Battalion Oil (BATL) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
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, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		149,103,891
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Oil, natural gas and natural gas liquids sales:
Oil	$ 122,521
Natural gas	6,219
Natural gas liquids	6,025
Total oil, natural gas and natural gas liquids sales	134,765
Other	833
Total operating revenues	135,598
Production:
Lease operating	20,644
Workover and other	11,441
Taxes other than income	11,576
Gathering and other	11,942
Restructuring	755
General and administrative	20,849
Depletion, depreciation and accretion	32,886
(Gain) loss on sale of oil and natural gas properties	(231,190)
Total operating expenses	(121,097)
Income (loss) from operations	256,695
Other income (expenses):
Net gain (loss) on derivative contracts	26,398
Interest expense and other, net	(24,843)
Gain (loss) on extinguishment of debt	(56,898)
Total other income (expenses)	(55,343)
Income (loss) before income taxes	201,352
Income tax benefit (provision)	(12,000)
Net income (loss)	189,352
Non-cash preferred dividend	(801)
Net income (loss) available to common stockholders	$ 188,551
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ 2.07
Diluted (in dollars per share)	$ 1.69
Weighted average common shares outstanding:
Basic (in shares)	91,274
Diluted (in shares)	112,084
Predecessor
Oil, natural gas and natural gas liquids sales:
Oil		$ 74,967
Natural gas		3,742
Natural gas liquids		1,937
Total oil, natural gas and natural gas liquids sales		80,646
Other		703
Total operating revenues		81,349
Production:
Lease operating		20,578
Workover and other		7,791
Taxes other than income		7,258
Gathering and other		11,384
Restructuring		4,884
General and administrative		41,616
Depletion, depreciation and accretion		55,266
Full cost ceiling impairment		496,900
Other operating property and equipment impairment		28,056
Total operating expenses		673,733
Income (loss) from operations		(592,384)
Other income (expenses):
Net gain (loss) on derivative contracts		18,742
Interest expense and other, net		(47,791)
Gain (loss) on extinguishment of debt		81,434
Total other income (expenses)		52,385
Income (loss) before income taxes		(539,999)
Net income (loss)		(539,999)
Series A preferred dividends		(3,198)
Preferred dividends and accretion on redeemable noncontrolling interest		(23,665)
Net income (loss) available to common stockholders		$ (566,862)
Net income (loss) per share of common stock:
Basic (in dollars per share)		$ (4.72)
Diluted (in dollars per share)		$ (4.72)
Weighted average common shares outstanding:
Basic (in shares)		120,011
Diluted (in shares)		120,011

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 10, 2016	Sep. 09, 2016	Dec. 31, 2015
Current assets:
Cash	$ 62,157	$ 24		$ 13,943
Accounts receivable	122,910	147,762		116,859
Receivables from derivative contracts	11,757	5,923		97,648
Prepaids and other	6,112	6,940		7,629
Total current assets	202,936	160,649		253,243
Oil and natural gas properties (full cost method):
Evaluated	1,226,499	1,269,034		1,214,129
Unevaluated	843,746	316,439		332,115
Gross oil and natural gas properties	2,070,245	1,585,473		1,546,244
Less - accumulated depletion	(497,250)	(465,849)
Net oil and natural gas properties	1,572,995	1,119,624		1,546,244
Other operating property and equipment:
Gas gathering and other operating assets	54,826	38,617		38,071
Less - accumulated depreciation	(1,883)	(1,107)
Net other operating property and equipment	52,943	37,510		38,071
Other noncurrent assets:
Receivables from derivative contracts	3,205			4,431
Funds in escrow and other	2,132	1,887		1,637
Total assets	1,834,211	1,319,670		1,843,626
Current liabilities:
Accounts payable and accrued liabilities	160,594	186,184		173,688
Liabilities from derivative contracts	1,578	16,434		102
Other	4,759	4,935		4,849
Total current liabilities	166,931	207,553		178,639
Long -term debt, net	940,572	964,653		1,016,160
Other noncurrent liabilities:
Liabilities from derivative contracts	167	486		525
Asset retirement obligations	26,530	31,985		32,156
Other	1,223	2,305		3,953
Commitments and contingencies (Note 10)
Stockholders' equity:
Successor Preferred stock: 1,000,000 shares of $0.0001 par value authorized; 5,518 and no shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively
Successor Common stock: 1,000,000,000 shares of $0.0001 par value authorized; 92,947,576 and 92,991,183 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	9	9		9
Successor Additional paid-in capital	989,411	592,663		571,114
Retained earnings (accumulated deficit)	(290,632)	(479,984)
Total stockholders' equity	698,788	112,688	$ 571,123	571,123
Total liabilities and stockholders' equity	$ 1,834,211	$ 1,319,670		1,843,626
Predecessor
Current assets:
Cash				111,464
Accounts receivable				116,859
Receivables from derivative contracts				97,648
Prepaids and other				8,961
Total current assets				352,096
Oil and natural gas properties (full cost method):
Evaluated				7,712,003
Unevaluated				1,193,259
Gross oil and natural gas properties				8,905,262
Less - accumulated depletion				(6,803,231)
Net oil and natural gas properties				2,102,031
Other operating property and equipment:
Gas gathering and other operating assets				100,079
Less - accumulated depreciation				(24,154)
Net other operating property and equipment				75,925
Other noncurrent assets:
Receivables from derivative contracts				4,431
Funds in escrow and other				1,610
Total assets				2,536,093
Current liabilities:
Accounts payable and accrued liabilities				160,000
Liabilities from derivative contracts				102
Other				414
Total current liabilities				160,516
Long -term debt, net				1,031,114
Other noncurrent liabilities:
Liabilities from derivative contracts				525
Asset retirement obligations				48,955
Other				528
Commitments and contingencies (Note 10)
Stockholders' equity:
Successor Common stock: 1,000,000,000 shares of $0.0001 par value authorized; 92,947,576 and 92,991,183 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively				12
Successor Additional paid-in capital				3,287,906
Retained earnings (accumulated deficit)				(4,221,057)
Total stockholders' equity				(933,139)	$ 52,414
Total liabilities and stockholders' equity				$ 2,536,093

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	5,518	0
Preferred stock, shares outstanding	5,518	0
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	92,947,576	92,991,183
Common stock, shares outstanding	92,947,576	92,991,183

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Total
Balances (Predecessor) at Dec. 31, 2015		$ 12	$ 3,283,097	$ (3,230,695)	$ 52,414
Balances (in shares) (Predecessor) at Dec. 31, 2015	245	122,524
Increase (Decrease) in Stockholders' Equity
Net income (loss) | Predecessor				11,958	11,958
Conversion of Series A preferred stock (in shares) | Predecessor	(23)	724
Preferred dividends of redeemable noncontrolling interest | Predecessor				(9,329)	(9,329)
Accretion of redeemable noncontrolling interest | Predecessor				(26,576)	(26,576)
Cash payment to Preferred Holders | Predecessor			(11,100)		(11,100)
Reverse stock split rounding (in shares) | Predecessor		5
Offering costs | Predecessor			(10)		(10)
Long-term incentive plan forfeitures (in shares) | Predecessor		(517)
Reduction in shares to cover individuals' tax withholding | Predecessor			(176)		(176)
Reduction in shares to cover individuals' tax withholding (in shares) | Predecessor		(498)
Share-based compensation | Predecessor			4,995		4,995
Balances (Predecessor) at Sep. 09, 2016		$ 12	3,254,630	(3,254,642)	(933,139)
Balances at Sep. 09, 2016					571,123
Balances (in shares) (Predecessor) at Sep. 09, 2016	222	122,238
Increase (Decrease) in Stockholders' Equity
Fair Value of successor common stock | Predecessor			(22,176)		(22,176)
Fair Value of successor common stock					554,432
Cancellation of Predecessor equity | Predecessor		$ (12)	(3,254,630)	3,254,642
Cancellation of Predecessor equity (in shares) | Predecessor	(222)	(122,238)
Issuance of Successor common stock and warrants		$ 9	571,114		571,123
Issuance of Successor common stock and warrants (in shares)		90,000
Balances at Sep. 10, 2016		$ 9	571,114		571,123
Balances (in shares) at Sep. 10, 2016		90,000
Balances (Predecessor) at Sep. 09, 2016		$ 12	3,254,630	(3,254,642)	(933,139)
Balances at Sep. 09, 2016					571,123
Balances (in shares) (Predecessor) at Sep. 09, 2016	222	122,238
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(479,193)	(479,193)
Preferred dividends of redeemable noncontrolling interest				(791)	(791)
Long-term incentive plan grants (in shares)		2,991
Share-based compensation			21,549		21,549
Balances at Dec. 31, 2016		$ 9	592,663	(479,984)	112,688
Balances (in shares) at Dec. 31, 2016		92,991
Increase (Decrease) in Stockholders' Equity
Net income (loss)				189,352	189,352
Sale of preferred stock			352,048		352,048
Sale of preferred stock (in shares)	6
Offering costs			(11,829)		(11,829)
Preferred beneficial conversion feature			48,007		48,007
Long-term incentive plan forfeitures (in shares)		(41)
Reduction in shares to cover individuals' tax withholding			(17)		(17)
Reduction in shares to cover individuals' tax withholding (in shares)		(2)
Share-based compensation			8,539		8,539
Balances at Mar. 31, 2017		$ 9	$ 989,411	$ (290,632)	$ 698,788
Balances (in shares) at Mar. 31, 2017	6	92,948

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 189,352
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion	32,886
(Gain) loss on sale of oil and natural gas properties	(231,190)
Share-based compensation, net	8,347
Unrealized loss (gain) on derivative contracts	(24,214)
Amortization and write-off of deferred loan costs	185
Non-cash interest and amortization of discount and premium	1,644
Loss (gain) on extinguishment of debt	56,898
Accrued settlements on derivative contracts	(1,265)
Other income (expense)	(883)
Change in assets and liabilities:
Accounts receivable	30,023
Prepaids and other	820
Accounts payable and accrued liabilities	(17,043)
Net cash provided by (used in) operating activities	45,560
Cash flows from investing activities:
Oil and natural gas capital expenditures	(43,803)
Proceeds received from sales of oil and natural gas properties	477,306
Acquisition of oil and natural gas properties	(707,304)
Acquisition of other operating property and equipment	(25,538)
Other operating property and equipment capital expenditures	(502)
Proceeds received from sale of other operating property and equipment	10,286
Net cash provided by (used in) investing activities	(289,555)
Cash flows from financing activities:
Proceeds from borrowings	1,029,000
Repayments of borrowings	(1,065,000)
Premium paid to repurchase the 2020 Second Lien Notes	(30,917)
Debt issuance costs	(15,508)
Preferred stock issued	400,055
Offering costs and other	(11,502)
Net cash provided by (used in) financing activities	306,128
Net increase (decrease) in cash	62,133
Cash at beginning of period	24
Cash at end of period	62,157
Disclosure of non-cash investing and financing activities:
Asset retirement obligations	(6,037)
Accretion of non-cash preferred dividend	801
Accrued debt issuance costs	(382)
Accrued offering costs	$ (344)
Predecessor
Cash flows from operating activities:
Net income (loss)		$ (539,999)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion		55,266
Full cost ceiling impairment		496,900
Other operating property and equipment impairment		28,056
Share-based compensation, net		2,145
Unrealized loss (gain) on derivative contracts		88,978
Amortization and write-off of deferred loan costs		1,746
Non-cash interest and amortization of discount and premium		551
Loss (gain) on extinguishment of debt		(81,434)
Accrued settlements on derivative contracts		(32,882)
Other income (expense)		1,925
Change in assets and liabilities:
Accounts receivable		61,531
Prepaids and other		(3,428)
Accounts payable and accrued liabilities		(44,981)
Net cash provided by (used in) operating activities		34,374
Cash flows from investing activities:
Oil and natural gas capital expenditures		(116,920)
Proceeds received from sales of oil and natural gas properties		(422)
Acquisition of oil and natural gas properties		161
Other operating property and equipment capital expenditures		(646)
Proceeds received from sale of other operating property and equipment		61
Funds held in escrow and other		10
Net cash provided by (used in) investing activities		(117,756)
Cash flows from financing activities:
Proceeds from borrowings		286,000
Repayments of borrowings		(200,648)
Debt issuance costs		(1,185)
Offering costs and other		(208)
Net cash provided by (used in) financing activities		83,959
Net increase (decrease) in cash		577
Cash at beginning of period		8,026
Cash at end of period		8,603
Disclosure of non-cash investing and financing activities:
Accrued capitalized interest		(17,186)
Asset retirement obligations		583
Preferred dividends on redeemable noncontrolling interest paid-in-kind		3,295
Accretion of redeemable noncontrolling interest		20,370
Accrued debt issuance costs		$ 903

FINANCIAL STATEMENT PRESENTATIO

FINANCIAL STATEMENT PRESENTATION	3 Months Ended
	Mar. 31, 2017
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 oil and natural gas assets in the United States. The unaudited condensed consolidated financial statements include the accounts of all majority-owned, controlled subsidiaries. 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 Annual Report on Form 10-K, as filed with the United States Securities and Exchange Commission (SEC) on March 1, 2017. Please refer to the notes in the 2016 Annual Report on Form 10-K when reviewing interim financial results, though, as described below, such prior financial statements may not be comparable to the interim financial statements due to the adoption of fresh-start accounting on September 9, 2016. Emergence from Voluntary Reorganization under Chapter 11 On July 27, 2016 (the Petition Date), the Company and certain of its subsidiaries (the Halcón Entities) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware (the Bankruptcy Court) to pursue a joint prepackaged plan of reorganization (the Plan). On September 8, 2016, the Bankruptcy Court entered an order confirming the Plan and on September 9, 2016, the Plan became effective (the Effective Date) and the Halcón Entities emerged from chapter 11 bankruptcy. The Company's subsidiary, HK TMS, LLC which was divested on September 30, 2016, was not part of the chapter 11 bankruptcy filings. See Note 2, "Reorganization," for further details on the Company's chapter 11 bankruptcy and the Plan and Note 4, "Acquisitions and Divestitures," for further details on the divestiture of HK TMS, LLC. Upon emergence from chapter 11 bankruptcy, the Company adopted fresh-start accounting in accordance with provisions of the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) 852, "Reorganizations" (ASC 852) which resulted in the Company becoming a new entity for financial reporting purposes on the Effective Date. Upon the adoption of fresh-start accounting, the Company's assets and liabilities were recorded at their fair values as of the fresh-start reporting date. As a result of the adoption of fresh-start accounting, the Company's unaudited condensed consolidated financial statements subsequent to September 9, 2016 are not comparable to its unaudited condensed consolidated financial statements prior to, and including, September 9, 2016. See Note 3, "Fresh-start Accounting," for further details on the impact of fresh-start accounting on the Company's unaudited condensed consolidated financial statements. References to "Successor" or "Successor Company" relate to the financial position and results of operations of the reorganized Company subsequent to September 9, 2016. References to "Predecessor" or "Predecessor Company" relate to the financial position and results of operations of the Company prior to, and including, September 9, 2016. 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 accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, fair value estimates, including estimates of Reorganization Value, Enterprise Value and the fair value of assets and liabilities recorded as a result of the adoption of fresh-start accounting, plus the estimated fair values of assets acquired and liabilities assumed in connection with the Pecos County Acquisition and the fair value of assets sold in connection with the El Halcón Divestiture, including the gain on sale recorded, and income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions and information believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be predicted 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 significant allowances for doubtful accounts as of March 31, 2017 (Successor) or December 31, 2016 (Successor). Other Operating Property and Equipment Gas gathering systems and equipment are recorded at fair value as a result of fresh-start accounting on September 9, 2016. Depreciation is calculated using the straight-line method over a 30-year, 20-year, or 10-year estimated useful life applicable to gas gathering systems, a water recycling facility 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. Other operating assets are recorded at fair value as a result of fresh-start accounting on September 9, 2016. 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, eight to 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. Refer to Note 4, "Acquisitions and Divestitures," for a discussion of gas gathering systems and equipment and other operating assets acquired and divested during the period. The Company reviews its gas gathering systems and equipment and other operating assets for impairment in accordance with ASC 360, Property, Plant, and Equipment (ASC 360). ASC 360 requires the Company to evaluate gas gathering systems and equipment and other operating assets for impairment as events occur or circumstances change that would more likely than not reduce the fair value below the carrying amount. If the carrying amount is not recoverable from its undiscounted cash flows, then the Company would recognize an impairment loss for the difference between the carrying amount and the current fair value. Further, the Company evaluates the remaining useful lives of its gas gathering systems and 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 (Predecessor), 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 related to $32.8 million gross investments in gas gathering infrastructure that were deemed non-economical due to a shift in exploration, drilling and developmental plans in a 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 over the remaining asset lives. This estimation includes the use of unobservable inputs, such as estimated future production, gathering and compression revenues and operating expenses. The use of these unobservable inputs results in the fair value estimate of the Company's gas gathering systems being classified as Level 3. Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01). For public business entities, ASU 2017-01 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2017. The amendments in this ASU should be applied prospectively on or after the effective date. The ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The Company is in the process of assessing the effects of the application of the new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) (ASU 2016-15). For public business entities, ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. The areas for simplification in this ASU involve addressing eight specific classification issues in the statement of cash flows. An entity should apply the amendments in this ASU using a retrospective transition method. 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 early stages of assessing the effects of the application of the new guidance and the financial statement and disclosure impacts. The Company will adopt ASU 2016-02 no later than January 1, 2019. 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 amounts that reflect 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. In March 2016, 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), which provides further clarification on the principal versus agent evaluation. ASU 2014-09 is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet 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 early stages of assessing the effects of the application of the new guidance and the financial statement and disclosure impacts. The Company will adopt ASU 2014-09 effective January 1, 2018.

REORGANIZATION

REORGANIZATION	3 Months Ended
	Mar. 31, 2017
REORGANIZATION
REORGANIZATION	2. REORGANIZATION On June 9, 2016, the Halcón Entities entered into a restructuring support agreement (the Restructuring Support Agreement) with certain holders of the Company's 13% senior secured third lien notes due 2022 (the Third Lien Noteholders), the Company's 8.875% senior unsecured notes due 2021, 9.25% senior unsecured notes due 2022 and 9.75% senior unsecured notes due 2020 (collectively, the Unsecured Noteholders), the holder of the Company's 8% senior unsecured convertible note due 2020 (the Convertible Noteholder), and certain holders of the Company's 5.75% Series A Convertible Perpetual Preferred Stock. On July 27, 2016, the Halcón Entities filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware to effect an accelerated prepackaged bankruptcy restructuring as contemplated in the Restructuring Support Agreement. On September 8, 2016, the Bankruptcy Court entered an order confirming the Plan and on September 9, 2016, the Halcón Entities emerged from chapter 11 bankruptcy. Upon emergence, pursuant to the terms of the Plan, the following significant transactions occurred: • the Predecessor Company's financing facility under the Predecessor Credit Agreement was refinanced and replaced with a debtor-in-possession senior secured, super-priority revolving credit facility, which was subsequently converted into the Senior Credit Agreement (refer to Note 6, "Debt," for credit agreement definitions and further details regarding the credit agreements); • the Predecessor Company's Second Lien Notes (consisting of $700.0 million in aggregate principal amount outstanding of 8.625% senior secured notes due 2020 and $112.8 million in aggregate principal amount outstanding of 12% senior secured notes due 2022) were unimpaired and reinstated; • the Predecessor Company's Third Lien Notes were cancelled and the Third Lien Noteholders received their pro rata share of 76.5% of the common stock of reorganized Halcón, together with a cash payment of $33.8 million, and accrued and unpaid interest on their notes through May 15, 2016, which interest was paid prior to the chapter 11 bankruptcy filing, in full and final satisfaction of their claims; • the Predecessor Company's Unsecured Notes were cancelled and the Unsecured Noteholders received their pro rata share of 15.5% of the common stock of reorganized Halcón, together with a cash payment of $37.6 million and warrants to purchase 4% of the common stock of reorganized Halcón (with a four year term and an exercise price of $14.04 per share), and accrued and unpaid interest on their notes through May 15, 2016, which interest was paid prior to the chapter 11 bankruptcy filing, in full and final satisfaction of their claims; • the Predecessor Company's Convertible Note was cancelled and the Convertible Noteholder received 4% of the common stock of reorganized Halcón, together with a cash payment of $15.0 million and warrants to purchase 1% of the common stock of reorganized Halcón (with a four year term and an exercise price of $14.04 per share), in full and final satisfaction of their claims; • the general unsecured claims were unimpaired and paid in full in the ordinary course; • all outstanding shares of the Predecessor Company's Series A Preferred Stock were cancelled and the Preferred Holders received their pro rata share of $11.1 million in cash, in full and final satisfaction of their interests; and • all of the Predecessor Company's outstanding shares of common stock were cancelled and the common stockholders received their pro rata share of 4% of the common stock of reorganized Halcón, in full and final satisfaction of their interests. Each of the foregoing percentages of equity in the reorganized Company were as of September 9, 2016 and are subject to dilution from the exercise of the new warrants described above, a management incentive plan discussed further in Note 11 , "Stockholders' Equity," and other future issuances of equity securities. See Note 6, " Debt ," and Note 11, " Stockholders' Equity ," for further information regarding the Company's Successor and Predecessor debt and equity instruments.

FRESH-START ACCOUNTING

FRESH-START ACCOUNTING	3 Months Ended
	Mar. 31, 2017
FRESH-START ACCOUNTING
FRESH-START ACCOUNTING	3. FRESH-START ACCOUNTING Upon the Company's emergence from chapter 11 bankruptcy, the Company qualified for and adopted fresh-start accounting in accordance with the provisions set forth in ASC 852 as (i) the Reorganization Value of the Company's assets immediately prior to the date of confirmation was less than the post-petition liabilities and allowed claims, and (ii) the holders of the existing voting shares of the Predecessor entity received less than 50% of the voting shares of the emerging entity. Refer to Note 2 , "Reorganization," for the terms of the Plan. Fresh-start accounting requires the Company to present its assets, liabilities, and equity as if it were a new entity upon emergence from bankruptcy. The new entity is referred to as "Successor" or "Successor Company." However, the Company will continue to present financial information for any periods before adoption of fresh-start accounting for the Predecessor Company. The Predecessor and Successor companies may lack comparability, as required in ASC Topic 205, Presentation of Financial Statements (ASC 205). ASC 205 states financial statements are required to be presented comparably from year to year, with any exceptions to comparability clearly disclosed. Therefore, "black-line" financial statements are presented to distinguish between the Predecessor and Successor companies. Adopting fresh-start accounting results in a new financial reporting entity with no beginning retained earnings or deficit as of the fresh-start reporting date. Upon the application of fresh-start accounting, the Company allocated the Reorganization Value (the fair value of the Successor Company's total assets) to its individual assets based on their estimated fair values. The Reorganization Value is intended to represent the approximate amount a willing buyer would value the Company's assets immediately after the reorganization. Reorganization Value is derived from an estimate of Enterprise Value, or the fair value of the Company's long-term debt, stockholders' equity and working capital. The estimated Enterprise Value at the Effective Date was below the midpoint of the Court approved range of $1.6 billion to $1.8 billion, primarily reflecting the decline in forward commodity prices during the period between the Company's analysis performed in advance of the July 2016 chapter 11 bankruptcy filing and the Effective Date. The Enterprise Value was derived from an independent valuation using an asset based methodology of proved reserves, undeveloped acreage, and other financial information, considerations and projections, applying a combination of the income, cost and market approaches as of the fresh-start reporting date of September 9, 2016. The Company's principal assets are its oil and natural gas properties. For purposes of estimating the fair value of the Company's proved, probable and possible reserves, an income approach was used which estimated fair value based on the anticipated cash flows associated with the Company's reserves, risked by reserve category and discounted using a weighted average cost of capital rate of 10.5% for proved reserves and 12.5% for probable and possible reserves. The proved reserve locations were limited to wells expected to be drilled in the Company's five year development plan. Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $72.30 per barrel of oil, $3.50 per million British thermal units (MMBtu) of natural gas and $12.00 per barrel of oil equivalent of natural gas liquids, after adjustment for transportation fees and regional price differentials. Base pricing was derived from an average of forward strip prices and analysts' estimated prices. In estimating the fair value of the Company's unproved acreage that was not included in the valuation of probable and possible reserves, a market approach was used in which a review of recent transactions involving properties in the same geographical location indicated the fair value of the Company's unproved acreage from a market participant perspective. See further discussion below in the "Fresh-start accounting adjustments" for the specific assumptions used in the valuation of the Company's various other assets. Although the Company believes the assumptions and estimates used to develop Enterprise Value and Reorganization Value were reasonable and appropriate, different assumptions and estimates could materially impact the analysis and resulting conclusions. The assumptions used in estimating these values are inherently uncertain and require judgment. The following table reconciles the Company's Enterprise Value to the estimated fair value of the Successor's common stock as of September 9, 2016 (in thousands): September 9, 2016 Enterprise Value $ Plus: Cash Less: Fair value of debt ) Less: Fair value of redeemable noncontrolling interest ) Less: Fair value of other long-term liabilities ) Less: Fair value of warrants ) ​ ​ ​ ​ ​ Fair Value of Successor common stock $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table reconciles the Company's Enterprise Value to its Reorganization Value as of September 9, 2016 (in thousands): September 9, 2016 Enterprise Value $ Plus: Cashar Plus: Current liabilities Plus: Noncurrent asset retirement obligation ​ ​ ​ ​ ​ Reorganization Value of Successor assets $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Consolidated Balance Sheet The following illustrates the effects on the Company's unaudited condensed consolidated balance sheet due to the reorganization and fresh-start accounting adjustments. The explanatory notes following the table below provide further details on the adjustments, including the Company's assumptions and methods used to determine fair value for its assets and liabilities. Amounts included in the table below are rounded to thousands. As of September 9, 2016 Predecessor Reorganization Fresh-Start Successor Current assets: Cash $ $ ) (1) ​ $ — $ Accounts receivable — — Receivables from derivative contracts — — Restricted cash — — Prepaids and other — ) (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties (full cost method): Evaluated — ) (8) ​ Unevaluated — ) (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties — ) Less—accumulated depletion ) — (8) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating property and equipment: Gas gathering and other operating assets — ) (9) ​ Less—accumulated depreciation ) — (9) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net other operating property and equipment — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other noncurrent assets: Receivables from derivative contracts — — Funds in escrow and other — (10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: Accounts payable and accrued liabilities $ $ (2) $ — $ Liabilities from derivative contracts — — Other — (11)(12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net — ) (13) ​ Liabilities subject to compromise ) (3) ​ — — Other noncurrent liabilities: Liabilities from derivative contracts — — Asset retirement obligations — ) (12) ​ Other — (11)(14) Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — ) (14) ​ Stockholders' equity: Preferred stock (Predecessor) — — (4) — — Common Stock (Predecessor) ) (4) ​ — — Common Stock (Successor) — (5) — Additional paid-in capital (Predecessor) ) (4) ​ — — Additional paid-in capital (Successor) — (5) — Retained earnings (accumulated deficit) ) (6) ) (15) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reorganization adjustments (1) The table below details cash payments as of September 9, 2016, pursuant to the terms of the Plan described in Note 2 " Reorganization " (in thousands): Payment to Third Lien Noteholders $ Payment to Unsecured Noteholders Payment to Convertible Noteholder Payment to Preferred Holders ​ ​ ​ ​ ​ Total Uses $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) In connection with the chapter 11 bankruptcy, the Company modified and rejected certain office lease arrangements and paid approximately $3.4 million for these modifications and rejections subsequent to the emergence from chapter 11 bankruptcy. This amount also reflects $10.3 million paid to the Company's restructuring advisors subsequent to the emergence from chapter 11 bankruptcy. (3) Liabilities subject to compromise were as follows (in thousands): 13.0% senior secured third lien notes due 2022 $ 9.25% senior notes due 2022 8.875% senior notes due 2021 9.75% senior notes due 2020 8.0% convertible note due 2020 Accrued interest Office lease modification and rejection fees ​ ​ ​ ​ ​ Liabilities subject to compromise Fair value of equity and warrants issued to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder ) Cash payments to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder ) Office lease modification and rejection fees ) ​ ​ ​ ​ ​ Gain on settlement of Liabilities subject to compromise $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) Reflects the cancellation of Predecessor equity, as follows (in thousands): Predecessor Company stock $ Fair value of equity issued to Predecessor common stockholers ) Cash payment to Preferred Holders ) ​ ​ ​ ​ ​ Cancellation of Predecessor Company equity $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5) Reflects the issuance of Successor equity. In accordance with the Plan, the Successor Company issued 3.6 million shares of common stock to the Predecessor Company's existing common stockholders, 68.8 million shares of common stock to the Third Lien Noteholders, 14.0 million shares of common stock to the Unsecured Noteholders, and 3.6 million shares of common stock to the Convertible Noteholder. This amount is subject to dilution by warrants issued to the Unsecured Noteholders and the Convertible Noteholder totaling 4.7 million shares with an exercise price of $14.04 per share and a term of four years. The fair value of the warrants was estimated at $3.52 per share using a Black-Scholes-Merton valuation model. (6) The tagtable below reflects the cumulative effect of the reorganization adjustments discussed above (in thousands): Gain on settlement of Liabilities subject to compromise $ Accrued reorganization items ) Cancellation of Predecessor Company equity ​ ​ ​ ​ ​ Net impact to retained earnings (accumulated deficit) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fresh-start accounting adjustments (7) Reflects the reclassification of tubulars and well equipment to " Oil and natural gas properties ." (8) In estimating the fair value of its oil and natural gas properties, the Company used a combination of the income and market approaches. For purposes of estimating the fair value of the Company's proved, probable and possible reserves, an income approach was used which estimated fair value based on the anticipated cash flows associated with the Company's reserves, risked by reserve category and discounted using a weighted average cost of capital rate of 10.5% for proved reserves and 12.5% for probable and possible reserves. The proved reserve locations were limited to wells expected to be drilled in the Company's five year development plan. Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $72.30 per barrel of oil, $3.50 per MMBtu of natural gas and $12.00 per barrel of natural gas liquids, after adjustment for transportation fees and regional price differentials. Base pricing was derived from an average of forward strip prices and analysts' estimated prices. In estimating the fair value of the Company's unproved acreage that was not included in the valuation of probable and possible reserves, a market approach was used in which a review of recent transactions involving properties in the same geographical location indicated the fair value of the Company's unproved acreage from a market participant perspective. (9) In estimating the fair value of its gas gathering and other operating assets, the Company used a combination of the income, cost, and market approaches. For purposes of estimating the fair value of its gas gathering assets, an income approach was used that estimated future cash flows associated with the assets over the remaining useful lives. The valuation included such inputs as estimated future production, gathering and compression revenues, and operating expenses that were discounted at a weighted average cost of capital rate of 9.5%. For purposes of estimating the fair value of its other operating assets, the Company used a combination of the market and cost approaches. A market approach was relied upon to value land and computer equipment, and in this valuation approach, recent transactions of similar assets were utilized to determine the value from a market participant perspective. For the remaining other operating assets, a cost approach was used. The estimation of fair value under the cost approach was based on current replacement costs of the assets, less depreciation based on the estimated economic useful lives of the assets and age of the assets. (10) Reflects the adjustment of the Company's equity method investment in SBE Partners, L.P. to fair value based on an income approach, which calculated the discounted cash flows of the Company's share of the partnership's interest in oil and gas proved reserves. The anticipated cash flows of the reserves were risked by reserve category and discounted at 10.5%. Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $72.30 per barrel of oil, $3.50 per MMBtu of natural gas and $12.00 per barrel of oil equivalent of natural gas liquids, after adjustment for transportation fees and regional price differentials. Base pricing was derived from an average of forward strip prices and analysts' estimated prices. (11) Records an intangible liability of approximately $8.3 million, $4.5 million of which was recorded as current, to adjust the Company's active rig contract to fair value at September 9, 2016. The intangible liability will be amortized over the remaining life of the contract through July 2018. (12) Reflects the adjustment of asset retirement obligations to fair value using estimated plugging and abandonment costs as of September 9, 2016, adjusted for inflation and then discounted at the appropriate credit-adjusted risk free rate ranging from 5.5% to 6.6% depending on the life of the well. The fair value of asset retirement obligations was estimated at $32.5 million, approximately $0.3 million of which was recorded as current. Refer to Note 9, "Asset Retirement Obligations" for further details of the Company's asset retirement obligations. (13) Reflects the adjustment of the 2020 Second Lien Notes and the 2022 Second Lien Notes to fair value. The fair value estimate was based on quoted market prices from trades of such debt on September 9, 2016. Refer to Note 6, "Debt" for definitions of and further information regarding the 2020 Second Lien Notes and 2022 Second Lien Notes. (14) Reflects the adjustment of the Company's redeemable noncontrolling interest and related embedded derivative of HK TMS, LLC to fair value. The fair value of the redeemable noncontrolling interest was estimated at $41.1 million and the embedded derivative was estimated at zero. For purposes of estimating the fair values, an income approach was used that estimated fair value based on the anticipated cash flows associated with HK TMS, LLC's proved reserves, risked by reserve category and discounted using a weighted average cost of capital rate of 12.5%. The value of the redeemable noncontrolling interest was further reduced by a probability factor of the potential assignment of the common shares of HK TMS, LLC to Apollo Global Management, which occurred subsequent to the fresh-start date. Refer to Note 4, "Acquisitions and Divestitures," for further information regarding the divestiture of HK TMS, LLC on September 30, 2016. (15) Reflects the cumulative effect of the fresh-start accounting adjustments discussed above.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
	Mar. 31, 2017
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES	4. ACQUISITIONS AND DIVESTITURES Acquisitions Southern Delaware Basin Assets (Pecos and Reeves Counties, Texas) On January 18, 2017 (Successor), Halcón Energy Properties, Inc., a wholly owned subsidiary of the Company, entered into a Purchase and Sale Agreement with Samson Exploration, LLC (Samson), pursuant to which it agreed to acquire a total of 20,901 net acres and related assets in the Southern Delaware Basin located in Pecos and Reeves Counties, Texas (collectively, the Pecos County Assets), for a total purchase price of $703.9 million, subject to customary post-closing adjustments (the Pecos County Acquisition). The Pecos County Acquisition closed on February 28, 2017. The Company funded the Pecos County Acquisition with the net proceeds from the private placement of its preferred stock and borrowings under its Senior Credit Agreement. Refer to Note 11, "Stockholders' Equity," for further discussion of the Company's issuance of 8% Automatically Convertible Preferred Stock. The transaction had an effective date of November 1, 2016, and was subject to customary closing conditions, as well as the execution and delivery of certain other agreements. The Pecos County Acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations (ASC 805) which, among other things, requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. The estimated fair value of the properties acquired approximates the fair value of consideration and as a result no goodwill was recognized. The following table summarizes the consideration paid to acquire the Pecos County Assets, as well as the preliminary amounts of assets acquired and liabilities assumed as of the acquisition date (in thousands): Cash consideration paid to Samson at closing (1) $ Less: Estimated post-effective closing date adjustments (2) ) ​ ​ ​ ​ ​ Estimated consideration transferred $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plus: Estimated Fair Value of Liabilities Assumed: Current liabilities $ Asset retirement obligations ​ ​ ​ ​ ​ Amount attributable to liabilites assumed ​ ​ ​ ​ ​ Total purchase price plus liabilities assumed $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value of Assets Acquired: Evaluated oil and natural gas properties (3)(4) $ Unevaluated oil and natural gas properties (3)(4) Gas gathering and other operating assets (5) ​ ​ ​ ​ ​ Amount attributable to assets acquired $ ​ ​ ​ ​ ​ Goodwill $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents amount of cash consideration, adjusted for customary closing items, for the purchase of the Pecos County Assets funded by the issuance of approximately $400.1 million of new 8% automatically convertible preferred stock and borrowings under the Senior Credit Agreement. (2) In accordance with the purchase agreement, the effective date of the acquisition was November 1, 2016 and therefore revenues, expenses and related capital expenditures from November 1, 2016 through the closing of the Pecos County Acquisition have been reflected as adjustments to the purchase price consideration. At closing, a net $1.1 million was identified as reductions to the purchase price consideration for post effective date activities from November 1, 2016 through December 31, 2016. Estimates have been made to reflect expected purchase price consideration adjustments for the post effective date period from January 1, 2017 through February 28, 2017 (the closing date). (3) In estimating the fair value of the Pecos County Assets' oil and natural gas properties, the Company used an income approach. For purposes of estimating the fair value of the proved, probable and possible reserves, an income approach was used which estimated fair value based on the anticipated cash flows associated with the Pecos County Assets' estimated reserves risked by reserve category and discounted using a weighted average cost of capital rate of 10.0% for proved reserves and 12.0% for probable and possible reserves. The proved reserve locations were limited to wells expected to be drilled in the Company's five-year development plan. This estimation includes the use of unobservable inputs, such as estimated future production, oil and natural gas revenues and expenses. The use of these unobservable inputs results in the fair value estimate of the Pecos County Assets being classified as Level 3. (4) Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $76.10 per barrel of oil, $4.14 per Mcf of natural gas and $29.48 per barrel of oil equivalent of natural gas liquids, after adjustment for transportation fees and regional price differentials. Base pricing was derived from an average of forward strip prices and research analysts' estimated prices. (5) In estimating the fair value of the Pecos County Assets' gas gathering and other operating assets, the Company used a combination of the cost and market approaches. A market approach was relied upon to value the land, heavy equipment and vehicles, and in this valuation approach, recent transactions of similar assets were utilized to determine the value from a market participant perspective. For the remaining other operating assets, a cost approach was used. The estimation of fair value under the cost approach was based on current replacement costs of the assets, less depreciation based on the estimated economic useful lives of the assets and age of the assets. The following unaudited pro forma combined results of operations are provided for the three months ended March 31, 2017 and 2016 as though the Pecos County Acquisition had been completed as of the beginning of the comparable prior annual reporting period, or January 1, 2016. The pro forma combined results of operations for the three months ended March 31, 2017 and 2016 have been prepared by adjusting the historical results of the Company to include the historical results of the Pecos County Assets. These supplemental pro forma results of operations are provided for illustrative purposes only and do not purport to be indicative of the actual results that would have been achieved by the combined company for the periods presented or that may be achieved by the combined company in the future. The pro forma results of operations do not include any cost savings or other synergies that resulted, or may result, from the Pecos County Acquisition or any estimated costs that will be incurred to integrate the Pecos County Assets. Future results may vary significantly from the results reflected in this unaudited pro forma financial information because of future events and transactions, as well as other factors. Amounts included in the table below are rounded to thousands. Successor Predecessor Three Months Three Months Revenue $ $ Net income (loss) ) Net income (loss) available to common stockholders ) Pro forma net income (loss) per share of common stock: Basic $ $ ) Diluted $ $ ) The Company's historical financial information was adjusted to give effect to the pro forma events that are directly attributable to Pecos County Assets and are factually supportable. The unaudited pro forma consolidated results include the historical revenues and expenses of assets acquired and liabilities assumed, with the following adjustments: • Adjustment to recognize incremental depletion expense under the full cost method of accounting based on the fair value of the oil and natural gas properties and incremental accretion expense based on the asset retirement costs of the oil and natural gas properties at acquisition; • Adjustment to recognize incremental depreciation expense of the gas gathering and other operating assets and incremental accretion expense based on the asset retirement costs of the gas gathering and other operating assets at acquisition; and • Eliminate transaction costs and non-recurring charges directly related to the transactions that were included in the historical results of operations for the Company in the amount of $0.4 million. Transaction costs directly related to the transaction that do not have a continuing impact on the combined Company's operating results have been excluded from the pro forma earnings. For the three months ended March 31, 2017, the Company recognized $3.3 million of oil, natural gas and natural gas liquids and other revenue related to the Pecos County Assets and $1.6 million of net field operating income (oil, natural gas and natural gas liquids and other revenues less lease operating expense, workover expense, production taxes, gathering and other expense, and depletion and depreciation expense) related to the Pecos County Assets. Additionally, non-recurring transaction costs of $0.4 million related to the Pecos County Acquisition for the three months ended March 31, 2017 are included in the unaudited condensed consolidated statements of operations in " General and administrative" expenses; these non-recurring transaction costs have been excluded from the pro forma results for all periods presented in the above table. Divestitures East Texas Eagle Ford Assets On January 24, 2017 (Successor), certain of the Company's subsidiaries entered into an Agreement of Sale and Purchase with a subsidiary of Hawkwood Energy, LLC (Hawkwood) for the sale of all of its oil and natural gas properties and related assets located in the Eagle Ford formation of East Texas (the El Halcón Assets) for a total adjusted sales price of $483.5 million, subject to post-closing adjustments (the El Halcón Divestiture). The effective date of the sale was January 1, 2017 and the transaction closed on March 9, 2017. The sale properties included approximately 80,500 net acres prospective for the Eagle Ford formation in East Texas and related gas gathering and other operating assets. The Company used the net proceeds from the sale to repay borrowings outstanding under its Senior Credit Agreement and for general corporate purposes. The net proceeds from the sale were allocated between the Company's oil and natural gas properties, gas gathering and other operating assets and liabilities transferred on a fair value basis. Approximately $10.2 million was allocated to gas gathering and other operating assets and approximately $477.3 million was allocated to the Company's oil and natural gas properties. As discussed further in Note 5, "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, sales of oil and gas properties are accounted for as adjustments of capitalized costs with no gain or loss recognized, unless the adjustment significantly alters the relationship between capitalized costs and proved reserves. If the El Halcón Divestiture was accounted for as an adjustment of capitalized costs with no gain or loss recognized, the adjustment would have significantly altered the relationship between capitalized costs and proved reserves. Accordingly, the Company recognized a gain on the sale of $231.2 million during the three months ended March 31, 2017 (Successor). The carrying value of the properties sold was determined by allocating total capitalized costs within the full cost pool between properties sold and properties retained based on their relative fair values. The gain was recorded in "Gain (loss) on sale of oil and natural gas properties," on the Company's unaudited condensed consolidated statements of operations. HK TMS, LLC On September 30, 2016, certain wholly-owned subsidiaries of the Successor Company executed an Assignment and Assumption Agreement with an affiliate of Apollo Global Management (Apollo) pursuant to which Apollo acquired one hundred percent (100%) of the common shares (the Membership Interests) of HK TMS, LLC (HK TMS), which transaction is referred to as the HK TMS Divestiture. HK TMS was previously a wholly-owned subsidiary and held all of the Successor Company's oil and natural gas properties in the Tuscaloosa Marine Shale (TMS). In exchange for the assignment of the Membership Interests, Apollo assumed all obligations relating to the Membership Interests, which were previously classified as "Mezzanine Equity" on the unaudited condensed consolidated balance sheets of HK TMS, from and after such date. Prior to the HK TMS Divestiture, the preferred shares were considered probable of becoming redeemable and therefore were accreted up to the estimated required redemption value. The accretion was presented as a deemed dividend and recorded in " Preferred dividends and accretion on redeemable noncontrolling interest " on the unaudited condensed consolidated statements of operations. For the three months ended March 31, 2016 (Predecessor), HK TMS issued 3,295 additional preferred shares to Apollo for dividends paid-in-kind. These dividends were presented within " Preferred dividends and accretion on redeemable noncontrolling interest " on the unaudited condensed consolidated statements of operations. HK TMS was not included in the chapter 11 bankruptcy filings or the Restructuring Support Agreement discussed in Note 2, " Reorganization. "

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	3 Months Ended
	Mar. 31, 2017
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	5. 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. Additionally, 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 Predecessor Company determined capitalized interest by multiplying the Predecessor Company's weighted-average borrowing cost on debt by the average amount of qualifying costs incurred that were excluded from the full cost pool. The capitalized interest amounts were recorded as additions to unevaluated oil and natural gas properties on the unaudited condensed consolidated balance sheets. For the three months ended March 31, 2016 (Predecessor), the Company capitalized interest costs of $32.1 million. The Successor Company's policy on the capitalization of interest establishes thresholds for the determination of a development project for the purpose of interest capitalization. At March 31, 2017 (Successor), 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, 2017 of the West Texas Intermediate (WTI) crude oil spot price of $47.61 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, 2017 of the Henry Hub natural gas price of $2.73 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, 2017 (Successor) did not exceed the ceiling amount. At March 31, 2016 (Predecessor), 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 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 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 (Predecessor) 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 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 (Predecessor). 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 was no longer probable that capital would 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 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. The Company recorded the full cost ceiling test impairment 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.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2017
DEBT
DEBT	6. DEBT Long-term debt as of March 31, 2017 (Successor) and December 31, 2016 (Successor), consisted of the following (in thousands): Successor March 31, December 31, Senior revolving credit facility $ — $ 8.625% senior secured second lien notes due 2020 (1) — 12.0% senior secured second lien notes due 2022 (2) 6.75% senior notes due 2025 (3) — ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On February 16, 2017, the Company repurchased approximately 41% of the outstanding aggregate principal amount of its 2020 Second Lien Notes with proceeds from the issuance of new 6.75% senior unsecured notes due 2025. The remaining aggregate principal amount was redeemed on March 20, 2017. Amount was net of a $27.4 million unamortized discount at December 31, 2016 (Successor). Refer to "8.625% Senior Secured Second Lien Notes" below for further details. (2) Amounts are net of a $6.5 million and $6.8 million unamortized discount at March 31, 2017 (Successor) and December 31, 2016 (Successor), respectively. (3) On February 16, 2017, the Company issued $850.0 million aggregate principal amount of new 6.75% senior unsecured notes due 2025. Amount is net of $15.7 million unamortized debt issuance costs at March 31, 2017 (Successor). Refer to "6.75% Senior Notes" below for further details. Senior Revolving Credit Facility On the Effective Date, the Company entered into a senior secured revolving credit agreement (the Senior Credit Agreement) with JPMorgan Chase Bank, N.A., as administrative agent, and certain other financial institutions party thereto, as lenders. The Senior Credit Agreement provides for a $1.5 billion senior secured reserve-based revolving credit facility with a current borrowing base of $650.0 million, that was affirmed in the redetermination that occurred on May 2, 2017. The maturity date of the Senior Credit Agreement is July 28, 2021. 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. Amounts outstanding under the Senior Credit Agreement bear interest at specified margins over the base rate of 1.75% to 2.75% for ABR-based loans or at specified margins over LIBOR of 2.75% to 3.75% for Eurodollar-based loans. These margins fluctuate based on the Company's utilization of the facility. The Company may elect, at its option, to prepay any borrowings outstanding under the Senior Credit Agreement without premium or penalty (except with respect to any break funding payments which may be payable pursuant to the terms of the Senior Credit Agreement). Additionally, if the Company has outstanding borrowings or letters of credit or reimbursement obligations in respect of letters of credit and the Consolidated Cash Balance (as defined in the Senior Credit Agreement) exceeds $100.0 million as of the close of business on the most recently ended business day, the Company may also be required to make mandatory prepayments. Amounts outstanding under the Senior Credit Agreement are guaranteed by certain of the Company's direct and indirect subsidiaries and secured by a security interest in substantially all of the assets of the Company and its subsidiaries. The Senior Credit Agreement also contains certain financial covenants, including the maintenance of (i) a Total Net Indebtedness Leverage Ratio (as defined in the Senior Credit Agreement) not to exceed 4.75:1.00 initially, determined as of each four fiscal quarter periods and commencing with the fiscal quarter ending September 30, 2016, stepping down to 4.50:1.00 and 4.00:1.00 on September 30, 2017 and March 31, 2019, respectively, and (ii) a Current Ratio (as defined in the Senior Credit Agreement) not to be less than 1.00:1.00. At March 31, 2017 (Successor), the Company was in compliance with the financial covenants under the Senior Credit Agreement. The Senior Credit Agreement also contains certain events of default, including non-payment; breaches of representations and warranties; non-compliance with covenants or other agreements; cross-default to material indebtedness; judgments; change of control; and voluntary and involuntary bankruptcy. At March 31, 2017 (Successor), under the then effective borrowing base of $600.0 million, the Company had no borrowings outstanding, approximately $6.4 million letters of credit outstanding and approximately $593.6 million of borrowing capacity available under the Senior Credit Agreement. 8.625% Senior Secured Second Lien Notes On May 1, 2015 (Predecessor), 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 offering. The 2020 Second Lien Notes were issued at par. The net proceeds from the sale of the 2020 Second Lien Notes were approximately $686.2 million (after deducting offering fees and expenses). The 2020 Second Lien Notes bore interest at a rate of 8.625% per annum, payable semi-annually on February 1 and August 1 of each year. In accordance with the Plan, the 2020 Second Lien Notes were unimpaired and reinstated upon the Company's emergence from chapter 11 bankruptcy. On February 16, 2017 (Successor), the Company paid approximately $303.5 million for approximately $289.2 million principal amount of 2020 Second Lien Notes, a make-whole premium of $13.2 million plus accrued and unpaid interest of approximately $1.1 million to repurchase such notes pursuant to a tender offer and issued a redemption notice to redeem the remaining 2020 Second Lien Notes. On February 21, 2017 (Successor), the Company paid approximately $1.2 million for approximately $1.2 million of principal amount of 2020 Second Lien Notes, a make-whole premium of approximately $54,000 plus accrued and unpaid interest to repurchase such notes pursuant to guaranteed delivery procedures of the tender offer. On March 20, 2017 (Successor), the Company paid approximately $432.0 million for $409.6 million aggregate principal amount of 2020 Second Lien Notes, a make-whole premium of $17.7 million and unpaid interest of approximately $4.8 million to redeem the remaining notes at a price of 104.313% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date. The repurchase and redemption of the 2020 Second Lien Notes was funded with proceeds from the issuance of $850.0 million in new 6.75% senior unsecured notes due 2025. The Company recognized a loss on the extinguishment of debt, representing a $30.9 million loss on the repurchase for the tender premium paid and a $26.0 million loss on the write-off of the discount on the notes. The loss was recorded in "Gain (loss) on extinguishment of debt" on the unaudited condensed consolidated statements of operations. 12.0% Senior Secured Second Lien Notes On December 21, 2015 (Predecessor), 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 then outstanding 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 Predecessor Company paid all accrued and unpaid interest since the respective interest payment dates of the unsecured notes surrendered in the exchange. The Predecessor Company recorded the issuance of the 2022 Second Lien Notes at par. Interest on the 2022 Second Lien Notes accrues at a rate of 12.0% per annum, payable semi-annually on February 15 and August 15 of each year. The 2022 Second Lien Notes will mature on February 15, 2022. The 2022 Second Lien Notes are secured by second-priority liens on substantially all of the Company's, and certain subsidiaries of the Company (the Guarantors') assets to the extent such assets secure the Company's Senior Credit Agreement (the Collateral). Pursuant to the terms of the Intercreditor Agreement, dated December 21, 2015, the security interest in the Collateral securing the 2022 Second Lien Notes and the guarantees are 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 to the extent of the value of the Collateral. In accordance with the terms of the Plan, the 2022 Second Lien Notes were unimpaired and reinstated upon the Company's emergence from chapter 11 bankruptcy. As discussed in Note 3, "Fresh-start Accounting," on September 9, 2016, the Company adjusted the 2022 Second Lien Notes to fair value of $107.2 million by recording a discount of $5.7 million to be amortized over the remaining life of the 2020 Second Lien Notes, using the effective interest method. In addition, on September 28, 2016, the Company, each of its guarantors and U.S. Bank National Association, as trustee, entered into a supplemental indenture (the 2022 Second Lien Note Supplemental Indenture) to the Indenture dated as of December 21, 2015 with respect to the Company's 2022 Second Lien Notes (the 2022 Second Lien Note Indenture). The 2022 Second Lien Note Supplemental Indenture amended the 2022 Second Lien Note Indenture to modify the incurrence of indebtedness, lien and restricted payments covenants. The 2022 Second Lien Note Supplemental Indenture became operative upon the consummation of the consent solicitation on September 30, 2016. The Company paid an aggregate consent fee of approximately $1.4 million to holders of the 2022 Second Lien Notes and recorded an additional discount of approximately $1.4 million. The remaining unamortized discount was $6.5 million at March 31, 2017 (Successor). 6.75% Senior Notes On February 16, 2017 (Successor), the Company issued $850.0 million aggregate principal amount of new 6.75% senior unsecured notes due 2025 (the 2025 Notes) in a private placement exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (Securities Act), Rule 144A and Regulation S, and applicable state securities laws. The 2025 Notes were issued at par and bear interest at a rate of 6.75% per annum, payable semi-annually on February 15 and August 15 of each year, beginning on August 15, 2017. The 2025 Notes will mature on February 15, 2025. Proceeds from the private placement were approximately $834.1 million after deducting initial purchasers' discounts and commissions and offering expenses. The Company used a portion of the net proceeds from the private placement to fund the repurchase and redemption of the outstanding 2020 Second Lien Notes, as discussed above, and for general corporate purposes. The 2025 Notes are governed by an Indenture, dated as of February 16, 2017 (the February 2017 Indenture) by and among the Company, the Guarantors and U.S. Bank National Association, as Trustee, which contains affirmative and negative covenants that, among other things, limit the ability of the Company and the Guarantors to incur indebtedness; purchase or redeem stock or subordinated indebtedness; make investments; create liens; enter into transactions with affiliates; sell assets; refinance certain indebtedness; merge with or into other companies or transfer substantially all of their assets; and, in certain circumstances, to pay dividends or make other distributions on stock. The February 2017 Indenture also contains customary events of default. Upon the occurrence of certain events of default, the Trustee or the holders of the 2025 Notes may declare all outstanding 2025 Notes to be due and payable immediately. The 2025 Notes are jointly and severally, fully and unconditionally guaranteed on a senior unsecured basis by the Company's existing wholly-owned subsidiaries. Halcón, the issuer of the 2025 Notes, has no material independent assets or operations apart from the assets and operations of its subsidiaries. In connection with the sale of the 2025 Notes, on February 16, 2017, the Company, the Guarantors and J.P. Morgan Securities LLC, on behalf of itself and as representative of the initial purchasers, entered into a Registration Rights Agreement (the 2017 Registration Rights Agreement) pursuant to which the Company agreed to, among other things, use reasonable best efforts to file a registration statement under the Securities Act and complete an exchange offer for the 2025 Notes within 365 days after closing. At any time prior to February 15, 2020, the Company may redeem the 2025 Notes, in whole or in part, at a redemption price equal to 100% of their principal amount plus a make-whole premium, together with accrued and unpaid interest, if any, to the redemption date. The 2025 Notes will be redeemable, in whole or in part, on or after February 15, 2020 at redemption prices equal to the principal amount multiplied by the percentage set forth below, plus accrued and unpaid interest (if any) on the 2025 Notes redeemed during the twelve month period indicated beginning on February 15 of the years indicated below: Year Percentage 2020 2021 2022 2023 and thereafter Additionally, the Company may redeem up to 35% of the 2025 Notes prior to February 15, 2020 for a redemption price of 106.75% of the principal amount thereof, plus accrued and unpaid interest, utilizing net cash proceeds from certain equity offerings. In addition, upon a change of control of the Company, holders of the 2025 Notes will have the right to require the Company to repurchase all or any part of their 2025 Notes for cash at a price equal to 101% of the aggregate principal amount of the 2025 Notes repurchased, plus any accrued and unpaid interest. Debt Issuance Costs The Company capitalizes certain direct costs associated with the issuance of debt and amortizes such costs over the lives of the respective debt. During the three months ended March 31, 2017 (Successor), the Company capitalized approximately $15.9 million of debt issuance costs related to the 2025 Notes. As part of the Company's reorganization, all debt issuance costs related to the Company's Predecessor debt were extinguished. The debt issuance costs for the Successor Company's senior unsecured debt are presented in "Long-term debt, net" within total liabilities on the unaudited condensed consolidated balance sheet at March 31, 2017 (Successor).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2017
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	7. 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. 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 any period presented. 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, 2017 (Successor) and December 31, 2016 (Successor) (in thousands): Successor March 31, 2017 Level 1 Level 2 Level 3 Total Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 Level 1 Level 2 Level 3 Total Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative contracts listed above as Level 2 include collars and swaps 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" on the 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 8, "Derivative and Hedging Activities," for additional discussion of derivatives. 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 debt instruments as of March 31, 2017 (Successor) and December 31, 2016 (Successor) (excluding discounts and debt issuance costs) (in thousands): Successor March 31, 2017 December 31, 2016 Debt Principal Estimated Principal Estimated 8.625% senior secured second lien notes $ — $ — $ $ 12.0% senior secured second lien notes 6.75% senior notes — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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. On February 28, 2017 (Successor), the Company closed the Pecos County Acquisition and recorded the assets acquired and liabilities assumed at their acquisition date fair values. See Note 4, "Acquisitions and Divestitures ," for a discussion of the fair value approaches used by the Company and the classification of the estimates within the fair value hierarchy. On September 9, 2016, the Company emerged from chapter 11 bankruptcy and adopted fresh-start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. Upon the adoption of fresh-start accounting, the Company's assets and liabilities were recorded at their fair values as of the fresh-start reporting date, September 9, 2016. See Note 3, "Fresh-start Accounting," for a detailed discussion of the fair value approaches used by the Company. During the three months ended March 31, 2016 (Predecessor), 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. 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 9, " 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, 2017
DERIVATIVE AND HEDGING ACTIVITIES
DERIVATIVE AND HEDGING ACTIVITIES	8. DERIVATIVE AND HEDGING ACTIVITIES The Company is exposed to certain risks relating to its ongoing business operations, including commodity price risk and interest rate risk. Derivative contracts are utilized to hedge the Company's exposure to price fluctuations and reduce the variability in the Company's cash flows associated with anticipated sales of future oil and natural gas production. When derivative contracts are available at terms (or prices) acceptable to the Company, it generally hedges a substantial, but varying, portion of anticipated oil and natural gas production for future periods. Derivatives are carried at fair value on the 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 determined 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, 2017 (Successor), the Company's crude oil and natural gas derivative positions consisted of swaps, basis swaps and costless put/call "collars." At December 31, 2016 (Successor), the Company's derivative positions consisted of collars only. 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. Basis swaps effectively lock in a price differential between regional prices (i.e. Midland) and the relevant price index at which the oil production is sold (i.e. Cushing). 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. 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, 2017 (Successor), the Company had 28 open commodity derivative contracts summarized in the following tables: four natural gas collar arrangements, two crude oil basis swaps and 22 crude oil collar arrangements. At December 31, 2016 (Successor), the Company had 22 open commodity derivative contracts summarized in the following tables: two natural gas collar arrangements and 20 crude oil collar arrangements. 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 (in thousands): Asset derivative contracts Liability derivative Successor Successor Derivatives not designated as Balance sheet location March 31, December 31, Balance sheet location March 31, December 31, 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 (in thousands): Amount of gain or (loss) Successor Predecessor Location of gain or (loss) recognized in Three Months Three Months Derivatives not designated as hedging 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, 2017 (Successor) and December 31, 2016 (Successor), the Company had the following open crude oil and natural gas derivative contracts: Successor March 31, 2017 Floors Ceilings Period Instrument Commodity Volume in Price / Weighted Price / Weighted Basis April 2017 - December 2017 (1) Collars Natural Gas $3.10 - 3.26 $ $3.44 - 3.76 $ $ April 2017 - December 2017 (2) Collars Crude Oil 47.00 - 60.00 52.00 - 76.84 — January 2018 - December 2018 (2) Collars Crude Oil 50.00 - 53.00 58.00 - 60.00 — January 2018 - December 2018 (3) Basis Swaps Crude Oil ) Successor December 31, 2016 Floors Ceilings Period Instrument Commodity Volume in Price / Weighted Price / Weighted January 2017 - December 2017 Collars Natural Gas $3.15 - $3.26 $ $3.50 - $3.76 $ January 2017 - December 2017 Collars Crude Oil 47.00 - 60.00 52.00 - 76.84 January 2018 - December 2018 Collars Crude Oil 53.00 58.00 (1) Subsequent to March 31, 2017, the Company entered into a natural gas collar at a floor of $3.00 per MMBtu and a ceiling of $3.38 per MMBtu for a total of 1,525,000 MMBtu for the period from May 2017 through December 2018 and a natural gas collar at a floor of $3.00 per MMBtu and a ceiling of $3.39 per MMBtu for a total of 1,372,500 MMBtu for the period from July 2017 through December 2018. (2) Subsequent to March 31, 2017, the Company entered into a crude oil collar at a floor of $50.00 per Bbl and a ceiling of $55.25 per Bbl for a total of 610,000 Bbls for the period from May 2017 through December 2018 and crude oil collars at floors ranging from $51.05 to $51.07 per Bbl and ceilings ranging from $56.05 to $56.07 per Bbl for a total of 276,000 Bbls for the period from July 2017 to December 2017. (3) Subsequent to March 31, 2017, the Company entered into a crude oil basis swap at a basis differential of ($1.50) for a total of 912,500 Bbls for 2018. 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 (in thousands): Derivative Assets Derivative Liabilities Successor Successor Offsetting of Derivative Assets and Liabilities March 31, December 31, March 31, December 31, 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, 2017
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	9. 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 (in thousands, inclusive of the current portion): Liability for asset retirement obligations as of December 31, 2016 (Sucessor) $ Liabilities settled and divested (1) ) Additions Acquisitions (1) Accretion expense ​ ​ ​ ​ ​ Liability for asset retirement obligations as of March 31, 2017 (Successor) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) See Note 4, "Acquisitions and Divestitures," for further information.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. 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 $1.0 million and $2.2 million for the three months ended March 31, 2017 (Successor) and 2016 (Predecessor), respectively. As of March 31, 2017, the amount of commitments under office and equipment lease agreements is consistent with the levels as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, approximating $14.5 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, with various expiration dates through 2018. In the first quarter of 2016 (Predecessor), 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 (Predecessor), 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 (Predecessor). If certain requirements are not met by 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 $10,000 and $10,500 per day. The contract terms for these drilling rig commitments extend 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 $12.6 million, which would be in lieu of the remaining $21.7 million of drilling rig commitments as of March 31, 2017 (Successor). The Company has entered into an agreement with a private operator for the right to purchase up to 15,040 net acres located in Ward and Winkler Counties, Texas (the Ward County Assets) prospective for the Wolfcamp and Bone Spring formations. The Ward County Assets are divided into two tracts: the Southern Tract, comprising 6,720 net acres, and the Northern Tract, comprising 8,320 net acres, with separate options for each tract. Pursuant to the terms of the agreement, the Company paid $5.0 million and drilled a commitment well on the Southern Tract. The Company has until June 15, 2017 to exercise the option on either the Southern Tract acreage or on all 15,040 net acres, in each case for $11,000 per acre. If the Company initially elects only to exercise its option on the Southern Tract, the Company would need to pay $5.0 million on or before June 15, 2017 and drill a commitment well on the Northern Tract by September 1, 2017 to earn an option to acquire the Northern Tract acreage for $11,000 per acre by December 31, 2017. 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 and the Southern Delaware Basin in West Texas. As of March 31, 2017 (Successor), the Company had in place ten long-term crude oil contracts and eight long-term natural gas contracts in these areas. Under the terms of these contracts, the Company has committed a substantial portion of its production from these areas 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. 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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2017
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS' EQUITY Preferred Stock and Non-Cash Preferred Stock Dividend On January 24, 2017 (Successor) (the Commitment Date), the Company entered into a stock purchase agreement with certain accredited investors to sell, in a private placement exempt from registration requirements of the Securities Act pursuant to Section 4(a)(2), approximately 5,518 shares of 8% Automatically Convertible Preferred Stock, par value $0.0001 per share (the Preferred Stock), each share of which was convertible into 10,000 shares of common stock. Also on January 24, 2017, the Company received an executed written consent in lieu of a stockholders' meeting authorizing and approving the conversion of the Preferred Stock into common stock. On February 27, 2017, the Company filed with the Delaware Secretary of State a Certificate of Designation, Preferences, Rights and Limitations of the Preferred Stock (the Certificate of Designation), which created the series of preferred stock issued by the Company on that same date. The Company issued the Preferred Stock at $72,500 per share. Gross proceeds were approximately $400.1 million, or $7.25 per share of common stock. The Company incurred approximately $11.6 million in expenses associated with this offering, including placement agent fees. On March 16, 2017, the Company mailed a definitive information statement to its common stockholders notifying them that a majority of its stockholders had consented to the issuance of common stock, par value $0.0001 per share, upon the conversion of the Preferred Stock. The Preferred Stock automatically converted into 55.2 million shares of common stock on April 6, 2017 in accordance with the terms of the Certificate of Designation. No cash dividends were paid on the Preferred Stock since, pursuant to the terms of the Certificate of Designation of the Preferred Stock, conversion occurred prior to June 1, 2017. The Company agreed to file a registration statement to register the resale of shares of common stock issuable upon conversion of the preferred stock and to pay penalties in the event such registration was not effective by June 27, 2017. The Company filed such registration statement on March 3, 2017 and it was declared effective by the SEC on April 7, 2017. In accordance with ASC Topic 470, Debt (ASC 470), the Company determined that the conversion feature in the Preferred Stock represented a beneficial conversion feature. The fair value of the Company's common stock of $8.12 per share on the Commitment Date was greater than the conversion price of $7.25 per share of common stock, representing a beneficial conversion feature of $0.87 per share of common stock, or approximately $48.0 million in aggregate. Under ASC 470, $48.0 million (the intrinsic value of the beneficial conversion feature) of the proceeds received from the issuance of the Preferred Stock was allocated to "Additional paid-in capital," creating a discount on the Preferred Stock (the Discount). The Discount is required to be amortized on a non-cash basis over the approximate 65-month period between the issuance date and the required redemption date of July 28, 2022, or fully amortized upon an accelerated date of redemption or conversion, and recorded as a preferred dividend. As a result, approximately $0.8 million of the Discount was amortized and a non-cash preferred dividend was recorded in the three months ended March 31, 2017 (Successor) and due to the conversion date occurring on April 6, 2017, the remaining $47.2 million of the amortization of the Discount will be accelerated to the conversion date and will be fully amortized in the three months ended June 30, 2017. The Discount amortization is reflected in "Non-cash preferred dividend" in the unaudited condensed consolidated statements of operations. The preferred dividend was charged against additional paid-in capital since no retained earnings were available. Common Stock On September 9, 2016, upon emergence from chapter 11 bankruptcy, all existing shares of Predecessor common stock were cancelled and the Successor Company issued approximately 90.0 million shares of common stock in total to the Predecessor Company's existing common stockholders, Third Lien Noteholders, Unsecured Noteholders, and the Convertible Noteholder. Refer to Note 2, " Reorganization " for further details. On September 9, 2016, upon emergence from chapter 11 bankruptcy, the Successor Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State to provide for (i) the total number of shares of all classes of capital stock that the Successor Company has the authority to issue is 1,001,000,000 of which 1,000,000,000 shares are common stock, par value $0.0001 per share and 1,000,000 shares are preferred stock, par value $0.0001 per share, (ii) a classified board structure, (iii) the right of removal of directors with or without cause by stockholders, and (iv) a restriction on the Successor Company from issuing any non-voting equity securities in violation of Section 1123(a)(6) of chapter 11 of title 11 of the United States Code. Additionally, the Company's 5.75% Series A Convertible Perpetual Preferred Stock (the Series A Preferred), was cancelled pursuant to the Plan, and no shares of Series A Preferred are outstanding. Warrants On September 9, 2016, upon the emergence from chapter 11 bankruptcy, all existing February 2012 warrants were cancelled and the Successor Company issued 3.8 million new warrants to the Unsecured Noteholders and 0.9 million new warrants to the Convertible Noteholder. The warrants in aggregate can be exercised to purchase 4.7 million shares of the Successor Company's common stock at an exercise price of $14.04 per share. The Company allocated approximately $16.7 million of the Enterprise Value to the warrants which is reflected in " Successor Additional paid-in capital " on the unaudited consolidated balance sheets. The holders are entitled to exercise the warrants in whole or in part at any time prior to expiration on September 9, 2020. See Note 2, " Reorganization " for further details. Incentive Plans Immediately prior to emergence from chapter 11 bankruptcy, the Predecessor incentive plan was cancelled and all share-based compensation awards granted thereunder were either vested or cancelled and the Predecessor Company's Board adopted the 2016 Long-Term Incentive Plan (the 2016 Incentive Plan). An aggregate of 10.0 million shares of the Successor Company's common stock were available for grant pursuant to awards under the 2016 Incentive Plan in the form of nonqualified stock options, incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance units, performance bonuses, stock awards and other incentive awards. As of March 31, 2017 (Successor) and December 31, 2016 (Successor), a maximum of 1.8 million and 1.7 million shares of common stock, respectively, remained reserved for issuance under the 2016 Incentive Plan. On April 6, 2017 (Successor), an amendment to the 2016 Incentive Plan to increase by 9.0 million shares the maximum number of shares of common stock that may be issued thereunder, i.e., a maximum of 19.0 million shares, became effective, which was 20 calendar days following the date the Company mailed an information statement to all stockholders of record notifying them of approval of the amendment by written consent. The Company accounts for share-based payment accruals under authoritative guidance on stock compensation. The guidance requires all share-based payments to employees and directors, including grants of stock options and restricted stock, to be recognized in the financial statements based on their fair values. For awards granted under the 2016 Incentive Plan subsequent to emerging from chapter 11 bankruptcy and in conjunction with the early adoption of ASU 2016-09, the Company has elected to not apply a forfeiture estimate and will recognize a credit in compensation expense to the extent awards are forfeited. For the three months ended March 31, 2017 (Successor) and the three months ended March 31, 2016 (Predecessor) the Company recognized $8.3 million and $2.1 million, respectively, of share-based compensation expense. Share-based compensation expense is recorded as a component of " General and administrative " on the unaudited condensed consolidated statements of operations. Stock Options From time to time, the Company grants stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically vest over a three year period at a rate of one-third on the annual anniversary date of the grant and expire ten years from the grant date. No options were granted during the three months ended March 31, 2017 (Successor). At March 31, 2017 (Successor), the Company had $21.4 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 1.5 years. No options were granted during the three months ended March 31, 2016 (Predecessor). At March 31, 2016 (Predecessor), 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. Immediately prior to emergence from chapter 11 bankruptcy, all outstanding stock options under the Predecessor Incentive Plan were cancelled. Refer to Note 2, "Reorganization," for further details. Restricted Stock From time to time, the Company grants shares of restricted stock to employees and non-employee directors of the Company. Employee shares typically vest over a three year period at a rate of one-third on the annual anniversary date of the grant, and the non-employee directors' shares vest six months from the date of grant. For certain shares granted under the 2016 Incentive Plan, subsequent to emergence from chapter 11 bankruptcy, half vested immediately on the date of grant and the remaining half will vest on the first anniversary of the date of grant. No restricted shares were granted during the three months ended March 31, 2017 (Successor). At March 31, 2017 (Successor), the Company had $7.4 million of unrecognized compensation expense related to non-vested restricted stock awards to be recognized over a weighted-average period of 0.7 years. No restricted shares were granted during the three months ended March 31, 2016 (Predecessor). At March 31, 2016 (Predecessor), 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. Immediately prior to emergence from chapter 11 bankruptcy, all restricted stock awards granted under the Predecessor Incentive Plan were vested. Refer to Note 2, "Reorganization," for further details.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2017
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE	12. EARNINGS PER COMMON SHARE On September 9, 2016, upon emergence from chapter 11 bankruptcy, the Company's Predecessor equity was cancelled and new equity was issued. Refer to Note 2, "Reorganization," for further details. The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts): Successor Predecessor Three Months Three Months 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 $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash preferred dividend — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders after assumed conversions $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding Common stock equivalent shares representing shares issuable upon: Exercise of stock options Anti-dilutive Anti-dilutive Exercise of February 2012 Warrants — Anti-dilutive Exercise of warrants Anti-dilutive — Vesting of restricted shares Anti-dilutive Vesting of performance units — — Conversion of preferred stock — Conversion of Convertible Note — Anti-dilutive Conversion of Series A Preferred Stock — 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, restricted shares, warrants, and preferred stock totaling 10.0 million shares for the three months ended March 31, 2017 (Successor) were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive. 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 (Predecessor), respectively, 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, 2017
ADDITIONAL FINANCIAL STATEMENT INFORMATION
ADDITIONAL FINANCIAL STATEMENT INFORMATION	13. ADDITIONAL FINANCIAL STATEMENT INFORMATION Certain balance sheet amounts are comprised of the following (in thousands): Successor March 31, 2017 December 31, 2016 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 ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FINANCIAL STATEMENT PRESENTAT20

FINANCIAL STATEMENT PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2017
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 oil and natural gas assets in the United States. The unaudited condensed consolidated financial statements include the accounts of all majority-owned, controlled subsidiaries. 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 Annual Report on Form 10-K, as filed with the United States Securities and Exchange Commission (SEC) on March 1, 2017. Please refer to the notes in the 2016 Annual Report on Form 10-K when reviewing interim financial results, though, as described below, such prior financial statements may not be comparable to the interim financial statements due to the adoption of fresh-start accounting on September 9, 2016.
Emergence from Voluntary Reorganization under Chapter 11	Emergence from Voluntary Reorganization under Chapter 11 On July 27, 2016 (the Petition Date), the Company and certain of its subsidiaries (the Halcón Entities) filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware (the Bankruptcy Court) to pursue a joint prepackaged plan of reorganization (the Plan). On September 8, 2016, the Bankruptcy Court entered an order confirming the Plan and on September 9, 2016, the Plan became effective (the Effective Date) and the Halcón Entities emerged from chapter 11 bankruptcy. The Company's subsidiary, HK TMS, LLC which was divested on September 30, 2016, was not part of the chapter 11 bankruptcy filings. See Note 2, "Reorganization," for further details on the Company's chapter 11 bankruptcy and the Plan and Note 4, "Acquisitions and Divestitures," for further details on the divestiture of HK TMS, LLC. Upon emergence from chapter 11 bankruptcy, the Company adopted fresh-start accounting in accordance with provisions of the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) 852, "Reorganizations" (ASC 852) which resulted in the Company becoming a new entity for financial reporting purposes on the Effective Date. Upon the adoption of fresh-start accounting, the Company's assets and liabilities were recorded at their fair values as of the fresh-start reporting date. As a result of the adoption of fresh-start accounting, the Company's unaudited condensed consolidated financial statements subsequent to September 9, 2016 are not comparable to its unaudited condensed consolidated financial statements prior to, and including, September 9, 2016. See Note 3, "Fresh-start Accounting," for further details on the impact of fresh-start accounting on the Company's unaudited condensed consolidated financial statements. References to "Successor" or "Successor Company" relate to the financial position and results of operations of the reorganized Company subsequent to September 9, 2016. References to "Predecessor" or "Predecessor Company" relate to the financial position and results of operations of the Company prior to, and including, September 9, 2016.
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 accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, fair value estimates, including estimates of Reorganization Value, Enterprise Value and the fair value of assets and liabilities recorded as a result of the adoption of fresh-start accounting, plus the estimated fair values of assets acquired and liabilities assumed in connection with the Pecos County Acquisition and the fair value of assets sold in connection with the El Halcón Divestiture, including the gain on sale recorded, and income taxes. The Company bases its estimates and judgments on historical experience and on various other assumptions and information believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be predicted 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 significant allowances for doubtful accounts as of March 31, 2017 (Successor) or December 31, 2016 (Successor).
Other Operating Property and Equipment	Other Operating Property and Equipment Gas gathering systems and equipment are recorded at fair value as a result of fresh-start accounting on September 9, 2016. Depreciation is calculated using the straight-line method over a 30-year, 20-year, or 10-year estimated useful life applicable to gas gathering systems, a water recycling facility 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. Other operating assets are recorded at fair value as a result of fresh-start accounting on September 9, 2016. 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, eight to 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. Refer to Note 4, "Acquisitions and Divestitures," for a discussion of gas gathering systems and equipment and other operating assets acquired and divested during the period. The Company reviews its gas gathering systems and equipment and other operating assets for impairment in accordance with ASC 360, Property, Plant, and Equipment (ASC 360). ASC 360 requires the Company to evaluate gas gathering systems and equipment and other operating assets for impairment as events occur or circumstances change that would more likely than not reduce the fair value below the carrying amount. If the carrying amount is not recoverable from its undiscounted cash flows, then the Company would recognize an impairment loss for the difference between the carrying amount and the current fair value. Further, the Company evaluates the remaining useful lives of its gas gathering systems and 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 (Predecessor), 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 related to $32.8 million gross investments in gas gathering infrastructure that were deemed non-economical due to a shift in exploration, drilling and developmental plans in a 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 over the remaining asset lives. This estimation includes the use of unobservable inputs, such as estimated future production, gathering and compression revenues and operating expenses. The use of these unobservable inputs results in the fair value estimate of the Company's gas gathering systems being classified as Level 3.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01). For public business entities, ASU 2017-01 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2017. The amendments in this ASU should be applied prospectively on or after the effective date. The ASU was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The Company is in the process of assessing the effects of the application of the new guidance. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) (ASU 2016-15). For public business entities, ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted. The areas for simplification in this ASU involve addressing eight specific classification issues in the statement of cash flows. An entity should apply the amendments in this ASU using a retrospective transition method. 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 early stages of assessing the effects of the application of the new guidance and the financial statement and disclosure impacts. The Company will adopt ASU 2016-02 no later than January 1, 2019. 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 amounts that reflect 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. In March 2016, 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), which provides further clarification on the principal versus agent evaluation. ASU 2014-09 is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet 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 early stages of assessing the effects of the application of the new guidance and the financial statement and disclosure impacts. The Company will adopt ASU 2014-09 effective January 1, 2018.

FRESH-START ACCOUNTING (Tables)

FRESH-START ACCOUNTING (Tables)	3 Months Ended
	Mar. 31, 2017
FRESH-START ACCOUNTING
Schedule of Enterprise value to estimated fair value of the Successor's common stock	The following table reconciles the Company's Enterprise Value to the estimated fair value of the Successor's common stock as of September 9, 2016 (in thousands): September 9, 2016 Enterprise Value $ Plus: Cash Less: Fair value of debt ) Less: Fair value of redeemable noncontrolling interest ) Less: Fair value of other long-term liabilities ) Less: Fair value of warrants ) ​ ​ ​ ​ ​ Fair Value of Successor common stock $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Enterprise Value to its Reorganization Value	The following table reconciles the Company's Enterprise Value to its Reorganization Value as of September 9, 2016 (in thousands): September 9, 2016 Enterprise Value $ Plus: Cash Plus: Current liabilities Plus: Noncurrent asset retirement obligation ​ ​ ​ ​ ​ Reorganization Value of Successor assets $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reorganization balance sheet and fresh-start accounting adjustments	Amounts included in the table below are rounded to thousands. As of September 9, 2016 Predecessor Reorganization Fresh-Start Successor Current assets: Cash $ $ ) (1) ​ $ — $ Accounts receivable — — Receivables from derivative contracts — — Restricted cash — — Prepaids and other — ) (7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current assets ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and natural gas properties (full cost method): Evaluated — ) (8) ​ Unevaluated — ) (8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross oil and natural gas properties — ) Less—accumulated depletion ) — (8) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net oil and natural gas properties — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating property and equipment: Gas gathering and other operating assets — ) (9) ​ Less—accumulated depreciation ) — (9) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net other operating property and equipment — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other noncurrent assets: Receivables from derivative contracts — — Funds in escrow and other — (10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities: Accounts payable and accrued liabilities $ $ (2) $ — $ Liabilities from derivative contracts — — Other — (11)(12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total current liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term debt, net — ) (13) ​ Liabilities subject to compromise ) (3) ​ — — Other noncurrent liabilities: Liabilities from derivative contracts — — Asset retirement obligations — ) (12) ​ Other — (11)(14) Commitments and contingencies Mezzanine equity: Redeemable noncontrolling interest — ) (14) ​ Stockholders' equity: Preferred stock (Predecessor) — — (4) — — Common Stock (Predecessor) ) (4) ​ — — Common Stock (Successor) — (5) — Additional paid-in capital (Predecessor) ) (4) ​ — — Additional paid-in capital (Successor) — (5) — Retained earnings (accumulated deficit) ) (6) ) (15) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total stockholders' equity ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders' equity $ $ ) $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reorganization adjustments (1) The table below details cash payments as of September 9, 2016, pursuant to the terms of the Plan described in Note 2 " Reorganization " (in thousands): Payment to Third Lien Noteholders $ Payment to Unsecured Noteholders Payment to Convertible Noteholder Payment to Preferred Holders ​ ​ ​ ​ ​ Total Uses $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) In connection with the chapter 11 bankruptcy, the Company modified and rejected certain office lease arrangements and paid approximately $3.4 million for these modifications and rejections subsequent to the emergence from chapter 11 bankruptcy. This amount also reflects $10.3 million paid to the Company's restructuring advisors subsequent to the emergence from chapter 11 bankruptcy. (3) Liabilities subject to compromise were as follows (in thousands): 13.0% senior secured third lien notes due 2022 $ 9.25% senior notes due 2022 8.875% senior notes due 2021 9.75% senior notes due 2020 8.0% convertible note due 2020 Accrued interest Office lease modification and rejection fees ​ ​ ​ ​ ​ Liabilities subject to compromise Fair value of equity and warrants issued to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder ) Cash payments to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder ) Office lease modification and rejection fees ) ​ ​ ​ ​ ​ Gain on settlement of Liabilities subject to compromise $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4) Reflects the cancellation of Predecessor equity, as follows (in thousands): Predecessor Company stock $ Fair value of equity issued to Predecessor common stockholers ) Cash payment to Preferred Holders ) ​ ​ ​ ​ ​ Cancellation of Predecessor Company equity $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5) Reflects the issuance of Successor equity. In accordance with the Plan, the Successor Company issued 3.6 million shares of common stock to the Predecessor Company's existing common stockholders, 68.8 million shares of common stock to the Third Lien Noteholders, 14.0 million shares of common stock to the Unsecured Noteholders, and 3.6 million shares of common stock to the Convertible Noteholder. This amount is subject to dilution by warrants issued to the Unsecured Noteholders and the Convertible Noteholder totaling 4.7 million shares with an exercise price of $14.04 per share and a term of four years. The fair value of the warrants was estimated at $3.52 per share using a Black-Scholes-Merton valuation model. (6) The table below reflects the cumulative effect of the reorganization adjustments discussed above (in thousands): Gain on settlement of Liabilities subject to compromise $ Accrued reorganization items ) Cancellation of Predecessor Company equity ​ ​ ​ ​ ​ Net impact to retained earnings (accumulated deficit) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fresh-start accounting adjustments (7) Reflects the reclassification of tubulars and well equipment to " Oil and natural gas properties ." (8) In estimating the fair value of its oil and natural gas properties, the Company used a combination of the income and market approaches. For purposes of estimating the fair value of the Company's proved, probable and possible reserves, an income approach was used which estimated fair value based on the anticipated cash flows associated with the Company's reserves, risked by reserve category and discounted using a weighted average cost of capital rate of 10.5% for proved reserves and 12.5% for probable and possible reserves. The proved reserve locations were limited to wells expected to be drilled in the Company's five year development plan. Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $72.30 per barrel of oil, $3.50 per MMBtu of natural gas and $12.00 per barrel of natural gas liquids, after adjustment for transportation fees and regional price differentials. Base pricing was derived from an average of forward strip prices and analysts' estimated prices. In estimating the fair value of the Company's unproved acreage that was not included in the valuation of probable and possible reserves, a market approach was used in which a review of recent transactions involving properties in the same geographical location indicated the fair value of the Company's unproved acreage from a market participant perspective. (9) In estimating the fair value of its gas gathering and other operating assets, the Company used a combination of the income, cost, and market approaches. For purposes of estimating the fair value of its gas gathering assets, an income approach was used that estimated future cash flows associated with the assets over the remaining useful lives. The valuation included such inputs as estimated future production, gathering and compression revenues, and operating expenses that were discounted at a weighted average cost of capital rate of 9.5%. For purposes of estimating the fair value of its other operating assets, the Company used a combination of the market and cost approaches. A market approach was relied upon to value land and computer equipment, and in this valuation approach, recent transactions of similar assets were utilized to determine the value from a market participant perspective. For the remaining other operating assets, a cost approach was used. The estimation of fair value under the cost approach was based on current replacement costs of the assets, less depreciation based on the estimated economic useful lives of the assets and age of the assets. (10) Reflects the adjustment of the Company's equity method investment in SBE Partners, L.P. to fair value based on an income approach, which calculated the discounted cash flows of the Company's share of the partnership's interest in oil and gas proved reserves. The anticipated cash flows of the reserves were risked by reserve category and discounted at 10.5%. Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $72.30 per barrel of oil, $3.50 per MMBtu of natural gas and $12.00 per barrel of oil equivalent of natural gas liquids, after adjustment for transportation fees and regional price differentials. Base pricing was derived from an average of forward strip prices and analysts' estimated prices. (11) Records an intangible liability of approximately $8.3 million, $4.5 million of which was recorded as current, to adjust the Company's active rig contract to fair value at September 9, 2016. The intangible liability will be amortized over the remaining life of the contract through July 2018. (12) Reflects the adjustment of asset retirement obligations to fair value using estimated plugging and abandonment costs as of September 9, 2016, adjusted for inflation and then discounted at the appropriate credit-adjusted risk free rate ranging from 5.5% to 6.6% depending on the life of the well. The fair value of asset retirement obligations was estimated at $32.5 million, approximately $0.3 million of which was recorded as current. Refer to Note 9, "Asset Retirement Obligations" for further details of the Company's asset retirement obligations. (13) Reflects the adjustment of the 2020 Second Lien Notes and the 2022 Second Lien Notes to fair value. The fair value estimate was based on quoted market prices from trades of such debt on September 9, 2016. Refer to Note 6, "Debt" for definitions of and further information regarding the 2020 Second Lien Notes and 2022 Second Lien Notes. (14) Reflects the adjustment of the Company's redeemable noncontrolling interest and related embedded derivative of HK TMS, LLC to fair value. The fair value of the redeemable noncontrolling interest was estimated at $41.1 million and the embedded derivative was estimated at zero. For purposes of estimating the fair values, an income approach was used that estimated fair value based on the anticipated cash flows associated with HK TMS, LLC's proved reserves, risked by reserve category and discounted using a weighted average cost of capital rate of 12.5%. The value of the redeemable noncontrolling interest was further reduced by a probability factor of the potential assignment of the common shares of HK TMS, LLC to Apollo Global Management, which occurred subsequent to the fresh-start date. Refer to Note 4, "Acquisitions and Divestitures," for further information regarding the divestiture of HK TMS, LLC on September 30, 2016. (15) Reflects the cumulative effect of the fresh-start accounting adjustments discussed above.
Schedule of net cash payments pursuant to the terms of the Reorganization Plan	The table below details cash payments as of September 9, 2016, pursuant to the terms of the Plan described in Note 2 " Reorganization " (in thousands): Payment to Third Lien Noteholders $ Payment to Unsecured Noteholders Payment to Convertible Noteholder Payment to Preferred Holders ​ ​ ​ ​ ​ Total Uses $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of Liabilities subject to compromise, settled	Liabilities subject to compromise were as follows (in thousands): 13.0% senior secured third lien notes due 2022 $ 9.25% senior notes due 2022 8.875% senior notes due 2021 9.75% senior notes due 2020 8.0% convertible note due 2020 Accrued interest Office lease modification and rejection fees ​ ​ ​ ​ ​ Liabilities subject to compromise Fair value of equity and warrants issued to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder ) Cash payments to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder ) Office lease modification and rejection fees ) ​ ​ ​ ​ ​ Gain on settlement of Liabilities subject to compromise $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of cancellation of predecessor equity	Reflects the cancellation of Predecessor equity, as follows (in thousands): Predecessor Company stock $ Fair value of equity issued to Predecessor common stockholers ) Cash payment to Preferred Holders ) ​ ​ ​ ​ ​ Cancellation of Predecessor Company equity $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of cumulative effect of the reorganization adjustments	The table below reflects the cumulative effect of the reorganization adjustments discussed above (in thousands): Gain on settlement of Liabilities subject to compromise $ Accrued reorganization items ) Cancellation of Predecessor Company equity ​ ​ ​ ​ ​ Net impact to retained earnings (accumulated deficit) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	3 Months Ended
	Mar. 31, 2017
ACQUISITIONS AND DIVESTITURES
Summary of the consideration paid for acquisition and the preliminary amounts of assets acquired and liabilities assumed	The following table summarizes the consideration paid to acquire the Pecos County Assets, as well as the preliminary amounts of assets acquired and liabilities assumed as of the acquisition date (in thousands): Cash consideration paid to Samson at closing (1) $ Less: Estimated post-effective closing date adjustments (2) ) ​ ​ ​ ​ ​ Estimated consideration transferred $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plus: Estimated Fair Value of Liabilities Assumed: Current liabilities $ Asset retirement obligations ​ ​ ​ ​ ​ Amount attributable to liabilites assumed ​ ​ ​ ​ ​ Total purchase price plus liabilities assumed $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value of Assets Acquired: Evaluated oil and natural gas properties (3)(4) $ Unevaluated oil and natural gas properties (3)(4) Gas gathering and other operating assets (5) ​ ​ ​ ​ ​ Amount attributable to assets acquired $ ​ ​ ​ ​ ​ Goodwill $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents amount of cash consideration, adjusted for customary closing items, for the purchase of the Pecos County Assets funded by the issuance of approximately $400.1 million of new 8% automatically convertible preferred stock and borrowings under the Senior Credit Agreement. (2) In accordance with the purchase agreement, the effective date of the acquisition was November 1, 2016 and therefore revenues, expenses and related capital expenditures from November 1, 2016 through the closing of the Pecos County Acquisition have been reflected as adjustments to the purchase price consideration. At closing, a net $1.1 million was identified as reductions to the purchase price consideration for post effective date activities from November 1, 2016 through December 31, 2016. Estimates have been made to reflect expected purchase price consideration adjustments for the post effective date period from January 1, 2017 through February 28, 2017 (the closing date). (3) In estimating the fair value of the Pecos County Assets' oil and natural gas properties, the Company used an income approach. For purposes of estimating the fair value of the proved, probable and possible reserves, an income approach was used which estimated fair value based on the anticipated cash flows associated with the Pecos County Assets' estimated reserves risked by reserve category and discounted using a weighted average cost of capital rate of 10.0% for proved reserves and 12.0% for probable and possible reserves. The proved reserve locations were limited to wells expected to be drilled in the Company's five-year development plan. This estimation includes the use of unobservable inputs, such as estimated future production, oil and natural gas revenues and expenses. The use of these unobservable inputs results in the fair value estimate of the Pecos County Assets being classified as Level 3. (4) Weighted average commodity prices utilized in the determination of the fair value of oil and natural gas properties were $76.10 per barrel of oil, $4.14 per Mcf of natural gas and $29.48 per barrel of oil equivalent of natural gas liquids, after adjustment for transportation fees and regional price differentials. Base pricing was derived from an average of forward strip prices and research analysts' estimated prices. (5) In estimating the fair value of the Pecos County Assets' gas gathering and other operating assets, the Company used a combination of the cost and market approaches. A market approach was relied upon to value the land, heavy equipment and vehicles, and in this valuation approach, recent transactions of similar assets were utilized to determine the value from a market participant perspective. For the remaining other operating assets, a cost approach was used. The estimation of fair value under the cost approach was based on current replacement costs of the assets, less depreciation based on the estimated economic useful lives of the assets and age of the assets.
Schedule of pro forma financial information	Amounts included in the table below are rounded to thousands. Successor Predecessor Three Months Three Months Revenue $ $ Net income (loss) ) Net income (loss) available to common stockholders ) Pro forma net income (loss) per share of common stock: Basic $ $ ) Diluted $ $ )

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2017
DEBT
Schedule of long-term debt	Long-term debt as of March 31, 2017 (Successor) and December 31, 2016 (Successor), consisted of the following (in thousands): Successor March 31, December 31, Senior revolving credit facility $ — $ 8.625% senior secured second lien notes due 2020 (1) — 12.0% senior secured second lien notes due 2022 (2) 6.75% senior notes due 2025 (3) — ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) On February 16, 2017, the Company repurchased approximately 41% of the outstanding aggregate principal amount of its 2020 Second Lien Notes with proceeds from the issuance of new 6.75% senior unsecured notes due 2025. The remaining aggregate principal amount was redeemed on March 20, 2017. Amount was net of a $27.4 million unamortized discount at December 31, 2016 (Successor). Refer to "8.625% Senior Secured Second Lien Notes" below for further details. (2) Amounts are net of a $6.5 million and $6.8 million unamortized discount at March 31, 2017 (Successor) and December 31, 2016 (Successor), respectively. (3) On February 16, 2017, the Company issued $850.0 million aggregate principal amount of new 6.75% senior unsecured notes due 2025. Amount is net of $15.7 million unamortized debt issuance costs at March 31, 2017 (Successor). Refer to "6.75% Senior Notes" below for further details.
Schedule of percentages of principal amount at which notes may be redeemed, by applicable redemption dates	Year Percentage 2020 2021 2022 2023 and thereafter

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
FAIR VALUE MEASUREMENTS
Schedule of fair value of the Company's financial assets and liabilities	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, 2017 (Successor) and December 31, 2016 (Successor) (in thousands): Successor March 31, 2017 Level 1 Level 2 Level 3 Total Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2016 Level 1 Level 2 Level 3 Total Assets Receivables from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Liabilities from derivative contracts $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of the estimated fair values of the Company's fixed interest rate debt instruments	The following table presents the estimated fair values of the Company's fixed interest rate debt instruments as of March 31, 2017 (Successor) and December 31, 2016 (Successor) (excluding discounts and debt issuance costs) (in thousands): Successor March 31, 2017 December 31, 2016 Debt Principal Estimated Principal Estimated 8.625% senior secured second lien notes $ — $ — $ $ 12.0% senior secured second lien notes 6.75% senior notes — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

DERIVATIVE AND HEDGING ACTIVI25

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2017
DERIVATIVE AND HEDGING ACTIVITIES
Summary of location and fair value of derivative contracts	The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets (in thousands): Asset derivative contracts Liability derivative Successor Successor Derivatives not designated as Balance sheet location March 31, December 31, Balance sheet location March 31, December 31, 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	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 (in thousands): Amount of gain or (loss) Successor Predecessor Location of gain or (loss) recognized in Three Months Three Months Derivatives not designated as hedging 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	At March 31, 2017 (Successor) and December 31, 2016 (Successor), the Company had the following open crude oil and natural gas derivative contracts: Successor March 31, 2017 Floors Ceilings Period Instrument Commodity Volume in Price / Weighted Price / Weighted Basis April 2017 - December 2017 (1) Collars Natural Gas $3.10 - 3.26 $ $3.44 - 3.76 $ $ April 2017 - December 2017 (2) Collars Crude Oil 47.00 - 60.00 52.00 - 76.84 — January 2018 - December 2018 (2) Collars Crude Oil 50.00 - 53.00 58.00 - 60.00 — January 2018 - December 2018 (3) Basis Swaps Crude Oil ) Successor December 31, 2016 Floors Ceilings Period Instrument Commodity Volume in Price / Weighted Price / Weighted January 2017 - December 2017 Collars Natural Gas $3.15 - $3.26 $ $3.50 - $3.76 $ January 2017 - December 2017 Collars Crude Oil 47.00 - 60.00 52.00 - 76.84 January 2018 - December 2018 Collars Crude Oil 53.00 58.00 (1) Subsequent to March 31, 2017, the Company entered into a natural gas collar at a floor of $3.00 per MMBtu and a ceiling of $3.38 per MMBtu for a total of 1,525,000 MMBtu for the period from May 2017 through December 2018 and a natural gas collar at a floor of $3.00 per MMBtu and a ceiling of $3.39 per MMBtu for a total of 1,372,500 MMBtu for the period from July 2017 through December 2018. (2) Subsequent to March 31, 2017, the Company entered into a crude oil collar at a floor of $50.00 per Bbl and a ceiling of $55.25 per Bbl for a total of 610,000 Bbls for the period from May 2017 through December 2018 and crude oil collars at floors ranging from $51.05 to $51.07 per Bbl and ceilings ranging from $56.05 to $56.07 per Bbl for a total of 276,000 Bbls for the period from July 2017 to December 2017. (3) Subsequent to March 31, 2017, the Company entered into a crude oil basis swap at a basis differential of ($1.50) for a total of 912,500 Bbls for 2018.
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts	The following table shows the potential effects of master netting arrangements on the fair value of the Company's derivative contracts (in thousands): Derivative Assets Derivative Liabilities Successor Successor Offsetting of Derivative Assets and Liabilities March 31, December 31, March 31, December 31, 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, 2017
ASSET RETIREMENT OBLIGATIONS
Schedule of activity related to ARO liability	The Company recorded the following activity related to its ARO liability (in thousands, inclusive of the current portion): Liability for asset retirement obligations as of December 31, 2016 (Sucessor) $ Liabilities settled and divested (1) ) Additions Acquisitions (1) Accretion expense ​ ​ ​ ​ ​ Liability for asset retirement obligations as of March 31, 2017 (Successor) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) See Note 4, "Acquisitions and Divestitures," for further information.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
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): Successor Predecessor Three Months Three Months 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 $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash preferred dividend — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders after assumed conversions $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average basic number of common shares outstanding Common stock equivalent shares representing shares issuable upon: Exercise of stock options Anti-dilutive Anti-dilutive Exercise of February 2012 Warrants — Anti-dilutive Exercise of warrants Anti-dilutive — Vesting of restricted shares Anti-dilutive Vesting of performance units — — Conversion of preferred stock — Conversion of Convertible Note — Anti-dilutive Conversion of Series A Preferred Stock — Anti-dilutive ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average diluted number of common shares outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per share of common stock $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ADDITIONAL FINANCIAL STATEMEN28

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
ADDITIONAL FINANCIAL STATEMENT INFORMATION
Schedule of additional financial statement information, balance sheet	Certain balance sheet amounts are comprised of the following (in thousands): Successor March 31, 2017 December 31, 2016 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 ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FINANCIAL STATEMENT PRESENTAT29

FINANCIAL STATEMENT PRESENTATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Basis of Presentation and Principles of Consolidation
Number of operating segments | item	1
Allowance for doubtful accounts receivable	$ 0
Predecessor
Basis of Presentation and Principles of Consolidation
Allowance for doubtful accounts receivable		$ 0

FINANCIAL STATEMENT PRESENTAT30

FINANCIAL STATEMENT PRESENTATION - PPE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Sep. 09, 2016
Other operating property and equipment
Gross investments	$ 54,826		$ 38,617	$ 38,071
Predecessor
Other operating property and equipment
Non-cash impairment charge		$ 28,056
Gross investments				$ 100,079
Gas gathering systems and equipment
Other operating property and equipment
Estimated useful life	30 years
Gas gathering systems and equipment | Predecessor
Other operating property and equipment
Non-cash impairment charge		28,100
Gross investments		$ 32,800
Water recycling facility
Other operating property and equipment
Estimated useful life	20 years
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 | Minimum
Other operating property and equipment
Estimated useful life	8 years
Heavy equipment | Maximum
Other operating property and equipment
Estimated useful life	10 years
Buildings
Other operating property and equipment
Estimated useful life	20 years

REORGANIZATION (Details)

REORGANIZATION (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 09, 2016	May 15, 2016	Sep. 09, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 21, 2015	May 01, 2015	Jul. 16, 2012	Feb. 08, 2012
8.625% senior secured second lien notes due 2020
Restructuring Support Agreement
Interest rate (as a percent)				8.625%	8.625%
12.0% senior secured second lien notes due 2022
Restructuring Support Agreement
Interest rate (as a percent)				12.00%	12.00%
Predecessor
Restructuring Support Agreement
Cash Payments Made To Preferred Holders			$ 11,100
Predecessor | 8.625% senior secured second lien notes due 2020
Restructuring Support Agreement
Interest rate (as a percent)							8.625%
Predecessor | 12.0% senior secured second lien notes due 2022
Restructuring Support Agreement
Interest rate (as a percent)						12.00%
Predecessor | 9.75% senior notes due 2020
Restructuring Support Agreement
Interest rate (as a percent)								9.75%
Predecessor | 8.0% convertible note due 2017
Restructuring Support Agreement
Interest rate (as a percent)									8.00%
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | Common Stock
Restructuring Support Agreement
Pro forma equity of reorganized Halcon (as a percent)	4.00%		4.00%
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | 5.75% Series A Convertible Perpetual Preferred Stock
Restructuring Support Agreement
Cash Payments Made To Preferred Holders	$ 11,100
Dividend rate (as a percent)	5.75%
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | 13.0% senior secured third lien notes due 2022
Restructuring Support Agreement
Pro forma equity of reorganized Halcon (as a percent)		76.50%
Cash payment to noteholders		$ 33,800
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | 8.0% convertible note due 2017
Restructuring Support Agreement
Pro forma equity of reorganized Halcon (as a percent)	4.00%		4.00%
Cash payment to noteholders	$ 15,000
Warrants to purchase shares of pro-forma equity of reorganized Halcon (as a percent)	1.00%
Exercise price (in dollars per share)	$ 14.04		$ 14.04
Extension term	4 years
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | Senior Unsecured Notes Held by Certain Holders
Restructuring Support Agreement
Pro forma equity of reorganized Halcon (as a percent)		15.50%
Cash payment to noteholders		$ 37,600
Warrants to purchase shares of pro-forma equity of reorganized Halcon (as a percent)		4.00%
Warrant term		4 years
Exercise price (in dollars per share)		$ 14.04

FRESH-START ACCOUNTING (Details

FRESH-START ACCOUNTING (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 09, 2016	Mar. 31, 2016	Dec. 31, 2015
Fresh-Start Adjustment
Enterprise Value			$ 1,618,888
Plus: Cash	$ 62,157	$ 24	13,943
Less: Fair value of debt			(1,016,160)
Less: Fair value of redeemable noncontrolling interest			(41,070)
Less: Fair value of other long-term liabilities			(4,478)
Less: Fair value of warrants			(16,691)
Fair Value of Successor common stock			554,432
Predecessor
Fresh-Start Adjustment
Plus: Cash				$ 8,603	$ 8,026
Fair Value of Successor common stock			(22,176)
Predecessor | Minimum
Fresh-Start Adjustment
Enterprise Value			$ 1,600,000
Predecessor | Maximum
Fresh-Start Adjustment
Maximum percentage of voting shares of emerging entity to qualify for fresh-start accounting under ASC 852 (as a percent)			50.00%
Enterprise Value			$ 1,800,000

FRESH-START ACCOUNTING-Enterpri

FRESH-START ACCOUNTING-Enterprise to Reorg Values (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 09, 2016
FRESH-START ACCOUNTING
Enterprise Value			$ 1,618,888
Plus: Cash	$ 62,157	$ 24	13,943
Plus: Current liabilities			178,639
Plus: Noncurrent asset retirement obligation			32,156
Reorganization Value of Successor assets			$ 1,843,626

FRESH-START ACCOUNTING-Balance

FRESH-START ACCOUNTING-Balance sheet effects (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 10, 2016	Sep. 09, 2016	Dec. 31, 2015
Current assets:
Cash	$ 62,157	$ 24		$ 13,943
Accounts receivable	122,910	147,762		116,859
Receivables from derivative contracts	11,757	5,923		97,648
Restricted cash				17,164
Prepaids and other	6,112	6,940		7,629
Total current assets	202,936	160,649		253,243
Oil and natural gas properties (full cost method):
Evaluated	1,226,499	1,269,034		1,214,129
Unevaluated	843,746	316,439		332,115
Gross oil and natural gas properties	2,070,245	1,585,473		1,546,244
Less - accumulated depletion	(497,250)	(465,849)
Net oil and natural gas properties	1,572,995	1,119,624		1,546,244
Other operating property and equipment:
Gas gathering and other operating assets	54,826	38,617		38,071
Less - accumulated depreciation	(1,883)	(1,107)
Net other operating property and equipment	52,943	37,510		38,071
Other noncurrent assets:
Receivables from derivative contracts	3,205			4,431
Funds in escrow and other	2,132	1,887		1,637
Total assets	1,834,211	1,319,670		1,843,626
Current liabilities:
Accounts payable and accrued liabilities	160,594	186,184		173,688
Liabilities from derivative contracts	1,578	16,434		102
Other	4,759	4,935		4,849
Total current liabilities	166,931	207,553		178,639
Long -term debt, net	940,572	964,653		1,016,160
Other noncurrent liabilities:
Liabilities from derivative contracts	167	486		525
Asset retirement obligations	26,530	31,985		32,156
Other	1,223	2,305		3,953
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest				41,070
Stockholders' equity:
Preferred stock
Successor Common stock: 1,000,000,000 shares of $0.0001 par value authorized; 92,947,576 and 92,991,183 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	9	9		9
Successor Additional paid-in capital	989,411	592,663		571,114
Retained earnings (accumulated deficit)	(290,632)	(479,984)
Total stockholders' equity	698,788	112,688	$ 571,123	571,123
Total liabilities and stockholders' equity	$ 1,834,211	$ 1,319,670		1,843,626
Reorganization Adjustments
Current assets:
Cash				(97,521)
Total current assets				(97,521)
Other noncurrent assets:
Total assets				(97,521)
Current liabilities:
Accounts payable and accrued liabilities				13,688
Total current liabilities				13,688
Liabilities subject to compromise				2,007,703
Other noncurrent liabilities:
Commitments and contingencies
Stockholders' equity:
Successor Common stock: 1,000,000,000 shares of $0.0001 par value authorized; 92,947,576 and 92,991,183 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively				9
Successor Additional paid-in capital				571,114
Retained earnings (accumulated deficit)				4,613,289
Total stockholders' equity				1,896,494
Total liabilities and stockholders' equity				(97,521)
Fresh Start Adjustments
Current assets:
Prepaids and other				(1,332)
Total current assets				(1,332)
Oil and natural gas properties (full cost method):
Evaluated				(6,497,874)
Unevaluated				(861,144)
Gross oil and natural gas properties				(7,359,018)
Less - accumulated depletion				6,803,231
Net oil and natural gas properties				(555,787)
Other operating property and equipment:
Gas gathering and other operating assets				(62,008)
Less - accumulated depreciation				24,154
Net other operating property and equipment				(37,854)
Other noncurrent assets:
Funds in escrow and other				27
Total assets				(594,946)
Current liabilities:
Other				4,435
Total current liabilities				4,435
Long -term debt, net				(14,954)
Other noncurrent liabilities:
Asset retirement obligations				(16,799)
Other				3,425
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest				(178,821)
Stockholders' equity:
Retained earnings (accumulated deficit)				(392,232)
Total stockholders' equity				(392,232)
Total liabilities and stockholders' equity				(594,946)
Predecessor
Current assets:
Cash				111,464
Accounts receivable				116,859
Receivables from derivative contracts				97,648
Restricted cash				17,164
Prepaids and other				8,961
Total current assets				352,096
Oil and natural gas properties (full cost method):
Evaluated				7,712,003
Unevaluated				1,193,259
Gross oil and natural gas properties				8,905,262
Less - accumulated depletion				(6,803,231)
Net oil and natural gas properties				2,102,031
Other operating property and equipment:
Gas gathering and other operating assets				100,079
Less - accumulated depreciation				(24,154)
Net other operating property and equipment				75,925
Other noncurrent assets:
Receivables from derivative contracts				4,431
Funds in escrow and other				1,610
Total assets				2,536,093
Current liabilities:
Accounts payable and accrued liabilities				160,000
Liabilities from derivative contracts				102
Other				414
Total current liabilities				160,516
Long -term debt, net				1,031,114
Liabilities subject to compromise				2,007,703
Other noncurrent liabilities:
Liabilities from derivative contracts				525
Asset retirement obligations				48,955
Other				528
Commitments and contingencies
Mezzanine equity:
Redeemable noncontrolling interest				219,891
Stockholders' equity:
Successor Common stock: 1,000,000,000 shares of $0.0001 par value authorized; 92,947,576 and 92,991,183 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively				12
Successor Additional paid-in capital				3,287,906
Retained earnings (accumulated deficit)				(4,221,057)
Total stockholders' equity				(933,139)	$ 52,414
Total liabilities and stockholders' equity				2,536,093
Predecessor | Reorganization Adjustments
Stockholders' equity:
Successor Common stock: 1,000,000,000 shares of $0.0001 par value authorized; 92,947,576 and 92,991,183 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively				(12)
Successor Additional paid-in capital				(3,287,906)
Total stockholders' equity				$ (3,287,918)

FRESH-START ACCOUNTING-Net cash

FRESH-START ACCOUNTING-Net cash payments (Details) - USD ($) $ in Thousands	Sep. 09, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 09, 2016
Uses:
Debt issuance fees paid on Exit Facility		$ 15,508
Reorganization Adjustments
Uses:
Payment to settle debt	$ (86,421)
Total Uses	97,521
Reorganization Adjustments | 5.75% Series A Convertible Perpetual Preferred Stock
Uses:
Cash payment to Preferred holders	11,100
Reorganization Adjustments | 13.0% senior secured third lien notes due 2022
Uses:
Payment to settle debt	33,826
Reorganization Adjustments | 8.0% convertible note due 2017
Uses:
Payment to settle debt	15,000
Reorganization Adjustments | Senior Unsecured Notes Held by Certain Holders
Uses:
Payment to settle debt	$ 37,595
Predecessor
Uses:
Cash payment to Preferred holders				$ 11,100
Debt issuance fees paid on Exit Facility			$ 1,185
Predecessor | Reorganization Adjustments
Uses:
Cash payment to Preferred holders				$ 11,100

FRESH-START ACCOUNTING-Liabilit

FRESH-START ACCOUNTING-Liabilities subject to compromise (Details) - USD ($) $ in Thousands	Sep. 09, 2016	Sep. 30, 2016	Sep. 09, 2016
Liabilities subject to compromise
Fair Value of successor common stock	$ 554,432		$ 554,432
Reorganization Adjustments
Fresh-Start Adjustment
Payments for amended certain office lease arrangements		$ 3,400
Restructuring Advisor fees		$ 10,300
Liabilities subject to compromise
Accrued interest	46,715		46,715
Office lease modification and rejection fees	3,427		3,427
Liabilities Subject to Compromise, Total	2,007,703		2,007,703
Fair Value of successor common stock	(548,947)		(548,947)
Cash payments to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder	(86,421)
Office lease modification and rejection fees	(3,427)		(3,427)
Gain on settlement of liabilities subject to compromise	1,368,908
Reorganization Adjustments | 5.75% Series A Convertible Perpetual Preferred Stock
Liabilities subject to compromise
Cash payment to Preferred Holders	(11,100)
Reorganization Adjustments | 13.0% senior secured third lien notes due 2022
Liabilities subject to compromise
Debt	1,017,970		1,017,970
Cash payments to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder	33,826
Reorganization Adjustments | 9.25% senior notes due 2022
Liabilities subject to compromise
Debt	37,194		37,194
Reorganization Adjustments | 8.875% senior notes due 2021
Liabilities subject to compromise
Debt	297,193		297,193
Reorganization Adjustments | 9.75% senior notes due 2020
Liabilities subject to compromise
Debt	315,535		315,535
Reorganization Adjustments | 8.0% convertible note due 2017
Liabilities subject to compromise
Debt	289,669		289,669
Cash payments to Third Lien Noteholders, Unsecured Noteholders and Convertible Noteholder	15,000
Predecessor
Liabilities subject to compromise
Liabilities Subject to Compromise, Total	2,007,703		2,007,703
Fair Value of successor common stock	(22,176)		(22,176)
Cash payment to Preferred Holders			(11,100)
Predecessor | Reorganization Adjustments
Liabilities subject to compromise
Fair Value of successor common stock	$ (22,176)		(22,176)
Cash payment to Preferred Holders			$ (11,100)

FRESH-START ACCOUNTING-Cancella

FRESH-START ACCOUNTING-Cancellation of predecessor equity (Details) - USD ($) $ in Thousands	Sep. 09, 2016	Sep. 09, 2016	Mar. 31, 2017	Dec. 31, 2016	Sep. 10, 2016	Dec. 31, 2015
Cancellation of predecessor equity
Company Stock	$ (571,123)	$ (571,123)	$ (698,788)	$ (112,688)	$ (571,123)
Fair Value of successor common stock	554,432	554,432
Predecessor
Cancellation of predecessor equity
Company Stock	933,139	933,139				$ (52,414)
Fair Value of successor common stock	(22,176)	(22,176)
Cash payment to Preferred Holders		(11,100)
Reorganization Adjustments
Cancellation of predecessor equity
Company Stock	(1,896,494)	(1,896,494)
Fair Value of successor common stock	(548,947)	(548,947)
Reorganization Adjustments | Predecessor
Cancellation of predecessor equity
Company Stock	3,287,918	3,287,918
Fair Value of successor common stock	(22,176)	(22,176)
Cash payment to Preferred Holders		$ (11,100)
Cancellation of Predecessor Company equity	$ (3,254,642)

FRESH-START ACCOUNTING-Successo

FRESH-START ACCOUNTING-Successor equity (Details) - $ / shares	Apr. 06, 2017	Sep. 09, 2016	Mar. 31, 2017	Dec. 31, 2016
Stockholders' equity
Common stock, shares issued			92,947,576	92,991,183
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Warrants Issued to Former Holders of Unsecured and Convertible Notes
Stockholders' equity
Number of warrants issued		4,700,000
Exercise price (in dollars per share)		$ 14.04
Exercise or expiration period		4 years
8.0% convertible note due 2017
Stockholders' equity
Number of warrants issued		900,000
Senior Unsecured Notes Held by Certain Holders
Stockholders' equity
Number of warrants issued		3,800,000
Common Stock
Stockholders' equity
Common stock, par value (in dollars per share)		$ 0.0001
Shares issued	55,200,000	90,000,000
Reorganization Adjustments | Warrants Issued to Former Holders of Unsecured and Convertible Notes
Stockholders' equity
Fair Value price of Warrants (in dollars per share)		$ 3.52
Reorganization Adjustments | 13.0% senior secured third lien notes due 2022
Stockholders' equity
Shares issued		68,800,000
Reorganization Adjustments | 8.0% convertible note due 2017
Stockholders' equity
Shares issued		3,600,000
Reorganization Adjustments | Senior Unsecured Notes Held by Certain Holders
Stockholders' equity
Shares issued		14,000,000
Reorganization Adjustments | Common Stock
Stockholders' equity
Shares issued		3,600,000

FRESH-START ACCOUNTING-Effect o

FRESH-START ACCOUNTING-Effect of reorganization adj cumulative (Details) - Reorganization Adjustments $ in Thousands	Sep. 09, 2016USD ($)
Cumulative effect of the reorganization adjustments
Gain on settlement of liabilities subject to compromise	$ 1,368,908
Predecessor
Cumulative effect of the reorganization adjustments
Accrued reorganization items	(10,261)
Cancellation of Predecessor Company equity	3,254,642
Net impact to retained earnings (accumulated deficit)	$ 4,613,289

FRESH-START ACCOUNTING-FV adjus

FRESH-START ACCOUNTING-FV adjustments to oil and natural gas properties (Details) - Fresh Start Adjustments	Sep. 09, 2016$ / MMBTU$ / bbl
Oil and natural gas properties (full cost method):
Weighted average cost of capital rate (as a percent)	10.50
Weighted average cost of capital for probable and possible reserves rate (as a percent)	12.5
Development plan in years	5 years
Weighted average commodity price of oil (in dollars per barrel)	72.30
Weighted average commodity price of natural gas (in dollars per Mmbtu) | $ / MMBTU	3.50
Weighted average commodity price of natural gas liquids (in dollars per barrel)	12

FRESH-START ACCOUNTING-FV adj41

FRESH-START ACCOUNTING-FV adjustments to other operating properties (Details) $ in Thousands	Sep. 09, 2016USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Other operating property and equipment:
Asset retirement obligations		$ 26,805	$ 32,375
Fresh Start Adjustments
Other operating property and equipment:
Weighted average cost of capital rate (as a percent)	10.50
Asset retirement obligations	$ 32,500
Fair value of asset retirement obligation current	300
Fair value of redeemable noncontrolling interest	41,100
Fair Value of embedded derivative	$ 0
Fresh Start Adjustments | Embedded Derivative
Other operating property and equipment:
Weighted average cost of capital rate (as a percent)	12.5
Fresh Start Adjustments | Minimum
Other operating property and equipment:
Risk free rate (as a percent)	5.50%
Fresh Start Adjustments | Maximum
Other operating property and equipment:
Risk free rate (as a percent)	6.60%
Fresh Start Adjustments | Drilling rig commitments
Other operating property and equipment:
Intangible liability for rig contract	$ 8,300
Intangible current liability for rig contract	$ 4,500
Fresh Start Adjustments | Gas gathering systems and equipment
Other operating property and equipment:
Weighted average cost of capital rate (as a percent)	9.5

ACQUISITIONS AND DIVESTITURES-P

ACQUISITIONS AND DIVESTITURES-Pecos County Consideration (Details) $ in Thousands	Feb. 28, 2017USD ($)a	Jan. 24, 2017	Nov. 01, 2016USD ($)$ / Mcf$ / Boe$ / bbl	Dec. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Sep. 09, 2016USD ($)
Estimated fair value of assets acquired:
Evaluated oil and natural gas properties				$ 1,269,034	$ 1,226,499	$ 1,214,129
Gas gathering and other operating assets				38,617	$ 54,826	$ 38,071
8% Convertible Preferred Stock
Additional disclosures
Dividend rate (as a percent)		8.00%
Pecos County Assets
Consideration paid for acquisition and the amounts of assets acquired and liabilities assumed
Acreage of working interest acquired (in acres) | a	20,901
Cash consideration paid to Samson at closing			$ 703,865
Less: Estimated post-effective closing date adjustments			(5,698)
Estimated consideration transferred	$ 703,900		698,167
Plus: Estimated Fair Value of Liabilities Assumed:
Current liabilities			721
Asset retirement obligations			2,116
Amount attributable to liabilities assumed			2,837
Total purchase price plus liabilities assumed			701,004
Estimated fair value of assets acquired:
Evaluated oil and natural gas properties			160,275
Unevaluated oil and natural gas properties			514,350
Gas gathering and other operating assets			26,379
Amount attributable to assets acquired			701,004
Additional disclosures
Goodwill			$ 0
Net of reductions to the purchase price consideration				$ (1,100)
Weighted average cost of capital rate (as a percent)			10
Weighted average cost of capital for probable and possible reserves rate (as a percent)			12
Development plan in years			5 years
Pecos County Assets | Crude oil
Additional disclosures
Weighted average commodity prices | $ / bbl			76.10
Pecos County Assets | Natural gas
Additional disclosures
Weighted average commodity prices | $ / Mcf			4.14
Pecos County Assets | NGLs
Additional disclosures
Weighted average commodity prices | $ / Boe			29.48
Pecos County Assets | 8% Convertible Preferred Stock
Additional disclosures
Net proceeds received			$ 400,100
Dividend rate (as a percent)			8.00%

ACQUISITIONS AND DIVESTITURES43

ACQUISITIONS AND DIVESTITURES-Pecos County Proforma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pro forma financial information
Net income (loss) available to Halcon common stockholders	$ 188,551
Predecessor
Pro forma financial information
Net income (loss) available to Halcon common stockholders		$ (566,862)
Pecos County Assets
Pro forma financial information
Revenue	142,975
Net income (loss)	195,365
Net income (loss) available to Halcon common stockholders	$ 194,564
Pro forma net income (loss) per share of common stock:
Basic (in dollars per share)	$ 2.13
Diluted (in dollars per share)	$ 1.74
Additional disclosures
Transaction costs and non-recurring charges	$ 400
Oil, natural gas and natural gas liquids sales related to properties acquired	3,300
Net field operating income related to properties acquired	1,600
Pecos County Assets | General and administrative
Additional disclosures
Non-recurring transaction costs	$ 400
Pecos County Assets | Predecessor
Pro forma financial information
Revenue		85,485
Net income (loss)		(541,729)
Net income (loss) available to Halcon common stockholders		$ (568,592)
Pro forma net income (loss) per share of common stock:
Basic (in dollars per share)		$ (4.74)
Diluted (in dollars per share)		$ (4.74)

ACQUISITIONS AND DIVESTITURES-D

ACQUISITIONS AND DIVESTITURES-Divestitures (Details) $ in Thousands	Jan. 24, 2017USD ($)	Jan. 01, 2017USD ($)a	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2016
Divestitures
Gain (loss) from sale of gas gathering and other operating assets			$ 231,190
Proceeds received from sales of oil and natural gas properties			477,306
Proceeds received from sale of other operating property and equipment			10,286
Gas gathering systems and equipment
Divestitures
Proceeds received from sales of oil and natural gas properties	$ 477,300
Proceeds received from sale of other operating property and equipment		$ 10,200
Gain on sale of oil and natural gas assets
Divestitures
Gain (loss) from sale of gas gathering and other operating assets	0		$ 231,200
El Halcon Assets
Divestitures
Gain (loss) from sale of gas gathering and other operating assets	$ 0
El Halcon Assets | Disposal Group Disposed of by Sale
Divestitures
Proceeds from Sale of Oil and Gas Property and Equipment		$ 483,500
Acreage divested | a		80,500
Companys Existing Wholly Owned Subsidiaries Other Than HK TMS
Divestitures
Ownership percentage in subsidiaries					100.00%
Predecessor
Divestitures
Preferred dividends on redeemable noncontrolling interest paid-in-kind				$ 3,295
Proceeds received from sales of oil and natural gas properties				(422)
Proceeds received from sale of other operating property and equipment				$ 61

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017$ / MMBTU$ / bbl	Mar. 31, 2016USD ($)$ / MMBTU$ / bbl	Dec. 31, 2015$ / bbl
Ceiling Limitation Disclosures
First day average of the West Texas Intermediate (WTI) crude oil spot price (in dollars per barrel) | $ / bbl	47.61
First day average of the Henry Hub natural gas price (in dollars per Mmbtu) | $ / MMBTU	2.73
Predecessor
Ceiling Limitation Disclosures
First day average of the West Texas Intermediate (WTI) crude oil spot price (in dollars per barrel) | $ / bbl		46.26
First day average of the Henry Hub natural gas price (in dollars per Mmbtu) | $ / MMBTU		2.40
Full cost ceiling impairment		$ 496.9
Full cost ceiling impairment, after tax		315.1
Average price (in dollars per barrel) | $ / bbl			50.28
Percent decrease in the first-day-of-the-month average prices for crude oil			8.00%
Predecessor | Unevaluated Oil and Gas Leaseholds
Oil and Natural Gas Properties
Interest costs capitalized		32.1
Predecessor | Tuscaloosa Marine Shale | Unevaluated Oil and Gas Leaseholds
Oil and Natural Gas Properties
Amount of unevaluated property costs transferred to the full cost pool		74.8
Utica areas | Predecessor | Unevaluated Oil and Gas Leaseholds
Oil and Natural Gas Properties
Amount of unevaluated property costs transferred to the full cost pool		$ 330.4

DEBT (Details)

DEBT (Details) $ in Thousands	Feb. 16, 2017	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 28, 2016USD ($)	Sep. 09, 2016USD ($)	Dec. 21, 2015	May 01, 2015	Jul. 16, 2012	Feb. 08, 2012
Current and long-term debt
Principal amount outstanding, net		$ 940,572	$ 964,653		$ 1,016,160
8.625% senior secured second lien notes due 2020
Current and long-term debt
Principal amount outstanding, net			$ 672,613
Interest rate (as a percent)		8.625%	8.625%
Unamortized discount			$ 27,400
12.0% senior secured second lien notes due 2022
Current and long-term debt
Principal amount outstanding, net		$ 106,277	$ 106,040
Interest rate (as a percent)		12.00%	12.00%
Unamortized discount		$ 6,500	$ 6,800	$ 1,400
6.75% senior unsecured notes due 2025
Current and long-term debt
Principal amount outstanding, net		$ 834,295
Interest rate (as a percent)	6.75%	6.75%	6.75%
Outstanding 8.625% notes repurchased with proceeds from the 6.75% note offering (as a percent)	41
Unamortized debt issuance costs		$ 15,700
Senior revolving credit facility
Current and long-term debt
Principal amount outstanding, net			$ 186,000
Predecessor
Current and long-term debt
Principal amount outstanding, net					$ 1,031,114
Predecessor | 8.625% senior secured second lien notes due 2020
Current and long-term debt
Interest rate (as a percent)							8.625%
Predecessor | 12.0% senior secured second lien notes due 2022
Current and long-term debt
Interest rate (as a percent)						12.00%
Predecessor | 9.75% senior notes due 2020
Current and long-term debt
Interest rate (as a percent)								9.75%
Predecessor | 8.0% convertible note due 2017
Current and long-term debt
Interest rate (as a percent)									8.00%

DEBT-Senior Facility (Details)

DEBT-Senior Facility (Details) $ in Thousands	Sep. 09, 2016USD ($)item	May 02, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 21, 2015USD ($)
Current and long-term debt
Letters of credit outstanding			$ 6,400
Principal amount			962,826	$ 812,826
12.0% senior secured second lien notes due 2022
Current and long-term debt
Principal amount			$ 112,826	$ 112,826
Interest rate (as a percent)			12.00%	12.00%
Senior revolving credit facility
Current and long-term debt
Current borrowing capacity			$ 600,000
Amount outstanding			0
Senior revolving credit facility
Current and long-term debt
Maximum borrowing capacity	$ 1,500,000
Current borrowing capacity		$ 650,000
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
Number of fiscal quarters used to determine certain financial covenants | item	4
Borrowing capacity available			$ 593,600
Senior revolving credit facility | Minimum
Current and long-term debt
Amount outstanding	$ 100,000
Current Ratio	1
Senior revolving credit facility | Maximum
Current and long-term debt
Total Net Indebtedness Leverage Ratio initial period	4.75
Total Net Indebtedness Leverage Ratio on September 30, 2017	4.50
Total Net Indebtedness Leverage Ratio on March 31, 2019	4
Senior revolving credit facility | ABR - based | Minimum
Current and long-term debt
Applicable margin (as a percent)	1.75%
Senior revolving credit facility | ABR - based | Maximum
Current and long-term debt
Applicable margin (as a percent)	2.75%
Senior revolving credit facility | LIBOR | Minimum
Current and long-term debt
Applicable margin (as a percent)	2.75%
Senior revolving credit facility | LIBOR | Maximum
Current and long-term debt
Applicable margin (as a percent)	3.75%
Predecessor | 12.0% senior secured second lien notes due 2022
Current and long-term debt
Principal amount					$ 112,800
Interest rate (as a percent)					12.00%

DEBT - Amended Senior Facilitie

DEBT - Amended Senior Facilities (Details) - USD ($)	Mar. 20, 2017	Feb. 21, 2017	Feb. 16, 2017	Sep. 09, 2016	Dec. 21, 2015	May 01, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Sep. 28, 2016	Jul. 16, 2012
Current and long-term debt
Principal amount							$ 962,826,000		$ 812,826,000
Gain (loss) on extinguishment of debt							(56,898,000)
Accrued interest expense							$ 8,910,000		31,146,000
Predecessor
Current and long-term debt
Gain (loss) on extinguishment of debt								$ 81,434,000
8.625% senior secured second lien notes due 2020
Current and long-term debt
Principal amount									$ 700,000,000
Extinguishment of debt, aggregate principal	$ 409,600,000	$ 1,200,000	$ 289,200,000
Interest rate (as a percent)							8.625%		8.625%
Loss on the repurchase for the tender premium paid							$ 30,900,000
Loss on the write-off of the discount on notes							26,000,000
Unamortized discount									$ 27,400,000
Redemption price of debt instrument (as a percent)	104.313%
Payment for repurchase of debt	$ 432,000,000	1,200,000	303,500,000
Make-whole premium	17,700,000	$ 54,000	13,200,000
Accrued interest expense	$ 4,800,000		1,100,000
8.625% senior secured second lien notes due 2020 | Predecessor
Current and long-term debt
Principal amount						$ 700,000,000
Interest rate (as a percent)						8.625%
Net proceeds from issuance						$ 686,200,000
12.0% senior secured second lien notes due 2022
Current and long-term debt
Principal amount							$ 112,826,000		$ 112,826,000
Interest rate (as a percent)							12.00%		12.00%
Unamortized discount							$ 6,500,000		$ 6,800,000	$ 1,400,000
Consent fee paid										$ 1,400,000
12.0% senior secured second lien notes due 2022 | Reorganization Adjustments
Current and long-term debt
Fair value of debt				$ 107,200,000
Application of discount applied during Fresh-Start Accounting				$ 5,700,000
12.0% senior secured second lien notes due 2022 | Predecessor
Current and long-term debt
Principal amount					$ 112,800,000
Gross debt extinguished for new notes					$ 289,600,000
Interest rate (as a percent)					12.00%
9.75% senior notes due 2020 | Predecessor
Current and long-term debt
Interest rate (as a percent)											9.75%
6.75% senior unsecured notes due 2025
Current and long-term debt
Principal amount			$ 850,000,000				$ 850,000,000
Interest rate (as a percent)			6.75%				6.75%		6.75%
Net proceeds from issuance			$ 834,100,000
6.75% senior unsecured notes due 2025 | Prior to February 15, 2020
Current and long-term debt
Redemption price of debt instrument (as a percent)							100.00%
Maximum percentage of the aggregate principal amount of debt instruments that may be redeemed with net proceeds of certain equity offerings							35.00%
Redemption price of notes utilizing net proceeds of certain equity offerings (as a percent)							106.75%
Redemption price of notes for change of control (as a percent)							101.00%
6.75% senior unsecured notes due 2025 | February 15, 2020
Current and long-term debt
Redemption price of debt instrument (as a percent)			105.063%
6.75% senior unsecured notes due 2025 | February 15, 2021
Current and long-term debt
Redemption price of debt instrument (as a percent)			103.375%
6.75% senior unsecured notes due 2025 | February 15, 2022
Current and long-term debt
Redemption price of debt instrument (as a percent)			101.688%
6.75% senior unsecured notes due 2025 | 2023 and thereafter
Current and long-term debt
Redemption price of debt instrument (as a percent)			100.00%
Senior Unsecured Notes Held by Certain Holders | 9.25% senior notes due 2022 | Predecessor
Current and long-term debt
Extinguishment of debt, aggregate principal					$ 35,300,000
Senior Unsecured Notes Held by Certain Holders | 8.875% senior notes due 2021 | Predecessor
Current and long-term debt
Extinguishment of debt, aggregate principal					137,700,000
Senior Unsecured Notes Held by Certain Holders | 9.75% senior notes due 2020 | Predecessor
Current and long-term debt
Extinguishment of debt, aggregate principal					$ 116,600,000

DEBT - Issuance of 2025 Senior

DEBT - Issuance of 2025 Senior Notes and Repurchase of 2020 Second Lien Notes (Details) - USD ($)	Mar. 20, 2017	Feb. 21, 2017	Feb. 16, 2017	Mar. 31, 2017	Dec. 31, 2016
Current and long-term debt
Aggregate principal amount				$ 962,826,000	$ 812,826,000
Accrued interest expense				8,910,000	$ 31,146,000
6.75% senior unsecured notes due 2025
Current and long-term debt
Aggregate principal amount			$ 850,000,000	$ 850,000,000
Interest rate (as a percent)			6.75%	6.75%	6.75%
Net proceeds from issuance			$ 834,100,000
Debt Issuance Costs
Gross amount of long-term debt issuance costs				$ 15,900,000
6.75% senior unsecured notes due 2025 | Prior to February 15, 2020
Current and long-term debt
Redemption price (as a percent)				100.00%
Maximum percentage of the aggregate principal amount of debt instruments that may be redeemed with net proceeds of certain equity offerings				35.00%
Redemption price of notes utilizing net proceeds of certain equity offerings (as a percent)				106.75%
Redemption price of notes for change of control (as a percent)				101.00%
6.75% senior unsecured notes due 2025 | February 15, 2020
Current and long-term debt
Redemption price (as a percent)			105.063%
6.75% senior unsecured notes due 2025 | February 15, 2021
Current and long-term debt
Redemption price (as a percent)			103.375%
6.75% senior unsecured notes due 2025 | February 15, 2022
Current and long-term debt
Redemption price (as a percent)			101.688%
6.75% senior unsecured notes due 2025 | 2023 and thereafter
Current and long-term debt
Redemption price (as a percent)			100.00%
8.625% senior secured second lien notes due 2020
Current and long-term debt
Aggregate principal amount					$ 700,000,000
Interest rate (as a percent)				8.625%	8.625%
Redemption price (as a percent)	104.313%
Payment for repurchase of debt	$ 432,000,000	$ 1,200,000	$ 303,500,000
Make-whole premium	17,700,000	$ 54,000	13,200,000
Accrued interest expense	$ 4,800,000		$ 1,100,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2016	Mar. 31, 2017
Assets
Asset transfers between levels	$ 0
Recurring | Total
Assets
Receivables from derivative contracts		$ 5,923	$ 14,962
Liabilities
Liabilities from derivative contracts		16,920	1,745
Recurring | Level 2
Assets
Receivables from derivative contracts		5,923	14,962
Liabilities
Liabilities from derivative contracts		16,920	$ 1,745
Predecessor
Liabilities
Liability transfers between levels		$ 0

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated FV (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Feb. 16, 2017	Dec. 31, 2016	Dec. 21, 2015	May 01, 2015
6.75% senior unsecured notes due 2025
Fair value measurements
Interest rate (as a percent)		6.75%	6.75%	6.75%
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%
Total
Fair value measurements
Estimated fair value of short-term debt		$ 970,672
Estimated fair value of debt				$ 857,077
Total | 6.75% senior unsecured notes due 2025
Fair value measurements
Estimated fair value of short-term debt		838,525
Total | 8.625% senior secured second lien notes due 2020
Fair value measurements
Estimated fair value of debt				733,250
Total | 12.0% senior secured second lien notes due 2022
Fair value measurements
Estimated fair value of short-term debt		$ 132,147
Estimated fair value of debt				$ 123,827
Predecessor
Fair value measurements
Non-cash impairment charge	$ 28,056
Predecessor | 8.625% senior secured second lien notes due 2020
Fair value measurements
Interest rate (as a percent)						8.625%
Predecessor | 12.0% senior secured second lien notes due 2022
Fair value measurements
Interest rate (as a percent)					12.00%

DERIVATIVE AND HEDGING ACTIVI52

DERIVATIVE AND HEDGING ACTIVITIES (Details) $ in Thousands	Mar. 31, 2017USD ($)item	Dec. 31, 2016USD ($)item
Derivative and hedging activities
Asset derivative contracts	$ 14,962	$ 5,923
Liability derivative contracts	(1,745)	$ (16,920)
Derivatives not designated as hedging contracts
Derivative and hedging activities
Asset derivative contracts	14,962
Liability derivative contracts	$ (1,745)
Derivatives not designated as hedging contracts | Commodity contracts
Derivative and hedging activities
Number of open commodity derivative contracts | item	28	22
Derivatives not designated as hedging contracts | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	$ 11,757
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	3,205
Derivatives not designated as hedging contracts | Commodity contracts | Current liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	(1,578)
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	$ (167)
Derivatives not designated as hedging contracts | Commodity contracts | Collars | Natural gas
Derivative and hedging activities
Number of open commodity derivative contracts | item	4	2
Derivatives not designated as hedging contracts | Commodity contracts | Collars | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	22	20
Derivatives not designated as hedging contracts | Commodity contracts | Basis Swap | Crude oil
Derivative and hedging activities
Number of open commodity derivative contracts | item	2
Derivatives not designated as hedging contracts | Predecessor
Derivative and hedging activities
Asset derivative contracts		$ 5,923
Liability derivative contracts		(16,920)
Derivatives not designated as hedging contracts | Predecessor | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts		5,923
Derivatives not designated as hedging contracts | Predecessor | Commodity contracts | Current liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts		(16,434)
Derivatives not designated as hedging contracts | Predecessor | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts		$ (486)

DERIVATIVE AND HEDGING ACTIVI53

DERIVATIVE AND HEDGING ACTIVITIES - Realized Unrealized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts	$ 24,214
Realized gain (loss) on commodity contracts	2,184
Total net gain (loss) on derivative contracts	$ 26,398
Predecessor
Derivative and hedging activities
Total net gain (loss) on derivative contracts		$ 18,742
Predecessor | Derivatives not designated as hedging contracts | Commodity contracts | Other Income Expense
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts		(88,978)
Realized gain (loss) on commodity contracts		107,720
Total net gain (loss) on derivative contracts		$ 18,742

DERIVATIVE AND HEDGING ACTIVI54

DERIVATIVE AND HEDGING ACTIVITIES - Open contracts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2016USD ($)MMBTU$ / MMBTU$ / bblbbl
Derivative Assets
Gross Amounts Presented in the Consolidated Balance Sheet | $	$ 14,962	$ 5,923
Amounts Not Offset in the Consolidated Balance Sheet | $	(1,644)	(5,283)
Net Amount | $	13,318	640
Derivative Liabilities
Gross Amounts Presented in the Consolidated Balance Sheet | $	(1,745)	(16,920)
Amounts Not Offset in the Consolidated Balance Sheet | $	1,578	5,075
Net Amount | $	$ (167)	$ (11,845)
Basis Swap | Commodity contracts | Crude oil | 912,500 Bbls | Extendable period through December 31, 2018
Derivative and hedging activities
Volume in Bbl's | bbl	912,500
January 2017 - December 2017 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		6,843,750
January 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		47
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		52
January 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		60
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		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) | $ / MMBTU		51.39
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		58.75
January 2017 - December 2017 | Collars | Commodity contracts | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		3,650,000
Floors (in dollars per Mmbtu's/Bbl's)		3.26
Ceilings (in dollars per Mmbtu's/Bbl's)		3.76
January 2017 - December 2017 | Collars | Commodity contracts | Natural gas | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		3.15
Ceilings (in dollars per Mmbtu's/Bbl's)		3.50
January 2017 - December 2017 | Collars | Commodity contracts | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		3.20
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		3.63
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	5,156,250
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | 4,125,000 Bbls | May 2017 through December 2018
Derivative and hedging activities
Volume in Bbl's | bbl	1,525,000
Floors (in dollars per Mmbtu's/Bbl's)	3
Ceilings (in dollars per Mmbtu's/Bbl's)	3.38
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | 5,156,250 Bbls | May 2017 through December 2018
Derivative and hedging activities
Volume in Bbl's | bbl	610,000
Floors (in dollars per Mmbtu's/Bbl's)	50
Ceilings (in dollars per Mmbtu's/Bbl's)	55.25
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | 5,156,250 Bbls | July 2017 through December 2018
Derivative and hedging activities
Volume in Bbl's | bbl	276,000
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	47
Ceilings (in dollars per Mmbtu's/Bbl's)	52
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Minimum | 5,156,250 Bbls | July 2017 through December 2018
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	51.05
Ceilings (in dollars per Mmbtu's/Bbl's)	56.05
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	60
Ceilings (in dollars per Mmbtu's/Bbl's)	76.84
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Maximum | 5,156,250 Bbls | July 2017 through December 2018
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	51.07
Ceilings (in dollars per Mmbtu's/Bbl's)	56.07
April 2017 - December 2017 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	51.39
Ceilings (in dollars per Mmbtu's/Bbl's)	58.75
April 2017 - December 2017 | Collars | Commodity contracts | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	4,125,000
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	3.26
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	3.76
April 2017 - December 2017 | Collars | Commodity contracts | Natural gas | 4,125,000 Bbls | July 2017 through December 2018
Derivative and hedging activities
Volume in Bbl's | bbl	1,372,500
Floors (in dollars per Mmbtu's/Bbl's)	3
Ceilings (in dollars per Mmbtu's/Bbl's)	3.39
April 2017 - December 2017 | Collars | Commodity contracts | Natural gas | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	3.10
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	3.44
April 2017 - December 2017 | Collars | Commodity contracts | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	3.17
Ceilings (in dollars per Mmbtu's/Bbl's) | $ / MMBTU	3.58
January 2018 - December 2018 | Basis Swap | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	912,500
Basis Differential	(1.05)
January 2018 - December 2018 | Basis Swap | Commodity contracts | Crude oil | 912,500 Bbls | Extendable period through December 31, 2018
Derivative and hedging activities
Basis Differential	(1.50)
January 2018 - December 2018 | Collars | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		730,000
Ceilings (in dollars per Mmbtu's/Bbl's)		58
January 2018 - December 2018 | Collars | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		53
January 2018 - December 2018 | Collars | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		53
Ceilings (in dollars per Mmbtu's/Bbl's)		58
January 2018 - December 2018 | Swaps | Commodity contracts | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,460,000
Ceilings (in dollars per Mmbtu's/Bbl's)	60
January 2018 - December 2018 | Swaps | Commodity contracts | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	50
Ceilings (in dollars per Mmbtu's/Bbl's)	58
January 2018 - December 2018 | Swaps | Commodity contracts | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	53
January 2018 - December 2018 | Swaps | Commodity contracts | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)	51.50
Ceilings (in dollars per Mmbtu's/Bbl's)	59

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Activity related to ARO liability
Liability for asset retirement obligations at the beginning of the period	$ 32,375
Liabilities settled and divested	(8,160)
Additions	7
Acquisitions	2,116
Accretion expense	467
Liability for asset retirement obligations at the end of the period	$ 26,805

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended		3 Months Ended
	Jan. 31, 2017USD ($)aitem$ / item	Sep. 30, 2016USD ($)	Mar. 31, 2017USD ($)item	Mar. 31, 2016USD ($)item	Dec. 31, 2016USD ($)	Apr. 05, 2016USD ($)	Jan. 31, 2015USD ($)
Commitments and contingencies
Rent expense			$ 1,000,000
Approximate future minimum lease payments for all non-cancelable operating leases
Non-cancelable operating leases					$ 14,500,000
Predecessor
Commitments and contingencies
Rent expense				$ 2,200,000
Drilling rig commitments
Commitments and contingencies
Non-cancelable termination penalties			12,600,000
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Total drilling rig commitments			$ 21,700,000
Number of drilling rig commitments | item			2
Drilling rig commitments | Predecessor
Commitments and contingencies
Non-cancelable termination penalties						$ 1,200,000	$ 6,000,000
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Number of drilling rig commitments | item				1
Drilling rig commitments | Minimum
Commitments and contingencies
Stacking fees per day pertaining to the new drilling rig commitment			$ 10,000
Drilling rig commitments | Maximum
Commitments and contingencies
Non-cancelable termination penalties			3,000,000
Stacking fees per day pertaining to the new drilling rig commitment			$ 10,500
Gathering, transportation and sales | North Dakota and West Texas
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Number of long-term crude oil sales contracts to which the entity is committed | item			10
Number of long-term natural gas sales contracts to which the entity is committed | item			8
Gathering, transportation and sales | North Dakota and West Texas | Minimum
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Period of commitment for production from the date of first production			1 year
Gathering, transportation and sales | North Dakota and West Texas | Maximum
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Period of commitment for production from the date of first production			10 years
Ward County Texas Assets | Ward County
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Number of tracts | item	2
Required contingent payment	$ 5,000,000
Price per Acre | $ / item	11,000
Ward County Texas Assets | Ward County | Maximum
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Acreage of working interest acquired (in acres) | a	15,040
Ward County Texas Assets | Southern Tract
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Acreage of working interest acquired (in acres) | a	6,720
Required contingent payment	$ 5,000,000
Ward County Texas Assets | Northern Tract
Other contractual commitments for, among other things, stacking charges on certain drilling rig commitments
Acreage of working interest acquired (in acres) | a	8,320
Reorganization Adjustments
Commitments and contingencies
Payments for amended certain office lease arrangements		$ 3,400,000

STOCKHOLDERS EQUITY - Private P

STOCKHOLDERS EQUITY - Private Placement of Automatically Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 06, 2017	Feb. 27, 2017	Jan. 24, 2017	Sep. 09, 2016	Mar. 31, 2017	Dec. 31, 2016
Stockholders' equity
Preferred stock, par value (in dollars per share)				$ 0.0001	$ 0.0001	$ 0.0001
Par value of common stock (in dollars per share)					$ 0.0001	$ 0.0001
Gross proceeds from preferred stock offering					$ 400,055
Offering costs including placement agent fees					11,829
8% Convertible Preferred Stock
Stockholders' equity
Shares issued		5,518
Dividend rate (as a percent)			8.00%
Preferred stock, par value (in dollars per share)			$ 0.0001
Proceeds from issuance of convertible preferred stock per share		$ 72,500
Number of shares of common stock to be issued upon conversion			10,000
Par value of common stock (in dollars per share)			$ 0.0001
Gross proceeds from preferred stock offering		$ 400,100
Conversion price (in dollars per share)			0.87
Share price (in dollars per share)		$ 7.25	$ 8.12
Preferred dividend					0
Offering costs including placement agent fees		$ 11,600
Beneficial conversion proceeds			$ 48,000
Discount amortization period			65 months
Amortization of beneficial conversion discount					800
Remainder of conversion discount					$ 47,200
Common Stock
Stockholders' equity
Shares issued	55,200,000			90,000,000
Par value of common stock (in dollars per share)				$ 0.0001

STOCKHOLDERS' EQUITY-Common sto

STOCKHOLDERS' EQUITY-Common stock and warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 06, 2017	Sep. 09, 2016	May 15, 2016	Mar. 31, 2017	Sep. 09, 2016	Dec. 31, 2016
Stockholders' equity
Authorized shares of capital stock, after amendment of certificate of incorporation		1,001,000,000			1,001,000,000
Authorized shares of common stock, after amendment of certificate of incorporation				1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share)				$ 0.0001		$ 0.0001
Authorized shares of preferred stock, after amendment of certificate of incorporation				1,000,000		1,000,000
Preferred stock, par value (in dollars per share)		$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding				5,518		0
Gross proceeds from preferred stock offering				$ 400,055
Proceeds from the issuance of the Preferred Stock allocated to additional paid-in capital				48,007
Additional Paid in Capital		$ 571,114		$ 989,411	$ 571,114	$ 592,663
8.0% convertible note due 2017
Stockholders' equity
Number of warrants issued		900,000			900,000
Senior Unsecured Notes Held by Certain Holders
Stockholders' equity
Number of warrants issued		3,800,000			3,800,000
Warrants Issued to Former Holders of Unsecured and Convertible Notes
Stockholders' equity
Number of warrants issued		4,700,000			4,700,000
Exercise price (in dollars per share)		$ 14.04			$ 14.04
Additional Paid in Capital						$ 16,700
Preferred stock
Stockholders' equity
Authorized shares of preferred stock, after amendment of certificate of incorporation		1,000,000			1,000,000
Common Stock
Stockholders' equity
Shares issued	55,200,000	90,000,000
Authorized shares of common stock, after amendment of certificate of incorporation		1,000,000,000			1,000,000,000
Common stock, par value (in dollars per share)		$ 0.0001			$ 0.0001
5.75% Series A Convertible Perpetual Preferred Stock
Stockholders' equity
Preferred stock, shares outstanding				0
Predecessor
Stockholders' equity
Cash payment to Preferred holders					$ 11,100
Additional Paid in Capital		$ 3,287,906			$ 3,287,906
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | 13.0% senior secured third lien notes due 2022
Stockholders' equity
Cash payment to noteholders			$ 33,800
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | 8.0% convertible note due 2017
Stockholders' equity
Cash payment to noteholders		$ 15,000
Exercise price (in dollars per share)		$ 14.04			$ 14.04
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | Senior Unsecured Notes Held by Certain Holders
Stockholders' equity
Cash payment to noteholders			$ 37,600
Exercise price (in dollars per share)			$ 14.04
Predecessor | Restructuring of indebtedness and capitalization | The Restructuring Support Agreement | 5.75% Series A Convertible Perpetual Preferred Stock
Stockholders' equity
Cash payment to Preferred holders		$ 11,100
Dividend rate (as a percent)		5.75%

STOCKHOLDERS' EQUITY - Options

STOCKHOLDERS' EQUITY - Options (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 06, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Sep. 09, 2016
Stock-based compensation
Common stock, par value (in dollars per share)		$ 0.0001		$ 0.0001
General and administrative
Stock-based compensation
Compensation expense recorded		$ 8.3
Common Stock
Stock-based compensation
Common stock, par value (in dollars per share)					$ 0.0001
Stock options
Stock-based compensation
Unrecognized compensation expense		$ 21.4
Weighted average remaining vesting period		1 year 6 months
Number of Shares
Granted (in shares)		0
Stock options | Employee
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
Predecessor
Stock-based compensation
Compensation expense recorded			$ 2.1
Predecessor | Stock options
Stock-based compensation
Unrecognized compensation expense			$ 3.5
Weighted average remaining vesting period			1 year 6 months
Number of Shares
Granted (in shares)			0
2006 Long-Term Incentive Plan | Predecessor | Restricted Stock
Stock-based compensation
Unrecognized compensation expense other than options			$ 6.6
Weighted average remaining vesting period			1 year 6 months
Number of Shares
Granted other than options (in shares)			0
2016 Incentive Plan | Common Stock
Stock-based compensation
Aggregate number of shares available	19,000,000				10,000,000
Maximum number of shares that remained reserved for issuance under the Plan		1,800,000		1,700,000
Increase in shares available for issuance	9,000,000
Number of calculation days for which shares will be available for issuance.	20 days
2016 Incentive Plan | Restricted Stock
Stock-based compensation
Percentage of awards vesting on the date of the grant		50
Percentage of awards vesting on the annual anniversary date of the grant		50.00%
Unrecognized compensation expense other than options		$ 7.4
Weighted average remaining vesting period		8 months 12 days
Number of Shares
Granted other than options (in shares)		0
2016 Incentive Plan | Restricted Stock | Employee
Stock-based compensation
Vesting period		3 years
Percentage of awards vesting on the annual anniversary date of the grant		33.33%
2016 Incentive Plan | Restricted Stock | Non-employee director
Stock-based compensation
Vesting period		6 months

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basic:
Net income (loss) available to common stockholders	$ 188,551
Weighted average basic number of common shares outstanding	91,274
Basic net income (loss) per share of common share (in dollars per share)	$ 2.07
Diluted:
Net income (loss) available to common stockholders	$ 188,551
Non-cash preferred dividend	801
Net income (loss) available to common stockholders after assumed conversions	$ 189,352
Weighted average basic number of common shares outstanding	91,274
Common stock equivalent shares representing shares included upon Vesting of restricted shares	578
Weighted average diluted number of common shares outstanding	112,084
Diluted net income (loss) per share of common stock (in dollars per share)	$ 1.69
Common stock equivalents of stock options, warrants, restricted shares, convertible debt and 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)	10,000
Predecessor
Basic:
Net income (loss) available to common stockholders		$ (566,862)
Weighted average basic number of common shares outstanding		120,011
Basic net income (loss) per share of common share (in dollars per share)		$ (4.72)
Diluted:
Net income (loss) available to common stockholders		$ (566,862)
Net income (loss) available to common stockholders after assumed conversions		$ (566,862)
Weighted average basic number of common shares outstanding		120,011
Weighted average diluted number of common shares outstanding		120,011
Diluted net income (loss) per share of common stock (in dollars per share)		$ (4.72)
Common stock equivalents of stock options, warrants, restricted shares, convertible debt and 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
Preferred stock
Diluted:
Common stock equivalent shares representing shares issuable upon Conversion	20,232

ADDITIONAL FINANCIAL STATEMEN61

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Sep. 09, 2016
Accounts receivable:
Oil, natural gas and natural gas liquids revenues	$ 84,535	$ 86,433
Joint interest accounts	26,692	39,828
Accrued settlements on derivative contracts	1,265	18,599
Affiliated partnership	739	268
Other	9,679	2,634
Total	122,910	147,762	$ 116,859
Prepaids and other:
Prepaids	6,058	6,704
Other	54	236
Total	6,112	6,940	7,629
Accounts payable and accrued liabilities:
Trade payables	23,383	24,364
Accrued oil and natural gas capital costs	26,735	32,967
Revenues and royalties payable	70,631	79,147
Accrued interest expense	8,910	31,146
Accrued employee compensation	2,770	3,428
Accrued lease operating expenses	12,537	14,077
Drilling advances from partners	2,084	422
Income taxes payable	12,250	250
Affiliated partnership	1,239	323
Other	55	60
Total	$ 160,594	$ 186,184	173,688
Predecessor
Accounts receivable:
Total			116,859
Prepaids and other:
Total			8,961
Accounts payable and accrued liabilities:
Total			$ 160,000