Battalion Oil (BATL) 10-Q 8 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-35467
Entity Registrant Name	Battalion Oil Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0700684
Entity Address, Address Line One	3505 West Sam Houston Parkway North
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77043
City Area Code	832
Local Phone Number	538-0300
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
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	BATL
Security Exchange Name	NYSEAMER
Entity Common Stock, Shares Outstanding		16,273,913
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001282648
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 80,504	$ 39,446	$ 199,873	$ 104,501
Other	312	384	827	1,222
Total operating revenues	80,816	39,830	200,700	105,723
Production:
Lease operating	11,979	10,091	31,615	32,880
Workover and other	990	905	2,317	2,767
Taxes other than income	3,082	2,722	9,186	7,130
Gathering and other	15,934	13,500	43,436	39,275
Restructuring				2,580
General and administrative	4,491	4,111	13,349	13,237
Depletion, depreciation and accretion	10,885	15,755	32,729	48,167
Full cost ceiling impairment		128,336		188,443
Total operating expenses	47,361	175,420	132,632	334,479
Income (loss) from operations	33,455	(135,590)	68,068	(228,756)
Other income (expenses):
Net gain (loss) on derivative contracts	(20,571)	(15,843)	(119,371)	67,695
Interest expense and other	(1,900)	(1,692)	(5,017)	(4,889)
Gain (loss) on extinguishment of debt	2,068		2,068
Total other income (expenses)	(20,403)	(17,535)	(122,320)	62,806
Income (loss) before income taxes	13,052	(153,125)	(54,252)	(165,950)
Net income (loss)	$ 13,052	$ (153,125)	$ (54,252)	$ (165,950)
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ 0.80	$ (9.45)	$ (3.34)	$ (10.24)
Diluted (in dollars per share)	$ 0.79	$ (9.45)	$ (3.34)	$ (10.24)
Weighted average common shares outstanding:
Basic (in shares)	16,270	16,204	16,257	16,204
Diluted (in shares)	16,428	16,204	16,257	16,204
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	$ 80,504	$ 39,446	$ 199,873	$ 104,501
Oil
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	60,023	33,638	153,228	91,313
Natural gas
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	9,435	1,912	23,839	3,102
NGLs
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 11,046	$ 3,896	$ 22,806	$ 10,086

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,868	$ 4,295
Accounts receivable, net	40,162	32,242
Assets from derivative contracts	813	8,559
Prepaids and other	1,195	2,740
Total current assets	44,038	47,836
Oil and natural gas properties (full cost method):
Evaluated	550,522	509,274
Unevaluated	76,136	75,494
Gross oil and natural gas properties	626,658	584,768
Less - accumulated depletion	(327,233)	(295,163)
Net oil and natural gas properties	299,425	289,605
Other operating property and equipment:
Other operating property and equipment	3,106	3,535
Less - accumulated depreciation	(1,012)	(1,149)
Net other operating property and equipment	2,094	2,386
Other noncurrent assets:
Assets from derivative contracts	110	4,009
Operating lease right of use assets	811	310
Other assets	2,737	2,351
Total assets	349,215	346,497
Current liabilities:
Accounts payable and accrued liabilities	60,403	58,928
Liabilities from derivative contracts	74,287	22,125
Current portion of long-term debt	149	1,720
Operating lease liabilities	365	403
Total current liabilities	135,204	83,176
Long-term debt	155,000	158,489
Other noncurrent liabilities:
Liabilities from derivative contracts	9,536	4,291
Asset retirement obligations	11,786	10,583
Operating lease liabilities	446
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock: 100,000,000 shares of $0.0001 par value authorized;16,273,913 and 16,203,979 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	2	2
Additional paid-in capital	331,660	330,123
Retained earnings (accumulated deficit)	(294,419)	(240,167)
Total stockholders' equity	37,243	89,958
Total liabilities and stockholders' equity	$ 349,215	$ 346,497

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	16,273,913	16,203,979
Common stock, shares outstanding	16,273,913	16,203,979

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, 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 and other		(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
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)				(165,950)
Balances at Sep. 30, 2020	$ 2	329,198	(176,410)	152,790
Balances (in shares) at Sep. 30, 2020	16,204
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(153,125)	(153,125)
Stock-based compensation		744		744
Balances at Sep. 30, 2020	$ 2	329,198	(176,410)	152,790
Balances (in shares) at Sep. 30, 2020	16,204
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(63,757)	(63,757)
Stock-based compensation		925		925
Balances at Dec. 31, 2020	$ 2	330,123	(240,167)	89,958
Balances (in shares) at Dec. 31, 2020	16,204
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(33,375)	(33,375)
Long-term incentive plan vestings (in shares)	87
Reduction in shares to cover individuals' tax withholding		(264)		(264)
Reduction in shares to cover individuals' tax withholding (in shares)	(24)
Stock-based compensation		692		692
Balances at Mar. 31, 2021	$ 2	330,551	(273,542)	57,011
Balances (in shares) at Mar. 31, 2021	16,267
Balances at Dec. 31, 2020	$ 2	330,123	(240,167)	89,958
Balances (in shares) at Dec. 31, 2020	16,204
Increase (Decrease) in Stockholders' Equity
Net income (loss)				(54,252)
Balances at Sep. 30, 2021	$ 2	331,660	(294,419)	37,243
Balances (in shares) at Sep. 30, 2021	16,274
Balances at Mar. 31, 2021	$ 2	330,551	(273,542)	57,011
Balances (in shares) at Mar. 31, 2021	16,267
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(33,929)	(33,929)
Long-term incentive plan vestings (in shares)	1
Reduction in shares to cover individuals' tax withholding		(5)		(5)
Stock-based compensation		571		571
Balances at Jun. 30, 2021	$ 2	331,117	(307,471)	23,648
Balances (in shares) at Jun. 30, 2021	16,268
Increase (Decrease) in Stockholders' Equity
Net income (loss)			13,052	13,052
Long-term incentive plan vestings (in shares)	8
Reduction in shares to cover individuals' tax withholding		(22)		(22)
Reduction in shares to cover individuals' tax withholding (in shares)	(2)
Stock-based compensation		565		565
Balances at Sep. 30, 2021	$ 2	$ 331,660	$ (294,419)	$ 37,243
Balances (in shares) at Sep. 30, 2021	16,274

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ (54,252)	$ (165,950)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion	32,729	48,167
Full cost ceiling impairment		188,443
Stock-based compensation, net	1,560	1,793
Unrealized loss (gain) on derivative contracts	69,053	(24,029)
Reorganization items, net		(6,440)
Loss (gain) on extinguishment of debt	(2,068)
Accrued settlements on derivative contracts	6,769	474
Other income (expense)	(229)	280
Change in assets and liabilities:
Accounts receivable	(8,432)	16,270
Prepaids and other	806	5,053
Accounts payable and accrued liabilities	1,196	(16,183)
Net cash provided by (used in) operating activities	47,132	47,878
Cash flows from investing activities:
Oil and natural gas capital expenditures	(47,204)	(96,483)
Proceeds received from sale of oil and natural gas properties	947	3,500
Funds held in escrow and other	9	480
Net cash provided by (used in) investing activities	(46,248)	(92,503)
Cash flows from financing activities:
Proceeds from borrowings	145,000	119,209
Repayments of borrowings	(148,021)	(83,000)
Equity issuance costs and other	(290)	(32)
Net cash provided by (used in) financing activities	(3,311)	36,177
Net increase (decrease) in cash and cash equivalents	(2,427)	(8,448)
Cash and cash equivalents at beginning of period	4,295	10,275
Cash and cash equivalents at end of period	1,868	1,827
Supplemental cash flow information:
Cash paid for reorganization items		6,440
Disclosure of non-cash investing and financing activities:
Asset retirement obligations	$ 836	$ (70)

FINANCIAL STATEMENT PRESENTATIO

FINANCIAL STATEMENT PRESENTATION	9 Months Ended
	Sep. 30, 2021
FINANCIAL STATEMENT PRESENTATION
FINANCIAL STATEMENT PRESENTATION	1. FINANCIAL STATEMENT PRESENTATION Basis of Presentation and Principles of Consolidation 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 8, 2021. Please refer to the notes in the Annual Report on Form 10-K for the year ended December 31, 2020 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 implementing various measures to ensure the continued operation of its business in a safe and secure manner. In 2020, COVID-19 and governmental actions to contain the pandemic contributed to an economic downturn, reduced demand for oil and natural gas and, together with a price war involving 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 subsequently agreed to reduce production, downward pressure on prices continued for several months, particularly given concerns over the impacts of the economic downturn on demand. As a consequence, beginning in March 2020, the Company realized lower revenue as a result of commodity price declines, resulting in the Company temporarily shutting in producing wells in May and June 2020, which further contributed to lower revenues that year. Additionally, the Company incurred ceiling test impairments, which were primarily driven by a decline in the average pricing required to be used in the valuation of the Company’s reserves for ceiling test purposes.. ​ During 2021, widespread availability of COVID-19 vaccines in the United States and elsewhere combined with accommodative governmental monetary and fiscal policies and other factors, led to a rebound in demand for oil and natural gas and increases in oil and natural gas prices. Further, at present, OPEC and Russia have been coordinating production increases to maintain supply and demand balance, stabilize prices and avoid market disruptions. However, there remains the potential for such cooperation to fail and for demand for oil and natural gas to be adversely impacted by the economic effects of the ongoing COVID-19 pandemic, including as a consequence of the circulation of more infectious “variants” of the disease, vaccine hesitancy, waning vaccine effectiveness or other factors. As a consequence, the Company is unable to predict whether oil and natural gas prices will remain at current levels or will be adversely impacted by the same sorts of factors that negatively impacted prices during 2020. Furthermore, the health of the Company’s employees, contractors and vendors, and its ability to meet staffing needs in its operations and critical functions remain concerns and 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. 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” ​ 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, and fair value estimates. 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. Cash and Cash Equivalents 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 September 30, 2021 and December 31, 2020, allowances for doubtful accounts were less than $0.1 million and approximately $0.2 million, respectively. Other Operating Property and Equipment Other operating property and equipment 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 fixtures, furniture and equipment eight Property, Plant, and Equipment Concentrations of Credit Risk 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 varied 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 on an assessment of their financial strength and/or credit ratings. At September 30, 2021, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Senior Credit Agreement. Employee Retention Credit ​ “General and administrative” “Lease operating” in the unaudited condensed consolidated statements of operations. ​ Restructuring During the nine months ended September 30, 2020, the Company incurred $2.6 million in restructuring charges 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, 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. These costs were recorded in “Restructuring” Leases Change in Estimate In late March 2020, due to changes in market conditions and decreased commodity prices, the Company determined that previously accrued discretionary cash incentives related to 2019 would not be paid, causing a $1.6 million reduction to “General and administrative” Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) ​ In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
LEASES
LEASES	2. LEASES “Operating lease right of use assets” “Operating lease liabilities” Leases 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. “Gathering and other,” Restructuring “General and administrative” “Operating lease right of use assets” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ 2021 ​ 2020 Lease cost ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 346 ​ ​ $ 1,869 ​ Short-term lease costs ​ ​ 2,231 ​ ​ ​ 16,372 ​ Variable lease costs ​ ​ 307 ​ ​ ​ 798 ​ Total lease costs ​ $ 2,884 ​ ​ $ 19,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 439 ​ ​ $ 2,093 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 841 ​ ​ ​ — ​ Weighted-average remaining lease term - operating leases ​ ​ 2.2 years ​ ​ 0.7 years Weighted-average discount rate - operating leases ​ ​ 4.29 % ​ ​ 3.70 % ​ “Financial Statement Presentation,” “Restructuring” ​ ​ ​ ​ ​ ​ September 30, 2021 Remaining period in 2021 ​ $ 98 2022 ​ ​ 391 2023 ​ ​ 359 2024 ​ ​ — 2025 ​ ​ — Thereafter ​ ​ — Total operating lease payments ​ ​ 848 Less: discount to present value ​ ​ 37 Total operating lease liabilities ​ ​ 811 Less: current operating lease liabilities ​ ​ 365 Noncurrent operating lease liabilities ​ $ 446 ​ ​

OPERATING REVENUES

OPERATING REVENUES	9 Months Ended
	Sep. 30, 2021
OPERATING REVENUES
OPERATING REVENUES	3. 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 $38.6 million and $24.5 million as of September 30, 2021 and December 31, 2020, respectively, as “Accounts receivable” “Other assets” Substantially all of the Company’s revenues are derived from 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 ​ 2020 ​ 2021 ​ 2020 Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil ​ $ 60,023 ​ $ 33,638 ​ $ 153,228 ​ $ 91,313 Natural gas ​ ​ 9,435 ​ ​ 1,912 ​ ​ 23,839 ​ ​ 3,102 Natural gas liquids ​ ​ 11,046 ​ ​ 3,896 ​ ​ 22,806 ​ ​ 10,086 Total oil, natural gas and natural gas liquids sales ​ ​ 80,504 ​ ​ 39,446 ​ ​ 199,873 ​ ​ 104,501 Other ​ ​ 312 ​ ​ 384 ​ ​ 827 ​ ​ 1,222 Total operating revenues ​ $ 80,816 ​ $ 39,830 ​ $ 200,700 ​ $ 105,723 ​ 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 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" "Natural gas liquids" "Gathering and other 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"

DIVESTITURES

DIVESTITURES	9 Months Ended
	Sep. 30, 2021
DIVESTITURES
DIVESTITURES	4. DIVESTITURES ​ Northern West Quito Assets On December 18, 2020, the Company sold certain oil and gas properties and related assets located in Ward County, Texas (the North West Quito Assets) to Point Energy Partners Operating, LLC for a total adjusted sales price of $25.9 million in cash. The effective date of the transaction was October 1, 2020. Proceeds from the sale were recorded as a reduction to the carrying value of the Company’s full cost pool with no gain or loss recorded. The Company used the net proceeds from the sale to repay amounts outstanding under the Company’s Senior Credit Agreement and for general corporate purposes.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	9 Months Ended
	Sep. 30, 2021
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	5. OIL AND NATURAL GAS PROPERTIES The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs of acquisition, exploration and development of oil and natural gas reserves (including such costs as leasehold acquisition costs, geological expenditures, 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. Additionally, the Company assesses all properties classified as unevaluated property on a quarterly basis for possible impairment. 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 September 30, 2020, 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 September 30, 2020 of the WTI crude oil spot price of $43.63 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 September 30, 2020 of the Henry Hub natural gas price of $1.97 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 September 30, 2020 exceeded the ceiling amount by $128.3 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 $47.37 per barrel at June 30, 2020 to $43.63 per barrel at September 30, 2020. The ceiling test impairment also reflects a transfer of $23.6 million of unevaluated property costs to the full cost pool due to the Company’s intent to focus available capital on Monument Draw. At June 30, 2020, the Company recorded a full cost ceiling impairment of $60.1 million. 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 to $47.37 per barrel at June 30, 2020. This average price decline was partially offset by favorable differentials and lower operating expenses. The impairments were recorded in “Full cost ceiling test impairment” on the unaudited condensed consolidated statements of operations.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
DEBT
DEBT	6. DEBT As of September 30, 2021 and December 31, 2020, the Company’s debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ December 31, 2020 Senior revolving credit facility ​ $ 155,000 ​ ​ $ 158,000 Paycheck Protection Program loan ​ ​ 149 ​ ​ ​ 2,209 Total debt ​ ​ 155,149 ​ ​ ​ 160,209 Current portion of Paycheck Protection Program loan ​ ​ 149 ​ ​ ​ 1,720 Total long-term debt ​ $ 155,000 ​ ​ $ 158,489 ​ Senior Revolving Credit Facility On October 8, 2019, 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. The Senior Credit Agreement provides for a $750.0 million senior secured reserve-based revolving credit facility with a current borrowing base of $175.0 million. At September 30, 2021, the Company had $155.0 million indebtedness outstanding and approximately $2.0 million letters of credit outstanding under the Senior Credit Agreement, resulting in $18.0 million of borrowing capacity. ​ A portion of the Senior Credit Agreement, in the amount of $25.0 million, is available for the issuance of letters of credit. The maturity date of the Senior Credit Agreement is October 8, 2024. Redeterminations of the borrowing base 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 lenders agreed to postpone the fall redetermination until December 2021. 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 2.00% to 3.00% for ABR-based loans or at specified margins over LIBOR of 3.00% to 4.00% 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. 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. As of September 30, 2021, after giving effect to the Third Amendment, discussed below, the Company was in compliance with the financial covenants under the Senior Credit Agreement. On October 29, 2020, the Company entered into the Third Amendment to Senior Secured Revolving Credit Agreement and Limited Waiver (the Third Amendment). The Third Amendment, among other things, set the borrowing base to $190.0 million as of November 1, 2020. The Third Amendment also reduced the amount available for issuance of letters of credit to $25.0 million and amended certain covenants including, but not limited to, covenants relating to increasing the minimum mortgaged total value of proved borrowing base properties from 85% to 90%. Additionally, the Third Amendment provided for new covenants that, among other things, require the Company to enter into swap agreements representing not less than 65% of the Company’s reasonably anticipated projected production from proved reserves classified as developed producing reserves for a period from the Third Amendment effective date through at least December 31, 2022 and prohibit no more than $3.0 million of the Company’s uncontested accounts payable or accrued expenses, liabilities or other obligations from remaining outstanding for longer than 90 days. Pursuant to the Third Amendment, the administrative agent and the lenders consented to a waiver of the Current Ratio (as defined in the Senior Credit Agreement) for the fiscal quarter ended September 30, 2020 and suspended testing of the Current Ratio until the fiscal quarter ending December 31, 2021. ​ On May 10, 2021, the Company entered into the Fourth Amendment to Senior Secured Revolving Credit Agreement (the Fourth Amendment) which reduced the borrowing base to $185.0 million effective June 1, 2021 and further reduced the borrowing base to $175.0 million effective September 1, 2021. The Fourth Amendment also, among other things, (i) increased interest margins to 2.00% to 3.00% for ABR-based loans and 3.00% to 4.00% for Eurodollar-based loans, (ii) amended the covenant relating to the minimum mortgaged total value of proved borrowing base properties to increase the value from 90% to 95%, (iii) provides for direct reductions in the borrowing base in the event of asset dispositions in excess of $1.0 million per fiscal year or swap terminations and (iv) revised certain covenants and covenant-related baskets including, but not limited to, adding covenants prohibiting the designation of unrestricted subsidiaries and requiring prior consent from the lenders regarding asset dispositions or swap terminations in excess of the greater of $7.5 million or 3.5% of the then effective borrowing base. On September 24, 2021, the Company entered into the Fifth Amendment to Senior Secured Revolving Credit Agreement (the Fifth Amendment) which, among other things, modifies the limits on swap agreements so as not to exceed, (i) from the period of the Fifth Amendment effective date through December 31, 2021, the percentage of the reasonably anticipated hydrocarbon production from proved developed producing reserves during such period hedged pursuant to secured swap agreements in place as of the Fifth Amendment effective date; (ii) for the fiscal year ending December 31, 2022, the greater of (a) the proved developed producing reserves during such fiscal year hedged pursuant to secured swap agreements in place as of the Fifth Amendment effective date and (b) 85% of the proved developed producing reserves during such fiscal year; and (iii) for the fiscal years ending December 31, 2023, December 31, 2024 and December 31, 2025, swap agreements not to exceed 85%, 70% and 60% of the proved developed producing reserves, respectively, during each fiscal year. Paycheck Protection Program Loan “Gain (loss) on extinguishment of debt”

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	7. FAIR VALUE MEASUREMENTS Pursuant to ASC 820, Fair Value Measurement 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 September 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from derivative contracts ​ $ — ​ $ 923 ​ $ — ​ $ 923 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from derivative contracts ​ $ — ​ $ 83,823 ​ $ — ​ $ 83,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from derivative contracts ​ $ — ​ $ 12,568 ​ $ — ​ $ 12,568 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from derivative contracts ​ $ — ​ $ 26,416 ​ $ — ​ $ 26,416 ​ Derivative contracts listed above as Level 2 include fixed-price swaps, collars, 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” “Derivative and Hedging Activities,” 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 term nature. The estimated fair value of the Company’s Senior Credit Agreement approximates carrying value because the interest rates approximate current market rates. The 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 9, “Asset Retirement Obligations,”

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2021
DERIVATIVE AND HEDGING ACTIVITIES
DERIVATIVE AND HEDGING ACTIVITIES	8. DERIVATIVE AND HEDGING ACTIVITIES The Company is exposed to certain risks relating to its ongoing business operations, 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 September 30, 2021, 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 and are generally utilized less frequently by the Company than fixed-price swaps. 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” 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 September 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as ​ ​ ​ Asset derivative contracts ​ ​ ​ Liability derivative contracts hedging contracts under ASC 815 Balance sheet location September 30, 2021 December 31, 2020 Balance sheet location September 30, 2021 December 31, 2020 Commodity contracts ​ Current assets - assets from derivative contracts ​ $ 813 ​ $ 8,559 ​ Current liabilities - liabilities from derivative contracts ​ $ (74,287) ​ $ (22,125) Commodity contracts ​ Other noncurrent assets - assets from derivative contracts ​ ​ 110 ​ ​ 4,009 ​ Other noncurrent liabilities - liabilities from derivative contracts ​ ​ (9,536) ​ ​ (4,291) Total derivatives not designated as hedging contracts under ASC 815 ​ ​ ​ $ 923 ​ $ 12,568 ​ ​ ​ $ (83,823) ​ $ (26,416) ​ 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) ​ Amount of gain or (loss) ​ ​ ​ ​ recognized in income on ​ recognized in income on ​ ​ ​ ​ derivative contracts for the ​ derivative contracts for the Derivatives not designated ​ Location of gain or ​ Three Months Ended ​ Nine Months Ended as hedging contracts ​ (loss) recognized in income ​ September 30, ​ September 30, under ASC 815 on derivative contracts ​ 2021 ​ 2020 ​ 2021 ​ 2020 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ $ 1,816 ​ $ (21,128) ​ $ (69,053) ​ $ 24,029 Realized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ ​ (22,387) ​ ​ 5,285 ​ ​ (50,318) ​ ​ 43,666 Total net gain (loss) on derivative contracts ​ ​ ​ $ (20,571) ​ $ (15,843) ​ $ (119,371) ​ $ 67,695 ​ During the three and nine months ended September 30, 2020, the Company terminated certain derivative contracts in advance of their natural expiration dates and received net proceeds of approximately $6.6 million and $22.9 million, respectively, which were recorded in “Net gain (loss) on derivative contracts” At September 30, 2021, the Company had the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume in ​ Weighted ​ ​ ​ ​ ​ ​ Mmbtu's/ ​ Average Period Instrument Commodity Bbl's Price 2021 ​ Fixed-Price Swap ​ Crude Oil ​ 721,000 ​ $ 43.96 2021 ​ Fixed-Price Swap ​ Natural Gas ​ 1,048,007 ​ ​ 2.71 2021 ​ Basis Swap ​ Crude Oil ​ 721,000 ​ ​ (0.25) 2021 ​ Basis Swap ​ Natural Gas ​ 1,048,007 ​ ​ (0.24) 2021 ​ WTI NYMEX Roll ​ Crude Oil ​ 488,500 ​ ​ (0.39) 2022 ​ Fixed-Price Swap ​ Crude Oil ​ 2,368,434 ​ ​ 48.81 2022 ​ Fixed-Price Swap ​ Natural Gas ​ 1,297,420 ​ ​ 3.01 2022 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 2,388,624 ​ ​ 2.65 2022 ​ Producer Collar (Floor) ​ Natural Gas ​ 2,388,624 ​ ​ 2.50 2022 ​ Basis Swap ​ Crude Oil ​ 2,368,434 ​ ​ 0.47 2022 ​ Basis Swap ​ Natural Gas ​ 3,686,044 ​ ​ (0.30) 2022 ​ WTI NYMEX Roll ​ Crude Oil ​ 2,399,434 ​ ​ (0.03) ​ ​ Subsequent to September 30, 2021, the Company entered into the following crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume in ​ Weighted ​ ​ ​ ​ ​ ​ Mmbtu's/ ​ Average Period Instrument Commodity Bbl's Price 2022 ​ Fixed-Price Swap ​ Natural Gas ​ 535,000 ​ $ 3.90 2022 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 152,500 ​ ​ 5.00 2022 ​ Producer Collar (Floor) ​ Natural Gas ​ 152,500 ​ ​ 3.75 2023 ​ Fixed-Price Swap ​ Crude Oil ​ 1,391,000 ​ ​ 66.55 2023 ​ Fixed-Price Swap ​ Natural Gas ​ 2,365,000 ​ ​ 3.30 2023 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 1,132,500 ​ ​ 5.10 2023 ​ Producer Collar (Floor) ​ Natural Gas ​ 1,132,500 ​ ​ 3.45 2023 ​ Basis Swap ​ Crude Oil ​ 1,368,000 ​ ​ 0.25 2023 ​ Basis Swap ​ Natural Gas ​ 912,500 ​ ​ (0.52) 2023 ​ WTI NYMEX Roll ​ Crude Oil ​ 1,368,000 ​ ​ 0.60 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 914,500 ​ ​ 61.35 2024 ​ Fixed-Price Swap ​ Natural Gas ​ 1,757,500 ​ ​ 3.03 2024 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 835,000 ​ ​ 4.63 2024 ​ Producer Collar (Floor) ​ Natural Gas ​ 835,000 ​ ​ 3.00 2024 ​ Basis Swap ​ Crude Oil ​ 914,500 ​ ​ 0.25 2024 ​ Basis Swap ​ Natural Gas ​ 915,000 ​ ​ (0.55) 2024 ​ WTI NYMEX Roll ​ Crude Oil ​ 914,500 ​ ​ 0.36 2025 ​ Fixed-Price Swap ​ Crude Oil ​ 408,750 ​ ​ 60.24 2025 ​ Fixed-Price Swap ​ Natural Gas ​ 760,000 ​ ​ 2.95 2025 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 225,000 ​ ​ 3.85 2025 ​ Producer Collar (Floor) ​ Natural Gas ​ 225,000 ​ ​ 3.00 2025 ​ Basis Swap ​ Crude Oil ​ 135,750 ​ ​ 0.25 2025 ​ Basis Swap ​ Natural Gas ​ 760,000 ​ ​ (0.54) 2025 ​ WTI NYMEX Roll ​ Crude Oil ​ 135,750 ​ ​ 0.22 ​ 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 September 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets ​ Derivative Liabilities Offsetting of Derivative Assets and Liabilities September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Presented in the Consolidated Balance Sheet ​ $ 923 ​ $ 12,568 ​ $ (83,823) ​ $ (26,416) Amounts Not Offset in the Consolidated Balance Sheet ​ ​ (923) ​ ​ (8,968) ​ ​ 923 ​ ​ 8,968 Net Amount ​ $ — ​ $ 3,600 ​ $ (82,900) ​ $ (17,448) ​ The Company enters into an International Swap Dealers Association Master Agreement (ISDA) with each counterparty prior to a derivative contract with such counterparty. The ISDA is a standard contract that governs all derivative contracts entered into between the Company and the respective counterparty. The ISDA allows for offsetting of amounts payable or receivable between the Company and the counterparty, at the election of both parties, for transactions that occur on the same date and in the same currency.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2021
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	9. ASSET RETIREMENT OBLIGATIONS The Company records an asset retirement obligation (ARO) on oil and natural gas properties when it can reasonably estimate the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon costs. The Company records the ARO liability on the unaudited condensed consolidated balance sheets and capitalizes the cost in “Oil and natural gas properties” “Depletion, depreciation and accretion” The Company recorded the following activity related to its ARO liability (in thousands): ​ ​ ​ ​ ​ Liability for asset retirement obligations as of December 31, 2020 $ 10,583 Additions ​ ​ 111 Accretion expense ​ ​ 367 Revisions in estimated cash flows ​ ​ 725 Liability for asset retirement obligations as of September 30, 2021 ​ $ 11,786 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Commitments As of September 30, 2021, the Company has a minimum volume commitment with a third party for the treating of sour gas production through June 30, 2022. The future payments associated with the minimum volume commitment are approximately $2.4 million and $4.8 million for the remainder of 2021 and for 2022, respectively. 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 September 30, 2021, the Company had in place two long-term crude oil contracts and 12 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

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Warrants On October 8, 2019, the Company entered into a warrant agreement (the Warrant Agreement) with Broadridge Corporate Issuer Solutions, Inc. as the warrant agent, pursuant to which the Company issued three series of warrants (the Series A Warrants, the Series B Warrants and the Series C Warrants and together, the Warrants), on a pro rata basis to pre-emergence holders of the predecessor Company’s common stock pursuant to the Company’s plan of reorganization. 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 October 8, 2019, 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 September 30, 2021, 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 $44.36, $53.59 and $67.44 per share, respectively. The Warrants do not grant any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the Company’s business. Incentive Plans 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 nine months ended September 30, 2021, the Company recognized expense of $0.5 million and $1.6 million, respectively, related to stock-based-compensation. For the three and nine months ended September 30, 2020, the Company recognized expense of $0.6 million and $1.8 million, respectively, related to stock-based compensation. Stock-based compensation expense is recorded as a component of "General and administrative" Stock Options From time to time, the Company grants stock options under the Plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. Awards granted under the Plan typically vest over a four year period at a rate of one No stock options were granted during the nine months ended September 30, 2021. At September 30, 2021, the Company had $0.5 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 1.5 years. During the nine months ended September 30, 2020, the Company granted stock options under the Plan covering 0.6 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 average exercise price of $28.32 per share. At September 30, 2020, the Company had $1.2 million of unrecognized compensation expense related to non-vested stock options to be recognized over a weighted-average period of 2.0 years. Restricted Stock From time to time, the Company grants shares of restricted stock units (RSUs) under the Plan to employees of the Company. Under the 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. During the nine months ended September 30, 2021, the Company granted less than 0.1 million shares of RSUs which will vest over four years at a rate of one -fourth on the annual anniversary date of the grant. These RSUs were granted at a fair value price of $8.00 per share. At September 30, 2021, the Company had $2.7 million of unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted average period of 2.0 years. During the nine months ended September 30, 2020, the Company granted 1.0 million shares of RSUs with the vesting conditions and fair values described below under the Plan to employees of the Company. At September 30, 2020, the Company had $4.9 million of unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted average period of 2.7 years. ● 0.4 million RSUs granted will vest over four years at a rate one -fourth on the annual anniversary 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 $11.55 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 fair values ranging from $7.88 to $11.89 with a weighted average fair value price of $11.32 per share. As of September 30, 2021, 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. ● 0.4 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 agreements over the performance period ending on February 20, 2024. These RSUs were granted at fair values ranging from $4.05 to $6.48 with a weighted average fair value of $6.13 per share. ​

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	12. EARNINGS PER SHARE The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 ​ 2020 ​ 2021 ​ 2020 Basic: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 13,052 ​ $ (153,125) ​ $ (54,252) ​ $ (165,950) Weighted average basic number of common shares outstanding ​ ​ 16,270 ​ ​ 16,204 ​ ​ 16,257 ​ ​ 16,204 Basic net income (loss) per share of common stock ​ $ 0.80 ​ $ (9.45) ​ $ (3.34) ​ $ (10.24) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 13,052 ​ $ (153,125) ​ $ (54,252) ​ $ (165,950) Weighted average basic number of common shares outstanding ​ ​ 16,270 ​ ​ 16,204 ​ ​ 16,257 ​ ​ 16,204 Common stock equivalent shares representing shares issuable upon: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise of Series A Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series B Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series C Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of stock options ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Vesting of restricted stock units ​ ​ 158 ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Weighted average diluted number of common shares outstanding ​ ​ 16,428 ​ ​ 16,204 ​ ​ 16,257 ​ ​ 16,204 Diluted net income (loss) per share of common stock ​ $ 0.79 ​ $ (9.45) ​ $ (3.34) ​ $ (10.24) ​ Common stock equivalents, including warrants, options and restricted stock units, totaling 7.4 million for the three months ended September 30, 2021 were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive. Common stock equivalents, including warrants, options and restricted stock units, totaling 7.7 million nine months ended September 30, 2021 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 warrants, options and restricted stock units, totaling 7.8 million and 7.6 million for the three and nine months ended September 30, 2020, 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	9 Months Ended
	Sep. 30, 2021
ADDITIONAL FINANCIAL STATEMENT INFORMATION
ADDITIONAL FINANCIAL STATEMENT INFORMATION	13. ADDITIONAL FINANCIAL STATEMENT INFORMATION Certain balance sheet amounts are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 Accounts receivable, net: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 37,125 ​ $ 22,781 Joint interest accounts ​ ​ 2,845 ​ ​ 8,543 Other ​ ​ 192 ​ ​ 918 ​ ​ $ 40,162 ​ $ 32,242 Prepaids and other: ​ ​ ​ ​ ​ ​ Prepaids ​ $ 306 ​ $ 892 Funds in escrow ​ ​ 640 ​ ​ 1,740 Other ​ ​ 249 ​ ​ 108 ​ ​ $ 1,195 ​ $ 2,740 Other assets: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 1,427 ​ $ 1,720 Funds in escrow ​ ​ 1,227 ​ ​ 581 Other ​ ​ 83 ​ ​ 50 ​ ​ $ 2,737 ​ $ 2,351 Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ Trade payables ​ $ 24,742 ​ $ 22,740 Accrued oil and natural gas capital costs ​ ​ 2,766 ​ ​ 8,344 Revenues and royalties payable ​ ​ 23,705 ​ ​ 16,412 Accrued interest expense ​ ​ 503 ​ ​ 482 Accrued employee compensation ​ ​ 3,117 ​ ​ 3,223 Accrued lease operating expenses ​ ​ 5,567 ​ ​ 7,622 Other ​ ​ 3 ​ ​ 105 ​ ​ $ 60,403 ​ $ 58,928 ​

FINANCIAL STATEMENT PRESENTAT_2

FINANCIAL STATEMENT PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2021
FINANCIAL STATEMENT PRESENTATION
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation 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 8, 2021. Please refer to the notes in the Annual Report on Form 10-K for the year ended December 31, 2020 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 implementing various measures to ensure the continued operation of its business in a safe and secure manner. In 2020, COVID-19 and governmental actions to contain the pandemic contributed to an economic downturn, reduced demand for oil and natural gas and, together with a price war involving 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 subsequently agreed to reduce production, downward pressure on prices continued for several months, particularly given concerns over the impacts of the economic downturn on demand. As a consequence, beginning in March 2020, the Company realized lower revenue as a result of commodity price declines, resulting in the Company temporarily shutting in producing wells in May and June 2020, which further contributed to lower revenues that year. Additionally, the Company incurred ceiling test impairments, which were primarily driven by a decline in the average pricing required to be used in the valuation of the Company’s reserves for ceiling test purposes.. ​ During 2021, widespread availability of COVID-19 vaccines in the United States and elsewhere combined with accommodative governmental monetary and fiscal policies and other factors, led to a rebound in demand for oil and natural gas and increases in oil and natural gas prices. Further, at present, OPEC and Russia have been coordinating production increases to maintain supply and demand balance, stabilize prices and avoid market disruptions. However, there remains the potential for such cooperation to fail and for demand for oil and natural gas to be adversely impacted by the economic effects of the ongoing COVID-19 pandemic, including as a consequence of the circulation of more infectious “variants” of the disease, vaccine hesitancy, waning vaccine effectiveness or other factors. As a consequence, the Company is unable to predict whether oil and natural gas prices will remain at current levels or will be adversely impacted by the same sorts of factors that negatively impacted prices during 2020. Furthermore, the health of the Company’s employees, contractors and vendors, and its ability to meet staffing needs in its operations and critical functions remain concerns and 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. 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”
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, and fair value estimates. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents
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 September 30, 2021 and December 31, 2020, allowances for doubtful accounts were less than $0.1 million and approximately $0.2 million, respectively.
Other Operating Property and Equipment	Other Operating Property and Equipment Other operating property and equipment 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 fixtures, furniture and equipment eight Property, Plant, and Equipment
Concentrations of Credit Risk	Concentrations of Credit Risk 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 varied 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 on an assessment of their financial strength and/or credit ratings. At September 30, 2021, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Senior Credit Agreement.
Employee Retention Credit	Employee Retention Credit ​ “General and administrative” “Lease operating” in the unaudited condensed consolidated statements of operations.
Restructuring	Restructuring During the nine months ended September 30, 2020, the Company incurred $2.6 million in restructuring charges 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, 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. These costs were recorded in “Restructuring” Leases
Change in Estimate	Change in Estimate In late March 2020, due to changes in market conditions and decreased commodity prices, the Company determined that previously accrued discretionary cash incentives related to 2019 would not be paid, causing a $1.6 million reduction to “General and administrative”
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) ​ In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
LEASES
Schedule of Company's leases	The table below summarizes the Company’s leases for the nine months ended September 30, 2021 and 2020 (in thousands, except term and discount rate): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30, ​ ​ 2021 ​ 2020 Lease cost ​ ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 346 ​ ​ $ 1,869 ​ Short-term lease costs ​ ​ 2,231 ​ ​ ​ 16,372 ​ Variable lease costs ​ ​ 307 ​ ​ ​ 798 ​ Total lease costs ​ $ 2,884 ​ ​ $ 19,039 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 439 ​ ​ $ 2,093 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 841 ​ ​ ​ — ​ Weighted-average remaining lease term - operating leases ​ ​ 2.2 years ​ ​ 0.7 years Weighted-average discount rate - operating leases ​ ​ 4.29 % ​ ​ 3.70 %
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 September 30, 2021, are presented in the table below (in thousands): ​ ​ ​ ​ ​ ​ September 30, 2021 Remaining period in 2021 ​ $ 98 2022 ​ ​ 391 2023 ​ ​ 359 2024 ​ ​ — 2025 ​ ​ — Thereafter ​ ​ — Total operating lease payments ​ ​ 848 Less: discount to present value ​ ​ 37 Total operating lease liabilities ​ ​ 811 Less: current operating lease liabilities ​ ​ 365 Noncurrent operating lease liabilities ​ $ 446

OPERATING REVENUES (Tables)

OPERATING REVENUES (Tables)	9 Months Ended
	Sep. 30, 2021
OPERATING REVENUES
Schedule of disaggregation of revenues by major product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 ​ 2020 ​ 2021 ​ 2020 Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil ​ $ 60,023 ​ $ 33,638 ​ $ 153,228 ​ $ 91,313 Natural gas ​ ​ 9,435 ​ ​ 1,912 ​ ​ 23,839 ​ ​ 3,102 Natural gas liquids ​ ​ 11,046 ​ ​ 3,896 ​ ​ 22,806 ​ ​ 10,086 Total oil, natural gas and natural gas liquids sales ​ ​ 80,504 ​ ​ 39,446 ​ ​ 199,873 ​ ​ 104,501 Other ​ ​ 312 ​ ​ 384 ​ ​ 827 ​ ​ 1,222 Total operating revenues ​ $ 80,816 ​ $ 39,830 ​ $ 200,700 ​ $ 105,723 ​

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
DEBT
Schedule of debt	As of September 30, 2021 and December 31, 2020, the Company’s debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ December 31, 2020 Senior revolving credit facility ​ $ 155,000 ​ ​ $ 158,000 Paycheck Protection Program loan ​ ​ 149 ​ ​ ​ 2,209 Total debt ​ ​ 155,149 ​ ​ ​ 160,209 Current portion of Paycheck Protection Program loan ​ ​ 149 ​ ​ ​ 1,720 Total long-term debt ​ $ 155,000 ​ ​ $ 158,489 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENTS
Schedule of fair value of the Company's financial assets and liabilities	assets and liabilities that were accounted for at fair value as of September 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from derivative contracts ​ $ — ​ $ 923 ​ $ — ​ $ 923 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from derivative contracts ​ $ — ​ $ 83,823 ​ $ — ​ $ 83,823 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from derivative contracts ​ $ — ​ $ 12,568 ​ $ — ​ $ 12,568 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from derivative contracts ​ $ — ​ $ 26,416 ​ $ — ​ $ 26,416

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2021
DERIVATIVE AND HEDGING ACTIVITIES
Summary of location and fair value of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as ​ ​ ​ Asset derivative contracts ​ ​ ​ Liability derivative contracts hedging contracts under ASC 815 Balance sheet location September 30, 2021 December 31, 2020 Balance sheet location September 30, 2021 December 31, 2020 Commodity contracts ​ Current assets - assets from derivative contracts ​ $ 813 ​ $ 8,559 ​ Current liabilities - liabilities from derivative contracts ​ $ (74,287) ​ $ (22,125) Commodity contracts ​ Other noncurrent assets - assets from derivative contracts ​ ​ 110 ​ ​ 4,009 ​ Other noncurrent liabilities - liabilities from derivative contracts ​ ​ (9,536) ​ ​ (4,291) Total derivatives not designated as hedging contracts under ASC 815 ​ ​ ​ $ 923 ​ $ 12,568 ​ ​ ​ $ (83,823) ​ $ (26,416)
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) ​ Amount of gain or (loss) ​ ​ ​ ​ recognized in income on ​ recognized in income on ​ ​ ​ ​ derivative contracts for the ​ derivative contracts for the Derivatives not designated ​ Location of gain or ​ Three Months Ended ​ Nine Months Ended as hedging contracts ​ (loss) recognized in income ​ September 30, ​ September 30, under ASC 815 on derivative contracts ​ 2021 ​ 2020 ​ 2021 ​ 2020 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ $ 1,816 ​ $ (21,128) ​ $ (69,053) ​ $ 24,029 Realized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ ​ (22,387) ​ ​ 5,285 ​ ​ (50,318) ​ ​ 43,666 Total net gain (loss) on derivative contracts ​ ​ ​ $ (20,571) ​ $ (15,843) ​ $ (119,371) ​ $ 67,695
Schedule of open derivative contracts	At September 30, 2021, the Company had the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume in ​ Weighted ​ ​ ​ ​ ​ ​ Mmbtu's/ ​ Average Period Instrument Commodity Bbl's Price 2021 ​ Fixed-Price Swap ​ Crude Oil ​ 721,000 ​ $ 43.96 2021 ​ Fixed-Price Swap ​ Natural Gas ​ 1,048,007 ​ ​ 2.71 2021 ​ Basis Swap ​ Crude Oil ​ 721,000 ​ ​ (0.25) 2021 ​ Basis Swap ​ Natural Gas ​ 1,048,007 ​ ​ (0.24) 2021 ​ WTI NYMEX Roll ​ Crude Oil ​ 488,500 ​ ​ (0.39) 2022 ​ Fixed-Price Swap ​ Crude Oil ​ 2,368,434 ​ ​ 48.81 2022 ​ Fixed-Price Swap ​ Natural Gas ​ 1,297,420 ​ ​ 3.01 2022 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 2,388,624 ​ ​ 2.65 2022 ​ Producer Collar (Floor) ​ Natural Gas ​ 2,388,624 ​ ​ 2.50 2022 ​ Basis Swap ​ Crude Oil ​ 2,368,434 ​ ​ 0.47 2022 ​ Basis Swap ​ Natural Gas ​ 3,686,044 ​ ​ (0.30) 2022 ​ WTI NYMEX Roll ​ Crude Oil ​ 2,399,434 ​ ​ (0.03) ​ ​ Subsequent to September 30, 2021, the Company entered into the following crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Volume in ​ Weighted ​ ​ ​ ​ ​ ​ Mmbtu's/ ​ Average Period Instrument Commodity Bbl's Price 2022 ​ Fixed-Price Swap ​ Natural Gas ​ 535,000 ​ $ 3.90 2022 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 152,500 ​ ​ 5.00 2022 ​ Producer Collar (Floor) ​ Natural Gas ​ 152,500 ​ ​ 3.75 2023 ​ Fixed-Price Swap ​ Crude Oil ​ 1,391,000 ​ ​ 66.55 2023 ​ Fixed-Price Swap ​ Natural Gas ​ 2,365,000 ​ ​ 3.30 2023 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 1,132,500 ​ ​ 5.10 2023 ​ Producer Collar (Floor) ​ Natural Gas ​ 1,132,500 ​ ​ 3.45 2023 ​ Basis Swap ​ Crude Oil ​ 1,368,000 ​ ​ 0.25 2023 ​ Basis Swap ​ Natural Gas ​ 912,500 ​ ​ (0.52) 2023 ​ WTI NYMEX Roll ​ Crude Oil ​ 1,368,000 ​ ​ 0.60 2024 ​ Fixed-Price Swap ​ Crude Oil ​ 914,500 ​ ​ 61.35 2024 ​ Fixed-Price Swap ​ Natural Gas ​ 1,757,500 ​ ​ 3.03 2024 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 835,000 ​ ​ 4.63 2024 ​ Producer Collar (Floor) ​ Natural Gas ​ 835,000 ​ ​ 3.00 2024 ​ Basis Swap ​ Crude Oil ​ 914,500 ​ ​ 0.25 2024 ​ Basis Swap ​ Natural Gas ​ 915,000 ​ ​ (0.55) 2024 ​ WTI NYMEX Roll ​ Crude Oil ​ 914,500 ​ ​ 0.36 2025 ​ Fixed-Price Swap ​ Crude Oil ​ 408,750 ​ ​ 60.24 2025 ​ Fixed-Price Swap ​ Natural Gas ​ 760,000 ​ ​ 2.95 2025 ​ Producer Collar (Ceiling) ​ Natural Gas ​ 225,000 ​ ​ 3.85 2025 ​ Producer Collar (Floor) ​ Natural Gas ​ 225,000 ​ ​ 3.00 2025 ​ Basis Swap ​ Crude Oil ​ 135,750 ​ ​ 0.25 2025 ​ Basis Swap ​ Natural Gas ​ 760,000 ​ ​ (0.54) 2025 ​ WTI NYMEX Roll ​ Crude Oil ​ 135,750 ​ ​ 0.22
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets ​ Derivative Liabilities Offsetting of Derivative Assets and Liabilities September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts Presented in the Consolidated Balance Sheet ​ $ 923 ​ $ 12,568 ​ $ (83,823) ​ $ (26,416) Amounts Not Offset in the Consolidated Balance Sheet ​ ​ (923) ​ ​ (8,968) ​ ​ 923 ​ ​ 8,968 Net Amount ​ $ — ​ $ 3,600 ​ $ (82,900) ​ $ (17,448)

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2021
ASSET RETIREMENT OBLIGATIONS
Schedule of activity related to ARO liability	The Company recorded the following activity related to its ARO liability (in thousands): ​ ​ ​ ​ ​ Liability for asset retirement obligations as of December 31, 2020 $ 10,583 Additions ​ ​ 111 Accretion expense ​ ​ 367 Revisions in estimated cash flows ​ ​ 725 Liability for asset retirement obligations as of September 30, 2021 ​ $ 11,786

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 ​ 2020 ​ 2021 ​ 2020 Basic: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 13,052 ​ $ (153,125) ​ $ (54,252) ​ $ (165,950) Weighted average basic number of common shares outstanding ​ ​ 16,270 ​ ​ 16,204 ​ ​ 16,257 ​ ​ 16,204 Basic net income (loss) per share of common stock ​ $ 0.80 ​ $ (9.45) ​ $ (3.34) ​ $ (10.24) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 13,052 ​ $ (153,125) ​ $ (54,252) ​ $ (165,950) Weighted average basic number of common shares outstanding ​ ​ 16,270 ​ ​ 16,204 ​ ​ 16,257 ​ ​ 16,204 Common stock equivalent shares representing shares issuable upon: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise of Series A Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series B Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series C Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of stock options ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Vesting of restricted stock units ​ ​ 158 ​ ​ Anti-dilutive ​ ​ Anti-dilutive ​ ​ Anti-dilutive Weighted average diluted number of common shares outstanding ​ ​ 16,428 ​ ​ 16,204 ​ ​ 16,257 ​ ​ 16,204 Diluted net income (loss) per share of common stock ​ $ 0.79 ​ $ (9.45) ​ $ (3.34) ​ $ (10.24)

ADDITIONAL FINANCIAL STATEMEN_2

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2021
ADDITIONAL FINANCIAL STATEMENT INFORMATION
Schedule of additional financial statement information, balance sheet	Certain balance sheet amounts are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 Accounts receivable, net: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 37,125 ​ $ 22,781 Joint interest accounts ​ ​ 2,845 ​ ​ 8,543 Other ​ ​ 192 ​ ​ 918 ​ ​ $ 40,162 ​ $ 32,242 Prepaids and other: ​ ​ ​ ​ ​ ​ Prepaids ​ $ 306 ​ $ 892 Funds in escrow ​ ​ 640 ​ ​ 1,740 Other ​ ​ 249 ​ ​ 108 ​ ​ $ 1,195 ​ $ 2,740 Other assets: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 1,427 ​ $ 1,720 Funds in escrow ​ ​ 1,227 ​ ​ 581 Other ​ ​ 83 ​ ​ 50 ​ ​ $ 2,737 ​ $ 2,351 Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ Trade payables ​ $ 24,742 ​ $ 22,740 Accrued oil and natural gas capital costs ​ ​ 2,766 ​ ​ 8,344 Revenues and royalties payable ​ ​ 23,705 ​ ​ 16,412 Accrued interest expense ​ ​ 503 ​ ​ 482 Accrued employee compensation ​ ​ 3,117 ​ ​ 3,223 Accrued lease operating expenses ​ ​ 5,567 ​ ​ 7,622 Other ​ ​ 3 ​ ​ 105 ​ ​ $ 60,403 ​ $ 58,928

FINANCIAL STATEMENT PRESENTAT_3

FINANCIAL STATEMENT PRESENTATION (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)segment	Dec. 31, 2020USD ($)
Basis of Presentation and Principles of Consolidation
Number of operating segments | segment	1
Allowance for doubtful accounts | $	$ 0.1	$ 0.2

FINANCIAL STATEMENT PRESENTAT_4

FINANCIAL STATEMENT PRESENTATION - Other Operating Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2021
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

FINANCIAL STATEMENT PRESENTAT_5

FINANCIAL STATEMENT PRESENTATION - Employee Retention Credit (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
FINANCIAL STATEMENT PRESENTATION
Employee retention credit	$ 0.7
General and administrative
FINANCIAL STATEMENT PRESENTATION
Employee retention credit	0.5
Operating Lease
FINANCIAL STATEMENT PRESENTATION
Employee retention credit	$ 0.2

FINANCIAL STATEMENT PRESENTAT_6

FINANCIAL STATEMENT PRESENTATION - Restructuring (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Restructuring
Restructuring	$ 2,580

FINANCIAL STATEMENT PRESENTAT_7

FINANCIAL STATEMENT PRESENTATION - Change in Estimate (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Change in Estimate
Reduction of discretionary cash incentives	$ 1.6

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
LEASES
Initial lease term	2 years 3 months 18 days		5 years
Lease cost
Operating lease costs	$ 346	$ 1,869
Short-term lease costs	2,231	16,372
Variable lease costs	307	798
Total lease costs	2,884	19,039
Other information
Operating cash flows from operating leases	439	$ 2,093
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 841
Weighted-average remaining lease term - operating leases	2 years 2 months 12 days	8 months 12 days
Weighted-average discount rate - operating leases	4.29%	3.70%

LEASES - Reported under ASC 842

LEASES - Reported under ASC 842 and ASC 840 (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Future minimum lease payments for non-cancellable operating leases
Remaining period in 2021	$ 98
2022	391
2023	359
Total operating lease payment	848
Less: discount to present value	37
Total operating lease liabilities	811
Less: current operating lease liabilities	365	$ 403
Noncurrent operating lease liabilities	$ 446

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2020	Sep. 30, 2020
LEASES
Payment of termination fee	$ 1.3
Impairment to operating lease		$ 0.5

OPERATING REVENUES - Revenue Re

OPERATING REVENUES - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	$ 80,504	$ 39,446	$ 199,873	$ 104,501
Other	312	384	827	1,222
Total operating revenues	80,816	39,830	200,700	105,723
Total oil, natural gas and natural gas liquids sales
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	80,504	39,446	199,873	104,501
Oil
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	60,023	33,638	153,228	91,313
Natural gas
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	9,435	1,912	23,839	3,102
NGLs
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	11,046	$ 3,896	22,806	$ 10,086
Accounts receivable
Disaggregation of operating revenue
Due from contracts with customers	$ 38,600		$ 38,600		$ 24,500

DIVESTITURES - North West Quito

DIVESTITURES - North West Quito Assets Acquisition (Details) $ in Millions	Dec. 18, 2020USD ($)
North West Quito Assets [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total sales price	$ 25.9

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)$ / bbl$ / MMBTU	Jun. 30, 2020USD ($)$ / bbl	Sep. 30, 2020USD ($)$ / bbl$ / MMBTU	Sep. 30, 2021USD ($)$ / MMBTU$ / bbl	Dec. 31, 2020USD ($)	Mar. 31, 2020$ / bbl
OIL AND NATURAL GAS PROPERTIES
Subject to depletion				$ 550,522	$ 509,274
Not subject to depletion:
Total not subject to depletion				76,136	75,494
Gross oil and natural gas properties				626,658	584,768
Less accumulated depletion				(327,233)	(295,163)
Net oil and natural gas properties				$ 299,425	$ 289,605
Ceiling Limitation Disclosures
First-day-of-month 12-month average price for natural gas (in $/MMBtu) | $ / MMBTU	1.97		1.97	2.94
Amount of unevaluated property costs transferred to the full cost pool			$ 23,600
Full cost ceiling impairment	$ 128,336	$ 60,100	$ 188,443
First-day-of-month 12-month average price for crude oil used in ceiling test impairment (in dollars per barrel) | $ / bbl	43.63	47.37	43.63	57.64		55.96

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current and long-term debt
Debt	$ 155,149	$ 160,209
Current portion of long-term debt	149	1,720
Total long-term debt	155,000	158,489
Paycheck Protection Program Loan
Current and long-term debt
Debt	149	2,209
Current portion of long-term debt	149	1,720
Senior revolving credit facility
Current and long-term debt
Debt	$ 155,000	$ 158,000

DEBT - Senior Facility (Details

DEBT - Senior Facility (Details) $ in Thousands

Sep. 24, 2021

Oct. 29, 2020USD ($)

Oct. 18, 2019

Sep. 30, 2021USD ($)

Sep. 30, 2021USD ($)item

Oct. 28, 2021

Sep. 01, 2021USD ($)

Jun. 01, 2021USD ($)

May 10, 2021USD ($)

Dec. 31, 2020USD ($)

Nov. 01, 2020USD ($)

Oct. 08, 2019USD ($)

Current and long-term debt

Debt

$ 155,149

$ 155,149

$ 160,209

Covenant compliance

As of September 30, 2021, after giving effect to the Third Amendment, discussed below, the Company was in compliance with the financial covenants under the Senior Credit Agreement.

Cash and cash equivalents

1,868

$ 1,868

4,295

Senior revolving credit facility

Current and long-term debt

Debt

155,000

$ 155,000

$ 158,000

Maximum borrowing capacity

$ 750,000,000

Current borrowing capacity

$ 175,000

Amount available for issuance of letters of credit

$ 25,000

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

Threshold of Total Net Indebtedness Leverage Ratio

3.50

Amount outstanding

155,000

$ 155,000

Letters of credit outstanding

2,000

2,000

Borrowing capacity available

$ 18,000

$ 18,000

Senior revolving credit facility | ABR-based | Minimum

Current and long-term debt

Applicable margin (as a percent)

2.00%

Senior revolving credit facility | ABR-based | Maximum

Current and long-term debt

Applicable margin (as a percent)

3.00%

Senior revolving credit facility | LIBOR | Minimum

Current and long-term debt

Applicable margin (as a percent)

3.00%

Senior revolving credit facility | LIBOR | Maximum

Current and long-term debt

Variable rate percentage

0.50%

Applicable margin (as a percent)

4.00%

Successor Senior revolving credit facility | Minimum

Current and long-term debt

Current ratio

1

Fifth Amendment to Senior Credit Agreement | Fiscal Year Ending December 31, 2022

Current and long-term debt

Percentage of proved developed producing reserves

85.00%

Fifth Amendment to Senior Credit Agreement | Fiscal Year Ending December 31, 2023

Current and long-term debt

Percentage of proved developed producing reserves

85.00%

Fifth Amendment to Senior Credit Agreement | Fiscal Year Ending December 31, 2024

Current and long-term debt

Percentage of proved developed producing reserves

70.00%

Fifth Amendment to Senior Credit Agreement | Fiscal Year Ending December 31, 2025

Current and long-term debt

Percentage of proved developed producing reserves

60.00%

Fourth Amendment to the Senior Credit Agreement

Current and long-term debt

Current borrowing capacity

$ 185,000

Minimum mortgaged total value of proved Borrowing Base Properties

95.00%

Maximum asset dispositions or swap terminations in fiscal year before direct reduction in the borrowing base

$ 1,000

Threshold of asset dispositions or swap terminations which need prior consent from lenders

$ 7,500

Threshold percentage of the borrowing base of asset dispositions or swap terminations which require prior consent from lenders

3.50%

Fourth Amendment to the Senior Credit Agreement | ABR-based | Minimum

Current and long-term debt

Applicable margin (as a percent)

2.00%

Fourth Amendment to the Senior Credit Agreement | ABR-based | Maximum

Current and long-term debt

Applicable margin (as a percent)

3.00%

Fourth Amendment to the Senior Credit Agreement | Euro-dollar based | Minimum

Current and long-term debt

Applicable margin (as a percent)

3.00%

Fourth Amendment to the Senior Credit Agreement | Euro-dollar based | Maximum

Current and long-term debt

Applicable margin (as a percent)

4.00%

Third Amendment to the Senior Credit Agreement

Current and long-term debt

Current borrowing capacity

$ 190,000

Amount available for issuance of letters of credit

$ 25,000

Minimum mortgaged total value of proved Borrowing Base Properties

90.00%

Maximum uncontested accounts payable or accrued expenses, liabilities or other obligations from remaining outstanding for longer than 90 days

$ 3,000

Third Amendment to the Senior Credit Agreement | Minimum

Current and long-term debt

Debt covenant, commodity hedging agreements, volume percentage

65.00%

Subsequent event | Senior revolving credit facility

Current and long-term debt

Minimum mortgaged total value of proved Borrowing Base Properties

85.00%

Plan | Fourth Amendment to the Senior Credit Agreement

Current and long-term debt

Current borrowing capacity

$ 175,000

DEBT - Paycheck Protection Prog

DEBT - Paycheck Protection Program Loan (Details) - USD ($) $ in Thousands	Apr. 16, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Aug. 13, 2021
Current and long-term debt
Proceeds from issuance of debt			$ 145,000	$ 119,209
Gain on extinguishment and accrued interest		$ 2,068	2,068
Paycheck Protection Program Loan
Current and long-term debt
Principal amount					$ 200
Proceeds from issuance of debt	$ 2,200
Interest rate (as a percent)	1.00%
Gain on extinguishment and accrued interest			$ 2,100

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Assets
Asset transfers between levels	$ 0	$ 0
Liabilities
Liability transfers between levels	0	0
Recurring | Total
Assets
Assets from derivative contracts	923	12,568
Liabilities
Liabilities from derivative contracts	83,823	26,416
Recurring | Level 2
Assets
Assets from derivative contracts	923	12,568
Liabilities
Liabilities from derivative contracts	$ 83,823	$ 26,416

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES - (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative and hedging activities
Asset derivative contracts	$ 923	$ 12,568
Liability derivative contracts	(83,823)	(26,416)
Derivatives not designated as hedging contracts
Derivative and hedging activities
Asset derivative contracts	923	12,568
Liability derivative contracts	(83,823)	(26,416)
Derivatives not designated as hedging contracts | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	813	8,559
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	110	4,009
Derivatives not designated as hedging contracts | Commodity contracts | Current liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	(74,287)	(22,125)
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	$ (9,536)	$ (4,291)

DERIVATIVE AND HEDGING ACTIVI_4

DERIVATIVE AND HEDGING ACTIVITIES - Realized Unrealized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative and hedging activities
Total net gain (loss) on derivative contracts	$ (20,571)	$ (15,843)	$ (119,371)	$ 67,695
Derivatives not designated as hedging contracts | Commodity contracts
Derivative and hedging activities
Total net gain (loss) on derivative contracts	(20,571)	(15,843)	(119,371)	67,695
Derivatives not designated as hedging contracts | Commodity contracts | Other Income Expense
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts	1,816	(21,128)	(69,053)	24,029
Realized gain (loss) on commodity contracts	$ (22,387)	$ 5,285	$ (50,318)	$ 43,666

DERIVATIVE AND HEDGING ACTIVI_5

DERIVATIVE AND HEDGING ACTIVITIES - Open Contracts (Details)	Nov. 05, 2021MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2021MMBTU$ / bbl$ / MMBTUbbl
January 2021 - December 2021 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		721,000
January 2021 - December 2021 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Derivative average fixed price | $ / bbl		43.96
January 2021 - December 2021 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		1,048,007
January 2021 - December 2021 | Fixed Swap | Natural gas | Weighted Average
Derivative and hedging activities
Derivative average fixed price | $ / MMBTU		2.71
January 2021 - December 2021 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		721,000
January 2021 - December 2021 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Derivatives Swap Type Weight Average Price | $ / bbl		(0.25)
January 2021 - December 2021 | Basis Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		1,048,007
January 2021 - December 2021 | Basis Swap | Natural gas | Weighted Average
Derivative and hedging activities
Derivatives Swap Type Weight Average Price | $ / MMBTU		(0.24)
January 2021 - December 2021 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		488,500
January 2021 - December 2021 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Derivatives Swap Type Weight Average Price | $ / bbl		(0.39)
January 2022 - December 2022 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		2,368,434
January 2022 - December 2022 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Derivative average fixed price | $ / bbl		48.81
January 2022 - December 2022 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		1,297,420
January 2022 - December 2022 | Fixed Swap | Natural gas | Weighted Average
Derivative and hedging activities
Derivative average fixed price | $ / MMBTU		3.01
January 2022 - December 2022 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		2,368,434
January 2022 - December 2022 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Derivative average fixed price | $ / bbl		0.47
January 2022 - December 2022 | Basis Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		3,686,044
January 2022 - December 2022 | Basis Swap | Natural gas | Weighted Average
Derivative and hedging activities
Derivatives Swap Type Weight Average Price | $ / MMBTU		(0.30)
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl		2,399,434
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Derivatives Swap Type Weight Average Price | $ / bbl		(0.03)
January 2022 - December 2022 | Collars | Natural gas | Minimum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		2,388,624
Derivative floor price | $ / MMBTU		2.50
January 2022 - December 2022 | Collars | Natural gas | Maximum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU		2,388,624
Derivative average cap price | $ / MMBTU		2.65
Subsequent event | January 2022 - December 2022 | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	535,000
Derivatives Swap Type Weight Average Price | $ / MMBTU	3.90
Subsequent event | January 2022 - December 2022 | Collars | Natural gas | Minimum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	152,500
Derivative floor price | $ / MMBTU	3.75
Subsequent event | January 2022 - December 2022 | Collars | Natural gas | Maximum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	152,500
Derivative average cap price | $ / MMBTU	5
Subsequent event | January 2023 - December 2023 [Member] | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,391,000
Derivatives Swap Type Weight Average Price | $ / bbl	66.55
Subsequent event | January 2023 - December 2023 [Member] | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,365,000
Derivatives Swap Type Weight Average Price | $ / MMBTU	3.30
Subsequent event | January 2023 - December 2023 [Member] | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,368,000
Derivatives Swap Type Weight Average Price | $ / bbl	0.25
Subsequent event | January 2023 - December 2023 [Member] | Basis Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	912,500
Derivatives Swap Type Weight Average Price | $ / MMBTU	(0.52)
Subsequent event | January 2023 - December 2023 [Member] | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,368,000
Derivatives Swap Type Weight Average Price | $ / bbl	0.60
Subsequent event | January 2023 - December 2023 [Member] | Collars | Natural gas | Minimum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,132,500
Derivative floor price | $ / MMBTU	3.45
Subsequent event | January 2023 - December 2023 [Member] | Collars | Natural gas | Maximum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,132,500
Derivative average cap price | $ / MMBTU	5.10
Subsequent event | January 2024 - December 2024 [Member] | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	914,500
Derivatives Swap Type Weight Average Price | $ / bbl	61.35
Subsequent event | January 2024 - December 2024 [Member] | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,757,500
Derivatives Swap Type Weight Average Price | $ / MMBTU	3.03
Subsequent event | January 2024 - December 2024 [Member] | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	914,500
Derivatives Swap Type Weight Average Price | $ / bbl	0.25
Subsequent event | January 2024 - December 2024 [Member] | Basis Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	915,000
Derivatives Swap Type Weight Average Price | $ / MMBTU	(0.55)
Subsequent event | January 2024 - December 2024 [Member] | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	914,500
Derivatives Swap Type Weight Average Price | $ / bbl	0.36
Subsequent event | January 2024 - December 2024 [Member] | Collars | Natural gas | Minimum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	835,000
Derivative floor price | $ / MMBTU	3
Subsequent event | January 2024 - December 2024 [Member] | Collars | Natural gas | Maximum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	835,000
Derivative average cap price | $ / MMBTU	4.63
Subsequent event | January 2025 - December 2025 [Member] | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	408,750
Derivatives Swap Type Weight Average Price | $ / bbl	60.24
Subsequent event | January 2025 - December 2025 [Member] | Fixed Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	760,000
Derivatives Swap Type Weight Average Price | $ / MMBTU	2.95
Subsequent event | January 2025 - December 2025 [Member] | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	135,750
Derivatives Swap Type Weight Average Price | $ / bbl	0.25
Subsequent event | January 2025 - December 2025 [Member] | Basis Swap | Natural gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	760,000
Derivatives Swap Type Weight Average Price | $ / MMBTU	(0.54)
Subsequent event | January 2025 - December 2025 [Member] | WTI NYMEX Roll | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	135,750
Derivatives Swap Type Weight Average Price | $ / bbl	0.22
Subsequent event | January 2025 - December 2025 [Member] | Collars | Natural gas | Minimum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	225,000
Derivative floor price | $ / MMBTU	3
Subsequent event | January 2025 - December 2025 [Member] | Collars | Natural gas | Maximum
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	225,000
Derivative average cap price | $ / MMBTU	3.85

DERIVATIVE AND HEDGING ACTIVI_6

DERIVATIVE AND HEDGING ACTIVITIES - Netting Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative Assets
Gross Amounts Presented in the Consolidated Balance Sheet	$ 923	$ 12,568
Amounts Not Offset in the Consolidated Balance Sheet	(923)	(8,968)
Net Amount		3,600
Derivative Liabilities
Gross Amounts Presented in the Consolidated Balance Sheet	(83,823)	(26,416)
Amounts Not Offset in the Consolidated Balance Sheet	923	8,968
Net Amount	$ (82,900)	$ (17,448)

DERIVATIVE AND HEDGING ACTIVI_7

DERIVATIVE AND HEDGING ACTIVITIES - Narratives - (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Net gain (loss) on derivative contracts
Derivative and hedging activities
Proceeds from termination of derivative contract	$ 6.6	$ 22.9

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Activity related to ARO liability
Liability for asset retirement obligations at the beginning of the period	$ 10,583
Additions	111
Accretion expense	367
Revisions in estimated cash flows	725
Liability for asset retirement obligations at the end of the period	$ 11,786

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)contract
Purchase commitments related to equipment
Remaining period in 2021 | $	$ 2.4
2022 | $	$ 4.8
Gathering, transportation and sales | West Texas
Purchase commitments related to equipment
Number of long-term crude oil sales contracts to which the entity is committed | contract	2
Number of long-term natural gas sales contracts to which the entity is committed | contract	12
Gathering, transportation and sales | West Texas | Minimum
Purchase commitments related to equipment
Period of commitment for production from the date of first production	1 year
Gathering, transportation and sales | West Texas | Maximum
Purchase commitments related to equipment
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	Sep. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Stockholders' equity
Common stock, par value (in dollars per share) | $ / shares		$ 0.0001	$ 0.0001
Annualized Rate Of Increase To The Strike Price Of Warrants Issued	6.75
Warrant term (in years)	3 years
Authorized shares of common stock, after amendment of certificate of incorporation		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	$ 44.36
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	$ 53.59
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	$ 67.44

STOCKHOLDERS' EQUITY - Incentiv

STOCKHOLDERS' EQUITY - Incentive Plans (Details) - USD ($)	Jun. 08, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 29, 2020
Number of Shares
Granted (in shares)				0
Restricted stock
Unrecognized compensation expense stock option		$ 500,000		$ 500,000
General and administrative
Stock-based compensation
Compensation expense recorded		$ 500,000	$ 600,000	$ 1,600,000	$ 1,800,000
Stock options
Stock-based compensation
Percentage of awards vesting on the annual anniversary date of the grant				25.00%
Vesting period				4 years
Expiration term				7 years
Weighted average remaining vesting period				1 year 6 months
2020 Incentive Plan
Stock-based compensation
Aggregate number of shares available	1,800,000
Increase in shares available for issuance	300,000
2020 Incentive Plan | Common Stock
Stock-based compensation
Aggregate number of shares available							1,500,000
Maximum number of shares that remained reserved for issuance under the Plan		500,000		500,000		200,000
2020 Incentive Plan | Stock options
Stock-based compensation
Weighted average remaining vesting period					2 years
Number of Shares
Granted (in shares)					600,000
Restricted stock
Weighted average grant date fair value of the shares granted					$ 28.32
Unrecognized compensation expense stock option			$ 1,200,000		$ 1,200,000
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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock-based compensation
Unrecognized compensation expense stock option	$ 0.5
Stock options
Stock-based compensation
Vesting period	4 years
Percentage of awards vesting on the annual anniversary date of the grant	25.00%
Expiration term	7 years
Weighted average remaining vesting period	1 year 6 months
2020 Incentive Plan | Stock options
Stock-based compensation
Unrecognized compensation expense stock option		$ 1.2
Weighted average remaining vesting period		2 years

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Stock (Details) - 2020 Incentive Plan - RSU - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Stock-based compensation
Vesting period	4 years
Percentage of awards other than options vesting on the annual anniversary date of the grant	25.00%	25.00%
Number of shares granted	0.1
Fair value of grant (in dollars per share)	$ 8
Tranche One
Stock-based compensation
Fair value of grant (in dollars per share)		$ 11.55
Minimum | Tranche One
Stock-based compensation
Fair value of grant (in dollars per share)		$ 4.36
Employee
Stock-based compensation
Number of shares granted		1
Unrecognized compensation expense other than options	$ 2,700	$ 4,900
Weighted average remaining vesting period	2 years
Fair value of grant (in dollars per share)		$ 6.13
Employee | Tranche One
Stock-based compensation
Vesting period		4 years
Number of shares granted		0.4
Employee | Tranche Two
Stock-based compensation
Number of shares granted		0.2
Compensation expense recorded	$ 0
Fair value of grant (in dollars per share)		$ 11.32
Employee | Tranche Three
Stock-based compensation
Number of shares granted		0.4
Fair value of grant (in dollars per share)		$ 6.48
Employee | Minimum | Tranche Two
Stock-based compensation
Fair value of grant (in dollars per share)		7.88
Employee | Minimum | Tranche Three
Stock-based compensation
Fair value of grant (in dollars per share)		4.05
Employee | Maximum | Tranche One
Stock-based compensation
Fair value of grant (in dollars per share)		11.89
Employee | Maximum | Tranche Two
Stock-based compensation
Fair value of grant (in dollars per share)		11.89
Employee | Maximum | Tranche Three
Stock-based compensation
Fair value of grant (in dollars per share)		$ 6.48
Non-employee director
Stock-based compensation
Weighted average remaining vesting period		2 years 8 months 12 days

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic:
Net income (loss)	$ 13,052	$ (153,125)	$ (54,252)	$ (165,950)
Weighted average basic number of common shares outstanding	16,270	16,204	16,257	16,204
Basic net income (loss) per share of common share (in dollars per share)	$ 0.80	$ (9.45)	$ (3.34)	$ (10.24)
Diluted:
Net income (loss)	$ 13,052	$ (153,125)	$ (54,252)	$ (165,950)
Weighted average basic number of common shares outstanding	16,270	16,204	16,257	16,204
Vesting of restricted stock units	158
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,400	7,800	7,700	7,600
Weighted average diluted number of common shares outstanding	16,428	16,204	16,257	16,204
Diluted net income (loss) per share of common stock (in dollars per share)	$ 0.79	$ (9.45)	$ (3.34)	$ (10.24)
Common stock equivalents excluded from computation of diluted earnings per share of common stock because of anti-dilutive effect	7,400	7,800	7,700	7,600

ADDITIONAL FINANCIAL STATEMEN_3

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts receivable:
Oil, natural gas and natural gas liquids revenues	$ 37,125	$ 22,781
Joint interest accounts	2,845	8,543
Other	192	918
Total	40,162	32,242
Prepaids and other:
Prepaids	306	892
Funds in escrow	640	1,740
Other	249	108
Total	1,195	2,740
Other assets:
Oil, natural gas and natural gas liquids revenues	1,427	1,720
Funds in escrow	1,227	581
Other	83	50
Total other assets	2,737	2,351
Accounts payable and accrued liabilities:
Trade payables	24,742	22,740
Accrued oil and natural gas capital costs	2,766	8,344
Revenues and royalties payable	23,705	16,412
Accrued interest expense	503	482
Accrued employee compensation	3,117	3,223
Accrued lease operating expenses	5,567	7,622
Other	3	105
Total	$ 60,403	$ 58,928