Battalion Oil (BATL) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Entity Registrant Name	Battalion Oil Corp
Entity Central Index Key	0001282648
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,203,967
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Predecessor	Successor	Predecessor
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 18,031	$ 55,874	$ 65,055	$ 107,797
Other	463	504	838	497
Total operating revenues	18,494	56,378	65,893	108,294
Production:
Lease operating	10,300	13,473	22,789	27,659
Workover and other	539	1,368	1,862	4,014
Taxes other than income	1,493	3,308	4,408	6,201
Gathering and other	15,228	11,041	25,775	25,910
Restructuring	2,162	654	2,580	11,925
General and administrative	5,270	12,519	9,126	17,127
Depletion, depreciation and accretion	14,382	40,425	32,412	70,400
Full cost ceiling impairment	60,107	664,383	60,107	939,622
(Gain) loss on sale of Water Assets		2,897		3,782
Total operating expenses	109,481	750,068	159,059	1,106,640
Income (loss) from operations	(90,987)	(693,690)	(93,166)	(998,346)
Other income (expenses):
Net gain (loss) on derivative contracts	(34,761)	17,010	83,538	(47,789)
Interest expense and other	(1,568)	(14,470)	(3,197)	(27,059)
Total other income (expenses)	(36,329)	2,540	80,341	(74,848)
Income (loss) before income taxes	(127,316)	(691,150)	(12,825)	(1,073,194)
Income tax benefit (provision)		50,306		95,791
Net income (loss)	$ (127,316)	$ (640,844)	$ (12,825)	$ (977,403)
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ (7.86)	$ (4.03)	$ (0.79)	$ (6.15)
Diluted (in dollars per share)	$ (7.86)	$ (4.03)	$ (0.79)	$ (6.15)
Weighted average common shares outstanding:
Basic (in shares)	16,204	159,050	16,204	158,801
Diluted (in shares)	16,204	159,050	16,204	158,801
Total oil, natural gas and natural gas liquids sales
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 18,031	$ 55,874	$ 65,055	$ 107,797
Oil
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	15,758	53,232	57,675	98,749
Natural gas
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	836	(1,655)	1,190	(194)
Natural gas liquids
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 1,437	$ 4,297	$ 6,190	$ 9,242

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Mar. 31, 2020	Oct. 02, 2019	Oct. 01, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Current assets:
Cash and cash equivalents		$ 5,701	$ 401		$ 401		$ 5,701		$ 15,546	$ 15,546
Accounts receivable, net		48,504	23,792		23,792		48,504		37,826
Assets from derivative contracts		4,995	27,229		27,229		4,995		15,310
Restricted cash		4,574					4,574
Prepaids and other		7,379	3,911		3,911		7,379		10,290
Total current assets		71,153	55,333		55,333		71,153		92,811
Oil and natural gas properties (full cost method):
Evaluated		420,609	496,489		496,489		420,609		380,364
Unevaluated		105,009	104,408		104,408		105,009		108,954
Gross oil and natural gas properties		525,618	600,897		600,897		525,618		489,318
Less - accumulated depletion		(19,474)	(111,188)		(111,188)		(19,474)
Net oil and natural gas properties		506,144	489,709		489,709		506,144		489,318
Other operating property and equipment:
Other operating property and equipment		3,655	3,529		3,529		3,655		3,655
Less - accumulated depreciation		(378)	(816)		(816)		(378)
Net other operating property and equipment		3,277	2,713		2,713		3,277		3,655
Other noncurrent assets:
Assets from derivative contracts		224	24,322		24,322		224		4,120
Operating lease right of use assets		3,165	538		538		3,165		3,394
Other assets		703	5,976		5,976		703
Total assets		584,666	578,591		578,591		584,666		594,436
Current liabilities:
Accounts payable and accrued liabilities		97,333	66,365		66,365		97,333		115,305
Liabilities from derivative contracts		8,069	8,466		8,466		8,069		6,829
Current portion of long-term debt, net			1,031		1,031
Operating lease liabilities		923	877		877		923		913
Asset retirement obligations		109					109
Total current liabilities		106,434	76,739		76,739		106,434		123,047
Long-term debt, net		144,000	180,178		180,178		144,000		130,000
Other noncurrent liabilities:
Liabilities from derivative contracts		4,854	5,631		5,631		4,854		1,625
Asset retirement obligations		10,481	10,794		10,794		10,481		10,153
Operating lease liabilities		2,247	78		78		2,247		2,482
Commitments and contingencies (Note 12)
Stockholders' equity:
Common stock: 100,000,000 shares of $0.0001 par value authorized;16,203,967 and 16,203,940 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively		2	2		2		2		2
Additional paid-in capital		327,108	328,454		328,454		327,108		327,127
Retained earnings (accumulated deficit)		(10,460)	(23,285)		(23,285)		(10,460)
Total stockholders' equity		316,650	305,171	$ 214,157	305,171	$ 214,157	316,650	$ 431,577	327,129	$ 30,477	$ 148,431	$ 853,663	$ 1,197,044
Total liabilities and stockholders' equity		$ 584,666	$ 578,591		$ 578,591		$ 584,666		$ 594,436

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Stockholders' equity:
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued	16,203,967	16,203,940
Common stock, shares outstanding	16,203,967	16,203,940

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Total
Balances at Dec. 31, 2018	$ 16	$ 1,095,367	$ 101,661	$ 1,197,044
Balances (in shares) at Dec. 31, 2018	160,613
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(336,559)	(336,559)
Long-term incentive plan grants (in shares)	4,153
Long-term incentive plan forfeitures (in shares)	(193)
Reduction in shares to cover individuals' tax withholding		(406)		(406)
Reduction in shares to cover individuals' tax withholding (in shares)	(253)
Stock-based compensation		(6,416)		(6,416)
Balances at Mar. 31, 2019	$ 16	1,088,545	(234,898)	$ 853,663
Balances (in shares) at Mar. 31, 2019	164,320
Increase (Decrease) in Stockholders' Equity
Financial Designation, Predecessor and Successor [Fixed List]				Predecessor
Balances at Dec. 31, 2018	$ 16	1,095,367	101,661	$ 1,197,044
Balances (in shares) at Dec. 31, 2018	160,613
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(977,403)
Balances at Jun. 30, 2019	$ 16	1,089,883	(875,742)	$ 214,157
Balances (in shares) at Jun. 30, 2019	164,123
Increase (Decrease) in Stockholders' Equity
Financial Designation, Predecessor and Successor [Fixed List]				Successor
Balances at Dec. 31, 2018	$ 16	1,095,367	101,661	$ 1,197,044
Balances (in shares) at Dec. 31, 2018	160,613
Balances at Dec. 31, 2019	$ 2	327,108	(10,460)	$ 316,650
Balances (in shares) at Dec. 31, 2019	16,204
Increase (Decrease) in Stockholders' Equity
Financial Designation, Predecessor and Successor [Fixed List]				Predecessor
Balances at Mar. 31, 2019	$ 16	1,088,545	(234,898)	$ 853,663
Balances (in shares) at Mar. 31, 2019	164,320
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(640,844)	(640,844)
Long-term incentive plan grants (in shares)	11
Long-term incentive plan forfeitures (in shares)	(166)
Reduction in shares to cover individuals' tax withholding		(20)		(20)
Reduction in shares to cover individuals' tax withholding (in shares)	(42)
Stock-based compensation		1,358		1,358
Balances at Jun. 30, 2019	$ 16	$ 1,089,883	(875,742)	214,157
Balances (in shares) at Jun. 30, 2019	164,123
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(63,284)	$ (63,284)
Long-term incentive plan forfeitures (in shares)	(1,742)
Reduction in shares to cover individuals' tax withholding (in shares)	(164)	(14,000)		(14,000)
Stock-based compensation		$ (2,428)		$ (2,428)
Balances at Sep. 30, 2019	$ 16	1,087,441	(939,026)	148,431
Balances (in shares) at Sep. 30, 2019	162,217
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(115,366)	(115,366)
Equity issuance costs		(2,503)		(2,503)
Reduction in shares to cover individuals' tax withholding		(54)		(54)
Reduction in shares to cover individuals' tax withholding (in shares)	(715)
Stock-based compensation		(2,534)		(2,534)
Cancellation of Predecessor equity	$ (16)	(1,084,853)	1,054,392	(30,477)
Cancellation of Predecessor equity (in shares)	(161,502)
Issuance of Successor common stock	$ 2	322,294		322,296
Issuance of Successor common stock (in shares)	16,204
Issuance of Successor warrants		7,336		7,336
Balances at Oct. 01, 2019	$ 16	1,084,853	(1,054,392)	30,477
Balances (in shares) at Oct. 01, 2019	161,502
Increase (Decrease) in Stockholders' Equity
Equity issuance costs				(2,503)
Balances at Oct. 02, 2019	$ 2	327,127		327,129
Balances (in shares) at Oct. 02, 2019	16,204
Balances at Oct. 01, 2019	$ 16	1,084,853	(1,054,392)	30,477
Balances (in shares) at Oct. 01, 2019	161,502
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(10,460)	(10,460)
Equity issuance costs		(19)		(19)
Balances at Dec. 31, 2019	$ 2	327,108	(10,460)	316,650
Balances (in shares) at Dec. 31, 2019	16,204
Increase (Decrease) in Stockholders' Equity
Net income (loss)			114,491	114,491
Equity issuance costs		(13)		(13)
Stock-based compensation		449		449
Balances at Mar. 31, 2020	$ 2	327,544	104,031	$ 431,577
Balances (in shares) at Mar. 31, 2020	16,204
Increase (Decrease) in Stockholders' Equity
Financial Designation, Predecessor and Successor [Fixed List]				Successor
Balances at Dec. 31, 2019	$ 2	327,108	(10,460)	$ 316,650
Balances (in shares) at Dec. 31, 2019	16,204
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(12,825)
Balances at Jun. 30, 2020	$ 2	328,454	(23,285)	$ 305,171
Balances (in shares) at Jun. 30, 2020	16,204
Increase (Decrease) in Stockholders' Equity
Financial Designation, Predecessor and Successor [Fixed List]				Successor
Balances at Mar. 31, 2020	$ 2	327,544	104,031	$ 431,577
Balances (in shares) at Mar. 31, 2020	16,204
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(127,316)	(127,316)
Stock-based compensation		910		910
Balances at Jun. 30, 2020	$ 2	$ 328,454	$ (23,285)	$ 305,171
Balances (in shares) at Jun. 30, 2020	16,204

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Predecessor
Net income (loss)	$ (12,825)	$ (977,403)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion	32,412	70,400
Full cost ceiling impairment	60,107	939,622
(Gain) loss on sale of Water Assets		3,782
Deferred income tax provision (benefit)		(95,791)
Stock-based compensation, net	1,173	(5,757)
Unrealized loss (gain) on derivative contracts	(45,157)	57,405
Amortization and write-off of deferred loan costs		977
Amortization of discount and premium		111
Reorganization items, net	(5,723)
Accrued settlements on derivative contracts	349	(406)
Other income (expense)	464	371
Change in assets and liabilities:
Accounts receivable	17,618	5,874
Prepaids and other	3,468	(6,547)
Accounts payable and accrued liabilities	(8,782)	(19,536)
Net cash provided by (used in) operating activities	43,104	(26,898)
Cash flows from investing activities:
Oil and natural gas capital expenditures	(91,164)	(139,160)
Proceeds received from sales of oil and natural gas assets	500	1,247
Acquisition of oil and natural gas properties		(2,809)
Other operating property and equipment capital expenditures		(64,576)
Funds held in escrow and other	509	(5)
Net cash provided by (used in) investing activities	(90,155)	(205,303)
Cash flows from financing activities:
Proceeds from borrowings	81,209	244,000
Repayments of borrowings	(44,000)	(56,000)
Equity issuance costs and other	(32)	(427)
Net cash provided by (used in) financing activities	37,177	187,573
Net increase (decrease) in cash, cash equivalents and restricted cash	(9,874)	(44,628)
Cash, cash equivalents and restricted cash at beginning of period	10,275	46,866
Cash, cash equivalents and restricted cash at end of period	401	2,238
Supplemental cash flow information:
Cash paid for reorganization items	5,723
Disclosure of non-cash investing and financing activities:
Asset retirement obligations	$ (90)	$ (31)

SUMMARY OF SIGNIFICANT EVENTS A

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES	1. FINANCIAL STATEMENT PRESENTATION Basis of Presentation and Principles of Consolidation Battalion Oil Corporation (Battalion or the Company) was formerly named Halcón Resources Corporation (Halcón). On January 21, 2020, Battalion filed a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to effect a change of the Company’s corporate name from Halcón Resources Corporation to Battalion Oil Corporation. Battalion is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids‑rich oil and natural gas assets in the United States. The consolidated financial statements include the accounts of all majority‑owned, controlled subsidiaries. The Company operates in one segment which focuses on oil and natural gas acquisition, production, exploration and development. 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, Battalion 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 25, 2020. Please refer to the notes in the 2019 Annual Report on Form 10‑K when reviewing interim financial results. Risk and Uncertainties The Company is continuously monitoring the current and potential impacts of the novel coronavirus (COVID-19) pandemic on its business, including how it has and may continue to impact its operations, financial results, liquidity, contractors, customers, employees and vendors, and taking appropriate actions in response, including reducing capital expenditures, temporarily shutting-in producing wells, and implementing various measures to ensure the continued operation of its business in a safe and secure manner. COVID-19 and governmental actions to contain the pandemic have contributed to an economic downturn, reduced demand for oil and natural gas and, together with a price war between the Organization of Petroleum Exporting Countries (OPEC)/Saudi Arabia and Russia, depressed oil and natural gas prices to historically low levels. Although OPEC and Russia agreed in April to reduce production, downward pressure on prices has continued and could continue for the foreseeable future, particularly given concerns over the impacts of the current economic downturn on demand. The Company is unable to predict the effect that these events will have on its business and financial condition due to numerous uncertainties, including the severity and duration of the COVID-19 outbreak and the impacts that governmental or other actions taken to limit the extent and duration of the outbreak, in conjunction with economic conditions, will have on its business, demand for oil and natural gas, and oil and natural gas prices. The health of the Company’s employees, contractors and vendors, and its ability to meet staffing needs in its operations and critical functions cannot be predicted, nor can the impact on the Company’s customers, vendors and contractors. Any material effect on these parties could adversely impact the Company. These and other factors could affect the Company’s operations, earnings and cash flows and could cause its results to not be comparable to those of the same period in previous years. For example, as a result of commodity price declines, the Company realized lower revenue beginning in March 2020 and through June 2020, temporarily shut-in producing wells in May and June 2020, and incurred a ceiling test impairment for the three months ended June 30, 2020. The results presented in this Form 10-Q are not necessarily indicative of future operating results. For further information regarding the actual and potential impacts of COVID-19 on the Company, see “Risk Factors” in Item 1A of this Quarterly Report on Form 10-Q. Emergence From Voluntary Reorganization Under Chapter 11 On August 7, 2019 (the Petition Date), the Company and its subsidiaries filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) to pursue a prepackaged plan of reorganization (the Plan). The Company’s chapter 11 proceedings were administered under the caption In re Halcón Resources Corporation, et al. (Case No. 19-34446). On September 24, 2019, the Bankruptcy Court entered an order confirming the Plan and on October 8, 2019, the Plan became effective (the Effective Date) and the Company emerged from chapter 11 bankruptcy. See Note 2, “ Reorganization, ” for further details on the Company’s chapter 11 bankruptcy and the Plan. 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. The Company elected to apply fresh-start accounting effective October 1, 2019, to coincide with the timing of its normal fourth quarter reporting period, which resulted in the Company becoming a new entity for financial reporting purposes. The Company evaluated and concluded that events between October 1, 2019 and October 8, 2019 were immaterial and use of an accounting convenience date of October 1, 2019 was appropriate. 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 October 1, 2019 are not comparable to its consolidated financial statements prior to, and including, October 1, 2019. 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 October 1, 2019. References to “Predecessor” or “Predecessor Company” relate to the financial position and results of operations of the Company prior to, and including, October 1, 2019. 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, liabilities and warrants recorded as a result of the adoption of fresh-start accounting. 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. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. Amounts in the unaudited condensed consolidated balance sheets included in “ Cash and cash equivalents ” and “ Restricted cash ” reconcile to the Company’s unaudited condensed consolidated statements of cash flows as follows: Successor June 30, 2020 December 31, 2019 Cash and cash equivalents $ 401 $ 5,701 Restricted cash — 4,574 Total cash, cash equivalents and restricted cash $ 401 $ 10,275 Restricted cash consisted of funds related to payments prescribed under the Plan that were held in an interest-bearing escrow account. 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. As of June 30, 2020 (Successor) and December 31, 2019 (Successor), allowances for doubtful accounts were approximately $0.2 million and $0.1 million, respectively. Other Operating Property and Equipment Other operating property and equipment was recorded at fair value as a result of fresh-start accounting on October 1, 2019 and additions are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives: buildings, twenty years; automobiles and computers, three years; computer software, fixtures, furniture and equipment, the lesser of lease term or five years; trailers, seven years; heavy equipment, eight to ten years and leasehold improvements, lease term. Land and artwork are not depreciated. Upon disposition, the cost and accumulated depreciation are removed and any gains or losses are reflected in current operations. Maintenance and repair costs are charged to operating expense as incurred. Material expenditures which increase the life or productive capacity of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The Company reviews its other operating property and equipment for impairment in accordance with ASC 360, Property, Plant, and Equipment (ASC 360). ASC 360 requires the Company to evaluate other operating property and equipment 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 other operating property and equipment at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods. Restructuring During the three and six months ended June 30, 2020 (Successor), the Company incurred approximately $2.2 million and $2.6 million in restructuring charges, respectively, related to the consolidation into one corporate office and reductions in its workforce due to efforts to improve efficiencies and go forward costs. In May 2020 (Successor), in furtherance of the consolidation into one corporate office, the Company exercised a one-time early termination option under the lease agreement for the Company’s office space in Denver, Colorado. Refer to Note 4, “ Leases ,” for further details. During the six months ended June 30, 2019 (Predecessor), several senior executives of the Company resigned from their positions. These were considered terminations without cause under their respective employment agreements, which entitled them to certain benefits. Additionally during the six months ended June 30, 2019 (Predecessor), the Company incurred costs to fill certain executive positions created by these resignations and had reductions in its workforce due to a decrease in drilling and developmental activities planned for 2019. Consequently, for the three and six months ended June 30, 2019 (Predecessor), the Company incurred approximately $0.7 million and $11.9 million in restructuring charges. These costs were recorded in “Restructuring” on the unaudited condensed consolidated statements of operations. Concentrations of Credit Risk As of June 30, 2020 (Successor), the Company’s primary concentrations of credit risk are the risks of uncollectible accounts receivable and of nonperformance by counterparties under the Company’s derivative contracts. Each reporting period, the Company assesses the recoverability of material receivables using historical data, current market conditions and reasonable and supportable forecasts of future economic conditions to determine expected collectability of its material receivables. The Company’s accounts receivable are primarily receivables from joint interest owners and oil and natural gas purchasers. The purchasers of the Company’s oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected. The Company’s exposure to credit risk under its derivative contracts is diversified among major financial institutions with investment grade credit ratings, where it has master netting agreements which provide for offsetting of amounts payable or receivable between the Company and the counterparty. To manage counterparty risk associated with derivative contracts, the Company selects and monitors counterparties based an assessment of their financial strength and/or credit ratings. At June 30, 2020 (Successor), the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Senior Credit Agreement. Change in Estimate In late March 2020 (Successor), due to changes in market conditions and decreased commodity prices, the Company determined discretionary cash incentives related to 2019 would not be paid, causing a $1.6 million reduction to “General and administrative” on the unaudited condensed consolidated statement of operations for the six months ended June 30, 2020 (Successor). Recently Issued Accounting Pronouncements In April 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) (ASU 2020-04), in response to the risk of cessation of the London Interbank Offered Rate (LIBOR). This amendment provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging arrangements, and other transactions that reference LIBOR. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company is currently evaluating ASU 2020-04 and the impact it will have on its operating results, financial position and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes (ASU 2019-12) as part of their simplification initiative. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. The Company is currently evaluating the effects of ASU 2019-12, but does not believe that it will have a material impact on its operating results, financial position or disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (ASU 2016-13), which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the previously required incurred loss approach with an expected loss model for instruments measured at amortized cost. The Company adopted ASU 2016-13 effective January 1, 2020 using the modified retrospective approach as of the adoption date. Based the Company’s assessment of its applicable financial assets, which are receivables from joint interest owners and oil and natural gas purchasers with various potential remedies ensuring collection from those parties, as well as assets from derivative contracts outstanding with major financial institutions, the adoption of ASU 2016-13 did not have a material impact on the Company’s operating results or financial position.

REORGANIZATION

REORGANIZATION	6 Months Ended
	Jun. 30, 2020
REORGANIZATION
REORGANIZATION	2. REORGANIZATION On August 2, 2019, the Company entered into a Restructuring Support Agreement (the Restructuring Support Agreement) with certain holders of the Company’s 6.75% senior unsecured notes due 2025 (the Unsecured Senior Noteholders). On August 7, 2019, the Company filed voluntary petitions for relief under chapter 11 of the Bankruptcy Court to effect an accelerated prepackaged bankruptcy restructuring as contemplated in the Restructuring Support Agreement. The Company continued to operate its businesses as debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the United States Bankruptcy Code and orders of the Bankruptcy Court. On September 24, 2019, the Bankruptcy Court entered an order confirming the Plan and on October 8, 2019 (the Effective Date), the Company emerged from chapter 11 bankruptcy. Pursuant to the terms of the Plan contemplated by the Restructuring Support Agreement, the Unsecured Senior Noteholders and other claim and interest holders received the following treatment in full and final satisfaction of their claims and interests: · borrowings outstanding under the Predecessor Credit Agreement, plus unpaid interest and fees, were repaid in full, in cash, including by a refinancing (refer to Note 8, “Debt ” for further details regarding the credit agreement); · the Unsecured Senior Noteholders received their pro rata share of 91% of the common stock of reorganized Battalion (New Common Shares), subject to dilution, issued pursuant to the Plan and participated in the Senior Noteholder Rights Offering (defined below); · the Company’s general unsecured claims were unimpaired and paid in full in the ordinary course; and · all of the Predecessor Company’s outstanding shares of common stock were cancelled and the existing common stockholders received their pro rata share of 9% of the New Common Shares issued pursuant to the Plan, subject to dilution, together with Warrants (defined below) to purchase common stock of reorganized Battalion and participated in the Existing Equity Interests Rights Offering (defined below and, collectively, the Existing Equity Total Consideration); provided, however, that registered holders of existing common stock with 2,000 shares or fewer of common stock received cash in an amount equal to the inherent value of such holder’s pro rata share of the Existing Equity Total Consideration (the Existing Equity Cash Out). Each of the foregoing percentages of equity in the reorganized Company were as of October 8, 2019 and are subject to dilution by New Common Shares issued in connection with (i) a management incentive plan, (ii) the Warrants (defined below), (iii) the Equity Rights Offerings (defined below), and (iv) the Backstop Commitment Premium (defined below). As a component of the Restructuring Support Agreement (i) certain Unsecured Senior Noteholders purchased their pro rata share of New Common Shares for an aggregate purchase price of $150.2 million (the Senior Noteholder Rights Offering) and (ii) certain existing common stockholders purchased their pro rata share of New Common Shares for an aggregate purchase price of $5.8 million (the Existing Equity Interests Rights Offering, and together with the Senior Noteholder Rights Offering, the Equity Rights Offerings), in each case, at a price per share equal to a 26% discount to the value of the New Common Shares based on an assumed total enterprise value of $425.0 million. Certain of the Unsecured Senior Noteholders backstopped the Senior Noteholder Rights Offering and received as consideration (the Backstop Commitment Premium) New Common Shares equal to 6% of the aggregate amount of the Senior Noteholder Rights Offering, subject to dilution by New Common Shares issued in connection with a management incentive plan and the Warrants. If the backstop agreement had been terminated, the Company would have been obligated to make a cash payment equal to 6% of the aggregate amount of the Senior Noteholder Rights Offering. The proceeds of the Equity Rights Offerings were used by the Company to (i) provide additional liquidity for working capital and general corporate purposes, (ii) pay reasonable and documented restructuring expenses, and (iii) fund Plan distributions. Under the Restructuring Support Agreement, the existing common stockholders (subject to the Existing Equity Cash Out) were issued a series of warrants exercisable for cash for a three year period subsequent to the effective date of the Plan (Warrants). The Warrants were issued with strike prices based upon stipulated rate-of-return levels achieved by the Unsecured Senior Noteholders. The Warrants cumulatively represented 30% of the New Common Shares issued pursuant to the Plan. Registration Rights Agreement On the Effective Date, the Company and the other signatories thereto (the Demand Stockholders), entered into a registration rights agreement (the Registration Rights Agreement), pursuant to which, subject to certain conditions and limitations, the Company agreed to file with the SEC a registration statement concerning the resale of the registrable shares of New Common Shares of the Company held by Demand Stockholders (the Registrable Securities), as soon as reasonably practicable but in no event later than the later to occur of (i) ninety (90) days after the Effective Date and (ii) a date specified by a written notice to the Company by Demand Stockholders holding at least a majority of the Registerable Securities, and thereafter to use its commercially reasonable best efforts to cause the registration statement to be declared effective by the SEC as soon as reasonably practicable. In addition, from time to time, the Demand Stockholders may request that additional Registrable Securities be registered for resale by the Company. Subject to certain limitations, the Demand Stockholders also have the right to request that the Company facilitate the resale of Registrable Securities pursuant to firm commitment underwritten public offerings. The Registration Rights Agreement contains other customary terms and conditions, including, without limitation, provisions with respect to suspensions of the Company’s registration obligations and indemnification.

FRESH-START ACCOUNTING

FRESH-START ACCOUNTING	6 Months Ended
	Jun. 30, 2020
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 total of 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 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 adoption 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 pay for 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 of $441.6 million at the Effective Date was in the Bankruptcy Court approved range of $425.0 million and $475.0 million. The Enterprise Value was derived from an independent valuation using an asset based methodology of estimated 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 October 1, 2019. The Company elected to adopt fresh-start accounting effective October 1, 2019, to coincide with the timing of its normal fourth quarter reporting period, which resulted in the Company becoming a new entity for financial reporting purposes. The Company evaluated and concluded that events between October 1, 2019 and October 8, 2019 were immaterial and use of an accounting convenience date of October 1, 2019 was appropriate. The Company’s principal assets are its oil and natural gas properties. For purposes of estimating the fair value of the Company’s proved 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 10.0%. 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 $71.51 per barrel of oil, $3.37 per million British thermal units (MMBtu) of natural gas and $29.50 per barrel of oil equivalent of natural gas liquids. 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, 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 would 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 October 1, 2019 (in thousands): October 1, 2019 Enterprise Value $ 441,583 Plus: Cash 15,546 Less: Fair value of debt (130,000) Less: Fair value of warrants (7,336) Fair value of Successor common stock $ 319,793 The following table reconciles the Company’s Enterprise Value to its Reorganization Value as of October 1, 2019 (in thousands): October 1, 2019 Enterprise Value $ 441,583 Plus: Cash 15,546 Plus: Current liabilities 122,134 Plus: Lease liabilities 3,395 Plus: Noncurrent asset retirement obligation 10,153 Plus: Other noncurrent liabilities 1,625 Reorganization Value of Successor assets $ 594,436 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, liabilities, and warrants. Amounts included in the table below are rounded to thousands. As of October 1, 2019 Predecessor Reorganization Fresh-Start Successor Current assets: Cash and cash equivalents $ 17,009 $ (1,463) (1) $ — $ 15,546 Accounts receivable, net 37,826 — — 37,826 Assets from derivative contracts 15,310 — — 15,310 Restricted cash — 13,839 (2) — 13,839 Prepaids and other 14,642 7,110 (3) (11,462) (11) 10,290 Total current assets 84,787 19,486 (11,462) 92,811 Oil and natural gas properties (full cost method): Evaluated 2,155,288 — (1,774,924) (12)(13) 380,364 Unevaluated 438,365 — (329,411) (13) 108,954 Gross oil and natural gas properties 2,593,653 — (2,104,335) 489,318 Less - accumulated depletion (1,709,719) — 1,709,719 (13) — Net oil and natural gas properties 883,934 — (394,616) 489,318 Other operating property and equipment: Other operating property and equipment 203,373 — (199,718) (12)(14) 3,655 Less - accumulated depreciation (14,416) — 14,416 (14) — Net other operating property and equipment 188,957 — (185,302) 3,655 Other noncurrent assets: Assets from derivative contracts 4,120 — — 4,120 Operating lease right of use assets 3,694 — (300) (15) 3,394 Funds in escrow and other 1,138 — — 1,138 Total assets $ 1,166,630 $ 19,486 $ (591,680) $ 594,436 Current liabilities: Accounts payable and accrued liabilities $ 112,578 $ 2,727 (4) $ — $ 115,305 Liabilities from derivative contracts 6,829 — — 6,829 Current portion of long-term debt, net 258,234 (258,234) (5) — — Operating lease liabilities 1,337 — (424) (15) 913 Total current liabilities 378,978 (255,507) (424) 123,047 Long-term debt, net — 130,000 (6) — 130,000 Liabilities subject to compromise 625,005 (625,005) (7) — — Other noncurrent liabilities: Liabilities from derivative contracts 1,625 — — 1,625 Asset retirement obligations 10,153 — — 10,153 Operating lease liabilities 2,438 — 44 (15) 2,482 Commitments and contingencies Stockholders' equity: Common Stock (Predecessor) 16 (16) (8) — — Common Stock (Successor) — 2 (9) — 2 Additional paid-in capital (Predecessor) 1,087,441 (1,087,441) (8) — — Additional paid-in capital (Successor) — 327,127 (9) — 327,127 Retained earnings (accumulated deficit) (939,026) 1,530,326 (10) (591,300) (16) — Total stockholders' equity 148,431 769,998 (591,300) 327,129 Total liabilities and stockholders' equity $ 1,166,630 $ 19,486 $ (591,680) $ 594,436 Reorganization adjustments 1) The table below details cash payments as of October 1, 2019, pursuant to the terms of the Plan described in Note 2, “ Reorganization, ” (in thousands): Sources: Proceeds from Senior Noteholder Rights Offering $ 150,150 Proceeds from Senior Credit Agreement 130,000 Proceeds from Existing Equity Interests Rights Offering 5,779 Total Sources $ 285,929 Uses: Payment of Predecessor Credit Agreement principal, accrued interest, and fees $ (226,580) Payment of debtor-in-possession junior secured term credit facility principal and accrued interest (35,174) Funding of professional fee escrow and cash collateral account (13,839) Payment of debt issuance costs on Senior Credit Agreement (8,764) Payment of professional fees and other (3,035) Total Uses $ (287,392) Total Sources and Uses $ (1,463) 2) Reflects the funding of an escrow account for professional fees associated with the chapter 11 bankruptcy and an account to cash collateralize the Predecessor Company’s outstanding letters of credit. 3) Represents $10.2 million in debt issuance costs related to the Senior Credit Agreement, partially offset by the release of $3.1 million in fees paid to the Company’s restructuring advisors prior to the emergence from chapter 11 bankruptcy. 4) Represents $7.7 million in fees to be paid to the Company’s restructuring advisors subsequent to the Company’s emergence from chapter 11 bankruptcy, partially offset by payments of i) payments of accrued interest and fees on the Predecessor Credit Agreement and the debtor-in-possession junior secured term credit facility of $3.5 million and ii) professional fees associated with the chapter 11 bankruptcy of $1.5 million. 5) On the Emergence Date, in accordance with the Plan, the Company repaid the principal outstanding on the Predecessor Credit Agreement of $223.2 million and the debtor-in-possession junior secured term credit facility of $35.0 million using proceeds from the Equity Rights Offerings and borrowings under the Senior Credit Agreement. 6) Reflects the initial borrowing on the Senior Credit Agreement. 7) Liabilities subject to compromise were as follows (in thousands): 6.75% senior notes due 2025 $ 625,005 Liabilities subject to compromise 625,005 Discount on shares issued per the Senior Noteholder Subscription Rights Offering (67,840) Issuance of common stock to Class 4 claimholders (75,388) Gain on settlement of liabilities subject to compromise $ 481,777 8) Reflects the cancellation of Predecessor common stock and additional paid-in capital. 9) The following table reconciles reorganization adjustments made to Successor common stock and additional paid-in capital (in thousands): Par value of 16,203,940 shares of new common stock issued to holders of senior note claims and existing equity interest claims (valued at $19.74 per share) $ 2 Fair value of warrants issued to holder of the Existing Equity Interests (1) 7,336 Additional paid-in-capital (Successor) 322,294 Equity issuance costs associated with Equity Rights Offering (2,503) Total change in Successor common stock and additional paid-in capital $ 327,129 (1) The fair value of the warrants was estimated using a Binomial Lattice model with the following assumptions: implied stock price of the Successor Company of $19.74; initial strike price per share of $40.17, $48.28, and $60.45, for Series A, B, and C warrants, respectively, increased each month at an annualized rate of 6.75%; expected volatility of 45%; and risk free interest rate using the USD Yield Curve at each time-step in the lattice. 10) The table below reflects the cumulative effect of the adjustments discussed above (in thousands): Gain on settlement of liabilities subject to compromise $ 481,777 Success fees incurred upon emergence (8,376) Fair value of equity issued to Predecessor common stockholders (7,449) Fair value of warrants issued to Predecessor common stockholders (7,336) Issuance of common stock to backstop commitment parties (13,079) Other (2,668) Cancellation of Predecessor equity 1,087,457 Net impact to retained earnings (accumulated deficit) $ 1,530,326 Fresh-start accounting adjustments 11) Adjustment reflects the write-off of debt issuance costs associated with the Senior Credit Agreement of $10.2 million and the write-off of prepaid expenses related to $1.2 million of premiums for the Predecessor Company’s directors’ and officers’ insurance policy. 12) Includes the reclassification of treating equipment and gathering support facilities from “Other operating property and equipment” to “Oil and natural gas properties, evaluated.” The Successor Company’s policy of accounting for its treating equipment and gathering support facilities identifies these assets as part of the Company’s full cost pool due to their supporting nature to the Company’s oil and natural gas operations. 13) Reflects the adjustment to fair value of the Company’s oil and natural gas properties and unproved acreage, as well as the elimination of accumulated depletion. 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 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 10.0%. 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 $71.51 per barrel of oil, $3.37 per MMBtu of natural gas and $29.50 per barrel of natural gas liquids. 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, 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. 14) Reflects the adjustment to fair value of the Company’s other operating property and equipment, as well as the elimination of accumulated depreciation. For purposes of estimating the fair value of its other operating property and equipment, the Company used a combination of the market and cost approaches. A market approach was relied upon to value land 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. 15) Upon adoption of fresh start accounting, the Company’s lease obligations were recalculated using the incremental borrowing rate applicable to the Company upon emergence from chapter 11 bankruptcy and commensurate with its new capital structure. The incremental borrowing rate used decreased from 4.83% in the Predecessor period to 3.70% in the Successor period. Additionally represents the removal of right-of-use assets and lease liabilities associated with the Company’s compressors, as the remaining contract term of the compressor leases were less than one year as of the Effective Date. See Note 4, “Leases,” for details associated with the Company’s short-term lease costs. 16) Reflects the cumulative effect of the fresh-start accounting adjustments discussed above.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
LEASES
LEASES	4. LEASES The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of an identified asset for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset, and (2) the customer has the right to control the use of the identified asset. The Company leases equipment and office space pursuant to net operating leases. Operating leases where the Company is the lessee are included in “Operating lease right of use assets” and “Operating lease liabilities” on the unaudited condensed consolidated balance sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how the Company determined (1) the discount rate used to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. ASC 842, Leases (ASC 842) requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The incremental borrowing rate for a lease is the rate of interest the Company would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Additionally, the Company applies a portfolio approach to determine the discount rate (the incremental borrowing rate for leases with similar characteristics). The Company uses the implicit rate when readily determinable. The lease term includes the noncancellable period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that the lessee is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. Lease payments included in the measurement of the lease asset or liability comprise the following, when applicable: fixed payments (including in‑substance fixed payments), variable payments that depend on an index or rate, and the exercise price of a lessee option to purchase the underlying asset if the lessee is reasonably certain to exercise. The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For the Company’s operating leases, the right of use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight‑line basis over the lease term. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments, when applicable, are presented as “Gathering and other,” “ Restructuring ” or “General and administrative” in the unaudited condensed consolidated statements of operations in the same line item as the expense arising from the fixed lease payments on the operating leases. The Company has lease agreements which include lease and nonlease components and the Company has elected to combine lease and nonlease components, when fixed, for all lease contracts. Nonlease components include common area maintenance charges on office leases and, when applicable, services associated with equipment leases. The Company determines whether the lease or nonlease component is the predominant component on a case‑by‑case basis. The Company reviews its right of use assets for impairment in accordance with ASC 360. ASC 360 requires the Company to evaluate right of use 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. The Company monitors for events or changes in circumstances that would require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, an adjustment is made to the carrying amount of the corresponding right of use asset unless doing so would reduce the carrying amount of the right of use asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative right of use asset balance is recorded in the unaudited condensed consolidated statements of operations. The Company elected not to recognize right of use assets and lease liabilities for all short‑term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short‑term leases as an expense on a straight‑line basis over the lease term. Variable lease payments associated with these leases are recognized and presented in the same manner as for all other leases. The Company leases equipment and office space under operating leases. The Company has no leases that meet the criteria for classification as a finance lease. The operating leases outstanding as of June 30, 2020 and December 31, 2019 (Successor) have initial lease terms ranging from 2 to 5 years. Payments due under the lease contracts include fixed payments plus, in some instances, variable payments. The table below summarizes the Company’s leases for the six months ended June 30, 2020 (Successor) and 2019 (Predecessor) (in thousands, except years and discount rate): Successor Predecessor Six Months Six Months Ended Ended June 30, 2020 June 30, 2019 Lease cost Operating lease costs $ 1,797 $ 1,288 Short-term lease costs 16,094 9,666 Variable lease costs 682 771 Total lease costs $ 18,573 $ 11,725 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,790 $ 1,290 Right-of-use assets obtained in exchange for new operating lease liabilities — 5,462 Weighted-average remaining lease term - operating leases 1.0 years 3.6 years Weighted-average discount rate - operating leases 3.70 % 4.83 % Refer to Note 3, “ Fresh-start Accounting,” for a discussion of the valuation approach used to record the right of use asset at fair value as of October 1, 2019. As described in Note 1, “ Financial Statement Presentation ,” the Company exercised a one-time early termination option under the lease agreement for the Company’s office space in Denver, Colorado in May 2020 (Successor) and paid a $1.3 million termination fee. The early termination option was deemed probable in May 2020 (Successor) and was recognized in the Company’s operating lease right of use asset and operating lease liability during the three months ended June 30, 2020 (Successor). This reduced the Company’s operating lease liability to $0.5 million, representing the remaining lease cost to be incurred from June 2020 through March 2021. The Company’s abandonment of its office lease in Denver resulted in a $0.5 million impairment to its operating lease right of use asset presented as “ Restructuring ” in the unaudited condensed consolidated statements of operations for the three months ended June 30, 2020 (Successor). Future minimum lease payments associated with the Company’s non-cancellable operating leases for office space and equipment as of June 30, 2020 and December 31, 2019 (Successor), are presented in the table below (in thousands): Operating Leases Successor June 30, 2020 December 31, 2019 Remaining period in 2020 $ 513 $ 1,022 2021 453 876 2022 — 574 2023 — 585 2024 — 345 Thereafter — — Total operating lease payments 966 3,402 Less: discount to present value 11 232 Total operating lease liabilities 955 3,170 Less: current operating lease liabilities 877 923 Noncurrent operating lease liabilities $ 78 $ 2,247

OPERATING REVENUES

OPERATING REVENUES	6 Months Ended
	Jun. 30, 2020
OPERATING REVENUES
OPERATING REVENUES	5. OPERATING REVENUES Revenue is measured based on consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue. Revenues from the sale of crude oil, natural gas and natural gas liquids are recognized, at a point in time, when a performance obligation is satisfied by the transfer of control of the commodity to the customer. Because the Company’s performance obligations have been satisfied and an unconditional right to consideration exists as of the balance sheet date, the Company recognized amounts due from contracts with customers of $18.4 million and $36.4 million as of June 30, 2020 and December 31, 2019 (Successor), respectively, as “Accounts receivable” and “Other assets” on the unaudited condensed consolidated balance sheets. Substantially all of the Company’s revenues are derived from its single basin operations, the Delaware Basin in Pecos, Reeves, Ward and Winkler Counties, Texas. The following table disaggregates the Company’s revenues by major product, in order to depict how the nature, timing, and uncertainty of revenue and cash flows are affected by economic factors in the Company’s single basin operations, for the periods indicated (in thousands): Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ 15,758 $ 53,232 $ 57,675 $ 98,749 Natural gas 836 (1,655) 1,190 (194) Natural gas liquids 1,437 4,297 6,190 9,242 Total oil, natural gas and natural gas liquids sales 18,031 55,874 65,055 107,797 Other 463 504 838 497 Total operating revenues $ 18,494 $ 56,378 $ 65,893 $ 108,294 Oil Sales The Company generally markets its crude oil production directly to the customer using two methods. Under the first method, crude oil is sold at the wellhead at an index price, averaged over the daily settlement prices for a production month, and adjusted for pricing differentials and other deductions. Revenue is recognized at the wellhead, where control of the crude oil transfers to the customer, at the net price received. Under the second method, crude oil is delivered to the customer at a contractual delivery point at which the customer takes custody, title and risk of loss of the product. The Company receives a specified index price from the customer, averaged over the daily settlement prices for a production month, and net of applicable market-related adjustments. Revenue is recognized when control of the crude oil transfers at the delivery point at the net price received. Settlement statements for the Company’s crude oil production are typically received within the month following the date of production and therefore the amount of production delivered to the customer and the price that will be received for that production are known at the time the revenue is recorded. Payment under the Company’s crude oil contracts is typically due on or before the 20 th of the month following the delivery month. Natural Gas and Natural Gas Liquids Sales The Company evaluates its natural gas gathering and processing arrangements in place with midstream companies to determine when control of the natural gas is transferred. Under contracts where it is determined that control of the natural gas transfers at the wellhead, any fees incurred to gather or process the unprocessed natural gas are treated as a reduction of the sales price of unprocessed natural gas, and therefore revenues from such transactions are presented on a net basis. Under contracts where it is determined that control of the natural gas transfers at the tailgate of the midstream entity’s processing plant, revenues are presented on a gross basis for amounts expected to be received from the midstream company or third party purchasers through the gathering and treating process and presented as "Natural gas" or "Natural gas liquids" and any fees incurred to gather or process the natural gas are presented separately as “ Gathering and other " on the unaudited condensed consolidated statements of operations. Under certain contracts, the Company may elect to take its residue gas and/or natural gas liquids in-kind at the tailgate of the midstream entity’s processing plant. The Company then sells the products to a customer at contractual delivery points at prices based on an index. In these instances, revenues are presented on a gross basis and any fees incurred to gather, process or transport the commodities are presented separately as “ Gathering and other " on the unaudited condensed consolidated statements of operations. Settlement statements for the Company’s natural gas and natural gas liquids production are typically received 30 days after the date of production and therefore the Company estimates the amount of production delivered to the customer and the price that will be received for that production. The majority of the Company’s natural gas and natural gas liquids prices are based on daily average pricing for the month. Historically, differences between the Company’s estimates and the actual revenue received have not been material. Payment under the Company’s natural gas gathering and processing contracts is typically due on or before the fifth day of the second month following the delivery month.

DIVESTITURES

DIVESTITURES	6 Months Ended
	Jun. 30, 2020
DIVESTITURES
DIVESTITURES	6. DIVESTITURES Water Infrastructure Assets On December 20, 2018 (Predecessor), the Company sold its water infrastructure assets located in the Delaware Basin (the Water Assets) to WaterBridge Resources LLC (the Purchaser) for a total adjusted purchase price of $210.9 million in cash (the Water Infrastructure Divestiture). The effective date of the transaction was October 1, 2018 (Predecessor). Upon closing, the Company dedicated all of the produced water from its oil and natural gas wells within its Monument Draw, Hackberry Draw and West Quito Draw operating areas to the Purchaser. There were no drilling or throughput commitments associated with the Water Infrastructure Divestiture. The Purchaser will receive a market price, subject to annual adjustments for inflation, in exchange for the transportation, disposal and treatment of such produced water, and the Purchaser will receive a market price for the supply of freshwater and recycled produced water to the Company. During the six months ended June 30, 2019 (Predecessor), the Company recorded a reduction of $3.8 million on the gain on sale of the Water Assets on the unaudited condensed consolidated statements of operations in “(Gain) loss on sale of Water Assets.”

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	6 Months Ended
	Jun. 30, 2020
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	7. 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, treating equipment and gathering support facilities costs, 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. With the adoption of fresh-start accounting, the Company recorded its oil and natural gas properties at fair value as of the Emergence Date. The Company’s evaluated and unevaluated properties were assigned fair values of $380.4 million and $109.0 million, respectively. The Successor Company’s policy of accounting for its treating equipment and gathering support facilities identifies these assets as part of the Company’s full cost pool due to their supporting nature to the Company’s oil and natural gas operations. The Company’s treating equipment and gathering support facilities were included in “ Oil and natural gas properties, evaluated ” on the unaudited condensed consolidated balance sheet as of the Emergence Date. Refer to Note 3, “ Fresh-start Accounting ,” for a discussion of the valuation approaches used. 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. At June 30, 2020 (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 June 30, 2020 of the West Texas Intermediate (WTI) crude oil spot price of $47.37 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 June 30, 2020 of the Henry Hub natural gas price of $2.07 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 June 30, 2020 (Successor) exceeded the ceiling amount by $60.1 million which resulted in a ceiling test impairment charge of that amount for the quarter. The ceiling test impairment was primarily driven by a decrease in the first-day-of-the-month average price for crude oil used in the ceiling test calculation, from $55.96 per barrel at March 31, 2020 (Successor) to $47.37 per barrel at June 30, 2020 (Successor). This average price decline was partially offset by favorable differentials and lower operating expenses. At June 30, 2019 (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 June 30, 2019 of the WTI crude oil spot price of $61.45 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 June 30, 2019 of the Henry Hub natural gas price of $3.02 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 June 30, 2019 (Predecessor) exceeded the ceiling amount by $664.4 million which resulted in a ceiling test impairment charge of that amount for the quarter. The ceiling test impairment at June 30, 2019 (Predecessor) was primarily driven by the Company’s continued focus on its most economic area, Monument Draw. Accordingly, the Company transferred approximately $481.7 million of unevaluated property costs to the full cost pool as of June 30, 2019 (Predecessor), the majority of which is associated with the Company’s Hackberry Draw area. At March 31, 2019 (Predecessor), the Company recorded a full cost ceiling impairment of $275.2 million. The ceiling test impairment was driven by a decrease in the first‑day‑of‑the‑month average price for crude oil used in the ceiling test calculation and the Company’s intent to expend capital only on its most economic areas. As such, the Company identified certain leases in the Hackberry Draw area with near‑term expirations and transferred approximately $51.0 million of associated unevaluated property costs to the full cost pool during the three months ended March 31, 2019 (Predecessor). The impairments were recorded in “Full cost ceiling test impairment” on the unaudited condensed consolidated statements of operations. Changes in commodity prices, production rates, levels of reserves, future development costs, transfers of unevaluated properties to the full cost pool, capital spending, and other factors will determine the Company’s ceiling test calculation and impairment analyses in future periods.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2020
DEBT
DEBT	8. DEBT As of June 30, 2020 and December 31, 2019 (Successor), the Company’s debt consisted of the following (in thousands): Successor June 30, 2020 December 31, 2019 Senior revolving credit facility $ 179,000 $ 144,000 Paycheck Protection Program loan (1) 2,209 - $ 181,209 $ 144,000 (1) As of June 30, 2020 (Successor), $1.0 million of the Company’s Paycheck Protection Program loan was classified as “Current portion of long-term debt” on the unaudited condensed consolidated balance sheet. Senior Revolving Credit Facility On the Effective Date, the Company entered into a senior secured revolving credit agreement, as amended, (the Senior Credit Agreement) with Bank of Montreal, as administrative agent, and certain other financial institutions party thereto, as lenders, which refinanced the Predecessor Company’s Amended and Restated Senior Secured Revolving Credit Agreement (the Predecessor Credit Agreement). The Senior Credit Agreement provides for a $750.0 million senior secured reserve‑based revolving credit facility with a current borrowing base of $200.0 million. At June 30, 2020 (Successor), the Company had $179.0 million indebtedness outstanding and approximately $5.0 million letters of credit outstanding under the Senior Credit Agreement, resulting in $16.0 million of borrowing capacity under the current borrowing base of $200.0 million. Pursuant to the Second Amendment to the Senior Credit Agreement, the borrowing base is subject to certain reductions beginning September 1, 2020 (Successor), which are discussed further below. A portion of the Senior Credit Agreement, in the amount of $50.0 million, is available for the issuance of letters of credit. The maturity date of the Senior Credit Agreement is October 8, 2024. Redeterminations will occur semi-annually on May 1 and November 1, 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 1.50% to 2.50% for ABR-based loans or at specified margins over LIBOR of 2.50% to 3.50% for Eurodollar-based loans, which margins may be increased one-time by not more than 50 basis points per annum if necessary in order to successfully syndicate the Senior Credit Agreement. 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. The Company may be required to make mandatory prepayments of the outstanding borrowings under the Senior Credit Agreement in connection with certain borrowing base deficiencies, including deficiencies which may arise in connection with a borrowing base redetermination, an asset disposition or swap terminations attributable in the aggregate to more than ten percent (10%) of the then-effective borrowing base. Amounts outstanding under the Senior Credit Agreement are guaranteed by 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 contains certain events of default, including non-payment; breaches of representation and warranties; non-compliance with covenants; cross-defaults to material indebtedness; voluntary or involuntary bankruptcy; judgments and change in control. The Senior Credit Agreement also contains certain financial covenants, including maintenance of (i) a Total Net Indebtedness Leverage Ratio (as defined in the Senior Credit Agreement) of not greater than 3.50 to 1.00 and (ii) a Current Ratio (as defined in the Senior Credit Agreement) of not less than 1.00 to 1.00. On July 31, 2020 (Successor), the Company entered into the Limited Waiver to Senior Secured Revolving Credit Agreement (the Waiver) in which the lenders consented to waive maintenance of a Current Ratio (as defined in the Senior Credit Agreement) of not less than 1.00 to 1.00 as of the fiscal quarter ended June 30, 2020. As of June 30, 2020 (Successor), after giving effect to the Waiver, the Company was in compliance with the financial covenants under the Senior Credit Agreement. On April 30, 2020 (Successor), the Company entered into the Second Amendment to the Senior Credit Agreement (Second Amendment) which among other things, (i) reduced the borrowing base to $200.0 million effective from April 30, 2020, which shall then be reduced by $5.0 million monthly starting September 1, 2020 until November 1, 2020, so that the borrowing base is scheduled to be $185.0 million on November 1, 2020, provided the borrowing base redetermination scheduled for November 1, 2020 shall occur pursuant to the terms of the Senior Credit Agreement, (ii) increased interest margins to 1.50% to 2.50% for ABR-based loans and 2.50% to 3.50% for Eurodollar-based loans, (iii) provided that should the Company’s Consolidated Cash Balance (as defined pursuant to the Second Amendment) exceed $10.0 million, such amounts shall be used to prepay any borrowings under the Senior Credit Agreement and thereafter, to the extent of any uncollateralized letters of credit exposure, shall be cash collateralized in accordance with the Senior Credit Agreement and (iv) allowed for a replacement benchmark rate to the London Interbank Offered Rate (which may include SOFR, Compounded SOFR or Term SOFR). The Second Amendment also added provisions related to a loan incurred by the Company under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The Company used, and the Second Amendment required the Company to use, the loan proceeds for CARES Forgivable Uses under the CARES Act. Additionally, the Second Amendment waived, for the fiscal quarter ended June 30, 2020, that the Company comply with the requirement under the Senior Credit Agreement that the Company unwind certain swap agreements for which settlement payments are calculated in such fiscal quarter to exceed 100% of actual production. On November 21, 2019 (Successor), the Company entered into the First Amendment to the Senior Credit Agreement which, among other things, (i) reduced the borrowing base to $240.0 million and (ii) limited the Total Net Indebtedness Leverage Ratio (as defined in the Senior Credit Agreement) as of the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2020, of not greater than 3.50 to 1.00. Paycheck Protection Program Loan On April 16, 2020 (Successor), the Company entered into a promissory note (the PPP Loan) for a principal amount of approximately $2.2 million from Bank of Montreal under the Paycheck Protection Program of the CARES Act, which is administered by the U.S. Small Business Administration. Pursuant to the terms of the CARES Act, the proceeds of the PPP Loan may be used for payroll costs, mortgage interest, rent or utility costs. The PPP Loan bears interest at a rate of 1.0% per annum. The Company is required to pay principal and interest installments of $0.1 million monthly beginning November 16, 2020. The maturity date of the PPP Loan is April 16, 2022. The Company may elect, at its option, to prepay 20% or less of the borrowings outstanding under the PPP Loan without premium or penalty, and without notice. Prepayments of more than 20% of the outstanding borrowings require written advanced notice and payment of accrued interest. The PPP Loan contains certain events of default including non-payment, breach of representations and warranties, cross-defaults to other loans with the lender or to material indebtedness, voluntary or involuntary bankruptcy, judgments and change in control. Under the terms of the CARES Act, the Company can apply for and be granted forgiveness for all or a portion of the PPP Loan. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds in accordance with the terms of the CARES Act during the eight week period after loan origination and the maintenance or achievement of certain employee levels. The Company believes it is eligible for, and is currently pursuing, forgiveness of the PPP Loan in accordance with the requirements and limitations under the CARES Act; however, no assurance can be provided that forgiveness of any portion of the PPP Loan will be obtained.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	9. FAIR VALUE MEASUREMENTS Pursuant to ASC 820, Fair Value Measurement (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 June 30, 2020 and December 31, 2019 (Successor) (in thousands): Successor June 30, 2020 Level 1 Level 2 Level 3 Total Assets Assets from derivative contracts $ — 51,551 $ — 51,551 Liabilities Liabilities from derivative contracts $ — 14,097 $ — 14,097 Successor December 31, 2019 Level 1 Level 2 Level 3 Total Assets Assets from derivative contracts $ — $ 5,219 $ — $ 5,219 Liabilities Liabilities from derivative contracts $ — $ 12,923 $ — $ 12,923 Derivative contracts listed above as Level 2 include fixed-price swaps, collars, puts, calls, basis swaps and WTI NYMEX rolls that are carried at fair value. The Company records the net change in the fair value of these positions in “Net gain (loss) on derivative contracts” in the Company’s unaudited condensed consolidated statements of operations. The Company is able to value the assets and liabilities based on observable market data for similar instruments, which resulted in the Company reporting its derivatives as Level 2. This observable data includes the forward curves for commodity prices based on quoted market prices and implied volatility factors related to changes in the forward curves. See Note 10, “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 and cash equivalents, restricted cash, accounts receivable, noncurrent accounts receivable and accounts payable approximates their carrying value due to their short‑term nature. The estimated fair value of the Company’s Senior Credit Agreement approximates carrying value because the interest rates approximate current market rates. On the Effective Date, 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, liabilities and warrants were recorded at their fair values as of the fresh-start reporting date, October 1, 2019. See Note 3, “Fresh-start Accounting,” for a detailed discussion of the fair value approaches used by the Company. The Company follows the provisions of ASC 820, for nonfinancial assets and liabilities measured at fair value on a non‑recurring basis. These provisions apply to the Company’s initial recognition of asset retirement obligations for which fair value is used. The asset retirement obligation estimates are derived from historical costs and management’s expectation of future cost environments; and therefore, the Company has designated these liabilities as Level 3. See Note 11, “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	6 Months Ended
	Jun. 30, 2020
DERIVATIVE AND HEDGING ACTIVITIES
DERIVATIVE AND HEDGING ACTIVITIES	10. DERIVATIVE AND HEDGING ACTIVITIES The Company is exposed to certain risks relating to its ongoing business operations, such as commodity price risk and interest rate risk. In accordance with the Company’s policy, it generally hedges a substantial, but varying, portion of anticipated oil, natural gas and natural gas liquids 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. 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 or commodity hedging institutions deemed by management as competent and competitive market makers. As of June 30, 2020 (Successor), the Company did not post collateral under any of its derivative contracts as they are secured under the Company’s Senior Credit Agreement. The Company’s crude oil, natural gas and natural gas liquids derivative positions at any point in time may consist of fixed-price swaps, costless put/call collars, basis swaps and WTI NYMEX rolls. Fixed-price 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. 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. Basis swaps effectively lock in a price differential between regional prices (i.e. Midland) where the product is sold and the relevant pricing index under which the oil production is hedged (i.e. Cushing). WTI NYMEX roll agreements account for pricing adjustments to the trade month versus the delivery month for contract pricing. 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 all payments and receipts on settled derivative contracts, in “Net gain (loss) on derivative contracts” on the unaudited condensed consolidated statements of operations. All derivative contracts are recorded at fair market value in accordance with ASC 815 and ASC 820 and included in the unaudited condensed consolidated balance sheets as assets or liabilities. The following table summarizes the location and fair value amounts of all derivative contracts in the unaudited condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 (Successor) (in thousands): Successor Successor Derivatives not designated as Asset derivative contracts Liability derivative contracts hedging contracts under ASC 815 Balance sheet location June 30, 2020 December 31 2019 Balance sheet location June 30, 2020 December 31, 2019 Commodity contracts Current assets - assets from derivative contracts $ 27,229 $ 4,995 Current liabilities - liabilities from derivative contracts $ (8,466) $ (8,069) Commodity contracts Other noncurrent assets - assets from derivative contracts 24,322 224 Other noncurrent liabilities - liabilities from derivative contracts (5,631) (4,854) Total derivatives not designated as hedging contracts under ASC 815 $ 51,551 $ 5,219 $ (14,097) $ (12,923) 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) recognized in income on Amount of gain or (loss) recognized in income on Successor Predecessor Successor Predecessor Derivatives not designated Location of gain or (loss) Three Months Three Months Six Months Six Months as hedging contracts recognized in income on Ended Ended Ended Ended under ASC 815 derivative contracts June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Commodity contracts: Unrealized gain (loss) on commodity contracts Other income (expenses) - net gain (loss) on derivative contracts $ (67,221) $ 10,764 $ 45,157 $ (57,405) Realized gain (loss) on commodity contracts Other income (expenses) - net gain (loss) on derivative contracts 32,460 6,246 38,381 9,616 Total net gain (loss) on derivative contracts $ (34,761) $ 17,010 $ 83,538 $ (47,789) At June 30, 2020 and December 31, 2019 (Successor), the Company had the following open crude oil and natural gas derivative contracts: Successor June 30, 2020 Floors Ceilings Basis Differential Volume in Weighted Weighted Weighted Mmbtu's/ Price / Average Price / Average Price / Average Period Instrument Commodity Bbl's Price Range Price Price Range Price Price Range Price July 2020 - September 2020 Fixed-Price Swap Crude Oil 414,000 $ 37.70 $ 37.70 $ — $ — $ — $ — July 2020 - September 2020 Fixed-Price Swap Natural Gas 276,000 2.61 2.61 July 2020 - September 2020 Call Crude Oil 138,000 70.00 70.00 July 2020 - September 2020 Put Crude Oil 368,000 37.70 37.70 July 2020 - September 2020 Basis Swap Crude Oil 92,000 0.90 0.90 July 2020 - December 2020 Fixed-Price Swap Crude Oil 92,000 32.50 32.50 July 2020 - December 2020 Fixed-Price Swap Natural Gas 1,472,000 2.55 - 2.57 2.56 July 2020 - December 2020 Call Crude Oil 1,177,600 70.00 70.00 July 2020 - December 2020 Basis Swap Crude Oil 1,472,000 (2.20) - 0.95 0.02 August 2020 - September 2020 WTI NYMEX Roll Crude Oil 61,000 0.63 0.63 August 2020 - December 2020 WTI NYMEX Roll Crude Oil 1,208,500 (1.56) - 0.64 0.05 October 2020 - December 2020 Fixed-Price Swap Crude Oil 414,000 31.02 - 60.00 49.02 October 2020 - December 2020 Collar Crude Oil 138,000 50.00 50.00 70.00 70.00 October 2020 - December 2020 Put Crude Oil 230,000 55.00 55.00 October 2020 - December 2020 Basis Swap Crude Oil 92,000 0.95 0.95 October 2020 - December 2020 WTI NYMEX Roll Crude Oil 92,000 0.51 0.51 January 2021 - March 2021 Fixed-Price Swap Crude Oil 180,000 55.55 - 56.08 55.82 January 2021 - March 2021 Basis Swap Crude Oil 180,000 1.00 - 1.05 1.03 January 2021 - March 2021 WTI NYMEX Roll Crude Oil 180,000 0.42 - 0.48 0.45 January 2021 - June 2021 Fixed-Price Swap Crude Oil 271,500 31.02 - 32.60 January 2021 - June 2021 Basis Swap Crude Oil 271,500 (2.20) - (2.15) January 2021 - June 2021 WTI NYMEX Roll Crude Oil 271,500 (1.56) - (1.10) April 2021 - June 2021 Fixed-Price Swap Crude Oil 91,000 April 2021 - June 2021 Basis Swap Crude Oil 91,000 1.05 1.05 April 2021 - June 2021 WTI NYMEX Roll Crude Oil 91,000 0.32 April 2021 - December 2021 Fixed-Price Swap Crude Oil 551,500 April 2021 - December 2021 Basis Swap Crude Oil 551,500 April 2021 - December 2021 WTI NYMEX Roll Crude Oil 551,500 January 2021 - December 2021 Fixed-Price Swap Crude Oil 1,460,000 50.70 - 52.80 51.91 January 2021 - December 2021 Fixed-Price Swap Natural Gas 2,190,000 2.47 - 2.48 2.47 January 2021 - December 2021 Basis Swap Crude Oil 1,460,000 0.82 - 0.95 0.85 January 2021 - December 2021 WTI NYMEX Roll Crude Oil 1,460,000 0.13 - 0.14 0.14 January 2022 - December 2022 Fixed-Price Swap Crude Oil 1,460,000 51.50 51.50 January 2022 - December 2022 Basis Swap Crude Oil 1,460,000 0.85 -0.95 0.88 January 2022 - December 2022 WTI NYMEX Roll Crude Oil 1,460,000 — — Successor December 31, 2019 Floors Ceilings Basis Differential Volume in Weighted Weighted Weighted Mmbtu's/ Price / Average Price / Average Price / Average Period Instrument Commodity Bbl's Price Range Price Price Range Price Price Range Price January 2020 - June 2020 Fixed-Price Swap Crude Oil 182,000 $ 55.74 $ 55.74 $ — $ — $ — $ — January 2020 - September 2020 Fixed-Price Swap Natural Gas 1,186,000 2.61 2.61 January 2020 - December 2020 Fixed-Price Swap Crude Oil 732,000 55.68 - 60.00 57.84 January 2020 - December 2020 Fixed-Price Swap Natural Gas 2,928,000 2.55 - 2.57 2.56 January 2020 - December 2020 Collar Crude Oil 549,000 50.00 50.00 70.00 70.00 January 2020 - December 2020 Call Crude Oil 2,342,400 70.00 70.00 January 2020 - December 2020 Put Crude Oil 915,000 55.00 55.00 January 2020 - December 2020 Basis Swap Crude Oil 1,464,000 0.67 - 0.85 0.72 January 2020 - December 2020 WTI NYMEX Roll Crude Oil 366,000 0.37 0.37 February 2020 - December 2020 WTI NYMEX Roll Crude Oil 1,340,000 0.41 - 0.54 0.44 April 2020 - December 2020 Basis Swap Crude Oil 275,000 0.75 0.75 January 2021 - December 2021 Fixed-Price Swap Crude Oil 1,460,000 50.70 - 52.80 51.91 January 2021 - December 2021 Fixed-Price Swap Natural Gas 2,190,000 2.47 - 2.48 2.47 January 2021 - December 2021 Basis Swap Crude Oil 1,460,000 0.82 - 0.95 0.85 January 2021 - December 2021 WTI NYMEX Roll Crude Oil 1,460,000 0.13 - 0.14 0.14 January 2022 - December 2022 Fixed-Price Swap Crude Oil 1,460,000 51.50 51.50 January 2022 - December 2022 Basis Swap Crude Oil 1,460,000 0.85 - 0.95 0.88 January 2022 - December 2022 WTI NYMEX Roll Crude Oil 2,555,000 (0.02) - 0.00 (0.01) The Company presents the fair value of its derivative contracts at the gross amounts in the unaudited condensed consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts at June 30, 2020 and December 31, 2019 (Successor) (in thousands): Successor Successor Derivative Assets Derivative Liabilities Offsetting of Derivative Assets and Liabilities June 30, 2020 December 31 2019 June 30, 2020 December 31, 2019 Gross Amounts Presented in the Consolidated Balance Sheet $ 51,551 $ 5,219 $ (14,097) $ (12,923) Amounts Not Offset in the Consolidated Balance Sheet (9,672) (4,557) 9,672 4,557 Net Amount $ 41,879 $ 662 $ (4,425) $ (8,366) 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. During the six months ended June 30, 2020 (Successor), the Company terminated certain derivative contracts in advance of their natural expiration dates and received net proceeds of approximately $16.3 million which were recorded in “ Net gain (loss) on derivative contracts” on the unaudited condensed consolidated statements of operations. Additionally, in July 2020 (Successor), the Company terminated 782,000 Bbls of its crude oil fixed price swap and put positions for the three months ended December 31, 2020 (Successor) and received $3.2 million for these early terminations. Concurrently, the Company entered into new positions covering 782,000 barrels of oil, comprised of put positions at $42.10 per barrel and collars with a floor price of $42.10 per barrel and ceiling price of $49.02 per barrel.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	11. 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. The Company records the ARO liability on the unaudited condensed consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties” 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. The Company recorded the following activity related to its ARO liability (inclusive of the current portion) (in thousands): Liability for asset retirement obligations as of December 31, 2019 (Successor) $ 10,590 Liabilities settled and divested (227) Additions 137 Accretion expense 294 Liability for asset retirement obligations as of June 30, 2020 (Successor) $ 10,794

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Commitments The Company has entered into various long-term gathering, transportation and sales contracts with respect to its oil and natural gas production from the Delaware Basin in West Texas. As of June 30, 2020 (Successor), the Company had in place three long-term crude oil contracts and 14 long-term natural gas contracts in this area and the sales prices under these contracts are based on posted market rates. Under the terms of these contracts, the Company has committed a substantial portion of its production from this area for periods ranging from one to twenty years from the date of first production. 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 our 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	6 Months Ended
	Jun. 30, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	13. STOCKHOLDERS’ EQUITY Common Stock On October 8, 2019, upon emergence from chapter 11 bankruptcy, by operation of the Plan and the confirmation order, all existing shares of Predecessor common stock were cancelled and the Successor Company issued approximately 16.2 million shares of new common stock. Refer to Note 2, “ Reorganization, ” for further details. On October 8, 2019, 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, among other things, (i) the total number of shares of all classes of capital stock that the Successor Company has the authority to issue is 101,000,000 of which 100,000,000 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 until the 2021 Annual Meeting of Stockholders, and (iii) 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. In addition, the amended and restated certificate of incorporation stipulates provisions for the right of removal of directors, specifically that prior to the 2021 Annual Meeting, any Group II Director (as defined in the certificate of incorporation) may be removed with or without cause by 85% of the shares then entitled to vote at an election of directors (which voting threshold has been increased solely with respect to such class of directors from a majority of shares then entitled to vote at an election of directors). Beginning at the 2021 Annual Meeting, any director of either class may be removed with or without cause by a majority of shares entitled to vote. Warrants On October 8, 2019, upon emergence from chapter 11 bankruptcy, by operation of the Plan and the confirmation order, all existing warrants of the Predecessor Company were cancelled and the Successor Company entered into a warrant agreement (the Warrant Agreement) with Broadridge Corporate Issuer Solutions, Inc. as the warrant agent, pursuant to which the Successor Company issued three series of warrants (the Series A Warrants, the Series B Warrants and the Series C Warrants and together, the Warrants, and the holders thereof, the Warrant Holders), on a pro rata basis to pre-emergence holders of the Company’s Existing Equity Interests pursuant to the Plan. Each Warrant represents the right to purchase one share of common stock at the applicable exercise price, subject to adjustment as provided in the Warrant Agreement and as summarized below. On the Effective Date, the Company issued (i) Series A Warrants to purchase an aggregate of 1,798,322 shares of common stock, with an initial exercise price of $40.17 per share, (ii) Series B Warrants to purchase an aggregate of 2,247,985 shares of common stock, with an initial exercise price of $48.28 per share and (iii) Series C Warrants to purchase an aggregate of 2,890,271 shares of common stock, with an initial exercise price of $60.45 per share. Each series of Warrants issued under the Warrant Agreement has a three-year term, expiring on October 8, 2022. The strike price of each series of Warrants issued under the Warrant Agreement increases monthly at an annualized rate of 6.75%, compounding monthly, as provided in the Warrant Agreement. As of June 30, 2020 (Successor), the Company had 1.8 million Series A, 2.2 million Series B and 2.9 million Series C warrants outstanding with corresponding exercise prices of $41.56, $50.05 and $62.78, respectively. The Warrants do not grant the Warrant Holder any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the Company’s business. Refer to Note 2 “ Reorganization” for further details. On September 9, 2016, the Predecessor Company issued 4.7 million warrants. The warrants could be exercised to purchase 4.7 million shares of the Predecessor Company's common stock at an exercise price of $14.04 per share. The holders were entitled to exercise the warrants in whole or in part at any time prior to expiration on September 9, 2020. Upon emergence from chapter 11 bankruptcy, all of these outstanding warrants were cancelled. Refer to Note 2, “Reorganization,” for further details. Incentive Plans On September 9, 2016, the Predecessor Company’s board of directors adopted the 2016 Long‑Term Incentive Plan (the 2016 Plan). Immediately prior to emergence from chapter 11 bankruptcy, the 2016 Plan was cancelled and all outstanding stock-based compensation awards granted thereunder were either vested or cancelled. On January 29, 2020, the Successor Company’s board of directors adopted the 2020 Long-Term Incentive Plan (the 2020 Plan). An aggregate of approximately 1.5 million shares of the Successor Company’s common stock were available for grant pursuant to awards under the 2020 Plan. As of June 30, 2020 (Successor), a maximum of 0.2 million shares of the Successor Company’s common stock remained reserved for issuance under the 2020 Plan. The Company accounts for stock-based payment accruals under authoritative guidance on stock compensation. The guidance requires all stock-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. The Company has elected not to apply a forfeiture estimate and will recognize a credit in compensation expense to the extent awards are forfeited. For the three and six months ended June 30, 2020 (Successor), the Company recognized expense of $0.8 million and $1.2 million, respectively, related to stock-based-compensation. For the three and six months ended June 30, 2019 (Predecessor), the Company recognized an expense of $1.0 million and a credit of $5.8 million, respectively, related to stock-based-compensation. Stock-based compensation expense is recorded as a component of "General and administrative" on the unaudited condensed consolidated statements of operations. During the six months ended June 30, 2019 (Predecessor), several senior executives departed the Company. In accordance with the terms of these senior executives' employment agreements, unvested stock options and unvested shares of restricted stock were modified to vest immediately upon termination. For the six months ended June 30, 2019 (Predecessor), the Company recognized an incremental reduction to stock-based compensation expense of $8.4 million, respectively, associated with these modifications. Stock Options From time to time, the Company grants stock options under the 2020 Plan covering shares of common stock to employees of the Successor Company and granted stock options under the 2016 Plan covering shares of common stock to employees of the Predecessor Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. Awards granted under the 2020 Plan typically vest over a four year period at a rate of one-fourth on the annual anniversary date of the grant and expire seven years from the date of grant. Awards granted under the 2016 Plan typically vested over a three year period at a rate of one-third on the annual anniversary date of the grant and expired ten years from the grant date. During the six months ended June 30, 2020 (Successor), the Company granted stock options under the 2020 Plan covering 0.5 million shares of common stock to employees of the Company. These stock options have exercise prices ranging from $18.91 to $37.83 with a weighted exercise price of $28.32 per share. At June 30, 2020 (Successor), the Company had $1.3 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 2.1 years. No stock options were granted during the six months ended June 30, 2019 (Predecessor). At June 30, 2019 (Predecessor), the Company had $0.9 million of unrecognized compensation expense related to non‑vested stock options to be recognized over a weighted‑average period of 0.6 years. Immediately prior to emergence from chapter 11 bankruptcy, all outstanding stock options under the 2016 Plan were cancelled. Refer to Note 2, “Reorganization,” for further details. Restricted Stock From time to time, the Company grants shares of restricted stock units (RSUs) under the 2020 Plan to employees of the Successor Company and granted shares of restricted stock under the 2016 Plan to employees and non-employee directors of the Predecessor Company. Under the 2020 Plan, employee RSUs will vest and convert to shares typically over a four year period at a rate of one-fourth on the annual anniversary date of the grant or when the performance or market conditions described below occur. Under the 2016 Plan, employee shares typically vested 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 vested six months from the date of grant. During the six months ended June 30, 2020 (Successor), the Company granted 0.9 million shares of RSUs with the vesting conditions and fair values described below under the 2020 Plan to employees of the Company. At June 30, 2020 (Successor), the Company had $5.6 million of unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted-average period of 3.0 years. · 0.4 million RSUs granted will vest over four years at a rate one-fourth on the annual anniversary of date of the grant. These RSUs were granted at fair value prices ranging from $4.36 to $11.89 with a weighted average fair value price of $11.80 per share. · 0.2 million RSUs granted will vest in full only upon achievement of certain business combination goals, as defined in the award agreements. These RSUs were granted at a fair value of $11.89 per share. As of June 30, 2020 (Successor), a business combination, as defined in the awards agreements, had not been consummated and was not considered probable. As such, no expense has been recognized for the RSUs with business combination vesting conditions. · 0.3 million RSUs granted will vest in full or in part or may terminate based on the Company’s total shareholder return relative to the total shareholder return of certain of its peer companies as defined in the award agreement over the four year period ending on February 20, 2024. These RSUs were granted at a fair value of $6.48 per share. During the six months ended June 30, 2019 (Predecessor), the Company granted 4.2 million shares of restricted stock under the 2016 Plan to employees of the Company. These restricted shares were granted at prices ranging from $1.29 to $1.40 with a weighted average price of $1.29 per share. At June 30, 2019 (Predecessor), the Company had $6.5 million of unrecognized compensation expense related to non‑vested restricted stock awards to be recognized over a weighted‑average period of 1.6 years. Immediately prior to emergence from chapter 11 bankruptcy, all outstanding unvested restricted stock granted under the 2016 Plan was vested. Refer to Note 2, "Reorganization," for further details.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	14. EARNINGS PER SHARE On October 8, 2019, upon emergence from chapter 11 bankruptcy, the Predecessor Company’s 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 Successor Predecessor Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic: Net income (loss) $ (127,316) $ (640,844) $ (12,825) $ (977,403) Weighted average basic number of common shares outstanding 16,204 159,050 16,204 158,801 Basic net income (loss) per share of common stock $ (7.86) $ (4.03) $ (0.79) $ (6.15) Diluted: Net income (loss) (127,316) (640,844) (12,825) (977,403) Weighted average basic number of common shares outstanding 16,204 159,050 16,204 158,801 Common stock equivalent shares representing shares issuable upon: Exercise of Predecessor stock options — Anti-dilutive — Anti-dilutive Exercise of Predecessor warrants — Anti-dilutive — Anti-dilutive Vesting of Predecessor restricted shares — Anti-dilutive — Anti-dilutive Exercise of Successor Series A Warrants Anti-dilutive — Anti-dilutive — Exercise of Successor Series B Warrants Anti-dilutive — Anti-dilutive — Exercise of Successor Series C Warrants Anti-dilutive — Anti-dilutive — Exercise of Successor stock options Anti-dilutive — Anti-dilutive — Vesting of Successor restricted stock units Anti-dilutive — Anti-dilutive — Weighted average diluted number of common shares outstanding 16,204 159,050 16,204 158,801 Diluted net income (loss) per share of common stock $ (7.86) $ (4.03) $ (0.79) $ (6.15) Common stock equivalents, including warrants, options and restricted stock units, totaling 7.8 million and 7.6 million shares for the three and six ended June 30, 2020 (Successor), 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 losses. Common stock equivalents, including stock options, restricted shares and warrants, totaling 15.7 million and 15.3 million shares for the three and six months ended June 30, 2019 (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 losses.

ADDITIONAL FINANCIAL STATEMENT

ADDITIONAL FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jun. 30, 2020
ADDITIONAL FINANCIAL STATEMENT INFORMATION
ADDITIONAL FINANCIAL STATEMENT INFORMATION	15. ADDITIONAL FINANCIAL STATEMENT INFORMATION Certain balance sheet amounts are comprised of the following (in thousands): Successor June 30, 2020 December 31, 2019 Accounts receivable, net: Oil, natural gas and natural gas liquids revenues $ 16,487 $ 36,367 Joint interest accounts 6,730 10,145 Other 575 1,992 $ 23,792 $ 48,504 Prepaids and other: Prepaids $ 886 $ 2,093 Income tax receivable 1,250 1,250 Funds in escrow 1,740 4,000 Other 35 36 $ 3,911 $ 7,379 Other assets: Oil, natural gas and natural gas liquids revenues $ 1,882 $ — Joint interest accounts 3,389 — Funds in escrow 581 580 Other 124 123 $ 5,976 $ 703 Accounts payable and accrued liabilities: Trade payables $ 39,708 $ 36,038 Accrued oil and natural gas capital costs 5,908 22,781 Revenues and royalties payable 14,163 25,457 Accrued interest expense 528 604 Accrued employee compensation 67 2,947 Accrued lease operating expenses 5,888 9,230 Other 103 276 $ 66,365 $ 97,333

SUMMARY OF SIGNIFICANT EVENTS_2

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Battalion Oil Corporation (Battalion or the Company) was formerly named Halcón Resources Corporation (Halcón). On January 21, 2020, Battalion filed a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to effect a change of the Company’s corporate name from Halcón Resources Corporation to Battalion Oil Corporation. Battalion is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids‑rich oil and natural gas assets in the United States. The consolidated financial statements include the accounts of all majority‑owned, controlled subsidiaries. The Company operates in one segment which focuses on oil and natural gas acquisition, production, exploration and development. 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, Battalion 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 25, 2020. Please refer to the notes in the 2019 Annual Report on Form 10‑K when reviewing interim financial results.
Risk and Uncertainties	Risk and Uncertainties The Company is continuously monitoring the current and potential impacts of the novel coronavirus (COVID-19) pandemic on its business, including how it has and may continue to impact its operations, financial results, liquidity, contractors, customers, employees and vendors, and taking appropriate actions in response, including reducing capital expenditures, temporarily shutting-in producing wells, and implementing various measures to ensure the continued operation of its business in a safe and secure manner. COVID-19 and governmental actions to contain the pandemic have contributed to an economic downturn, reduced demand for oil and natural gas and, together with a price war between the Organization of Petroleum Exporting Countries (OPEC)/Saudi Arabia and Russia, depressed oil and natural gas prices to historically low levels. Although OPEC and Russia agreed in April to reduce production, downward pressure on prices has continued and could continue for the foreseeable future, particularly given concerns over the impacts of the current economic downturn on demand. The Company is unable to predict the effect that these events will have on its business and financial condition due to numerous uncertainties, including the severity and duration of the COVID-19 outbreak and the impacts that governmental or other actions taken to limit the extent and duration of the outbreak, in conjunction with economic conditions, will have on its business, demand for oil and natural gas, and oil and natural gas prices. The health of the Company’s employees, contractors and vendors, and its ability to meet staffing needs in its operations and critical functions cannot be predicted, nor can the impact on the Company’s customers, vendors and contractors. Any material effect on these parties could adversely impact the Company. These and other factors could affect the Company’s operations, earnings and cash flows and could cause its results to not be comparable to those of the same period in previous years. For example, as a result of commodity price declines, the Company realized lower revenue beginning in March 2020 and through June 2020, temporarily shut-in producing wells in May and June 2020, and incurred a ceiling test impairment for the three months ended June 30, 2020. The results presented in this Form 10-Q are not necessarily indicative of future operating results. For further information regarding the actual and potential impacts of COVID-19 on the Company, see “Risk Factors” in Item 1A of this Quarterly Report on Form 10-Q.
Emergence from Voluntary Reorganization under Chapter 11	Emergence From Voluntary Reorganization Under Chapter 11 On August 7, 2019 (the Petition Date), the Company and its subsidiaries filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the Bankruptcy Court) to pursue a prepackaged plan of reorganization (the Plan). The Company’s chapter 11 proceedings were administered under the caption In re Halcón Resources Corporation, et al. (Case No. 19-34446). On September 24, 2019, the Bankruptcy Court entered an order confirming the Plan and on October 8, 2019, the Plan became effective (the Effective Date) and the Company emerged from chapter 11 bankruptcy. See Note 2, “ Reorganization, ” for further details on the Company’s chapter 11 bankruptcy and the Plan. 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. The Company elected to apply fresh-start accounting effective October 1, 2019, to coincide with the timing of its normal fourth quarter reporting period, which resulted in the Company becoming a new entity for financial reporting purposes. The Company evaluated and concluded that events between October 1, 2019 and October 8, 2019 were immaterial and use of an accounting convenience date of October 1, 2019 was appropriate. 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 October 1, 2019 are not comparable to its consolidated financial statements prior to, and including, October 1, 2019. 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 October 1, 2019. References to “Predecessor” or “Predecessor Company” relate to the financial position and results of operations of the Company prior to, and including, October 1, 2019.
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, liabilities and warrants recorded as a result of the adoption of fresh-start accounting. 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.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. Amounts in the unaudited condensed consolidated balance sheets included in “ Cash and cash equivalents ” and “ Restricted cash ” reconcile to the Company’s unaudited condensed consolidated statements of cash flows as follows: Successor June 30, 2020 December 31, 2019 Cash and cash equivalents $ 401 $ 5,701 Restricted cash — 4,574 Total cash, cash equivalents and restricted cash $ 401 $ 10,275 Restricted cash consisted of funds related to payments prescribed under the Plan that were held in an interest-bearing escrow account.
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. As of June 30, 2020 (Successor) and December 31, 2019 (Successor), allowances for doubtful accounts were approximately $0.2 million and $0.1 million, respectively.
Other Operating Property and Equipment	Other Operating Property and Equipment Other operating property and equipment was recorded at fair value as a result of fresh-start accounting on October 1, 2019 and additions are recorded at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives: buildings, twenty years; automobiles and computers, three years; computer software, fixtures, furniture and equipment, the lesser of lease term or five years; trailers, seven years; heavy equipment, eight to ten years and leasehold improvements, lease term. Land and artwork are not depreciated. Upon disposition, the cost and accumulated depreciation are removed and any gains or losses are reflected in current operations. Maintenance and repair costs are charged to operating expense as incurred. Material expenditures which increase the life or productive capacity of an asset are capitalized and depreciated over the estimated remaining useful life of the asset. The Company reviews its other operating property and equipment for impairment in accordance with ASC 360, Property, Plant, and Equipment (ASC 360). ASC 360 requires the Company to evaluate other operating property and equipment 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 other operating property and equipment at each reporting period to determine whether events and circumstances warrant a revision to the remaining depreciation periods.
Restructuring	Restructuring During the three and six months ended June 30, 2020 (Successor), the Company incurred approximately $2.2 million and $2.6 million in restructuring charges, respectively, related to the consolidation into one corporate office and reductions in its workforce due to efforts to improve efficiencies and go forward costs. In May 2020 (Successor), in furtherance of the consolidation into one corporate office, the Company exercised a one-time early termination option under the lease agreement for the Company’s office space in Denver, Colorado. Refer to Note 4, “ Leases ,” for further details. During the six months ended June 30, 2019 (Predecessor), several senior executives of the Company resigned from their positions. These were considered terminations without cause under their respective employment agreements, which entitled them to certain benefits. Additionally during the six months ended June 30, 2019 (Predecessor), the Company incurred costs to fill certain executive positions created by these resignations and had reductions in its workforce due to a decrease in drilling and developmental activities planned for 2019. Consequently, for the three and six months ended June 30, 2019 (Predecessor), the Company incurred approximately $0.7 million and $11.9 million in restructuring charges. These costs were recorded in “Restructuring” on the unaudited condensed consolidated statements of operations.
Concentrations of Credit Risk	Concentrations of Credit Risk As of June 30, 2020 (Successor), the Company’s primary concentrations of credit risk are the risks of uncollectible accounts receivable and of nonperformance by counterparties under the Company’s derivative contracts. Each reporting period, the Company assesses the recoverability of material receivables using historical data, current market conditions and reasonable and supportable forecasts of future economic conditions to determine expected collectability of its material receivables. The Company’s accounts receivable are primarily receivables from joint interest owners and oil and natural gas purchasers. The purchasers of the Company’s oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for offsetting of amounts payable or receivable between the Company and its joint interest owners. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected. The Company’s exposure to credit risk under its derivative contracts is diversified among major financial institutions with investment grade credit ratings, where it has master netting agreements which provide for offsetting of amounts payable or receivable between the Company and the counterparty. To manage counterparty risk associated with derivative contracts, the Company selects and monitors counterparties based an assessment of their financial strength and/or credit ratings. At June 30, 2020 (Successor), the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Senior Credit Agreement.
Change in Estimate	Change in Estimate In late March 2020 (Successor), due to changes in market conditions and decreased commodity prices, the Company determined discretionary cash incentives related to 2019 would not be paid, causing a $1.6 million reduction to “General and administrative” on the unaudited condensed consolidated statement of operations for the six months ended June 30, 2020 (Successor).
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) (ASU 2020-04), in response to the risk of cessation of the London Interbank Offered Rate (LIBOR). This amendment provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging arrangements, and other transactions that reference LIBOR. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company is currently evaluating ASU 2020-04 and the impact it will have on its operating results, financial position and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes (ASU 2019-12) as part of their simplification initiative. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. The Company is currently evaluating the effects of ASU 2019-12, but does not believe that it will have a material impact on its operating results, financial position or disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (ASU 2016-13), which changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. ASU 2016-13 will replace the previously required incurred loss approach with an expected loss model for instruments measured at amortized cost. The Company adopted ASU 2016-13 effective January 1, 2020 using the modified retrospective approach as of the adoption date. Based the Company’s assessment of its applicable financial assets, which are receivables from joint interest owners and oil and natural gas purchasers with various potential remedies ensuring collection from those parties, as well as assets from derivative contracts outstanding with major financial institutions, the adoption of ASU 2016-13 did not have a material impact on the Company’s operating results or financial position.

SUMMARY OF SIGNIFICANT EVENTS_3

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Schedule Of Cash, Cash Equivalents And Restricted Cash	Amounts in the unaudited condensed consolidated balance sheets included in “ Cash and cash equivalents ” and “ Restricted cash ” reconcile to the Company’s unaudited condensed consolidated statements of cash flows as follows: Successor June 30, 2020 December 31, 2019 Cash and cash equivalents $ 401 $ 5,701 Restricted cash — 4,574 Total cash, cash equivalents and restricted cash $ 401 $ 10,275

FRESH-START ACCOUNTING (Tables)

FRESH-START ACCOUNTING (Tables)	6 Months Ended
	Jun. 30, 2020
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 October 1, 2019 (in thousands): October 1, 2019 Enterprise Value $ 441,583 Plus: Cash 15,546 Less: Fair value of debt (130,000) Less: Fair value of warrants (7,336) Fair value of Successor common stock $ 319,793
Schedule of Enterprise Value to its Reorganization Value	The following table reconciles the Company’s Enterprise Value to its Reorganization Value as of October 1, 2019 (in thousands): October 1, 2019 Enterprise Value $ 441,583 Plus: Cash 15,546 Plus: Current liabilities 122,134 Plus: Lease liabilities 3,395 Plus: Noncurrent asset retirement obligation 10,153 Plus: Other noncurrent liabilities 1,625 Reorganization Value of Successor assets $ 594,436
Schedule of reorganization balance sheet and fresh-start accounting adjustments	Amounts included in the table below are rounded to thousands. As of October 1, 2019 Predecessor Reorganization Fresh-Start Successor Current assets: Cash and cash equivalents $ 17,009 $ (1,463) (1) $ — $ 15,546 Accounts receivable, net 37,826 — — 37,826 Assets from derivative contracts 15,310 — — 15,310 Restricted cash — 13,839 (2) — 13,839 Prepaids and other 14,642 7,110 (3) (11,462) (11) 10,290 Total current assets 84,787 19,486 (11,462) 92,811 Oil and natural gas properties (full cost method): Evaluated 2,155,288 — (1,774,924) (12)(13) 380,364 Unevaluated 438,365 — (329,411) (13) 108,954 Gross oil and natural gas properties 2,593,653 — (2,104,335) 489,318 Less - accumulated depletion (1,709,719) — 1,709,719 (13) — Net oil and natural gas properties 883,934 — (394,616) 489,318 Other operating property and equipment: Other operating property and equipment 203,373 — (199,718) (12)(14) 3,655 Less - accumulated depreciation (14,416) — 14,416 (14) — Net other operating property and equipment 188,957 — (185,302) 3,655 Other noncurrent assets: Assets from derivative contracts 4,120 — — 4,120 Operating lease right of use assets 3,694 — (300) (15) 3,394 Funds in escrow and other 1,138 — — 1,138 Total assets $ 1,166,630 $ 19,486 $ (591,680) $ 594,436 Current liabilities: Accounts payable and accrued liabilities $ 112,578 $ 2,727 (4) $ — $ 115,305 Liabilities from derivative contracts 6,829 — — 6,829 Current portion of long-term debt, net 258,234 (258,234) (5) — — Operating lease liabilities 1,337 — (424) (15) 913 Total current liabilities 378,978 (255,507) (424) 123,047 Long-term debt, net — 130,000 (6) — 130,000 Liabilities subject to compromise 625,005 (625,005) (7) — — Other noncurrent liabilities: Liabilities from derivative contracts 1,625 — — 1,625 Asset retirement obligations 10,153 — — 10,153 Operating lease liabilities 2,438 — 44 (15) 2,482 Commitments and contingencies Stockholders' equity: Common Stock (Predecessor) 16 (16) (8) — — Common Stock (Successor) — 2 (9) — 2 Additional paid-in capital (Predecessor) 1,087,441 (1,087,441) (8) — — Additional paid-in capital (Successor) — 327,127 (9) — 327,127 Retained earnings (accumulated deficit) (939,026) 1,530,326 (10) (591,300) (16) — Total stockholders' equity 148,431 769,998 (591,300) 327,129 Total liabilities and stockholders' equity $ 1,166,630 $ 19,486 $ (591,680) $ 594,436 Reorganization adjustments 1) The table below details cash payments as of October 1, 2019, pursuant to the terms of the Plan described in Note 2, “ Reorganization, ” (in thousands): Sources: Proceeds from Senior Noteholder Rights Offering $ 150,150 Proceeds from Senior Credit Agreement 130,000 Proceeds from Existing Equity Interests Rights Offering 5,779 Total Sources $ 285,929 Uses: Payment of Predecessor Credit Agreement principal, accrued interest, and fees $ (226,580) Payment of debtor-in-possession junior secured term credit facility principal and accrued interest (35,174) Funding of professional fee escrow and cash collateral account (13,839) Payment of debt issuance costs on Senior Credit Agreement (8,764) Payment of professional fees and other (3,035) Total Uses $ (287,392) Total Sources and Uses $ (1,463) 2) Reflects the funding of an escrow account for professional fees associated with the chapter 11 bankruptcy and an account to cash collateralize the Predecessor Company’s outstanding letters of credit. 3) Represents $10.2 million in debt issuance costs related to the Senior Credit Agreement, partially offset by the release of $3.1 million in fees paid to the Company’s restructuring advisors prior to the emergence from chapter 11 bankruptcy. 4) Represents $7.7 million in fees to be paid to the Company’s restructuring advisors subsequent to the Company’s emergence from chapter 11 bankruptcy, partially offset by payments of i) payments of accrued interest and fees on the Predecessor Credit Agreement and the debtor-in-possession junior secured term credit facility of $3.5 million and ii) professional fees associated with the chapter 11 bankruptcy of $1.5 million. 5) On the Emergence Date, in accordance with the Plan, the Company repaid the principal outstanding on the Predecessor Credit Agreement of $223.2 million and the debtor-in-possession junior secured term credit facility of $35.0 million using proceeds from the Equity Rights Offerings and borrowings under the Senior Credit Agreement. 6) Reflects the initial borrowing on the Senior Credit Agreement. 7) Liabilities subject to compromise were as follows (in thousands): 6.75% senior notes due 2025 $ 625,005 Liabilities subject to compromise 625,005 Discount on shares issued per the Senior Noteholder Subscription Rights Offering (67,840) Issuance of common stock to Class 4 claimholders (75,388) Gain on settlement of liabilities subject to compromise $ 481,777 8) Reflects the cancellation of Predecessor common stock and additional paid-in capital. 9) The following table reconciles reorganization adjustments made to Successor common stock and additional paid-in capital (in thousands): Par value of 16,203,940 shares of new common stock issued to holders of senior note claims and existing equity interest claims (valued at $19.74 per share) $ 2 Fair value of warrants issued to holder of the Existing Equity Interests (1) 7,336 Additional paid-in-capital (Successor) 322,294 Equity issuance costs associated with Equity Rights Offering (2,503) Total change in Successor common stock and additional paid-in capital $ 327,129 (1) The fair value of the warrants was estimated using a Binomial Lattice model with the following assumptions: implied stock price of the Successor Company of $19.74; initial strike price per share of $40.17, $48.28, and $60.45, for Series A, B, and C warrants, respectively, increased each month at an annualized rate of 6.75%; expected volatility of 45%; and risk free interest rate using the USD Yield Curve at each time-step in the lattice. 10) The table below reflects the cumulative effect of the adjustments discussed above (in thousands): Gain on settlement of liabilities subject to compromise $ 481,777 Success fees incurred upon emergence (8,376) Fair value of equity issued to Predecessor common stockholders (7,449) Fair value of warrants issued to Predecessor common stockholders (7,336) Issuance of common stock to backstop commitment parties (13,079) Other (2,668) Cancellation of Predecessor equity 1,087,457 Net impact to retained earnings (accumulated deficit) $ 1,530,326 Fresh-start accounting adjustments 11) Adjustment reflects the write-off of debt issuance costs associated with the Senior Credit Agreement of $10.2 million and the write-off of prepaid expenses related to $1.2 million of premiums for the Predecessor Company’s directors’ and officers’ insurance policy. 12) Includes the reclassification of treating equipment and gathering support facilities from “Other operating property and equipment” to “Oil and natural gas properties, evaluated.” The Successor Company’s policy of accounting for its treating equipment and gathering support facilities identifies these assets as part of the Company’s full cost pool due to their supporting nature to the Company’s oil and natural gas operations. 13) Reflects the adjustment to fair value of the Company’s oil and natural gas properties and unproved acreage, as well as the elimination of accumulated depletion. 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 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 10.0%. 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 $71.51 per barrel of oil, $3.37 per MMBtu of natural gas and $29.50 per barrel of natural gas liquids. 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, 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. 14) Reflects the adjustment to fair value of the Company’s other operating property and equipment, as well as the elimination of accumulated depreciation. For purposes of estimating the fair value of its other operating property and equipment, the Company used a combination of the market and cost approaches. A market approach was relied upon to value land 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. 15) Upon adoption of fresh start accounting, the Company’s lease obligations were recalculated using the incremental borrowing rate applicable to the Company upon emergence from chapter 11 bankruptcy and commensurate with its new capital structure. The incremental borrowing rate used decreased from 4.83% in the Predecessor period to 3.70% in the Successor period. Additionally represents the removal of right-of-use assets and lease liabilities associated with the Company’s compressors, as the remaining contract term of the compressor leases were less than one year as of the Effective Date. See Note 4, “Leases,” for details associated with the Company’s short-term lease costs. 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	1) The table below details cash payments as of October 1, 2019, pursuant to the terms of the Plan described in Note 2, “ Reorganization, ” (in thousands): Sources: Proceeds from Senior Noteholder Rights Offering $ 150,150 Proceeds from Senior Credit Agreement 130,000 Proceeds from Existing Equity Interests Rights Offering 5,779 Total Sources $ 285,929 Uses: Payment of Predecessor Credit Agreement principal, accrued interest, and fees $ (226,580) Payment of debtor-in-possession junior secured term credit facility principal and accrued interest (35,174) Funding of professional fee escrow and cash collateral account (13,839) Payment of debt issuance costs on Senior Credit Agreement (8,764) Payment of professional fees and other (3,035) Total Uses $ (287,392) Total Sources and Uses $ (1,463)
Summary of liabilities subject to compromise	1) Liabilities subject to compromise were as follows (in thousands): 6.75% senior notes due 2025 $ 625,005 Liabilities subject to compromise 625,005 Discount on shares issued per the Senior Noteholder Subscription Rights Offering (67,840) Issuance of common stock to Class 4 claimholders (75,388) Gain on settlement of liabilities subject to compromise $ 481,777
Schedule Of Reconciliation Of Reorganization Adjustments Made To Common Stock And Additional Paid In Capital	1) The following table reconciles reorganization adjustments made to Successor common stock and additional paid-in capital (in thousands): Par value of 16,203,940 shares of new common stock issued to holders of senior note claims and existing equity interest claims (valued at $19.74 per share) $ 2 Fair value of warrants issued to holder of the Existing Equity Interests (1) 7,336 Additional paid-in-capital (Successor) 322,294 Equity issuance costs associated with Equity Rights Offering (2,503) Total change in Successor common stock and additional paid-in capital $ 327,129 (1) The fair value of the warrants was estimated using a Binomial Lattice model with the following assumptions: implied stock price of the Successor Company of $19.74; initial strike price per share of $40.17, $48.28, and $60.45, for Series A, B, and C warrants, respectively, increased each month at an annualized rate of 6.75%; expected volatility of 45%; and risk free interest rate using the USD Yield Curve at each time-step in the lattice.
Schedule of cumulative effect of the reorganization adjustments	1) The table below reflects the cumulative effect of the adjustments discussed above (in thousands): Gain on settlement of liabilities subject to compromise $ 481,777 Success fees incurred upon emergence (8,376) Fair value of equity issued to Predecessor common stockholders (7,449) Fair value of warrants issued to Predecessor common stockholders (7,336) Issuance of common stock to backstop commitment parties (13,079) Other (2,668) Cancellation of Predecessor equity 1,087,457 Net impact to retained earnings (accumulated deficit) $ 1,530,326

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
LEASES
Schedule of Company's leases	The table below summarizes the Company’s leases for the six months ended June 30, 2020 (Successor) and 2019 (Predecessor) (in thousands, except years and discount rate): Successor Predecessor Six Months Six Months Ended Ended June 30, 2020 June 30, 2019 Lease cost Operating lease costs $ 1,797 $ 1,288 Short-term lease costs 16,094 9,666 Variable lease costs 682 771 Total lease costs $ 18,573 $ 11,725 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,790 $ 1,290 Right-of-use assets obtained in exchange for new operating lease liabilities — 5,462 Weighted-average remaining lease term - operating leases 1.0 years 3.6 years Weighted-average discount rate - operating leases 3.70 % 4.83 %
Schedule of future minimum lease payments associated with the Company’s non-cancellable operating leases for office space and equipment	Future minimum lease payments associated with the Company’s non-cancellable operating leases for office space and equipment as of June 30, 2020 and December 31, 2019 (Successor), are presented in the table below (in thousands): Operating Leases Successor June 30, 2020 December 31, 2019 Remaining period in 2020 $ 513 $ 1,022 2021 453 876 2022 — 574 2023 — 585 2024 — 345 Thereafter — — Total operating lease payments 966 3,402 Less: discount to present value 11 232 Total operating lease liabilities 955 3,170 Less: current operating lease liabilities 877 923 Noncurrent operating lease liabilities $ 78 $ 2,247

OPERATING REVENUES (Tables)

OPERATING REVENUES (Tables)	6 Months Ended
	Jun. 30, 2020
OPERATING REVENUES
Schedule of disaggregation of revenues by major product	The following table disaggregates the Company’s revenues by major product, in order to depict how the nature, timing, and uncertainty of revenue and cash flows are affected by economic factors in the Company’s single basin operations, for the periods indicated (in thousands): Successor Predecessor Successor Predecessor Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ 15,758 $ 53,232 $ 57,675 $ 98,749 Natural gas 836 (1,655) 1,190 (194) Natural gas liquids 1,437 4,297 6,190 9,242 Total oil, natural gas and natural gas liquids sales 18,031 55,874 65,055 107,797 Other 463 504 838 497 Total operating revenues $ 18,494 $ 56,378 $ 65,893 $ 108,294

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
DEBT
Schedule of debt	As of June 30, 2020 and December 31, 2019 (Successor), the Company’s debt consisted of the following (in thousands): Successor June 30, 2020 December 31, 2019 Senior revolving credit facility $ 179,000 $ 144,000 Paycheck Protection Program loan (1) 2,209 - $ 181,209 $ 144,000 (1) As of June 30, 2020 (Successor), $1.0 million of the Company’s Paycheck Protection Program loan was classified as “Current portion of long-term debt” on the unaudited condensed consolidated balance sheet.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (Successor) (in thousands): Successor June 30, 2020 Level 1 Level 2 Level 3 Total Assets Assets from derivative contracts $ — 51,551 $ — 51,551 Liabilities Liabilities from derivative contracts $ — 14,097 $ — 14,097 Successor December 31, 2019 Level 1 Level 2 Level 3 Total Assets Assets from derivative contracts $ — $ 5,219 $ — $ 5,219 Liabilities Liabilities from derivative contracts $ — $ 12,923 $ — $ 12,923

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2020
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 as of June 30, 2020 and December 31, 2019 (Successor) (in thousands): Successor Successor Derivatives not designated as Asset derivative contracts Liability derivative contracts hedging contracts under ASC 815 Balance sheet location June 30, 2020 December 31 2019 Balance sheet location June 30, 2020 December 31, 2019 Commodity contracts Current assets - assets from derivative contracts $ 27,229 $ 4,995 Current liabilities - liabilities from derivative contracts $ (8,466) $ (8,069) Commodity contracts Other noncurrent assets - assets from derivative contracts 24,322 224 Other noncurrent liabilities - liabilities from derivative contracts (5,631) (4,854) Total derivatives not designated as hedging contracts under ASC 815 $ 51,551 $ 5,219 $ (14,097) $ (12,923)
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) recognized in income on Amount of gain or (loss) recognized in income on Successor Predecessor Successor Predecessor Derivatives not designated Location of gain or (loss) Three Months Three Months Six Months Six Months as hedging contracts recognized in income on Ended Ended Ended Ended under ASC 815 derivative contracts June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Commodity contracts: Unrealized gain (loss) on commodity contracts Other income (expenses) - net gain (loss) on derivative contracts $ (67,221) $ 10,764 $ 45,157 $ (57,405) Realized gain (loss) on commodity contracts Other income (expenses) - net gain (loss) on derivative contracts 32,460 6,246 38,381 9,616 Total net gain (loss) on derivative contracts $ (34,761) $ 17,010 $ 83,538 $ (47,789)
Schedule of open derivative contracts	At June 30, 2020 and December 31, 2019 (Successor), the Company had the following open crude oil and natural gas derivative contracts: Successor June 30, 2020 Floors Ceilings Basis Differential Volume in Weighted Weighted Weighted Mmbtu's/ Price / Average Price / Average Price / Average Period Instrument Commodity Bbl's Price Range Price Price Range Price Price Range Price July 2020 - September 2020 Fixed-Price Swap Crude Oil 414,000 $ 37.70 $ 37.70 $ — $ — $ — $ — July 2020 - September 2020 Fixed-Price Swap Natural Gas 276,000 2.61 2.61 July 2020 - September 2020 Call Crude Oil 138,000 70.00 70.00 July 2020 - September 2020 Put Crude Oil 368,000 37.70 37.70 July 2020 - September 2020 Basis Swap Crude Oil 92,000 0.90 0.90 July 2020 - December 2020 Fixed-Price Swap Crude Oil 92,000 32.50 32.50 July 2020 - December 2020 Fixed-Price Swap Natural Gas 1,472,000 2.55 - 2.57 2.56 July 2020 - December 2020 Call Crude Oil 1,177,600 70.00 70.00 July 2020 - December 2020 Basis Swap Crude Oil 1,472,000 (2.20) - 0.95 0.02 August 2020 - September 2020 WTI NYMEX Roll Crude Oil 61,000 0.63 0.63 August 2020 - December 2020 WTI NYMEX Roll Crude Oil 1,208,500 (1.56) - 0.64 0.05 October 2020 - December 2020 Fixed-Price Swap Crude Oil 414,000 31.02 - 60.00 49.02 October 2020 - December 2020 Collar Crude Oil 138,000 50.00 50.00 70.00 70.00 October 2020 - December 2020 Put Crude Oil 230,000 55.00 55.00 October 2020 - December 2020 Basis Swap Crude Oil 92,000 0.95 0.95 October 2020 - December 2020 WTI NYMEX Roll Crude Oil 92,000 0.51 0.51 January 2021 - March 2021 Fixed-Price Swap Crude Oil 180,000 55.55 - 56.08 55.82 January 2021 - March 2021 Basis Swap Crude Oil 180,000 1.00 - 1.05 1.03 January 2021 - March 2021 WTI NYMEX Roll Crude Oil 180,000 0.42 - 0.48 0.45 January 2021 - June 2021 Fixed-Price Swap Crude Oil 271,500 31.02 - 32.60 January 2021 - June 2021 Basis Swap Crude Oil 271,500 (2.20) - (2.15) January 2021 - June 2021 WTI NYMEX Roll Crude Oil 271,500 (1.56) - (1.10) April 2021 - June 2021 Fixed-Price Swap Crude Oil 91,000 April 2021 - June 2021 Basis Swap Crude Oil 91,000 1.05 1.05 April 2021 - June 2021 WTI NYMEX Roll Crude Oil 91,000 0.32 April 2021 - December 2021 Fixed-Price Swap Crude Oil 551,500 April 2021 - December 2021 Basis Swap Crude Oil 551,500 April 2021 - December 2021 WTI NYMEX Roll Crude Oil 551,500 January 2021 - December 2021 Fixed-Price Swap Crude Oil 1,460,000 50.70 - 52.80 51.91 January 2021 - December 2021 Fixed-Price Swap Natural Gas 2,190,000 2.47 - 2.48 2.47 January 2021 - December 2021 Basis Swap Crude Oil 1,460,000 0.82 - 0.95 0.85 January 2021 - December 2021 WTI NYMEX Roll Crude Oil 1,460,000 0.13 - 0.14 0.14 January 2022 - December 2022 Fixed-Price Swap Crude Oil 1,460,000 51.50 51.50 January 2022 - December 2022 Basis Swap Crude Oil 1,460,000 0.85 -0.95 0.88 January 2022 - December 2022 WTI NYMEX Roll Crude Oil 1,460,000 — — Successor December 31, 2019 Floors Ceilings Basis Differential Volume in Weighted Weighted Weighted Mmbtu's/ Price / Average Price / Average Price / Average Period Instrument Commodity Bbl's Price Range Price Price Range Price Price Range Price January 2020 - June 2020 Fixed-Price Swap Crude Oil 182,000 $ 55.74 $ 55.74 $ — $ — $ — $ — January 2020 - September 2020 Fixed-Price Swap Natural Gas 1,186,000 2.61 2.61 January 2020 - December 2020 Fixed-Price Swap Crude Oil 732,000 55.68 - 60.00 57.84 January 2020 - December 2020 Fixed-Price Swap Natural Gas 2,928,000 2.55 - 2.57 2.56 January 2020 - December 2020 Collar Crude Oil 549,000 50.00 50.00 70.00 70.00 January 2020 - December 2020 Call Crude Oil 2,342,400 70.00 70.00 January 2020 - December 2020 Put Crude Oil 915,000 55.00 55.00 January 2020 - December 2020 Basis Swap Crude Oil 1,464,000 0.67 - 0.85 0.72 January 2020 - December 2020 WTI NYMEX Roll Crude Oil 366,000 0.37 0.37 February 2020 - December 2020 WTI NYMEX Roll Crude Oil 1,340,000 0.41 - 0.54 0.44 April 2020 - December 2020 Basis Swap Crude Oil 275,000 0.75 0.75 January 2021 - December 2021 Fixed-Price Swap Crude Oil 1,460,000 50.70 - 52.80 51.91 January 2021 - December 2021 Fixed-Price Swap Natural Gas 2,190,000 2.47 - 2.48 2.47 January 2021 - December 2021 Basis Swap Crude Oil 1,460,000 0.82 - 0.95 0.85 January 2021 - December 2021 WTI NYMEX Roll Crude Oil 1,460,000 0.13 - 0.14 0.14 January 2022 - December 2022 Fixed-Price Swap Crude Oil 1,460,000 51.50 51.50 January 2022 - December 2022 Basis Swap Crude Oil 1,460,000 0.85 - 0.95 0.88 January 2022 - December 2022 WTI NYMEX Roll Crude Oil 2,555,000 (0.02) - 0.00 (0.01)
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 at June 30, 2020 and December 31, 2019 (Successor) (in thousands): Successor Successor Derivative Assets Derivative Liabilities Offsetting of Derivative Assets and Liabilities June 30, 2020 December 31 2019 June 30, 2020 December 31, 2019 Gross Amounts Presented in the Consolidated Balance Sheet $ 51,551 $ 5,219 $ (14,097) $ (12,923) Amounts Not Offset in the Consolidated Balance Sheet (9,672) (4,557) 9,672 4,557 Net Amount $ 41,879 $ 662 $ (4,425) $ (8,366)

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2020
ASSET RETIREMENT OBLIGATIONS
Schedule of activity related to ARO liability	The Company recorded the following activity related to its ARO liability (inclusive of the current portion) (in thousands): Liability for asset retirement obligations as of December 31, 2019 (Successor) $ 10,590 Liabilities settled and divested (227) Additions 137 Accretion expense 294 Liability for asset retirement obligations as of June 30, 2020 (Successor) $ 10,794

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
EARNINGS PER 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 Successor Predecessor Three Months Three Months Six Months Six Months Ended Ended Ended Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Basic: Net income (loss) $ (127,316) $ (640,844) $ (12,825) $ (977,403) Weighted average basic number of common shares outstanding 16,204 159,050 16,204 158,801 Basic net income (loss) per share of common stock $ (7.86) $ (4.03) $ (0.79) $ (6.15) Diluted: Net income (loss) (127,316) (640,844) (12,825) (977,403) Weighted average basic number of common shares outstanding 16,204 159,050 16,204 158,801 Common stock equivalent shares representing shares issuable upon: Exercise of Predecessor stock options — Anti-dilutive — Anti-dilutive Exercise of Predecessor warrants — Anti-dilutive — Anti-dilutive Vesting of Predecessor restricted shares — Anti-dilutive — Anti-dilutive Exercise of Successor Series A Warrants Anti-dilutive — Anti-dilutive — Exercise of Successor Series B Warrants Anti-dilutive — Anti-dilutive — Exercise of Successor Series C Warrants Anti-dilutive — Anti-dilutive — Exercise of Successor stock options Anti-dilutive — Anti-dilutive — Vesting of Successor restricted stock units Anti-dilutive — Anti-dilutive — Weighted average diluted number of common shares outstanding 16,204 159,050 16,204 158,801 Diluted net income (loss) per share of common stock $ (7.86) $ (4.03) $ (0.79) $ (6.15)

ADDITIONAL FINANCIAL STATEMEN_2

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
ADDITIONAL FINANCIAL STATEMENT INFORMATION
Schedule of additional financial statement information, balance sheet	Certain balance sheet amounts are comprised of the following (in thousands): Successor June 30, 2020 December 31, 2019 Accounts receivable, net: Oil, natural gas and natural gas liquids revenues $ 16,487 $ 36,367 Joint interest accounts 6,730 10,145 Other 575 1,992 $ 23,792 $ 48,504 Prepaids and other: Prepaids $ 886 $ 2,093 Income tax receivable 1,250 1,250 Funds in escrow 1,740 4,000 Other 35 36 $ 3,911 $ 7,379 Other assets: Oil, natural gas and natural gas liquids revenues $ 1,882 $ — Joint interest accounts 3,389 — Funds in escrow 581 580 Other 124 123 $ 5,976 $ 703 Accounts payable and accrued liabilities: Trade payables $ 39,708 $ 36,038 Accrued oil and natural gas capital costs 5,908 22,781 Revenues and royalties payable 14,163 25,457 Accrued interest expense 528 604 Accrued employee compensation 67 2,947 Accrued lease operating expenses 5,888 9,230 Other 103 276 $ 66,365 $ 97,333

SUMMARY OF SIGNIFICANT EVENTS_4

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Basis of Presentation and Principles of Consolidation
Number of operating segments | segment				1
Allowance for doubtful accounts		$ 200		$ 200		$ 100
Restructuring
Severance Costs			$ 700		$ 11,900
Restructuring		$ 2,162	$ 654	$ 2,580	$ 11,925
Reduction of discretionary cash incentives	$ 1,600

SUMMARY OF SIGNIFICANT EVENTS_5

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 02, 2019	Oct. 01, 2019	Dec. 31, 2018
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Cash and cash equivalents		$ 5,701	$ 401		$ 401		$ 5,701	$ 15,546	$ 15,546
Restricted cash		4,574					4,574
Total cash, cash equivalents and restricted cash		$ 10,275	$ 401	$ 2,238	$ 401	$ 2,238	$ 10,275			$ 46,866

SUMMARY OF SIGNIFICANT EVENTS_6

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Other Operating Property and Equipment (Details)	6 Months Ended
	Jun. 30, 2020
Buildings
Other operating property and equipment
Estimated useful lives	20 years
Automobiles
Other operating property and equipment
Estimated useful lives	3 years
Computers
Other operating property and equipment
Estimated useful lives	3 years
Computer software
Other operating property and equipment
Estimated useful lives	5 years
Fixtures, furniture and equipment
Other operating property and equipment
Estimated useful lives	5 years
Trailers
Other operating property and equipment
Estimated useful lives	7 years
Heavy equipment | Minimum
Other operating property and equipment
Estimated useful lives	8 years
Heavy equipment | Maximum
Other operating property and equipment
Estimated useful lives	10 years

REORGANIZATION (Details)

REORGANIZATION (Details) - USD ($) $ in Millions	Aug. 02, 2019	Oct. 08, 2019	Oct. 01, 2019
Restructuring Support Agreement
Warrant term (in years)		3 years
6.75% senior notes due 2025
Restructuring Support Agreement
Interest rate (as a percent)	6.75%		6.75%
The Restructuring Support Agreement
Restructuring Support Agreement
Pro rate share of common stock that unsecured noteholders will receive	91.00%
Pro rate share of common stock that stockholders will receive	9.00%
Aggregate price of new common shares offered to unsecured senior noteholders	$ 150.2
Aggregate price of new common shares offered to existing common shareholders	$ 5.8
Price per share discount (as a percent)	26.00%
Assumed enterprise value	$ 425
Consideration to unsecured senior noteholders for backstop senior noteholders rights offering (as a percent)	6.00%
Cash payment percentage on termination of backstop agreement	6.00%
Warrant term (in years)	3 years
Percentage of cumulative warrants issued to new shares	30.00%
The Restructuring Support Agreement | Maximum
Restructuring Support Agreement
Threshold shares of common stock holding by existing stockholders will receive cash	2,000

FRESH-START ACCOUNTING - Enterp

FRESH-START ACCOUNTING - Enterprise to Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Oct. 02, 2019	Oct. 01, 2019
Fresh-Start Adjustment
Enterprise Value				$ 441,583
Plus: Cash	$ 401	$ 5,701	$ 15,546	15,546
Less: Fair value of debt				(130,000)
Less: Fair value of warrants			$ (7,336)	(7,336)
Fair Value of Successor common stock				319,793
Minimum
Fresh-Start Adjustment
Enterprise Value				$ 425,000,000
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				$ 475,000,000

FRESH-START ACCOUNTING - Ente_2

FRESH-START ACCOUNTING - Enterprise to Reorg Values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Oct. 02, 2019	Oct. 01, 2019
FRESH-START ACCOUNTING
Enterprise Value				$ 441,583
Plus: Cash	$ 401	$ 5,701	$ 15,546	15,546
Plus: Current liabilities				122,134
Plus: Lease liabilities				3,395
Plus: Noncurrent asset retirement obligation				10,153
Plus: Other noncurrent liabilities				1,625
Reorganization Value of Successor assets				$ 594,436

FRESH-START ACCOUNTING - Balanc

FRESH-START ACCOUNTING - Balance sheet effects (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Oct. 02, 2019	Oct. 01, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 401		$ 5,701	$ 15,546	$ 15,546
Accounts receivable, net	23,792		48,504	37,826
Assets from derivative contracts	27,229		4,995	15,310
Restricted cash				13,839
Prepaids and other	3,911		7,379	10,290
Total current assets	55,333		71,153	92,811
Oil and natural gas properties (full cost method):
Evaluated	496,489		420,609	380,364
Unevaluated	104,408		105,009	108,954
Gross oil and natural gas properties	600,897		525,618	489,318
Less - accumulated depletion	(111,188)		(19,474)
Net oil and natural gas properties	489,709		506,144	489,318
Other operating property and equipment:
Other operating property and equipment	3,529		3,655	3,655
Less - accumulated depreciation	(816)		(378)
Net other operating property and equipment	2,713		3,277	3,655
Other noncurrent assets:
Assets from derivative contracts	24,322		224	4,120
Operating lease right of use assets	538		3,165	3,394
Funds in escrow and other				1,138
Total assets	578,591		584,666	594,436
Current liabilities:
Accounts payable and accrued liabilities	66,365		97,333	115,305
Liabilities from derivative contracts	8,466		8,069	6,829
Current portion of long-term debt, net	1,031
Operating lease liabilities	877		923	913
Asset retirement obligations			109
Total current liabilities	76,739		106,434	123,047
Long-term debt, net	180,178		144,000	130,000
Liabilities subject to compromise					625,005
Other noncurrent liabilities:
Liabilities from derivative contracts	5,631		4,854	1,625
Asset retirement obligations	10,794		10,481	10,153
Operating lease liabilities	78		2,247	2,482
Commitments and contingencies
Stockholders' equity:
Common stock: 100,000,000 shares of $0.0001 par value authorized;16,203,967 and 16,203,940 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	2		2	2
Additional paid-in capital	328,454		327,108	327,127
Retained earnings (accumulated deficit)	(23,285)		(10,460)
Total stockholders' equity	305,171	$ 431,577	316,650	327,129	30,477	$ 148,431	$ 214,157	$ 853,663	$ 1,197,044
Total liabilities and stockholders' equity	$ 578,591		$ 584,666	594,436
Reorganization Adjustments
Current assets:
Cash and cash equivalents					(1,463)
Restricted cash					13,839
Prepaids and other					7,110
Total current assets					19,486
Other noncurrent assets:
Total assets					19,486
Current liabilities:
Accounts payable and accrued liabilities					2,727
Current portion of long-term debt, net					(258,234)
Total current liabilities					(255,507)
Long-term debt, net					130,000
Liabilities subject to compromise					(625,005)
Stockholders' equity:
Common stock: 100,000,000 shares of $0.0001 par value authorized;16,203,967 and 16,203,940 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively				2	(16)
Additional paid-in capital				$ 327,127	(1,087,441)
Retained earnings (accumulated deficit)					1,530,326
Total stockholders' equity					769,998
Total liabilities and stockholders' equity					19,486
Fresh Start Adjustments
Current assets:
Prepaids and other					(11,462)
Total current assets					(11,462)
Oil and natural gas properties (full cost method):
Evaluated					(1,774,924)
Unevaluated					(329,411)
Gross oil and natural gas properties					(2,104,335)
Less - accumulated depletion					1,709,719
Net oil and natural gas properties					(394,616)
Other operating property and equipment:
Other operating property and equipment					(199,718)
Less - accumulated depreciation					14,416
Net other operating property and equipment					(185,302)
Other noncurrent assets:
Operating lease right of use assets					(300)
Total assets					(591,680)
Current liabilities:
Operating lease liabilities					(424)
Total current liabilities					(424)
Other noncurrent liabilities:
Operating lease liabilities					44
Stockholders' equity:
Retained earnings (accumulated deficit)					(591,300)
Total stockholders' equity					(591,300)
Total liabilities and stockholders' equity					(591,680)
Predecessor
Current assets:
Cash and cash equivalents					17,009
Accounts receivable, net					37,826
Assets from derivative contracts					15,310
Prepaids and other					14,642
Total current assets					84,787
Oil and natural gas properties (full cost method):
Evaluated					2,155,288
Unevaluated					438,365
Gross oil and natural gas properties					2,593,653
Less - accumulated depletion					(1,709,719)
Net oil and natural gas properties					883,934
Other operating property and equipment:
Other operating property and equipment					203,373
Less - accumulated depreciation					(14,416)
Net other operating property and equipment					188,957
Other noncurrent assets:
Assets from derivative contracts					4,120
Operating lease right of use assets					3,694
Funds in escrow and other					1,138
Total assets					1,166,630
Current liabilities:
Accounts payable and accrued liabilities					112,578
Liabilities from derivative contracts					6,829
Current portion of long-term debt, net					258,234
Operating lease liabilities					1,337
Total current liabilities					378,978
Liabilities subject to compromise					625,005
Other noncurrent liabilities:
Liabilities from derivative contracts					1,625
Asset retirement obligations					10,153
Operating lease liabilities					2,438
Stockholders' equity:
Common stock: 100,000,000 shares of $0.0001 par value authorized;16,203,967 and 16,203,940 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively					16
Additional paid-in capital					1,087,441
Retained earnings (accumulated deficit)					(939,026)
Total stockholders' equity					148,431
Total liabilities and stockholders' equity					$ 1,166,630

FRESH-START ACCOUNTING - Net ca

FRESH-START ACCOUNTING - Net cash payments (Details) $ in Thousands	Oct. 01, 2019USD ($)
Sources:
Proceeds from Senior Credit Agreement	$ 130,000
Proceeds from Existing Equity Interests Rights Offering	5,779
Total Sources	285,929
Uses:
Payment of Predecessor Credit Agreement principal, accrued interest, and fees	(226,580)
Payment of DIP Facility principal and accrued interest	(35,174)
Funding of professional fee escrow and cash collateral account	(13,839)
Payment of debt issuance costs on Senior Credit Agreement	(8,764)
Payment of professional fees and other	(3,035)
Total Uses	(287,392)
Total Sources and Uses	(1,463)
Debt Issuance Costs, Gross	10,200
Restructuring Advisor Fee Prepaid	3,100
Restructuring Advisor Fee Payable	7,700
Payments Of Accrued Interest And Fees	3,500
Payments Of Professional Fees	1,500
Senior Noteholder Rights Offering
Sources:
Proceeds from Senior Noteholder Rights Offering	150,150
Senior revolving credit facility
Uses:
Repayments of Debt	$ 223,200

FRESH-START ACCOUNTING - Liabil

FRESH-START ACCOUNTING - Liabilities subject to compromise (Details) - USD ($) $ in Thousands	Oct. 01, 2019	Aug. 02, 2019
Liabilities Subject to Compromise
Liabilities subject to compromise	$ 625,005
Discount on shares issued per the Senior Noteholder Subscription Rights Offering	(67,840)
Issuance of common stock to Class 4 claimholders	(75,388)
Gain on settlement of liabilities subject to compromise	481,777
Gain on settlement of liabilities subject to compromise	$ 481,777
6.75% senior notes due 2025
Liabilities Subject to Compromise
Interest rate (as a percent)	6.75%	6.75%
Liabilities subject to compromise	$ 625,005
Reorganization Adjustments
Liabilities Subject to Compromise
Liabilities subject to compromise	$ (625,005)

FRESH-START ACCOUNTING - Adjust

FRESH-START ACCOUNTING - Adjustments Made To Successor Company Stock and Additional Paid-in Capital (Details) $ / shares in Units, $ in Thousands	Oct. 08, 2019	Oct. 02, 2019USD ($)$ / shares	Oct. 01, 2019USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)shares	Jun. 30, 2020USD ($)shares	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 09, 2016$ / shares
Fresh-Start Adjustment
Par value of 16,203,940 shares of new common stock issued to holders of senior note claims and existing equity interest claims (valued at $19.74per share) | $		$ 2			$ 2	$ 2
Fair Value of warrants issued to holder of the Existing Equity Interests | $		7,336	$ 7,336
Additional paid-in-capital (Successor) | $		322,294
Equity issuance costs | $		(2,503)	(2,503)	$ (13)	(19)
Total stockholders' equity | $		$ 327,129	$ 30,477	$ 431,577	$ 316,650	$ 305,171	$ 148,431	$ 214,157	$ 853,663	$ 1,197,044
Common stock, shares issued | shares			16,203,940		16,203,940	16,203,967
Share Price | $ / shares			$ 19.74
Annualized Rate Of Increase To The Strike Price Of Warrants Issued	6.75	6.75
Warrants exercise price (in dollars per share) | $ / shares											$ 14.04
Measurement Input Implied Strike Price
Fresh-Start Adjustment
Warrants and Rights Outstanding, Measurement Input		19.74
Measurement Input, Initial Strike Price | Series A Warrants
Fresh-Start Adjustment
Warrants exercise price (in dollars per share) | $ / shares		$ 40.17
Measurement Input, Initial Strike Price | Series B Warrants
Fresh-Start Adjustment
Warrants exercise price (in dollars per share) | $ / shares		48.28
Measurement Input, Initial Strike Price | SeriesC Warrants [Member]
Fresh-Start Adjustment
Warrants exercise price (in dollars per share) | $ / shares		$ 60.45
Measurement Input, Price Volatility [Member]
Fresh-Start Adjustment
Warrants and Rights Outstanding, Measurement Input		45

FRESH-START ACCOUNTING - Effect

FRESH-START ACCOUNTING - Effect of reorganization adj cumulative (Details) - USD ($) $ in Thousands	Oct. 01, 2019	Oct. 02, 2019
Reorganization Items
Gain on settlement of liabilities subject to compromise	$ 481,777
Success fees incurred upon emergence	(8,376)
Fair value of equity issued to Predecessor common stockholders	(7,449)
Less: Fair value of warrants	(7,336)	$ (7,336)
Issuance of common stock to backstop commitment parties	(13,079)
Other reorganization adjustments	(2,668)
Cancellation of Predecessor Company equity	(30,477)
Net impact to retained earnings (accumulated deficit)	1,530,326
Predecessor
Reorganization Items
Cancellation of Predecessor Company equity	$ 1,087,457

FRESH-START ACCOUNTING - FV adj

FRESH-START ACCOUNTING - FV adjustments to oil and natural gas properties (Details) $ in Millions	Oct. 01, 2019USD ($)	Dec. 31, 2019	Oct. 01, 2019$ / MMBTU$ / bbl
Oil and natural gas properties (full cost method):
Debt issuance cost expensed | $	$ 10.2
Write Off Of Prepaid Premium Expenses | $	$ 1.2
Incremental borrowing rate		3.70%	4.83%
Fresh Start Adjustments
Oil and natural gas properties (full cost method):
Weighted average cost of capital rate (as a percent)			10
Development plan in years			5 years
Weighted average commodity price of oil (in dollars per barrel) | $ / bbl			71.51
Weighted average commodity price of natural gas (in dollars per Mmbtu) | $ / MMBTU			3.37
Weighted average commodity price of natural gas liquids (in dollars per barrel) | $ / bbl			29.50

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 02, 2019
Other noncurrent assets:
Operating lease right of use assets		$ 3,165	$ 538		$ 538		$ 3,165	$ 3,394
Current liabilities:
Accounts payable and accrued liabilities		97,333	66,365		66,365		97,333	115,305
Operating lease liabilities		923	877		877		923	913
Other noncurrent liabilities:
Operating lease liabilities		$ 2,247	$ 78		78		$ 2,247	$ 2,482
Lease cost
Operating lease costs					1,797	$ 1,288
Short-term lease costs					16,094	9,666
Variable lease costs					682	771
Total lease costs					18,573	11,725
Other information
Operating cash flows from operating leases					$ 1,790	1,290
Right-of-use assets obtained in exchange for new operating lease liabilities						$ 5,462
Weighted-average remaining lease term - operating leases			1 year	3 years 7 months 6 days	1 year	3 years 7 months 6 days
Weighted-average discount rate - operating leases			3.70%	4.83%	3.70%	4.83%
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Minimum
Other noncurrent liabilities:
Initial lease term	2 years	2 years	2 years		2 years		2 years
Maximum
Other noncurrent liabilities:
Initial lease term	5 years	5 years	5 years		5 years		5 years

LEASES - Reported under ASC 842

LEASES - Reported under ASC 842 and ASC 840 (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 02, 2019
Future minimum lease payments for non-cancellable operating leases
Remaining period in 2020		$ 1,022	$ 513		$ 513		$ 1,022
2021		876	453		453		876
2022		574					574
2023		585					585
2024		345					345
Total operating lease payment		3,402	966		966		3,402
Less: discount to present value		232	11		11		232
Total operating lease liabilities		3,170	955		955		3,170
Less: current operating lease liabilities		923	877		877		923	$ 913
Noncurrent operating lease liabilities		$ 2,247	$ 78		$ 78		$ 2,247	$ 2,482
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Oct. 02, 2019
Business exit costs	$ 1,300
Operating lease liabilities		$ 877	$ 923	$ 913
Impairment to operating lease		500
Denver Colorado Office [Member]
Operating lease liabilities		$ 500

OPERATING REVENUES - Revenue Re

OPERATING REVENUES - Revenue Recognition (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of operating revenue
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Total oil, natural gas and natural gas liquids sales			$ 18,031	$ 55,874	$ 65,055	$ 107,797
Other			463	504	838	497
Total operating revenues			18,494	56,378	65,893	108,294
Total oil, natural gas and natural gas liquids sales
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales			18,031	55,874	65,055	107,797
Oil
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales			15,758	53,232	57,675	98,749
Natural gas
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales			836	(1,655)	1,190	(194)
Natural gas liquids
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales			1,437	$ 4,297	6,190	$ 9,242
Accounts receivable
Disaggregation of operating revenue
Due from contracts with customers		$ 36,400	$ 18,400		$ 18,400		$ 36,400

DIVESTITURES - Water Infrastruc

DIVESTITURES - Water Infrastructure Assets (Details) - Water Infrastructure Assets - USD ($) $ in Millions	Dec. 20, 2018	Jun. 30, 2019
Purchase and Sale Agreement
ACQUISITIONS AND DIVESTITURES
Sale price of asset in cash	$ 210.9
(Gain) loss on sale of Water Assets
ACQUISITIONS AND DIVESTITURES
Gain (loss) from sale of other operating property and equipment		$ 3.8

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Details) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)$ / MMBTU$ / bbl	Jun. 30, 2019USD ($)$ / MMBTU$ / bbl	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)$ / MMBTU$ / bbl	Jun. 30, 2019USD ($)$ / MMBTU$ / bbl	Dec. 31, 2019USD ($)	Mar. 31, 2020$ / bbl	Oct. 02, 2019USD ($)	Oct. 01, 2019USD ($)
Oil and Natural Gas Properties
Subject to depletion		$ 420,609	$ 496,489			$ 496,489		$ 420,609		$ 380,364
Not subject to depletion:
Total not subject to depletion		105,009	104,408			104,408		105,009		108,954
Gross oil and natural gas properties		525,618	600,897			600,897		525,618		489,318
Less accumulated depletion		(19,474)	(111,188)			(111,188)		(19,474)
Net oil and natural gas properties		$ 506,144	$ 489,709			$ 489,709		$ 506,144		$ 489,318
Ceiling Limitation Disclosures
Oil And Natural Gas, Evaluated Properties, Fair Value Disclosure											$ 380,400
Oil And Natural Gas, Unevaluated Properties, Fair Value Disclosure											109,000
First-day-of-month 12-month average price for natural gas (in $/MMBtu) | $ / MMBTU			2.070	3.02		2.070	3.02
Amount of unevaluated property costs transferred to the full cost pool					$ 51,000		$ 481,700
Full cost ceiling impairment			$ 60,107	$ 664,383	$ 275,200	$ 60,107	$ 939,622
First-day-of-month 12-month average price for crude oil used in ceiling test impairment (in dollars per barrel) | $ / bbl			47.37	61.45		47.37	61.45		55.96
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor		Successor	Predecessor	Successor
Predecessor
Oil and Natural Gas Properties
Subject to depletion											2,155,288
Not subject to depletion:
Total not subject to depletion											438,365
Gross oil and natural gas properties											2,593,653
Less accumulated depletion											(1,709,719)
Net oil and natural gas properties											$ 883,934

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 01, 2019
Current and long-term debt
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Debt		$ 144,000	$ 181,209		$ 181,209		$ 144,000
Current portion of long-term debt, net			1,031		1,031
Predecessor
Current and long-term debt
Current portion of long-term debt, net								$ 258,234
Paycheck Protection Program Loan
Current and long-term debt
Debt			2,209		2,209
Current portion of long-term debt, net			1,000		1,000
Successor Senior revolving credit facility
Current and long-term debt
Debt		$ 144,000	$ 179,000		$ 179,000		$ 144,000

DEBT - Senior Facility (Details

DEBT - Senior Facility (Details) $ in Thousands

Apr. 30, 2020USD ($)

Oct. 18, 2019

Jul. 31, 2020

Apr. 30, 2020USD ($)

Dec. 31, 2019USD ($)item

Mar. 31, 2020

Jun. 30, 2020USD ($)

Nov. 01, 2020USD ($)

Nov. 21, 2019USD ($)

Oct. 08, 2019USD ($)

Oct. 02, 2019USD ($)

Oct. 01, 2019USD ($)

Current and long-term debt

Debt

$ 144,000

$ 181,209

Covenant compliance

As of June 30, 2020 (Successor), after giving effect to the Waiver, the Company was in compliance with the financial covenants under the Senior Credit Agreement.

Cash and cash equivalents

5,701

$ 401

$ 15,546

$ 15,546

Senior revolving credit facility

Current and long-term debt

Amount available for issuance of letters of credit

$ 50,000

Threshold of Total Tet Indebtedness Leverage Ratio

3.50

Senior revolving credit facility | Minimum

Current and long-term debt

Prepayment deficiency percentage exception

10.00%

Senior revolving credit facility | ABR-based | Minimum

Current and long-term debt

Applicable margin (as a percent)

1.50%

Senior revolving credit facility | LIBOR | Maximum

Current and long-term debt

Variable rate percentage

50.00%

Successor Senior revolving credit facility

Current and long-term debt

Debt

$ 144,000

179,000

Maximum borrowing capacity

$ 750,000,000

Current borrowing capacity

$ 200,000

$ 200,000

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

Amount outstanding

179,000

Letters of credit outstanding

5,000

Borrowing capacity available

$ 16,000

Successor Senior revolving credit facility | Minimum

Current and long-term debt

Current ratio

1

Successor Senior revolving credit facility | ABR-based | Maximum

Current and long-term debt

Applicable margin (as a percent)

2.50%

Successor Senior revolving credit facility | LIBOR | Minimum

Current and long-term debt

Applicable margin (as a percent)

2.50%

Successor Senior revolving credit facility | LIBOR | Maximum

Current and long-term debt

Applicable margin (as a percent)

3.50%

First Amendment To Senior Revolving Credit Facility

Current and long-term debt

Current borrowing capacity

$ 240,000

Threshold of Total Tet Indebtedness Leverage Ratio

3.50

Second Amendment to the Senior Credit Agreement [Member]

Current and long-term debt

Current borrowing capacity

200,000

$ 200,000

Scheduled borrowing base reductions per month

5,000

$ 5,000

Second Amendment to the Senior Credit Agreement [Member] | Minimum

Current and long-term debt

Maximum cash balance to be carried before needing to repay borrowings

$ 10,000

Credit facility, waiver, settlement

100.00%

Second Amendment to the Senior Credit Agreement [Member] | ABR-based | Minimum

Current and long-term debt

Applicable margin (as a percent)

1.50%

Second Amendment to the Senior Credit Agreement [Member] | ABR-based | Maximum

Current and long-term debt

Applicable margin (as a percent)

2.50%

Second Amendment to the Senior Credit Agreement [Member] | Euro-dollar based | Minimum

Current and long-term debt

Applicable margin (as a percent)

2.50%

Second Amendment to the Senior Credit Agreement [Member] | Euro-dollar based | Maximum

Current and long-term debt

Applicable margin (as a percent)

3.50%

Subsequent event | Successor Senior revolving credit facility | Minimum

Current and long-term debt

Current Ratio waived

1

Forecast | Second Amendment to the Senior Credit Agreement [Member]

Current and long-term debt

Current borrowing capacity

$ 185,000

DEBT - Paycheck Protection Prog

DEBT - Paycheck Protection Program Loan (Details) - USD ($) $ in Thousands	Apr. 16, 2020	Apr. 16, 2020	Jun. 30, 2020	Jun. 30, 2019	Oct. 01, 2019	Aug. 02, 2019
Current and long-term debt
Proceeds from issuance of debt			$ 81,209	$ 244,000
6.75% senior notes due 2025
Current and long-term debt
Interest rate (as a percent)					6.75%	6.75%
Paycheck Protection Program Loan
Current and long-term debt
Proceeds from issuance of debt		$ 2,200
Interest rate (as a percent)	1.00%	1.00%
Monthly principal and interest installments	$ 100
Maturity date			Apr. 16, 2022
Maximum percentage allowed to be prepaid without written advance notice			20.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Assets
Asset transfers between levels	$ 0	$ 0			$ 0
Liabilities
Liability transfers between levels	$ 0	$ 0			$ 0
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Total
Assets
Assets from derivative contracts		$ 5,219					$ 5,219
Liabilities
Liabilities from derivative contracts		12,923					12,923
Level 2
Assets
Assets from derivative contracts		5,219					5,219
Liabilities
Liabilities from derivative contracts		$ 12,923					$ 12,923
Recurring | Total
Assets
Assets from derivative contracts			$ 51,551		$ 51,551
Liabilities
Liabilities from derivative contracts			14,097		14,097
Recurring | Level 2
Assets
Assets from derivative contracts			51,551		51,551
Liabilities
Liabilities from derivative contracts			$ 14,097		$ 14,097

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated FV (Details)	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 01, 2019	Aug. 02, 2019
Fair value measurements
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
6.75% senior notes due 2025
Fair value measurements
Interest rate (as a percent)								6.75%	6.75%

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES - (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative and hedging activities
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Asset derivative contracts		$ 5,219	$ 51,551		$ 51,551		$ 5,219
Liability derivative contracts		$ (12,923)	(14,097)		$ (14,097)		(12,923)
Derivatives not designated as hedging contracts under ASC 815
Derivative and hedging activities
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor			Successor
Asset derivative contracts		$ 5,219	51,551		$ 51,551		5,219
Liability derivative contracts		(12,923)	(14,097)		(14,097)		(12,923)
Derivatives not designated as hedging contracts under ASC 815 | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts		4,995	27,229		27,229		4,995
Derivatives not designated as hedging contracts under ASC 815 | Commodity contracts | Other noncurrent assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts		224	24,322		24,322		224
Derivatives not designated as hedging contracts under ASC 815 | Commodity contracts | Current liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts		(8,069)	(8,466)		(8,466)		(8,069)
Derivatives not designated as hedging contracts under ASC 815 | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts		$ (4,854)	$ (5,631)		$ (5,631)		$ (4,854)

DERIVATIVE AND HEDGING ACTIVI_4

DERIVATIVE AND HEDGING ACTIVITIES - Realized Unrealized (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative and hedging activities
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Total net gain (loss) on derivative contracts			$ (34,761)	$ 17,010	$ 83,538	$ (47,789)
Derivatives not designated as hedging contracts under ASC 815
Derivative and hedging activities
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor			Successor
Derivatives not designated as hedging contracts under ASC 815 | Commodity contracts
Derivative and hedging activities
Total net gain (loss) on derivative contracts			(34,761)	17,010	$ 83,538	(47,789)
Derivatives not designated as hedging contracts under ASC 815 | Commodity contracts | Other income (expenses) - net gain (loss) on derivative contracts
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts			(67,221)	10,764	45,157	(57,405)
Realized gain (loss) on commodity contracts			$ 32,460	$ 6,246	$ 38,381	$ 9,616

DERIVATIVE AND HEDGING ACTIVI_5

DERIVATIVE AND HEDGING ACTIVITIES - Open Contracts (Details)	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019MMBTU$ / MMBTU$ / bblbbl	Jun. 30, 2020MMBTU$ / MMBbls$ / MMBTU$ / bblbbl	Jun. 30, 2019	Jun. 30, 2020MMBTU$ / MMBbls$ / MMBTU$ / bblbbl	Jun. 30, 2019	Dec. 31, 2019MMBTU$ / MMBTU$ / bblbbl
Derivative and hedging activities
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
April 2020 - December 2020 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		275,000					275,000
Basis Differential		0.75					0.75
April 2020 - December 2020 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential		0.75					0.75
July 2020 - September 2020 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			414,000		414,000
Floors (in dollars per Mmbtu's/Bbl's)			37.70		37.70
July 2020 - September 2020 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			37.70		37.70
July 2020 - September 2020 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU			276,000		276,000
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU			2.61		2.61
July 2020 - September 2020 | Fixed Swap | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBbls			2.61		2.61
July 2020 - September 2020 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			92,000		92,000
Basis Differential			0.90		0.90
July 2020 - September 2020 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential			0.90		0.90
July 2020 - September 2020 | Call option | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			138,000		138,000
Ceilings (in dollars per Mmbtu's/Bbl's)			70		70
July 2020 - September 2020 | Call option | Crude oil | Weighted Average
Derivative and hedging activities
Ceilings (in dollars per Mmbtu's/Bbl's)			70		70
July 2020 - September 2020 | Put options | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			368,000		368,000
Floors (in dollars per Mmbtu's/Bbl's)			37.70		37.70
July 2020 - September 2020 | Put options | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			37.70		37.70
July 2020 - December 2020 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			92,000		92,000
Floors (in dollars per Mmbtu's/Bbl's)			32.50		32.50
July 2020 - December 2020 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			32.50		32.50
July 2020 - December 2020 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU			1,472,000		1,472,000
July 2020 - December 2020 | Fixed Swap | Natural gas | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU			2.55		2.55
July 2020 - December 2020 | Fixed Swap | Natural gas | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU			2.57		2.57
July 2020 - December 2020 | Fixed Swap | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU			2.56		2.56
July 2020 - December 2020 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			1,472,000		1,472,000
July 2020 - December 2020 | Basis Swap | Crude oil | Minimum
Derivative and hedging activities
Basis Differential			(2.20)		(2.20)
July 2020 - December 2020 | Basis Swap | Crude oil | Maximum
Derivative and hedging activities
Basis Differential			0.95		0.95
July 2020 - December 2020 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential			0.02		0.02
July 2020 - December 2020 | Call option | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			1,177,600		1,177,600
Ceilings (in dollars per Mmbtu's/Bbl's)			70		70
July 2020 - December 2020 | Call option | Crude oil | Weighted Average
Derivative and hedging activities
Ceilings (in dollars per Mmbtu's/Bbl's)			70		70
August 2020 - September 2020 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			61,000		61,000
Floors (in dollars per Mmbtu's/Bbl's)			0.63		0.63
August 2020 - September 2020 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.63		0.63
August 2020 - December 2020 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			1,208,500		1,208,500
August 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Minimum
Derivative and hedging activities
Floor (in dollars per Mmbtu's/Bbl's)			(1.56)		(1.56)
August 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.64		0.64
August 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.05		0.05
October 2020 - December 2020 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			414,000		414,000
October 2020 - December 2020 | Fixed Swap | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			31.02		31.02
October 2020 - December 2020 | Fixed Swap | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			60		60
October 2020 - December 2020 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			49.02		49.02
October 2020 - December 2020 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			92,000		92,000
Basis Differential			0.95		0.95
October 2020 - December 2020 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential			0.95		0.95
October 2020 - December 2020 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			92,000		92,000
Floors (in dollars per Mmbtu's/Bbl's)			0.51		0.51
October 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.51		0.51
October 2020 - December 2020 | Collars | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			138,000		138,000
Floors (in dollars per Mmbtu's/Bbl's)			50		50
Ceilings (in dollars per Mmbtu's/Bbl's)			70		70
October 2020 - December 2020 | Collars | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			50		50
Ceilings (in dollars per Mmbtu's/Bbl's)			70		70
October 2020 - December 2020 | Put options | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			230,000		230,000
Floors (in dollars per Mmbtu's/Bbl's)			55		55
October 2020 - December 2020 | Put options | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			55		55
January 2021 - March 2021 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			180,000		180,000
January 2021 - March 2021 | Fixed Swap | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			55.55		55.55
January 2021 - March 2021 | Fixed Swap | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			56.08		56.08
January 2021 - March 2021 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			55.82		55.82
January 2021 - March 2021 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			180,000		180,000
January 2021 - March 2021 | Basis Swap | Crude oil | Minimum
Derivative and hedging activities
Basis Differential			1		1
January 2021 - March 2021 | Basis Swap | Crude oil | Maximum
Derivative and hedging activities
Basis Differential			1.05		1.05
January 2021 - March 2021 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential			1.03		1.03
January 2021 - March 2021 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			180,000		180,000
January 2021 - March 2021 | WTI NYMEX Roll | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.42		0.42
January 2021 - March 2021 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.48		0.48
January 2021 - March 2021 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.45		0.45
January 2021 - June 2021 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			271,500		271,500
January 2021 - June 2021 | Fixed Swap | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			31.02		31.02
January 2021 - June 2021 | Fixed Swap | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			32.60		32.60
January 2021 - June 2021 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			32.07		32.07
January 2021 - June 2021 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			271,500		271,500
January 2021 - June 2021 | Basis Swap | Crude oil | Minimum
Derivative and hedging activities
Basis Differential			(2.20)		(2.20)
January 2021 - June 2021 | Basis Swap | Crude oil | Maximum
Derivative and hedging activities
Basis Differential			(2.15)		(2.15)
January 2021 - June 2021 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential			(2.18)		(2.18)
January 2021 - June 2021 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			271,500		271,500
January 2021 - June 2021 | WTI NYMEX Roll | Crude oil | Minimum
Derivative and hedging activities
Floor (in dollars per Mmbtu's/Bbl's)			(1.56)		(1.56)
January 2021 - June 2021 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Floor (in dollars per Mmbtu's/Bbl's)			(1.10)		(1.10)
January 2021 - June 2021 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floor (in dollars per Mmbtu's/Bbl's)			(1.25)		(1.25)
April 2021 - June 2021 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			91,000		91,000
Floors (in dollars per Mmbtu's/Bbl's)			54.60		54.60
April 2021 - June 2021 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			54.60		54.60
April 2021 - June 2021 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			91,000		91,000
Basis Differential			1.05		1.05
April 2021 - June 2021 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential			1.05		1.05
April 2021 - June 2021 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			91,000		91,000
Floors (in dollars per Mmbtu's/Bbl's)			0.32		0.32
April 2021 - June 2021 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			0.32		0.32
April 2021 - December 2021 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			551,500		551,500
Floors (in dollars per Mmbtu's/Bbl's)			32.50		32.50
April 2021 - December 2021 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)			32.50		32.50
April 2021 - December 2021 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			551,500		551,500
Basis Differential			(2.20)		(2.20)
April 2021 - December 2021 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential			(2.20)		(2.20)
April 2021 - December 2021 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl			551,500		551,500
Floor (in dollars per Mmbtu's/Bbl's)			(1.28)		(1.28)
April 2021 - December 2021 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floor (in dollars per Mmbtu's/Bbl's)			(1.28)		(1.28)
January 2020 - June 2020 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		182,000					182,000
Floors (in dollars per Mmbtu's/Bbl's)		55.74					55.74
January 2020 - June 2020 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		55.74					55.74
January 2020 - September 2020 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		1,186,000					1,186,000
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.61					2.61
January 2020 - September 2020 | Fixed Swap | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.61					2.61
January 2020 - December 2020 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		732,000					732,000
January 2020 - December 2020 | Fixed Swap | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		55.68					55.68
January 2020 - December 2020 | Fixed Swap | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		60					60
January 2020 - December 2020 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		57.84					57.84
January 2020 - December 2020 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		2,928,000					2,928,000
January 2020 - December 2020 | Fixed Swap | Natural gas | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.55					2.55
January 2020 - December 2020 | Fixed Swap | Natural gas | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.57					2.57
January 2020 - December 2020 | Fixed Swap | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.56					2.56
January 2020 - December 2020 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		1,464,000					1,464,000
January 2020 - December 2020 | Basis Swap | Crude oil | Minimum
Derivative and hedging activities
Basis Differential		0.67					0.67
January 2020 - December 2020 | Basis Swap | Crude oil | Maximum
Derivative and hedging activities
Basis Differential		0.85					0.85
January 2020 - December 2020 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential		0.72					0.72
January 2020 - December 2020 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		366,000					366,000
Floors (in dollars per Mmbtu's/Bbl's)		0.37					0.37
January 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0.37					0.37
January 2020 - December 2020 | Collars | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		549,000					549,000
Floors (in dollars per Mmbtu's/Bbl's)		50					50
Ceilings (in dollars per Mmbtu's/Bbl's)		70					70
January 2020 - December 2020 | Collars | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		50					50
Ceilings (in dollars per Mmbtu's/Bbl's)		70					70
January 2020 - December 2020 | Call option | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		2,342,400					2,342,400
Ceilings (in dollars per Mmbtu's/Bbl's)		70					70
January 2020 - December 2020 | Call option | Crude oil | Weighted Average
Derivative and hedging activities
Ceilings (in dollars per Mmbtu's/Bbl's)		70					70
January 2020 - December 2020 | Put options | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		915,000					915,000
Floors (in dollars per Mmbtu's/Bbl's)		55					55
January 2020 - December 2020 | Put options | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		55					55
February 2020 - December 2020 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		1,340,000					1,340,000
February 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0.41					0.41
February 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0.54					0.54
February 2020 - December 2020 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0.44					0.44
January 2021 - December 2021 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		1,460,000	1,460,000		1,460,000		1,460,000
January 2021 - December 2021 | Fixed Swap | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		50.70	50.70		50.70		50.70
January 2021 - December 2021 | Fixed Swap | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		52.80	52.80		52.80		52.80
January 2021 - December 2021 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		51.91	51.91		51.91		51.91
January 2021 - December 2021 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		2,190,000	2,190,000		2,190,000		2,190,000
January 2021 - December 2021 | Fixed Swap | Natural gas | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.47	2.47		2.47		2.47
January 2021 - December 2021 | Fixed Swap | Natural gas | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.48	2.48		2.48		2.48
January 2021 - December 2021 | Fixed Swap | Natural gas | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's) | $ / MMBTU		2.47	2.47		2.47		2.47
January 2021 - December 2021 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		1,460,000	1,460,000		1,460,000		1,460,000
January 2021 - December 2021 | Basis Swap | Crude oil | Minimum
Derivative and hedging activities
Basis Differential		0.82	0.82		0.82		0.82
January 2021 - December 2021 | Basis Swap | Crude oil | Maximum
Derivative and hedging activities
Basis Differential		0.95	0.95		0.95		0.95
January 2021 - December 2021 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential		0.85	0.85		0.85		0.85
January 2021 - December 2021 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		1,460,000	1,460,000		1,460,000		1,460,000
January 2021 - December 2021 | WTI NYMEX Roll | Crude oil | Minimum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0.13	0.13		0.13		0.13
January 2021 - December 2021 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0.14	0.14		0.14		0.14
January 2021 - December 2021 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0.14	0.14		0.14		0.14
January 2022 - December 2022 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		1,460,000	1,460,000		1,460,000		1,460,000
Floors (in dollars per Mmbtu's/Bbl's)		51.50	51.50		51.50		51.50
January 2022 - December 2022 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		51.50	51.50		51.50		51.50
January 2022 - December 2022 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		1,460,000	1,460,000		1,460,000		1,460,000
January 2022 - December 2022 | Basis Swap | Crude oil | Minimum
Derivative and hedging activities
Basis Differential		0.85	0.85		0.85		0.85
January 2022 - December 2022 | Basis Swap | Crude oil | Maximum
Derivative and hedging activities
Basis Differential		0.95	(0.95)		(0.95)		0.95
January 2022 - December 2022 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Basis Differential		0.88	0.88		0.88		0.88
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		2,555,000	1,460,000		1,460,000		2,555,000
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil | Minimum
Derivative and hedging activities
Floor (in dollars per Mmbtu's/Bbl's)		(0.02)					(0.02)
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Floors (in dollars per Mmbtu's/Bbl's)		0					0
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Floor (in dollars per Mmbtu's/Bbl's)		(0.01)					(0.01)

DERIVATIVE AND HEDGING ACTIVI_6

DERIVATIVE AND HEDGING ACTIVITIES - Netting Arrangements (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative Assets
Gross Amounts Presented in the Consolidated Balance Sheet		$ 5,219	$ 51,551		$ 51,551		$ 5,219
Amounts Not Offset in the Consolidated Balance Sheet		(4,557)	(9,672)		(9,672)		(4,557)
Net Amount		662	41,879		41,879		662
Derivative Liabilities
Gross Amounts Presented in the Consolidated Balance Sheet		(12,923)	(14,097)		(14,097)		(12,923)
Amounts Not Offset in the Consolidated Balance Sheet		4,557	9,672		9,672		4,557
Net Amount		$ (8,366)	$ (4,425)		$ (4,425)		$ (8,366)
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor

DERIVATIVE AND HEDGING ACTIVI_7

DERIVATIVE AND HEDGING ACTIVITIES - Narratives - (Details) $ in Millions	1 Months Ended		2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020USD ($)$ / bblbbl	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020USD ($)	Jun. 30, 2019	Dec. 31, 2019
Derivative and hedging activities
Financial Designation, Predecessor and Successor [Fixed List]		Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Net gain (loss) on derivative contracts
Derivative and hedging activities
Proceeds from termination of derivative contract | $						$ 16.3
Subsequent event
Derivative and hedging activities
Proceeds from termination of derivative contract | $	$ 3.2
Volume of derivative terminated | bbl	782,000
Subsequent event | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	782,000
Subsequent event | Put options | Crude oil
Derivative and hedging activities
Floors (in dollars per Bbl's	42.10
Subsequent event | Collars | Crude oil
Derivative and hedging activities
Floors (in dollars per Bbl's	42.10
Ceilings (in dollars per Bbl's)	49.02

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Activity related to ARO liability
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Liability for asset retirement obligations at the beginning of the period					$ 10,590
Liabilities settled and divested					(227)
Additions					137
Accretion expense					294
Liability for asset retirement obligations at the end of the period		$ 10,590	$ 10,794		$ 10,794		$ 10,590

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Gathering, transportation and sales - West Texas	6 Months Ended
	Jun. 30, 2020contract
Commitments and contingencies
Number of long-term crude oil sales contracts to which the entity is committed	3
Number of long-term natural gas sales contracts to which the entity is committed	14
Minimum
Commitments and contingencies
Period of commitment for production from the date of first production	1 year
Maximum
Commitments and contingencies
Period of commitment for production from the date of first production	20 years

STOCKHOLDERS' EQUITY-Common sto

STOCKHOLDERS' EQUITY-Common stock and warrants (Details)	Oct. 08, 2019series$ / sharesshares	Oct. 02, 2019	Jun. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Oct. 01, 2019$ / shares	Aug. 02, 2019	Sep. 09, 2016$ / sharesshares
Stockholders' equity
Shares issued	16,200,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Share price (in dollars per share) | $ / shares					$ 19.74
Percentage of shares of class of directors	85.00%
Number of warrants issued							4,700,000
Equivalent number shares of the warrants							4,700,000
Annualized Rate Of Increase To The Strike Price Of Warrants Issued	6.75	6.75
Exercise price (in dollars per share) | $ / shares							$ 14.04
Warrant term (in years)	3 years
Authorized shares of capital stock, after amendment of certificate of incorporation	101,000,000
Authorized shares of common stock, after amendment of certificate of incorporation	100,000,000		100,000,000	100,000,000
Number of series of warrants | series	3
Number of shares of common stock that can be purchased from warrants	1
Series A Warrants
Stockholders' equity
Number of warrants issued			1,800,000
Warrants issued	1,798,322
Exercise price (in dollars per share) | $ / shares	$ 40.17		$ 41.56
Series B Warrants
Stockholders' equity
Number of warrants issued			2,200,000
Warrants issued	2,247,985
Exercise price (in dollars per share) | $ / shares	$ 48.28		$ 50.05
Series C Warrants
Stockholders' equity
Number of warrants issued			2,900,000
Warrants issued	2,890,271
Exercise price (in dollars per share) | $ / shares	$ 60.45		$ 62.78
The Restructuring Support Agreement
Stockholders' equity
Warrant term (in years)						3 years
Convertible Preferred stock
Stockholders' equity
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Authorized shares of preferred stock, after amendment of certificate of incorporation	1,000,000

STOCKHOLDERS' EQUITY - Incentiv

STOCKHOLDERS' EQUITY - Incentive Plans (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 29, 2020
General and administrative
Stock-based compensation
Allocated share based compensation credit				$ 5,800,000
Compensation expense recorded	$ 800,000	$ 1,000,000	$ 1,200,000
2016 Incentive Plan
Stock-based compensation
Incremental reduction to stock-based compensation expense				$ 8,400,000
2016 Incentive Plan | Stock options
Stock-based compensation
Percentage of awards vesting on the annual anniversary date of the grant			25.00%	33.33%
Vesting period					3 years
Expiration term					10 years
Weighted average remaining vesting period				7 months 6 days
Number of Shares
Granted (in shares)				0
Restricted stock
Unrecognized compensation expense stock option		$ 900,000		$ 900,000
2020 Incentive Plan | Common Stock
Stock-based compensation
Aggregate number of shares available						1,500,000
2020 Incentive Plan | Common Stock | Maximum
Stock-based compensation
Maximum number of shares that remained reserved for issuance under the Plan	200,000		200,000
2020 Incentive Plan | Stock options
Stock-based compensation
Vesting period			4 years
Expiration term			7 years
Weighted average remaining vesting period			2 years 1 month 6 days
Number of Shares
Granted (in shares)			500,000
Restricted stock
Weighted average grant date fair value of the shares granted			$ 28.32
Unrecognized compensation expense stock option	$ 1,300,000		$ 1,300,000
2020 Incentive Plan | Stock options | Minimum
Weighted Average Exercise Price Per Share
Exercised (in dollars per share)			$ 18.91
2020 Incentive Plan | Stock options | Maximum
Weighted Average Exercise Price Per Share
Exercised (in dollars per share)			$ 37.83

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Options (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Stock-based compensation
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
2016 Incentive Plan | Stock options
Stock-based compensation
Vesting period							3 years
Percentage of awards vesting on the annual anniversary date of the grant					25.00%	33.33%
Expiration term							10 years
Unrecognized compensation expense stock option				$ 0.9		$ 0.9
Weighted average remaining vesting period						7 months 6 days
2020 Incentive Plan | Stock options
Stock-based compensation
Vesting period					4 years
Expiration term					7 years
Unrecognized compensation expense stock option			$ 1.3		$ 1.3
Weighted average remaining vesting period					2 years 1 month 6 days

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Stock (Details) - RSU - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
2016 Incentive Plan
Stock-based compensation
Vesting period			3 years
Percentage of awards other than options vesting on the annual anniversary date of the grant			33.33%
2016 Incentive Plan | Employee
Stock-based compensation
Number of shares granted		4.2
Unrecognized compensation expense other than options		$ 6,500
Weighted average remaining vesting period		1 year 7 months 6 days
Fair value of grant (in dollars per share)		$ 1.29
2016 Incentive Plan | Employee | Minimum
Stock-based compensation
Fair value of grant (in dollars per share)		1.29
2016 Incentive Plan | Employee | Maximum
Stock-based compensation
Fair value of grant (in dollars per share)		$ 1.40
2016 Incentive Plan | Non-employee director
Stock-based compensation
Vesting period			6 months
2020 Incentive Plan
Stock-based compensation
Vesting period	4 years
Percentage of awards other than options vesting on the annual anniversary date of the grant	25.00%
2020 Incentive Plan | Minimum | Tranche One
Stock-based compensation
Fair value of grant (in dollars per share)	$ 4.36
2020 Incentive Plan | Maximum | Tranche One
Stock-based compensation
Fair value of grant (in dollars per share)	$ 11.89
2020 Incentive Plan | Employee
Stock-based compensation
Number of shares granted	0.9
Unrecognized compensation expense other than options	$ 5,600
2020 Incentive Plan | Employee | Tranche One
Stock-based compensation
Vesting period	4 years
Number of shares granted	0.4
Fair value of grant (in dollars per share)	$ 11.80
2020 Incentive Plan | Employee | Tranche Two
Stock-based compensation
Number of shares granted	0.2
Compensation expense recorded	$ 0
Fair value of grant (in dollars per share)	$ 11.89
2020 Incentive Plan | Employee | Tranche Three
Stock-based compensation
Vesting period	4 years
Number of shares granted	0.3
Fair value of grant (in dollars per share)	$ 6.48
2020 Incentive Plan | Non-employee director
Stock-based compensation
Weighted average remaining vesting period	3 years

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Basic:
Net income (loss) available to common stockholders			$ (127,316)	$ (640,844)	$ (12,825)	$ (977,403)
Weighted average basic number of common shares outstanding			16,204	159,050	16,204	158,801
Basic net income (loss) per share of common share (in dollars per share)			$ (7.86)	$ (4.03)	$ (0.79)	$ (6.15)
Diluted:
Net Income (Loss) Available to Common Stockholders, Diluted			$ (127,316)	$ (640,844)	$ (12,825)	$ (977,403)
Net income (loss) available to common stockholders			(127,316)	(640,844)	(12,825)	(977,403)
Net income (loss) diluted			$ (127,316)	$ (640,844)	$ (12,825)	$ (977,403)
Weighted average basic number of common shares outstanding			16,204	159,050	16,204	158,801
Weighted average diluted number of common shares outstanding			16,204	159,050	16,204	158,801
Diluted net income (loss) per share of common stock (in dollars per share)			$ (7.86)	$ (4.03)	$ (0.79)	$ (6.15)
Common stock equivalents excluded from computation of diluted earnings per share of common stock because of anti-dilutive effect			7,800	15,700	7,600	15,300
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor

ADDITIONAL FINANCIAL STATEMEN_3

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Oct. 02, 2019	Oct. 01, 2019
Accounts receivable:
Oil, natural gas and natural gas liquids revenues		$ 36,367	$ 16,487		$ 16,487		$ 36,367
Joint interest accounts		10,145	6,730		6,730		10,145
Other		1,992	575		575		1,992
Total		48,504	23,792		23,792		48,504	$ 37,826
Prepaids and other:
Prepaids		2,093	886		886		2,093
Income tax receivable		1,250	1,250		1,250		1,250
Funds in escrow		4,000	1,740		1,740		4,000
Other		36	35		35		36
Total		7,379	3,911		3,911		7,379	10,290
Other assets:
Oil, natural gas and natural gas liquids revenues			1,882		1,882
Joint interest accounts			3,389		3,389
Funds in escrow		580	581		581		580
Other		123	124		124		123
Total other assets		703	5,976		5,976		703
Accounts payable and accrued liabilities:
Trade payables		36,038	39,708		39,708		36,038
Accrued oil and natural gas capital costs		22,781	5,908		5,908		22,781
Revenues and royalties payable		25,457	14,163		14,163		25,457
Accrued interest expense		604	528		528		604
Accrued employee compensation		2,947	67		67		2,947
Accrued lease operating expenses		9,230	5,888		5,888		9,230
Other		276	103		103		276
Total		97,333	66,365		66,365		97,333	$ 115,305
Other noncurrent assets:
Other		$ 123	$ 124		$ 124		$ 123
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Successor	Successor	Predecessor	Successor	Predecessor	Successor
Predecessor
Accounts receivable:
Total									$ 37,826
Prepaids and other:
Total									14,642
Accounts payable and accrued liabilities:
Total									$ 112,578