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Beginning Balance, Amount	$ 584,275
Ending Balance, Amount	$ 585,732	$ 584,275
Common share capital [Member]
Beginning Balance, Number of shares	391,148	391,038
Number of shares, Long term retention program		0
Number of shares, Exercise of restricted share units	1,413	110
Ending Balance, Number of shares	392,561	391,148	391,038
Beginning Balance, Amount	$ 584,275	$ 583,483
Long term retention program	0	527	$ 0
Exercise of restricted share units	1,457	265	0
Ending Balance, Amount	$ 585,732	$ 584,275	$ 583,483

SHARE CAPITAL - Disclosure of p

SHARE CAPITAL - Disclosure of preferred shares issued and outstanding (Details) - CAD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2020
Disclosure of classes of share capital [line items]
Issued capital	$ 584,275	$ 585,732
Series I Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	1	1
Issued capital	$ 1	$ 1
Series II Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	100,952	100,952
Issued capital	$ 185,093	$ 185,093
Series III Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	88,889	88,889
Issued capital	$ 198,945	$ 198,945
Series IV Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	1	1
Issued capital	$ 1	$ 1
Series VI Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	1	1
Issued capital	$ 1	$ 1
Series VII Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	33,333	33,333
Issued capital	$ 95,539	$ 95,539
Series VIII Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	1	1
Issued capital	$ 3	$ 3
Series IX Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	277,700	277,700	207,700
Issued capital	$ 126,554	$ 126,554	$ 91,577
Issued in private placement, net of share issue costs, Shares	70,000
Issued in private placement, net of share issue costs	$ 34,977
Preferred share capital [Member]
Disclosure of classes of share capital [line items]
Number of shares issued	500,874	500,874
Issued capital	$ 606,131	$ 606,131

SHARE CAPITAL - Disclosure of a

SHARE CAPITAL - Disclosure of adjustments made to net profit (loss), in computing the basic and diluted net profit (loss) per common share (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic
Net profit (loss)	$ 225,100	$ (71,821)	$ 53,410
Effect of Series VII cumulative preferred share dividends	(25,235)	(21,780)	(18,844)
Net profit (loss) attributable to ordinary equity holders - basic	199,865	(93,601)	34,566
Diluted
Net profit (loss)	225,100	(71,821)	53,410
Effect of Series VII cumulative preferred share dividends	(25,235)	(21,780)	(18,844)
Effect of 2020 warrant revaluation	0	0	103
Net profit (loss) attributable to ordinary equity holders - diluted	$ 199,865	$ (93,601)	$ 34,669

SHARE CAPITAL - Disclosure of w

SHARE CAPITAL - Disclosure of weighted average number of common shares outstanding used calculation of basic and diluted net (profit) loss per common share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Weighted average common shares outstanding, basic	391,803	391,106	391,052
Effect of convertible preferred shares	500,324	0	305,460
Effect of share options and RSUs	69,624	0	18,317
Effect of common share purchase warrants	0	0	13,746
Weighted average common shares outstanding, diluted	961,751	391,106	728,575

SHARE-BASED COMPENSATION (Narra

SHARE-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, Share in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021 CAD ($) Share $ / shares	Dec. 31, 2020 CAD ($) Share	Dec. 31, 2022 CAD ($) Share	Jun. 10, 2016 CAD ($)
Restricted Share Units [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price | $ / shares	$ 0.01
Number of other equity instruments outstanding in share-based payment arrangement | Share	54,978	18,273	83,596
Performance Shares [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding in share-based payment arrangement | Share	2,000		2,000
Long-term retention program [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Value of advanced loans outstanding | $	$ 5.8		$ 5.8	$ 7.4
Principal amount settled by participating officer and employees | $	$ 0.5	$ 0.3

SHARE-BASED COMPENSATION - Disc

SHARE-BASED COMPENSATION - Disclosure of stock options outstanding (Details) - Share Share in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Beginning balance	10,703	12,219
Expired	(193)	(1,339)
Forfeited		(177)
Ending balance	10,510	10,703
Exercisable at December 31, 2022	10,460

SHARE-BASED COMPENSATION - Di_2

SHARE-BASED COMPENSATION - Disclosure of RSUs outstanding (Details) - RSUs [Member] - Share Share in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Beginning balance	54,978	18,273
Granted	30,531	43,380
Exercised	(1,413)	(110)
Expired	(313)	(1,693)
Forfeited	(187)	(4,872)
Ending balance	83,596	54,978
Exercisable	60,962

SHARE-BASED COMPENSATION - Di_3

SHARE-BASED COMPENSATION - Disclosure of share-based compensation expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Share-based compensation payments	$ 14,157	$ 18,658	$ 8,352
Capitalized to developed and producing assets	(4,113)	(4,619)	(1,197)
Share-based compensation expense	$ 10,044	$ 14,039	$ 7,155

DEFERRED INCOME TAX (Narrative)

DEFERRED INCOME TAX (Narrative) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Applicable tax rate	23%	23%	23.99%
Value of non-capital losses	$ 270.4	$ 441.8	$ 386.8

DEFERRED INCOME TAX - Disclosur

DEFERRED INCOME TAX - Disclosure of components of the deferred tax liability (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	$ (31,720)	$ 0
Property, Plant And Equipment [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	(96,871)	(81,924)
Decommissioning Obligation [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	5,316	6,801
Lease Liability [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	1,179	903
Share And Debt Issue Costs [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	(1,225)	(980)
Foreign Exchange [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	294	(505)
Unrealized Loss On Risk Management Contracts [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	(2,761)	6,004
Charitable Donations [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	167	160
Non-capital Losses [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	62,181	101,621
Deferred Income Tax Asset Not Recognized [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income tax liability	$ 0	$ (32,080)

DEFERRED INCOME TAX - Disclos_2

DEFERRED INCOME TAX - Disclosure of deferred income tax expense (recovery) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Major components of tax expense (income) [abstract]
Net profit (loss) before income taxes	$ 256,820	$ (71,821)	$ 53,410
Statutory income tax rate	23%	23%	23.99%
Tax expense (income) at applicable tax rate	$ 59,069	$ (16,519)	$ 12,813
Increase (decrease) resulting from:
Share-based compensation	2,310	3,229	1,716
Warrant revaluation	2,441	22	(955)
Rate change	228	(50)	(586)
Change in unrecognized tax assets	(32,080)	12,000	(13,617)
Other	(248)	1,318	629
Deferred income tax expense	$ 31,720	$ 0	$ 0

SUPPLEMENTAL INFORMATION - Disc

SUPPLEMENTAL INFORMATION - Disclosure of changes in non-cash working capital and cash interest transactions (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
(Use) source of cash:
Accounts receivable	$ (39,802)	$ (19,134)	$ 2,993
Prepaid expenses and deposits	(1,813)	(71)	(634)
Accounts payable and accrued liabilities	18,681	62,673	(31,126)
Total source (use) of cash	(22,934)	43,468	(28,767)
Relating to:
Related to operating activities	(38,657)	6,131	(9,801)
Related to investing activities	15,723	37,337	(18,966)
Non-cash working capital of operating and investing activities	(22,934)	43,468	(28,767)
Other:
Interest paid	10,764	6,433	35,582
Interest received	$ 75	$ 65	$ 106

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Narrative) (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Accounts receivable	$ 89,235	$ 49,433	$ 30,298
Accrued Oil And Natural Gas Sales [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Accounts receivable	$ 86,000	$ 43,200	$ 25,500

REVENUE FROM CONTRACTS WITH C_4

REVENUE FROM CONTRACTS WITH CUSTOMERS - Disclosure of revenue from contracts with customers, disaggregated by revenue source (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total oil and gas revenue	$ 844,644	$ 439,843	$ 263,514
Total revenue from contracts with customers	846,047	441,366	264,879
Crude Oil & Field Condensate [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total oil and gas revenue	417,791	199,108	125,711
Natural Gas [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total oil and gas revenue	315,423	165,957	104,267
Natural Gas Liquids [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total oil and gas revenue	111,430	74,778	33,536
Treating, Processing And Gathering [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	1,403	1,343	954
Transportation Income [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Total revenue from contracts with customers	$ 0	$ 180	$ 411

FINANCE EXPENSE - Disclosure of

FINANCE EXPENSE - Disclosure of finance expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Finance Cost [Abstract]
Interest on term debt - cash	$ 1,785	$ 0	$ 9,177
Interest on term debt - PIK	12,833	14,660	8,714
Total interest on term debt (2020 Senior Notes)	14,618	14,660	17,891
Interest and fees on bank debt	9,734	5,979	16,961
Interest on lease obligation	257	181	286
Interest on EDC facility - letters of credit	307	419	711
Amortization of financing costs (discount and debt issues)	0	0	1,459
Accretion of decommissioning obligations	581	25	36
Total finance expense	$ 25,497	$ 21,264	$ 37,344

FINANCIAL INSTRUMENTS, FAIR V_3

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT (Narrative) (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Number of customers that constituted more than 10% of commodity sales	six	four	four
Number of customers that constituted more than 10% of accounts receivable	four	five
Borrowing capacity under credit facility	$ 170.2
Increase (decrease) in the net loss before tax due to 10% strengthening (weakening) of US dollar	7.9	$ 13.5	$ 12
Increase (decrease) In interest expense due to 1% increase (decrease) in interest rates	$ 1.1	$ 1.1	$ 2.4

FINANCIAL INSTRUMENTS, FAIR V_4

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of fair value measurement (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets at amortized cost:
Cash	$ 8,833	$ 12,239	$ 6,078	$ 26,450
Financial assets at fair value through profit or loss:
Risk management contracts	19,293	289
Financial liabilities at amortized cost:
Bank debt	179,800	106,300	163,600
Term debt	78,932	134,747	$ 120,435
Financial liabilities at fair value through profit or loss:
Risk management contracts	7,286	23,344
Fair Value [Member]
Financial assets at amortized cost:
Fair value of cash	8,833	12,239
Fair value of accounts receivable	89,235	49,433
Financial assets at fair value through profit or loss:
Fair value of risk management contracts	19,293	289
Financial liabilities at amortized cost:
Fair value of accounts payable and accrued liabilities	135,547	116,866
Fair value of bank debt	179,800	106,300
Fair value of term debt	78,932	134,747
Financial liabilities at fair value through profit or loss:
Fair value of risk management contracts	7,286	26,394
Fair value of warrant liability	21,971	11,360
Carrying Value [Member]
Financial assets at amortized cost:
Cash	8,833	12,239
Accounts receivable	89,235	49,433
Financial assets at fair value through profit or loss:
Risk management contracts	19,293	289
Financial liabilities at amortized cost:
Accounts payable and accrued liabilities	135,547	116,866
Bank debt	179,800	106,300
Term debt	78,932	134,747
Financial liabilities at fair value through profit or loss:
Risk management contracts	7,286	26,394
Warrant liability	$ 21,971	$ 11,360

FINANCIAL INSTRUMENTS, FAIR V_5

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of maximum exposure to credit risk for loans and receivables (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Accounts receivable	$ 89,235	$ 49,433
Oil And Gas Marketers [Member]
Disclosure of detailed information about financial instruments [line items]
Accounts receivable	85,838	43,206
Joint Venture [Member]
Disclosure of detailed information about financial instruments [line items]
Accounts receivable	334	528
GST Input Tax Credit [Member]
Disclosure of detailed information about financial instruments [line items]
Accounts receivable	2,935	2,965
Other [Member]
Disclosure of detailed information about financial instruments [line items]
Accounts receivable	$ 128	$ 2,734

FINANCIAL INSTRUMENTS, FAIR V_6

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of net asset amounts (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current:
Risk management contract assets	$ 19,293	$ 289
Risk management contract liabilities	(7,286)	(23,344)
Long-term:
Risk management contract liabilities	0	(3,050)
Net asset (liability)	12,007	(26,105)
Gross Assets (Liabilities) [Member]
Current:
Risk management contract assets	28,356	289
Risk management contract liabilities	(16,349)	(23,344)
Long-term:
Risk management contract liabilities		(3,050)
Net asset (liability)	12,007	(26,105)
Amount Offset Assets (Liabilities) [Member]
Current:
Risk management contract assets	(9,063)	0
Risk management contract liabilities	(9,063)	0
Long-term:
Risk management contract liabilities		0
Net asset (liability)	$ 0	$ 0

FINANCIAL INSTRUMENTS, FAIR V_7

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of total financial liabilities (Details) $ in Thousands	Dec. 31, 2022 CAD ($)
Disclosure of detailed information about financial instruments [line items]
Total liabilities	$ 472,125
Accounts payable and accrued liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	135,547
Bank indebtedness - principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	179,800
Bank indebtedness - interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	19,316
Term Debt Principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	89,080
Term debt - PIK interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	5,196
Lease obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	5,703
Risk management contracts [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	7,286
Decommissioning obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	30,197
1 Year [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	157,975
1 Year [Member] | Accounts payable and accrued liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	135,547
1 Year [Member] | Bank indebtedness - principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
1 Year [Member] | Bank indebtedness - interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	13,737
1 Year [Member] | Term Debt Principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
1 Year [Member] | Term debt - PIK interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
1 Year [Member] | Lease obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	1,405
1 Year [Member] | Risk management contracts [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	7,286
1 Year [Member] | Decommissioning obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
2-3 Years [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	282,053
2-3 Years [Member] | Accounts payable and accrued liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
2-3 Years [Member] | Bank indebtedness - principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	179,800
2-3 Years [Member] | Bank indebtedness - interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	5,579
2-3 Years [Member] | Term Debt Principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	89,080
2-3 Years [Member] | Term debt - PIK interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	5,196
2-3 Years [Member] | Lease obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	2,398
2-3 Years [Member] | Risk management contracts [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
2-3 Years [Member] | Decommissioning obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
4-5 Years [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	1,899
4-5 Years [Member] | Accounts payable and accrued liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
4-5 Years [Member] | Bank indebtedness - principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
4-5 Years [Member] | Bank indebtedness - interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
4-5 Years [Member] | Term Debt Principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
4-5 Years [Member] | Term debt - PIK interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
4-5 Years [Member] | Lease obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	1,899
4-5 Years [Member] | Risk management contracts [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
4-5 Years [Member] | Decommissioning obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
Thereafter [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	30,198
Thereafter [Member] | Accounts payable and accrued liabilities [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
Thereafter [Member] | Bank indebtedness - principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
Thereafter [Member] | Bank indebtedness - interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
Thereafter [Member] | Term Debt Principal [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
Thereafter [Member] | Term debt - PIK interest [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
Thereafter [Member] | Lease obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	1
Thereafter [Member] | Risk management contracts [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	0
Thereafter [Member] | Decommissioning obligations [Member]
Disclosure of detailed information about financial instruments [line items]
Total liabilities	$ 30,197

FINANCIAL INSTRUMENTS, FAIR V_8

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of fair value of all outstanding risk management contracts by commodity type (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Net asset (liability)	$ 12,007	$ (26,105)
Crude Oil [Member]
Disclosure of detailed information about financial instruments [line items]
Net asset (liability)	(5,801)	(13,463)
Natural Gas [Member]
Disclosure of detailed information about financial instruments [line items]
Net asset (liability)	17,808	(2,773)
NGL [Member]
Disclosure of detailed information about financial instruments [line items]
Net asset (liability)	$ 0	$ (9,869)

FINANCIAL INSTRUMENTS, FAIR V_9

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of commodity risk management contracts outstanding (Details)	12 Months Ended
	Dec. 31, 2022 CAD_per_Gigajoule Gigajoule Million_British_thermal_unit USD_per_MMbtu $ / Barrel bbl
Crude Oil Swaps [Member] | Jan 1, 2023 - Jun 30, 2023 [Member]
Disclosure of detailed information about financial instruments [line items]
Total Daily Volume (bbls/d) | bbl	1,000
Weighted Average (Price/bbls) | $ / Barrel	87
Crude Oil Swaps [Member] | Jan 1, 2023 - Dec 31, 2023 [Member]
Disclosure of detailed information about financial instruments [line items]
Total Daily Volume (bbls/d) | bbl	1,100
Weighted Average (Price/bbls) | $ / Barrel	65
Natural Gas Swaps [Member] | Apr 1, 2023 - Sep 30, 2023 [Member]
Disclosure of detailed information about financial instruments [line items]
Total Daily Volume (GJ/d) | Gigajoule	30,000
Total Daily Volume (MMbtu/d) | Million_British_thermal_unit	0
Weighted Average (CDN$/GJ) | CAD_per_Gigajoule	4.96
Weighted Average (US$/MMbtu)	0
Natural Gas Swaps [Member] | Jan 1, 2023 - Jun 30, 2023 [Member]
Disclosure of detailed information about financial instruments [line items]
Total Daily Volume (GJ/d) | Gigajoule	0
Total Daily Volume (MMbtu/d) | Million_British_thermal_unit	30,000
Weighted Average (CDN$/GJ) | CAD_per_Gigajoule	0
Weighted Average (US$/MMbtu)	3.04
Natural Gas Swaps [Member] | Jan 1, 2023 - Dec 31, 2023 [Member]
Disclosure of detailed information about financial instruments [line items]
Total Daily Volume (GJ/d) | Gigajoule	0
Total Daily Volume (MMbtu/d) | Million_British_thermal_unit	30,000
Weighted Average (CDN$/GJ) | CAD_per_Gigajoule	0
Weighted Average (US$/MMbtu)	(1.48)
Natural Gas Collar [Member] | Jan 1, 2023 - Dec 31, 2023 [Member]
Disclosure of detailed information about financial instruments [line items]
Total Daily Volume (GJ/d) | Gigajoule	0
Total Daily Volume (MMbtu/d) | Million_British_thermal_unit	30,000
Weighted Average (CDN$/GJ) | CAD_per_Gigajoule	0
Natural Gas Collar [Member] | Jan 1, 2023 - Dec 31, 2023 [Member] | Bottom Of Range [Member]
Disclosure of detailed information about financial instruments [line items]
Weighted Average (US$/MMbtu)	5
Natural Gas Collar [Member] | Jan 1, 2023 - Dec 31, 2023 [Member] | Top Of Range [Member]
Disclosure of detailed information about financial instruments [line items]
Weighted Average (US$/MMbtu)	9.8

FINANCIAL INSTRUMENTS, FAIR _10

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of realized and unrealized gains and losses (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]
Realized gain (loss) on risk management contracts	$ (105,977)	$ (95,407)	$ 66,121
Unrealized gain (loss) on risk management contracts	38,112	(16,649)	(18,353)
Total gain (loss) on risk management contracts	(67,865)	(112,056)	47,768
Crude Oil [Member]
Disclosure of detailed information about financial instruments [line items]
Realized gain (loss) on risk management contracts	(51,195)	(62,112)	67,322
Unrealized gain (loss) on risk management contracts	7,662	(1,509)	(18,758)
Total gain (loss) on risk management contracts	(43,533)	(63,621)	48,564
Natural Gas [Member]
Disclosure of detailed information about financial instruments [line items]
Realized gain (loss) on risk management contracts	(43,077)	(23,452)	(1,201)
Unrealized gain (loss) on risk management contracts	20,581	(5,271)	405
Total gain (loss) on risk management contracts	(22,496)	(28,723)	$ (796)
NGL [Member]
Disclosure of detailed information about financial instruments [line items]
Realized gain (loss) on risk management contracts	(11,705)	(9,843)
Unrealized gain (loss) on risk management contracts	9,869	(9,869)
Total gain (loss) on risk management contracts	$ (1,836)	$ (19,712)

FINANCIAL INSTRUMENTS, FAIR _11

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of percentage change in commodity prices (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Crude Oil [Member]
Disclosure of detailed information about financial instruments [line items]
Increase in unrealized gain (loss) on risk management contracts and net income before tax	$ (6,276)	$ (18,559)	$ (12,348)
Decrease in unrealized gain (loss) on risk management contracts and net income before tax	6,276	18,559	12,348
Natural Gas [Member]
Disclosure of detailed information about financial instruments [line items]
Increase in unrealized gain (loss) on risk management contracts and net income before tax	(11,359)	(7,960)	(5,847)
Decrease in unrealized gain (loss) on risk management contracts and net income before tax	$ 11,450	8,889	$ 5,847
NGLs [Member]
Disclosure of detailed information about financial instruments [line items]
Increase in unrealized gain (loss) on risk management contracts and net income before tax		(1,205)
Decrease in unrealized gain (loss) on risk management contracts and net income before tax		$ (1,205)

FINANCIAL INSTRUMENTS, FAIR _12

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of adjusted EBITDA (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Net profit (loss) before income tax	$ 256,820	$ (71,821)	$ 53,410
Add (deduct):
Unrealized (gain) loss on risk management contracts	(38,112)	16,649	18,353
Optimization fees	0	19,708	670
Transaction costs	19,080	0	0
Share-based compensation	10,044	14,039	7,155
Depletion, depreciation and impairment	147,168	127,333	135,184
Finance	25,497	21,264	37,344
Loss (gain) on foreign exchange	7,229	(350)	817
Loss (gain) on warrant liability	10,611	96	(3,981)
Loss (gain) on debt repayment	218	0	(88,160)
Loss on asset disposition	0	13,813	0
Loss on settlement under long term retention program	0	527	0
Other income, excluding transportation income	(2,939)	(1,022)	(4,639)
Adjusted EBITDA	$ 435,616	$ 140,236	$ 156,153

FINANCIAL INSTRUMENTS, FAIR _13

FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT - Disclosure of net debt and net debt to adjusted EBITDA (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) Ratio	Dec. 31, 2021 CAD ($) Ratio	Dec. 31, 2020 CAD ($) Ratio	Dec. 31, 2019 CAD ($)
Disclosure of detailed information about financial instruments [abstract]
Cash	$ (8,833)	$ (12,239)	$ (6,078)	$ (26,450)
Accounts receivable	(89,235)	(49,433)	(30,298)
Prepaid expenses and deposits	(4,564)	(2,751)	(2,680)
Accounts payable and accrued liabilities	135,547	116,866	54,193
Adjusted working capital deficit	32,915	52,443	15,137
Total bank debt	179,800	106,300	163,600
Total term debt	78,932	134,747	120,435
Total net debt	291,647	293,490	299,172
Adjusted EBITDA	$ 435,616	$ 140,236	$ 156,153
Net debt to adjusted EBITDA | Ratio	0.7	2.1	1.9

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 CAD ($) Share	Dec. 31, 2021 CAD ($) Share	Dec. 31, 2020 CAD ($) Share $ / shares
RSUs [Member]
Disclosure of transactions between related parties [line items]
Number of RSUs granted	30,531,000	43,380,000
Key Management Personnel Of Entity Or Parent [Member]
Disclosure of transactions between related parties [line items]
Limited recourse loans advanced to key management personnel | $	$ 5.6	$ 5.6
Interest rate	1%
Cash interest received | $	$ 0.1	$ 0.1	$ 0.1
Key Management Personnel Of Entity Or Parent [Member] | RSUs [Member]
Disclosure of transactions between related parties [line items]
Number of RSUs granted	14,900,000	19,500,000	0
Key Management Personnel Of Entity Or Parent [Member] | Stock Options [Member]
Disclosure of transactions between related parties [line items]
Number of share options granted	0	0	600,000
Weighted average exercise price of share options granted | $ / shares			$ 0.5

RELATED PARTY TRANSACTIONS - Di

RELATED PARTY TRANSACTIONS - Disclosure of compensation paid or payable to key management personnel (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Salaries, bonuses, benefits and director fees	$ 5,584	$ 4,852	$ 4,101
Share based compensation	7,334	9,071	5,259
Total key management compensation	$ 12,918	$ 13,923	$ 9,360

COMMITMENTS AND CONTRACTUAL O_3

COMMITMENTS AND CONTRACTUAL OBLIGATIONS - Disclosure of commitments and contractual obligations in normal course of operations (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments And Contractual Obligations [Line Items]
Commitments	$ 661,861
Accounts payable and accrued liabilities	135,547	$ 116,866	$ 54,193
Bank indebtedness - principal	179,800	106,300	$ 163,600
Bank indebtedness - interest	19,316
Term debt - principal	89,080
Term debt - PIK interest	5,196
Lease obligations	5,703
Risk management contracts	7,286	$ 23,344
Decommissioning obligations	30,197
Total future payments	1,133,986
Total contractual obligations	472,125
1 Year [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	102,678
Accounts payable and accrued liabilities	135,547
Bank indebtedness - principal	0
Bank indebtedness - interest	13,737
Term debt - principal	0
Term debt - PIK interest	0
Lease obligations	1,405
Risk management contracts	7,286
Decommissioning obligations	0
Total future payments	260,653
Total contractual obligations	157,975
2-3 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	210,731
Accounts payable and accrued liabilities	0
Bank indebtedness - principal	179,800
Bank indebtedness - interest	5,579
Term debt - principal	89,080
Term debt - PIK interest	5,196
Lease obligations	2,398
Risk management contracts	0
Decommissioning obligations	0
Total future payments	492,784
Total contractual obligations	282,053
4-5 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	160,276
Accounts payable and accrued liabilities	0
Bank indebtedness - principal	0
Bank indebtedness - interest	0
Term debt - principal	0
Term debt - PIK interest	0
Lease obligations	1,899
Risk management contracts	0
Decommissioning obligations	0
Total future payments	162,175
Total contractual obligations	1,899
Thereafter [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	188,176
Accounts payable and accrued liabilities	0
Bank indebtedness - principal	0
Bank indebtedness - interest	0
Term debt - principal	0
Term debt - PIK interest	0
Lease obligations	1
Risk management contracts	0
Decommissioning obligations	30,197
Total future payments	218,374
Total contractual obligations	30,198
Firm transportation & processing [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	654,599
Firm transportation & processing [Member] | 1 Year [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	99,606
Firm transportation & processing [Member] | 2-3 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	208,173
Firm transportation & processing [Member] | 4-5 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	158,644
Firm transportation & processing [Member] | Thereafter [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	188,176
Office Buildings [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	4,262
Office Buildings [Member] | 1 Year [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	972
Office Buildings [Member] | 2-3 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	1,658
Office Buildings [Member] | 4-5 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	1,632
Office Buildings [Member] | Thereafter [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	0
Drilling Services [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	3,000
Drilling Services [Member] | 1 Year [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	2,100
Drilling Services [Member] | 2-3 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	900
Drilling Services [Member] | 4-5 Years [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	0
Drilling Services [Member] | Thereafter [Member]
Commitments And Contractual Obligations [Line Items]
Commitments	$ 0