Battalion Oil (BATL) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document and Entity Information
Entity Registrant Name	HALCON RESOURCES CORP
Entity Central Index Key	1,282,648
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		122,683,698
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Oil, natural gas and natural gas liquids sales:
Oil	$ 74,967	$ 124,413
Natural gas	3,742	6,959
Natural gas liquids	1,937	4,068
Total oil, natural gas and natural gas liquids sales	80,646	135,440
Other	703	754
Total operating revenues	81,349	136,194
Production:
Lease operating	20,578	33,785
Workover and other	7,791	3,114
Taxes other than income	7,258	12,241
Gathering and other	11,384	13,746
Restructuring	4,884	1,921
General and administrative	41,616	24,409
Depletion, depreciation and accretion	55,266	119,144
Full cost ceiling impairment	496,900	554,003
Other operating property and equipment impairment	28,056
Total operating expenses	673,733	762,363
Income (loss) from operations	(592,384)	(626,169)
Other income (expenses):
Net gain (loss) on derivative contracts	18,742	99,748
Interest expense and other, net	(47,791)	(61,307)
Gain (loss) on extinguishment of debt	81,434
Total other income (expenses)	52,385	38,441
Income (loss) before income taxes	(539,999)	(587,728)
Income tax benefit (provision)		87
Net income (loss)	(539,999)	(587,641)	$ (1,922,621)
Series A preferred dividends	(3,198)	(4,901)
Preferred dividends and accretion on redeemable noncontrolling interest	(23,665)	(8,651)
Net income (loss) available to common stockholders	$ (566,862)	$ (601,193)
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ (4.72)	$ (7.16)
Diluted (in dollars per share)	$ (4.72)	$ (7.16)
Weighted average common shares outstanding:
Basic (in shares)	120,011	83,937
Diluted (in shares)	120,011	83,937

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 8,603	$ 8,026
Accounts receivable	139,245	173,624
Receivables from derivative contracts	262,493	348,861
Restricted cash	16,977	16,812
Inventory	4,761	4,635
Prepaids and other	7,923	4,635
Total current assets	440,002	556,593
Oil and natural gas properties (full cost method):
Evaluated	7,522,052	7,060,721
Unevaluated	1,270,045	1,641,356
Gross oil and natural gas properties	8,792,097	8,702,077
Less - accumulated depletion	(6,483,529)	(5,933,688)
Net oil and natural gas properties	2,308,568	2,768,389
Other operating property and equipment:
Gas gathering and other operating assets	100,187	130,090
Less - accumulated depreciation	(21,795)	(22,435)
Net other operating property and equipment	78,392	107,655
Other noncurrent assets:
Receivables from derivative contracts	13,857	16,614
Debt issuance costs, net	6,007	7,633
Equity in oil and natural gas partnership	64	209
Funds in escrow and other	1,590	1,599
Total assets	2,848,480	3,458,692
Current liabilities:
Accounts payable and accrued liabilities	213,615	295,085
Asset retirement obligations	164	163
Total current liabilities	213,779	295,248
Long -term debt, net	2,879,517	2,873,637
Other noncurrent liabilities:
Liabilities from derivative contracts	143	290
Asset retirement obligations	47,948	46,853
Other	$ 7,238	$ 6,264
Commitments and contingencies (Note 7)
Mezzanine equity:
Redeemable noncontrolling interest	$ 207,651	$ 183,986
Stockholders' equity (deficit):
Preferred stock: 1,000,000 shares of $0.0001 par value authorized; 222,454 and 244,724 shares of 5.75% Cumulative Perpetual Convertible Series A, issued and outstanding at March 31, 2016 and December 31, 2015, respectively
Common stock: 1,340,000,000 shares of $0.0001 par value authorized; 122,739,612 and 122,523,559 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 12	$ 12
Additional paid-in capital	3,286,551	3,283,097
Accumulated deficit	(3,794,359)	(3,230,695)
Total stockholders' equity (deficit)	(507,796)	52,414	$ 1,772,169
Total liabilities and stockholders' equity (deficit)	$ 2,848,480	$ 3,458,692

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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	222,454	244,724
Preferred stock, shares outstanding	222,454	244,724
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	122,739,612	122,523,559
Common stock, shares outstanding	122,739,612	122,523,559

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	Total
Balances at Dec. 31, 2014		$ 8	$ 2,995,436	$ (1,223,275)	$ 1,772,169
Balances (in shares) at Dec. 31, 2014	345	85,562
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
Conversion of Series A preferred stock (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
Modification of February 2012 Warrants			14,129		14,129
Offering costs			(1,871)		(1,871)
Long-term incentive plan grants			0
Long-term incentive plan grants (in shares)		2,048
Long-term incentive plan forfeitures			0
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	245	122,524
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(539,999)	(539,999)
Conversion of Series A preferred stock (in shares)	(23)	724
Preferred dividends of redeemable noncontrolling interest				(3,295)	(3,295)
Accretion of redeemable noncontrolling interest				(20,370)	(20,370)
Offering costs			(10)		(10)
Long-term incentive plan forfeitures (in shares)		(411)
Reduction in shares to cover individuals' tax withholding			(46)		(46)
Reduction in shares to cover individuals' tax withholding (in shares)		(102)
Share-based compensation			3,510		3,510
Reverse-stock-split rounding (in shares)		5
Balances at Mar. 31, 2016		$ 12	$ 3,286,551	$ (3,794,359)	$ (507,796)
Balances (in shares) at Mar. 31, 2016	222	122,740

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (539,999)	$ (587,641)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion	55,266	119,144
Full cost ceiling impairment	496,900	554,003
Other operating property and equipment impairment	28,056
Share-based compensation, net	2,145	4,772
Unrealized loss (gain) on derivative contracts	88,978	8,001
Amortization and write-off of deferred loan costs	1,746	1,559
Loss (gain) on extinguishment of debt	(81,434)
Accrued settlements on derivative contracts	(32,882)	(37,592)
Other expense ( income )	1,925	2,541
Non-cash interest and amortization of discount and premium	551	1,107
Change in assets and liabilities:
Accounts receivable	61,531	56,276
Inventory	(126)	314
Prepaids and other	(3,302)	(1,156)
Accounts payable and accrued liabilities	(44,981)	(27,393)
Net cash provided by (used in) operating activities	34,374	93,935
Cash flows from investing activities:
Oil and natural gas capital expenditures	(116,759)	(264,626)
Other operating property and equipment capital expenditures	(646)	(4,345)
Funds held in escrow and other	(351)	959
Net cash provided by (used in) investing activities	(117,756)	(268,012)
Cash flows from financing activities:
Proceeds from borrowings	286,000	361,000
Repayments of borrowings	(200,648)	(217,000)
Debt issuance costs	(1,185)
Common stock issued		6,019
Restricted cash	(151)	(191)
Offering costs and other	(57)	(853)
Net cash provided by (used in) financing activities	83,959	148,975
Net increase (decrease) in cash	577	(25,102)
Cash at beginning of period	8,026	43,713
Cash at end of period	8,603	18,611
Disclosure of non-cash investing and financing activities:
Accrued capitalized interest	(17,186)	(8,270)
Asset retirement obligations	583	1,120
Series A preferred dividends paid in common stock		4,901
Preferred dividends on redeemable noncontrolling interest paid-in-kind	3,295	3,019
Accretion of redeemable noncontrolling interest	20,370	5,632
Common stock issued		2,182
Offering costs	$ (903)	$ (78)

FINANCIAL STATEMENT PRESENTATIO

FINANCIAL STATEMENT PRESENTATION	3 Months Ended
	Mar. 31, 2016
FINANCIAL STATEMENT PRESENTATION
FINANCIAL STATEMENT PRESENTATION	1. FINANCIAL STATEMENT PRESENTATION 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 assets in the United States. The unaudited condensed 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. These unaudited condensed consolidated financial statements reflect, in the opinion of the Company's management, all adjustments, consisting of normal and recurring adjustments, necessary to present fairly the financial position as of, and the results of operations for, the periods presented. During interim periods, Halcón follows the accounting policies disclosed in its 2015 Annual Report on Form 10-K, as filed with the United States Securities and Exchange Commission (SEC) on February 26, 2016. Please refer to the notes in the 2015 Annual Report on Form 10-K when reviewing interim financial results. 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 unaudited condensed consolidated financial statements reflect the reverse stock split. Use of Estimates The preparation of the Company's unaudited condensed 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 unaudited condensed 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, 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 unaudited condensed consolidated financial statements. Interim period results are not necessarily indicative of results of operations or cash flows for the full year and accordingly, certain information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, has been condensed or omitted. The Company has evaluated events or transactions through the date of issuance of these unaudited condensed 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 material allowances for doubtful accounts as of March 31, 2016 or December 31, 2015. 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 a compressed natural gas facility, 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 $57.6 million and $87.2 million as of March 31, 2016 and December 31, 2015, 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 the 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 an asset's undiscounted cash flows, then the Company recognizes an impairment loss for the difference between the carrying amount and the current fair value. The Company also evaluates the remaining useful lives of its gas gathering systems and other operating assets at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods. For the three months ended March 31, 2016, the Company recorded a non-cash impairment charge of $28.1 million in "Other operating property and equipment impairment" in the Company's unaudited condensed consolidated statements of operations and in "Gas gathering and other operating assets" in the Company's unaudited condensed consolidated balance sheets. The impairment primarily relates to the Company's gross investments of $32.8 million in gas gathering infrastructure that will not likely be economically recoverable due to our shift in exploration, drilling and developmental plans to our most economic areas as a result of the low commodity price environment. 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, which resulted in negative net cash flows due to insufficient throughput of natural gas volumes and certain fixed costs necessary to operate and maintain the assets. This estimation includes the use of unobservable inputs, such as estimated future production, and 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. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Compensation—Stock Compensation (ASU 2016-09). For public business entities, ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and early adoption is permitted. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. As there are multiple amendments in this ASU, the FASB has issued guidance on how an entity should apply each amendment, either prospectively or retrospectively. The Company is in the process of assessing the effects of the application of the new guidance. In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments (ASU 2016-06). For public business entities, ASU 2016-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and early adoption is permitted. ASU 2016-06 provides new guidance that simplifies the analysis of whether a contingent put or call option in a debt instrument qualifies as a separate derivative. An entity should apply the amendments in this ASU on a modified retrospective basis to existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. The Company is in the process of assessing the effects of the application of the new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). For public business entities, ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. The FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. An entity should apply the amendments in this ASU on a modified retrospective basis. The transition will require application of the new guidance at the beginning of the earliest comparative period presented in the financial statements. The Company is in the process of assessing the effects of the application of the new guidance. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17) to simplify the presentation of deferred income taxes. Under ASU 2015-17, all deferred tax assets and liabilities, along with any related valuation allowance, are required to be classified as noncurrent on the balance sheets. Effective December 31, 2015, the Company early adopted ASU 2015-17, on a prospective basis, which resulted in the reclassification of its current deferred tax assets and liabilities as a non-current deferred tax assets and liabilities, net of the valuation allowance, in the accompanying unaudited condensed consolidated balance sheets. No prior periods were retrospectively adjusted. 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 adoption of ASU 2015-16 did not have an impact to the Company's financial statements or disclosures. 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 Company adopted prospectively and it did not have a material impact to the Company's financial statements or disclosures. 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 adoption of ASU 2015-02 did not have an impact on the Company's accounting for its general partner interest in SBE Partners, LP. 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 with companies applying the guidance prospectively. 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 was updated with ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2014-09 was also updated with ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (ASU 2016-10). In ASU 2016-10, the FASB finalized amendments to the new revenue standard on identifying performance obligations and accounting for licenses of intellectual property. ASU 2014-09 must be applied retrospectively and is effective for annual reporting periods, and interim periods within that reporting period, beginning after December 15, 2016, or after December 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	3 Months Ended
	Mar. 31, 2016
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	2. 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. 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 the unaudited condensed 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 three months ended March 31, 2016 and 2015, the Company capitalized interest costs of $32.1 million and $24.6 million, respectively. At March 31, 2016, the ceiling test value of the Company's reserves was calculated based on the first-day-of-the-month average for the 12-months ended March 31, 2016 of the West Texas Intermediate (WTI) crude oil spot price of $46.26 per barrel, adjusted by lease or field for quality, transportation fees, and regional price differentials, and the first-day-of-the-month average for the 12-months ended March 31, 2016 of the Henry Hub natural gas price of $2.40 per million British thermal units (MMBtu), adjusted by lease or field for energy content, transportation fees, and regional price differentials. Using these prices, the Company's net book value of oil and natural gas properties at March 31, 2016 exceeded the ceiling amount by $496.9 million ($315.1 million after taxes, before valuation allowance) which resulted in a ceiling test impairment of that amount for the quarter. The impairment reflects additional transfers of the remaining unevaluated Utica / Point Pleasant (Utica) and Tuscaloosa Marine Shale (TMS) properties of approximately $330.4 million and $74.8 million, respectively, to the full cost pool and, to a lesser extent, an 8% decrease in the first-day-of-the-month average price for crude oil used in the ceiling test calculation, which was $50.28 per barrel at December 31, 2015. As discussed above, the Company considers the facts and circumstances around its unevaluated properties that may indicate impairment on a quarterly basis. Management concluded that it is no longer probable that capital will be available or approved to continue exploratory drilling activities in the Company's Utica or TMS acreage positions in advance of the related lease expirations due to the Company's evaluation of strategic alternatives to reduce its long-term debt while preserving liquidity in light of continued low commodity prices, together with a reduction of the Company's exploration department and the Company's intent to expend capital only on its most economical and proven areas. At March 31, 2015, the ceiling test value of the Company's reserves was calculated based on the first-day-of-the-month average for the 12-months ended March 31, 2015 of the WTI spot price of $82.71 per barrel, adjusted by lease or field for quality, transportation fees, and regional price differentials, and the first-day-of-the-month average for the 12-months ended March 31, 2015 of the Henry Hub natural gas price of $3.88 per MMBtu, adjusted by lease or field for energy content, transportation fees, and regional price differentials. Using these prices, the Company's net book value of oil and natural gas properties at March 31, 2015 exceeded the ceiling amount by $554.0 million ($348.8 million after taxes, before valuation allowance) which resulted in a ceiling test impairment of that amount for the quarter. The ceiling test impairment was driven primarily by a 13% decrease in the first-day-of-the-month average price for crude oil used in the ceiling test calculation, which was $94.99 per barrel at December 31, 2014. The Company recorded the full cost ceiling test impairments in " Full cost ceiling impairment " in the Company's unaudited condensed consolidated statements of operations and in " Accumulated depletion " in the Company's unaudited condensed 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 ceiling test calculations and impairment analyses in future periods.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2016
LONG-TERM DEBT.
LONG-TERM DEBT	3. LONG-TERM DEBT Long-term debt as of March 31, 2016 and December 31, 2015 consisted of the following: March 31, 2016 December 31, 2015 (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) 13.0% senior secured third lien notes due 2022 (3) 9.25% senior notes due 2022 (4) 8.875% senior notes due 2021 (5) 9.75% senior notes due 2020 (6) 8.0% convertible note due 2020 (7) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Amounts are net of $11.6 million and $12.2 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (2) Amounts are net of $1.5 million and $1.2 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (3) Amounts are net of $8.2 million and $8.4 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (4) Amounts are net of $0.6 million and $0.8 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (5) Amounts are net of a $0.9 million and a $1.0 million unamortized discount at March 31, 2016 and December 31, 2015, respectively, related to the issuance of the original 2021 Notes. The unamortized premium related to the additional 2021 Notes was approximately $4.5 million and $5.5 million at March 31, 2016 and December 31, 2015, respectively. Amounts are net of $4.7 million and $5.8 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. See "8.875% Senior Notes" below for more details. (6) Amounts are net of a $1.7 million and a $1.9 million unamortized discount at March 31, 2016 and December 31, 2015, respectively, related to the issuance of the original 2020 Notes. The unamortized premium related to the additional 2020 Notes was approximately $2.3 million and $2.6 million at March 31, 2016 and December 31, 2015, respectively. Amounts are net of $3.8 million and $4.3 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. See "9.75% Senior Notes" below for more details. (7) Amounts are net of a $21.9 million and a $23.0 million unamortized discount at March 31, 2016 and December 31, 2015, respectively. 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 $700.0 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 estimated value of 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 1.50% to 2.50% for ABR-based loans or at specified margins over LIBOR of 2.50% to 3.50% for Eurodollar-based loans. These margins fluctuate based on the Company's utilization of the facility. At March 31, 2016, the weighted average interest rate on the Company's variable rate debt was 3.2% 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) to EBITDA of no greater than 2.75 to 1.0. On March 17, 2016, the Company entered into the Thirteenth Amendment to its Senior Credit Agreement (the Thirteenth Amendment), which, among other things, reduced the borrowing base to $700.0 million and scheduled the Company's next borrowing base redetermination for September 1, 2016. Additionally, the Thirteenth Amendment changed the Company's interest margins under the facility to those described above. At March 31, 2016, under the effective borrowing base of $700.0 million, the Company had $157.0 million of indebtedness outstanding, $4.7 million of letters of credit outstanding and approximately $538.3 million of borrowing capacity available under the Company's Senior Credit Agreement. At March 31, 2016, the Company was in compliance with the financial covenants under the Senior Credit Agreement. 8.625% Senior Secured Second Lien Notes On May 1, 2015, the Company issued $700.0 million aggregate principal amount of its 8.625% senior secured second lien notes due 2020 (the 2020 Second Lien Notes) in a private placement. The 2020 Second Lien Notes were issued at par value. 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 an Intercreditor Agreement, dated May 1, 2015, as amended by those certain Priority Confirmation Joinders, dated September 10, 2015 and December 21, 2015, in connection with the issuance of the Third Lien Notes and the 2022 Second Lien Notes, respectively (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. 12.0% Senior Secured Second Lien Notes On December 21, 2015, the Company completed the issuance in a private placement of approximately $112.8 million aggregate principal amount of new 12.0% senior secured second lien notes due 2022 (the 2022 Second Lien Notes) in exchange for approximately $289.6 million principal amount of its senior unsecured notes, consisting of $116.6 million principal amount of 9.75% senior notes due 2020, $137.7 million principal amount of 8.875% senior notes due 2021 and $35.3 million principal amount of 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. 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. The 2022 Second Lien Notes are secured by second-priority liens on the Collateral. Pursuant to the terms of the Intercreditor Agreement, the security interest in the Collateral securing the 2022 Second Lien Notes and the guarantees are contractually equal with the liens that secure the 2020 Second Lien Notes and contractually subordinated to liens that secure the Company's Senior Credit Agreement and certain other permitted indebtedness. Consequently, the 2022 Second Lien Notes and the guarantees are effectively subordinated to the Senior Credit Agreement and such other indebtedness and effectively equal to the 2020 Second Lien Notes, in each case to the extent of the value of the Collateral. 13.0% Senior Secured Third Lien Notes On September 10, 2015, the Company issued approximately $1.02 billion aggregate principal amount of new 13.0% senior secured third lien notes due 2022 (the Third Lien Notes) in a private placement in exchange for approximately $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. 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 Collateral. The Third Lien Notes are governed by an Indenture dated September 10, 2015, which contains affirmative and negative covenants substantially similar to those governing the Company's outstanding 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 the Collateral. 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 offering fees and 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 Company's existing 100% owned subsidiaries, except for the subsidiary, HK TMS, LLC. Halcón, the issuer of the 2022 Notes, has no material independent assets or operations apart from the assets and operations of its subsidiaries. During the first quarter of 2016, the Company repurchased $15.5 million principal amount of 2022 Notes for cash at prevailing market prices at the time of the transactions and recognized an $11.1 million net gain on the extinguisment of debt. At closing, the Company paid all accrued and unpaid interest since the prior interest payment date of the 2022 Notes. As of March 31, 2016, $37.2 million principal amount of the Company's 2022 Notes remained outstanding. 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 of approximately $725.6 million (after deducting offering fees and 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 offering fees and 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 2021 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 Company's existing 100% owned subsidiaries, except for the subsidiary, HK TMS, LLC. Halcón, the issuer of the 2021 Notes, has no material independent assets or operations apart from the assets and operations of its subsidiaries. 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 $0.9 million at March 31, 2016. 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 effective interest method. The remaining unamortized premium was $4.5 million at March 31, 2016. During the first quarter of 2016, the Company repurchased $51.8 million principal amount of the 2021 Notes for cash at prevailing market prices at the time of the transactions and recognized a $47.5 million net gain on the extinguisment of debt. At closing, the Company paid all accrued and unpaid interest since the prior interest payment date of the 2021 Notes. As of March 31, 2016, $297.2 million principal amount of the Company's 2021 Notes remained outstanding. 9.75% Senior Notes On July 16, 2012, the Company issued $750.0 million aggregate principal amount of 9.75% senior notes due 2020 issued at 98.646% of par (the 2020 Notes). The net proceeds from the offering were approximately $723.1 million (after deducting offering fees and expenses) and were used to fund a portion of the cash consideration paid in the merger with GeoResources, Inc., and the acquisition of certain oil and gas leaseholds located in East Texas. On December 19, 2013, the Company issued an additional $400.0 million aggregate principal amount of the 2020 Notes at a price to the initial purchasers of 102.750% of par. The net proceeds from the sale of the additional 2020 Notes of approximately $406.3 million (after deducting offering fees and expenses) were used to repay a portion of the then outstanding borrowings under the Senior Credit Agreement. These notes were issued as "additional notes" under the indenture governing the 2020 Notes and under the indenture are treated as a single series with substantially identical terms as the 2020 Notes previously issued. The 2020 Notes bear interest at a rate of 9.75% per annum, payable semi-annually on January 15 and July 15 of each year, beginning on January 15, 2013. The 2020 Notes will mature on July 15, 2020. The 2020 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 2020 Notes are jointly and severally, fully and unconditionally guaranteed on a senior unsecured basis by the Company's existing 100% owned subsidiaries, except for the subsidiary, HK TMS, LLC. Halcón, the issuer of the 2020 Notes, has no material independent assets or operations apart from the assets and operations of its subsidiaries. In conjunction with the issuance of the 2020 Notes, the Company recorded a discount of approximately $10.2 million to be amortized over the remaining life of the 2020 Notes using the effective interest method. The remaining unamortized discount was $1.7 million at March 31, 2016. In conjunction with the issuance of the additional 2020 Notes, the Company recorded a premium of approximately $11.0 million to be amortized over the remaining life of the additional 2020 Notes using the effective interest method. The remaining unamortized premium was approximately $2.3 million at March 31, 2016. During the first quarter of 2016, the Company repurchased $24.5 million principal amount of the 2020 Notes for cash at prevailing market prices at the time of the transactions and recognized a $22.8 million net gain on the extinguisment of debt. At closing, the Company paid all accrued and unpaid interest since the prior interest payment date of the 2020 Notes. As of March 31, 2016, $315.5 million principal amount of the Company's 2020 Notes remained outstanding. 8.0% Convertible Note On February 8, 2012, the Company issued to HALRES, LLC (HALRES), a note in the principal amount of $275.0 million due 2017 (the Convertible Note) together with five year warrants (February 2012 Warrants) for an aggregate purchase price of $275.0 million. The Convertible Note bears interest at a rate of 8% per annum, payable quarterly on March 31, June 30, September 30 and December 31 of each year. Through the March 31, 2014 interest payment date, the Company was permitted to elect to pay the interest in kind, by adding to the principal of the Convertible Note, all or any portion of the interest due on the Convertible Note. The Company elected to pay the interest in kind on March 31, June 30 and September 30, 2012, and added $3.2 million, $5.7 million and $5.8 million of interest incurred, respectively, to the Convertible Note, increasing the principal amount to $289.7 million. The Company did not elect to pay-in-kind interest for the subsequent quarterly payments. The Convertible Note is a senior unsecured obligation of the Company. On March 9, 2015, the Company entered into an amendment (the HALRES Note Amendment) to its Convertible Note. The HALRES Note Amendment extended the maturity date of the Convertible Note by three years, from February 8, 2017 to February 8, 2020. The Convertible Note originally provided for prepayment without premium or penalty at any time after February 8, 2014, at which time it also became convertible into shares of the Company's common stock at a conversion price of $22.50 per share. These dates have been extended pursuant to the HALRES Note Amendment and the conversion price has been adjusted, such that at any time after March 9, 2017, the Company may prepay the Convertible Note without premium or penalty, and HALRES may elect to convert all or any portion of unpaid principal and interest outstanding under the Convertible Note to shares of the Company's common stock at a conversion price of $12.20 per share, subject to adjustments for stock splits and other customary anti-dilution provisions as set forth in the Convertible Note. At the same time, the Company also 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 of the February 2012 Warrants from $22.50 to $12.20 per share. The HALRES Note Amendment and the Warrant Amendment were approved by the Company's stockholders on May 6, 2015, in accordance with the rules of the New York Stock Exchange. In conjunction with the HALRES Note Amendment, the Company recorded a discount of $25.9 million to be amortized over the remaining life of the Convertible Note using the effective interest method. As of March 31, 2016, the remaining unamortized discount was $21.9 million. Debt Issuance Costs The Company capitalizes certain direct costs associated with the issuance of long-term debt and amortizes such costs over the lives of the respective debt. For the three months ended March 31, 2016, the Company expensed $2.5 million of debt issuance costs in conjunction with the debt repurchases and a decrease in the borrowing base under the Senior Credit Agreement. At March 31, 2016 and December 31, 2015, the Company had approximately $36.3 million and $40.3 million, respectively, of unamortized debt issuance costs. The debt issuance costs for the Company's Senior Credit Agreement are presented in "Debt issuance costs, net" within total assets on the unaudited condensed consolidated balance sheets, and the debt issuance costs for the Company's senior secured and unsecured debt are presented in "Long-term debt, net" within total liabilities on the unaudited condensed consolidated balance sheets.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	4. FAIR VALUE MEASUREMENTS Pursuant to ASC 820, Fair Value Measurements (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 unaudited condensed 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 March 31, 2016 and December 31, 2015. 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 three months ended March 31, 2016 or the year ended December 31, 2015. March 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2015 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 unaudited condensed 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 market prices and implied volatility factors related to changes in the forward curves. See Note 5, "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: Significant Unobservable Inputs (Level 3) March 31, 2016 December 31, 2015 (In thousands) Beginning Balance $ ) $ ) Net gain (loss) on derivative contracts ​ ​ ​ ​ ​ ​ ​ ​ Ending Balance $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gains (losses) included in earnings related to derivatives still held at March 31, 2016 and December 31, 2015 $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company's derivative contracts are with major financial institutions with investment grade credit ratings which are believed to have 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 receivables and accounts payables approximate 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 March 31, 2016 and December 31, 2015 (excluding discounts, premiums and debt issuance costs): March 31, 2016 December 31, 2015 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 rate debt instruments was calculated using Level 2 criteria. 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 three months ended March 31, 2016, the Company recorded a non-cash impairment charge of $28.1 million related to its gas gathering systems. See Note 1, "Financial Statement Presentation," for a discussion of the valuation approach used and the classification of the estimate within the fair value hierarchy. As discussed in Note 3, " Long-term Debt " and in Note 9, " 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. 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; consequently, the Company has designated these liabilities as Level 3. See Note 6, " 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	3 Months Ended
	Mar. 31, 2016
DERIVATIVE AND HEDGING ACTIVITIES
DERIVATIVE AND HEDGING ACTIVITIES	5. 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 economically 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 unaudited condensed consolidated balance sheets as assets or liabilities, with the changes in the fair value included in the unaudited condensed 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. At March 31, 2016 and December 31, 2015, the Company's crude oil and natural gas derivative positions consisted of swaps, swaptions, costless put/call "collars," and extendable costless collars. 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. The Company has elected not to 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 payments and receipts on settled derivative contracts, in "Net gain (loss) on derivative contracts" on the unaudited condensed consolidated statements of operations. At March 31, 2016, 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, 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. All derivative contracts are recorded at fair market value in accordance with ASC 815 and ASC 820 and included in the unaudited condensed consolidated balance sheets as assets or liabilities. The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015: Asset derivative contracts Liability derivative contracts Derivatives not designated as hedging contracts under ASC 815 Balance sheet location March 31, 2016 December 31, 2015 Balance sheet location March 31, 2016 December 31, 2015 (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 unaudited condensed consolidated statements of operations: Amount of gain or (loss) recognized in income on derivative contracts for the Three Months Ended March 31, Location of gain or (loss) recognized in income on derivative contracts Derivatives not designated as hedging contracts under ASC 815 2016 2015 (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 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At March 31, 2016 and December 31, 2015, the Company had the following open crude oil and natural gas derivative contracts: March 31, 2016 Floors Ceilings Period Instrument Commodity Volume in Mmbtu's/ Bbl's Price / Price Range Weighted Average Price Price / Price Range Weighted Average Price April 2016 - June 2016 Collars Crude Oil $90.00 $ $96.85 $ April 2016 - December 2016 Collars Natural Gas 4.00 4.22 April 2016 - December 2016 (1) Collars Crude Oil 60.00 - 90.00 64.00 - 95.10 April 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 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. The Company presents the fair value of its derivative contracts at the gross amounts in the unaudited condensed 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 March 31, 2016 and December 31, 2015: Derivative Assets Derivative Liabilities Offsetting of Derivative Assets and Liabilities March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (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	3 Months Ended
	Mar. 31, 2016
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	6. ASSET RETIREMENT OBLIGATIONS The Company records an asset retirement obligation (ARO) on oil and natural gas properties 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 unaudited condensed 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 unaudited condensed 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 three months ended March 31, 2016 (in thousands, inclusive of the current portion): Liability for asset retirement obligations as of December 31, 2015 $ Liabilities settled and divested ) Additions Acquisitions Accretion expense ​ ​ ​ ​ ​ Liability for asset retirement obligations as of March 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	7. 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. Rent expense was approximately $2.2 million and $2.0 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the amount of commitments under office and equipment lease agreements is consistent with the levels at December 31, 2015, as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, approximating $48.8 million in the aggregate, and containing various expiration dates through 2024. In addition, the Company has commitments for certain equipment under long-term operating lease agreements, namely drilling rigs as well as pipeline and well equipment, with various expiration dates through 2018. In the first quarter of 2016, the Company entered into an amendment to one of its drilling rig contracts with an original term ending date of August 31, 2016, whereby, as of April 5, 2016, the Company early terminated the rig contract, incurred a termination fee of approximately $1.2 million and reduced its 2016 drilling commitments by extending part of the contract term on another of its drilling rig contracts out further in 2018. 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 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. Rig termination fees are expensed as incurred within " Gathering and other " on the unaudited condensed consolidated statements of operations. In addition, the Company has two drilling rig commitments, for which the Company is incurring a stacking fee of $16,000 and $17,000 per day. The contract terms for these drilling rig commitments extends through the second quarter of 2017 and 2018, respectively. Rig stacking fees are expensed as incurred within " Gathering and other " on the unaudited condensed consolidated statements of operations. Early termination of the Company's additional drilling rig commitments would result in termination penalties approximating $16.7 million, which would be in lieu of the remaining $23.4 million of drilling rig commitments as of March 31, 2016. The Company has entered into various long-term gathering, transportation and sales contracts with respect to production from the Bakken/Three Forks formations in North Dakota. As of March 31, 2016, the Company had in place ten long-term crude oil contracts and five long-term natural gas contracts in this area. 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 sales prices under these contracts are based on posted market rates. Historically, the Company has been able to meet its delivery commitments. On June 16, 2014, the Company entered into a transaction to develop its TMS assets with funds and accounts managed by affiliates of Apollo Global Management, LLC. See Note 8, " Mezzanine Equity ," for a discussion of the drilling obligation associated with the 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 unaudited condensed consolidated operating results, financial position or cash flows.

MEZZANINE EQUITY

MEZZANINE EQUITY	3 Months Ended
	Mar. 31, 2016
MEZZANINE EQUITY
MEZZANINE EQUITY	8. 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 unaudited condensed consolidated balance sheets pursuant to ASC 480-10-S99-3A. The preferred shares are considered probable of becoming redeemable and therefore were accreted up to the estimated required redemption value through March 31, 2016. The accretion is presented as a deemed dividend and recorded in " Redeemable noncontrolling interest " on the unaudited condensed consolidated balance sheets and within " Preferred dividends and accretion on redeemable noncontrolling interest " on the unaudited condensed 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. In March 2015, Apollo delivered a withdrawal notice to HK TMS indicating their election not to acquire additional preferred shares in HK TMS (the Withdrawal Notice). 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 March 31, 2016, HK TMS incurred Withdrawal Exit Fees of $4.1 million. The Withdrawal Exit Fees were recorded at fair value within " Other noncurrent liabilities " on the unaudited condensed consolidated balance sheets. 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 unaudited condensed 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 are permitted to 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 without approval from the Company and Apollo. 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 preferred shares. The following table sets forth a reconciliation of the changes in fair value of the embedded derivative associated with the amended transaction, which is classified as Level 3 in the fair value hierarchy (in thousands): Embedded derivative Balance at December 31, 2015 $ Change in fair value ​ ​ ​ ​ ​ Balance at March 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company recorded the following activity related to the preferred shares recorded in "Mezzanine equity" on the unaudited condensed consolidated balance sheets for the period presented (in thousands, except share amounts): Redeemable noncontrolling interest Shares Amount Balances at December 31, 2015 $ Dividends paid in-kind Accretion of redeemable noncontrolling interest — ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 31, 2016 and 2015, HK TMS issued 3,295 and 3,019 additional preferred shares to Apollo for dividends paid-in-kind, respectively. These dividends are presented within " Preferred dividends and accretion on redeemable noncontrolling interest " on the unaudited condensed 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. As of March 31, 2016, HK TMS incurred PIK Exit Fees totaling $4.7 million, which were recorded at fair value within " Other noncurrent liabilities " on the unaudited condensed consolidated balance sheets.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2016
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS' EQUITY 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 net proceeds to the Company were approximately $335.2 million, after deducting the underwriting discount and offering expenses. The Company used the net proceeds 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. 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. As of March 31, 2016, cumulative, undeclared dividends on the Series A Preferred Stock amounted to approximately $4.3 million. 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. Each share of Series A Preferred Stock is convertible, at the holder's option at any time, into approximately 32.49 shares of common stock of the Company (which is equivalent to a conversion price of approximately $30.80 per share), subject to certain adjustments. Based on the initial conversion rate and Series A Preferred Stock outstanding, approximately 11.2 million shares of common stock of the Company are issuable upon conversion of all the shares of Series A Preferred 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. As of March 31, 2016, 122,546 shares of Series A Preferred Stock have been converted into approximately 4.0 million shares of common stock and 222,454 shares of Series A Preferred Stock remained outstanding. If the Company undergoes certain fundamental changes, including failure of the Company's common stock to be listed on the NYSE, NASDAQ Global Select or NASDAQ Global Market, 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 unaudited condensed consolidating financial statements reflects the reverse stock split. 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 which, during 2015, the Company publicly sold approximately 1.9 million shares for net proceeds of approximately $15.0 million, after deducting offering expenses. The shares 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 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 to its 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. Warrants In February 2012, in conjunction with the issuance of the Convertible Note, the Company issued 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, which the Company refers to as the February 2012 Warrants. The Company allocated $43.6 million to the February 2012 Warrants which is reflected in additional paid-in capital in stockholders' equity, net of $0.6 million in issuance costs. The February 2012 Warrants entitled 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 HALRES Note Amendment and the Warrant Amendment (the Amendments) were approved by the Company's stockholders on May 6, 2015, in accordance with the rules of the New York Stock Exchange. See Note 3, " Long-term debt ," for further discussion of the Amendments. Incentive Plan On May 8, 2006, the Company's stockholders first approved the 2006 Long-Term Incentive Plan (the Plan). On May 6, 2015, the Company's stockholders last approved an increase in authorized shares under the Plan from 8.3 million to 16.3 million. As of March 31, 2016 and December 31, 2015, a maximum of 7.0 million and 6.3 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 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 three months ended March 31, 2016 and 2015, the Company recognized $2.1 million and $4.8 million, respectively, of share-based compensation expense. These were recorded as a component of " General and administrative " on the unaudited condensed consolidated statements of operations. Performance Share Units As of March 31, 2016 and 2015, the Company had outstanding performance share units (PSU) under the Plan covering 0.3 million shares of common stock, respectively, 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. 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. At March 31, 2016, the Company had $1.5 million of unrecognized compensation expense related to non-vested PSU to be recognized over a weighted-average period of 0.9 years. At March 31, 2015, the Company had $3.1 million of unrecognized compensation expense related to non-vested PSU to be recognized over a weighted-average period of 1.9 years. Stock Options At March 31, 2016, the Company had $3.5 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 1.5 years. During the three months ended March 31, 2015, the Company granted stock options under the Plan covering 0.6 million shares of common stock to employees of the Company, with an exercise price of $9.85. 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. At March 31, 2015, the Company had $11.0 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 1.5 years. Restricted Stock At March 31, 2016, the Company had $6.6 million of unrecognized compensation expense related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.5 years. During the three months ended March 31, 2015, the Company granted 0.3 million shares of restricted stock under the Plan to non-employee directors and employees of the Company. These restricted shares were granted at prices ranging from $6.10 to $9.85 with a weighted average price of $9.85. Employee shares 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. At March 31, 2015, the Company had $15.4 million of unrecognized compensation expense related to non-vested restricted stock awards to be recognized over a weighted-average period of 1.6 years.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2016
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	10. EARNINGS PER COMMON SHARE The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Basic: Net income (loss) available to common stockholders $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share of common stock $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted: Net income (loss) available to common stockholders $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Vesting of restricted shares Anti-dilutive Anti-dilutive Vesting of performance units — — Conversion of Convertible Note Anti-dilutive Anti-dilutive Conversion of Series A Preferred Stock Anti-dilutive Anti-dilutive ​ ​ ​ ​ ​ ​ ​ ​ Weighted average diluted number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per share of common stock $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock equivalents, including stock options, warrants, restricted shares, convertible debt and preferred stock totaling 45.9 million shares for the three months ended March 31, 2016 were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net loss. Common stock equivalents, including stock options, warrants, restricted shares, convertible debt, and preferred stock totaling 37.2 million shares for the three months ended March 31, 2015 were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net loss.

ADDITIONAL FINANCIAL STATEMENT

ADDITIONAL FINANCIAL STATEMENT INFORMATION	3 Months Ended
	Mar. 31, 2016
ADDITIONAL FINANCIAL STATEMENT INFORMATION
ADDITIONAL FINANCIAL STATEMENT INFORMATION	11. ADDITIONAL FINANCIAL STATEMENT INFORMATION Certain balance sheet amounts are comprised of the following: March 31, 2016 December 31, 2015 (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: Prepaids $ $ 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	3 Months Ended
	Mar. 31, 2016
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
CONDENSED CONSOLIDATING FINANCIAL INFORMATION	12. CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Company's obligations under its Senior Credit Agreement, 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 3, " Long-term Debt ," for information regarding the Company's Senior Credit Agreement, 2020 Second Lien Notes, 2022 Second Lien Notes, Third Lien Notes and senior unsecured notes. On June 16, 2014, the Company contributed its TMS undeveloped acreage located in Mississippi and Louisiana to HK TMS. See Note 8, " Mezzanine Equity ," for a discussion of the restrictions on the transfer of assets between the Company and HK TMS. The following condensed consolidating balance sheets, condensed consolidating statements of operations, 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 March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015. 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 Three Months Ended March 31, 2016 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 ) ) — ) Gain (loss) on extinguishment of debt — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $ ) $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 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 ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 March 31, 2016 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 — — Deferred income taxes ) — — — Intercompany notes and accounts payable — ) — Investment in subsidiary — ) — Other — — Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — — — Stockholders' equity (deficit): Preferred stock — — — — — Common stock — — — Additional paid-in capital — ) Retained earnings (accumulated deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity (deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity (deficit) $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 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 — ) ) — ) 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 ) — — — ) 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 $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 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 — ) ) — ) 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 ) ) 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 $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FINANCIAL STATEMENT PRESENTAT19

FINANCIAL STATEMENT PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
FINANCIAL STATEMENT PRESENTATION
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 assets in the United States. The unaudited condensed 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. These unaudited condensed consolidated financial statements reflect, in the opinion of the Company's management, all adjustments, consisting of normal and recurring adjustments, necessary to present fairly the financial position as of, and the results of operations for, the periods presented. During interim periods, Halcón follows the accounting policies disclosed in its 2015 Annual Report on Form 10-K, as filed with the United States Securities and Exchange Commission (SEC) on February 26, 2016. Please refer to the notes in the 2015 Annual Report on Form 10-K when reviewing interim financial results. 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 unaudited condensed consolidated financial statements reflect the reverse stock split.
Use of Estimates	Use of Estimates The preparation of the Company's unaudited condensed 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 unaudited condensed 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, 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 unaudited condensed consolidated financial statements. Interim period results are not necessarily indicative of results of operations or cash flows for the full year and accordingly, certain information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, has been condensed or omitted. The Company has evaluated events or transactions through the date of issuance of these unaudited condensed 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 material allowances for doubtful accounts as of March 31, 2016 or December 31, 2015.
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 a compressed natural gas facility, 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 $57.6 million and $87.2 million as of March 31, 2016 and December 31, 2015, 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 the 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 an asset's undiscounted cash flows, then the Company recognizes an impairment loss for the difference between the carrying amount and the current fair value. The Company also evaluates the remaining useful lives of its gas gathering systems and other operating assets at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods. For the three months ended March 31, 2016, the Company recorded a non-cash impairment charge of $28.1 million in "Other operating property and equipment impairment" in the Company's unaudited condensed consolidated statements of operations and in "Gas gathering and other operating assets" in the Company's unaudited condensed consolidated balance sheets. The impairment primarily relates to the Company's gross investments of $32.8 million in gas gathering infrastructure that will not likely be economically recoverable due to our shift in exploration, drilling and developmental plans to our most economic areas as a result of the low commodity price environment. 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, which resulted in negative net cash flows due to insufficient throughput of natural gas volumes and certain fixed costs necessary to operate and maintain the assets. This estimation includes the use of unobservable inputs, such as estimated future production, and 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Compensation—Stock Compensation (ASU 2016-09). For public business entities, ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and early adoption is permitted. The areas for simplification in this ASU involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to nonpublic entities. As there are multiple amendments in this ASU, the FASB has issued guidance on how an entity should apply each amendment, either prospectively or retrospectively. The Company is in the process of assessing the effects of the application of the new guidance. In March 2016, the FASB issued ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments (ASU 2016-06). For public business entities, ASU 2016-06 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 and early adoption is permitted. ASU 2016-06 provides new guidance that simplifies the analysis of whether a contingent put or call option in a debt instrument qualifies as a separate derivative. An entity should apply the amendments in this ASU on a modified retrospective basis to existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. The Company is in the process of assessing the effects of the application of the new guidance. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (ASU 2016-02). For public business entities, ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. The FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. An entity should apply the amendments in this ASU on a modified retrospective basis. The transition will require application of the new guidance at the beginning of the earliest comparative period presented in the financial statements. The Company is in the process of assessing the effects of the application of the new guidance. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17) to simplify the presentation of deferred income taxes. Under ASU 2015-17, all deferred tax assets and liabilities, along with any related valuation allowance, are required to be classified as noncurrent on the balance sheets. Effective December 31, 2015, the Company early adopted ASU 2015-17, on a prospective basis, which resulted in the reclassification of its current deferred tax assets and liabilities as a non-current deferred tax assets and liabilities, net of the valuation allowance, in the accompanying unaudited condensed consolidated balance sheets. No prior periods were retrospectively adjusted. 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 adoption of ASU 2015-16 did not have an impact to the Company's financial statements or disclosures. 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 Company adopted prospectively and it did not have a material impact to the Company's financial statements or disclosures. 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 adoption of ASU 2015-02 did not have an impact on the Company's accounting for its general partner interest in SBE Partners, LP. 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 with companies applying the guidance prospectively. 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 was updated with ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (ASU 2016-08). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2014-09 was also updated with ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (ASU 2016-10). In ASU 2016-10, the FASB finalized amendments to the new revenue standard on identifying performance obligations and accounting for licenses of intellectual property. ASU 2014-09 must be applied retrospectively and is effective for annual reporting periods, and interim periods within that reporting period, beginning after December 15, 2016, or after December 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.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2016
LONG-TERM DEBT.
Schedule of long-term debt	March 31, 2016 December 31, 2015 (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) 13.0% senior secured third lien notes due 2022 (3) 9.25% senior notes due 2022 (4) 8.875% senior notes due 2021 (5) 9.75% senior notes due 2020 (6) 8.0% convertible note due 2020 (7) ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Amounts are net of $11.6 million and $12.2 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (2) Amounts are net of $1.5 million and $1.2 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (3) Amounts are net of $8.2 million and $8.4 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (4) Amounts are net of $0.6 million and $0.8 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. (5) Amounts are net of a $0.9 million and a $1.0 million unamortized discount at March 31, 2016 and December 31, 2015, respectively, related to the issuance of the original 2021 Notes. The unamortized premium related to the additional 2021 Notes was approximately $4.5 million and $5.5 million at March 31, 2016 and December 31, 2015, respectively. Amounts are net of $4.7 million and $5.8 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. See "8.875% Senior Notes" below for more details. (6) Amounts are net of a $1.7 million and a $1.9 million unamortized discount at March 31, 2016 and December 31, 2015, respectively, related to the issuance of the original 2020 Notes. The unamortized premium related to the additional 2020 Notes was approximately $2.3 million and $2.6 million at March 31, 2016 and December 31, 2015, respectively. Amounts are net of $3.8 million and $4.3 million unamortized debt issuance costs at March 31, 2016 and December 31, 2015, respectively. See "9.75% Senior Notes" below for more details. (7) Amounts are net of a $21.9 million and a $23.0 million unamortized discount at March 31, 2016 and December 31, 2015, respectively. See "8.0% Convertible Note" below for more details.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
FAIR VALUE MEASUREMENTS
Schedule of fair value of the Company's financial assets and liabilities	March 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2015 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	Significant Unobservable Inputs (Level 3) March 31, 2016 December 31, 2015 (In thousands) Beginning Balance $ ) $ ) Net gain (loss) on derivative contracts ​ ​ ​ ​ ​ ​ ​ ​ Ending Balance $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gains (losses) included in earnings related to derivatives still held at March 31, 2016 and December 31, 2015 $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of the estimated fair values of the Company's fixed interest rate, long-term debt instruments	March 31, 2016 December 31, 2015 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 ACTIVI22

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2016
DERIVATIVE AND HEDGING ACTIVITIES
Summary of location and fair value of derivative contracts	Asset derivative contracts Liability derivative contracts Derivatives not designated as hedging contracts under ASC 815 Balance sheet location March 31, 2016 December 31, 2015 Balance sheet location March 31, 2016 December 31, 2015 (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 Three Months Ended March 31, Location of gain or (loss) recognized in income on derivative contracts Derivatives not designated as hedging contracts under ASC 815 2016 2015 (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 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of open derivative contracts	March 31, 2016 Floors Ceilings Period Instrument Commodity Volume in Mmbtu's/ Bbl's Price / Price Range Weighted Average Price Price / Price Range Weighted Average Price April 2016 - June 2016 Collars Crude Oil $90.00 $ $96.85 $ April 2016 - December 2016 Collars Natural Gas 4.00 4.22 April 2016 - December 2016 (1) Collars Crude Oil 60.00 - 90.00 64.00 - 95.10 April 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 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.
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts	Derivative Assets Derivative Liabilities Offsetting of Derivative Assets and Liabilities March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 (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)	3 Months Ended
	Mar. 31, 2016
ASSET RETIREMENT OBLIGATIONS
Schedule of activity related to ARO liability	The Company recorded the following activity related to its ARO liability for the three months ended March 31, 2016 (in thousands, inclusive of the current portion): Liability for asset retirement obligations as of December 31, 2015 $ Liabilities settled and divested ) Additions Acquisitions Accretion expense ​ ​ ​ ​ ​ Liability for asset retirement obligations as of March 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

MEZZANINE EQUITY (Tables)

MEZZANINE EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
MEZZANINE EQUITY
Reconciliation of financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3)	Embedded derivative Balance at December 31, 2015 $ Change in fair value ​ ​ ​ ​ ​ Balance at March 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of activity related to the preferred shares recorded as mezzanine equity	The Company recorded the following activity related to the preferred shares recorded in "Mezzanine equity" on the unaudited condensed consolidated balance sheets for the period presented (in thousands, except share amounts): Redeemable noncontrolling interest Shares Amount Balances at December 31, 2015 $ Dividends paid in-kind Accretion of redeemable noncontrolling interest — ​ ​ ​ ​ ​ ​ ​ ​ Balances at March 31, 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
EARNINGS PER COMMON SHARE
Schedule of calculation of earnings (loss) per share	The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Basic: Net income (loss) available to common stockholders $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share of common stock $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted: Net income (loss) available to common stockholders $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Vesting of restricted shares Anti-dilutive Anti-dilutive Vesting of performance units — — Conversion of Convertible Note Anti-dilutive Anti-dilutive Conversion of Series A Preferred Stock Anti-dilutive Anti-dilutive ​ ​ ​ ​ ​ ​ ​ ​ Weighted average diluted number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per share of common stock $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ADDITIONAL FINANCIAL STATEMEN26

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
ADDITIONAL FINANCIAL STATEMENT INFORMATION
Schedule of additional financial statement information, balance sheet	March 31, 2016 December 31, 2015 (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: Prepaids $ $ 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 FINAN27

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
CONDENSED CONSOLIDATING FINANCIAL INFORMATION
Results of operations	Three Months Ended March 31, 2016 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 ) ) — ) Gain (loss) on extinguishment of debt — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $ ) $ ) $ ) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 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 ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	March 31, 2016 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 — — Deferred income taxes ) — — — Intercompany notes and accounts payable — ) — Investment in subsidiary — ) — Other — — Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — — — Stockholders' equity (deficit): Preferred stock — — — — — Common stock — — — Additional paid-in capital — ) Retained earnings (accumulated deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity (deficit) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity (deficit) $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Cash flows	Three Months Ended March 31, 2016 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 — ) ) — ) 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 ) — — — ) 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 $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 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 — ) ) — ) 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 ) ) 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 $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FINANCIAL STATEMENT PRESENTAT28

FINANCIAL STATEMENT PRESENTATION (Details) $ in Millions	Dec. 28, 2015	Mar. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Basis of Presentation and Principles of Consolidation
Reverse stock split ratio	0.20
Number of operating segments | item		1
Allowance for doubtful accounts receivable | $		$ 0	$ 0

FINANCIAL STATEMENT PRESENTAT29

FINANCIAL STATEMENT PRESENTATION- Other PPE (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Other operating property and equipment
Gross investments	$ 100,187	$ 130,090
Non-cash impairment charge	$ 28,056
Gas gathering systems and equipment
Other operating property and equipment
Estimated useful life	30 years
Cost capitalized	$ 57,600	$ 87,200
Gross investments	32,800
Non-cash impairment charge	$ 28,100
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
Buildings
Other operating property and equipment
Estimated useful life	20 years

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016$ / MMBTU$ / bbl	Dec. 31, 2015$ / bbl	Mar. 31, 2015$ / MMBTU$ / bbl	Dec. 31, 2014$ / bbl
Ceiling Limitation Disclosures
First day average of the West Texas Intermediate (WTI) crude oil spot price (in dollars per barrel) | $ / bbl			46.26		82.71
First day average of the Henry Hub natural gas price (in dollars per Mmbtu) | $ / MMBTU			2.40		3.88
Full cost ceiling impairment	$ 496,900	$ 554,003
Full cost ceiling impairment, after tax	$ 315,100	348,800
Average price (in dollars per barrel) | $ / bbl				50.28		94.99
Percent decrease in the first-day-of-the-month average prices for crude oil	8.00%					13.00%
Unevaluated Oil and Gas Leaseholds
Oil and Natural Gas Properties
Interest costs capitalized	$ 32,100	$ 24,600
Tuscaloosa Marine Shale | Unevaluated Oil and Gas Leaseholds
Oil and Natural Gas Properties
Amount of unevaluated property costs transferred to the full cost pool	74,800
Ceiling Limitation Disclosures
Amount of unevaluated property costs transferred to the full cost pool	74,800
Utica areas | Unevaluated Oil and Gas Leaseholds
Oil and Natural Gas Properties
Amount of unevaluated property costs transferred to the full cost pool	330,400
Ceiling Limitation Disclosures
Amount of unevaluated property costs transferred to the full cost pool	$ 330,400

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Dec. 21, 2015	Sep. 10, 2015	Mar. 31, 2016	Dec. 31, 2015	May. 01, 2015	Mar. 09, 2015	Dec. 19, 2013	Aug. 13, 2013	Jan. 14, 2013	Nov. 06, 2012	Jul. 16, 2012	Feb. 08, 2012
Long-term debt
Principal amount outstanding			$ 2,879,517	$ 2,873,637
Principal amount			2,770,387	2,862,138
8.625% senior secured second lien notes due 2020
Long-term debt
Principal amount outstanding			$ 688,426	687,797
Interest rate (as a percent)			8.625%		8.625%
Principal amount			$ 700,000	700,000	$ 700,000
Unamortized debt issuance costs			11,600	12,200
12.0% senior secured second lien notes due 2022
Long-term debt
Principal amount outstanding			$ 111,365	111,598
Interest rate (as a percent)	12.00%		12.00%
Principal amount	$ 112,800		$ 112,826	112,826
Unamortized debt issuance costs			1,500	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			$ 1,009,811	1,009,585
Interest rate (as a percent)		13.00%	13.00%
Principal amount		$ 1,020,000	$ 1,017,970	1,017,970
Unamortized debt issuance costs			8,200	8,400
9.25% senior notes due 2022
Long-term debt
Principal amount outstanding			$ 36,642	$ 51,887
Interest rate (as a percent)		9.25%	9.25%	9.25%				9.25%
Principal amount			$ 37,194	$ 52,694				$ 400,000
Unamortized debt issuance costs			600	800
8.875% senior notes due 2021
Long-term debt
Principal amount outstanding			$ 296,145	$ 347,671
Interest rate (as a percent)		8.875%	8.875%	8.875%						8.875%
Principal amount			$ 297,193	$ 348,944					$ 600,000	$ 750,000
Unamortized debt issuance costs			4,700	5,800
Unamortized discount			900	1,000						$ 5,700
Unamortized premium related to debt issued			4,500	5,500					$ 30,000
9.75% senior notes due 2020
Long-term debt
Principal amount outstanding			$ 312,374	$ 336,470
Interest rate (as a percent)		9.75%	9.75%	9.75%							9.75%
Principal amount			$ 315,535	$ 340,035							$ 750,000
Unamortized debt issuance costs			3,800	4,300
Unamortized discount			1,700	1,900							$ 10,200
Unamortized premium related to debt issued			2,300	2,600			$ 11,000
8.0% convertible note due 2017
Long-term debt
Principal amount outstanding			$ 267,754	$ 266,629
Interest rate (as a percent)			8.00%	8.00%								8.00%
Principal amount			$ 289,669	$ 289,669								$ 275,000
Unamortized discount			21,900	23,000
8% convertible Note post-amendment
Long-term debt
Unamortized discount						$ 25,900
Senior revolving credit facility
Long-term debt
Principal amount outstanding			$ 157,000	$ 62,000
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-Senior Facility

LONG-TERM DEBT-Senior Facility (Details) $ in Thousands	Feb. 08, 2012USD ($)multiplieritem	Feb. 08, 2012USD ($)	Mar. 31, 2016USD ($)	Mar. 17, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 21, 2015USD ($)
Long-term debt
Principal amount			$ 2,770,387		$ 2,862,138
12.0% senior secured second lien notes due 2022
Long-term debt
Principal amount			$ 112,826		$ 112,826	$ 112,800
Interest rate (as a percent)			12.00%			12.00%
Senior revolving credit facility
Long-term debt
Maximum borrowing capacity	$ 1,500,000	$ 1,500,000	$ 700,000
Current borrowing capacity	$ 700,000	$ 700,000
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)			3.20%
Amount outstanding			$ 157,000
Letters of credit outstanding			4,700
Borrowing capacity available			$ 538,300
Senior revolving credit facility | Minimum
Long-term debt
Working capital levels		1
Senior revolving credit facility | Maximum
Long-term debt
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)		1.50%
Senior revolving credit facility | ABR - based | Maximum
Long-term debt
Applicable margin (as a percent)		2.50%
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)		2.50%
Senior revolving credit facility | Euro-dollar based | Maximum
Long-term debt
Applicable margin (as a percent)		3.50%
Thirteenth Amendment to the Senior Credit Agreement
Long-term debt
Current borrowing capacity				$ 700,000

LONG-TERM DEBT Amended Senior F

LONG-TERM DEBT Amended Senior Facilities (Details) - USD ($) $ in Thousands	Dec. 21, 2015	Sep. 10, 2015	May. 01, 2015	Dec. 19, 2013	Aug. 13, 2013	Jan. 14, 2013	Nov. 06, 2012	Jul. 16, 2012	Mar. 31, 2016	Dec. 31, 2015	Feb. 08, 2012
Long-term debt
Principal amount									$ 2,770,387	$ 2,862,138
Ownership percentage in subsidiaries									100.00%
Principal amount outstanding									$ 2,879,517	2,873,637
8.625% senior secured second lien notes due 2020
Long-term debt
Principal amount			$ 700,000						$ 700,000	700,000
Interest rate (as a percent)			8.625%						8.625%
Net proceeds from issuance			$ 686,200
Principal amount outstanding									$ 688,426	687,797
12.0% senior secured second lien notes due 2022
Long-term debt
Principal amount	$ 112,800								$ 112,826	112,826
Gross amount of new debt issued for exchanged notes	$ 289,600
Interest rate (as a percent)	12.00%								12.00%
Principal amount outstanding									$ 111,365	111,598
13.0% senior secured third lien notes due 2022
Long-term debt
Principal amount		$ 1,020,000							$ 1,017,970	1,017,970
Interest rate (as a percent)		13.00%							13.00%
Principal amount outstanding									$ 1,009,811	1,009,585
9.25% senior notes due 2022
Long-term debt
Principal amount					$ 400,000				$ 37,194	$ 52,694
Interest rate (as a percent)		9.25%			9.25%				9.25%	9.25%
Net proceeds from issuance					$ 392,100
Ownership percentage in subsidiaries									100.00%
Independent assets									$ 0
Independent operations									0
Principal amount repurchased									15,500
Principal amount outstanding									36,642	$ 51,887
Net gain on extinguishment of debt									11,100
8.875% senior notes due 2021
Long-term debt
Principal amount						$ 600,000	$ 750,000		$ 297,193	$ 348,944
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
Ownership percentage in subsidiaries									100.00%
Independent assets									$ 0
Independent operations									0
Unamortized discount							$ 5,700		900	$ 1,000
Unamortized premium						$ 30,000			4,500	5,500
Principal amount repurchased									51,800
Principal amount outstanding									296,145	347,671
Net gain on extinguishment of debt									47,500
9.75% senior notes due 2020
Long-term debt
Principal amount								$ 750,000	$ 315,535	$ 340,035
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
Ownership percentage in subsidiaries									100.00%
Principal amount of debt issued				400,000
Independent assets									$ 0
Independent operations									0
Unamortized discount								$ 10,200	1,700	$ 1,900
Unamortized premium				$ 11,000					2,300	2,600
Principal amount repurchased									24,500
Principal amount outstanding									312,374	336,470
Net gain on extinguishment of debt									22,800
Senior revolving credit facility
Long-term debt
Principal amount outstanding									$ 157,000	$ 62,000
Current borrowing capacity											$ 700,000
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-Convertible Note

LONG-TERM DEBT-Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 09, 2015	Mar. 31, 2016	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2015	Feb. 08, 2014	Feb. 29, 2012	Feb. 08, 2012
Long-term debt
Principal amount		$ 2,770,387				$ 2,862,138
Debt issuance costs expensed		$ 2,500
February 2012 Warrants
Long-term debt
Term		5 years
Exercise price (in dollars per share)	$ 12.20	$ 12.20						$ 22.50
8.0% convertible note due 2017
Long-term debt
Principal amount		$ 289,669				$ 289,669			$ 275,000
Interest rate (as a percent)		8.00%				8.00%			8.00%
Interest in kind			$ 5,800	$ 5,700	$ 3,200
Principal outstanding		$ 289,700
Unamortized discount		$ 21,900				$ 23,000
8% convertible Note pre-amendment
Long-term debt
Amount of principal and accrued interest that is convertible into one share of the entity's common stock (in dollars per share)							$ 22.50
8% convertible Note post-amendment
Long-term debt
Extension term	3 years
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- Senior Unsecure

LONG-TERM DEBT- Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Dec. 21, 2015	Sep. 10, 2015	Mar. 31, 2016	Dec. 31, 2015	Aug. 13, 2013	Jan. 14, 2013	Nov. 06, 2012	Jul. 16, 2012
Long-term debt
Principal amount			$ 2,770,387	$ 2,862,138
Debt Issuance Costs
Costs associated with the issuance of debt capitalized			1,185
Debt issuance costs expensed			2,500
Debt issuance costs, net			6,007	7,633
8.875% senior notes due 2021
Long-term debt
Principal amount			297,193	348,944		$ 600,000	$ 750,000
Net gain on extinguishment of debt			47,500
13.0% senior secured third lien notes due 2022
Long-term debt
Principal amount		$ 1,020,000	1,017,970	1,017,970
9.25% senior notes due 2022
Long-term debt
Principal amount			37,194	52,694	$ 400,000
Net gain on extinguishment of debt			11,100
9.75% senior notes due 2020
Long-term debt
Principal amount			315,535	340,035				$ 750,000
Net gain on extinguishment of debt			22,800
Senior revolving credit facility
Debt Issuance Costs
Debt issuance costs, net			$ 36,300	$ 40,300
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	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Assets
Asset transfers between levels	$ 0	$ 0
Liabilities
Liability transfers between levels	0	0
Recurring | Total
Assets
Receivables from derivative contracts	276,350	365,475
Liabilities
Liabilities from derivative contracts	143	290
Recurring | Level 2
Assets
Receivables from derivative contracts	276,350	365,475
Liabilities
Liabilities from derivative contracts	49	105
Recurring | Level 3
Liabilities
Liabilities from derivative contracts	$ 94	$ 185

FAIR VALUE MEASUREMENTS-Level 3

FAIR VALUE MEASUREMENTS-Level 3 Reconciliation (Details) - Recurring - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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	$ (185)	$ (1,319)
Net gain (loss) on derivative contracts	91	1,134
Ending Balance	(94)	(185)
Change in unrealized gains (losses) included in earnings related to derivatives still held at the end of the period	$ 91	$ (185)

FAIR VALUE MEASUREMENTS-Estimat

FAIR VALUE MEASUREMENTS-Estimated FV (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 21, 2015	Sep. 10, 2015	May. 01, 2015	Aug. 13, 2013	Nov. 06, 2012	Jul. 16, 2012	Feb. 08, 2012
Fair value measurements
Non-cash impairment charge	$ 28,056
8.625% senior secured second lien notes due 2020
Fair value measurements
Interest rate (as a percent)	8.625%				8.625%
12.0% senior secured second lien notes due 2022
Fair value measurements
Interest rate (as a percent)	12.00%		12.00%
13.0% senior secured third lien notes due 2022
Fair value measurements
Interest rate (as a percent)	13.00%			13.00%
9.25% senior notes due 2022
Fair value measurements
Interest rate (as a percent)	9.25%	9.25%		9.25%		9.25%
8.875% senior notes due 2021
Fair value measurements
Interest rate (as a percent)	8.875%	8.875%		8.875%			8.875%
9.75% senior notes due 2020
Fair value measurements
Interest rate (as a percent)	9.75%	9.75%		9.75%				9.75%
8.0% convertible note due 2017
Fair value measurements
Interest rate (as a percent)	8.00%	8.00%							8.00%
Total
Fair value measurements
Estimated fair value of debt	$ 1,079,368	$ 1,180,560
Total | 8.625% senior secured second lien notes due 2020
Fair value measurements
Estimated fair value of debt	497,000	479,500
Total | 12.0% senior secured second lien notes due 2022
Fair value measurements
Estimated fair value of debt	80,106	77,286
Total | 13.0% senior secured third lien notes due 2022
Fair value measurements
Estimated fair value of debt	307,936	333,385
Total | 9.25% senior notes due 2022
Fair value measurements
Estimated fair value of debt	7,457	14,422
Total | 8.875% senior notes due 2021
Fair value measurements
Estimated fair value of debt	59,587	95,506
Total | 9.75% senior notes due 2020
Fair value measurements
Estimated fair value of debt	63,265	93,068
Total | 8.0% convertible note due 2017
Fair value measurements
Estimated fair value of debt	$ 64,017	$ 87,393

DERIVATIVE AND HEDGING ACTIVI39

DERIVATIVE AND HEDGING ACTIVITIES (Details) $ in Thousands	Mar. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item
Derivative and hedging activities
Asset derivative contracts	$ 276,350	$ 365,475
Liability derivative contracts	(143)	(290)
Derivatives not designated as hedging contracts
Derivative and hedging activities
Asset derivative contracts	276,350	365,475
Liability derivative contracts	$ (143)	$ (290)
Derivatives not designated as hedging contracts | Commodity contracts
Derivative and hedging activities
Number of open commodity derivative contracts | item	36	36
Derivatives not designated as hedging contracts | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	$ 262,493	$ 348,861
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	13,857	16,614
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	$ (143)	$ (290)
Derivatives not designated as hedging contracts | Commodity contracts | Collars | Natural gas
Derivative and hedging activities
Number of open commodity derivative contracts | item	1	1
Derivatives not designated as hedging contracts | Commodity contracts | Collars | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	16	16
Derivatives not designated as hedging contracts | Commodity contracts | Swaps | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	13	13
Derivatives not designated as hedging contracts | Commodity contracts | Swaptions | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	5	5
Derivatives not designated as hedging contracts | Commodity contracts | Extendable collars | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	1	1

DERIVATIVE AND HEDGING ACTIVI40

DERIVATIVE AND HEDGING ACTIVITIES- Realized Unrealized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative and hedging activities
Total net gain (loss) on derivative contracts	$ 18,742	$ 99,748
Derivatives not designated as hedging contracts | Commodity contracts | Other Income Expense
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts	(88,978)	(8,001)
Realized gain (loss) on commodity contracts	107,720	107,749
Total net gain (loss) on derivative contracts	$ 18,742	$ 99,748

DERIVATIVE AND HEDGING ACTIVI41

DERIVATIVE AND HEDGING ACTIVITIES- Open contracts (Details) $ in Thousands	Mar. 31, 2016USD ($)MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2015USD ($)MMBTU$ / MMBTU$ / bblbbl
Derivative Assets
Gross amounts presented in the consolidated balance sheets | $	$ 276,350	$ 365,475
Amounts not offset in the consolidated balance sheets | $	(25)	(53)
Net amount | $	276,325	365,422
Derivative Liabilities
Gross amounts presented in the consolidated balance sheet | $	(143)	(290)
Amounts not offset in the consolidated balance sheet | $	24	52
Net amount | $	$ (119)	$ (238)
January 2016 - June 2016 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		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
Ceilings (in dollars per Mmbtu's/Bbl's)		96.85
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		4,392,000
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil | 365,000 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Volume in Bbl's | bbl	365,000	365,000
Floors (in dollars per Mmbtu's/Bbl's)	60	60
Ceilings (in dollars per Mmbtu's/Bbl's)	75	75
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		60
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		64
January 2016 - December 2016 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		90
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		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) | $ / MMBTU		71.91
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		77.71
January 2016 - December 2016 | Collars | Commodity contracts | Natural gas
Derivative and hedging activities
Volume in Bbl's | bbl		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) | $ / MMBTU		4
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		4.22
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		4,758,000
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | 730,000 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Volume in Bbl's | bbl	730,000	730,000
Floors (in dollars per Mmbtu's/Bbl's)	88.25	88.25
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | 912,500 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Volume in Bbl's | bbl	912,500	912,500
Floors (in dollars per Mmbtu's/Bbl's)	88	88
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | 547,500 Bbls | Extendable period through December 31, 2017
Derivative and hedging activities
Volume in Bbl's | bbl	547,500	547,500
Floors (in dollars per Mmbtu's/Bbl's)	88.87	88.87
January 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		62
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
January 2017 - December 2017 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,368,750	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	50
Ceilings (in dollars per Mmbtu's/Bbl's)	70	70
January 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	60	60
Ceilings (in dollars per Mmbtu's/Bbl's)	76.84	76.84
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	57.33
Ceilings (in dollars per Mmbtu's/Bbl's)	74.16	74.16
April 2016 - June 2016 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	91,000
April 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
April 2016 - June 2016 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	90
Ceilings (in dollars per Mmbtu's/Bbl's)	96.85
April 2016 - December 2016 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	3,300,000
April 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
April 2016 - December 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)	95.10
April 2016 - December 2016 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	71.91
Ceilings (in dollars per Mmbtu's/Bbl's)	77.71
April 2016 - December 2016 | Collars | Commodity contracts | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	550,000
April 2016 - December 2016 | Collars | Commodity contracts | Natural gas | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	4
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	4.22
April 2016 - December 2016 | Collars | Commodity contracts | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	4
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	4.22
April 2016 - December 2016 | Swaps | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	3,575,000
April 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	62
April 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	91.73
April 2016 - December 2016 | Swaps | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	85.43

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Activity related to ARO liability
Liability for asset retirement obligations at the beginning of the period	$ 47,016
Liabilities settled and divested	(125)
Additions	632
Acquisitions	76
Accretion expense	513
Liability for asset retirement obligations at the end of the period	$ 48,112

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended		11 Months Ended
	Mar. 31, 2016USD ($)item	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)item	Apr. 05, 2016USD ($)	Jan. 31, 2015USD ($)
Commitments and contingencies
Rent expense	$ 2,200,000	$ 2,000,000
Non-cancelable termination penalties	$ 16,700,000		$ 16,700,000	$ 1,200,000	$ 6,000,000
Number of long-term natural gas gathering contracts to which the entity is committed | item	1
Number of trigger dates | item	2
Number of drilling rig commitments | item			2
Drilling rig commitments	$ 23,400,000		$ 23,400,000
Office and equipment lease agreements amount	48,800,000		48,800,000
Minimum
Commitments and contingencies
Stacking fees per day pertaining to the new drilling rig commitment			16,000
Maximum
Commitments and contingencies
Stacking fees per day pertaining to the new drilling rig commitment			17,000
Drilling rig commitments	$ 3,000,000		$ 3,000,000
Gathering, transportation and sales | North Dakota
Commitments and contingencies
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	5
Gathering, transportation and sales | North Dakota | Minimum
Commitments and contingencies
Period of commitment for production from the date of first production	1 year
Gathering, transportation and sales | North Dakota | Maximum
Commitments and contingencies
Period of commitment for production from the date of first production	10 years

MEZZANINE EQUITY (Details)

MEZZANINE EQUITY (Details) $ / shares in Units, $ in Thousands	Jun. 16, 2014USD ($)multiplier	Mar. 31, 2016USD ($)item$ / sharesshares	Mar. 31, 2015shares	Jun. 01, 2015item
Preferred Stock
Mezzanine equity
Balances at beginning of period (in shares) | shares		165,639
Dividends paid in-kind (in shares) | shares		3,295
Balances at end of period (in shares) | shares		168,934
Increase (Decrease) in Temporary Equity
Balances at beginning of period		$ 183,986
Dividends paid in-kind		3,295
Accretion of redeemable noncontrolling interest		20,370
Balances at end of period		207,651
HK TMS
Mezzanine equity
Withdrawal exit fee		4,100
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
Restriction percentage on transfer of assets		20.00%
HK TMS | Maximum
Mezzanine equity
Restriction percentage on transfer out of the maximum net acres		20.00%
HK TMS | Preferred Stock
Mezzanine equity
Proceeds contributed by parent		$ 50,000
HK TMS | Preferred Stock | Minimum
Mezzanine equity
Withdrawal exit fee (per share) | $ / shares		$ 2.50
HK TMS | Preferred Stock | Maximum
Mezzanine equity
Withdrawal exit fee (per share) | $ / shares		$ 20
HK TMS | Apollo | Preferred Stock
Mezzanine equity
Proceeds received on sale of preferred shares	$ 150,000
Dividend rate (as a percent)	8.00%
Number of dividends to be paid prior to December 31, 2016 | item		0
Additional preferred shares issued for dividends paid-in-kind | shares		3,295	3,019
PIK exit fee per share | $ / shares		$ 5
Total PIK exit fees incurred		$ 4,700
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

MEZZANINE EQUITY-Change in FV (

MEZZANINE EQUITY-Change in FV (Details) - Embedded Derivative $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	$ 6,100
Change in fair value	974
Ending Balance	$ 7,074

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	Dec. 28, 2015	Jun. 18, 2013USD ($)$ / sharesshares	Feb. 29, 2012USD ($)$ / sharesshares	Mar. 31, 2016USD ($)item$ / sharesshares	Dec. 31, 2015USD ($)shares	Mar. 09, 2015$ / shares	May. 22, 2014shares
Preferred stock and stockholders' equity
Proceeds from the offering of common stock | $					$ 15,356
Dividend rate (as a percent)				5.75%	5.75%
Preferred stock, shares outstanding				222,454	244,724
Authorized shares of common stock, after amendment of certificate of incorporation				1,340,000,000	1,340,000,000
Cash dividends paid | $					$ 8,177
Reverse stock split ratio	0.20
February 2012 Warrants
Preferred stock and stockholders' equity
Payment for capital commitment | $			$ 600
Number of shares of common stock that can be purchased from warrants			7,300,000
Exercise price (in dollars per share) | $ / shares			$ 22.50	$ 12.20		$ 12.20
Proceeds from issuance of warrants | $			$ 43,600
Common Stock
Preferred stock and stockholders' equity
Shares issued					1,900,000
Proceeds from the offering of common stock | $					$ 15,000
Authorized shares of common stock, after amendment of certificate of incorporation							1,340,000,000
Increase in shares of common stock authorized							670,000,000
5.75% Series A Convertible Perpetual Preferred Stock
Preferred stock and stockholders' equity
Shares issued		345,000		4,000,000
Dividend rate (as a percent)				5.75%
Number of shares of common stock to be issued upon conversion				32.49
Share price (in dollars per share) | $ / shares		$ 1,000
Net proceeds received | $		$ 335,200
Preferred stock converted into common stock (in shares)				122,546
Benefit from conversion of stock (in dollars per share) | $ / shares				$ 30.80
Preferred stock, shares outstanding				222,454
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				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 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				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
Cumulative, undeclared dividends | $				$ 4,300

STOCKHOLDERS' EQUITY- PSU and O

STOCKHOLDERS' EQUITY- PSU and Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Sep. 30, 2015	May. 23, 2013	May. 17, 2012
General and administrative
Stock-based compensation
Compensation expense recorded	$ 2.1	$ 4.8
Performance share units (PSU)
Stock-based compensation
Weighted average remaining vesting period	10 months 24 days	1 year 10 months 24 days
Performance Share Units
Unrecognized compensation expense	$ 1.5	$ 3.1
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 | Senior management
Number of Shares
Unvested outstanding shares at the end of the period (in shares)	0.3	0.3
Performance share units (PSU) | Minimum | Common Stock | $20.00
Performance Share Units
Average market price (in dollars per share)	$ 20
Performance share units (PSU) | Maximum | Common Stock
Stock-based compensation
Maximum number of shares that will be issued for vested performance units	0.6
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	$ 3.5	$ 11
Weighted average remaining vesting period	1 year 6 months	1 year 6 months
Number of Shares
Granted (in shares)		0.6
Stock options | Minimum
Stock-based compensation
Exercise price (in dollars per share)		$ 9.85
Restricted Stock
Stock-based compensation
Weighted average remaining vesting period	1 year 7 months 6 days
Weighted average grant date price (in dollars per share)	$ 9.85
Performance Share Units
Unrecognized compensation expense	$ 15.4
Restricted Stock | Directors and employees
Performance Share Units
Granted (in shares)	0.3
Number of Shares
Granted (in shares)	0.3
Restricted Stock | Employee
Stock-based compensation
Vesting period	3 years
Percentage of awards vesting on the annual anniversary date of the grant	33.33%
Restricted Stock | Non-employee director
Stock-based compensation
Vesting period	6 months
Restricted Stock | Minimum
Stock-based compensation
Grant date price (in dollars per share)	$ 6.10
Restricted Stock | Maximum
Stock-based compensation
Grant date price (in dollars per share)	$ 9.85
Plan | Common Stock
Stock-based compensation
Shares issuable under the plan					16.3	8.3
Maximum number of shares that remained reserved for issuance under the Plan	7		6.3

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic:
Net income (loss) available to common stockholders	$ (566,862)	$ (601,193)
Weighted average basic number of common shares outstanding	120,011	83,937
Basic net income (loss) per common share (in dollars per share)	$ (4.72)	$ (7.16)
Diluted:
Net income (loss) available to common stockholders	$ (566,862)	$ (601,193)
Weighted average basic number of common shares outstanding	120,011	83,937
Weighted average diluted number of common shares outstanding	120,011	83,937
Diluted net income (loss) per common share (in dollars per share)	$ (4.72)	$ (7.16)
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)	45,900	37,200

ADDITIONAL FINANCIAL STATEMEN49

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts receivable:
Oil, natural gas and natural gas liquids revenues	$ 51,053	$ 55,129
Joint interest accounts	52,787	67,626
Accrued settlements on derivative contracts	32,882	47,011
Affiliated partnership		176
Other	2,523	3,682
Total	139,245	173,624
Prepaids and other:
Prepaids	7,872	4,585
Other	51	50
Total	7,923	4,635
Accounts payable and accrued liabilities:
Trade payables	36,615	47,261
Accrued oil and natural gas capital costs	36,350	54,651
Revenues and royalties payable	57,953	64,002
Accrued interest expense	46,660	88,499
Accrued employee compensation	4,475	2,829
Accrued lease operating expenses	19,136	20,036
Drilling advances from partners	2,466	7,964
Income taxes payable	9,172	9,172
Affiliated partnership	453	365
Other	335	306
Total	$ 213,615	$ 295,085

CONDENSED CONSOLIDATING FINAN50

CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
Noncontrolling Interest, Ownership Percentage by Parent	100.00%
Oil, natural gas and natural gas liquids sales:
Oil	$ 74,967	$ 124,413
Natural gas	3,742	6,959
Natural gas liquids	1,937	4,068
Total oil, natural gas and natural gas liquids sales	80,646	135,440
Other	703	754
Total operating revenues	81,349	136,194
Production:
Lease operating	20,578	33,785
Workover and other	7,791	3,114
Taxes other than income	7,258	12,241
Gathering and other	11,384	13,746
Restructuring	4,884	1,921
General and administrative	41,616	24,409
Depletion, depreciation and accretion	55,266	119,144
Full cost ceiling impairment	496,900	554,003
Other operating property and equipment impairment	28,056
Total operating expenses	673,733	762,363
Income (loss) from operations	(592,384)	(626,169)
Other income (expenses):
Net gain (loss) on derivative contracts	18,742	99,748
Interest expense and other, net	(47,791)	(61,307)
Gain (loss) on extinguishment of debt	81,434
Total other income (expenses)	52,385	38,441
Income (loss) before income taxes	(539,999)	(587,728)
Income tax benefit (provision)		87
Net income (loss)	(539,999)	(587,641)	$ (1,922,621)
Series A preferred dividends	(3,198)	(4,901)
Preferred dividends and accretion on redeemable noncontrolling interest	(23,665)	(8,651)
Net income (loss) available to common stockholders	(566,862)	(601,193)
Reportable legal entities | Parent Company
Production:
General and administrative	35,597	15,255
Depletion, depreciation and accretion	402	624
Total operating expenses	35,999	15,879
Income (loss) from operations	(35,999)	(15,879)
Other income (expenses):
Interest expense and other, net	(78,794)	(83,718)
Gain (loss) on extinguishment of debt	81,434
Total other income (expenses)	2,640	(83,718)
Income (loss) before income taxes	(33,359)	(99,597)
Equity in earnings of subsidiary, net of tax	(530,305)	(496,695)
Net income (loss)	(563,664)	(596,292)
Series A preferred dividends	(3,198)	(4,901)
Net income (loss) available to common stockholders	(566,862)	(601,193)
Reportable legal entities | Guarantor Subsidiaries
Oil, natural gas and natural gas liquids sales:
Oil	73,450	119,205
Natural gas	3,742	6,959
Natural gas liquids	1,937	4,068
Total oil, natural gas and natural gas liquids sales	79,129	130,232
Other	703	754
Total operating revenues	79,832	130,986
Production:
Lease operating	20,132	33,335
Workover and other	7,796	3,110
Taxes other than income	7,226	11,982
Gathering and other	11,383	13,746
Restructuring	4,884	1,921
General and administrative	5,953	9,118
Depletion, depreciation and accretion	52,131	114,626
Full cost ceiling impairment	420,075	540,134
Other operating property and equipment impairment	28,056
Total operating expenses	557,636	727,972
Income (loss) from operations	(477,804)	(596,986)
Other income (expenses):
Net gain (loss) on derivative contracts	18,742	99,748
Interest expense and other, net	31,967	24,832
Total other income (expenses)	50,709	124,580
Income (loss) before income taxes	(427,095)	(472,406)
Income tax benefit (provision)		(5,836)
Equity in earnings of subsidiary, net of tax	(103,210)	(18,453)
Net income (loss)	(530,305)	(496,695)
Net income (loss) available to common stockholders	(530,305)	(496,695)
Reportable legal entities | Non-Guarantor Subsidiary
Oil, natural gas and natural gas liquids sales:
Oil	1,517	5,208
Total oil, natural gas and natural gas liquids sales	1,517	5,208
Total operating revenues	1,517	5,208
Production:
Lease operating	446	450
Workover and other	(5)	4
Taxes other than income	32	259
Gathering and other	1
General and administrative	291	712
Depletion, depreciation and accretion	4,226	5,384
Full cost ceiling impairment	75,332	12,379
Total operating expenses	80,323	19,188
Income (loss) from operations	(78,806)	(13,980)
Other income (expenses):
Interest expense and other, net	(964)	(2,420)
Total other income (expenses)	(964)	(2,420)
Income (loss) before income taxes	(79,770)	(16,400)
Net income (loss)	(79,770)	(16,400)
Preferred dividends and accretion on redeemable noncontrolling interest	(23,665)	(8,651)
Net income (loss) available to common stockholders	(103,435)	(25,051)
Eliminations
Production:
General and administrative	(225)	(676)
Depletion, depreciation and accretion	(1,493)	(1,490)
Full cost ceiling impairment	1,493	1,490
Total operating expenses	(225)	(676)
Income (loss) from operations	225	676
Other income (expenses):
Interest expense and other, net		(1)
Total other income (expenses)		(1)
Income (loss) before income taxes	225	675
Income tax benefit (provision)		5,923
Equity in earnings of subsidiary, net of tax	633,515	515,148
Net income (loss)	633,740	521,746
Net income (loss) available to common stockholders	$ 633,740	$ 521,746

CONDENSED CONSOLIDATING FINAN51

CONDENSED CONSOLIDATING FINANCIAL INFORMATION-Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 8,603	$ 8,026
Accounts receivable	139,245	173,624
Receivables from derivative contracts	262,493	348,861
Restricted cash	16,977	16,812
Inventory	4,761	4,635
Prepaids and other	7,923	4,635
Total current assets	440,002	556,593
Oil and natural gas properties (full cost method):
Evaluated	7,522,052	7,060,721
Unevaluated	1,270,045	1,641,356
Gross oil and natural gas properties	8,792,097	8,702,077
Less - accumulated depletion	(6,483,529)	(5,933,688)
Net oil and natural gas properties	2,308,568	2,768,389
Other operating property and equipment:
Gas gathering and other operating assets	100,187	130,090
Less - accumulated depreciation	(21,795)	(22,435)
Net other operating property and equipment	78,392	107,655
Other noncurrent assets:
Receivables from derivative contracts	13,857	16,614
Debt issuance costs, net	6,007	7,633
Equity in oil and natural gas partnership	64	209
Funds in escrow and other	1,590	1,599
Total assets	2,848,480	3,458,692
Current liabilities:
Accounts payable and accrued liabilities	213,615	295,085
Asset retirement obligations	164	163
Total current liabilities	213,779	295,248
Long -term debt, net	2,879,517	2,873,637
Other noncurrent liabilities:
Liabilities from derivative contracts	143	290
Asset retirement obligations	47,948	46,853
Other	$ 7,238	$ 6,264
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest	$ 207,651	$ 183,986
Stockholders' equity (deficit):
Preferred stock
Common stock	$ 12	$ 12
Additional paid-in capital	3,286,551	3,283,097
Retained earnings (accumulated deficit)	(3,794,359)	(3,230,695)
Total stockholders' equity (deficit)	(507,796)	52,414	$ 1,772,169
Total liabilities and stockholders' equity (deficit)	2,848,480	3,458,692
Reportable legal entities | Parent Company
Current assets:
Accounts receivable		88
Restricted cash	152	138
Prepaids and other	4,490	328
Total current assets	4,642	554
Other operating property and equipment:
Gas gathering and other operating assets	12,473	12,474
Less - accumulated depreciation	(9,107)	(8,705)
Net other operating property and equipment	3,366	3,769
Other noncurrent assets:
Debt issuance costs, net	6,007	7,633
Intercompany notes and accounts receivable	4,717,121	4,749,760
Funds in escrow and other	516	517
Total assets	4,731,652	4,762,233
Current liabilities:
Long -term debt, net	2,879,517	2,873,637
Other noncurrent liabilities:
Deferred income taxes	1,848
Intercompany notes and accounts payable	293,692	302,096
Investment in subsidiary	$ 2,064,391	$ 1,534,086
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock
Common stock	$ 12	$ 12
Additional paid-in capital	3,286,551	3,283,097
Retained earnings (accumulated deficit)	(3,794,359)	(3,230,695)
Total stockholders' equity (deficit)	(507,796)	52,414
Total liabilities and stockholders' equity (deficit)	4,731,652	4,762,233
Reportable legal entities | Guarantor Subsidiaries
Current assets:
Cash	35	100
Accounts receivable	133,152	166,770
Receivables from derivative contracts	262,493	348,861
Inventory	4,667	4,554
Prepaids and other	3,433	4,307
Total current assets	403,780	524,592
Oil and natural gas properties (full cost method):
Evaluated	7,021,086	6,634,426
Unevaluated	1,270,045	1,566,705
Gross oil and natural gas properties	8,291,131	8,201,131
Less - accumulated depletion	(5,998,256)	(5,527,948)
Net oil and natural gas properties	2,292,875	2,673,183
Other operating property and equipment:
Gas gathering and other operating assets	87,539	117,441
Less - accumulated depreciation	(12,623)	(13,676)
Net other operating property and equipment	74,916	103,765
Other noncurrent assets:
Receivables from derivative contracts	13,857	16,614
Intercompany notes and accounts receivable	293,692	302,096
Equity in oil and natural gas partnership	64	209
Funds in escrow and other	1,074	1,082
Total assets	3,080,258	3,621,541
Current liabilities:
Accounts payable and accrued liabilities	245,794	326,655
Asset retirement obligations	164	163
Total current liabilities	245,958	326,818
Other noncurrent liabilities:
Liabilities from derivative contracts	143	290
Asset retirement obligations	46,682	45,602
Deferred income taxes	(1,848)
Intercompany notes and accounts payable	4,717,121	4,749,760
Investment in subsidiary	136,427	32,993
Other	$ 166	$ 164
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock
Retained earnings (accumulated deficit)	$ (2,064,391)	$ (1,534,086)
Total stockholders' equity (deficit)	(2,064,391)	(1,534,086)
Total liabilities and stockholders' equity (deficit)	3,080,258	3,621,541
Reportable legal entities | Non-Guarantor Subsidiary
Current assets:
Cash	8,568	7,926
Accounts receivable	7,377	9,985
Restricted cash	16,825	16,674
Inventory	94	81
Total current assets	32,864	34,666
Oil and natural gas properties (full cost method):
Evaluated	505,316	430,645
Unevaluated		74,651
Gross oil and natural gas properties	505,316	505,296
Less - accumulated depletion	(489,623)	(410,090)
Net oil and natural gas properties	15,693	95,206
Other operating property and equipment:
Gas gathering and other operating assets	175	175
Less - accumulated depreciation	(65)	(54)
Net other operating property and equipment	110	121
Other noncurrent assets:
Total assets	48,667	129,993
Current liabilities:
Accounts payable and accrued liabilities	3,559	6,102
Total current liabilities	3,559	6,102
Other noncurrent liabilities:
Asset retirement obligations	1,266	1,251
Other	$ 7,072	$ 6,100
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest	$ 207,651	$ 183,986
Stockholders' equity (deficit):
Preferred stock
Additional paid-in capital	$ 403,678	$ 403,678
Retained earnings (accumulated deficit)	(574,559)	(471,124)
Total stockholders' equity (deficit)	(170,881)	(67,446)
Total liabilities and stockholders' equity (deficit)	48,667	129,993
Eliminations
Current assets:
Accounts receivable	(1,284)	(3,219)
Total current assets	(1,284)	(3,219)
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	(5,010,813)	(5,051,856)
Total assets	(5,012,097)	(5,055,075)
Current liabilities:
Accounts payable and accrued liabilities	(35,738)	(37,672)
Total current liabilities	(35,738)	(37,672)
Other noncurrent liabilities:
Intercompany notes and accounts payable	(5,010,813)	(5,051,856)
Investment in subsidiary	$ (2,200,818)	$ (1,567,079)
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock
Additional paid-in capital	$ (403,678)	$ (403,678)
Retained earnings (accumulated deficit)	2,638,950	2,005,210
Total stockholders' equity (deficit)	2,235,272	1,601,532
Total liabilities and stockholders' equity (deficit)	$ (5,012,097)	$ (5,055,075)

CONDENSED CONSOLIDATING FINAN52

CONDENSED CONSOLIDATING FINANCIAL INFORMATION- Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$ 34,374	$ 93,935
Cash flows from investing activities:
Oil and natural gas capital expenditures	(116,759)	(264,626)
Other operating property and equipment capital expenditures	(646)	(4,345)
Funds held in escrow and other	(351)	959
Net cash provided by (used in) investing activities	(117,756)	(268,012)
Cash flows from financing activities:
Proceeds from borrowings	286,000	361,000
Repayments of borrowings	(200,648)	(217,000)
Debt issuance costs	(1,185)
Common stock issued		6,019
Restricted cash	(151)	(191)
Offering costs and other	(57)	(853)
Net cash provided by (used in) financing activities	83,959	148,975
Net increase (decrease) in cash	577	(25,102)
Cash at beginning of period	8,026	43,713
Cash at end of period	8,603	18,611
Eliminations
Cash flows from investing activities:
Advances to subsidiary	(29,543)	54,543
Net cash provided by (used in) investing activities	(29,543)	54,543
Cash flows from financing activities:
Proceeds from subsidiary	29,543	(54,543)
Net cash provided by (used in) financing activities	29,543	(54,543)
Parent Company | Reportable legal entities
Cash flows from operating activities:
Net cash provided by (used in) operating activities	(113,653)	(93,977)
Cash flows from investing activities:
Other operating property and equipment capital expenditures		(646)
Advances to subsidiary	29,543	(54,543)
Net cash provided by (used in) investing activities	29,543	(55,189)
Cash flows from financing activities:
Proceeds from borrowings	286,000	361,000
Repayments of borrowings	(200,648)	(217,000)
Debt issuance costs	(1,185)
Common stock issued		6,019
Offering costs and other	(57)	(853)
Net cash provided by (used in) financing activities	84,110	149,166
Guarantor Subsidiaries | Reportable legal entities
Cash flows from operating activities:
Net cash provided by (used in) operating activities	146,659	184,408
Cash flows from investing activities:
Oil and natural gas capital expenditures	(116,184)	(236,209)
Other operating property and equipment capital expenditures	(646)	(3,702)
Funds held in escrow and other	(351)	959
Net cash provided by (used in) investing activities	(117,181)	(238,952)
Cash flows from financing activities:
Proceeds from subsidiary	(29,543)	54,543
Net cash provided by (used in) financing activities	(29,543)	54,543
Net increase (decrease) in cash	(65)	(1)
Cash at beginning of period	100	15
Cash at end of period	35	14
Non-Guarantor Subsidiary | Reportable legal entities
Cash flows from operating activities:
Net cash provided by (used in) operating activities	1,368	3,504
Cash flows from investing activities:
Oil and natural gas capital expenditures	(575)	(28,417)
Other operating property and equipment capital expenditures		3
Net cash provided by (used in) investing activities	(575)	(28,414)
Cash flows from financing activities:
Restricted cash	(151)	191
Net cash provided by (used in) financing activities	(151)	(191)
Net increase (decrease) in cash	642	(25,101)
Cash at beginning of period	7,926	43,698
Cash at end of period	$ 8,568	$ 18,597