Battalion Oil (BATL) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 23, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	HALCON RESOURCES CORP
Entity Central Index Key	1,282,648
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 468.5
Entity Common Stock, Shares Outstanding		122,370,159
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Oil, natural gas and natural gas liquids sales:
Oil		$ 512,346	$ 1,071,319	$ 944,535
Natural gas		22,509	37,101	27,319
Natural gas liquids		13,624	37,460	24,564
Total oil, natural gas and natural gas liquids sales		548,479	1,145,880	996,418
Other		1,799	2,381	3,088
Total operating revenues		550,278	1,148,261	999,506
Production:
Lease operating		103,590	130,239	139,182
Workover and other		20,862	16,193	6,268
Taxes other than income		48,890	106,331	88,622
Gathering and other		40,281	26,719	11,745
Restructuring		2,886	987	4,471
General and administrative		87,766	116,532	132,410
Depletion, depreciation and accretion		364,204	534,421	463,655
Full cost ceiling impairment		2,626,305	239,668	1,147,771
Other operating property and equipment impairment			35,558	67,454
Goodwill impairment	$ 228,900			228,875
Total operating expenses		3,294,784	1,206,648	2,290,453
Income (loss) from operations		(2,744,506)	(58,387)	(1,290,947)
Other income (expenses):
Net gain (loss) on derivative contracts		310,264	518,956	(31,233)
Interest expense and other, net		(232,878)	(145,689)	(58,198)
Gain (loss) on extinguishment of debt		761,804
Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants		(8,219)
Total other income (expenses)		830,971	373,267	(89,431)
Income (loss) before income taxes		(1,913,535)	314,880	(1,380,378)
Income tax benefit (provision)		(9,086)	1,076	157,716
Net income (loss)		(1,922,621)	315,956	(1,222,662)
Series A preferred dividends		(17,517)	(19,838)	(10,745)
Preferred dividends and accretion on redeemable noncontrolling interest		(66,820)	(13,176)
Net income (loss) available to common stockholders		$ (2,006,958)	$ 282,942	$ (1,233,407)
Net income (loss) per share of common stock:
Basic (in dollars per share)		$ (18.66)	$ 3.40	$ (16.25)
Diluted (in dollars per share)		$ (18.66)	$ 2.93	$ (16.25)
Weighted average common shares outstanding:
Basic (in shares)		107,531	83,155	75,925
Diluted (in shares)		107,531	108,481	75,925

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash	$ 8,026	$ 43,713
Accounts receivable	173,624	276,559
Receivables from derivative contracts	348,861	352,530
Restricted cash	16,812	16,131
Inventory	4,635	4,693
Prepaids and other	4,635	9,079
Total current assets	556,593	702,705
Oil and natural gas properties (full cost method):
Evaluated	7,060,721	6,390,820
Unevaluated	1,641,356	1,829,786
Gross oil and natural gas properties	8,702,077	8,220,606
Less - accumulated depletion	(5,933,688)	(2,953,038)
Net oil and natural gas properties	2,768,389	5,267,568
Other operating property and equipment:
Gas gathering and other operating assets	130,090	126,804
Less - accumulated depreciation	(22,435)	(14,798)
Net other operating property and equipment	107,655	112,006
Other noncurrent assets:
Receivables from derivative contracts	16,614	151,324
Debt issuance costs, net	7,633	4,656
Deferred income taxes		136,826
Equity in oil and natural gas partnership	209	4,309
Funds in escrow and other	1,599	3,833
Total assets	3,458,692	6,383,227
Current liabilities:
Accounts payable and accrued liabilities	295,085	607,750
Asset retirement obligations	163	106
Current portion of deferred income taxes		136,826
Total current liabilities	295,248	744,682
Long -term debt, net	2,873,637	3,695,488
Other noncurrent liabilities:
Liabilities from derivative contracts	290	9,387
Asset retirement obligations	46,853	38,371
Other	$ 6,264	$ 5,964
Commitments and contingencies (Note 9)
Mezzanine equity:
Redeemable noncontrolling interest	$ 183,986	$ 117,166
Stockholders' equity:
Preferred stock: 1,000,000 shares of $0.0001 par value authorized; 244,724 and 345,000 shares of 5.75% Cumulative Perpetual Convertible Series A, issued and outstanding at December 31, 2015 and 2014, respectively
Common stock: 1,340,000,000 shares of $0.0001 par value authorized; 122,523,559 and 85,561,662 shares issued and outstanding at December 31, 2015 and 2014, respectively	$ 12	$ 8
Additional paid-in capital	3,283,097	2,995,436
Accumulated deficit	(3,230,695)	(1,223,275)
Total stockholders' equity	52,414	1,772,169	$ 1,447,610	$ 1,397,982
Total liabilities and stockholders' equity	$ 3,458,692	$ 6,383,227

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stockholders' equity:
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares issued	244,724	345,000
Preferred stock, shares outstanding	244,724	345,000
Cumulative Perpetual Convertible Series A (as a percent)	5.75%	5.75%
Common stock, shares authorized	1,340,000,000	1,340,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	122,523,559	85,561,662
Common stock, shares outstanding	122,523,559	85,561,662

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Total
Balances at Dec. 31, 2012		$ 5	$ 1,681,738	$ (274,463)	$ (9,298)	$ 1,397,982
Balances (in shares) at Dec. 31, 2012		51,960
Balances (in shares) at Dec. 31, 2012					1,650
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(1,222,662)		(1,222,662)
Dividends on Series A preferred stock			9,092	(9,092)
Dividends on Series A preferred stock (in shares)		409
Preferred stock conversion		$ 2	695,236			695,238
Preferred stock conversion (in shares)		21,761
Common stock issuance		$ 1	222,869			222,870
Common stock issuance (in shares)		8,740
Offering costs			(17,346)			(17,346)
Long-term incentive plan grants (in shares)		654
Long-term incentive plan forfeitures (in shares)		(41)
Reduction in shares to cover individuals' tax withholding			(148)			(148)
Reduction in shares to cover individuals' tax withholding (in shares)		(6)
Share-based compensation			26,676			26,676
Sale of Series A preferred stock			345,000			345,000
Sale of Series A preferred stock (in shares)	345
Retirement of shares in treasury			(2,492)		$ 2,492
Retirement of shares in treasury (in shares)		(89)			(442)
Long-term incentive plan grants issued out of treasury			(6,806)		$ 6,806
Long-term incentive plan grants issued out of treasury (in shares)		(242)			(1,208)
Balances at Dec. 31, 2013		$ 8	2,953,819	(1,506,217)		1,447,610
Balances (in shares) at Dec. 31, 2013		83,146
Balances (in shares) at Dec. 31, 2013	345
Increase (Decrease) in Stockholders' Equity
Net income (loss)				315,956		315,956
Dividends on Series A preferred stock			14,878	(19,838)		(4,960)
Dividends on Series A preferred stock (in shares)		653
Preferred dividends of redeemable noncontrolling interest				(6,543)		(6,543)
Accretion of redeemable noncontrolling interest				(6,633)		(6,633)
Offering costs			39			39
Long-term incentive plan grants (in shares)		1,878
Long-term incentive plan forfeitures (in shares)		(91)
Reduction in shares to cover individuals' tax withholding			(453)			(453)
Reduction in shares to cover individuals' tax withholding (in shares)		(24)
Share-based compensation			27,153			27,153
Balances at Dec. 31, 2014		$ 8	2,995,436	(1,223,275)		1,772,169
Balances (in shares) at Dec. 31, 2014		85,562
Balances (in shares) at Dec. 31, 2014	345
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(1,922,621)		(1,922,621)
Dividends on Series A preferred stock		$ 1	9,801	(17,979)		(8,177)
Dividends on Series A preferred stock (in shares)		1,354
Preferred stock conversion (in shares)	100	3,258
Preferred dividends of redeemable noncontrolling interest				(12,614)		(12,614)
Accretion of redeemable noncontrolling interest				(53,561)		(53,561)
Change in fair value of redeemable noncontrolling interest				(645)		(645)
Common stock issuance			15,356			15,356
Common stock issuance (in shares)		1,888
Common stock issuance on conversion of senior notes		$ 3	231,380			231,383
Common stock issuance on conversion of senior notes (in shares)		28,955
Offering costs			(1,871)			(1,871)
Modification of February 2012 Warrants			14,129			14,129
Long-term incentive plan grants (in shares)		2,048
Long-term incentive plan forfeitures (in shares)		(388)
Reduction in shares to cover individuals' tax withholding			(947)			(947)
Reduction in shares to cover individuals' tax withholding (in shares)		(153)
Share-based compensation			19,813			19,813
Balances at Dec. 31, 2015		$ 12	$ 3,283,097	$ (3,230,695)		$ 52,414
Balances (in shares) at Dec. 31, 2015		122,524
Balances (in shares) at Dec. 31, 2015	245

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ (1,922,621)	$ 315,956	$ (1,222,662)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion	364,204	534,421	463,655
Full cost ceiling impairment	2,626,305	239,668	1,147,771
Other operating property and equipment impairment		35,558	67,454
Goodwill impairment			228,875
Deferred income tax provision (benefit)			(159,239)
Share-based compensation, net	14,529	18,733	17,112
Unrealized loss (gain) on derivative contracts	129,282	(508,285)	8,728
Amortization and write-off of deferred loan costs	7,357	4,315	2,656
Non-cash interest and amortization of discount and premium	2,509	2,780	2,025
Loss (gain) on extinguishment of debt	(761,804)
Loss (gain) on extinguishment of Convertible Note and modification of February 2012 Warrants	8,219
Accrued settlements on derivative contracts	(47,011)	(25,868)
Other expense ( income )	8,934	(2,435)	1,427
Change in assets and liabilities, net of acquisitions:
Accounts receivable	86,411	85,767	(96,216)
Inventory	(592)	455	(504)
Prepaids and other	4,306	7,019	(8,734)
Accounts payable and accrued liabilities	(53,029)	(40,150)	41,576
Net cash provided by (used in) operating activities	466,999	667,934	493,924
Cash flows from investing activities:
Oil and natural gas capital expenditures	(659,419)	(1,524,341)	(2,380,445)
Acquisition of Williston Basin Assets			(32,713)
Proceeds received from sales of oil and natural gas assets	1,222	484,184	448,299
Advance on carried interest		(189,442)
Other operating property and equipment capital expenditures	(10,838)	(43,083)	(139,295)
Funds held in escrow and other	1,903	1,589	3,455
Net cash provided by (used in) investing activities	(667,132)	(1,271,093)	(2,100,699)
Cash flows from financing activities:
Proceeds from borrowings	1,834,000	2,276,000	3,725,000
Repayments of borrowings	(1,643,804)	(1,719,000)	(2,644,400)
Debt issuance costs	(29,568)	(819)	(23,873)
Series A preferred stock issued			345,000
Series A preferred dividends	(8,177)	(4,960)
Common stock issued	15,356		222,870
HK TMS, LLC preferred stock issued		110,051
HK TMS, LLC tranche rights		4,516
Preferred dividends on redeemable noncontrolling interest		(3,518)
Restricted cash	(543)	(16,131)
Offering costs and other	(2,818)	(2,101)	(17,494)
Net cash provided by (used in) financing activities	164,446	644,038	1,607,103
Net increase (decrease) in cash	(35,687)	40,879	328
Cash at beginning of period	43,713	2,834	2,506
Cash at end of period	8,026	43,713	2,834
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest	204,178	132,557	25,462
Cash paid (refunded) for income taxes	(3,078)	(8,600)	9,014
Disclosure of non-cash investing and financing activities:
Accrued capitalized interest	(1,417)	(1,180)	9,890
Asset retirement obligations	6,742	(1,262)	(39,472)
Series A preferred dividends paid in common stock	9,802	14,878	9,092
Preferred dividends on redeemable noncontrolling interest paid-in-kind	12,614	3,025
Accretion of redeemable noncontrolling interest	53,561	6,633
Change in fair value of redeemable noncontrolling interest	645
Common stock issuance on conversion of senior notes	231,383
Third Lien Notes issued on conversion of senior notes	1,017,970
2022 Second Lien Notes issued on conversion of senior notes	112,826
Payable for debt issuance costs	$ 1,176
Payable for acquisition of oil and natural gas properties			$ 2,157
Receivable for sale of oil and natural gas properties		$ 1,000

SUMMARY OF SIGNIFICANT EVENTS A

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES	1. SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation Halcón Resources Corporation (Halcón or the Company) is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the United States. The consolidated financial statements include the accounts of all majority-owned, controlled subsidiaries and an equity method investment. The Company operates in one segment which focuses on oil and natural gas acquisition, production, exploration and development. The Company's oil and natural gas properties are managed as a whole rather than through discrete operating areas. Operational information is tracked by operating area; however, financial performance is assessed as a whole. Allocation of capital is made across the Company's entire portfolio without regard to operating area. All intercompany accounts and transactions have been eliminated. The Company has evaluated events or transactions through the date of issuance of this report in conjunction with the preparation of these consolidated financial statements. On December 28, 2015, the Company completed a one-for-five reverse stock split. As a result, all share and per share information included for all periods presented in these consolidated financial statements reflect the reverse stock split. Use of Estimates The preparation of the Company's consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, fair value estimates, and income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company's operating environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company's consolidated financial statements. Accounts Receivable and Allowance for Doubtful Accounts The Company's accounts receivable are primarily receivables from joint interest owners and oil and natural gas purchasers. Accounts receivable are recorded at the amount due, less an allowance for doubtful accounts, when applicable. The Company establishes provisions for losses on accounts receivable if it determines that collection of all or part of the outstanding balance is doubtful. The Company regularly reviews collectability and establishes or adjusts the allowance for doubtful accounts as necessary using the specific identification method. There were no significant allowances for doubtful accounts as of December 31, 2015 or 2014. Oil and Natural Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties as prescribed by the United States Securities and Exchange Commission (SEC). Accordingly, all costs incurred in the acquisition, exploration and development of proved and unproved oil and natural gas properties, including the costs of abandoned properties, dry holes, geophysical costs, and annual lease rentals are capitalized. All general and administrative corporate costs unrelated to drilling activities are expensed as incurred. Sales or other dispositions of oil and natural gas properties are accounted for as adjustments to capitalized costs, with no gain or loss recorded unless the ratio of cost to proved reserves would significantly change. Depletion of evaluated oil and natural gas properties is computed on the units of production method based on proved reserves. The net capitalized costs of evaluated oil and natural gas properties are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The Company reviews its unevaluated properties at the end of each quarter to determine whether the costs incurred should be transferred to the full cost pool and thereby subject to amortization. Investments in unevaluated oil and natural gas properties and exploration and development projects for which depletion expense is not currently recognized, and for which exploration or development activities are in progress, qualify for interest capitalization. The capitalized interest is determined by multiplying the Company's weighted-average borrowing cost on debt by the average amount of qualifying costs incurred that are excluded from the full cost pool; however, the amount of capitalized interest cannot exceed the amount of gross interest expense incurred in any given period. Other Operating Property and Equipment Gas gathering systems and equipment are recorded at cost. Depreciation is calculated using the straight-line method over a 30-year or 10-year estimated useful life applicable to gas gathering systems and compressed natural gas facilities, respectively. Upon disposition, the cost and accumulated depreciation are removed and any gains or losses are reflected in current operations. Maintenance and repair costs are charged to operating expense as incurred. Material expenditures which increase the life or productive capacity of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The Company capitalized $87.2 million and $83.1 million as of December 31, 2015 and 2014, respectively, related to the construction of its gas gathering systems, after any amounts impaired. Other operating assets are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives: automobiles and computers, three years; computer software, fixtures, furniture and equipment, five years or the lesser of lease term; trailers, seven years; heavy equipment, ten years; buildings, twenty years and leasehold improvements, lease term. Upon disposition, the cost and accumulated depreciation are removed and any gains or losses are reflected in current operations. Maintenance and repair costs are charged to operating expense as incurred. Material expenditures which increase the life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The Company reviews its gas gathering systems and equipment and other operating assets for impairment in accordance with ASC 360, Property, Plant, and Equipment (ASC 360). ASC 360 requires the Company to evaluate gas gathering systems and equipment and other operating assets for impairment as events occur or circumstances change that would more likely than not reduce the fair value below the carrying amount. If the carrying amount is not recoverable from its undiscounted cash flows, then the Company would recognize an impairment loss for the difference between the carrying amount and the current fair value. Further, the Company evaluates the remaining useful lives of its gas gathering systems and equipment and other operating assets at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods. For the year ended December 31, 2014, the Company recorded a non-cash impairment charge for gas gathering systems and other related operating assets of $35.6 million, net of $1.9 million of accumulated depreciation. The majority of the impairment represents approximately half of the Company's gas gathering infrastructure, right- of-way and permitting investments in the Utica / Point Pleasant area. These infrastructure related investments were related to acreage in certain non-core areas of the Utica play which, at the time of evaluation for impairment in December 2014, the Company did not plan to develop in light of the downtrend in oil prices which rendered certain areas to be deemed uneconomical and/or non-strategic. For the year ended December 31, 2013, the Company recorded a non-cash impairment charge for midstream assets of $67.5 million. The impairment relates to the Company's gross investment of $72.1 million in gas gathering infrastructure that will not be economically recoverable due to the Company's shift in exploration, drilling and developmental plans from the Woodbine to El Halcón during the third quarter of 2013. The impairments of midstream assets were recorded in "Other operating property and equipment impairment" in the Company's consolidated statements of operations and in "Gas gathering and other operating assets" in the Company's consolidated balance sheets. In accordance with ASC 820, Fair Value Measurements and Disclosures (ASC 820), a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The estimate of the fair value of the Company's gas gathering systems was based on an income approach that estimated future cash flows associated with those assets over the remaining asset lives. This estimation includes the use of unobservable inputs, such as estimated future production, gathering and compression revenues and operating expenses. The use of these unobservable inputs results in the fair value estimate of the Company's gas gathering systems being classified as Level 3. Revenue Recognition Revenues from the sale of crude oil, natural gas, and natural gas liquids are recognized when the product is delivered at a fixed or determinable price, title has transferred, and collectability is reasonably assured and evidenced by a contract. The Company follows the entitlement method of accounting for crude oil and natural gas sales, recognizing as revenues only its net interest share of all production sold. Any amount attributable to the sale of production in excess of or less than the Company's net interest is recorded as a balancing asset or liability. At December 31, 2015 and 2014, the Company's imbalances were immaterial. Concentrations of Credit Risk The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. The Company's joint interest partners consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company's joint interest partners to reimburse the Company could be adversely affected. The purchasers of the Company's oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts. In 2015, three individual purchasers of the Company's production, Crestwood Midstream Partners, formerly Arrow Field Services LLC (Crestwood), Sunoco Inc. (Sunoco) and Suncor Energy Marketing Inc. (Suncor), each accounted for more than 10% of total sales, collectively representing 57% of the Company's total sales for the year. In 2014, three individual purchasers of the Company's production, Sunoco, Crestwood and Suncor, each accounted for more than 10% of total sales, collectively representing 66% of the Company's total sales for the year. In 2013, four individual purchasers of the Company's production, Shell Trading US Co., Sunoco, Crestwood, and Suncor each accounted for more than 10% of total sales, collectively representing 63% of the Company's total sales for the year. The Company is exposed to market risk on its open derivative contracts related to potential non-performance by its counterparties. It is the Company's policy to enter into derivative contracts only with counterparties that are creditworthy institutions deemed by management as competent and competitive market makers. Risk Management Activities The Company follows ASC 815, Derivatives and Hedging (ASC 815). From time to time, when derivative contracts are available at terms (or prices) acceptable to the Company, it may hedge a portion of its forecasted oil, natural gas, and natural gas liquids production. Derivative contracts entered into by the Company have consisted of transactions in which the Company hedges the variability of cash flow related to a forecasted transaction. The Company recognized all derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value. The Company has elected to not designate any of its positions for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of these positions, as well as payments and receipts on settled contracts, in " Net gain (loss) on derivative contracts " on the consolidated statements of operations. Income Taxes The Company accounts for income taxes using the asset and liability method wherein deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company follows ASC 740, Income Taxes (ASC 740). ASC 740 creates a single model to address accounting for the uncertainty in income tax positions and prescribes a minimum recognition threshold a tax position must meet before recognition in the consolidated financial statements. The evaluation of a tax position in accordance with ASC 740 is a two-step process. The first step is a recognition process to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more likely than not recognition threshold, it is presumed that the position will be examined by the appropriate taxing authority with full knowledge of all relevant information. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit/expense to recognize in the consolidated financial statements. The tax position is measured at the largest amount of benefit/expense that is more likely than not of being realized upon ultimate settlement. The Company has no liability for unrecognized tax benefits as of December 31, 2015 and 2014. Accordingly, there is no amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate and there is no amount of interest or penalties currently recognized in the consolidated statements of operations or consolidated balance sheets as of December 31, 2015. In addition, the Company does not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The Company includes interest and penalties relating to uncertain tax positions within " Interest expense and other, net " on the Company's consolidated statements of operations. Refer to Note 12, " Income Taxes, " for more details. Generally, the Company's tax years 2012 through 2015 are either currently under audit or remain open and subject to examination by federal tax authorities or the tax authorities in Louisiana, Mississippi, North Dakota, Oklahoma, Texas, Pennsylvania, Ohio and certain other state taxing jurisdictions where the Company has, or previously had, principal operations. In certain of these jurisdictions, the Company operates through more than one legal entity, each of which may have different open years subject to examination. Additionally, it is important to note that years are open for examination until the statute of limitations in each respective jurisdiction expires. Tax audits may be ongoing at any point in time. Tax liabilities are recorded based on estimates of additional taxes which may be due upon the conclusion of these audits. Estimates of these tax liabilities are made based upon prior experience and are updated for changes in facts and circumstances. However, due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in liabilities which could be materially different from these estimates. Asset Retirement Obligations ASC 410, Asset Retirement and Environmental Obligations (ASC 410) requires that the fair value of an asset retirement cost, and corresponding liability, should be recorded as part of the cost of the related long-lived asset and subsequently allocated to expense using a systematic and rational method. The Company records asset retirement obligations to reflect the Company's legal obligations related to future plugging and abandonment of its oil and natural gas wells and gas gathering systems and equipment. The Company estimates the expected cash flows associated with the obligation and discounts the amounts using a credit-adjusted, risk-free interest rate. At least annually, the Company reassesses the obligation to determine whether a change in the estimated obligation is necessary. The Company evaluates whether there are indicators that suggest the estimated cash flows underlying the obligation have materially changed. Should these indicators suggest the estimated obligation may have materially changed on an interim basis (quarterly), the Company will accordingly update its assessment. Additional retirement obligations increase the liability associated with new oil and natural gas wells and gas gathering systems and equipment as these obligations are incurred. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the assets acquired net of the fair value of liabilities assumed in an acquisition. ASC 350, Intangibles—Goodwill and Other (ASC 350) requires that intangible assets with indefinite lives, including goodwill, be evaluated on an annual basis for impairment or more frequently if events occur or circumstances change that could potentially result in impairment. The goodwill impairment test requires the allocation of goodwill and all other assets and liabilities to reporting units. However, the Company has only one reporting unit. The Company carried goodwill as of December 31, 2012 related to its acquisition of GeoResources, Inc. Refer to Note 3, "Acquisitions and Divestitures" for more details regarding the merger between the Company and GeoResources, Inc. The Company performs its goodwill impairment test annually, using a measurement date of July 1, or more often if circumstances require. The Company performed its annual goodwill impairment test during the third quarter of 2013, and based on this review, the Company recorded a non-cash impairment charge of $228.9 million to reduce the carrying value of goodwill to zero. The Company recorded the goodwill impairment in "Goodwill impairment" in the Company's consolidated statements of operations. In the first step of the goodwill impairment test, the Company determined that the fair value of its reporting unit was less than the carrying amount, including goodwill, primarily due to pricing deterioration in the NYMEX forward pricing curve coupled with less favorable oil price differentials in the Company's core areas, both factors which adversely impacted the fair value of the Company's proved reserves. Therefore, the Company performed the second step of the goodwill impairment test, which led the Company to conclude that there would be no remaining implied fair value attributable to goodwill. In estimating the fair value of its reporting unit, the Company used a combination of the income and market approaches. For purposes of estimating the fair value of the Company's oil and natural gas proved reserves, an income approach was used which estimated fair value based on the anticipated cash flows associated with the Company's proved reserves, discounted using a weighted average cost of capital rate. In estimating the fair value of the Company's unproved acreage, a market approach was used in which a review of recent transactions involving properties in the same geographical location indicated the fair value of the Company's unproved acreage from a market participant perspective. The estimation of the fair value of the Company's reporting unit includes the use of unobservable inputs, such as estimates of proved reserves, unproved acreage values, the weighted average cost of capital (discount rate), future pricing beyond a certain period and estimated future capital and operating costs. The use of these unobservable inputs results in the fair value estimate being classified as Level 3. Although the Company believes the assumptions and estimates used in the fair value calculation of its reporting unit are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in estimating the fair value of the reporting unit and performing the goodwill impairment test are inherently uncertain and require management judgment. 401(k) Plan The Company sponsors a 401(k) tax deferred savings plan, whereby the Company matches a portion of employees' contributions in cash. Participation in the plan is voluntary and all employees of the Company who are 18 years of age are eligible to participate. The Company provided matching contributions of $3.8 million, $4.5 million, and $4.9 million in 2015, 2014, and 2013, respectively. The Company matches employee contributions dollar-for-dollar on the first 10% of an employee's pre-tax earnings, subject to individual IRS limitations. Recently Issued Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17). For public business entities, ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. As part of the simplification initiative, ASU 2015-15 requires companies to present deferred tax assets and deferred tax liabilities as noncurrent in the balance sheet. At December 31, 2015, the Company early adopted ASU 2015-17 on a prospective basis and accordingly, presented all deferred tax assets and liabilities as noncurrent in the accompanying consolidated balance sheet as of December 31, 2015. The current portion of deferred tax liabilities that was presented as long-term on the consolidated balance sheet at December 31, 2015 was approximately $130.5 million. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations—Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16). For public business entities, ASU 2015-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and early adoption is permitted. The amendments in this ASU require that an acquirer, in a business combination, recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments in this ASU eliminate the requirement to retrospectively account for those adjustments, and instead present separately on the face of the income statement or disclose in the footnotes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods. The Company does not expect the adoption of ASU 2015-16 to have a material impact to its financial statements or disclosures. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs with Line-of-Credit Arrangements (ASU 2015-15). The previous guidance in ASU 2015-03, as defined below, did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03, the SEC staff indicated it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted and entities shall apply the guidance retrospectively to all prior year periods presented. The Company adopted ASU 2015-15 for the consolidated balance sheets included herein. Debt issuance costs of $7.6 million and $4.7 million on the senior revolving credit facility are presented as a noncurrent asset in " Debt issuance costs, net " in the consolidated balance sheets as of December 31, 2015 and 2014, respectively, and will continue to be amortized over the term of the arrangement. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public entities, ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively and early application is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact to its financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (ASU 2015-05). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. For public business entities, the guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. An entity can elect to adopt the guidance either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. Early adoption is permitted. The adoption of ASU 2015-05 did not have a material impact to the company's financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted and entities shall apply the guidance retrospectively to all prior year periods presented. The Company adopted ASU 2015-03 for the balance sheets included herein. The effect, resulting in the reclassification of unamortized debt issue costs, except those on the senior revolving credit facility, from "Debt issuance costs, net" within assets to "Long-term debt, net" on the consolidated balance sheets as of December 31, 2015 and 2014, was $32.7 million and $51.2 million, respectively. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (ASU 2015-02). The amendments in ASU 2015-02 eliminate the previous presumption that a general partner controls a limited partner. ASU 2015-02 may impact the Company's accounting for its general partner interest in SBE Partners LP (SBE Partners), which is currently accounted for as an equity method investment. ASU 2015-02 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. Entities may apply the guidance using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the first fiscal year adopted or it may apply the amendment retrospectively. The Company is currently assessing the impact of ASU 2015-02 on its accounting for its general partner interest in SBE Partners. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (ASU 2014-15). ASU 2014-15 is effective for annual reporting periods (including interim periods within those periods) ending after December 15, 2016. Early application is permitted. The amendments in ASU 2014-15 create a new ASC Sub-topic 205-40, Presentation of Financial Statements—Going Concern and require management to assess for each annual and interim reporting period if conditions exist that raise substantial doubt about an entity's ability to continue as a going concern. The rule requires various disclosures depending on the facts and circumstances surrounding an entity's ability to continue as a going concern. The Company is in the process of assessing the effects of the application of the new guidance. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard provides five steps an entity should apply in determining its revenue recognition. ASU 2014-09 must be applied retrospectively (using one of two retrospective application methods) and is effective for annual reporting periods, and interim periods with that reporting period, beginning after December 15, 2016, or after December 15, 2017, if companies choose to elect the deferred adoption date approved by the FASB. Early adoption is not permitted. The Company is in the process of assessing the effects of the application of the new guidance.

RESTRUCTURING

RESTRUCTURING	12 Months Ended
	Dec. 31, 2015
RESTRUCTURING
RESTRUCTURING	2. RESTRUCTURING In 2015, the Company had reductions in its workforce due to the decrease in drilling and developmental activities planned for the year. Consequently, the Company incurred approximately $2.9 million in severance costs and accelerated stock-based compensation expense related to the termination of certain employees during the year. In the fourth quarter of 2013, in conjunction with the Company's divestitures of certain non-core assets, see Note 3, "Acquisitions and Divestitures," the Company incurred and settled approximately $4.0 million in severance costs related to the termination of certain employees in these non-core areas. The severances were complete with the closing of the final non-core asset sale in December 2013. In March 2012, the Company announced its intention to close its Plano, Texas office and began the process of relocating key administrative functions to Houston, Texas (the Restructuring). As part of the Restructuring, the Company offered certain severance and retention benefits, collectively known as the Severance Program, to the affected employees. The total expense of the Severance Program was approximately $2.9 million and related costs were recognized as restructuring expense over the requisite service periods through May 2013, as applicable. The costs discussed above, were recorded in " Restructuring " on the consolidated statements of operations in each of the respective years.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2015
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES	3. ACQUISITIONS AND DIVESTITURES Acquisitions Williston Basin Assets On December 6, 2012, the Company completed the acquisition of two wholly-owned subsidiaries of Petro-Hunt Holdings, LLC and Pillar Holdings, LLC (the Petro-Hunt Parties), which owned acreage prospective for the Bakken / Three Forks formations located in North Dakota, in Williams, Mountrail, McKenzie and Dunn counties (the Williston Basin Assets). The Company completed the acquisition of the Williston Basin Assets for total consideration of approximately $1.5 billion (the Williston Basin Acquisition). The Williston Basin Acquisition significantly expanded the Company's presence in North Dakota, adding undeveloped acreage, oil and natural gas reserves and production to its existing asset base and operations in this area. The transaction had an effective date of June 1, 2012 and was subject to customary closing conditions, as well as the execution and delivery of certain other agreements, including a Registration Rights Agreement, dated December 6, 2012. GeoResources, Inc. On August 1, 2012, the Company completed an acquisition of GeoResources, Inc. (GeoResources) by means of the merger of GeoResources into a wholly-owned subsidiary of the Company (the Merger) and began reflecting GeoResources' results of operations in the Company's consolidated statements of operations. The Company completed the Merger for a total purchase price plus liabilities assumed of approximately $1.3 billion. The acquisition expanded the Company's presence in the Bakken / Three Forks formations of North Dakota, and the Austin Chalk Trend and Eagle Ford Shale in Texas, adding oil and natural gas reserves and production to its existing asset base in these areas. East Texas Assets In August 2012, the Company completed the acquisition of oil and natural gas leaseholds in East Texas (the East Texas Assets) from CH4 Energy II, LLC, PetroMax Leon, LLC, Petro Texas LLC, King King LLC and several other selling parties for total consideration of approximately $426.8 million (the East Texas Acquisition). The East Texas Acquisition expanded the Company's presence in East Texas, adding oil and natural gas reserves and production to its existing asset base in this area. Divestitures East Texas Assets On May 9, 2014, the Company completed the divestiture of certain non-core assets in East Texas (the East Texas Assets) to a privately-owned company for a total purchase price of $424.5 million after closing adjustments for (i) operating expenses, capital expenditures and revenues between the effective date and the closing date, (ii) title and environmental defects, and (iii) other purchase price adjustments customary in oil and gas purchase and sale agreements. The effective date of the transaction was April 1, 2014. Proceeds from the sale were recorded as a reduction to the carrying value of the Company's full cost pool with no gain or loss recorded. Non-core Properties During the third quarter of 2013, the Company entered into three separate purchase and sale agreements with unrelated parties to divest parcels of non-core properties located in the United States for total consideration, after post-closing adjustments, of approximately $276.2 million. All three of the divestitures were closed by December 31, 2013. The effective date of the transactions was July 1, 2013. Proceeds from the sales were recorded as a reduction to the carrying value of the Company's full cost pool with no gain or loss recorded. Eagle Ford Assets On July 19, 2013, the Company completed the sale of its interest in Eagle Ford assets located in Fayette and Gonzales Counties, Texas, previously acquired as part of the Merger, to private buyers for proceeds of approximately $148.6 million, after post-closing adjustments. The transaction had an effective date of January 1, 2013. Proceeds from the sale were recorded as a reduction to the carrying value of the Company's full cost pool with no gain or loss recorded.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	12 Months Ended
	Dec. 31, 2015
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	4. OIL AND NATURAL GAS PROPERTIES Oil and natural gas properties as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 2014 (In thousands) Subject to depletion $ $ ​ ​ ​ ​ ​ ​ ​ ​ Not subject to depletion: Exploration and extension wells in progress Other capital costs: Incurred in 2015 — Incurred in 2014 Incurred in 2013 Incurred in 2012 and prior ​ ​ ​ ​ ​ ​ ​ ​ Total not subject to depletion ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties Less accumulated depletion ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs of acquisition, exploration and development of oil and natural gas reserves (including such costs as leasehold acquisition costs, geological expenditures, dry hole costs, tangible and intangible development costs and direct internal costs) are capitalized as the cost of oil and natural gas properties when incurred. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depletion, exceed the discounted future net revenues of proved oil and natural gas reserves, net of deferred taxes, such excess capitalized costs are charged to expense. The Company assesses all properties classified as unevaluated property on a quarterly basis for possible impairment or reduction in value. The Company assesses properties on an individual basis or as a group, if properties are individually insignificant. The assessment includes consideration of the following factors, among others: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; the assignment of proved reserves; and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to depletion and the full cost ceiling test limitation. During the three months ended December 31, 2014, the Company transferred $211.5 million of unevaluated property costs to the full cost pool related to certain non-core areas of the Utica / Point Pleasant and Tuscaloosa Marine Shale plays. These costs pertain to acreage that the Company did not plan to develop, at the time of evaluation for impairment, in light of the downtrend in oil prices which rendered certain areas to be deemed uneconomical and/or non-strategic. During the three months ended September 30, 2013, the Company transferred $655.7 million of unevaluated property costs to the full cost pool primarily related to Woodbine assets in East Texas where capital was reallocated to El Halcón, and certain Utica / Point Pleasant assets in Northwest Pennsylvania related to non-economical drilling results obtained in the third quarter of 2013. Investments in unevaluated oil and natural gas properties and exploration and development projects for which depletion expense is not currently recognized, and for which exploration or development activities are in progress, qualify for interest capitalization. The capitalized interest is determined by multiplying the Company's weighted-average borrowing cost on debt by the average amount of qualifying costs incurred that are excluded from the full cost pool; however, the amount of capitalized interest cannot exceed the amount of gross interest expense incurred in any given period. The capitalized interest amounts are recorded as additions to unevaluated oil and natural gas properties on consolidated balance sheets. As the costs excluded are transferred to the full cost pool, the associated capitalized interest is also transferred to the full cost pool. For the year ended December 31, 2015 and 2014, the Company capitalized interest costs of $112.7 million and $168.3 million, respectively. The decrease in capitalized interest was driven by decreases in the Company's unevaluated properties since 2014. The ceiling test value of the Company's reserves was calculated based on the following prices: West Texas Intermediate (per barrel) (1) Henry Hub (per MMBtu) (1) December 31, 2015 $ $ December 31, 2014 December 31, 2013 (1) Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees and market differentials. The Company's net book value of oil and natural gas properties at March 31, June 30, September 30 and December 31, 2015 exceeded the ceiling amount. The Company recorded a full cost ceiling test impairment before income taxes of $2.6 billion ($1.7 billion after taxes, before valuation allowance) for the year ended December 31, 2015. The impairment for the year ended December 31, 2015 was driven by decreases in the first-day-of-the-month average prices for crude oil used in the ceiling test calculations from $94.99 per barrel at December 31, 2014 to $50.28 per Bbl at December 31, 2015. The Company's net book value of oil and natural gas properties at March 31 and December 31, 2014 exceeded the ceiling amount. The Company recorded a full cost ceiling test impairment before income taxes of $239.7 million ($151.4 million after taxes) for the year ended December 31, 2014. The impairment for the year ended December 31, 2014 primarily relates to non-routine transfers of unevaluated properties to the full cost pool, due to the Company's shift in drilling, away from the non-strategic areas of the Utica / Point Pleasant and Tuscaloosa Marine Shale until economics and return on investment improve, which would include a combination of lower drilling and completion costs and higher commodity prices. The Company's net book value of oil and natural gas properties at September 30 and December 31, 2013 exceeded the ceiling amount. The Company recorded a full cost ceiling test impairment before income taxes of $1.1 billion ($727.2 million after taxes) for the year ended December 31, 2013. The combined impact of less favorable oil price differentials adversely affecting proved reserve values and the non-routine transfers of unevaluated Woodbine and Utica / Point Pleasant properties to the full cost pool contributed to the ceiling impairment. The Company recorded the full cost ceiling test impairments in "Full cost ceiling impairment" in the Company's consolidated statements of operations and in "Accumulated depletion" in the Company's consolidated balance sheets. Changes in commodity prices, production rates, levels of reserves, future development costs, transfers of unevaluated properties, capital spending, and other factors will determine the Company's actual ceiling test calculation and impairment analyses in future periods.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2015
LONG-TERM DEBT.
LONG-TERM DEBT	5. LONG-TERM DEBT Long-term debt as of December 31, 2015 and 2014 consisted of the following: December 31, 2015 2014 (In thousands) Senior revolving credit facility $ $ 8.625% senior secured second lien notes due 2020 (1) — 12.0% senior secured second lien notes due 2022 (2)(3) — 13.0% senior secured third lien notes due 2022 (4)(5) — 9.25% senior notes due 2022 (2)(4)(6) 8.875% senior notes due 2021 (2)(4)(7) 9.75% senior notes due 2020 (2)(4)(8) 8.0% convertible note due 2020 (9) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On May 1, 2015, the Company completed the issuance of $700.0 million aggregate principal amount of its 8.625% senior secured notes due 2020. Amount is net of $12.2 million unamortized debt issuance costs at December 31, 2015. See "8.625% Senior Secured Second Lien Notes" below for more details. (2) On December 21, 2015, the Company completed the issuance of approximately $112.8 million aggregate principal amount of new 12.0% senior secured notes due 2022 in exchange for approximately $289.6 million aggregate principal amount of senior unsecured notes held by certain holders of the Company's 9.75% senior notes due 2020, 8.875% senior notes due 2021 and 9.25% senior notes due 2022. See "12.0% Senior Secured Second Lien Notes" below for more details. (3) Amount is net of $1.2 million unamortized debt issuance costs at December 31, 2015. (4) On September 10, 2015, the Company completed the issuance of approximately $1.02 billion aggregate principal amount of new 13.0% senior secured notes due 2022 in exchange for approximately $1.57 billion aggregate principal amount of senior unsecured notes held by certain holders of the Company's 9.75% senior notes due 2020, 8.875% senior notes due 2021 and 9.25% senior notes due 2022. (5) Amount is net of $8.4 million unamortized debt issuance costs at December 31, 2015. (6) Amounts are net of $0.8 million and $6.8 million unamortized debt issuance costs at December 31, 2015 and 2014, respectively. (7) Amounts are net of a $1.0 million and a $4.6 million unamortized discount at December 31, 2015 and 2014, respectively, related to the issuance of the original 2021 Notes. The unamortized premium related to the additional 2021 Notes was approximately $5.5 million and $24.6 million at December 31, 2015 and 2014, respectively. Amounts are net of $5.8 million and $25.6 million unamortized debt issuance costs at December 31, 2015 and 2014, respectively. See "8.875% Senior Notes" below for more details. (8) Amounts are net of a $1.9 million and a $7.9 million unamortized discount at December 31, 2015 and 2014, respectively, related to the issuance of the original 2020 Notes. The unamortized premium related to the additional 2020 Notes was approximately $2.6 million and $9.7 million at December 31, 2015 and 2014, respectively. Amounts are net of $4.3 million and $17.1 million unamortized debt issuance costs at December 31, 2015 and 2014, respectively. See "9.75% Senior Notes" below for more details. (9) On May 6, 2015, an amendment to the 8.0% convertible note became effective and was accounted for as a debt extinguishment, resulting in an increase to the convertible notes' discount and the remaining unamortized debt issuance costs were expensed. Amounts are net of a $23.0 million and a $21.8 million unamortized discount at December 31, 2015 and 2014, respectively. Amounts are net of $1.6 million unamortized debt issuance costs at December 31, 2014. See "8.0% Convertible Note" below for more details. Senior Revolving Credit Facility On February 8, 2012, the Company entered into a senior secured revolving credit agreement (the Senior Credit Agreement) with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto. The Senior Credit Agreement currently provides for a $1.5 billion facility with a current borrowing base of approximately $827.4 million. Amounts borrowed under the Senior Credit Agreement will mature on August 1, 2019. The borrowing base will be redetermined semi-annually, with the lenders and the Company each having the right to one interim unscheduled redetermination between any two consecutive semi-annual redeterminations. The borrowing base takes into account the Company's oil and natural gas properties, proved reserves, total indebtedness, and other relevant factors consistent with customary oil and natural gas lending criteria. The borrowing base is subject to a reduction, in most cases, equal to the product of 0.25 multiplied by the stated principal amount (without regard to any initial issue discount) of any future notes or other long-term debt securities that the Company may issue. Funds advanced under the Senior Credit Agreement may be paid down and re-borrowed during the term of the facility. Amounts outstanding under the Senior Credit Agreement bear interest at specified margins over the base rate of 0.75% to 1.75% for ABR-based loans or at specified margins over LIBOR of 1.75% to 2.75% for Eurodollar-based loans. These margins fluctuate based on the Company's utilization of the facility. At December 31, 2015, the weighted average interest rate on our variable rate debt was 3.8% per year. Advances under the Senior Credit Agreement are secured by liens on substantially all of the Company's and its restricted subsidiaries' properties and assets. The Senior Credit Agreement contains customary representations, warranties and covenants including, among others, restrictions on the payment of dividends on the Company's capital stock and financial covenants, including minimum working capital levels (the ratio of current assets plus the unused commitment under the Senior Credit Agreement to current liabilities) of not less than 1.0 to 1.0 and a ratio of total secured debt (excluding the Third Lien Notes pursuant to the Eleventh Amendment, as defined and discussed below) to EBITDA (as defined in the Senior Credit Agreement) of no greater than 2.75 to 1.0. At December 31, 2015, the Company had $62.0 million of indebtedness outstanding, $1.6 million of letters of credit outstanding and $763.8 million of borrowing capacity available under its Senior Credit Agreement. On October 29, 2015, the Company entered into the Twelfth Amendment to our Senior Credit Agreement (the Twelfth Amendment) which, among other things, provided additional flexibility with respect to exchanges and repurchases of senior unsecured notes; reaffirmed the borrowing base; and scheduled the next borrowing base redetermination for March 2016. On September 10, 2015, in conjunction with the issuance of the Third Lien Notes (defined below), the Company entered into the Eleventh Amendment to its Senior Credit Agreement (the Eleventh Amendment) which, among other things, permitted the Company to incur the debt under the Third Lien Notes and to grant the liens in connection therewith; excluded the Third Lien Notes from the calculation of the total secured debt to EBITDA ratio; and reduced the borrowing base. On May 1, 2015, the Company entered into the Tenth Amendment to the Senior Credit Agreement (the Tenth Amendment) which, among other things, replaced the interest coverage test with a covenant that requires the ratio of total secured debt to EBITDA of no greater than 2.75 to 1.0, reduced the borrowing base and extended the maturity date of the Senior Credit Agreement to August 1, 2019. Prior to the Tenth Amendment, under the Ninth Amendment executed on February 25, 2015, the Senior Credit Agreement had a required minimum coverage of interest expenses of not less than 2.0 to 1.0 through March 31, 2016 and not less than 2.5 to 1.0 for subsequent periods. At December 31, 2015, the Company was in compliance with the financial debt covenants under the Senior Credit Agreement. 8.625% Senior Secured Second Lien Notes On May 1, 2015, the Company issued $700 million aggregate principal amount of its 8.625% second lien senior secured notes due 2020 (the 2020 Second Lien Notes) in a private offering. The 2020 Second Lien Notes were issued at par. The net proceeds from the sale of the 2020 Second Lien Notes were approximately $686.2 million (after deducting offering fees and expenses). The Company used the net proceeds from the offering to repay the majority of the then outstanding borrowings under its Senior Credit Agreement. The 2020 Second Lien Notes bear interest at a rate of 8.625% per annum, payable semi-annually on February 1 and August 1 of each year, beginning on August 1, 2015. The 2020 Second Lien Notes will mature on February 1, 2020. The 2020 Second Lien Notes are secured by second-priority liens on substantially all of the Company's and its guarantors' assets to the extent such assets secure the Company's Senior Credit Agreement, its 2022 Second Lien Notes (defined below) and its Third Lien Notes (defined below) (the Collateral). Pursuant to the terms of the Intercreditor Agreement, dated May 1, 2015 (the Intercreditor Agreement), the security interest in those assets that secure the 2020 Second Lien Notes and the guarantees are contractually subordinated to liens that secure the Company's Senior Credit Agreement and certain other permitted indebtedness. Consequently, the 2020 Second Lien Notes and the guarantees are effectively subordinated to the Senior Credit Agreement and such other indebtedness to the extent of the value of such assets. The Collateral does not include any of the assets of HK TMS, LLC, a wholly owned subsidiary of the Company, or any of the Company's future unrestricted subsidiaries. The 2020 Second Lien Notes are governed by an Indenture, dated as of May 1, 2015, by and among the Company, certain subsidiaries of the Company (the Guarantors) and U.S. Bank National Association, as Trustee, (the Trustee), which contains affirmative and negative covenants that, among other things, limit the ability of the Company and the Guarantors to incur indebtedness; purchase or redeem stock or subordinated indebtedness; make investments; create liens; enter into transactions with affiliates; sell assets; refinance certain indebtedness; merge with or into other companies or transfer substantially all of their assets; and, in certain circumstances, to pay dividends or make other distributions on stock. The indenture also contains customary events of default. Upon the occurrence of certain events of default, the Trustee or the holders of the 2020 Second Lien Notes may declare all outstanding 2020 Second Lien Notes to be due and payable immediately. The 2020 Second Lien Notes are fully and unconditionally guaranteed on a senior basis by the Guarantors and by certain future subsidiaries of the Company. At any time prior to February 1, 2017, the Company may redeem the 2020 Second Lien Notes, in whole or in part, at a redemption price equal to 100% of their principal amount plus a make-whole premium, together with accrued and unpaid interest, if any, to the redemption date. The 2020 Second Lien Notes will be redeemable, in whole or in part, on or after February 1, 2017 at redemption prices equal to the principal amount multiplied by the percentage set forth below, plus accrued and unpaid interest: Year Percentage 2017 2018 2019 and thereafter Additionally, the Company may redeem up to 35% of the 2020 Second Lien Notes on or prior to February 1, 2017 for a redemption price of 108.625% of the principal amount thereof, plus accrued and unpaid interest, utilizing net cash proceeds from certain equity offerings. In addition, upon a change of control of the Company, holders of the 2020 Second Lien Notes will have the right to require the Company to repurchase all or any part of their notes for cash at a price equal to 101% of the aggregate principal amount of the 2020 Second Lien Notes repurchased, plus any accrued and unpaid interest. 12.0% Senior Secured Second Lien Notes On December 21, 2015, the Company completed the issuance of approximately $112.8 million aggregate principal amount of new 12.0% second lien senior secured notes due 2022 (the 2022 Second Lien Notes) in exchange for approximately $289.6 million principal amount of our senior unsecured notes, consisting of $116.6 million principal amount of its 9.75% senior notes due 2020, $137.7 million principal amount of its 8.875% senior notes due 2021 and $35.3 million principal amount of its 9.25% senior notes due 2022. At closing, the Company paid all accrued and unpaid interest since the respective interest payment dates of the unsecured notes surrendered in the exchange. The Company recorded the issuance of the 2022 Second Lien Notes at par value and also recognized a $174.5 million net gain on the extinguishment of debt, as a $176.7 million gain on the exchanges was partially offset by the writedown of $2.2 million associated with related issuance costs and discounts and premiums for the respective notes. The net gain is recorded in "Gain (loss) on extinguishment of debt" in the consolidated statements of operations. As a result of the issuance of the 2022 Second Lien Notes, the Company's borrowing base under its Senior Credit Agreement was reduced from $850.0 million to approximately $827.4 million. The 2022 Second Lien Notes are secured by second-priority liens on the Collateral. Pursuant to the terms of the Intercreditor Agreement, dated December 21, 2015, the security interest in the Collateral securing the 2022 Second Lien Notes and the guarantees are (i) contractually subordinated to liens that secure the Company's Senior Credit Agreement and certain other permitted indebtedness, (ii) contractually equal with the liens that secure the 2020 Second Lien Notes and other future parity obligations and (iii) contractually senior to the liens securing junior lien obligations (including the Third Lien Notes). Consequently, the 2022 Second Lien Notes and the guarantees are effectively subordinated to the Senior Credit Agreement and such other indebtedness, effectively equal to the 2020 Second Lien Notes and effectively senior to the Third Lien Notes, any outstanding senior unsecured notes or other unsecured debt of the Company, in each case to the extent of the value of the Collateral. The Collateral does not include any of the assets of HK TMS, LLC, a wholly owned subsidiary of the Company, or any of the Company's future unrestricted subsidiaries. The 2022 Second Lien Notes are governed by an Indenture, dated as of December 21, 2015, by and among the Company, the Guarantors and U.S. Bank National Association, as Trustee, which contains affirmative and negative covenants that are substantially the same as those contained in the indenture governing the 2020 Second Lien Notes, described above. The 2022 Second Lien Notes are fully and unconditionally guaranteed on a senior basis by the Guarantors and by certain future subsidiaries of the Company. Interest is payable on the 2022 Second Lien Notes on February 15 and August 15 of each year, beginning on February 15, 2016. The 2022 Second Lien Notes will mature on February 15, 2022. At any time prior to August 15, 2018, the Company may redeem the 2022 Second Lien Notes, in whole or in part, at a redemption price equal to 100% of their principal amount plus a make-whole premium, together with accrued and unpaid interest, if any, to the redemption date. The 2022 Second Lien Notes will be redeemable, in whole or in part, on or after August 15, 2018 at redemption prices equal to the principal amount multiplied by the percentage set forth below, plus accrued and unpaid interest: Year Percentage 2018 2019 2020 and thereafter Additionally, the Company may redeem up to 35% of the 2022 Second Lien Notes on or prior to August 15, 2018 for a redemption price of 112.000% of the principal amount thereof, plus accrued and unpaid interest, utilizing net cash proceeds from certain equity offerings. In addition, upon a change of control of the Company, holders of the 2022 Second Lien Notes will have the right to require the Company to repurchase all or any part of their 2022 Second Lien Notes for cash at a price equal to 101% of the aggregate principal amount of the 2022 Second Lien Notes repurchased, plus any accrued and unpaid interest. The 2022 Second Lien Notes were issued in accordance with exemptions from the registration requirements of the Securities Act of 1933, as amended afforded by Rule 144A and Regulation S under the Securities Act. 13.0% Senior Secured Third Lien Notes On September 10, 2015, the Company issued approximately $1.02 billion aggregate principal amount of its new 13.0% third lien senior secured notes due 2022 (the Third Lien Notes) in exchange for approximately $1.57 billion principal amount of our senior unsecured notes, consisting of $497.2 million principal amount of its 9.75% senior notes due 2020, $774.7 million principal amount of its 8.875% senior notes due 2021 and $294.4 million principal amount of its 9.25% senior notes due 2022 in privately negotiated transactions with certain holders of its outstanding senior unsecured notes. At closing, the Company paid all accrued and unpaid interest since the respective interest payment dates of the notes surrendered in the exchange. The Company recorded the issuance of the Third Lien Notes at par value and also recognized a $535.1 million net gain on the extinguishment of debt, as a $548.2 million gain on the exchanges was partially offset by the writedown of $13.1 million associated with related issuance costs and discounts and premiums for the respective notes. The net gain is recorded in "Gain (loss) on extinguishment of debt" in the consolidated statements of operations. The Third Lien Notes bear interest at a rate of 13.0% per annum, payable semi-annually on February 15 and August 15, commencing on February 15, 2016. The Third Lien Notes mature on February 15, 2022. The Third Lien Notes are secured by third-priority liens on the same collateral securing the Company's Senior Credit Agreement, the 2020 Second Lien Notes and the 2022 Second Lien Notes. Pursuant to the terms of the Intercreditor Agreement, the security interest in those assets that secure the Third Lien Notes and the guarantees are contractually subordinated to liens that secure the Company's Senior Credit Agreement, the 2020 Second Lien Notes, the 2022 Second Lien Notes and certain other permitted indebtedness. Consequently, the Third Lien Notes and the guarantees are effectively subordinated to the Senior Credit Agreement, the 2020 Second Lien Notes, the 2022 Second Lien Notes and such other indebtedness to the extent of the value of such assets. The Third Lien Notes are governed by an Indenture, dated as of September 10, 2015, by and among the Company, the Guarantors and U.S. Bank National Association, as Trustee, which contains affirmative and negative covenants that are substantially the same as those contained in the indenture governing the 2020 Second Lien Notes, described above. The Third Lien Notes are fully and unconditionally guaranteed on a senior basis by the Guarantors and by certain future subsidiaries of the Company. At any time prior to August 15, 2018, the Company may redeem the Third Lien Notes, in whole or in part, at a redemption price equal to 100% of their principal amount plus a make-whole premium, together with accrued and unpaid interest, if any, to the redemption date. The Third Lien Notes will be redeemable, in whole or in part, on or after August 15, 2018, at redemption prices equal to the principal amount multiplied by the percentage set forth below, plus accrued and unpaid interest: Year Percentage 2018 2019 2020 and thereafter Additionally, the Company may redeem up to 35% of the Third Lien Notes prior to August 15, 2018 for a redemption price of 113% of the principal amount thereof, plus accrued and unpaid interest, utilizing net cash proceeds from certain equity offerings. In addition, upon a change of control of the Company, holders of the Third Lien Notes will have the right to require the Company to repurchase all or any part of their notes for cash at a price equal to 101% of the aggregate principal amount of the Third Lien Notes repurchased, plus any accrued and unpaid interest. The Company issued the Third Lien Notes in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended. The Company relied on this exemption from registration based in part on representations made by the holders of the senior unsecured notes. 9.25% Senior Notes On August 13, 2013, the Company issued at par $400.0 million aggregate principal amount of 9.25% senior notes due 2022 (the 2022 Notes). The net proceeds from the offering of approximately $392.1 million (after deducting commissions and offering expenses) were used to repay a portion of the then outstanding borrowings under the Company's Senior Credit Agreement. The 2022 Notes bear interest at a rate of 9.25% per annum, payable semi-annually on February 15 and August 15 of each year, beginning on February 15, 2014. The 2022 Notes will mature on February 15, 2022. The 2022 Notes are senior unsecured obligations of the Company and are effectively subordinate to its secured debt, including secured debt under the Senior Credit Agreement, the 2020 Second Lien Notes, the 2022 Second Lien Notes and the Third Lien Notes and rank equally with all of its current and future senior indebtedness. The 2022 Notes are jointly and severally, fully and unconditionally guaranteed on a senior unsecured basis by the Guarantors and by certain future subsidiaries of the Company. Halcón, the issuer of the 2022 Notes, has no material independent assets or operations apart from the assets and operations of its subsidiaries. On May 23, 2014, the Company completed a registered exchange offer of the outstanding 2022 Notes for new registered notes having terms substantially identical to the 2022 Notes. On or before August 15, 2016, the Company may redeem up to 35% of the aggregate principal amount of the 2022 Notes with the net cash proceeds of certain equity offerings at a redemption price of 109.250% of the principal amount plus accrued and unpaid interest to the redemption date provided that: at least 65% in aggregate principal amount of the 2022 Notes originally issued remains outstanding immediately after the redemption and the redemption occurs within 180 days of the related equity offering. In addition, at any time prior to August 15, 2017, the Company may redeem some or all of the 2022 Notes for the principal amount thereof, plus accrued and unpaid interest plus a make whole premium equal to the excess, if any of (a) the present value at such time of (i) the redemption price of such note at August 15, 2017, plus (ii) any required interest payments due on the notes through August 15, 2017 (excluding currently accrued and unpaid interest) computed using a discount rate equal to the Treasury Rate plus 50 basis points, discounted to the redemption date on a semi-annual basis, over (b) the principal amount of such note. On or after August 15, 2017, the Company may redeem all or a part of the 2022 Notes at any time or from time to time at the redemption prices (expressed as percentages of the principal amount) set forth in the following table plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the 12-month period beginning August 15, of the years indicated: Year Percentage 2017 2018 2019 and thereafter In addition, upon a change of control of the Company, holders of the 2022 Notes will have the right to require the Company to repurchase all or any part of their 2022 Notes for cash at a price equal to 101% of the aggregate principal amount of the 2022 Notes repurchased, plus any accrued and unpaid interest. The 2022 Notes were issued pursuant to, and are governed by an Indenture dated August 13, 2013, between the Company and U.S. Bank National Association, as trustee and the Company's subsidiaries named therein as guarantors (the Indenture). The Indenture governing the 2022 Notes contains affirmative and negative covenants that, among other things, limit the ability of the Company and its subsidiaries that guarantee the 2022 Notes to incur indebtedness; purchase or redeem stock or subordinated indebtedness; make investments; create liens; enter into transactions with affiliates; sell assets; refinance certain indebtedness; merge with or into other companies or transfer substantially all of their assets; and, in certain circumstances, to pay dividends or make other distributions on stock. With respect to indebtedness, the indenture limits the Company's ability to incur additional indebtedness, including borrowings under its Senior Credit Agreement, unless the Company meets one of two tests: the fixed charge coverage ratio test, which requires that after giving effect to the incurrence of additional debt the ratio of the Company's adjusted consolidated EBITDA (as defined in the Indenture) to its adjusted consolidated interest expense over the trailing four fiscal quarters will be at least 2.0 to 1.0; or, in the alternative, the Company may incur additional debt under Credit Facilities (as defined in the Indenture) if the amount of such additional indebtedness is not more than the greater of a fixed sum of $750 million or 30% of the Company's adjusted consolidated net tangible assets (as defined in the Indenture), which is determined primarily by the value of discounted future net revenues from proved oil and natural gas reserves as of the date of such determination. During the second quarter of 2015, the Company entered into several exchange agreements with holders of the Company's 2022 Notes in which they agreed to exchange an aggregate $7.4 million principal amount of their senior notes for approximately 0.9 million shares of the Company's common stock. The exchanges closed on various dates from April 30, 2015 through May 15, 2015, at which time the Company also paid all accrued and unpaid interest since the prior interest payment date for the 2022 Notes. See " Senior Notes Exchanged for Common Stock " below for more details. On September 10, 2015, the Company closed several separate, privately negotiated exchange agreements with holders of the Company's 2022 Notes in which they agreed to exchange an aggregate $294.4 million principal amount of their senior unsecured notes for approximately $191.3 million aggregate principal amount of Third Lien Notes. At closing, the Company paid all accrued and unpaid interest since the prior interest payment date in August 2015. On December 21, 2015, the Company closed an exchange offer through a public tender to holders of the Company's 2022 Notes in which they agreed to exchange an aggregate $35.3 million principal amount of their senior unsecured notes for approximately $13.7 million aggregate principal amount of new 2022 Second Lien Notes. At closing, the Company paid all accrued and unpaid interest since the prior interest payment date in August 2015. During the fourth quarter of 2015, the Company repurchased $10.3 million principal amount of the Company's 2022 Notes for cash. At closing, the Company paid all accrued and unpaid interest since the prior interest payment date in August 2015. As of December 31, 2015, $52.7 million principal amount of the Company's 2022 Notes remained outstanding. Subsequent to December 31, 2015, the Company repurchased $15.0 million principal amount of the 2022 Notes for cash at prevailing market prices at the time of the transactions. Upon settlement of the repurchases, the Company paid all accrued and unpaid interest since the prior interest payment date of the 2022 Notes. 8.875% Senior Notes On November 6, 2012, the Company issued $750.0 million aggregate principal amount of its 8.875% senior notes due 2021 (the 2021 Notes), at a price to the initial purchasers of 99.247% of par. The net proceeds from the offering were approximately $725.6 million after deducting the initial purchasers' discounts, commissions and offering expenses and were used to fund a portion of the cash consideration paid in the Williston Basin Acquisition. On January 14, 2013, the Company issued an additional $600.0 million aggregate principal amount of the 2021 Notes at a price to the initial purchasers of 105% of par. The net proceeds from the sale of the additional 2021 Notes of approximately $619.5 million (after the initial purchasers' premiums, commissions and offering expenses) were used to repay all of the then outstanding borrowings under the Senior Credit Agreement and for general corporate purposes, including funding a portion of the Company's 2013 capital expenditures program. These notes were issued as "additional notes" under the indenture governing the 2021 Notes and under the indenture are treated as a single series with substantially identical terms as the 2021 Notes previously issued. The 2021 Notes bear interest at a rate of 8.875% per annum, payable semi-annually on May 15 and November 15 of each year, beginning on May 15, 2013. The Notes will mature on May 15, 2021. The 2021 Notes are senior unsecured obligations of the Company and are effectively subordinate to its secured debt, including secured debt under the Senior Credit Agreement, the 2020 Second Lien Notes, the 2022 Second Lien Notes and the Third Lien Notes and rank equally with all of its current and future senior indebtedness. The 2021 Notes are jointly and severally, fully and unconditionally guaranteed on a senior unsecured basis by the Guarantors and by certain future subsidiaries of the Company. Halcón, the issuer of the 2021 Notes, has no material independent assets or operations apart from the assets and operations of its subsidiaries. On June 4, 2013, the Company completed a registered exchange offer of outstanding 2021 Notes for new registered notes having terms substantially identical to the 2021 Notes. On or before November 15, 2015, the Company may redeem up to 35% of the aggregate principal amount of the 2021 Notes with the net cash proceeds of certain equity offerings at a redemption price of 108.875% of the principal amount plus accrued and unpaid interest to the redemption date provided that: at least 65% in aggregate principal amount of the 2021 Notes originally issued remains outstanding immediately after the redemption and the redemption occurs within 180 days of the date of closing of the related equity offering. In addition, at any time prior to November 15, 2016, the Company may redeem some or all of the 2021 Notes for the principal amount thereof, plus accrued and unpaid interest plus a make whole premium equal to the excess, if any of (a) the present value at such time of (i) the redemption price of such note at November 15, 2016, plus (ii) any required interest payments due on the notes through November 15, 2016 (excluding currently accrued and unpaid interest) computed using a discount rate equal to the Treasury Rate plus 50 basis points, discounted to the redemption date on a semi-annual basis, over (b) the principal amount of such note. On or after November 15, 2016, the Company may redeem some or all of the 2021 Notes at any time or from time to time at the redemption prices (expressed as percentages of the principal amount) set forth in the following table plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the 12-month period beginning November 15 of the years indicated below: Year Percentage 2016 2017 2018 and thereafter In addition, upon a change of control of the Company, holders of the 2021 Notes will have the right to require the Company to repurchase all or any part of their 2021 Notes for cash at a price equal to 101% of the aggregate principal amount of the 2021 Notes repurchased, plus any accrued and unpaid interest. The 2021 Notes were issued under and governed by an Indenture dated November 6, 2012, between the Company, U.S. Bank National Association, as trustee and the Company's subsidiaries named therein as guarantors. The indenture governing the 2021 Notes contains affirmative and negative covenants that are substantially the same as those contained in the indenture governing the 2022 Notes, described above. In conjunction with the issuance of the 2021 Notes, the Company recorded a discount of approximately $5.7 million to be amortized over the remaining life of the 2021 Notes using the effective interest method. The remaining unamortized discount was $1.0 million at December 31, 2015. In conjunction with the issuance of the additional 2021 Notes, the Company recorded a premium of approximately $30.0 million to be amortized over the remaining life of the additional 2021 Notes using the effectiv

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	6. FAIR VALUE MEASUREMENTS Pursuant to ASC 820, the Company's determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company's consolidated balance sheets, but also the impact of the Company's nonperformance risk on its own liabilities. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. The following tables set forth by level within the fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value as of December 31, 2015 and 2014. As required by ASC 820, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There were no transfers between fair value hierarchy levels for the year ended December 31, 2015. December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Level 1 Level 2 Level 3 Total (In thousands) Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts listed above as Level 2 include collars, swaps and swaptions that are carried at fair value. The Company records the net change in the fair value of these positions in "Net gain (loss) on derivative contracts" in the Company's consolidated statements of operations. The Company is able to value the assets and liabilities based on observable market data for similar instruments, which resulted in the Company reporting its derivatives as Level 2. This observable data includes the forward curves for commodity prices based on quoted markets prices and implied volatility factors related to changes in the forward curves. See Note 7, "Derivative and Hedging Activities" for additional discussion of derivatives. Derivative contracts listed above as Level 3 include extendable collars that are carried at fair value. The significant unobservable inputs for these Level 3 contracts include unpublished forward strip prices and market volatilities. The following table sets forth a reconciliation of changes in the fair value of the Company's extendable collar contracts classified as Level 3 in the fair value hierarchy (in thousands): Significant Unobservable Inputs (Level 3) December 31, 2015 2014 Beginning Balance $ ) $ ) Net gain (loss) on derivative contracts ​ ​ ​ ​ ​ ​ ​ ​ Ending Balance $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gains (losses) included in earnings related to derivatives still held as of December 31, 2015 and 2014 $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015 and 2014, the Company's derivative contracts were with major financial institutions with investment grade credit ratings which are believed to have a minimal credit risk. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts; however, the Company does not anticipate such nonperformance. The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of ASC 825, Financial Instruments . The estimated fair value amounts have been determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, accounts receivable and accounts payable approximates their carrying value due to their short-term nature. The estimated fair value of the Company's Senior Credit Agreement approximates carrying value because the interest rates approximate current market rates. The following table presents the estimated fair values of the Company's fixed interest rate, long-term debt instruments as of December 31, 2015 and 2014 (excluding discounts, premiums and debt issuance costs): December 31, 2015 December 31, 2014 Debt Principal Amount Estimated Fair Value Principal Amount Estimated Fair Value (In thousands) 8.625% senior secured second lien notes $ $ — $ — 12.0% senior secured second lien notes — — 13.0% senior secured third lien notes — — 9.25% senior notes 8.875% senior notes 9.75% senior notes 8.0% convertible note ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The fair value of the Company's fixed interest debt instruments was calculated using Level 2 criteria at December 31, 2015 and 2014. The fair value of the Company's senior notes is based on quoted market prices from trades of such debt. The fair value of the Company's convertible note is based on published market prices and risk-free rates. During the second quarter of 2015, the Company entered into several exchange agreements with holders of the company's senior unsecured notes in which they agreed to exchange their senior notes for shares of the Company's common stock. The fair value of the common shares issued was determined by using quoted market prices of the Company's common stock, which is considered Level 1 criteria in the fair value hierarchy. See Note 5, " Long-term Debt ," for further discussion of the exchanges and the net gain recorded on the transactions. As discussed in Note 5, " Long-term Debt " and in Note 11, " Stockholders' Equity ," on May 6, 2015, the HALRES Note Amendment and the Warrant Amendment became effective. The fair value estimates for the Convertible Note and the February 2012 Warrants include the use of observable inputs such as the Company's stock price, expected volatility, and credit spread and the risk-free rate. The use of these observable inputs results in the fair value estimates being classified as Level 2. On June 16, 2014, HK TMS, LLC, a subsidiary of the Company, entered into a transaction to develop its Tuscaloosa Marine Shale assets with funds and accounts managed by affiliates of Apollo Global Management, LLC and on June 1, 2015 amended this agreement. See Note 10, "Mezzanine Equity," for a discussion of the valuation approach used to allocate the investment proceeds to the transaction's components, for the valuation approach used to fair value the transactions components upon the amendments, for the classification of the estimate within the fair value hierarchy, and for a reconciliation of the beginning and ending balances for the redeemable non-controlling interest, tranche rights and the embedded derivative. During the years ended December 31, 2014 and 2013, the Company recorded a non-cash impairment charge of $35.6 million and $67.5 million, respectively, related to its gas gathering systems and other operating assets. See Note 1, " Summary of Significant Events and Accounting Policies," for a discussion of the valuation approach used and the classification of the estimate within the fair value hierarchy. As of July 1, 2013, the Company performed its annual goodwill impairment test which involved the fair value estimation of the Company's reporting unit. See Note 1, " Summary of Significant Events and Accounting Policies," for a discussion of the valuation approaches used and the classification of the estimate within the fair value hierarchy. The Company follows the provisions of ASC 820, for nonfinancial assets and liabilities measured at fair value on a non-recurring basis. These provisions apply to the Company's initial recognition of asset retirement obligations for which fair value is used. The asset retirement obligation estimates are derived from historical costs and management's expectation of future cost environments; and therefore, the Company has designated these liabilities as Level 3. See Note 8, "Asset Retirement Obligations," for a reconciliation of the beginning and ending balances of the liability for the Company's asset retirement obligations.

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2015
DERIVATIVE AND HEDGING ACTIVITIES
DERIVATIVE AND HEDGING ACTIVITIES	7. DERIVATIVE AND HEDGING ACTIVITIES The Company is exposed to certain risks relating to its ongoing business operations, such as commodity price risk and interest rate risk. Derivative contracts are utilized to hedge the Company's exposure to price fluctuations and reduce the variability in the Company's cash flows associated with anticipated sales of future oil and natural gas production. When derivative contracts are available at terms (or prices) acceptable to the Company, it generally hedges a substantial, but varying, portion of anticipated oil and natural gas production for future periods. Derivatives are carried at fair value on the consolidated balance sheets as assets or liabilities, with the changes in the fair value included in the consolidated statements of operations for the period in which the change occurs. The Company's hedge policies and objectives may change significantly as its operational profile changes and/or commodities prices change. The Company does not enter into derivative contracts for speculative trading purposes. It is the Company's policy to enter into derivative contracts only with counterparties that are creditworthy financial institutions deemed by management as competent and competitive market makers. The Company did not post collateral under any of its derivative contracts as they are secured under the Company's Senior Credit Agreement or are uncollateralized trades. The Company's crude oil and natural gas derivative positions at any point in time may consist of swaps, swaptions, costless put/call "collars," extendable costless collars and deferred put options. Swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for crude oil and natural gas. Swaptions are swap contracts that may be extended annually at the option of the counterparty on a designated date. A costless collar consists of a sold call, which establishes a maximum price the Company will receive for the volumes under contract and a purchased put that establishes a minimum price. Extendable collars are costless put/call contracts that may be extended annually at the option of the counterparty on a designated date. A sold put option limits the exposure of the counterparty's risk should the price fall below the strike price. Sold put options limit the effectiveness of purchased put options at the low end of the put/call collars to market prices in excess of the strike price of the put option sold. The Company has elected to not designate any of its derivative contracts for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of these derivative contracts, as well as all payments and receipts on settled derivative contracts, in "Net gain (loss) on derivative contracts" on the consolidated statements of operations. At December 31, 2015, the Company had 36 open commodity derivative contracts summarized in the following tables: one natural gas collar arrangement, 16 crude oil collar arrangements, 13 crude oil swaps, five crude oil swaptions and one crude oil extendable collar. At December 31, 2014, the Company had 72 open commodity derivative contracts summarized in the following tables: four natural gas collar arrangements, 42 crude oil collar arrangements, 16 crude oil swaps, eight crude oil swaptions and two crude oil extendable collars. All derivative contracts are recorded at fair market value in accordance with ASC 815 and ASC 820 and included in the consolidated balance sheets as assets or liabilities. The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of December 31, 2015 and 2014: Asset derivative contracts Liability derivative contracts December 31, December 31, Derivatives not designated as hedging contracts under ASC 815 Balance sheet location 2015 2014 Balance sheet location 2015 2014 (In thousands) (In thousands) Commodity contracts Current assets—receivables from derivative contracts $ $ Current liabilities—liabilities from derivative contracts $ — $ — Commodity contracts Other noncurrent assets—receivables from derivative contracts Other noncurrent liabilities—liabilities from derivative contracts ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivatives not designated as hedging contracts under ASC 815 $ $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts in the Company's consolidated statements of operations: Amount of gain or (loss) recognized in income on derivative contracts for the year ended December 31, Derivatives not designated as hedging contracts under ASC 815 Location of gain or (loss) recognized in income on derivative contracts 2015 2014 2013 (In thousands) Commodity contracts: Unrealized gain (loss) on commodity contracts Other income (expenses)—net gain (loss) on derivative contracts $ ) $ $ ) Realized gain (loss) on commodity contracts Other income (expenses)—net gain (loss) on derivative contracts ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net gain (loss) on derivative contracts Other income (expenses)—net gain (loss) on derivative contracts $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2015 and 2014, the Company had the following open crude oil and natural gas derivative contracts: December 31, 2015 Floors Ceilings Period Instrument Commodity Volume in Mmbtu's/ Bbl's Price/ Price Range Weighted Average Price Price/ Price Range Weighted Average Price January 2016 - June 2016 Collars Crude Oil $90.00 $ $96.85 $ January 2016 - December 2016 Collars Natural Gas 4.00 4.22 January 2016 - December 2016 (1) Collars Crude Oil 60.00 - 90.00 64.00 - 95.10 January 2016 - December 2016 (2) Swaps Crude Oil 62.00 - 91.73 January 2017 - December 2017 Collars Crude Oil 50.00 - 60.00 70.00 - 76.84 (1) Includes an outstanding crude oil collar which may be extended by the counterparty at a floor of $60.00 per Bbl and a ceiling of $75.00 per Bbl for a total of 365,000 Bbls for the year ended December 31, 2017. (2) Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.25 per Bbl for a total of 730,000 Bbls for the year ended December 31, 2017. Also includes certain outstanding crude oil swaps which may be extended by the counterparty at a price of $88.00 per Bbl totaling 912,500 Bbls for the year ended December 31, 2017. Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.87 per Bbl totaling 547,500 Bbls for the year ended December 31, 2017. December 31, 2014 Floors Ceilings Period Instrument Commodity Volume in Mmbtu's/ Bbl's Price/ Price Range Weighted Average Price Price/ Price Range Weighted Average Price January 2015 - June 2015 Collars Crude Oil $85.00 - 90.00 $ $91.00 - 98.50 $ January 2015 - December 2015 (1) Collars Crude Oil 82.50 - 90.00 90.00 - 100.25 January 2015 - December 2015 Collars Natural Gas 4.00 4.55 - 4.85 January 2015 - December 2015 (2) Swaps Crude Oil 91.00 - 92.75 March 2015 - December 2015 Collars Crude Oil 87.50 92.50 April 2015 - December 2015 Collars Crude Oil 87.50 92.50 July 2015 - December 2015 Collars Crude Oil 85.00 - 87.50 90.00 - 92.50 January 2016 - June 2016 Collars Crude Oil 90.00 96.85 January 2016 - December 2016 Collars Crude Oil 87.50 - 90.00 92.70 - 95.10 January 2016 - December 2016 Collars Natural Gas 4.00 4.22 January 2016 - December 2016 (3) Swaps Crude Oil 88.00 - 91.73 (1) Includes an outstanding crude oil collar which may be extended by the counterparty at a floor of $85.00 per Bbl and a ceiling of $96.20 per Bbl for a total of 732,000 Bbls for the year ended December 31, 2016. Also includes an outstanding crude oil collar which may be extended by the counterparty at a floor of $85.00 per Bbl and a ceiling of $96.00 per Bbl for a total of 366,000 Bbls for the year ended December 31, 2016. (2) Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $91.25 per Bbl for 732,000 Bbls for the year ended December 31, 2016. Also includes certain outstanding crude oil swaps which may be extended by the counterparty at a price of $91.00 per Bbl totaling 366,000 Bbls for the year ended December 31, 2016. (3) Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.25 per Bbl for a total of 730,000 Bbls for the year ended December 31, 2017. Also includes certain outstanding crude oil swaps which may be extended by the counterparty at a price of $88.00 per Bbl totaling 912,500 Bbls for the year ended December 31, 2017. Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.87 per Bbl totaling 547,500 Bbls for the year ended December 31, 2017. The Company presents the fair value of its derivative contracts at the gross amounts in the consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts at December 31, 2015 and 2014: Derivative Assets Derivative Liabilities December 31, December 31, Offsetting of Derivative Assets and Liabilities 2015 2014 2015 2014 (In thousands) (In thousands) Gross amounts presented in the consolidated balance sheet $ $ $ ) $ ) Amounts not offset in the consolidated balance sheet ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amount $ $ $ ) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company enters into an International Swap Dealers Association Master Agreement (ISDA) with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Dec. 31, 2015
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	8. ASSET RETIREMENT OBLIGATIONS The Company records an asset retirement obligation (ARO) when it can reasonably estimate the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon costs. For gas gathering systems and equipment, the Company records an ARO when the system is placed in service and it can reasonably estimate the fair value of an obligation to perform site reclamation and other necessary work when it is required. The Company records the ARO liability on the consolidated balance sheets and capitalizes a portion of the cost in "Oil and natural gas properties" or "Other operating property and equipment" during the period in which the obligation is incurred. The Company records the accretion of its ARO liabilities in "Depletion, depreciation and accretion" expense in the consolidated statements of operations. The additional capitalized costs are depreciated on a unit-of-production basis or straight-line basis. The Company recorded the following activity related to its ARO liability for the years ended December 31, 2015 and 2014 (in thousands, inclusive of the current portion): Liability for asset retirement obligation as of December 31, 2013 $ Liabilities settled and divested (1) ) Additions Acquisitions Accretion expense Revisions in estimated cash flows ​ ​ ​ ​ ​ Liability for asset retirement obligation as of December 31, 2014 $ Liabilities settled and divested ) Additions Accretion expense Revisions in estimated cash flows ​ ​ ​ ​ ​ Liability for asset retirement obligation as of December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) See Note 3, "Acquisitions and Divestitures" for additional information on the Company's divestiture activities in 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Commitments The Company leases corporate office space in Houston, Texas; and Denver, Colorado as well as a number of other field office locations. In addition, the Company has lease commitments for certain equipment under long-term operating lease agreements. The office and equipment operating lease agreements expire on various dates through 2024. Rent expense was approximately $8.6 million, $8.1 million and $8.7 million for the years ended December 31, 2015, 2014 and 2013, respectively. Approximate future minimum lease payments for subsequent annual periods for all non-cancelable operating leases as of December 31, 2015 are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015, the Company has the following active drilling rig commitments (in thousands): 2016 $ 2017 2018 2019 — 2020 — Thereafter — ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2015, early termination of these drilling rig commitments would require termination penalties of $21.9 million, which would be in lieu of paying the remaining drilling rig commitments of $31.3 million. In response to the continued decline in crude oil prices, the Company has decreased its planned capital expenditures for 2016. As such, the Company expects to incur stacking charges on certain drilling rig commitments as follows (in thousands): 2016 $ 2017 2018 2019 — 2020 — Thereafter — ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subsequent to December 31, 2015, the Company entered into an amendment to one of its drilling rig contracts with an original term ending date of August 31, 2016, whereby the Company will early terminate the rig contract, incur a termination fee of approximately $1.3 million and reduce its 2016 drilling commitments by extending part of the contract term on another of its drilling rig contracts out further in 2018. This amendment is not reflected in the tables above and the termination fee will be expensed when incurred. In January 2015, the Company made the decision to early terminate a drilling rig contract in response to the decline in crude oil prices, and as such, the Company incurred an early termination fee of $6.0 million, paid over the first half of 2015. If certain requirements are not met by two separate trigger dates, the first being January 1, 2017 and the second being January 12, 2020, the Company may incur up to an additional $3.0 million in connection with this drilling rig contract. This obligation is not included in the tables above. In January 2015, the Company made the decision to early terminate a drilling rig contract in response to the decline in crude oil prices, and as such, the Company incurred an early termination fee of $6.0 million, paid over the first half of 2015. If certain requirements are not met by two separate trigger dates, the first being January 1, 2017 and the second being January 12, 2020, the Company may incur up to an additional $3.0 million in connection with this drilling rig contract. This obligation is not included in the tables above. The Company has other contractual commitments for infrastructure and seismic related expenditures totaling $0.9 million as of December 31, 2015 which are not included in the tables above. The Company has entered into various long-term gathering, transportation and sales contracts in its Bakken/Three Forks formations in North Dakota which are not included in the tables above. As of December 31, 2015, the Company had in place ten long-term crude oil contracts and six long-term natural gas contracts in this area and the sales prices under these contracts are based on posted market rates. Under the terms of these contracts, the Company has committed a substantial portion of its Bakken/Three Forks production for periods ranging from one to ten years from the date of first production. The Company believes that there are sufficient available reserves and supplies in the Bakken/Three Forks formations to meet its commitments, as the proved reserves from this area represent approximately 83% of its total proved reserves. Historically, the Company has been able to meet its delivery commitments. On December 20, 2013, the Company entered into a carry and earning agreement, as amended (the Agreement) with an independent third party (Seller) associated with the acquisition of certain properties in the Tuscaloosa Marine Shale (TMS), located primarily in Wilkinson County, Mississippi and in West Feliciana and East Feliciana Parishes, Louisiana. The Agreement required the Company to fund up to $189.4 million (the Carry Amount) in exchange for approximately 117,870 net acres. The Company paid $62.5 million of the Carry Amount at closing on February 28, 2014 and the remaining $126.9 million during the three months ended June 30, 2014, reflected as "Advance on carried interest" in the accompanying consolidated statements of cash flows. The Carry Amount is to be used by the Seller to fund wells in the TMS to be drilled by the Seller (the Carry Wells) on the Seller's retained acreage. As part of the transaction, the Company will also receive a 5% working interest in the Carry Wells. As of December 31, 2015, the Carry Amount was fully expended. On June 16, 2014, HK TMS, LLC, a subsidiary of the Company entered into a transaction to develop its TMS assets with funds and accounts managed by affiliates of Apollo Global Management, LLC and on June 1, 2015 amended this agreement. See Note 10, " Mezzanine Equity ," for a discussion of the drilling obligation associated with the amended transaction. Contingencies From time to time, the Company may be a plaintiff or defendant in a pending or threatened legal proceeding arising in the normal course of its business. While the outcome and impact of currently pending legal proceedings cannot be determined, the Company's management and legal counsel believe that the resolution of these proceedings through settlement or adverse judgment will not have a material effect on the Company's consolidated operating results, financial position or cash flows.

MEZZANINE EQUITY

MEZZANINE EQUITY	12 Months Ended
	Dec. 31, 2015
MEZZANINE EQUITY
MEZZANINE EQUITY	10. MEZZANINE EQUITY On June 16, 2014, funds and accounts managed by affiliates of Apollo Global Management, LLC (Apollo) contributed $150 million in cash to HK TMS, LLC, a wholly owned Delaware limited liability company (HK TMS), that, as of June 16, 2014 held all of the Company's undeveloped acreage in the TMS formation, located in Mississippi and Louisiana, in exchange for the issuance by HK TMS of 150,000 preferred shares. At the closing, the Company also contributed $50 million in cash to HK TMS. Holders of the HK TMS preferred shares will receive quarterly cash dividends of 8% cumulative perpetual per annum, subject to HK TMS' option to pay such dividends "in-kind" through the issuance of additional preferred shares. The preferred shares will be automatically redeemed and cancelled when the holders receive cash dividends and distributions on the preferred shares equating to the greater of a 12% annual rate of return plus principal and 1.25 times their investment plus applicable fees (the Redemption Price), subject to adjustment under certain circumstances. The preferred shares have a liquidation preference in the event of dissolution in an amount equal to the Redemption Price plus any unpaid dividends not otherwise included in the calculation of the Redemption Price through the date of liquidation payment. HK TMS may also redeem the preferred shares at any time after December 31, 2016 by paying the Redemption Price, or may be required to redeem the preferred shares for the Redemption Price plus certain fees under certain circumstances. On June 1, 2015, HK TMS and Apollo entered into an amendment to the original agreement (the HK TMS Amendment) which, among other things, i) commits HK TMS to drill a minimum of 6.5 net wells in each of the five consecutive twelve month periods beginning December 31, 2015 and ii) allows for the redemption of preferred shares at the Redemption Price between March 1, 2016 and June 30, 2016 at the election of Apollo to the extent there is available cash above the minimum cash balance, which is discussed further below. For any commitment period in which HK TMS does not meet its drilling obligation, HK TMS must use available cash, above the minimum cash balance, to redeem preferred shares at the Redemption Price. The preferred shares have been classified as " Redeemable noncontrolling interest " and included in "Mezzanine equity" between total liabilities and stockholders' equity on the consolidated balance sheets pursuant to ASC 480-10-S99-3A. The preferred shares, while not currently redeemable, are considered probable of becoming redeemable and therefore will be subsequently remeasured each reporting period by accreting the initial value to the estimated required redemption value through March 1, 2016. The accretion is presented as a deemed dividend and recorded in " Redeemable noncontrolling interest " on the consolidated balance sheets and within " Preferred dividends and accretion on redeemable noncontrolling interest " on the consolidated statements of operations. In accordance with ASC 480-10-S99-3A, an adjustment to the carrying amount presented in mezzanine equity will be recognized as charges against retained earnings and will reduce income available to common shareholders in the calculation of earnings per share. Adjustments to the carrying amount may not be necessary if the application of ASC No. 810, Consolidation (ASC 810) results in a noncontrolling interest balance in excess of what is required pursuant to ASC 480-10-S99-3A. Under certain circumstances, Apollo could have acquired up to an additional 250,000 preferred shares of HK TMS on the same terms, with HK TMS receiving up to an additional $250 million in cash proceeds (Tranche Rights). The Tranche Rights were recognized separately as a liability instrument within " Other noncurrent liabilities " in the consolidated balance sheets, as of December 31, 2014, in accordance with ASC 480 as the shares underlying the Tranche Rights were redeemable equity instruments. The Tranche Rights were subsequently remeasured at fair value each reporting period in accordance with ASC 480, with fair value changes recorded in " Interest expense and other, net " on the consolidated statements of operations. In March 2015, Apollo delivered a withdrawal notice to HK TMS indicating their election not to participate in the Tranche Rights (the Withdrawal Notice). As such, the fair value of the liability associated with the Tranche Rights was expensed during the three months ended March 31, 2015. Upon issuance of the Withdrawal Notice, HK TMS incurs a fee escalating from $2.50 per share to $20.00 per share for the next eight full fiscal quarters for any preferred shares then outstanding, which began in the quarter ended June 30, 2015 (the Withdrawal Exit Fee). The Withdrawal Exit Fee is payable upon redemption of the preferred shares. As of December 31, 2015, HK TMS incurred Withdrawal Exit Fees of approximately $2.5 million. The Withdrawal Exit Fees were recorded at fair value within " Other noncurrent liabilities " on the consolidated balance sheets. In conjunction with the issuance of the preferred shares, HK TMS conveyed a 4.0% overriding royalty interest (ORRI), subject to reduction to 2.0% under certain circumstances, in 75 net wells to be drilled and completed on its TMS acreage. The number of wells subject to the ORRI would have increased to the extent that Apollo subscribed for additional preferred shares, with a maximum of 200 net operated wells subject to such ORRI if Apollo subscribed for the full additional 250,000 preferred shares. However, upon issuance of the Withdrawal Notice, Apollo forfeited the rights to the ORRI in the additional 125 wells. The ORRI was recognized separately as a conveyance of oil and natural gas properties in "Unevaluated properties" on the consolidated balance sheets and within "Proceeds received from the sale of oil and natural gas assets" on the consolidated statements of cash flows. As part of the transaction, there are certain restrictions on the transfer of assets, including cash, to the Company from HK TMS. HK TMS is required to maintain a minimum cash balance equal to two quarterly dividend payments, of approximately $3.0 million each, plus $10.0 million, which is presented on the consolidated balance sheets in "Restricted cash." Additionally, the quarterly 8% dividends paid to holders of the HK TMS preferred shares have priority over other cash distributions. No dividends shall be paid to the Company from HK TMS prior to December 31, 2016. HK TMS is restricted from transferring more than 20% of its maximum net acres and from transferring any assets exceeding 20% of HK TMS's proved reserves at any one time. Finally, proceeds from any such transfers of acres or other assets must be used for HK TMS's capital or operating expenditures, or to redeem the preferred shares. For purposes of estimating the fair values of the original and amended transaction components, an income approach was used that estimated fair value based on the anticipated cash flows associated with the Company's proved reserves, discounted using a weighted average cost of capital rate. The estimation of the fair value of these components includes the use of unobservable inputs, such as estimates of proved reserves, the weighted average cost of capital (discount rate), estimated future revenues, and estimated future capital and operating costs. The use of these unobservable inputs results in the fair value estimates being classified as Level 3. Although the Company believes the assumptions and estimates used in the fair value calculation of the original and amended transaction components are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in estimating the fair value of the original and amended transaction components are inherently uncertain and require management judgment. The following table sets forth a reconciliation of the changes in fair value of the Tranche Rights and embedded derivative classified as Level 3 in the fair value hierarchy (in thousands): Tranche rights Embedded derivative Balances at June 16, 2014 $ $ Change in fair value ) ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2014 ) Change in fair value ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2015 $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company recorded the following activity related to the preferred shares in "Mezzanine equity" on the consolidated balance sheets for the years ended December 31, 2015 and 2014 (in thousands, except share amounts): Redeemable noncontrolling interest (Mezzanine equity) Shares Amount Balances at December 31, 2013 — $ — Issuance of HK TMS, LLC preferred stock Offering costs — ) Dividends paid in-kind Accretion of redeemable noncontrolling interest — ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2014 Dividends paid in-kind Accretion of redeemable noncontrolling interest — Deemed dividend for change in fair value due to the HK TMS Amendment — ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2015, HK TMS issued 12,614 additional preferred shares to Apollo for dividends paid in-kind. For the year ended December 31, 2014, HK TMS paid approximately $3.5 million in cash dividends and issued 3,025 additional preferred shares for dividends paid-in-kind. These dividends are presented within " Preferred dividends and accretion on redeemable noncontrolling interest" on the consolidated statements of operations. Upon the election of in-kind dividends, HK TMS must pay a fee of $5.00 per preferred share then outstanding (PIK exit fee). Such fees will be due upon redemption of the preferred shares. For the years ended December 31 2015 and 2014, HK TMS incurred PIK exit fees totaling $3.1 million and $0.8 million, respectively, which were recorded at fair value within " Other noncurrent liabilities " on the consolidated balance sheets.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS' EQUITY Preferred Stock On December 6, 2012, the Company completed the Williston Basin Acquisition for a total adjusted purchase price of approximately $1.5 billion, consisting of approximately $788.8 million in cash and approximately $695.2 million in newly issued shares of Halcón preferred stock that automatically converted into 21.8 million shares of Halcón common stock (equivalent to a conversion price of approximately $37.25 per share of Halcón common stock), following stockholder approval on January 17, 2013 of such conversion and an amendment to Halcón's certificate of incorporation to increase the number of shares of common stock that Halcón is authorized to issue. The shares of preferred stock were issued to the Petro-Hunt Parties in a private placement pursuant to the exemptions from registration under Section 4(2) of the Securities Act of 1933, as amended. On January 17, 2013, the Company received the results from the special stockholders' meeting authorizing and approving the issuance of 21.8 million shares of common stock upon the conversion of the convertible preferred stock issued to the Petro-Hunt Parties. Following the approval by the stockholders, on January 18, 2013, each outstanding share of the Company's preferred stock converted into 2,000 shares of its common stock at an effective conversion price of approximately $37.25 per share. No proceeds were received by the Company upon conversion of the preferred stock. No cash dividends were paid on the preferred stock since, pursuant to the terms of the Certificate of Designation of the preferred stock, conversion occurred prior to April 6, 2013. On June 13, 2013, the Company filed a Certificate of Elimination with the Delaware Secretary of State eliminating all provisions of the Certificate of Designation. 5.75% Series A Convertible Perpetual Preferred Stock On June 18, 2013, the Company completed its offering of 345,000 shares of its 5.75% Series A Convertible Perpetual Preferred Stock (the Series A Preferred Stock) at a public offering price of $1,000 per share (the Liquidation Preference). The Company filed a Certificate of Designations, Preferences, Rights and Limitations of 5.75% Series A Convertible Preferred Stock on June 17, 2013 (the Series A Designation). The net proceeds to the Company from the offering of the Series A Preferred Stock were approximately $335.2 million, after deducting the underwriting discount and offering expenses. The Company used the net proceeds from the offering to repay a portion of the then outstanding borrowings under its Senior Credit Agreement. Holders of the Series A Preferred Stock are entitled to receive, when, as and if declared by the Company's board of directors, cumulative dividends at the rate of 5.75% per annum (the dividend rate) on the Liquidation Preference per share of the Series A Preferred Stock, payable quarterly in arrears on each dividend payment date. Dividends may be paid in cash or, where freely transferable by any non-affiliate recipient thereof, in common stock of the Company or a combination thereof, and are payable on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2013. During the year ended December 31, 2015, 2014 and 2013, the Company incurred cumulative, declared dividends of $18.0 million by paying $8.2 million in cash and issuing approximately 1.4 million shares of common stock, $19.8 million by paying $5.0 million in cash and issuing approximately 0.7 million shares of common stock, and $9.1 million by issuing approximately 0.4 million shares of common stock, respectively, reflected as cash and non-cash dividends. As of December 31, 2015 and 2014, cumulative, undeclared dividends on the Series A Preferred Stock amounted to approximately $1.2 million and $1.7 million, respectively. In January 2016, the Company announced that future quarterly dividends on the Series A Preferred Stock will be suspended due to the weakened market conditions as a result of low commodity prices. The Series A Preferred Stock has no maturity date, is not redeemable by the Company at any time, and will remain outstanding unless converted by the holders or mandatorily converted by the Company as described below. Each share of Series A Preferred Stock is convertible, at the holder's option at any time, initially into approximately 32.49 shares of common stock of the Company (which is equivalent to an initial conversion price of approximately $30.80 per share), subject to specified adjustments as set forth in the Series A Designation. Based on the initial conversion rate, approximately 11.2 million shares of common stock of the Company would be issuable upon conversion of all the shares of Series A Preferred Stock. As of December 31, 2015, 100,276 shares of Series A Preferred Stock have been converted into approximately 3.3 million shares of common stock. On or after June 6, 2018, the Company may, at its option, give notice of its election to cause all outstanding shares of the Series A Preferred Stock to be automatically converted into shares of common stock of the Company at the conversion rate (as defined in the Series A Designation), if the closing sale price of the Company's common stock equals or exceeds 150% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days. If the Company undergoes a fundamental change (as defined in the Series A Designation) and a holder converts its shares of the Series A Preferred Stock at any time beginning at the opening of business on the trading day immediately following the effective date of such fundamental change and ending at the close of business on the 30th trading day immediately following such effective date, the holder will receive, for each share of the Series A Preferred Stock surrendered for conversion, a number of shares of common stock of the Company equal to the greater of: (1) the sum of (i) the conversion rate and (ii) the make-whole premium, if any, as described in the Series A Designation; and (2) the conversion rate which will be increased to equal (i) the sum of the $1,000 liquidation preference plus all accumulated and unpaid dividends to, but excluding, the settlement date for such conversion, divided by (ii) the average of the closing sale prices of the Company's common stock for the five consecutive trading days ending on the third business day prior to such settlement date; provided that the prevailing conversion rate as adjusted pursuant to this will not exceed 58.48 shares of common stock of the Company per share of the Series A Preferred Stock (subject to adjustment in the same manner as the conversion rate). Except as required by Delaware law, holders of the Series A Preferred Stock will have no voting rights unless dividends are in arrears and unpaid for six or more quarterly periods. Until such arrearage is paid in full, the holders (voting as a single class with the holders of any other preferred shares having similar voting rights) will be entitled to elect two additional directors and the number of directors on the Company's board of directors will increase by that same number. Common Stock On December 28, 2015, the Company completed a one-for-five reverse stock split. Retroactive application of the reverse stock split is required and all share and per share information included for all periods presented in these financial statements reflects the reverse stock split. During the second quarter of 2015, the Company entered into several exchange agreements with holders of the Company's senior unsecured notes in which they agreed to exchange an aggregate $258.0 million principal amount of their senior notes for approximately 29.0 million shares of the Company's common stock. The Company recorded the issuance of common shares at fair value on the various dates the debt for equity exchanges occurred. On March 18, 2015, the Company entered into an Equity Distribution Agreement (the Equity Distribution Agreement) with BMO Capital Markets Corp., Jefferies LLC and MLV & Co. LLC (collectively, the Managers). Pursuant to the terms of the Equity Distribution Agreement, the Company sold, by means of ordinary brokers' transactions through the facilities of the New York Stock Exchange at market prices, a total of approximately 1.9 million shares of our common stock for net proceeds of approximately $15.0 million, after deducting offering expenses. The shares sold have been registered under the Securities Act pursuant to a Registration Statement on Form S-3 (No. 333-188640), which was filed with the SEC and became effective March 13, 2015. The Company used the net proceeds from the offering to repay a portion of outstanding borrowings under its Senior Credit Agreement and for general corporate purposes. On May 22, 2014, with stockholder approval, the Company filed a Certificate of Amendment of the Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to increase its authorized common stock by approximately 670.0 million shares for a total of 1.34 billion authorized shares of common stock. On August 13, 2013, the Company completed the issuance and sale of 8.7 million shares of its common stock in an underwritten public offering. The shares of common stock sold were registered under the Securities Act pursuant to a Registration Statement on Form S-3 (No. 333-188640), which was filed with the SEC and became automatically effective on May 16, 2013. The net proceeds to the Company from the offering of common stock were approximately $215.2 million, after deducting the underwriting discount and offering expenses. The Company used the net proceeds from the offering to repay a portion of the then outstanding borrowings under its Senior Credit Agreement. On January 17, 2013, with stockholder approval, the Company filed a Certificate of Amendment of the Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to increase its authorized common stock by approximately 333.3 million shares for a total of 670.0 million authorized shares of common stock. Warrants In February 2012, in conjunction with the issuance of the Convertible Note, the Company issued the February 2012 Warrants to purchase 7.3 million shares of the Company's common stock at an exercise price of $22.50 per share of common stock. The Company allocated $43.6 million to the February 2012 Warrants which is reflected in " Additional paid-in capital " on the consolidated balance sheets, net of $0.6 million in issuance costs. The February 2012 Warrants entitle the holders to exercise the warrants in whole or in part at any time prior to the expiration date of February 8, 2017. On March 9, 2015, in conjunction with the HALRES Note Amendment, the Company entered into an amendment to the February 2012 Warrants, the Warrant Amendment, which extended the term of the February 2012 Warrants from February 8, 2017 to February 8, 2020 and adjusted the exercise price from $22.50 to $12.20 per share. The Amendments were approved by the Company's stockholders on May 6, 2015, in accordance with the rules of the New York Stock Exchange. The Company expensed approximately $14.1 million for the change in the fair value of the February 2012 Warrants immediately before and after the Warrant Amendment in " Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants " on the consolidated statements of operations. See Note 5, " Long-term debt ," for further discussion of the Amendments. Incentive Plan On May 8, 2006, the Company's stockholders first approved its 2006 Long-Term Incentive Plan (the Plan). On May 23, 2013, shareholders approved an increase in authorized shares under the Plan from 2.3 million to 8.3 million. On May 6, 2015, shareholders last approved an increase in authorized shares under the Plan from 8.3 million to 16.3 million. As of December 31, 2015 and 2014, a maximum of 6.3 million and 1.0 million shares of common stock, respectively, remained reserved for issuance under the Plan. The Company accounts for share-based payment accruals under authoritative guidance on stock compensation, as set forth in ASC Topic 718. The guidance requires all share-based payments to employees and directors, including grants of performance units, stock options and restricted stock, to be recognized in the financial statements based on their fair values. For the years ended December 31, 2015, 2014 and 2013, respectively, the Company recognized $14.5 million, $18.7 million, and $17.1 million, respectively, of share-based compensation expense as a component of " General and administrative " on the consolidated statements of operations. Performance Share Units As of December 31, 2015 and 2014, the Company had outstanding performance share units (PSU) under the Plan covering 0.3 million shares of common stock granted to senior management of the Company in 2014. The PSU provides that the number of shares of common stock received upon vesting will vary if the market price of the Company's common stock exceeds certain pre-established target thresholds as measured by the average of the adjusted closing price of a share of the Company's common stock during the sixty trading days preceding the third anniversary of issuance, or the measurement date. The PSU utilizes $20.00 as the floor price, below which the PSU will not vest and will expire. If the average market price at the measurement date is equal to $20.00, the PSU will vest and represent the right to receive 50% of the number of shares of common stock underlying the PSU. At $35.00, the PSU will vest and represent the right to receive the full number of shares of common stock underlying the PSU; and at $50.00, the PSU will vest and represent the right to receive 200% of the number of shares of common stock underlying the PSU. All stock price targets are subject to customary adjustments based upon changes in the Company's capital structure. In the event the average market price falls between targeted price thresholds, the PSU will represent the right to receive a proportionate number of shares, e.g., 75% of the number of shares of common stock underlying the PSU if the average market price at such time is $27.50, 150% of the number of shares of common stock underlying the PSU if the average market price at such time is $42.50, and so forth. The Company has reserved for issuance under the Plan the maximum number of shares that participants might have the right to receive upon vesting of the PSU, or 0.6 million shares of common stock. No PSUs were granted in 2015. The weighted average grant date fair value of PSUs granted in 2014 was $4.9 million. At December 31, 2015 and 2014, the unrecognized compensation expense related to non-vested PSUs totaled $1.9 million and $3.6 million, respectively. The weighted average remaining vesting period as of December 31, 2015 and 2014 was 1.2 years and 2.2 years, respectively. The following table sets forth the PSU transactions for the years ended December 31, 2015 and 2014: Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value (1) (In thousands) Unvested outstanding shares at December 31, 2013 — $ — $ — Granted Vested — — Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2014 $ $ — Granted — — Vested — — Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2015 $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The intrinsic value of PSUs was calculated as the average closing market price on December 31, 2015 and 2014 of the underlying stock multiplied by the number of PSUs that would be convertible. There were no vested PSUs as of December 31, 2015 and 2014. The assumptions used in calculating the Monte Carlo simulation model fair value of the Company's PSU for the year ended December 31, 2014 are disclosed in the following table: Year Ended December 31, 2014 Weighted average value per option granted during the period $15.40 Assumptions: Stock price volatility (1) 48.00% Risk free rate of return 0.68% Expected term 3 years (1) Due to the Company's limited historical data, expected volatility was estimated using volatilities of similar entities whose share or options prices and assumptions were publicly available. Stock Options From time to time, the Company grants stock options under the Plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically vest over a three year period at a rate of one-third on the annual anniversary date of the grant and expire ten years from the grant date. The weighted average grant date fair value of options granted in 2015, 2014, and 2013 was $4.9 million, $13.2 million, and $16.4 million, respectively. At December 31, 2015 and 2014, the unrecognized compensation expense related to non-vested stock options totaled $6.2 million and $12.4 million, respectively. The weighted average remaining vesting period as of December 31, 2015 and 2014 was 1.3 years and 1.2 years, respectively. The following table sets forth the stock option transactions for the years ended December 31, 2015, 2014 and 2013: Number Weighted Average Exercise Price Per Share Aggregate Intrinsic Value (1) (In thousands) Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2012 $ $ Granted Exercised — — Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2013 $ $ — Granted Exercised — — Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2014 $ $ Granted Exercised — — Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. No stock options were exercised during the years ended December 31, 2015, 2014 and 2013. Options outstanding at December 31, 2015 consisted of the following: Outstanding Exercisable (1) Range of Grant Prices Per Share Number Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Live (Years) Number Weighted Average Exercise Price per Share Aggregate Intrinsic Value Weighted Average Remaining Contractual Live (Years) $ 2.36 - $ 2.76 $ — $ — $ — — $ 7.85 - $ 9.85 — — — — $ 15.20 - $18.35 — — — — $ 19.80 - $34.60 — — — — $ 35.45 - $37.80 — — — — $ 38.00 - $57.75 — — — — (1) At December 31, 2015, none of the Company's options were exercisable due to service performance conditions or option exercise prices below the current market value of the underlying stock as of December 31, 2015. The aggregate intrinsic value of vested and exercisable options as of December 31, 2015 was zero. The aggregate intrinsic value of options vested as of December 31, 2015 was zero. The intrinsic value is based on the current market value of the underlying stock price of $1.26 as of December 31, 2015. The assumptions used in calculating the Black-Scholes-Merton valuation model fair value of the Company's stock options for the years ended December 31, 2015, 2014 and 2013 are disclosed in the following table: Years Ended December 31, 2015 2014 2013 Weighted average value per option granted during the period $2.56 $6.80 $13.25 Assumptions: Stock price volatility (1) 56.45% 51.48% 57.31% Risk free rate of return 1.66% 1.56% 0.89% Expected term 5 years 5 years 5 years (1) Due to the Company's limited historical data, expected volatility was estimated using volatilities of similar entities whose share or options prices and assumptions were publicly available. Restricted Stock From time-to-time, the Company grants shares of restricted stock to employees and non-employee directors of the Company. Employee shares typically vest over a three year period at a rate of one-third on the annual anniversary date of the grant, and the non-employee directors' shares vest six months from the date of grant. The weighted average grant date fair value of the shares granted in 2015, 2014, and 2013 was $8.5 million, $23.7 million and $22.5 million, respectively. At December 31, 2015 and 2014, the unrecognized compensation expense related to non-vested restricted stock totaled $11.1 million and $18.4 million, respectively. The weighted average remaining vesting period as of December 31, 2015 and 2014 was 1.5 years. The following table sets forth the restricted stock transactions for the years ended December 31, 2015, 2014 and 2013: Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value (1) (In thousands) Unvested outstanding shares at December 31, 2012 $ $ Granted Vested ) Accelerated vesting (2) ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2013 $ $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2014 $ $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2015 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2015, 2014, and 2013 of the underlying stock multiplied by the number of restricted shares. The total fair value of shares vested were $5.2 million, $5.1 million and $3.5 million for the years ended 2015, 2014, and 2013, respectively. (2) Represents accelerated vesting of unvested employee restricted stock at the time of severance in conjunction with the Company's divestiture of non-core assets.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
INCOME TAXES
INCOME TAXES	12. INCOME TAXES Income tax benefit (provision) for the indicated periods is comprised of the following: Years Ended December 31, 2015 2014 2013 (In thousands) Current: Federal $ ) $ $ ) State ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: Federal ) State ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax benefit (provision) $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The actual income tax benefit (provision) differs from the expected income tax benefit (provision) as computed by applying the United States Federal corporate income tax rate of 35% for each period as follows: Years Ended December 31, 2015 2014 2013 (In thousands) Expected tax benefit (provision) $ $ ) $ State income tax expense, net of federal benefit (1) ) Goodwill impairment — — ) Debt related costs ) ) ) Cancellation of indebtedness income ) — — Increase (reduction) in deferred tax asset ) Change in valuation allowance and related items ) ) IRC section 108 attribute reduction ) — — Other ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax benefit (provision) $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Included in this amount for the year ended December 31, 2013, is approximately $4.4 million related to the goodwill impairment. The components of net deferred income tax assets and (liabilities) recognized are as follows: December 31, 2015 (1) 2014 (In thousands) Deferred current income tax assets: Unrealized hedging transactions $ — $ — Other — ​ ​ ​ ​ ​ ​ ​ ​ Gross deferred current income tax assets — Valuation allowance — ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred current income tax assets $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred current income tax liabilities: Unrealized hedging transactions $ — $ ) Change in accounting method (2) — ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred current income tax liabilities $ — $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current deferred income tax assets (liabilities) $ — $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax assets: Net operating loss carry-forwards $ $ Share-based compensation expense Asset retirement obligations Investment in unconsolidated entities Book-tax differences in property basis — Other ​ ​ ​ ​ ​ ​ ​ ​ Gross deferred noncurrent income tax assets Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities: Book-tax differences in property basis $ — $ ) Change in accounting method (2) ) ) Unrealized hedging transactions ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net noncurrent deferred income tax assets (liabilities) $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) At December 31, 2015, the Company early adopted ASU 2015-17 on a prospective basis and accordingly, presented all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet as of December 31, 2015. (2) In December 2013 the Company filed Form 3115, Application for Change in Accounting Method, related to certain property, plant and equipment expenditures and the tax impacts of the filing are reflected in the amounts above. ASC 740, Income Taxes (ASC 740) prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. For those benefits to be recognized, an income tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company has no unrecognized tax benefits for the years ended December 31, 2015, 2014 or 2013. Generally, the Company's income tax years 2012 through 2015 remain open and subject to examination by Federal tax authorities or the tax authorities in Louisiana, Mississippi, North Dakota, Oklahoma, Texas, Pennsylvania, Ohio and certain other state taxing jurisdictions where the Company has, or previously had, its principal operations. In certain jurisdictions the Company operates through more than one legal entity, each of which may have different open years subject to examination. The Company recognizes interest and penalties accrued to unrecognized benefits in " Interest expense and other, net " in its consolidated statements of operations. For the years ended December 31, 2015, 2014 and 2013 the Company recognized no interest and penalties. As of December 31, 2015, the Company has available, to reduce future taxable income, United States net operating loss carryforwards (NOLs) of approximately $1.5 billion (net of excess income tax benefits not recognized of $4.2 million) before consideration of any valuation allowance which expires in the years 2020 thru 2034. A portion of these net operating loss carryforwards are subject to the ownership change limitation provisions of Section 382 of the Internal Revenue Code (IRC). The Company also has various net state NOL carryforwards of approximately $829.5 million, before consideration of any valuation allowance with varying lengths of allowable carryforward periods ranging from five to 20 years that can be used to offset future state taxable income. The Company assesses the recoverability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) in determining whether a valuation allowance is required. The Company evaluated possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies in making this assessment. A significant item of objective negative evidence considered was the cumulative book loss over the three-year period ended December 31, 2015 driven primarily by the full cost ceiling impairments over that period which limits the ability to consider other subjective evidence such as the Company's anticipated future growth. As a result of the Company's analysis, it was concluded that as of December 31, 2015 a valuation allowance should continue to be applied against the Company's net deferred tax asset. The Company recorded a valuation allowance as of December 31, 2015 of $761.5 million, an increase of $598.4 million from December 31, 2014. The Company will continue to monitor facts and circumstances in the reassessment of the likelihood that operating loss carryforwards, credits and other deferred tax assets will be utilized. During the first quarter of 2014, the Internal Revenue Service commenced an audit of GeoResources' tax returns for the years ending December 31, 2010 through August 1, 2012. The audit closed during April 2015 resulting in a favorable adjustment to the Company of $0.1 million.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
EARNINGS PER SHARE
EARNINGS PER SHARE	13. EARNINGS PER SHARE The following represents the calculation of earnings per share: Years Ended December 31, 2015 2014 2013 (In thousands, except per share amounts) Basic: Net income (loss) available to common stockholders $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per common share $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted: Net income (loss) available to common stockholders $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from assumed conversions — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders after assumed conversions $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding Common stock equivalent shares representing shares issuable upon: Exercise of stock options Anti-dilutive Anti-dilutive Exercise of February 2012 Warrants Anti-dilutive Anti-dilutive Exercise of August 2012 Warrants (1) — — Anti-dilutive Vesting of restricted shares Anti-dilutive Anti-dilutive Vesting of performance units — — Conversion of Convertible Note Anti-dilutive Anti-dilutive Conversion of preferred stock (2) — — Anti-dilutive Conversion of Series A Preferred Stock Anti-dilutive — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average diluted number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per common share $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The August 2012 Warrants expired on June 9, 2013. (2) The preferred stock converted into shares of common stock on January 18, 2013. Common stock equivalents, including stock options, restricted shares, warrants, convertible debt and preferred stock totaling 47.1 million shares were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive for the year ended December 31, 2015 due to the net loss. Common stock equivalents, including stock options, restricted shares and warrants, totaling 6.2 million shares were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive for the year ended December 31, 2014. Common stock equivalents, including stock options, restricted shares, warrants, convertible debt and convertible preferred stock, totaling 29.9 million shares were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive for the year ended December 31, 2013 due to the net loss.

ADDITIONAL FINANCIAL STATEMENT

ADDITIONAL FINANCIAL STATEMENT INFORMATION	12 Months Ended
	Dec. 31, 2015
ADDITIONAL FINANCIAL STATEMENT INFORMATION
ADDITIONAL FINANCIAL STATEMENT INFORMATION	14. ADDITIONAL FINANCIAL STATEMENT INFORMATION Certain balance sheet amounts are comprised of the following: December 31, 2015 2014 (In thousands) Accounts receivable: Oil, natural gas and natural gas liquids revenues $ $ Joint interest accounts Accrued settlements on derivative contracts Affiliated partnership Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaids and other: Prepaid $ $ Income tax receivable — Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities: Trade payables $ $ Accrued oil and natural gas capital costs Revenues and royalties payable Accrued interest expense Accrued employee compensation Accrued lease operating expenses Drilling advances from partners Income taxes payable — Affiliated partnership Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2015
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
CONDENSED CONSOLIDATING FINANCIAL INFORMATION	15. CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Company's obligations under its 2020 Second Lien Notes, 2022 Second Lien Notes, Third Lien Notes and senior unsecured notes are fully and unconditionally guaranteed, jointly and severally, by all of the Company's existing 100% owned subsidiaries, other than HK TMS. See Note 5, "Long-term Debt," for information regarding the Company's Senior Credit Agreement, the 2020 Second Lien Notes, the 2022 Second Lien Notes, the Third Lien Notes and senior unsecured notes. On June 16, 2014, the Company contributed its TMS undeveloped acreage located in Mississippi and Louisiana into HK TMS. See Note 10, "Mezzanine Equity," for a discussion of the restrictions on the transfer of assets between the Company and HK TMS. The following condensed consolidating statements of operations, condensed consolidating balance sheets, and condensed consolidating statements of cash flows for the parent company, subsidiary guarantors on a combined basis, the non-guarantor subsidiary, the consolidating adjustments and the total consolidated amounts are presented as of and for the years then ended December 31, 2015 and 2014. Investments in the subsidiaries are accounted for under the equity method. Such condensed consolidating financial information may not necessarily be indicative of the financial position, results of operations or cash flows had these subsidiaries operated as independent entities. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ — $ $ $ — $ Natural gas — — — Natural gas liquids — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total oil, natural gas and natural gas liquids sales — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: Production: Lease operating — — Workover and other — — Taxes other than income — — Gathering and other — — — Restructuring — — — General and administrative ) Depletion, depreciation and accretion ) Full cost ceiling impairment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) ) ) ) Other income (expenses): Net gain (loss) on derivative contracts — — — Interest expense and other, net ) ) — ) Gain (loss) on extinguishment of debt — — — Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other income (expenses) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ) ) ) Income tax benefit (provision) ) — — — ) Equity in earnings of subsidiary, net of tax ) ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ) ) ) ) Series A preferred dividends ) — — — ) Preferred dividends and accretion on redeemable noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders $ ) $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ — $ $ $ — $ Natural gas — — — Natural gas liquids — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total oil, natural gas and natural gas liquids sales — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: Production: Lease operating — — Workover and other — — — Taxes other than income — Gathering and other — — — Restructuring — — — General and administrative ) Depletion, depreciation and accretion ) Full cost ceiling impairment — Other operating property and equipment impairment — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) ) ) Other income (expenses): Net gain (loss) on derivative contracts — — — Interest expense and other, net ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other income (expenses) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ) ) Income tax benefit (provision) — ) ) Equity in earnings of subsidiary, net of tax ) — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ) ) Series A preferred dividends ) — — — ) Preferred dividends and accretion on redeemable noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Current assets: Cash $ — $ $ $ — $ Accounts receivable ) Receivables from derivative contracts — — — Restricted cash — — Inventory — — Prepaids and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties (full cost method): Evaluated — ) Unevaluated — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties — ) Less—accumulated depletion — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating property and equipment: Gas gathering and other operating assets — Less—accumulated depreciation ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net other operating property and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other noncurrent assets: Receivables from derivative contracts — — — Debt issuance costs, net — — — Intercompany notes and accounts receivable — ) — Equity in oil and natural gas partnership — — — Funds in escrow and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: Accounts payable and accrued liabilities $ — $ $ $ ) $ Asset retirement obligations — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net — — — Other noncurrent liabilities: Liabilities from derivative contracts — — — Asset retirement obligations — — Intercompany notes and accounts payable — ) — Investment in subsidiary — ) — Other — — Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — — — Stockholders' equity: Preferred stock — — — — — Common stock — — — Additional paid-in capital — ) Retained earnings (accumulated deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Current assets: Cash $ — $ $ $ — $ Accounts receivable — ) Receivables from derivative contracts — — — Restricted cash — — — Inventory — — Prepaids and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties (full cost method): Evaluated — ) Unevaluated — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties — ) Less—accumulated depletion — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating property and equipment: Gas gathering and other operating assets — Less—accumulated depreciation ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net other operating property and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other noncurrent assets: Receivables from derivative contracts — — — Debt issuance costs, net — — — Deferred income taxes ) — — Intercompany notes and accounts receivable — ) — Investment in subsidiary — ) — Equity in oil and natural gas partnership — — — Funds in escrow and other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: Accounts payable and accrued liabilities $ — $ $ $ ) $ Asset retirement obligations — — — Current portion of deferred income taxes — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net — — — Other noncurrent liabilities: Liabilities from derivative contracts — — — Asset retirement obligations — — Intercompany notes and accounts payable — ) — Other — Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — — — Stockholders' equity: Preferred stock — — — — — Common stock — — — Additional paid-in capital — ) Retained earnings (accumulated deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Cash flows from operating activities: Net cash provided by (used in) operating activities $ ) $ $ $ — $ Cash flows from investing activities: Oil and natural gas capital expenditures — ) ) — ) Proceeds received from sales of oil and natural gas assets — — — Other operating property and equipment capital expenditures ) ) — ) Advances to subsidiary — — ) — Funds held in escrow and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) investing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Proceeds from borrowings — — — Repayments of borrowings ) — — — ) Debt issuance costs ) — — — ) Series A preferred dividends ) — — — ) Common stock issued — — — Restricted cash — — ) — ) Proceeds from subsidiary — ) — — Offering costs and other ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash — ) — ) Cash at beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash at end of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Cash flows from operating activities: Net cash provided by (used in) operating activities $ ) $ $ $ ) $ Cash flows from investing activities: Oil and natural gas capital expenditures — ) ) ) Proceeds received from sales of oil and natural gas assets — — Advance on carried interest — ) ) — ) Other operating property and equipment capital expenditures ) ) ) — ) Advances to subsidiary ) ) — — Funds held in escrow and other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) investing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Proceeds from borrowings — — — Repayments of borrowings ) — — — ) Debt issuance costs ) — — — ) Series A preferred dividends ) — — — ) HK TMS, LLC preferred stock issued — — — HK TMS, LLC tranche rights — — — Preferred dividends on redeemable noncontrolling interest — — ) — ) Restricted cash — — ) — ) Proceeds from subsidiary — ) — Offering costs and other ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash ) ) — Cash at beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash at end of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUMMARY OF SIGNIFICANT EVENTS22

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Halcón Resources Corporation (Halcón or the Company) is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the United States. The consolidated financial statements include the accounts of all majority-owned, controlled subsidiaries and an equity method investment. The Company operates in one segment which focuses on oil and natural gas acquisition, production, exploration and development. The Company's oil and natural gas properties are managed as a whole rather than through discrete operating areas. Operational information is tracked by operating area; however, financial performance is assessed as a whole. Allocation of capital is made across the Company's entire portfolio without regard to operating area. All intercompany accounts and transactions have been eliminated. The Company has evaluated events or transactions through the date of issuance of this report in conjunction with the preparation of these consolidated financial statements. On December 28, 2015, the Company completed a one-for-five reverse stock split. As a result, all share and per share information included for all periods presented in these consolidated financial statements reflect the reverse stock split.
Use of Estimates	Use of Estimates The preparation of the Company's consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, fair value estimates, and income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company's operating environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company's consolidated financial statements.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The Company's accounts receivable are primarily receivables from joint interest owners and oil and natural gas purchasers. Accounts receivable are recorded at the amount due, less an allowance for doubtful accounts, when applicable. The Company establishes provisions for losses on accounts receivable if it determines that collection of all or part of the outstanding balance is doubtful. The Company regularly reviews collectability and establishes or adjusts the allowance for doubtful accounts as necessary using the specific identification method. There were no significant allowances for doubtful accounts as of December 31, 2015 or 2014.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties as prescribed by the United States Securities and Exchange Commission (SEC). Accordingly, all costs incurred in the acquisition, exploration and development of proved and unproved oil and natural gas properties, including the costs of abandoned properties, dry holes, geophysical costs, and annual lease rentals are capitalized. All general and administrative corporate costs unrelated to drilling activities are expensed as incurred. Sales or other dispositions of oil and natural gas properties are accounted for as adjustments to capitalized costs, with no gain or loss recorded unless the ratio of cost to proved reserves would significantly change. Depletion of evaluated oil and natural gas properties is computed on the units of production method based on proved reserves. The net capitalized costs of evaluated oil and natural gas properties are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The Company reviews its unevaluated properties at the end of each quarter to determine whether the costs incurred should be transferred to the full cost pool and thereby subject to amortization. Investments in unevaluated oil and natural gas properties and exploration and development projects for which depletion expense is not currently recognized, and for which exploration or development activities are in progress, qualify for interest capitalization. The capitalized interest is determined by multiplying the Company's weighted-average borrowing cost on debt by the average amount of qualifying costs incurred that are excluded from the full cost pool; however, the amount of capitalized interest cannot exceed the amount of gross interest expense incurred in any given period.
Other Operating Property and Equipment	Other Operating Property and Equipment Gas gathering systems and equipment are recorded at cost. Depreciation is calculated using the straight-line method over a 30-year or 10-year estimated useful life applicable to gas gathering systems and compressed natural gas facilities, respectively. Upon disposition, the cost and accumulated depreciation are removed and any gains or losses are reflected in current operations. Maintenance and repair costs are charged to operating expense as incurred. Material expenditures which increase the life or productive capacity of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The Company capitalized $87.2 million and $83.1 million as of December 31, 2015 and 2014, respectively, related to the construction of its gas gathering systems, after any amounts impaired. Other operating assets are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives: automobiles and computers, three years; computer software, fixtures, furniture and equipment, five years or the lesser of lease term; trailers, seven years; heavy equipment, ten years; buildings, twenty years and leasehold improvements, lease term. Upon disposition, the cost and accumulated depreciation are removed and any gains or losses are reflected in current operations. Maintenance and repair costs are charged to operating expense as incurred. Material expenditures which increase the life of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The Company reviews its gas gathering systems and equipment and other operating assets for impairment in accordance with ASC 360, Property, Plant, and Equipment (ASC 360). ASC 360 requires the Company to evaluate gas gathering systems and equipment and other operating assets for impairment as events occur or circumstances change that would more likely than not reduce the fair value below the carrying amount. If the carrying amount is not recoverable from its undiscounted cash flows, then the Company would recognize an impairment loss for the difference between the carrying amount and the current fair value. Further, the Company evaluates the remaining useful lives of its gas gathering systems and equipment and other operating assets at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods. For the year ended December 31, 2014, the Company recorded a non-cash impairment charge for gas gathering systems and other related operating assets of $35.6 million, net of $1.9 million of accumulated depreciation. The majority of the impairment represents approximately half of the Company's gas gathering infrastructure, right- of-way and permitting investments in the Utica / Point Pleasant area. These infrastructure related investments were related to acreage in certain non-core areas of the Utica play which, at the time of evaluation for impairment in December 2014, the Company did not plan to develop in light of the downtrend in oil prices which rendered certain areas to be deemed uneconomical and/or non-strategic. For the year ended December 31, 2013, the Company recorded a non-cash impairment charge for midstream assets of $67.5 million. The impairment relates to the Company's gross investment of $72.1 million in gas gathering infrastructure that will not be economically recoverable due to the Company's shift in exploration, drilling and developmental plans from the Woodbine to El Halcón during the third quarter of 2013. The impairments of midstream assets were recorded in "Other operating property and equipment impairment" in the Company's consolidated statements of operations and in "Gas gathering and other operating assets" in the Company's consolidated balance sheets. In accordance with ASC 820, Fair Value Measurements and Disclosures (ASC 820), a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The estimate of the fair value of the Company's gas gathering systems was based on an income approach that estimated future cash flows associated with those assets over the remaining asset lives. This estimation includes the use of unobservable inputs, such as estimated future production, gathering and compression revenues and operating expenses. The use of these unobservable inputs results in the fair value estimate of the Company's gas gathering systems being classified as Level 3.
Revenue Recognition	Revenue Recognition Revenues from the sale of crude oil, natural gas, and natural gas liquids are recognized when the product is delivered at a fixed or determinable price, title has transferred, and collectability is reasonably assured and evidenced by a contract. The Company follows the entitlement method of accounting for crude oil and natural gas sales, recognizing as revenues only its net interest share of all production sold. Any amount attributable to the sale of production in excess of or less than the Company's net interest is recorded as a balancing asset or liability. At December 31, 2015 and 2014, the Company's imbalances were immaterial.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. The Company's joint interest partners consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company's joint interest partners to reimburse the Company could be adversely affected. The purchasers of the Company's oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts. In 2015, three individual purchasers of the Company's production, Crestwood Midstream Partners, formerly Arrow Field Services LLC (Crestwood), Sunoco Inc. (Sunoco) and Suncor Energy Marketing Inc. (Suncor), each accounted for more than 10% of total sales, collectively representing 57% of the Company's total sales for the year. In 2014, three individual purchasers of the Company's production, Sunoco, Crestwood and Suncor, each accounted for more than 10% of total sales, collectively representing 66% of the Company's total sales for the year. In 2013, four individual purchasers of the Company's production, Shell Trading US Co., Sunoco, Crestwood, and Suncor each accounted for more than 10% of total sales, collectively representing 63% of the Company's total sales for the year. The Company is exposed to market risk on its open derivative contracts related to potential non-performance by its counterparties. It is the Company's policy to enter into derivative contracts only with counterparties that are creditworthy institutions deemed by management as competent and competitive market makers.
Risk Management Activities	Risk Management Activities The Company follows ASC 815, Derivatives and Hedging (ASC 815). From time to time, when derivative contracts are available at terms (or prices) acceptable to the Company, it may hedge a portion of its forecasted oil, natural gas, and natural gas liquids production. Derivative contracts entered into by the Company have consisted of transactions in which the Company hedges the variability of cash flow related to a forecasted transaction. The Company recognized all derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value. The Company has elected to not designate any of its positions for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of these positions, as well as payments and receipts on settled contracts, in " Net gain (loss) on derivative contracts " on the consolidated statements of operations.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method wherein deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company follows ASC 740, Income Taxes (ASC 740). ASC 740 creates a single model to address accounting for the uncertainty in income tax positions and prescribes a minimum recognition threshold a tax position must meet before recognition in the consolidated financial statements. The evaluation of a tax position in accordance with ASC 740 is a two-step process. The first step is a recognition process to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more likely than not recognition threshold, it is presumed that the position will be examined by the appropriate taxing authority with full knowledge of all relevant information. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit/expense to recognize in the consolidated financial statements. The tax position is measured at the largest amount of benefit/expense that is more likely than not of being realized upon ultimate settlement. The Company has no liability for unrecognized tax benefits as of December 31, 2015 and 2014. Accordingly, there is no amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate and there is no amount of interest or penalties currently recognized in the consolidated statements of operations or consolidated balance sheets as of December 31, 2015. In addition, the Company does not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The Company includes interest and penalties relating to uncertain tax positions within " Interest expense and other, net " on the Company's consolidated statements of operations. Refer to Note 12, " Income Taxes, " for more details. Generally, the Company's tax years 2012 through 2015 are either currently under audit or remain open and subject to examination by federal tax authorities or the tax authorities in Louisiana, Mississippi, North Dakota, Oklahoma, Texas, Pennsylvania, Ohio and certain other state taxing jurisdictions where the Company has, or previously had, principal operations. In certain of these jurisdictions, the Company operates through more than one legal entity, each of which may have different open years subject to examination. Additionally, it is important to note that years are open for examination until the statute of limitations in each respective jurisdiction expires. Tax audits may be ongoing at any point in time. Tax liabilities are recorded based on estimates of additional taxes which may be due upon the conclusion of these audits. Estimates of these tax liabilities are made based upon prior experience and are updated for changes in facts and circumstances. However, due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in liabilities which could be materially different from these estimates.
Asset Retirement Obligations	Asset Retirement Obligations ASC 410, Asset Retirement and Environmental Obligations (ASC 410) requires that the fair value of an asset retirement cost, and corresponding liability, should be recorded as part of the cost of the related long-lived asset and subsequently allocated to expense using a systematic and rational method. The Company records asset retirement obligations to reflect the Company's legal obligations related to future plugging and abandonment of its oil and natural gas wells and gas gathering systems and equipment. The Company estimates the expected cash flows associated with the obligation and discounts the amounts using a credit-adjusted, risk-free interest rate. At least annually, the Company reassesses the obligation to determine whether a change in the estimated obligation is necessary. The Company evaluates whether there are indicators that suggest the estimated cash flows underlying the obligation have materially changed. Should these indicators suggest the estimated obligation may have materially changed on an interim basis (quarterly), the Company will accordingly update its assessment. Additional retirement obligations increase the liability associated with new oil and natural gas wells and gas gathering systems and equipment as these obligations are incurred.
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of the assets acquired net of the fair value of liabilities assumed in an acquisition. ASC 350, Intangibles—Goodwill and Other (ASC 350) requires that intangible assets with indefinite lives, including goodwill, be evaluated on an annual basis for impairment or more frequently if events occur or circumstances change that could potentially result in impairment. The goodwill impairment test requires the allocation of goodwill and all other assets and liabilities to reporting units. However, the Company has only one reporting unit. The Company carried goodwill as of December 31, 2012 related to its acquisition of GeoResources, Inc. Refer to Note 3, "Acquisitions and Divestitures" for more details regarding the merger between the Company and GeoResources, Inc. The Company performs its goodwill impairment test annually, using a measurement date of July 1, or more often if circumstances require. The Company performed its annual goodwill impairment test during the third quarter of 2013, and based on this review, the Company recorded a non-cash impairment charge of $228.9 million to reduce the carrying value of goodwill to zero. The Company recorded the goodwill impairment in "Goodwill impairment" in the Company's consolidated statements of operations. In the first step of the goodwill impairment test, the Company determined that the fair value of its reporting unit was less than the carrying amount, including goodwill, primarily due to pricing deterioration in the NYMEX forward pricing curve coupled with less favorable oil price differentials in the Company's core areas, both factors which adversely impacted the fair value of the Company's proved reserves. Therefore, the Company performed the second step of the goodwill impairment test, which led the Company to conclude that there would be no remaining implied fair value attributable to goodwill. In estimating the fair value of its reporting unit, the Company used a combination of the income and market approaches. For purposes of estimating the fair value of the Company's oil and natural gas proved reserves, an income approach was used which estimated fair value based on the anticipated cash flows associated with the Company's proved reserves, discounted using a weighted average cost of capital rate. In estimating the fair value of the Company's unproved acreage, a market approach was used in which a review of recent transactions involving properties in the same geographical location indicated the fair value of the Company's unproved acreage from a market participant perspective. The estimation of the fair value of the Company's reporting unit includes the use of unobservable inputs, such as estimates of proved reserves, unproved acreage values, the weighted average cost of capital (discount rate), future pricing beyond a certain period and estimated future capital and operating costs. The use of these unobservable inputs results in the fair value estimate being classified as Level 3. Although the Company believes the assumptions and estimates used in the fair value calculation of its reporting unit are reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in estimating the fair value of the reporting unit and performing the goodwill impairment test are inherently uncertain and require management judgment.
401(k) Plan	401(k) Plan The Company sponsors a 401(k) tax deferred savings plan, whereby the Company matches a portion of employees' contributions in cash. Participation in the plan is voluntary and all employees of the Company who are 18 years of age are eligible to participate. The Company provided matching contributions of $3.8 million, $4.5 million, and $4.9 million in 2015, 2014, and 2013, respectively. The Company matches employee contributions dollar-for-dollar on the first 10% of an employee's pre-tax earnings, subject to individual IRS limitations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17). For public business entities, ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. As part of the simplification initiative, ASU 2015-15 requires companies to present deferred tax assets and deferred tax liabilities as noncurrent in the balance sheet. At December 31, 2015, the Company early adopted ASU 2015-17 on a prospective basis and accordingly, presented all deferred tax assets and liabilities as noncurrent in the accompanying consolidated balance sheet as of December 31, 2015. The current portion of deferred tax liabilities that was presented as long-term on the consolidated balance sheet at December 31, 2015 was approximately $130.5 million. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations—Simplifying the Accounting for Measurement-Period Adjustments (ASU 2015-16). For public business entities, ASU 2015-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015 and early adoption is permitted. The amendments in this ASU require that an acquirer, in a business combination, recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments in this ASU eliminate the requirement to retrospectively account for those adjustments, and instead present separately on the face of the income statement or disclose in the footnotes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods. The Company does not expect the adoption of ASU 2015-16 to have a material impact to its financial statements or disclosures. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs with Line-of-Credit Arrangements (ASU 2015-15). The previous guidance in ASU 2015-03, as defined below, did not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03, the SEC staff indicated it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted and entities shall apply the guidance retrospectively to all prior year periods presented. The Company adopted ASU 2015-15 for the consolidated balance sheets included herein. Debt issuance costs of $7.6 million and $4.7 million on the senior revolving credit facility are presented as a noncurrent asset in " Debt issuance costs, net " in the consolidated balance sheets as of December 31, 2015 and 2014, respectively, and will continue to be amortized over the term of the arrangement. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11). ASU 2015-11 states that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public entities, ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in this update should be applied prospectively and early application is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact to its financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (ASU 2015-05). ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. For public business entities, the guidance is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. An entity can elect to adopt the guidance either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. Early adoption is permitted. The adoption of ASU 2015-05 did not have a material impact to the company's financial statements or disclosures. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted and entities shall apply the guidance retrospectively to all prior year periods presented. The Company adopted ASU 2015-03 for the balance sheets included herein. The effect, resulting in the reclassification of unamortized debt issue costs, except those on the senior revolving credit facility, from "Debt issuance costs, net" within assets to "Long-term debt, net" on the consolidated balance sheets as of December 31, 2015 and 2014, was $32.7 million and $51.2 million, respectively. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (ASU 2015-02). The amendments in ASU 2015-02 eliminate the previous presumption that a general partner controls a limited partner. ASU 2015-02 may impact the Company's accounting for its general partner interest in SBE Partners LP (SBE Partners), which is currently accounted for as an equity method investment. ASU 2015-02 is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. Entities may apply the guidance using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the first fiscal year adopted or it may apply the amendment retrospectively. The Company is currently assessing the impact of ASU 2015-02 on its accounting for its general partner interest in SBE Partners. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (ASU 2014-15). ASU 2014-15 is effective for annual reporting periods (including interim periods within those periods) ending after December 15, 2016. Early application is permitted. The amendments in ASU 2014-15 create a new ASC Sub-topic 205-40, Presentation of Financial Statements—Going Concern and require management to assess for each annual and interim reporting period if conditions exist that raise substantial doubt about an entity's ability to continue as a going concern. The rule requires various disclosures depending on the facts and circumstances surrounding an entity's ability to continue as a going concern. The Company is in the process of assessing the effects of the application of the new guidance. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). ASU 2014-09 states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard provides five steps an entity should apply in determining its revenue recognition. ASU 2014-09 must be applied retrospectively (using one of two retrospective application methods) and is effective for annual reporting periods, and interim periods with that reporting period, beginning after December 15, 2016, or after December 15, 2017, if companies choose to elect the deferred adoption date approved by the FASB. Early adoption is not permitted. The Company is in the process of assessing the effects of the application of the new guidance.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2015
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	December 31, 2015 2014 (In thousands) Subject to depletion $ $ ​ ​ ​ ​ ​ ​ ​ ​ Not subject to depletion: Exploration and extension wells in progress Other capital costs: Incurred in 2015 — Incurred in 2014 Incurred in 2013 Incurred in 2012 and prior ​ ​ ​ ​ ​ ​ ​ ​ Total not subject to depletion ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties Less accumulated depletion ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves	West Texas Intermediate (per barrel) (1) Henry Hub (per MMBtu) (1) December 31, 2015 $ $ December 31, 2014 December 31, 2013 (1) Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees and market differentials.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Long-term debt
Schedule of long-term debt	December 31, 2015 2014 (In thousands) Senior revolving credit facility $ $ 8.625% senior secured second lien notes due 2020 (1) — 12.0% senior secured second lien notes due 2022 (2)(3) — 13.0% senior secured third lien notes due 2022 (4)(5) — 9.25% senior notes due 2022 (2)(4)(6) 8.875% senior notes due 2021 (2)(4)(7) 9.75% senior notes due 2020 (2)(4)(8) 8.0% convertible note due 2020 (9) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On May 1, 2015, the Company completed the issuance of $700.0 million aggregate principal amount of its 8.625% senior secured notes due 2020. Amount is net of $12.2 million unamortized debt issuance costs at December 31, 2015. See "8.625% Senior Secured Second Lien Notes" below for more details. (2) On December 21, 2015, the Company completed the issuance of approximately $112.8 million aggregate principal amount of new 12.0% senior secured notes due 2022 in exchange for approximately $289.6 million aggregate principal amount of senior unsecured notes held by certain holders of the Company's 9.75% senior notes due 2020, 8.875% senior notes due 2021 and 9.25% senior notes due 2022. See "12.0% Senior Secured Second Lien Notes" below for more details. (3) Amount is net of $1.2 million unamortized debt issuance costs at December 31, 2015. (4) On September 10, 2015, the Company completed the issuance of approximately $1.02 billion aggregate principal amount of new 13.0% senior secured notes due 2022 in exchange for approximately $1.57 billion aggregate principal amount of senior unsecured notes held by certain holders of the Company's 9.75% senior notes due 2020, 8.875% senior notes due 2021 and 9.25% senior notes due 2022. (5) Amount is net of $8.4 million unamortized debt issuance costs at December 31, 2015. (6) Amounts are net of $0.8 million and $6.8 million unamortized debt issuance costs at December 31, 2015 and 2014, respectively. (7) Amounts are net of a $1.0 million and a $4.6 million unamortized discount at December 31, 2015 and 2014, respectively, related to the issuance of the original 2021 Notes. The unamortized premium related to the additional 2021 Notes was approximately $5.5 million and $24.6 million at December 31, 2015 and 2014, respectively. Amounts are net of $5.8 million and $25.6 million unamortized debt issuance costs at December 31, 2015 and 2014, respectively. See "8.875% Senior Notes" below for more details. (8) Amounts are net of a $1.9 million and a $7.9 million unamortized discount at December 31, 2015 and 2014, respectively, related to the issuance of the original 2020 Notes. The unamortized premium related to the additional 2020 Notes was approximately $2.6 million and $9.7 million at December 31, 2015 and 2014, respectively. Amounts are net of $4.3 million and $17.1 million unamortized debt issuance costs at December 31, 2015 and 2014, respectively. See "9.75% Senior Notes" below for more details. (9) On May 6, 2015, an amendment to the 8.0% convertible note became effective and was accounted for as a debt extinguishment, resulting in an increase to the convertible notes' discount and the remaining unamortized debt issuance costs were expensed. Amounts are net of a $23.0 million and a $21.8 million unamortized discount at December 31, 2015 and 2014, respectively. Amounts are net of $1.6 million unamortized debt issuance costs at December 31, 2014. See "8.0% Convertible Note" below for more details.
Schedule of aggregate maturities required on long-term debt	Aggregate maturities required on long-term debt at December 31, 2015 due in future years are as follows (in thousands, excluding discounts, premiums and debt issuance costs): 2016 $ — 2017 — 2018 — 2019 2020 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
8.625% senior secured second lien notes due 2020
Long-term debt
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates	Year Percentage 2017 2018 2019 and thereafter
12.0% senior secured second lien notes due 2022
Long-term debt
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates	Year Percentage 2018 2019 2020 and thereafter
13.0% senior secured third lien notes due 2022
Long-term debt
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates	Year Percentage 2018 2019 2020 and thereafter
9.25% senior notes due 2022
Long-term debt
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates	On or after August 15, 2017, the Company may redeem all or a part of the 2022 Notes at any time or from time to time at the redemption prices (expressed as percentages of the principal amount) set forth in the following table plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the 12-month period beginning August 15, of the years indicated: Year Percentage 2017 2018 2019 and thereafter
8.875% senior notes due 2021
Long-term debt
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates	On or after November 15, 2016, the Company may redeem some or all of the 2021 Notes at any time or from time to time at the redemption prices (expressed as percentages of the principal amount) set forth in the following table plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the 12-month period beginning November 15 of the years indicated below: Year Percentage 2016 2017 2018 and thereafter
9.75% senior notes due 2020
Long-term debt
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates	On or after July 15, 2016, the Company may redeem some or all of the 2020 Notes at any time or from time to time at the redemption prices (expressed as percentages of the principal amount) set forth in the following table plus accrued and unpaid interest, if any, to the applicable redemption date, if redeemed during the 12-month period beginning July 15 of the years indicated below: Year Percentage 2016 2017 2018 and thereafter

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
FAIR VALUE MEASUREMENTS
Schedule of fair value of the Company's financial assets and liabilities	December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Level 1 Level 2 Level 3 Total (In thousands) Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reconciliation of changes in the fair value of the Company's oil derivative instruments classified as Level 3 in the fair value hierarchy	The following table sets forth a reconciliation of changes in the fair value of the Company's extendable collar contracts classified as Level 3 in the fair value hierarchy (in thousands): Significant Unobservable Inputs (Level 3) December 31, 2015 2014 Beginning Balance $ ) $ ) Net gain (loss) on derivative contracts ​ ​ ​ ​ ​ ​ ​ ​ Ending Balance $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gains (losses) included in earnings related to derivatives still held as of December 31, 2015 and 2014 $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of the estimated fair values of the Company's fixed interest rate, long-term debt instruments	The following table presents the estimated fair values of the Company's fixed interest rate, long-term debt instruments as of December 31, 2015 and 2014 (excluding discounts, premiums and debt issuance costs): December 31, 2015 December 31, 2014 Debt Principal Amount Estimated Fair Value Principal Amount Estimated Fair Value (In thousands) 8.625% senior secured second lien notes $ $ — $ — 12.0% senior secured second lien notes — — 13.0% senior secured third lien notes — — 9.25% senior notes 8.875% senior notes 9.75% senior notes 8.0% convertible note ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DERIVATIVE AND HEDGING ACTIVI26

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2015
DERIVATIVE AND HEDGING ACTIVITIES
Summary of location and fair value of derivative contracts	Asset derivative contracts Liability derivative contracts December 31, December 31, Derivatives not designated as hedging contracts under ASC 815 Balance sheet location 2015 2014 Balance sheet location 2015 2014 (In thousands) (In thousands) Commodity contracts Current assets—receivables from derivative contracts $ $ Current liabilities—liabilities from derivative contracts $ — $ — Commodity contracts Other noncurrent assets—receivables from derivative contracts Other noncurrent liabilities—liabilities from derivative contracts ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivatives not designated as hedging contracts under ASC 815 $ $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of the location and amounts of the Company's realized and unrealized gains and losses on derivative contracts	Amount of gain or (loss) recognized in income on derivative contracts for the year ended December 31, Derivatives not designated as hedging contracts under ASC 815 Location of gain or (loss) recognized in income on derivative contracts 2015 2014 2013 (In thousands) Commodity contracts: Unrealized gain (loss) on commodity contracts Other income (expenses)—net gain (loss) on derivative contracts $ ) $ $ ) Realized gain (loss) on commodity contracts Other income (expenses)—net gain (loss) on derivative contracts ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net gain (loss) on derivative contracts Other income (expenses)—net gain (loss) on derivative contracts $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of open derivative contracts	December 31, 2015 Floors Ceilings Period Instrument Commodity Volume in Mmbtu's/ Bbl's Price/ Price Range Weighted Average Price Price/ Price Range Weighted Average Price January 2016 - June 2016 Collars Crude Oil $90.00 $ $96.85 $ January 2016 - December 2016 Collars Natural Gas 4.00 4.22 January 2016 - December 2016 (1) Collars Crude Oil 60.00 - 90.00 64.00 - 95.10 January 2016 - December 2016 (2) Swaps Crude Oil 62.00 - 91.73 January 2017 - December 2017 Collars Crude Oil 50.00 - 60.00 70.00 - 76.84 (1) Includes an outstanding crude oil collar which may be extended by the counterparty at a floor of $60.00 per Bbl and a ceiling of $75.00 per Bbl for a total of 365,000 Bbls for the year ended December 31, 2017. (2) Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.25 per Bbl for a total of 730,000 Bbls for the year ended December 31, 2017. Also includes certain outstanding crude oil swaps which may be extended by the counterparty at a price of $88.00 per Bbl totaling 912,500 Bbls for the year ended December 31, 2017. Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.87 per Bbl totaling 547,500 Bbls for the year ended December 31, 2017. December 31, 2014 Floors Ceilings Period Instrument Commodity Volume in Mmbtu's/ Bbl's Price/ Price Range Weighted Average Price Price/ Price Range Weighted Average Price January 2015 - June 2015 Collars Crude Oil $85.00 - 90.00 $ $91.00 - 98.50 $ January 2015 - December 2015 (1) Collars Crude Oil 82.50 - 90.00 90.00 - 100.25 January 2015 - December 2015 Collars Natural Gas 4.00 4.55 - 4.85 January 2015 - December 2015 (2) Swaps Crude Oil 91.00 - 92.75 March 2015 - December 2015 Collars Crude Oil 87.50 92.50 April 2015 - December 2015 Collars Crude Oil 87.50 92.50 July 2015 - December 2015 Collars Crude Oil 85.00 - 87.50 90.00 - 92.50 January 2016 - June 2016 Collars Crude Oil 90.00 96.85 January 2016 - December 2016 Collars Crude Oil 87.50 - 90.00 92.70 - 95.10 January 2016 - December 2016 Collars Natural Gas 4.00 4.22 January 2016 - December 2016 (3) Swaps Crude Oil 88.00 - 91.73 (1) Includes an outstanding crude oil collar which may be extended by the counterparty at a floor of $85.00 per Bbl and a ceiling of $96.20 per Bbl for a total of 732,000 Bbls for the year ended December 31, 2016. Also includes an outstanding crude oil collar which may be extended by the counterparty at a floor of $85.00 per Bbl and a ceiling of $96.00 per Bbl for a total of 366,000 Bbls for the year ended December 31, 2016. (2) Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $91.25 per Bbl for 732,000 Bbls for the year ended December 31, 2016. Also includes certain outstanding crude oil swaps which may be extended by the counterparty at a price of $91.00 per Bbl totaling 366,000 Bbls for the year ended December 31, 2016. (3) Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.25 per Bbl for a total of 730,000 Bbls for the year ended December 31, 2017. Also includes certain outstanding crude oil swaps which may be extended by the counterparty at a price of $88.00 per Bbl totaling 912,500 Bbls for the year ended December 31, 2017. Includes an outstanding crude oil swap which may be extended by the counterparty at a price of $88.87 per Bbl totaling 547,500 Bbls for the year ended December 31, 2017.
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts	Derivative Assets Derivative Liabilities December 31, December 31, Offsetting of Derivative Assets and Liabilities 2015 2014 2015 2014 (In thousands) (In thousands) Gross amounts presented in the consolidated balance sheet $ $ $ ) $ ) Amounts not offset in the consolidated balance sheet ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amount $ $ $ ) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
ASSET RETIREMENT OBLIGATIONS
Schedule of activity related to ARO liability	The Company recorded the following activity related to its ARO liability for the years ended December 31, 2015 and 2014 (in thousands, inclusive of the current portion): Liability for asset retirement obligation as of December 31, 2013 $ Liabilities settled and divested (1) ) Additions Acquisitions Accretion expense Revisions in estimated cash flows ​ ​ ​ ​ ​ Liability for asset retirement obligation as of December 31, 2014 $ Liabilities settled and divested ) Additions Accretion expense Revisions in estimated cash flows ​ ​ ​ ​ ​ Liability for asset retirement obligation as of December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) See Note 3, "Acquisitions and Divestitures" for additional information on the Company's divestiture activities in 2014.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
Schedule of approximate future minimum lease payments for subsequent annual periods for all non-cancelable operating leases	Approximate future minimum lease payments for subsequent annual periods for all non-cancelable operating leases as of December 31, 2015 are as follows (in thousands): 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of commitments	As of December 31, 2015, the Company has the following active drilling rig commitments (in thousands): 2016 $ 2017 2018 2019 — 2020 — Thereafter — ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of other contractual commitments for, among other things, stacking charges on certain drilling rig commitments	As such, the Company expects to incur stacking charges on certain drilling rig commitments as follows (in thousands): 2016 $ 2017 2018 2019 — 2020 — Thereafter — ​ ​ ​ ​ ​ Total $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MEZZANINE EQUITY (Tables)

MEZZANINE EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
MEZZANINE EQUITY
Reconciliation of financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)	The following table sets forth a reconciliation of the changes in fair value of the Tranche Rights and embedded derivative classified as Level 3 in the fair value hierarchy (in thousands): Tranche rights Embedded derivative Balances at June 16, 2014 $ $ Change in fair value ) ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2014 ) Change in fair value ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2015 $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of activity related to the preferred shares recorded as mezzanine equity	The Company recorded the following activity related to the preferred shares in "Mezzanine equity" on the consolidated balance sheets for the years ended December 31, 2015 and 2014 (in thousands, except share amounts): Redeemable noncontrolling interest (Mezzanine equity) Shares Amount Balances at December 31, 2013 — $ — Issuance of HK TMS, LLC preferred stock Offering costs — ) Dividends paid in-kind Accretion of redeemable noncontrolling interest — ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2014 Dividends paid in-kind Accretion of redeemable noncontrolling interest — Deemed dividend for change in fair value due to the HK TMS Amendment — ​ ​ ​ ​ ​ ​ ​ ​ Balances at December 31, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
STOCKHOLDERS' EQUITY
Schedule of the PSU transactions outstanding	Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value (1) (In thousands) Unvested outstanding shares at December 31, 2013 — $ — $ — Granted Vested — — Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2014 $ $ — Granted — — Vested — — Forfeited — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2015 $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The intrinsic value of PSUs was calculated as the average closing market price on December 31, 2015 and 2014 of the underlying stock multiplied by the number of PSUs that would be convertible. There were no vested PSUs as of December 31, 2015 and 2014.
Schedule of assumptions used in calculating fair value of the PSU	Year Ended December 31, 2014 Weighted average value per option granted during the period $15.40 Assumptions: Stock price volatility (1) 48.00% Risk free rate of return 0.68% Expected term 3 years (1) Due to the Company's limited historical data, expected volatility was estimated using volatilities of similar entities whose share or options prices and assumptions were publicly available.
Schedule of the stock option transactions	Number Weighted Average Exercise Price Per Share Aggregate Intrinsic Value (1) (In thousands) Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2012 $ $ Granted Exercised — — Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2013 $ $ — Granted Exercised — — Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2014 $ $ Granted Exercised — — Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2015 $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. No stock options were exercised during the years ended December 31, 2015, 2014 and 2013.
Schedule of outstanding options by exercise price range	Outstanding Exercisable (1) Range of Grant Prices Per Share Number Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Live (Years) Number Weighted Average Exercise Price per Share Aggregate Intrinsic Value Weighted Average Remaining Contractual Live (Years) $ 2.36 - $ 2.76 $ — $ — $ — — $ 7.85 - $ 9.85 — — — — $ 15.20 - $18.35 — — — — $ 19.80 - $34.60 — — — — $ 35.45 - $37.80 — — — — $ 38.00 - $57.75 — — — — (1) At December 31, 2015, none of the Company's options were exercisable due to service performance conditions or option exercise prices below the current market value of the underlying stock as of December 31, 2015.
Schedule of assumptions used in calculating fair value of the Company's stock-based compensation	Years Ended December 31, 2015 2014 2013 Weighted average value per option granted during the period $2.56 $6.80 $13.25 Assumptions: Stock price volatility (1) 56.45% 51.48% 57.31% Risk free rate of return 1.66% 1.56% 0.89% Expected term 5 years 5 years 5 years (1) Due to the Company's limited historical data, expected volatility was estimated using volatilities of similar entities whose share or options prices and assumptions were publicly available.
Schedule of the restricted stock transactions	Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value (1) (In thousands) Unvested outstanding shares at December 31, 2012 $ $ Granted Vested ) Accelerated vesting (2) ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2013 $ $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2014 $ $ Granted Vested ) Forfeited ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested outstanding shares at December 31, 2015 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2015, 2014, and 2013 of the underlying stock multiplied by the number of restricted shares. The total fair value of shares vested were $5.2 million, $5.1 million and $3.5 million for the years ended 2015, 2014, and 2013, respectively. (2) Represents accelerated vesting of unvested employee restricted stock at the time of severance in conjunction with the Company's divestiture of non-core assets.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
INCOME TAXES
Schedule of income tax benefit (provision)	Years Ended December 31, 2015 2014 2013 (In thousands) Current: Federal $ ) $ $ ) State ) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred: Federal ) State ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax benefit (provision) $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of differences between the actual income tax benefit (provision) and the expected income tax benefit (provision)	Years Ended December 31, 2015 2014 2013 (In thousands) Expected tax benefit (provision) $ $ ) $ State income tax expense, net of federal benefit (1) ) Goodwill impairment — — ) Debt related costs ) ) ) Cancellation of indebtedness income ) — — Increase (reduction) in deferred tax asset ) Change in valuation allowance and related items ) ) IRC section 108 attribute reduction ) — — Other ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax benefit (provision) $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Included in this amount for the year ended December 31, 2013, is approximately $4.4 million related to the goodwill impairment.
Schedule of components of net deferred income tax assets and (liabilities)	December 31, 2015 (1) 2014 (In thousands) Deferred current income tax assets: Unrealized hedging transactions $ — $ — Other — ​ ​ ​ ​ ​ ​ ​ ​ Gross deferred current income tax assets — Valuation allowance — ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred current income tax assets $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred current income tax liabilities: Unrealized hedging transactions $ — $ ) Change in accounting method (2) — ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred current income tax liabilities $ — $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current deferred income tax assets (liabilities) $ — $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax assets: Net operating loss carry-forwards $ $ Share-based compensation expense Asset retirement obligations Investment in unconsolidated entities Book-tax differences in property basis — Other ​ ​ ​ ​ ​ ​ ​ ​ Gross deferred noncurrent income tax assets Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities: Book-tax differences in property basis $ — $ ) Change in accounting method (2) ) ) Unrealized hedging transactions ) ) ​ ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net noncurrent deferred income tax assets (liabilities) $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) At December 31, 2015, the Company early adopted ASU 2015-17 on a prospective basis and accordingly, presented all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet as of December 31, 2015. (2) In December 2013 the Company filed Form 3115, Application for Change in Accounting Method, related to certain property, plant and equipment expenditures and the tax impacts of the filing are reflected in the amounts above.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
EARNINGS PER SHARE
Schedule of calculation of earnings (loss) per share	Years Ended December 31, 2015 2014 2013 (In thousands, except per share amounts) Basic: Net income (loss) available to common stockholders $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per common share $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted: Net income (loss) available to common stockholders $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income from assumed conversions — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders after assumed conversions $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding Common stock equivalent shares representing shares issuable upon: Exercise of stock options Anti-dilutive Anti-dilutive Exercise of February 2012 Warrants Anti-dilutive Anti-dilutive Exercise of August 2012 Warrants (1) — — Anti-dilutive Vesting of restricted shares Anti-dilutive Anti-dilutive Vesting of performance units — — Conversion of Convertible Note Anti-dilutive Anti-dilutive Conversion of preferred stock (2) — — Anti-dilutive Conversion of Series A Preferred Stock Anti-dilutive — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average diluted number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per common share $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The August 2012 Warrants expired on June 9, 2013. (2) The preferred stock converted into shares of common stock on January 18, 2013.

ADDITIONAL FINANCIAL STATEMEN33

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
ADDITIONAL FINANCIAL STATEMENT INFORMATION
Schedule of additional financial statement information, balance sheet	December 31, 2015 2014 (In thousands) Accounts receivable: Oil, natural gas and natural gas liquids revenues $ $ Joint interest accounts Accrued settlements on derivative contracts Affiliated partnership Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaids and other: Prepaid $ $ Income tax receivable — Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities: Trade payables $ $ Accrued oil and natural gas capital costs Revenues and royalties payable Accrued interest expense Accrued employee compensation Accrued lease operating expenses Drilling advances from partners Income taxes payable — Affiliated partnership Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

CONDENSED CONSOLIDATING FINAN34

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2015
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
Results of operations	CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ — $ $ $ — $ Natural gas — — — Natural gas liquids — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total oil, natural gas and natural gas liquids sales — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: Production: Lease operating — — Workover and other — — Taxes other than income — — Gathering and other — — — Restructuring — — — General and administrative ) Depletion, depreciation and accretion ) Full cost ceiling impairment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) ) ) ) Other income (expenses): Net gain (loss) on derivative contracts — — — Interest expense and other, net ) ) — ) Gain (loss) on extinguishment of debt — — — Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other income (expenses) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ) ) ) Income tax benefit (provision) ) — — — ) Equity in earnings of subsidiary, net of tax ) ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ) ) ) ) Series A preferred dividends ) — — — ) Preferred dividends and accretion on redeemable noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders $ ) $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ — $ $ $ — $ Natural gas — — — Natural gas liquids — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total oil, natural gas and natural gas liquids sales — — Other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: Production: Lease operating — — Workover and other — — — Taxes other than income — Gathering and other — — — Restructuring — — — General and administrative ) Depletion, depreciation and accretion ) Full cost ceiling impairment — Other operating property and equipment impairment — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from operations ) ) ) Other income (expenses): Net gain (loss) on derivative contracts — — — Interest expense and other, net ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other income (expenses) ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes ) ) Income tax benefit (provision) — ) ) Equity in earnings of subsidiary, net of tax ) — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ) ) Series A preferred dividends ) — — — ) Preferred dividends and accretion on redeemable noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders $ $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Balance sheet	CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Current assets: Cash $ — $ $ $ — $ Accounts receivable ) Receivables from derivative contracts — — — Restricted cash — — Inventory — — Prepaids and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties (full cost method): Evaluated — ) Unevaluated — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties — ) Less—accumulated depletion — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating property and equipment: Gas gathering and other operating assets — Less—accumulated depreciation ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net other operating property and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other noncurrent assets: Receivables from derivative contracts — — — Debt issuance costs, net — — — Intercompany notes and accounts receivable — ) — Equity in oil and natural gas partnership — — — Funds in escrow and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: Accounts payable and accrued liabilities $ — $ $ $ ) $ Asset retirement obligations — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net — — — Other noncurrent liabilities: Liabilities from derivative contracts — — — Asset retirement obligations — — Intercompany notes and accounts payable — ) — Investment in subsidiary — ) — Other — — Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — — — Stockholders' equity: Preferred stock — — — — — Common stock — — — Additional paid-in capital — ) Retained earnings (accumulated deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Current assets: Cash $ — $ $ $ — $ Accounts receivable — ) Receivables from derivative contracts — — — Restricted cash — — — Inventory — — Prepaids and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties (full cost method): Evaluated — ) Unevaluated — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties — ) Less—accumulated depletion — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating property and equipment: Gas gathering and other operating assets — Less—accumulated depreciation ) ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net other operating property and equipment — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other noncurrent assets: Receivables from derivative contracts — — — Debt issuance costs, net — — — Deferred income taxes ) — — Intercompany notes and accounts receivable — ) — Investment in subsidiary — ) — Equity in oil and natural gas partnership — — — Funds in escrow and other — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: Accounts payable and accrued liabilities $ — $ $ $ ) $ Asset retirement obligations — — — Current portion of deferred income taxes — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net — — — Other noncurrent liabilities: Liabilities from derivative contracts — — — Asset retirement obligations — — Intercompany notes and accounts payable — ) — Other — Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — — — Stockholders' equity: Preferred stock — — — — — Common stock — — — Additional paid-in capital — ) Retained earnings (accumulated deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Cash flows	CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2015 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Cash flows from operating activities: Net cash provided by (used in) operating activities $ ) $ $ $ — $ Cash flows from investing activities: Oil and natural gas capital expenditures — ) ) — ) Proceeds received from sales of oil and natural gas assets — — — Other operating property and equipment capital expenditures ) ) — ) Advances to subsidiary — — ) — Funds held in escrow and other — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) investing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Proceeds from borrowings — — — Repayments of borrowings ) — — — ) Debt issuance costs ) — — — ) Series A preferred dividends ) — — — ) Common stock issued — — — Restricted cash — — ) — ) Proceeds from subsidiary — ) — — Offering costs and other ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash — ) — ) Cash at beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash at end of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2014 Parent Company Guarantor Subsidiaries Non-Guarantor Subsidiary Eliminations Consolidated (In thousands) Cash flows from operating activities: Net cash provided by (used in) operating activities $ ) $ $ $ ) $ Cash flows from investing activities: Oil and natural gas capital expenditures — ) ) ) Proceeds received from sales of oil and natural gas assets — — Advance on carried interest — ) ) — ) Other operating property and equipment capital expenditures ) ) ) — ) Advances to subsidiary ) ) — — Funds held in escrow and other — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) investing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: Proceeds from borrowings — — — Repayments of borrowings ) — — — ) Debt issuance costs ) — — — ) Series A preferred dividends ) — — — ) HK TMS, LLC preferred stock issued — — — HK TMS, LLC tranche rights — — — Preferred dividends on redeemable noncontrolling interest — — ) — ) Restricted cash — — ) — ) Proceeds from subsidiary — ) — Offering costs and other ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used in) financing activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash ) ) — Cash at beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash at end of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUMMARY OF SIGNIFICANT EVENTS35

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Details) $ in Thousands	Dec. 28, 2015	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Basis of Presentation and Principles of Consolidation
Reverse stock split ratio	0.20
Number of operating segments | item		1
Corrections of errors
Net cash provided by operating activities		$ (466,999)	$ (667,934)	$ (493,924)
Net cash used in investing activities		$ (667,132)	$ (1,271,093)	$ (2,100,699)

SUMMARY OF SIGNIFICANT EVENTS36

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Other operating property and equipment
Non-cash impairment charge		$ 35,558	$ 67,454
Accumulated depreciation	$ 22,435	14,798
Gross investments	$ 130,090	126,804
Gas gathering systems and equipment
Other operating property and equipment
Estimated useful life	30 years
Cost capitalized	$ 87,200	83,100
Accumulated depreciation		$ 1,900
Gross investments			$ 72,100
Compressed natural gas facilities
Other operating property and equipment
Estimated useful life	10 years
Automobiles
Other operating property and equipment
Estimated useful life	3 years
Computers
Other operating property and equipment
Estimated useful life	3 years
Computer software | Maximum
Other operating property and equipment
Estimated useful life	5 years
Fixtures, furniture and equipment | Maximum
Other operating property and equipment
Estimated useful life	5 years
Trailers
Other operating property and equipment
Estimated useful life	7 years
Heavy equipment
Other operating property and equipment
Estimated useful life	10 years
Airplane and buildings
Other operating property and equipment
Estimated useful life	20 years

SUMMARY OF SIGNIFICANT EVENTS37

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Details 3)	3 Months Ended	12 Months Ended
	Sep. 30, 2013USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item	Dec. 31, 2013USD ($)item
Credit and market risk
Oil and Gas Revenue		$ 548,479,000	$ 1,145,880,000	$ 996,418,000
Income Taxes
Unrecognized tax benefits		0	0	0
Interest or penalties recognized in the results of operations		0	0	0
Interest or penalties recognized in the statement of financial position		$ 0
Goodwill
Impairment of goodwill	$ 228,900,000			228,875,000
Carrying value of goodwill	$ 0
401(k) Plan
Eligibility age for employees to participate in the plan		18 years
Company's matching contributions		$ 3,800,000	$ 4,500,000	$ 4,900,000
Company's matching contributions dollar-for-dollar on employee's pre-tax earnings (as a percent)		10.00%	10.00%	10.00%
Accounting Standards Update 2015-15 | New Accounting Pronouncement, Early Adoption, Effect
New accounting pronouncement or change in accounting principle, current period disclosures
Current portion of deferred tax liabilities		$ 130,500,000
Accounting Standards Update 2015-15 | Senior revolving credit facility | Adjustments for New Accounting Principle, Early Adoption
Credit and market risk
Debt issuance costs		7,600,000	$ 4,700,000
Accounting Standards Update 2015-03 | Loans excluding Senior revolving credit facility | New Accounting Pronouncement, Early Adoption, Effect
Credit and market risk
Debt issuance costs		$ 32,700,000	$ 51,200,000
Revenues. | Concentrations of Credit Risk
Credit and market risk
Number of customers | item		3	3	4
Percentage of concentration risk		57.00%	66.00%	63.00%
Revenues. | Concentrations of Credit Risk | Shell Trading (STUSCO)
Credit and market risk
Percentage of concentration risk				10.00%
Revenues. | Concentrations of Credit Risk | Sunoco
Credit and market risk
Percentage of concentration risk		10.00%	10.00%	10.00%
Revenues. | Concentrations of Credit Risk | Crestwood
Credit and market risk
Percentage of concentration risk		10.00%	10.00%	10.00%
Revenues. | Concentrations of Credit Risk | Suncor
Credit and market risk
Percentage of concentration risk		10.00%	10.00%	10.00%

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Mar. 31, 2012
RESTRUCTURING
Severance costs	$ 4	$ 2.9
Severance Program
Restructuring
Estimated expense			$ 2.9

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Details) $ / shares in Units, $ in Thousands, shares in Millions	Dec. 06, 2012USD ($)item	Aug. 01, 2012USD ($)	Aug. 31, 2012USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)$ / shares	Jan. 18, 2013shares	Jan. 17, 2013$ / sharesshares
ACQUISITIONS AND DIVESTITURES
Cash purchase price				$ 32,713
Estimated Fair Value of Assets Acquired:
Evaluated oil and natural gas properties					$ 7,060,721	$ 6,390,820
Additional disclosures
Common stock price (in dollars per share) | $ / shares					$ 1.26
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.0001	$ 0.0001
Williston Basin Assets
ACQUISITIONS AND DIVESTITURES
Number of entities | item	2
Purchase price	$ 1,500,000
Williston Basin Assets | Petro-Hunt Parties
ACQUISITIONS AND DIVESTITURES
Shares to be issued upon automatic conversion of preferred stock | shares							21.8
Williston Basin Assets | Common Stock
ACQUISITIONS AND DIVESTITURES
Preferred stock, conversion price (in dollars per share) | $ / shares								$ 37.25
Additional disclosures
Number of shares of common stock to be issued upon conversion | shares								21.8
GeoResources
ACQUISITIONS AND DIVESTITURES
Purchase price		$ 1,300,000
East Texas Assets
ACQUISITIONS AND DIVESTITURES
Purchase price			$ 426,800

ACQUISITIONS AND DIVESTITURES40

ACQUISITIONS AND DIVESTITURES (Details 2) $ in Thousands	May. 09, 2014USD ($)	Jul. 19, 2013USD ($)	Sep. 30, 2013USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Divestitures
Proceeds from Sale of Oil and Gas Property and Equipment				$ 1,222	$ 484,184	$ 448,299
East Texas Assets
Divestitures
Proceeds from Sale of Oil and Gas Property and Equipment	$ 424,500
Gain (loss) from sale of interests	$ 0
Non-core Properties
Divestitures
Proceeds from Sale of Oil and Gas Property and Equipment			$ 276,200
Gain (loss) from sale of interests			$ 0
Number of purchase and sale agreements closed | item			3
Eagle Ford Assets
Divestitures
Proceeds from Sale of Oil and Gas Property and Equipment		$ 148,600
Gain (loss) from sale of interests		$ 0

OIL AND NATURAL GAS PROPERTIE41

OIL AND NATURAL GAS PROPERTIES (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2014USD ($)	Sep. 30, 2013USD ($)	Dec. 31, 2015USD ($)$ / MMBTU$ / bbl	Dec. 31, 2014USD ($)$ / MMBTU$ / bbl	Dec. 31, 2013USD ($)$ / MMBTU$ / bbl
OIL AND NATURAL GAS PROPERTIES
Subject to depletion	$ 6,390,820		$ 7,060,721	$ 6,390,820
Not subject to depletion:
Exploration and extension wells in progress	73,684		55,126	73,684
Other capital costs:
Incurred in 2015			130,911
Incurred in 2014	415,807		242,788	415,807
Incurred in 2013	510,308		443,949	510,308
Incurred in 2012 and prior	829,987		768,582	829,987
Total not subject to depletion	1,829,786		1,641,356	1,829,786
Gross oil and natural gas properties	8,220,606		8,702,077	8,220,606
Less accumulated depletion	(2,953,038)		(5,933,688)	(2,953,038)
Net oil and natural gas properties	5,267,568		$ 2,768,389	$ 5,267,568
Oil and Natural Gas Properties
Amount of unevaluated property costs transferred to the full cost pool	$ 211,500	$ 655,700
Ceiling Limitation Disclosures
Average price (in dollars per barrel) | $ / bbl			50.28	94.99
First day average of the West Texas Intermediate (WTI) crude oil spot price (in dollars per barrel) | $ / bbl			50.28	94.99	96.94
First day average of the Henry Hub natural gas price (in dollars per Mmbtu) | $ / MMBTU			2.587	4.35	3.670
Full cost ceiling impairment			$ 2,626,305	$ 239,668	$ 1,147,771
Full cost ceiling impairment, after tax			1,700,000	151,400	$ 727,200
Unevaluated Oil and Gas Leaseholds
Oil and Natural Gas Properties
Interest costs capitalized			$ 112,700	$ 168,300

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Dec. 21, 2015	Sep. 10, 2015	Dec. 31, 2015	May. 01, 2015	Mar. 09, 2015	Dec. 31, 2014	Dec. 19, 2013	Aug. 13, 2013	Jan. 14, 2013	Nov. 06, 2012	Sep. 30, 2012	Jul. 16, 2012	Jun. 30, 2012	Mar. 31, 2012	Feb. 08, 2012
Long-term debt
Principal amount outstanding			$ 2,873,637			$ 3,695,488
8.625% senior secured second lien notes due 2020
Long-term debt
Principal amount outstanding			$ 687,797
Interest rate (as a percent)			8.625%	8.625%
Principal amount				$ 700,000
Unamortized debt issuance costs			$ 12,200
12.0% senior secured second lien notes due 2022
Long-term debt
Principal amount outstanding			$ 111,598
Interest rate (as a percent)	12.00%		12.00%
Principal amount	$ 112,800
Unamortized debt issuance costs			$ 1,200
Gross amount of new debt issued for exchanged notes			289,600
13.0% senior secured third lien notes due 2022
Long-term debt
Principal amount outstanding			$ 1,009,585
Interest rate (as a percent)		13.00%	13.00%
Principal amount		$ 1,020,000
Unamortized debt issuance costs			$ 8,400
Extinguishment of debt, aggregate principal		1,570,000
Gross amount of new debt issued for exchanged notes		1,570,000
9.25% senior notes due 2022
Long-term debt
Principal amount outstanding			$ 51,887			$ 393,155
Interest rate (as a percent)			9.25%			9.25%		9.25%
Principal amount			$ 52,700					$ 400,000
Unamortized debt issuance costs			800			$ 6,800
Gross amount of new debt issued for exchanged notes	13,700	191,300
8.875% senior notes due 2021
Long-term debt
Principal amount outstanding			$ 347,671			$ 1,344,410
Interest rate (as a percent)			8.875%			8.875%			8.875%	8.875%
Principal amount			$ 348,900							$ 750,000
Unamortized debt issuance costs on additional issues			5,800			$ 25,600
Gross amount of new debt issued for exchanged notes	53,700	503,600
Unamortized discount			1,000			4,600				$ 5,700
Unamortized premium related to debt issued			5,500			24,600			$ 30,000
9.75% senior notes due 2020
Long-term debt
Principal amount outstanding			$ 336,470			$ 1,134,683
Interest rate (as a percent)			9.75%			9.75%	9.75%					9.75%
Principal amount			$ 340,000									$ 750,000
Unamortized debt issuance costs on additional issues			4,300			$ 17,100
Gross amount of new debt issued for exchanged notes	45,400	323,100
Unamortized discount			1,900			7,900						$ 10,200
Unamortized premium related to debt issued			2,600			9,700	$ 11,000
8.0% convertible note due 2017
Long-term debt
Principal amount outstanding			$ 266,629			$ 266,240
Interest rate (as a percent)			8.00%			8.00%					8.00%		8.00%	8.00%	8.00%
Principal amount															$ 275,000
Unamortized debt issuance costs						$ 1,600
Unamortized discount			$ 23,000			21,800									$ 18,600
8% convertible Note pre-amendment
Long-term debt
Interest rate (as a percent)					8.00%
8% convertible Note post-amendment
Long-term debt
Interest rate (as a percent)					8.00%
Unamortized discount					$ 25,900
Senior revolving credit facility
Long-term debt
Principal amount outstanding			$ 62,000			$ 557,000
Senior Unsecured Notes Held by Certain Holders
Long-term debt
Extinguishment of debt, aggregate principal	289,600
Senior Unsecured Notes Held by Certain Holders | 9.25% senior notes due 2022
Long-term debt
Extinguishment of debt, aggregate principal	35,300	294,400
Senior Unsecured Notes Held by Certain Holders | 8.875% senior notes due 2021
Long-term debt
Extinguishment of debt, aggregate principal	137,700	774,700
Senior Unsecured Notes Held by Certain Holders | 9.75% senior notes due 2020
Long-term debt
Extinguishment of debt, aggregate principal	$ 116,600	$ 497,200

LONG-TERM DEBT (Details 2)

LONG-TERM DEBT (Details 2) $ in Millions	May. 01, 2015	Feb. 25, 2015	Feb. 08, 2012USD ($)multiplieritem	Dec. 31, 2015USD ($)	Dec. 21, 2015USD ($)	Dec. 20, 2015USD ($)
12.0% senior secured second lien notes due 2022
Long-term debt
Principal amount					$ 112.8
Interest rate (as a percent)				12.00%	12.00%
Senior revolving credit facility
Long-term debt
Maximum borrowing capacity			$ 1,500
Current borrowing capacity			$ 827.4
Number of interim unscheduled redeterminations of borrowing base to which the company and lender each have the right | item			1
Number of consecutive semi-annual redeterminations between which the company and the lenders each have the right to one interim unscheduled redetermination of borrowing base | item			2
Multiple applied to stated principal amount of any future notes or other long-term debt securities that the company may issue to calculate reduction in borrowing base | multiplier			0.25
Weighted average interest rate (as a percent)				3.80%
Amount outstanding				$ 62
Letters of credit outstanding				1.6
Borrowing capacity available				$ 763.8
Senior revolving credit facility | Minimum
Long-term debt
Working capital levels			1
Interest coverage ratio first period		2
Interest coverage ratio subsequent periods		2.5
Senior revolving credit facility | Maximum
Long-term debt
Interest coverage ratio			2.75
Total secured debt to EBITDA ratio	2.75
Senior revolving credit facility | ABR - based
Long-term debt
Variable rate base			base rate
Senior revolving credit facility | ABR - based | Minimum
Long-term debt
Applicable margin (as a percent)			0.75%
Senior revolving credit facility | ABR - based | Maximum
Long-term debt
Applicable margin (as a percent)			1.75%
Senior revolving credit facility | Euro-dollar based
Long-term debt
Variable rate base			LIBOR
Senior revolving credit facility | Euro-dollar based | Minimum
Long-term debt
Applicable margin (as a percent)			1.75%
Senior revolving credit facility | Euro-dollar based | Maximum
Long-term debt
Applicable margin (as a percent)			2.75%
Senior revolving credit facility | 12.0% senior secured second lien notes due 2022
Long-term debt
Current borrowing capacity					$ 827.4	$ 850

LONG-TERM DEBT (Details 3)

LONG-TERM DEBT (Details 3) $ in Thousands, shares in Millions

Dec. 21, 2015USD ($)

Sep. 10, 2015USD ($)

May. 01, 2015USD ($)

Dec. 19, 2013USD ($)

Aug. 13, 2013USD ($)

Jan. 14, 2013USD ($)

Nov. 06, 2012USD ($)

Jul. 16, 2012USD ($)

Jun. 30, 2015USD ($)shares

Dec. 31, 2015USD ($)item

Jan. 01, 2016USD ($)

Dec. 20, 2015USD ($)

Dec. 31, 2014USD ($)

Feb. 08, 2012USD ($)

Long-term debt

Principal amount outstanding

$ 2,873,637

$ 3,695,488

Parent Company

Long-term debt

Ownership percentage in subsidiaries

100.00%

8.625% senior secured second lien notes due 2020

Long-term debt

Principal amount

$ 700,000

Interest rate (as a percent)

8.625%

8.625%

Net proceeds from issuance

$ 686,200

Principal amount outstanding

$ 687,797

8.625% senior secured second lien notes due 2020 | Prior to February 1, 2017

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Feb. 1, 2017

8.625% senior secured second lien notes due 2020 | February 1, 2017

Long-term debt

Redemption price of debt instrument (as a percent)

104.313%

Redemption period, start date

Feb. 1, 2017

Redemption period, end date

Feb. 1, 2017

8.625% senior secured second lien notes due 2020 | February 1, 2018

Long-term debt

Redemption price of debt instrument (as a percent)

102.156%

Redemption period, start date

Feb. 1, 2018

8.625% senior secured second lien notes due 2020 | February 1, 2019 and thereafter

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Feb. 1, 2019

8.625% senior secured second lien notes due 2020 | On or prior to February 1, 2017

Long-term debt

Maximum percentage of the aggregate principal amount of debt instruments that may be redeemed with net proceeds of certain equity offerings

35.00%

Redemption price of notes utilizing net proceeds of certain equity offerings (as a percent)

108.625%

Redemption price of notes for change of control (as a percent)

101.00%

12.0% senior secured second lien notes due 2022

Long-term debt

Principal amount

$ 112,800

Gross amount of new debt issued for exchanged notes

$ 289,600

Interest rate (as a percent)

12.00%

12.00%

Principal amount outstanding

$ 111,598

Gain (loss) on extinguishment of debt

174,500

Gain on extinguishment before write-off of initial issuance costs

176,700

Write-off of related issuance costs and discounts and premiums

$ 2,200

12.0% senior secured second lien notes due 2022 | Prior to August 15, 2018

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Aug. 15, 2015

Redemption period, end date

Aug. 15, 2018

Maximum percentage of the aggregate principal amount of debt instruments that may be redeemed with net proceeds of certain equity offerings

35.00%

Redemption price of notes utilizing net proceeds of certain equity offerings (as a percent)

112.00%

Redemption price of notes for change of control (as a percent)

101.00%

12.0% senior secured second lien notes due 2022 | August 15, 2018

Long-term debt

Redemption price of debt instrument (as a percent)

112.00%

Redemption period, start date

Aug. 15, 2018

12.0% senior secured second lien notes due 2022 | August 15, 2019

Long-term debt

Redemption price of debt instrument (as a percent)

106.00%

Redemption period, start date

Aug. 15, 2019

12.0% senior secured second lien notes due 2022 | 2020 and thereafter

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Aug. 15, 2020

13.0% senior secured third lien notes due 2022

Long-term debt

Principal amount

$ 1,020,000

Extinguishment of debt, aggregate principal

1,570,000

Gross amount of new debt issued for exchanged notes

$ 1,570,000

Interest rate (as a percent)

13.00%

13.00%

Principal amount outstanding

$ 1,009,585

Gain (loss) on extinguishment of debt

535,100

Gain on extinguishment before write-off of initial issuance costs

548,200

Write-off of related issuance costs and discounts and premiums

$ 13,100

13.0% senior secured third lien notes due 2022 | Prior to August 15, 2018

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Aug. 15, 2015

Redemption period, end date

Aug. 15, 2018

Maximum percentage of the aggregate principal amount of debt instruments that may be redeemed with net proceeds of certain equity offerings

35.00%

Redemption price of notes utilizing net proceeds of certain equity offerings (as a percent)

113.00%

Redemption price of notes for change of control (as a percent)

101.00%

13.0% senior secured third lien notes due 2022 | August 15, 2018

Long-term debt

Redemption price of debt instrument, if redeemed with the proceeds of certain equity offerings (as a percent)

113.00%

Redemption period, start date

Aug. 15, 2018

13.0% senior secured third lien notes due 2022 | August 15, 2019

Long-term debt

Redemption price of debt instrument, if redeemed with the proceeds of certain equity offerings (as a percent)

106.50%

Redemption period, start date

Aug. 15, 2019

13.0% senior secured third lien notes due 2022 | 2020 and thereafter

Long-term debt

Redemption price of debt instrument, if redeemed with the proceeds of certain equity offerings (as a percent)

100.00%

Redemption period, start date

Aug. 15, 2020

9.25% senior notes due 2022

Long-term debt

Principal amount

$ 400,000

$ 52,700

Gross amount of new debt issued for exchanged notes

$ 13,700

$ 191,300

Interest rate (as a percent)

9.25%

9.25%

9.25%

Net proceeds from issuance

$ 392,100

Independent assets

$ 0

Independent operations

0

Repurchase price of debt instrument upon change in control (as a percent)

101.00%

Aggregate principal amount of debt converted

$ 7,400

Number of shares issued upon conversion of debt | shares

0.9

Principal amount repurchased

10,300

$ 15,000

Principal amount outstanding

$ 51,887

$ 393,155

Number of tests to be met for incurring additional indebtedness | item

1

Amount over which additional indebtedness cannot exceed

$ 750,000

Percentage of adjusted consolidated net tangible assets considered over which additional indebtedness cannot exceed

30.00%

9.25% senior notes due 2022 | Minimum

Long-term debt

Adjusted consolidated EBITDA (as defined in the indenture) to adjusted consolidated interest expense ratio

2

9.25% senior notes due 2022 | On or before August 15, 2016

Long-term debt

Redemption price of debt instrument, if redeemed with the proceeds of certain equity offerings (as a percent)

109.25%

Applicable margin (as a percent)

0.50%

9.25% senior notes due 2022 | On or before August 15, 2016 | Maximum

Long-term debt

Percentage of principal amount of debt instrument which the entity may redeem

35.00%

Redemption period for the entity to redeem debt instrument following the receipt of cash proceeds from certain equity offerings

180 days

9.25% senior notes due 2022 | On or before August 15, 2016 | Minimum

Long-term debt

Percentage of principal amount of debt instrument, which must remain outstanding after the entity has redeemed a portion of debt instrument with proceeds from certain equity offerings

65.00%

9.25% senior notes due 2022 | August 15, 2017

Long-term debt

Redemption period, start date

Aug. 15, 2017

9.25% senior notes due 2022 | August 15, 2018

Long-term debt

Redemption period, start date

Aug. 15, 2018

9.25% senior notes due 2022 | 2019 and thereafter

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Aug. 15, 2019

9.25% senior notes due 2022 | On or after August 15, 2017

Long-term debt

Redemption period, start date

Aug. 15, 2017

Redemption period, end date

Aug. 15, 2017

9.25% senior notes due 2022 | On or before August 15, 2017

Long-term debt

Redemption price of debt instrument (as a percent)

104.625%

9.25% senior notes due 2022 | On or before August 15, 2018

Long-term debt

Redemption price of debt instrument (as a percent)

102.313%

8.875% senior notes due 2021

Long-term debt

Principal amount

$ 750,000

$ 348,900

Gross amount of new debt issued for exchanged notes

53,700

503,600

Interest rate (as a percent)

8.875%

8.875%

8.875%

8.875%

Issue price as a percentage of par value

105.00%

99.247%

Net proceeds from issuance

$ 619,500

$ 725,600

Principal amount of debt issued

600,000

Independent assets

$ 0

Independent operations

0

Repurchase price of debt instrument upon change in control (as a percent)

101.00%

Unamortized discount

$ 5,700

1,000

$ 4,600

Unamortized premium

$ 30,000

5,500

24,600

Aggregate principal amount of debt converted

$ 60,600

Number of shares issued upon conversion of debt | shares

6.9

Principal amount repurchased

28,000

51,800

Principal amount outstanding

$ 347,671

$ 1,344,410

8.875% senior notes due 2021 | On or before November 15, 2015

Long-term debt

Redemption price of debt instrument, if redeemed with the proceeds of certain equity offerings (as a percent)

108.875%

8.875% senior notes due 2021 | On or before November 15, 2015 | Maximum

Long-term debt

Percentage of principal amount of debt instrument which the entity may redeem

35.00%

Redemption period for the entity to redeem debt instrument following the receipt of cash proceeds from certain equity offerings

180 days

8.875% senior notes due 2021 | On or before November 15, 2015 | Minimum

Long-term debt

Percentage of principal amount of debt instrument, which must remain outstanding after the entity has redeemed a portion of debt instrument with proceeds from certain equity offerings

65.00%

8.875% senior notes due 2021 | On or after November 15, 2016

Long-term debt

Redemption period, start date

Nov. 15, 2016

Redemption period, end date

Nov. 15, 2016

8.875% senior notes due 2021 | November 15, 2016

Long-term debt

Applicable margin (as a percent)

0.50%

Redemption price of debt instrument (as a percent)

104.438%

Redemption period, start date

Nov. 15, 2016

8.875% senior notes due 2021 | November 15, 2017

Long-term debt

Redemption price of debt instrument (as a percent)

102.219%

Redemption period, start date

Nov. 15, 2017

8.875% senior notes due 2021 | November 15, 2018 and thereafter

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Nov. 15, 2018

9.75% senior notes due 2020

Long-term debt

Principal amount

$ 750,000

$ 340,000

Gross amount of new debt issued for exchanged notes

45,400

323,100

Interest rate (as a percent)

9.75%

9.75%

9.75%

9.75%

Issue price as a percentage of par value

102.75%

98.646%

Net proceeds from issuance

$ 406,300

$ 723,100

Principal amount of debt issued

400,000

Independent assets

$ 0

Independent operations

0

Repurchase price of debt instrument upon change in control (as a percent)

101.00%

Unamortized discount

$ 10,200

1,900

$ 7,900

Unamortized premium

$ 11,000

2,600

9,700

Aggregate principal amount of debt converted

$ 190,000

Number of shares issued upon conversion of debt | shares

21.2

Principal amount repurchased

6,200

$ 24,500

Principal amount outstanding

$ 336,470

1,134,683

9.75% senior notes due 2020 | On or before July 15, 2015

Long-term debt

Redemption price of debt instrument, if redeemed with the proceeds of certain equity offerings (as a percent)

109.75%

9.75% senior notes due 2020 | On or before July 15, 2015 | Maximum

Long-term debt

Percentage of principal amount of debt instrument which the entity may redeem

35.00%

Redemption period for the entity to redeem debt instrument following the receipt of cash proceeds from certain equity offerings

180 days

9.75% senior notes due 2020 | On or before July 15, 2015 | Minimum

Long-term debt

Percentage of principal amount of debt instrument, which must remain outstanding after the entity has redeemed a portion of debt instrument with proceeds from certain equity offerings

65.00%

9.75% senior notes due 2020 | On or after July 15, 2016

Long-term debt

Redemption period, start date

Jul. 15, 2016

Redemption period, end date

Jul. 15, 2016

9.75% senior notes due 2020 | July 15, 2016

Long-term debt

Applicable margin (as a percent)

0.50%

Redemption price of debt instrument (as a percent)

104.875%

Redemption period, start date

Jul. 15, 2016

9.75% senior notes due 2020 | July 15, 2017

Long-term debt

Redemption price of debt instrument (as a percent)

102.438%

Redemption period, start date

Jul. 15, 2017

9.75% senior notes due 2020 | July 15, 2018 and thereafter

Long-term debt

Redemption price of debt instrument (as a percent)

100.00%

Redemption period, start date

Jul. 15, 2018

Senior revolving credit facility

Long-term debt

Principal amount outstanding

$ 62,000

$ 557,000

Current borrowing capacity

$ 827,400

Senior revolving credit facility | 12.0% senior secured second lien notes due 2022

Long-term debt

Current borrowing capacity

827,400

$ 850,000

Senior Unsecured Notes

Long-term debt

Aggregate principal amount of debt converted

$ 258,000

Number of shares issued upon conversion of debt | shares

29

Gain (loss) on extinguishment of debt

22,800

Gain on extinguishment before write-off of initial issuance costs

26,600

Write-off of related issuance costs and discounts and premiums

$ 3,800

Senior Unsecured Notes Held by Certain Holders

Long-term debt

Extinguishment of debt, aggregate principal

289,600

Senior Unsecured Notes Held by Certain Holders | 9.25% senior notes due 2022

Long-term debt

Extinguishment of debt, aggregate principal

35,300

294,400

Senior Unsecured Notes Held by Certain Holders | 8.875% senior notes due 2021

Long-term debt

Extinguishment of debt, aggregate principal

137,700

774,700

Senior Unsecured Notes Held by Certain Holders | 9.75% senior notes due 2020

Long-term debt

Extinguishment of debt, aggregate principal

$ 116,600

$ 497,200

LONG-TERM DEBT (Details 4)

LONG-TERM DEBT (Details 4) - USD ($) $ / shares in Units, $ in Thousands	Mar. 09, 2015	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2015	Mar. 08, 2015	Dec. 31, 2014	Feb. 08, 2014	Feb. 29, 2012	Feb. 08, 2012
Long-term debt
Principal outstanding					$ 2,924,138
Debt issuance costs expensed					$ 37,300
February 2012 Warrants
Long-term debt
Term					5 years
Exercise price (in dollars per share)	$ 12.20					$ 22.50			$ 22.50
8.0% convertible note due 2017
Long-term debt
Principal amount										$ 275,000
Interest rate (as a percent)		8.00%	8.00%	8.00%	8.00%		8.00%			8.00%
Interest in kind		$ 5,800	$ 5,700	$ 3,200
Principal outstanding					$ 289,700
Unamortized discount					$ 23,000		$ 21,800			$ 18,600
8% convertible Note pre-amendment
Long-term debt
Interest rate (as a percent)	8.00%
Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share)								$ 22.50
Gain on extinguishment before write-off of initial issuance costs	$ 7,300
Debt issuance costs expensed	$ 1,400
8% convertible Note post-amendment
Long-term debt
Extension term	3 years
Interest rate (as a percent)	8.00%
Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share)					$ 12.20
Unamortized discount	$ 25,900

LONG-TERM DEBT (Details 5)

LONG-TERM DEBT (Details 5) $ / shares in Units, $ in Thousands, shares in Millions

Dec. 21, 2015USD ($)

Sep. 10, 2015USD ($)

May. 07, 2015USD ($)$ / sharesshares

Apr. 24, 2015USD ($)$ / sharesshares

Apr. 22, 2015USD ($)$ / sharesshares

Apr. 15, 2015USD ($)$ / sharesshares

Apr. 07, 2015USD ($)item$ / sharesshares

Jun. 30, 2015USD ($)shares

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Aug. 13, 2013USD ($)

Nov. 06, 2012USD ($)

Jul. 16, 2012USD ($)

Debt Issuance Costs

Costs associated with the issuance of debt capitalized

$ 29,568

$ 819

$ 23,873

Debt issuance costs expensed

37,300

Debt issuance costs, net

7,633

$ 4,656

Debt maturities

2,019

62,000

2,020

1,329,704

Thereafter

1,532,434

Total

2,924,138

8.875% senior notes due 2021

Long-term debt

Aggregate principal amount of debt converted

$ 60,600

Number of shares issued upon conversion of debt | shares

6.9

Principal amount

348,900

$ 750,000

Gross amount of new debt issued for exchanged notes

$ 53,700

$ 503,600

8.875% senior notes due 2021 | Union Square Park Partners L.P.

Long-term debt

Aggregate principal amount of debt converted

$ 3,800

8.875% senior notes due 2021 | J.P. Morgan Securities LLC

Long-term debt

Aggregate principal amount of debt converted

$ 40,000

Number of shares issued upon conversion of debt | shares

4.4

Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share) | $ / shares

$ 9

8.875% senior notes due 2021 | Pioneer Investments

Long-term debt

Aggregate principal amount of debt converted

$ 16,800

13.0% senior secured third lien notes due 2022

Long-term debt

Principal amount

1,020,000

Extinguishment of debt, aggregate principal

1,570,000

Gross amount of new debt issued for exchanged notes

1,570,000

Gain (loss) on extinguishment of debt

535,100

Gain on extinguishment before write-off of initial issuance costs

548,200

Write-off of related issuance costs and discounts and premiums

13,100

9.25% senior notes due 2022

Long-term debt

Aggregate principal amount of debt converted

$ 7,400

Number of shares issued upon conversion of debt | shares

0.9

Principal amount

52,700

$ 400,000

Gross amount of new debt issued for exchanged notes

13,700

191,300

9.25% senior notes due 2022 | Union Square Park Partners L.P.

Long-term debt

Aggregate principal amount of debt converted

2,000

9.25% senior notes due 2022 | Pioneer Investments

Long-term debt

Aggregate principal amount of debt converted

5,400

9.75% senior notes due 2020

Long-term debt

Aggregate principal amount of debt converted

$ 190,000

Number of shares issued upon conversion of debt | shares

21.2

Principal amount

340,000

$ 750,000

Gross amount of new debt issued for exchanged notes

45,400

323,100

9.75% senior notes due 2020 | Franklin Templeton Investments

Long-term debt

Aggregate principal amount of debt converted

$ 116,500

Number of shares issued upon conversion of debt | shares

13.1

Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share) | $ / shares

$ 8.90

Number of investment funds of lender entering into exchange agreement | item

2

9.75% senior notes due 2020 | Goldman Sachs Asset Management L.P.

Long-term debt

Aggregate principal amount of debt converted

$ 70,700

Number of shares issued upon conversion of debt | shares

7.8

Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share) | $ / shares

$ 9.10

9.75% senior notes due 2020 | Pioneer Investments

Long-term debt

Aggregate principal amount of debt converted

2,800

Senior revolving credit facility

Debt Issuance Costs

Debt issuance costs expensed

30,700

Senior Unsecured Notes

Long-term debt

Aggregate principal amount of debt converted

$ 258,000

Number of shares issued upon conversion of debt | shares

29

Gain (loss) on extinguishment of debt

22,800

Gain on extinguishment before write-off of initial issuance costs

26,600

Write-off of related issuance costs and discounts and premiums

$ 3,800

Senior Unsecured Notes | Union Square Park Partners L.P.

Long-term debt

Aggregate principal amount of debt converted

$ 5,800

Number of shares issued upon conversion of debt | shares

0.7

Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share) | $ / shares

$ 8.50

Senior Unsecured Notes | Pioneer Investments

Long-term debt

Aggregate principal amount of debt converted

$ 25,000

Number of shares issued upon conversion of debt | shares

3

Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share) | $ / shares

$ 8.45

Senior Unsecured Notes Held by Certain Holders

Long-term debt

Extinguishment of debt, aggregate principal

289,600

Senior Unsecured Notes Held by Certain Holders | 8.875% senior notes due 2021

Long-term debt

Extinguishment of debt, aggregate principal

137,700

774,700

Senior Unsecured Notes Held by Certain Holders | 9.25% senior notes due 2022

Long-term debt

Extinguishment of debt, aggregate principal

35,300

294,400

Senior Unsecured Notes Held by Certain Holders | 9.75% senior notes due 2020

Long-term debt

Extinguishment of debt, aggregate principal

$ 116,600

$ 497,200

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
FAIR VALUE MEASUREMENTS
Asset transfers between levels	$ 0
Liability transfers between levels	0
Recurring | Total
Assets
Receivables from derivative contracts	365,475	$ 503,854
Liabilities
Liabilities from derivative contracts	290	9,387
Recurring | Level 2
Assets
Receivables from derivative contracts	365,475	503,854
Liabilities
Liabilities from derivative contracts	105	8,068
Recurring | Level 3
Liabilities
Liabilities from derivative contracts	$ 185	$ 1,319

FAIR VALUE MEASUREMENTS (Deta48

FAIR VALUE MEASUREMENTS (Details 2) - Recurring - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of changes in the fair value of the Company's oil derivative instruments classified as Level 3 in the fair value hierarchy
Beginning Balance	$ (1,319)	$ (2,816)
Net gain (loss) on derivative contracts	1,134	1,497
Ending Balance	(185)	(1,319)
Change in unrealized gains (losses) included in earnings related to derivatives still held at the end of the period	$ (185)	$ 1,497

FAIR VALUE MEASUREMENTS (Deta49

FAIR VALUE MEASUREMENTS (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Principal Amount
Fair value measurements
Estimated fair value of debt	$ 2,862,138	$ 3,189,669
Principal Amount | 8.625% senior secured second lien notes due 2020
Fair value measurements
Estimated fair value of debt	700,000
Principal Amount | 12.0% senior secured second lien notes due 2022
Fair value measurements
Estimated fair value of debt	112,826
Principal Amount | 13.0% senior secured third lien notes due 2022
Fair value measurements
Estimated fair value of debt	1,017,970
Principal Amount | 9.25% senior notes due 2022
Fair value measurements
Estimated fair value of debt	52,694	400,000
Principal Amount | 8.875% senior notes due 2021
Fair value measurements
Estimated fair value of debt	348,944	1,350,000
Principal Amount | 9.75% senior notes due 2020
Fair value measurements
Estimated fair value of debt	340,035	1,150,000
Principal Amount | 8.0% convertible note due 2017
Fair value measurements
Estimated fair value of debt	289,669	289,669
Total
Fair value measurements
Estimated fair value of debt	1,180,560	2,439,255
Total | 8.625% senior secured second lien notes due 2020
Fair value measurements
Estimated fair value of debt	479,500
Total | 12.0% senior secured second lien notes due 2022
Fair value measurements
Estimated fair value of debt	77,286
Total | 13.0% senior secured third lien notes due 2022
Fair value measurements
Estimated fair value of debt	333,385
Total | 9.25% senior notes due 2022
Fair value measurements
Estimated fair value of debt	14,422	300,000
Total | 8.875% senior notes due 2021
Fair value measurements
Estimated fair value of debt	95,506	1,005,750
Total | 9.75% senior notes due 2020
Fair value measurements
Estimated fair value of debt	93,068	872,862
Total | 8.0% convertible note due 2017
Fair value measurements
Estimated fair value of debt	$ 87,393	$ 260,643

DERIVATIVE AND HEDGING ACTIVI50

DERIVATIVE AND HEDGING ACTIVITIES (Details) $ in Thousands	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)item
Derivative and hedging activities
Asset derivative contracts	$ 365,475	$ 503,854
Liability derivative contracts	(290)	(9,387)
Derivatives not designated as hedging contracts
Derivative and hedging activities
Asset derivative contracts	365,475	503,854
Liability derivative contracts	$ (290)	$ (9,387)
Derivatives not designated as hedging contracts | Commodity contracts
Derivative and hedging activities
Number of open commodity derivative contracts | item	36	72
Derivatives not designated as hedging contracts | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	$ 348,861	$ 352,530
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	16,614	151,324
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	$ (290)	$ (9,387)
Derivatives not designated as hedging contracts | Commodity contracts | Collars | Natural gas
Derivative and hedging activities
Number of open commodity derivative contracts | item	1	4
Derivatives not designated as hedging contracts | Commodity contracts | Collars | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	16	42
Derivatives not designated as hedging contracts | Commodity contracts | Swaps | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	13	16
Derivatives not designated as hedging contracts | Commodity contracts | Swaptions | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	5	8
Derivatives not designated as hedging contracts | Commodity contracts | Extendable collars | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	1	2

DERIVATIVE AND HEDGING ACTIVI51

DERIVATIVE AND HEDGING ACTIVITIES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative and hedging activities
Total net gain (loss) on derivative contracts	$ 310,264	$ 518,956	$ (31,233)
Derivatives not designated as hedging contracts | Commodity contracts
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts	(129,282)	506,526	(10,150)
Realized gain (loss) on commodity contracts	439,546	12,430	(21,083)
Total net gain (loss) on derivative contracts	$ 310,264	$ 518,956	$ (31,233)

DERIVATIVE AND HEDGING ACTIVI52

DERIVATIVE AND HEDGING ACTIVITIES (Details 3) $ in Thousands	Dec. 31, 2015USD ($)item$ / bbl	Dec. 31, 2014USD ($)item$ / bbl
Derivative Assets
Gross amounts presented in the consolidated balance sheets | $	$ 365,475	$ 503,854
Amounts not offset in the consolidated balance sheets | $	(53)	(9,655)
Net amount | $	365,422	494,199
Derivative Liabilities
Gross amounts presented in the consolidated balance sheet | $	(290)	(9,387)
Amounts not offset in the consolidated balance sheet | $	52	$ 9,387
Net amount | $	$ (238)
January 2015 - June 2015 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Mmbtu's/Bbl's | item		1,583,750
January 2015 - June 2015 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		85
Ceilings (in dollars per Mmbtu's/Bbl's)		91
January 2015 - June 2015 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		90
Ceilings (in dollars per Mmbtu's/Bbl's)		98.50
January 2015 - June 2015 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		86.29
Ceilings (in dollars per Mmbtu's/Bbl's)		93.14
January 2015 - December 2015 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		82.50
Volume in Mmbtu's/Bbl's | item		6,205,000
January 2015 - December 2015 | Collars | Commodity contracts | Crude oil | 732,000 Bbls | Extendable period through December 31, 2016
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		85
Ceilings (in dollars per Mmbtu's/Bbl's)		96.20
Volume in Mmbtu's/Bbl's | item		732,000
January 2015 - December 2015 | Collars | Commodity contracts | Crude oil | 366,000 Bbls | Extendable period through December 31, 2016
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		85
Ceilings (in dollars per Mmbtu's/Bbl's)		96
Volume in Mmbtu's/Bbl's | item		366,000
January 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Ceilings (in dollars per Mmbtu's/Bbl's)		90
January 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		90
Ceilings (in dollars per Mmbtu's/Bbl's)		100.25
January 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		86.47
Ceilings (in dollars per Mmbtu's/Bbl's)		94.39
January 2015 - December 2015 | Collars | Commodity contracts | Natural gas
Derivative and hedging activities
Volume in Mmbtu's/Bbl's | item		6,387,500
January 2015 - December 2015 | Collars | Commodity contracts | Natural gas | Minimum
Derivative and hedging activities
Ceilings (in dollars per Mmbtu's/Bbl's)		4.55
January 2015 - December 2015 | Collars | Commodity contracts | Natural gas | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		4
Ceilings (in dollars per Mmbtu's/Bbl's)		4.85
January 2015 - December 2015 | Collars | Commodity contracts | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		4
Ceilings (in dollars per Mmbtu's/Bbl's)		4.68
January 2015 - December 2015 | Swaps | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Mmbtu's/Bbl's | item		1,825,000
January 2015 - December 2015 | Swaps | Commodity contracts | Crude oil | 732,000 Bbls | Extendable period through December 31, 2016
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		91.25
Volume in Mmbtu's/Bbl's | item		732,000
January 2015 - December 2015 | Swaps | Commodity contracts | Crude oil | 366,000 Bbls | Extendable period through December 31, 2016
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		91
Volume in Mmbtu's/Bbl's | item		366,000
January 2015 - December 2015 | Swaps | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		91
January 2015 - December 2015 | Swaps | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		92.75
January 2015 - December 2015 | Swaps | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		91.76
March 2015 - December 2015 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Mmbtu's/Bbl's | item		306,000
March 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		87.50
Ceilings (in dollars per Mmbtu's/Bbl's)		92.50
March 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		87.50
Ceilings (in dollars per Mmbtu's/Bbl's)		92.50
April 2015 - December 2015 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Mmbtu's/Bbl's | item		412,500
April 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		87.50
Ceilings (in dollars per Mmbtu's/Bbl's)		92.50
April 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		87.50
Ceilings (in dollars per Mmbtu's/Bbl's)		92.50
July 2015 - December 2015 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Mmbtu's/Bbl's | item		1,104,000
July 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		85
Ceilings (in dollars per Mmbtu's/Bbl's)		90
July 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		87.50
Ceilings (in dollars per Mmbtu's/Bbl's)		92.50
July 2015 - December 2015 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		85.83
Ceilings (in dollars per Mmbtu's/Bbl's)		90.92
January 2016 - June 2016 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	90
Ceilings (in dollars per Mmbtu's/Bbl's)	96.85
Volume in Mmbtu's/Bbl's | item	182,000	182,000
January 2016 - June 2016 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		90
Ceilings (in dollars per Mmbtu's/Bbl's)		96.85
January 2016 - June 2016 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	90	90
Ceilings (in dollars per Mmbtu's/Bbl's)	96.85	96.85
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		87.50
Volume in Mmbtu's/Bbl's | item	4,392,000	1,830,000
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil | 365,000 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	60
Ceilings (in dollars per Mmbtu's/Bbl's)	75
Volume in Mmbtu's/Bbl's | item	365,000
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	60
Ceilings (in dollars per Mmbtu's/Bbl's)	64	92.70
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	90	90
Ceilings (in dollars per Mmbtu's/Bbl's)	95.10	95.10
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	71.91	88.55
Ceilings (in dollars per Mmbtu's/Bbl's)	77.71	93.84
January 2016 - December 2016 | Collars | Commodity contracts | Natural gas
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	4
Ceilings (in dollars per Mmbtu's/Bbl's)	4.22
Volume in Mmbtu's/Bbl's | item	732,000	732,000
January 2016 - December 2016 | Collars | Commodity contracts | Natural gas | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		4
Ceilings (in dollars per Mmbtu's/Bbl's)		4.22
January 2016 - December 2016 | Collars | Commodity contracts | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	4	4
Ceilings (in dollars per Mmbtu's/Bbl's)	4.22	4.22
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	91.73
Volume in Mmbtu's/Bbl's | item	4,758,000	4,026,000
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | 730,000 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	88.25
Volume in Mmbtu's/Bbl's | item	730,000
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | 912,500 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	88
Volume in Mmbtu's/Bbl's | item	912,500
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | 547,500 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	88.87
Volume in Mmbtu's/Bbl's | item	547,500
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	62	88
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		91.73
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	85.43	89.65
January 2017 December 2017 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Ceilings (in dollars per Mmbtu's/Bbl's)	76.84
Volume in Mmbtu's/Bbl's | item	1,368,750
January 2017 December 2017 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	50
Ceilings (in dollars per Mmbtu's/Bbl's)	70
January 2017 December 2017 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	60
January 2017 December 2017 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	57.33
Ceilings (in dollars per Mmbtu's/Bbl's)	74.16

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Activity related to ARO liability
Liability for asset retirement obligations at the beginning of the period	$ 38,477	$ 39,257
Liabilities settled and divested	(324)	(9,367)
Additions	3,209	4,171
Acquisitions		181
Accretion expense	1,797	1,822
Revisions in estimated cash flows	3,857	2,413
Liability for asset retirement obligations at the end of the period	$ 47,016	$ 38,477

COMMITMENTS AND CONTINGENCIES54

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Feb. 28, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jan. 31, 2015USD ($)	Dec. 20, 2013USD ($)a
COMMITMENTS AND CONTINGENCIES
Rent expense			$ 8,600	$ 8,100	$ 8,700
Approximate future minimum lease payments for all non-cancelable operating leases
2,016			8,875
2,017			9,053
2,018			9,291
2,019			9,020
2,020			6,838
Thereafter			7,957
Total			51,034
Commitments and contingencies
Non-cancelable termination penalties						$ 6,000
Obligation under contractual commitments
Carry Amount paid				$ 189,442
Drilling rig commitments			900			$ 3,000
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
2,016			11,341
2,017			8,573
2,018			2,068
Total			21,982
Drilling rig commitments
Commitments and contingencies
Non-cancelable termination penalties			21,900
Obligation under contractual commitments
2,016			17,742
2,017			10,220
2,018			3,360
Total			$ 31,322
Gathering, transportation and sales | North Dakota
Obligation under contractual commitments
Number of long-term crude oil sales contracts to which the entity is committed | item			10
Number of long-term natural gas sales contracts to which the entity is committed | item			6
Available reserves and supplies as a percentage of total proved reserves			83.00%
Gathering, transportation and sales | North Dakota | Minimum
Obligation under contractual commitments
Period of commitment for production from the date of first production			1 year
Gathering, transportation and sales | North Dakota | Maximum
Obligation under contractual commitments
Period of commitment for production from the date of first production			10 years
Agreement | Drilling rig commitments
Commitments and contingencies
Non-cancelable termination penalties			$ 1,300
Agreement | Seller | Tuscaloosa Marine Shale
Obligation under contractual commitments
Net acres exchanged for funding by entity | a							117,870
Carry Amount paid	$ 62,500	$ 126,900
Percentage of working interest in the Carry Wells to be received			5.00%
Agreement | Seller | Tuscaloosa Marine Shale | Maximum
Obligation under contractual commitments
Total							$ 189,400

MEZZANINE EQUITY (Details)

MEZZANINE EQUITY (Details) $ / shares in Units, $ in Thousands	Jun. 16, 2014USD ($)multiplieritemshares	Dec. 31, 2015USD ($)item$ / sharesshares	Dec. 31, 2014USD ($)shares	Jun. 01, 2015item
Mezzanine equity
HK TMS, LLC preferred stock issued			$ 110,051
Tranche rights			4,516
Increase (Decrease) in Temporary Equity
Preferred dividends on redeemable noncontrolling interest			$ 3,518
Preferred Stock
Mezzanine equity
Balances at beginning of period (in shares) | shares		153,025
Issuance of HK TMS, LLC preferred stock (in shares) | shares			150,000
Dividends paid in-kind (in shares) | shares		12,614	3,025
Balances at end of period (in shares) | shares		165,639	153,025
Increase (Decrease) in Temporary Equity
Balances at beginning of period		$ 117,166
Issuance of HK TMS, LLC preferred stock			$ 110,051
Offering costs			(2,543)
Dividends paid in-kind		12,614	3,025
Accretion of redeemable noncontrolling interest		53,561	6,633
Deemed dividend for change in fair value due to the HK TMS Amendment		645
Balances at end of period		$ 183,986	117,166
HK TMS
Mezzanine equity
Dividend rate (as a percent)		8.00%
Number of quarterly dividend payments whose equivalent amount is to be maintained as minimum cash balance | item		2
Value of quarterly dividend payments whose equivalent amount is to be maintained as minimum cash balance		$ 3,000
Additional amount to be maintained as cash balance		$ 10,000
HK TMS | Maximum
Mezzanine equity
Restriction percentage on transfer out of the maximum net acres		20.00%
Restriction percentage on transfer of assets		20.00%
HK TMS | Preferred Stock
Mezzanine equity
Proceeds contributed by parent	$ 50,000
HK TMS | Apollo | TMS
Mezzanine equity
Overriding royalty interest rate assigned in wells to be drilled, subject to reduction (as a percent)	4.00%
Maximum reduction in overriding royalty interest rate assigned in wells to be drilled under certain circumstances (as a percent)	2.00%
Number of wells to be drilled that are subject to overriding royalty interest | item	75
Number of net operated wells subject to overriding royalty interest | item	200
Number of wells overriding royalty interest rights forfeited | item	125
HK TMS | Apollo | Preferred Stock
Mezzanine equity
Proceeds received on sale of preferred shares	$ 150,000
Dividend rate (as a percent)	8.00%
PIK exit fee per share | $ / shares		$ 5
Total PIK exit fees incurred		$ 3,100	$ 800
Withdrawal exit fee		$ 2,500
Rate of return on preferred shares (as a percent)	12.00%
Multiple factor on investment | multiplier	1.25
Number of wells committed to be drilled | item				6.5
Number of consecutive twelve month periods beginning December 31, 2015 for wells committed to be drilled | item				5
Issuance of HK TMS, LLC preferred stock (in shares) | shares		150,000
Dividends paid in-kind (in shares) | shares		3,025
Increase (Decrease) in Temporary Equity
Preferred dividends on redeemable noncontrolling interest		$ 3,500
HK TMS | Apollo | Preferred Stock | Minimum
Mezzanine equity
Withdrawal exit fee (per share) | $ / shares		$ 2.50
HK TMS | Apollo | Preferred Stock | Maximum
Mezzanine equity
Withdrawal exit fee (per share) | $ / shares		$ 20
Additional preferred shares available for issuance | shares	250,000
Consideration upon issuance of additional preferred shares	$ 250,000

MEZZANINE EQUITY (Details 2)

MEZZANINE EQUITY (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015
Tranche rights
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	$ 4,516	$ (2,634)
Change in fair value	(7,150)	2,634
Ending Balance	(2,634)
Embedded Derivative
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	857	5,963
Change in fair value	5,106	137
Ending Balance	$ 5,963	$ 6,100

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)

Dec. 28, 2015

Mar. 09, 2015USD ($)$ / shares

Aug. 13, 2013USD ($)shares

Jun. 18, 2013USD ($)$ / sharesshares

Jan. 17, 2013USD ($)$ / sharesshares

Dec. 06, 2012USD ($)

Aug. 01, 2012USD ($)

Aug. 31, 2012USD ($)

Feb. 29, 2012USD ($)$ / sharesshares

Jun. 30, 2015USD ($)shares

Dec. 31, 2015USD ($)item$ / sharesshares

Dec. 31, 2014USD ($)shares

Dec. 31, 2013USD ($)shares

Mar. 08, 2015$ / shares

May. 22, 2014shares

Jun. 30, 2013$ / shares

Jan. 18, 2013$ / sharesshares

Preferred stock and stockholders' equity

Acquisition, net of cash acquired

$ 32,713,000

Proceeds from the offering of common stock

$ 15,356,000

$ 222,870,000

Dividend rate (as a percent)

5.75%

5.75%

5.75%

Share price (in dollars per share) | $ / shares

$ 1.26

Authorized shares of common stock, after amendment of certificate of incorporation | shares

1,340,000,000

1,340,000,000

Cash dividends paid

$ 8,177,000

$ 4,960,000

Reverse stock split ratio

0.20

Senior Unsecured Notes

Preferred stock and stockholders' equity

Aggregate principal amount of debt converted

$ 258,000,000

Number of shares issued upon conversion of debt | shares

29,000,000

February 2012 Warrants

Preferred stock and stockholders' equity

Payment for capital commitment

$ 600,000

Number of shares of common stock that can be purchased from warrants | shares

7,300,000

Exercise price (in dollars per share) | $ / shares

$ 12.20

$ 22.50

$ 22.50

Proceeds from issuance of warrants

$ 43,600,000

Expense for the change in the fair value of warrants

$ 14,100,000

Preferred stock. | Private placement

Preferred stock and stockholders' equity

Preferred stock, conversion price (in dollars per share) | $ / shares

$ 37.25

Common Stock

Preferred stock and stockholders' equity

Shares issued | shares

8,700,000

1,900,000

Proceeds from the offering of common stock

$ 215,200,000

$ 15,000,000

Authorized shares of common stock, after amendment of certificate of incorporation | shares

670,000,000

1,340,000,000

Increase in shares of common stock authorized | shares

333,300,000

670,000,000

Common Stock | Private placement

Preferred stock and stockholders' equity

Number of shares of common stock to be issued upon conversion | shares

2,000

Proceeds from conversion of shares

0

Cash dividends paid

$ 0

5.75% Series A Convertible Perpetual Preferred Stock

Preferred stock and stockholders' equity

Shares issued | shares

345,000

Dividend rate (as a percent)

5.75%

Number of shares of common stock to be issued upon conversion | shares

32.49

Share price (in dollars per share) | $ / shares

$ 1,000

Net proceeds received

$ 335,200,000

Preferred stock converted into common stock (in shares) | shares

3.3

Preferred stock converted into common stock (in shares) | shares

100,276

Conversion price per share (in dollars per share) | $ / shares

$ 30.80

Liquidation preference per share (in dollars per share) | $ / shares

$ 1,000

Number of shares of common stock to be issued upon conversion at initial conversion rate | shares

11,200,000

Closing sale price of common stock as minimum percentage of the conversion price to automatically convert preferred stock into common stock

150.00%

Minimum number of trading days within 30 consecutive trading days during which the closing sales price of common stock per share must exceed the conversion price for the preferred stocks to be redeemable

20 days

Number of consecutive trading day periods within which the closing sale price of common stock price per share must exceed the conversion price for at least 20 trading days for the preferred stocks to be redeemable

30 days

Number of trading days immediately following effective date of fundamental change within which holders will receive specified shares of common stock | item

30

Number of consecutive trading day periods ending on the third business day prior to settlement date

5 days

Number of shares of common stock to be issued upon conversion on fundamental change | shares

58.48

Threshold period of dividends in arrears and unpaid which will give holders of the Convertible Preferred Stock voting rights

18 months

Number of additional directors that can be appointed by holders of the Convertible Preferred Stock until arrearage is paid in full | item

2

Cash dividends paid

$ 18,000,000

$ 19,800,000

$ 9,100,000

Number of shares issued as non-cash dividend | shares

1,400,000

700,000

400,000

Cumulative, undeclared dividends

$ 1,200,000

$ 1,700,000

Williston Basin Assets

Preferred stock and stockholders' equity

Purchase price

$ 1,500,000,000

Williston Basin Assets | Petro-Hunt Parties

Preferred stock and stockholders' equity

Preferred stock converted into common stock (in shares) | shares

21,800,000

Williston Basin Assets | Preferred stock.

Preferred stock and stockholders' equity

Preferred stock issued

$ 695,200,000

Williston Basin Assets | Common Stock

Preferred stock and stockholders' equity

Number of shares of common stock to be issued upon conversion | shares

21,800,000

Preferred stock, conversion price (in dollars per share) | $ / shares

$ 37.25

GeoResources

Preferred stock and stockholders' equity

Purchase price

$ 1,300,000,000

East Texas Assets

Preferred stock and stockholders' equity

Purchase price

$ 426,800,000

STOCKHOLDERS' EQUITY (Details 2

STOCKHOLDERS' EQUITY (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May. 06, 2015	May. 23, 2013	May. 08, 2006
Performance Share Units
Granted (in shares)		320,830
Number of Shares
Unvested outstanding shares at the beginning of the period (in shares)	320,830
Granted (in shares)		320,830
Unvested outstanding shares at the end of the period (in shares)	320,830	320,830
Weighted Average Grant Date fair Value Per Share
Unvested outstanding shares at the beginning of the period (in dollars per share)	$ 15.40
Granted (in dollars per share)		$ 15.40
Unvested outstanding shares at the end of the period (in dollars per share)	$ 15.40	$ 15.40
General and administrative
Stock-based compensation
Compensation expense recorded	$ 14,500	$ 18,700	$ 17,100
Performance share units (PSU)
Stock-based compensation
Weighted average remaining vesting period	1 year 2 months 12 days	2 years 2 months 12 days
Performance Share Units
Granted (in shares)	0
Unrecognized compensation expense	$ 1,900	$ 3,600
Treasury Stock
Weighted average grant date fair value of the shares granted for other than options		$ 4,900
Number of Shares
Granted (in shares)	0
Performance share units (PSU) | Common Stock
Performance Share Units
Number of trading days considered to measure the average of adjusted closing price of common stock	60 days
Performance share units (PSU) | Common Stock | $20.00
Performance Share Units
Entitlement percentage of shares underlining awards, to be received and vested	50.00%
Performance share units (PSU) | Common Stock | $35.00
Performance Share Units
Average market price (in dollars per share)	$ 35
Performance share units (PSU) | Common Stock | $50.00
Performance Share Units
Average market price (in dollars per share)	$ 50
Entitlement percentage of shares underlining awards, to be received and vested	200.00%
Performance share units (PSU) | Common Stock | $27.50
Performance Share Units
Average market price (in dollars per share)	$ 27.50
Entitlement percentage of shares underlining awards, to be received and vested	75.00%
Performance share units (PSU) | Common Stock | $42.50
Performance Share Units
Average market price (in dollars per share)	$ 42.50
Entitlement percentage of shares underlining awards, to be received and vested	150.00%
Performance share units (PSU) | Common Stock | Senior management
Number of Shares
Granted other than options (in shares)		300,000
Performance share units (PSU) | Minimum | Common Stock | $20.00
Performance Share Units
Average market price (in dollars per share)	$ 20
Stock options
Stock-based compensation
Vesting period	3 years
Percentage of awards vesting on the annual anniversary date of the grant	33.33%
Expiration term	10 years
Unrecognized compensation expense	$ 6,200	$ 12,400
Weighted average remaining vesting period	1 year 3 months 18 days	1 year 2 months 12 days
Treasury Stock
Weighted average grant date fair value of the shares granted	$ 4,900	$ 13,200	$ 16,400
Number of Shares
Outstanding at the beginning of the period (in shares)	3,784,732	2,083,237	962,354
Granted (in shares)	1,922,467	1,936,764	1,234,200
Forfeited (in shares)	(847,066)	(235,269)	(113,317)
Outstanding at the end of the period (in shares)	4,860,133	3,784,732	2,083,237	962,354
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 25.25	$ 35.75	$ 36.10
Granted (in dollars per share)	5.36	14.70	35.35
Forfeited (in dollars per share)	22.97	31.05	34
Outstanding at the end of the period (in dollars per share)	$ 17.80	$ 25.25	$ 35.75	$ 36.10
Aggregate Intrinsic Value
Outstanding at the end of the period		$ 724		$ 2,944
Weighted Average Remaining Contractual Term
Outstanding at the end of the period	8 years 4 months 24 days	8 years 8 months 12 days	9 years	9 years 8 months 12 days
Exercised	0	0	0
Options exercisable	0
Restricted Stock
Stock-based compensation
Weighted average remaining vesting period	1 year 6 months	1 year 6 months
Performance Share Units
Granted (in shares)	2,047,785	1,877,608	653,290
Unrecognized compensation expense	$ 11,100	$ 18,400
Restricted stock
Weighted average grant date fair value of the shares granted	$ 8,500	$ 23,700	$ 22,500
Number of Shares
Unvested outstanding shares at the beginning of the period (in shares)	2,068,911	528,676	53,580
Granted (in shares)	2,047,785	1,877,608	653,290
Vested (in shares)	(858,708)	(246,232)	(108,715)
Accelerated vesting (in shares)			(28,522)
Forfeited (in shares)	(387,583)	(91,141)	(40,957)
Unvested outstanding shares at the end of the period (in shares)	2,870,405	2,068,911	528,676	53,580
Weighted Average Grant Date fair Value Per Share
Unvested outstanding shares at the beginning of the period (in dollars per share)	$ 15.55	$ 35.80	$ 43.60
Granted (in dollars per share)	4.15	12.60	34.50
Vested (in dollars per share)	16.24	34.05	32.15
Accelerated vesting (in dollars per share)			35.50
Forfeited (in dollars per share)	12.86	23.05	34.80
Unvested outstanding shares at the end of the period (in dollars per share)	$ 7.55	$ 15.55	$ 35.80	$ 43.60
Aggregate Intrinsic Value
Aggregate Intrinsic Value (in dollars)	$ 3,617	$ 18,413	$ 10,204	$ 1,854
Additional Disclosures
Total fair value of shares vested	$ 5,200	$ 5,100	$ 3,500
Restricted Stock | Employee
Stock-based compensation
Vesting period	3 years
Treasury Stock
Portion of award vesting (as a percent)	33.33%
Restricted Stock | Non-employee director
Stock-based compensation
Vesting period	6 months
Plan | Common Stock
Stock-based compensation
Shares issuable under the plan					16,300,000	8,300,000	2,300,000
Maximum number of shares that remained reserved for issuance under the Plan	6,300,000	1,000,000

STOCKHOLDERS' EQUITY (Details 3

STOCKHOLDERS' EQUITY (Details 3) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Outstanding
Aggregate intrinsic value of vested and exercisable options | $	$ 0
Aggregate intrinsic value of vested options | $	$ 0
Share price (in dollars per share)	$ 1.26
$2.36- $2.76
Share-based compensation
Range of grant prices per share, low end of the range (in dollars per share)	2.36
Range of grant prices per share, high end of the range (in dollars per share)	$ 2.76
Outstanding
Number | shares	1,194,974
Weighted Average Exercise Price Per Share (in dollars per share)	$ 2.76
Weighted Average Remaining Contractual Life	9 years 10 months 24 days
$7.85 - $9.85
Share-based compensation
Range of grant prices per share, low end of the range (in dollars per share)	$ 7.85
Range of grant prices per share, high end of the range (in dollars per share)	$ 9.85
Outstanding
Number | shares	1,252,126
Weighted Average Exercise Price Per Share (in dollars per share)	$ 8.88
Weighted Average Remaining Contractual Life	9 years 1 month 6 days
$15.20 - $18.35
Share-based compensation
Range of grant prices per share, low end of the range (in dollars per share)	$ 15.20
Range of grant prices per share, high end of the range (in dollars per share)	$ 18.35
Outstanding
Number | shares	814,472
Weighted Average Exercise Price Per Share (in dollars per share)	$ 18.34
Weighted Average Remaining Contractual Life	8 years 2 months 12 days
$19.80 - $34.60
Share-based compensation
Range of grant prices per share, low end of the range (in dollars per share)	$ 19.80
Range of grant prices per share, high end of the range (in dollars per share)	$ 34.60
Outstanding
Number | shares	505,160
Weighted Average Exercise Price Per Share (in dollars per share)	$ 29.64
Weighted Average Remaining Contractual Life	6 years 10 months 24 days
$35.45- $37.80
Share-based compensation
Range of grant prices per share, low end of the range (in dollars per share)	$ 35.45
Range of grant prices per share, high end of the range (in dollars per share)	$ 37.80
Outstanding
Number | shares	839,612
Weighted Average Exercise Price Per Share (in dollars per share)	$ 35.54
Weighted Average Remaining Contractual Life	7 years 2 months 12 days
$38.00 - $57.75
Share-based compensation
Range of grant prices per share, low end of the range (in dollars per share)	$ 38
Range of grant prices per share, high end of the range (in dollars per share)	$ 57.75
Outstanding
Number | shares	253,789
Weighted Average Exercise Price Per Share (in dollars per share)	$ 48.59
Weighted Average Remaining Contractual Life	6 years 4 months 24 days

STOCKHOLDERS' EQUITY (Details 4

STOCKHOLDERS' EQUITY (Details 4) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Performance share units (PSU)
Stock-based compensation
Weighted average value per unit granted during the period (in dollars per share)		$ 15.40
Assumptions:
Stock price volatility (as a percent)		48.00%
Risk free rate of return other than options (as a percent)		0.68%
Expected term		3 years
Stock options
Stock-based compensation
Weighted average grant date fair value of grants	$ 2.56	$ 6.80	$ 13.25
Assumptions:
Stock price volatility (as a percent)	56.45%	51.48%	57.31%
Risk free rate of return (as a percent)	1.66%	1.56%	0.89%
Expected term	5 years	5 years	5 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ (8,580)	$ 1,295	$ (1,523)
State	(506)	(219)
Total	(9,086)	1,076	(1,523)
Deferred:
Federal	(39,331)	2,653	145,098
State	39,331	(2,653)	14,141
Deferred Income Tax Expense (Benefit), Total			159,239
Total income tax benefit (provision)	$ (9,086)	$ 1,076	$ 157,716
Differences between the actual income tax benefit (provision) and the expected income tax benefit (provision)
Federal statutory rate (as a percent)	35.00%	35.00%	35.00%
Expected tax benefit (provision)	$ 669,737	$ (110,208)	$ 483,132
State income tax expense, net of federal benefit	41,003	(4,615)	15,904
Goodwill impairment			(80,106)
Debt related costs	(7,102)	(5,467)	(2,465)
Cancellation of indebtedness income	(89,081)
Increase (reduction) in deferred tax asset	(6,369)	19,233	4,616
Change in valuation allowance and related items	(598,429)	102,068	(262,847)
IRC section 108 attribute reduction	(13,744)
Other	(5,101)	65	(518)
Total income tax benefit (provision)	(9,086)	1,076	157,716
Goodwill impairment included in state income tax expense, net of federal benefit			$ 4,400
Deferred current income tax assets:
Other		245
Gross deferred current income tax assets		245
Valuation allowance		(57)
Deferred current income tax assets		188
Deferred current income tax liabilities:
Unrealized hedging transactions		(132,939)
Change in accounting method		(4,075)
Deferred current income tax liabilities		(137,014)
Net current deferred income tax assets (liabilities)		(136,826)
Deferred noncurrent income tax assets:
Net operating loss carry-forwards	555,044	601,566
Share-based compensation expense	15,027	15,035
Asset retirement obligations	14,616	14,089
Investment in unconsolidated affiliates	59,429	62,340
Book-tax differences in property basis	234,900
Other	19,376	9,591
Gross deferred noncurrent income tax assets	898,392	702,621
Valuation allowance	(761,493)	(163,007)
Deferred noncurrent income tax assets	136,899	539,614
Deferred noncurrent income tax liabilities:
Book-tax differences in property basis		(345,189)
Change in accounting method	(4,057)	(4,075)
Unrealized hedging transactions	(132,842)	(53,524)
Deferred noncurrent income tax liabilities	$ (136,899)	(402,788)
Net noncurrent deferred income tax assets (liabilities)		$ 136,826

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income taxes
Interest and penalties		$ 0	$ 0	$ 0
Unrecognized tax benefits		$ 0	0	$ 0
Period of Cumulative Book Loss that Limits Ability to Consider other Subjective Evidence for Growth		3 years
Valuation allowance		$ 761,500,000
Valuation allowance, current			$ 57,000
Increase in valuation allowance		$ 598,400,000
Minimum
Income taxes
Allowable carryforward period		5 years
Maximum
Income taxes
Allowable carryforward period		20 years
Federal
Income taxes
Unrecognized tax benefits		$ 4,200,000
Net operating loss carryforwards		1,500,000,000
Federal | GeoResources
Income taxes
Favorable audit adjustment	$ 100,000
State
Income taxes
Net operating loss carryforwards		$ 829,500,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic:
Net income (loss) available to common stockholders	$ (2,006,958)	$ 282,942	$ (1,233,407)
Weighted average basic number of common shares outstanding	107,531,000	83,155,000	75,925,000
Basic net income (loss) per common share (in dollars per share)	$ (18.66)	$ 3.40	$ (16.25)
Diluted:
Net income (loss) available to common stockholders	$ (2,006,958)	$ 282,942	$ (1,233,407)
Net income from assumed conversions		35,140
Net income (loss) available to common stockholders after assumed conversions	$ (2,006,958)	$ 318,082	$ (1,233,407)
Weighted average basic number of common shares outstanding	107,531,000	83,155,000	75,925,000
Common stock equivalent shares representing shares issuable upon exercise of stock options		75
Common stock equivalent shares representing shares included upon vesting of restricted shares		310
Common stock equivalent shares representing shares included upon vesting of performance units		73
Common stock equivalent shares representing shares issuable upon conversion of Convertible Note		12,875
Weighted average diluted number of common shares outstanding	107,531,000	108,481,000	75,925,000
Diluted net income (loss) per common share (in dollars per share)	$ (18.66)	$ 2.93	$ (16.25)
Common stock equivalents of stock options, restricted shares, warrants and convertible debt and convertible preferred stock, not included in the computations of diluted earnings per share of common stock as their effect would have been anti-dilutive (in shares)	47,100,000		29,900,000
February 2012 Warrants
Diluted:
Common stock equivalent shares representing shares issuable upon exercise of February 2012 Warrants		784
5.75% Series A Convertible Perpetual Preferred Stock
Diluted:
Common stock equivalent shares representing shares issuable upon conversion of preferred stock		11,209

ADDITIONAL FINANCIAL STATEMEN64

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts receivable:
Oil, natural gas and natural gas liquids revenues	$ 55,129	$ 104,370
Joint interest accounts	67,626	140,352
Accrued settlements on derivative contracts	47,011	25,929
Affiliated partnership	176	661
Other	3,682	5,247
Total	173,624	276,559
Prepaids and other:
Prepaids	4,585	6,030
Income tax receivable		2,991
Other	50	58
Total	4,635	9,079
Accounts payable and accrued liabilities:
Trade payables	47,261	60,512
Accrued oil and natural gas capital costs	54,651	308,604
Revenues and royalties payable	64,002	100,498
Accrued interest expense	88,499	82,942
Accrued employee compensation	2,829	3,171
Accrued lease operating expenses	20,036	29,681
Drilling advances from partners	7,964	21,220
Income taxes payable	9,172
Affiliated partnership	365	762
Other	306	360
Total	$ 295,085	$ 607,750

CONDENSED CONSOLIDATING FINAN65

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Oil, natural gas and natural gas liquids sales:
Oil	$ 512,346	$ 1,071,319	$ 944,535
Natural gas	22,509	37,101	27,319
Natural gas liquids	13,624	37,460	24,564
Total oil, natural gas and natural gas liquids sales	548,479	1,145,880	996,418
Other	1,799	2,381	3,088
Total operating revenues	550,278	1,148,261	999,506
Production:
Lease operating	103,590	130,239	139,182
Workover and other	20,862	16,193	6,268
Taxes other than income	48,890	106,331	88,622
Gathering and other	40,281	26,719	11,745
Restructuring	2,886	987	4,471
General and administrative	87,766	116,532	132,410
Depletion, depreciation and accretion	364,204	534,421	463,655
Full cost ceiling impairment	2,626,305	239,668	1,147,771
Other operating property and equipment impairment		35,558	67,454
Total operating expenses	3,294,784	1,206,648	2,290,453
Income (loss) from operations	(2,744,506)	(58,387)	(1,290,947)
Other income (expenses):
Net gain (loss) on derivative contracts	310,264	518,956	(31,233)
Interest expense and other, net	(232,878)	(145,689)	(58,198)
Gain (loss) on extinguishment of debt	761,804
Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants	(8,219)
Total other income (expenses)	830,971	373,267	(89,431)
Income (loss) before income taxes	(1,913,535)	314,880	(1,380,378)
Income tax benefit (provision)	(9,086)	1,076	157,716
Net income (loss)	(1,922,621)	315,956	(1,222,662)
Series A preferred dividends	(17,517)	(19,838)	(10,745)
Preferred dividends and accretion on redeemable noncontrolling interest	(66,820)	(13,176)
Net income (loss) available to common stockholders	$ (2,006,958)	282,942	$ (1,233,407)
Parent Company
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Reportable legal entities | Parent Company
Production:
Taxes other than income		634
General and administrative	$ 56,704	72,168
Depletion, depreciation and accretion	2,184	2,646
Total operating expenses	58,888	75,448
Income (loss) from operations	(58,888)	(75,448)
Other income (expenses):
Interest expense and other, net	(337,180)	(317,556)
Gain (loss) on extinguishment of debt	761,804
Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants	(8,219)
Total other income (expenses)	416,405	(317,556)
Income (loss) before income taxes	357,517	(393,004)
Income tax benefit (provision)	(9,086)
Equity in earnings of subsidiary, net of tax	(2,337,872)	695,784
Net income (loss)	(1,989,441)	302,780
Series A preferred dividends	(17,517)	(19,838)
Net income (loss) available to common stockholders	(2,006,958)	282,942
Reportable legal entities | Guarantor Subsidiaries
Oil, natural gas and natural gas liquids sales:
Oil	495,645	1,055,460
Natural gas	22,509	37,101
Natural gas liquids	13,624	37,460
Total oil, natural gas and natural gas liquids sales	531,778	1,130,021
Other	1,799	2,381
Total operating revenues	533,577	1,132,402
Production:
Lease operating	101,303	129,510
Workover and other	20,819	16,193
Taxes other than income	47,945	105,372
Gathering and other	40,281	26,719
Restructuring	2,886	987
General and administrative	30,809	43,611
Depletion, depreciation and accretion	347,010	520,705
Full cost ceiling impairment	2,390,927	95,359
Other operating property and equipment impairment		35,558
Total operating expenses	2,981,980	974,014
Income (loss) from operations	(2,448,403)	158,388
Other income (expenses):
Net gain (loss) on derivative contracts	310,264	518,956
Interest expense and other, net	107,037	169,752
Total other income (expenses)	417,301	688,708
Income (loss) before income taxes	(2,031,102)	847,096
Income tax benefit (provision)		(31,960)
Equity in earnings of subsidiary, net of tax	(306,770)	(119,352)
Net income (loss)	(2,337,872)	695,784
Net income (loss) available to common stockholders	(2,337,872)	695,784
Reportable legal entities | Non-Guarantor Subsidiary
Oil, natural gas and natural gas liquids sales:
Oil	16,701	15,859
Total oil, natural gas and natural gas liquids sales	16,701	15,859
Total operating revenues	16,701	15,859
Production:
Lease operating	2,287	729
Workover and other	43
Taxes other than income	945	325
General and administrative	2,355	4,850
Depletion, depreciation and accretion	26,215	20,130
Full cost ceiling impairment	224,173	139,599
Total operating expenses	256,018	165,633
Income (loss) from operations	(239,317)	(149,774)
Other income (expenses):
Interest expense and other, net	(2,735)	2,115
Total other income (expenses)	(2,735)	2,115
Income (loss) before income taxes	(242,052)	(147,659)
Income tax benefit (provision)		(1,417)
Net income (loss)	(242,052)	(149,076)
Preferred dividends and accretion on redeemable noncontrolling interest	(66,820)	(13,176)
Net income (loss) available to common stockholders	(308,872)	(162,252)
Eliminations
Production:
General and administrative	(2,102)	(4,097)
Depletion, depreciation and accretion	(11,205)	(9,060)
Full cost ceiling impairment	11,205	4,710
Total operating expenses	(2,102)	(8,447)
Income (loss) from operations	2,102	8,447
Other income (expenses):
Income (loss) before income taxes	2,102	8,447
Income tax benefit (provision)		34,453
Equity in earnings of subsidiary, net of tax	2,644,642	(576,432)
Net income (loss)	2,646,744	(533,532)
Net income (loss) available to common stockholders	$ 2,646,744	$ (533,532)

CONDENSED CONSOLIDATING FINAN66

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash	$ 8,026	$ 43,713
Accounts receivable	173,624	276,559
Receivables from derivative contracts	348,861	352,530
Restricted cash	16,812	16,131
Inventory	4,635	4,693
Prepaids and other	4,635	9,079
Total current assets	556,593	702,705
Oil and natural gas properties (full cost method):
Evaluated	7,060,721	6,390,820
Unevaluated	1,641,356	1,829,786
Gross oil and natural gas properties	8,702,077	8,220,606
Less - accumulated depletion	(5,933,688)	(2,953,038)
Net oil and natural gas properties	2,768,389	5,267,568
Other operating property and equipment:
Gas gathering and other operating assets	130,090	126,804
Less - accumulated depreciation	(22,435)	(14,798)
Net other operating property and equipment	107,655	112,006
Other noncurrent assets:
Receivables from derivative contracts	16,614	151,324
Debt issuance costs, net	7,633	4,656
Deferred income taxes		136,826
Equity in oil and natural gas partnership	209	4,309
Funds in escrow and other	1,599	3,833
Total assets	3,458,692	6,383,227
Current liabilities:
Accounts payable and accrued liabilities	295,085	607,750
Asset retirement obligations	163	106
Current portion of deferred income taxes		136,826
Total current liabilities	295,248	744,682
Long -term debt, net	2,873,637	3,695,488
Other noncurrent liabilities:
Liabilities from derivative contracts	290	9,387
Asset retirement obligations	46,853	38,371
Other	$ 6,264	$ 5,964
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest	$ 183,986	$ 117,166
Stockholders' equity:
Preferred stock
Common stock	$ 12	$ 8
Additional paid-in capital	3,283,097	2,995,436
Retained earnings (accumulated deficit)	(3,230,695)	(1,223,275)
Total stockholders' equity	52,414	1,772,169	$ 1,447,610	$ 1,397,982
Total liabilities and stockholders' equity	3,458,692	6,383,227
Reportable legal entities | Parent Company
Current assets:
Accounts receivable	88
Restricted cash	138
Prepaids and other	328	372
Total current assets	554	372
Other operating property and equipment:
Gas gathering and other operating assets	12,474	14,523
Less - accumulated depreciation	(8,705)	(6,522)
Net other operating property and equipment	3,769	8,001
Other noncurrent assets:
Debt issuance costs, net	7,633	4,656
Deferred income taxes		(54)
Intercompany notes and accounts receivable	4,749,760	4,891,427
Investment in subsidiary		803,786
Funds in escrow and other	517	515
Total assets	4,762,233	5,708,703
Current liabilities:
Current portion of deferred income taxes		1,794
Total current liabilities		1,794
Long -term debt, net	2,873,637	3,695,488
Other noncurrent liabilities:
Intercompany notes and accounts payable	302,096	239,250
Investment in subsidiary	1,534,086
Other		$ 2
Commitments and contingencies
Stockholders' equity:
Common stock	12	$ 8
Additional paid-in capital	3,283,097	2,995,436
Retained earnings (accumulated deficit)	(3,230,695)	(1,223,275)
Total stockholders' equity	52,414	1,772,169
Total liabilities and stockholders' equity	4,762,233	5,708,703
Reportable legal entities | Guarantor Subsidiaries
Current assets:
Cash	100	15
Accounts receivable	166,770	262,543
Receivables from derivative contracts	348,861	352,530
Inventory	4,554	4,619
Prepaids and other	4,307	8,707
Total current assets	524,592	628,414
Oil and natural gas properties (full cost method):
Evaluated	6,634,426	6,169,553
Unevaluated	1,566,705	1,558,412
Gross oil and natural gas properties	8,201,131	7,727,965
Less - accumulated depletion	(5,527,948)	(2,797,606)
Net oil and natural gas properties	2,673,183	4,930,359
Other operating property and equipment:
Gas gathering and other operating assets	117,441	112,103
Less - accumulated depreciation	(13,676)	(8,259)
Net other operating property and equipment	103,765	103,844
Other noncurrent assets:
Receivables from derivative contracts	16,614	151,324
Deferred income taxes		136,880
Intercompany notes and accounts receivable	302,096	239,250
Investment in subsidiary		274,553
Equity in oil and natural gas partnership	209	4,309
Funds in escrow and other	1,082	684
Total assets	3,621,541	6,469,617
Current liabilities:
Accounts payable and accrued liabilities	326,655	592,340
Asset retirement obligations	163	106
Current portion of deferred income taxes		135,032
Total current liabilities	326,818	727,478
Other noncurrent liabilities:
Liabilities from derivative contracts	290	9,387
Asset retirement obligations	45,602	37,538
Intercompany notes and accounts payable	4,749,760	4,891,427
Investment in subsidiary	32,993
Other	164	$ 1
Commitments and contingencies
Stockholders' equity:
Retained earnings (accumulated deficit)	(1,534,086)	$ 803,786
Total stockholders' equity	(1,534,086)	803,786
Total liabilities and stockholders' equity	3,621,541	6,469,617
Reportable legal entities | Non-Guarantor Subsidiary
Current assets:
Cash	7,926	43,698
Accounts receivable	9,985	14,858
Restricted cash	16,674	16,131
Inventory	81	74
Total current assets	34,666	74,761
Oil and natural gas properties (full cost method):
Evaluated	430,645	225,617
Unevaluated	74,651	271,374
Gross oil and natural gas properties	505,296	496,991
Less - accumulated depletion	(410,090)	(159,782)
Net oil and natural gas properties	95,206	337,209
Other operating property and equipment:
Gas gathering and other operating assets	175	178
Less - accumulated depreciation	(54)	(17)
Net other operating property and equipment	121	161
Other noncurrent assets:
Funds in escrow and other		2,634
Total assets	129,993	414,765
Current liabilities:
Accounts payable and accrued liabilities	6,102	50,706
Total current liabilities	6,102	50,706
Other noncurrent liabilities:
Asset retirement obligations	1,251	833
Other	6,100	$ 5,961
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest	183,986	$ 117,166
Stockholders' equity:
Additional paid-in capital	403,678	402,351
Retained earnings (accumulated deficit)	(471,124)	(162,252)
Total stockholders' equity	(67,446)	240,099
Total liabilities and stockholders' equity	129,993	414,765
Eliminations
Current assets:
Accounts receivable	(3,219)	(842)
Total current assets	(3,219)	(842)
Oil and natural gas properties (full cost method):
Evaluated	(4,350)	(4,350)
Gross oil and natural gas properties	(4,350)	(4,350)
Less - accumulated depletion	4,350	4,350
Other noncurrent assets:
Intercompany notes and accounts receivable	(5,051,856)	(5,130,677)
Investment in subsidiary		(1,078,339)
Total assets	(5,055,075)	(6,209,858)
Current liabilities:
Accounts payable and accrued liabilities	(37,672)	(35,296)
Total current liabilities	(37,672)	(35,296)
Other noncurrent liabilities:
Intercompany notes and accounts payable	(5,051,856)	$ (5,130,677)
Investment in subsidiary	(1,567,079)
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	(403,678)	$ (402,351)
Retained earnings (accumulated deficit)	2,005,210	(641,534)
Total stockholders' equity	1,601,532	(1,043,885)
Total liabilities and stockholders' equity	$ (5,055,075)	$ (6,209,858)

CONDENSED CONSOLIDATING FINAN67

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 466,999	$ 667,934	$ 493,924
Cash flows from investing activities:
Oil and natural gas capital expenditures	(659,419)	(1,524,341)	(2,380,445)
Proceeds received from sales of oil and natural gas assets	1,222	484,184	448,299
Advance on carried interest		(189,442)
Other operating property and equipment capital expenditures	(10,838)	(43,083)	(139,295)
Funds held in escrow and other	1,903	1,589	3,455
Net cash provided by (used in) investing activities	(667,132)	(1,271,093)	(2,100,699)
Cash flows from financing activities:
Proceeds from borrowings	1,834,000	2,276,000	3,725,000
Repayments of borrowings	(1,643,804)	(1,719,000)	(2,644,400)
Debt issuance costs	(29,568)	(819)	(23,873)
Series A preferred dividends	(8,177)	(4,960)
Common stock issued	15,356		222,870
Series A preferred stock issued		(4,960)
HK TMS, LLC preferred stock issued		110,051
HK TMS, LLC tranche rights		4,516
Preferred dividends on redeemable noncontrolling interest		(3,518)
Restricted cash	(543)	(16,131)
Offering costs and other	(2,818)	(2,101)	(17,494)
Net cash provided by (used in) financing activities	164,446	644,038	1,607,103
Net increase (decrease) in cash	(35,687)	40,879	328
Cash at beginning of period	43,713	2,834	2,506
Cash at end of period	8,026	43,713	2,834
Eliminations
Cash flows from operating activities:
Net cash provided by (used in) operating activities		(4,350)
Cash flows from investing activities:
Oil and natural gas capital expenditures		4,350
Advances to subsidiary	(216,849)	333,261
Net cash provided by (used in) investing activities	(216,849)	337,611
Cash flows from financing activities:
Proceeds from subsidiary	216,849	(333,261)
Net cash provided by (used in) financing activities	216,849	(333,261)
Parent Company | Reportable legal entities
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(382,515)	(368,406)
Cash flows from investing activities:
Other operating property and equipment capital expenditures	(872)	(1,132)
Advances to subsidiary	216,849	(179,123)
Funds held in escrow and other	1,549
Net cash provided by (used in) investing activities	217,526	(180,255)
Cash flows from financing activities:
Proceeds from borrowings	1,834,000	2,276,000
Repayments of borrowings	(1,643,804)	(1,719,000)
Debt issuance costs	(29,568)	(819)
Series A preferred dividends	(8,177)
Common stock issued	15,356
Series A preferred stock issued		(4,960)
Offering costs and other	(2,818)	(2,561)
Net cash provided by (used in) financing activities	164,989	548,660
Net increase (decrease) in cash		(1)
Cash at beginning of period		1
Cash at end of period			1
Guarantor Subsidiaries | Reportable legal entities
Cash flows from operating activities:
Net cash provided by (used in) operating activities	839,449	1,029,056
Cash flows from investing activities:
Oil and natural gas capital expenditures	(614,122)	(1,404,492)
Proceeds received from sales of oil and natural gas assets	1,222	450,407
Advance on carried interest		(62,500)
Other operating property and equipment capital expenditures	(9,969)	(41,863)
Advances to subsidiary		(154,138)
Funds held in escrow and other	354	1,589
Net cash provided by (used in) investing activities	(622,515)	(1,210,997)
Cash flows from financing activities:
Proceeds from subsidiary	(216,849)	179,123
Net cash provided by (used in) financing activities	(216,849)	179,123
Net increase (decrease) in cash	85	(2,818)
Cash at beginning of period	15	2,833
Cash at end of period	100	15	$ 2,833
Non-Guarantor Subsidiary | Reportable legal entities
Cash flows from operating activities:
Net cash provided by (used in) operating activities	10,065	11,634
Cash flows from investing activities:
Oil and natural gas capital expenditures	(45,297)	(124,199)
Proceeds received from sales of oil and natural gas assets		33,777
Advance on carried interest		(126,942)
Other operating property and equipment capital expenditures	3	(88)
Net cash provided by (used in) investing activities	(45,294)	(217,452)
Cash flows from financing activities:
Preferred dividends on redeemable noncontrolling interest		(3,518)
Restricted cash	(543)	(16,131)
Proceeds from subsidiary		154,138
Offering costs and other		460
Net cash provided by (used in) financing activities	(543)	249,516
Net increase (decrease) in cash	(35,772)	43,698
Cash at beginning of period	43,698
Cash at end of period	$ 7,926	43,698
HK TMS
Cash flows from financing activities:
HK TMS, LLC preferred stock issued		110,051
HK TMS, LLC tranche rights		4,516
HK TMS | Non-Guarantor Subsidiary | Reportable legal entities
Cash flows from financing activities:
HK TMS, LLC preferred stock issued		110,051
HK TMS, LLC tranche rights		$ 4,516