Battalion Oil (BATL) 10-K 7 Mar 22 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 03, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Registrant Name	Battalion Oil Corp
Entity Central Index Key	0001282648
Document Type	10-K
Document Period End Date	Dec. 31, 2021
Document Annual Report	true
Document Transition Report	false
Amendment Flag	false
Trading Symbol	BATL
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 49.9
Entity Common Stock, Shares Outstanding		16,337,030
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
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
Title of 12(b) Security	Common Stock par value $0.0001
Security Exchange Name	NYSEAMER
Entity File Number	001-35467
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	Houston, Texas

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 284,154	$ 146,775
Other	1,051	1,514
Total operating revenues	285,205	148,289
Production:
Lease operating	43,977	42,106
Workover and other	3,224	3,709
Taxes other than income	12,312	10,056
Gathering and other	60,396	56,016
Restructuring		2,580
General and administrative	16,514	18,456
Depletion, depreciation and accretion	45,408	62,053
Full cost ceiling impairment		215,145
Total operating expenses	181,831	410,121
Income (loss) from operations	103,374	(261,832)
Other income (expenses):
Net gain (loss) on derivative contracts	(125,619)	38,759
Interest expense and other	(8,018)	(6,634)
Gain (loss) on extinguishment of debt	1,946
Total other income (expenses)	(131,691)	32,125
Income (loss) before income taxes	(28,317)	(229,707)
Income tax benefit (provision)	0
Net income (loss)	$ (28,317)	$ (229,707)
Net income (loss) per share of common stock:
Basic (in dollars per share)	$ (1.74)	$ (14.18)
Diluted (in dollars per share)	$ (1.74)	$ (14.18)
Weighted average common shares outstanding:
Basic (in shares)	16,261	16,204
Diluted (in shares)	16,261	16,204
Oil
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 213,512	$ 125,985
Natural gas
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	35,248	5,818
NGLs
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 35,394	$ 14,972

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 46,864	$ 4,295
Accounts receivable, net	36,806	32,242
Assets from derivative contracts	1,383	8,559
Restricted cash	1,495
Prepaids and other	1,366	2,740
Total current assets	87,914	47,836
Oil and natural gas properties (full cost method):
Evaluated	569,886	509,274
Unevaluated	64,305	75,494
Gross oil and natural gas properties	634,191	584,768
Less - accumulated depletion	(339,776)	(295,163)
Net oil and natural gas properties	294,415	289,605
Other operating property and equipment:
Other operating property and equipment	3,467	3,535
Less - accumulated depreciation	(1,035)	(1,149)
Net other operating property and equipment	2,432	2,386
Other noncurrent assets:
Assets from derivative contracts	2,515	4,009
Operating lease right of use assets	721	310
Funds in escrow and other	2,270	2,351
Total assets	390,267	346,497
Current liabilities:
Accounts payable and accrued liabilities	62,826	58,928
Liabilities from derivative contracts	58,322	22,125
Current portion of long-term debt	85	1,720
Operating lease liabilities	369	403
Total current liabilities	121,602	83,176
Long-term debt, net	181,565	158,489
Other noncurrent liabilities:
Liabilities from derivative contracts	7,144	4,291
Asset retirement obligations	11,896	10,583
Operating lease liabilities	352
Other	4,003
Commitments and contingencies (Note 12)
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 December 31, 2021 and 2020, respectively	2	2
Additional paid-in capital	332,187	330,123
Retained earnings (accumulated deficit)	(268,484)	(240,167)
Total stockholders' equity	63,705	89,958
Total liabilities and stockholders' equity	$ 390,267	$ 346,497

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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

CONSOLIDATED STATEMENTS OF STOC

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)			(229,707)	(229,707)
Equity issuance costs		(14)		(14)
Stock-based compensation		3,029		3,029
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)			(28,317)	$ (28,317)
Long-term incentive plan vestings	96			95,994
Reduction in shares to cover individuals' tax withholding		(290)		$ (290)
Reduction in shares to cover individuals' tax withholding (in shares)	(26)
Stock-based compensation		2,354		2,354
Balances at Dec. 31, 2021	$ 2	$ 332,187	$ (268,484)	$ 63,705
Balances (in shares) at Dec. 31, 2021	16,274

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ (28,317)	$ (229,707)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion	45,408	62,053
Full cost ceiling impairment		215,145
Stock-based compensation, net	2,010	2,578
Unrealized loss (gain) on derivative contracts	47,721	6,143
Amortization of debt issuance costs	379
Reorganization items, net		(6,565)
Loss (gain) on extinguishment of debt	(1,946)
Accrued settlements on derivative contracts	7,030	170
Other expense (income)	(567)	142
Change in assets and liabilities:
Accounts receivable	(4,647)	13,513
Prepaids and other	636	4,712
Accounts payable and accrued liabilities	865	(17,987)
Net cash provided by (used in) operating activities	68,572	50,197
Cash flows from investing activities:
Oil and natural gas capital expenditures	(52,557)	(101,788)
Proceeds received from sales of oil and natural gas assets	947	29,029
Acquisition of oil and natural gas properties		(23)
Other operating property and equipment capital expenditures	(371)	(82)
Funds held in escrow and other	68	510
Net cash provided by (used in) investing activities	(51,913)	(72,354)
Cash flows from financing activities:
Proceeds from borrowings	374,000	148,209
Repayments of borrowings	(332,085)	(132,000)
Debt issuance costs	(14,220)
Equity issuance costs and other	(290)	(32)
Net cash provided by (used in) financing activities	27,405	16,177
Net increase (decrease) in cash, cash equivalents and restricted cash	44,064	(5,980)
Cash, cash equivalents and restricted cash at beginning of period	4,295	10,275
Cash, cash equivalents and restricted cash at end of period	48,359	4,295
Supplemental cash flow information:
Cash paid (received) for interest	8,485	7,577
Cash paid (refunded) for income taxes		(1,250)
Cash paid for reorganization items		6,565
Disclosure of non-cash investing and financing activities:
Asset retirement obligations	836	(592)
Accrued equity issuance costs		$ (19)
Accrued debt issuance costs	$ 379

SUMMARY OF SIGNIFICANT EVENTS A

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES	BATTALION OIL CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation Battalion Oil Corporation (Battalion or the Company) is the successor reporting company to Halcón Resources Corporation (Halcón). On January 21, 2020, Battalion filed a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to effect a change of the Company’s corporate name from Halcón Resources Corporation to Battalion Oil Corporation. Battalion is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the United States. The consolidated financial statements include the accounts of all majority-owned, controlled subsidiaries. The Company operates in one segment which focuses on oil and natural gas acquisition, production, exploration and development. Allocation of capital is made across the Company’s entire portfolio without regard to operating area. All intercompany accounts and transactions have been eliminated. The Company has evaluated events and transactions through the date of issuance of this report in conjunction with the preparation of these consolidated financial statements . 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 in 2020, as discussed further in Note 5, “Oil and Natural Gas Properties,” 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-K are not necessarily indicative of future operating results. For further information regarding the actual and potential impacts of COVID-19 on the Company, see “Risk Factors” in Item 1A of this Annual Report on Form 10-K. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, 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 consolidated financial statements. Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. Amounts in the consolidated balance sheets included in “ Cash and cash equivalents Restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 46,864 ​ $ 4,295 Restricted cash ​ ​ 1,495 ​ ​ — Total cash, cash equivalents and restricted cash ​ $ 48,359 ​ $ 4,295 ​ Restricted cash consists primarily of funds to collateralize letters of credit outstanding. 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 December 31, 2021 and 2020 allowances for doubtful accounts were approximately $0.2 million for both periods. Oil and Natural Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties as prescribed by the United States Securities and Exchange Commission (SEC). Accordingly, all costs incurred in the acquisition, exploration and development of proved and unproved oil and natural gas properties, including the costs of abandoned properties, treating equipment and gathering support facilities, dry holes, geophysical costs, and annual lease rentals are capitalized. All general and administrative corporate costs unrelated to drilling activities are expensed as incurred. Sales or other dispositions of oil and natural gas properties are accounted for as adjustments to capitalized costs, with no gain or loss recorded unless the ratio of cost to estimated proved reserves would significantly change. Depletion of evaluated oil and natural gas properties is computed on the units of production method based on estimated proved reserves. The net capitalized costs of evaluated oil and natural gas properties are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The Company reviews its unevaluated properties at the end of each quarter to determine whether the costs incurred should be transferred to the full cost pool and thereby subject to amortization. Investments in unevaluated oil and natural gas properties and exploration and development projects for which depletion expense is not currently recognized, and for which exploration or development activities are in progress, qualify for interest capitalization. The Company determines capitalized interest, when applicable, by multiplying the Company’s weighted-average borrowing cost on debt by the average amount of qualifying costs incurred that were excluded from the full cost pool; however, the amount of capitalized interest cannot exceed the amount of gross interest expense incurred in any given period. The Company’s accounting policy on the capitalization of interest establishes thresholds for the determination of a development project for the purpose of interest capitalization. Other Operating Property and Equipment Other operating property and equipment 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 The Company reviews its other operating property and equipment for impairment in accordance with ASC 360, 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. In 2021, three individual purchasers of the Company’s production, Western Refining, Inc., Sunoco Inc. and Salt Creek Midstream, LLC, each accounted for more than 10% of total sales, collectively representing 73% of its total sales for the year. In 2020, two individual purchasers of the Company’s production, Western Refining Inc. and Sunoco Inc., each accounted for more than 10% of total sales, collectively representing 57% of its total sales for the year. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. 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. 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 December 31, 2021, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Term Loan Agreement. Employee Retention Credit ​ “General and administrative” “Lease operating” Risk Management Activities The Company follows ASC 815, Derivatives and Hedging “Net gain (loss) on derivative contracts” Income Taxes The Company accounts for income taxes using the asset and liability method wherein deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company classifies all deferred tax assets and liabilities, along with any related valuation allowance, as noncurrent on the consolidated balance sheets. The Company follows ASC 740, Income Taxes The evaluation of a tax position in accordance with ASC 740 is a two-step process. The first step is a recognition process to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more likely than not recognition threshold, it is presumed that the position will be examined by the appropriate taxing authority with full knowledge of all relevant information. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit/expense to recognize in the consolidated financial statements. The tax position is measured at the largest amount of benefit/expense that is more likely than not of being realized upon ultimate settlement. The Company has no liability for unrecognized tax benefits as of December 31, 2021 and 2020. Accordingly, there is no amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate and there is no amount of interest or penalties currently recognized in the consolidated statements of operations or consolidated balance sheets as of December 31, 2021 and 2020. In addition, the Company does not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The Company includes interest and penalties relating to uncertain tax positions within “Interest expense and other” “Income Taxes,” Generally, the Company’s income tax years 2018 through 2021 remain open for federal purposes and are subject to examination by federal tax authorities. The Company’s income tax returns are also subject to audit by the tax authorities in Louisiana, Mississippi, North Dakota, Oklahoma, Texas, Pennsylvania, Ohio and certain other state taxing jurisdictions where the Company has, or previously had, operations. In certain jurisdictions the Company operates through more than one legal entity, each of which may have different open years subject to examination. The open years for state purposes can vary from the normal three year statue expiration period for federal purposes. Tax audits may be ongoing at any point in time. Tax liabilities are recorded based on estimates of additional taxes which may be due upon the conclusion of these audits. Estimates of these tax liabilities are made based upon prior experience and are updated for changes in facts and circumstances. However, due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in liabilities which could be materially different from these estimates. Asset Retirement Obligations ASC 410, Asset Retirement and Environmental Obligations 401(k) Plan The Company sponsors a 401(k) tax deferred savings plan, whereby the Company matches a portion of employees’ contributions in cash. Participation in the plan is voluntary and all employees of the Company who are 18 years of age are eligible to participate. The Company provided matching contributions of $0.8 million for each of the years ended December 31, 2021 and 2020. The Company matches employee contributions dollar-for-dollar on the first 10% of an employee’s pre-tax earnings, subject to individual IRS limitations. Restructuring During 2020, the Company incurred approximately $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 reduce future 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 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 (ASU 2019-12) as part of their simplification initiative. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. The Company adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s operating results, financial position or disclosures

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	2. LEASES The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of an identified asset for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset, and (2) the customer has the right to control the use of the identified asset. The Company leases equipment and office space pursuant to net operating leases. Operating leases where the Company is the lessee are included in “Operating lease right of use assets” “Operating lease liabilities” unpaid lease payments at the lease commencement date. The Company has no leases that meet the criteria for classification as a finance lease. Key estimates and judgments include how the Company determined (1) the discount rate used to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. ASC 842, Leases The right of use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For the Company’s operating leases, the right of use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments, when applicable, are presented as “Gathering and other,” “Restructuring” “General and administrative” The Company has lease agreements which include lease and nonlease components and the Company has elected to combine lease and nonlease components, when fixed, for all lease contracts. Nonlease components include common area maintenance charges on office leases and, when applicable, services associated with equipment leases. The Company determines whether the lease or nonlease component is the predominant component on a case-by-case basis. The Company reviews its right of use assets for impairment in accordance with ASC 360. ASC 360 requires the Company to evaluate right of use assets for impairment as events occur or circumstances change that would more likely than not reduce the fair value below the carrying amount. If the carrying amount is not recoverable from its undiscounted cash flows, then the Company would recognize an impairment loss for the difference between the carrying amount and the current fair value. The Company monitors for events or changes in circumstances that would require a reassessment of a lease. When a reassessment results in the remeasurement of a lease liability, an adjustment is made to the carrying amount of the corresponding right of use asset unless doing so would reduce the carrying amount of the right of use asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative right of use asset balance is recorded in the consolidated statements of operations. The Company elected not to recognize right of use assets and lease liabilities for all short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases when incurred. Variable lease payments associated with these leases are recognized and presented in the same manner as for all other leases. The “Operating lease right of use assets” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 2020 Lease cost ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 444 ​ $ 1,986 ​ Short-term lease costs ​ ​ 3,152 ​ ​ 16,650 ​ Variable lease costs ​ ​ 375 ​ ​ 913 ​ Total lease costs ​ $ 3,971 ​ $ 19,549 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 537 ​ $ 2,350 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 841 ​ ​ — ​ Weighted-average remaining lease term - operating leases ​ ​ 1.9 years ​ 0.5 years Weighted-average discount rate - operating leases ​ ​ 4.29 % ​ 3.70 % As described in Note 1, “Summary of Significant Events and Accounting Policies ” “Restructuring” Future minimum lease payments associated with the Company’s non-cancellable operating leases for office space and equipment as of December 31, 2021, are presented in the table below (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2021 2022 ​ $ 391 2023 ​ ​ 359 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — Thereafter ​ ​ — Total operating lease payments ​ ​ 750 Less: discount to present value ​ ​ 29 Total operating lease liabilities ​ ​ 721 Less: current operating lease liabilities ​ ​ 369 Noncurrent operating lease liabilities ​ $ 352 ​ Practical Expedients ​ The Company elected the following practical expedients for transition to, and ongoing accounting under, ASC 842: (i) the Company does not separate lease and non-lease components of a contract, (ii) the Company does not reassess whether expired or existing contracts contain leases, nor does it reassess the lease classification for expired or existing leases and does not reassess whether previously capitalized initial direct costs would qualify for capitalization under ASC 842, (iii) the Company applies a single discount rate to a portfolio of leases with reasonably similar characteristics and (iv) the Company does not assess whether existing or expired land easements that were previously accounted for as leases are or contain a lease under ASC 842.

OPERATING REVENUES

OPERATING REVENUES	12 Months Ended
	Dec. 31, 2021
OPERATING REVENUES
OPERATING REVENUES	3. OPERATING REVENUES Revenue Recognition 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 $35.1 million and $24.5 million as of December 31, 2021 and 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Operating revenues: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids sales: ​ ​ ​ ​ ​ ​ Oil ​ $ 213,512 ​ $ 125,985 Natural gas ​ ​ 35,248 ​ ​ 5,818 Natural gas liquids ​ ​ 35,394 ​ ​ 14,972 Total oil, natural gas and natural gas liquids sales ​ ​ 284,154 ​ ​ 146,775 Other ​ ​ 1,051 ​ ​ 1,514 Total operating revenues ​ $ 285,205 ​ $ 148,289 ​ 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” Settlement statements for the Company’s natural gas and natural gas liquids production are typically received 30 days after the date of production and therefore the Company estimates the amount of production delivered to the customer and the price that will be received for that production. The majority of the Company’s natural gas and natural gas liquids prices are based on daily average pricing for the month. Historically, differences between the Company’s estimates and the actual revenue received have not been material. Payment under the Company’s natural gas gathering and processing contracts is typically due on or before the fifth day of the second month following the delivery month. ​ Practical Expedients The Company does not disclose the transaction price of unsatisfied performance obligations for i) contracts with an original expected duration of one year or less and ii) contracts where variable consideration is allocated entirely to a wholly unsatisfied performance obligation (each unit of product typically represents a separate performance obligation, and therefore, future volumes under the Company’s long-term contracts are wholly unsatisfied).

DIVESTITURES

DIVESTITURES	12 Months Ended
	Dec. 31, 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 then outstanding under the Company’s Senior Credit Agreement and for general corporate purposes.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	12 Months Ended
	Dec. 31, 2021
OIL AND NATURAL GAS PROPERTIES
OIL AND NATURAL GAS PROPERTIES	5. OIL AND NATURAL GAS PROPERTIES Oil and natural gas properties as of December 31, 2021 and 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Subject to depletion ​ $ 569,886 ​ $ 509,274 Not subject to depletion: ​ ​ ​ ​ ​ ​ Exploration and extension wells in progress ​ ​ — ​ ​ — Other capital costs: ​ ​ ​ ​ ​ Incurred in 2021 ​ ​ 1,427 ​ ​ — Incurred in 2020 ​ ​ 983 ​ ​ 983 Incurred in 2019 (1) ​ ​ 61,895 ​ ​ 74,511 Incurred in 2018 and prior ​ ​ — ​ ​ — Total not subject to depletion ​ ​ 64,305 ​ ​ 75,494 Gross oil and natural gas properties ​ ​ 634,191 ​ ​ 584,768 Less accumulated depletion ​ ​ (339,776) ​ ​ (295,163) Net oil and natural gas properties ​ $ 294,415 ​ $ 289,605 (1) In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value. 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. Depletion for oil and natural gas properties is calculated using the unit of production method, which depletes the capitalized costs of evaluated properties plus future development costs based on the ratio of production for the current period to total reserve volumes of evaluated properties as of the beginning of the period. Depletion expense was $44.6 million and $60.5 million for the year ended December 31, 2021 and 2020, respectively. Depletion expense is recorded in “Depletion, depreciation and accretion” 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. For the three months ended September 30, 2020, the Company transferred approximately $23.6 million of unevaluated property costs to the full cost pool. These transfers of unevaluated property to the full cost pool in 2020 were the result of the Company’s intent to focus available capital on Monument Draw. The ceiling test value of the Company’s reserves was calculated based on the following prices: ​ ​ ​ ​ ​ ​ ​ ​ ​ West Texas Intermediate (per barrel) (1) Henry Hub (per MMBtu) (1) December 31, 2021 ​ $ 66.55 ​ $ 3.60 December 31, 2020 ​ ​ 39.54 ​ ​ 1.99 (1) Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees, and regional price differentials. Full cost ceiling test impairments are recorded in “Full cost ceiling impairment” “Accumulated depletion” Changes in commodity prices, production rates, levels of reserves, future development costs, transfers of unevaluated properties to the full cost pool, capital spending, and other factors will determine the Company’s ceiling test calculation and impairment analyses in future periods.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
DEBT
DEBT	6. DEBT As of December 31, 2021 and 2020, the Company’s debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Term loan credit facility (1) ​ $ 181,565 ​ $ — Senior revolving credit facility ​ ​ — ​ ​ 158,000 Paycheck Protection Program loan ​ ​ 85 ​ ​ 2,209 Total debt, net ​ ​ 181,650 ​ ​ 160,209 Current portion of Paycheck Protection Program loan ​ ​ 85 ​ ​ 1,720 Total long-term debt, net ​ $ 181,565 ​ $ 158,489 (1) Amount is net of $ 14.2 million unamortized debt issuance costs at December 31, 2021. Amount also excludes $4.2 million allocated to the change of control call option embedded derivative. Refer to “Term Loan Credit Facility” below for further details . Term Loan Credit Facility ​ Limited, as administrative agent, and certain other financial institutions party thereto, as lenders. The Term Loan Agreement amends and restates in its entirety the Senior Credit Agreement as discussed below. Pursuant to the Term Loan Agreement, the lenders have agreed to loan the Company (i) $200.0 million, which was funded on November 24, 2021 and was partially used to refinance all amounts owed under the Senior Credit Agreement; (ii) up to $20.0 million, available to be drawn up to 18 months from November 24, 2021, subject to the satisfaction of certain conditions; and (iii) up to $15.0 million, which amount will be available to be drawn from the date certain wells included in the approved plan of development (APOD) are deemed producing APOD wells until up to 18 months after November 24, 2021, subject to the satisfaction of certain conditions. An additional $5.0 million is available for the issuance of letters of credit. The maturity date of the Term Loan Agreement is November 24, 2025. Until such maturity date, borrowings under the Term Loan Agreement shall bear interest at a rate per annum equal to LIBOR (or another applicable reference rate, as determined pursuant to the provisions of the Term Loan Agreement) plus an applicable margin of 7.00%. ​ ​ ​ ​ ​ ​ Period ​ ​ Premium Months 0 - 12 ​ ​ Make-whole amount equal to 12 months of interest plus 2.00% Months 13 - 24 ​ ​ 2.00% Months 25 - 36 ​ ​ 1.00% Months 37 - 48 ​ ​ 0.00% ​ ​ The Company is required to make scheduled amortization payments in the aggregate amount of $120.0 million from the fiscal quarter ending March 31, 2023 through the fiscal quarter ending September 30, 2025. Amounts outstanding under the Term Loan Agreement are guaranteed by certain of the Borrower’s direct and indirect subsidiaries and secured by a security interest in substantially all of the assets of the Borrower and such direct and indirect subsidiaries, and of the equity interests of the Borrower held by the Company. As part of the Term Loan Agreement there are certain restrictions on the transfer of assets, including cash, to Battalion from the guarantor subsidiaries. ​ ​ ​ ​ At December 31, 2021, the Company had $200.0 million indebtedness outstanding, approximately $0.3 million letters of credit outstanding and $35.0 million in delayed draw term loans available to be drawn under the Term Loan Agreement, subject to the satisfaction of certain conditions defined in the agreement. ​ Derivatives and Hedging “Other noncurrent liabilities.” “Interest expense and other” Fair Value Measurements ​ 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, which refinanced the Company’s debtor-in-possession junior secured term credit facility and its Predecessor senior secured revolving credit facility. The Senior Credit Agreement provided for a $750.0 million senior secured reserve-based revolving credit facility. A portion of the Senior Credit Agreement, in the amount of $25.0 million, was available for the issuance of letters of credit. The maturity date of the Senior Credit Agreement was October 8, 2024. The borrowing base was redetermined semi-annually, with the lenders and the Company each having the right to one interim unscheduled redetermination between any two consecutive semi-annual redeterminations. The borrowing base took 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 bore interest at specified margins over the base rate of 1.50% to 2.50% for ABR-based loans or at specified margins over LIBOR of 2.50% to 3.50% for Eurodollar-based loans. These margins fluctuated based on the Company’s utilization of the facility. The Senior Credit Agreement was amended and restated by the Term Loan Agreement. Borrowings outstanding under the Senior Credit Agreement were repaid with proceeds from the Term Loan Agreement and the resulting charge of $0.1 million was recorded in “Gain (loss) on extinguishment of debt” 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) provided 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. of the proved developed producing reserves, respectively, during each fiscal year. Paycheck Protection Program Loan On April 16, 2020, the Company entered into a promissory note (the PPP Loan) for a principal amount of approximately $2.2 million from Bank of Montreal under the Paycheck Protection Program of the CARES Act, which is administered by the U.S. Small Business Administration (SBA). Pursuant to the terms of the CARES Act, the proceeds of the PPP Loan may be used for payroll costs, mortgage interest, rent or utility costs. The PPP Loan bears interest at a rate of 1.0% per annum and has a maturity date of April 16, 2022. As long as the Company made a timely application of forgiveness to the SBA, the Company was not required to make any payments under the PPP Loan until the forgiveness amount was communicated to the Company by the SBA. The Company applied for forgiveness of the amount due on the PPP Loan based on the use of the loan proceeds on eligible expenses in accordance with the terms of the CARES Act. Effective August 13, 2021, the principal amount of the Company’s PPP Loan was reduced to approximately $0.2 million by the SBA and the Company recorded a gain on the extinguishment of the forgiven portion of the PPP Loan and related accrued interest of $2.1 million. The gain is presented in “Gain (loss) on extinguishment of debt” in the consolidated statements of operations for the year ended December 31, 2021. Debt Maturities Aggregate maturities required on debt at December 31, 2021 due in future years are as follows (in thousands): ​ ​ ​ ​ ​ 2022 $ 85 2023 ​ ​ 35,000 2024 ​ ​ 50,000 2025 ​ ​ 115,000 2026 ​ ​ — Thereafter ​ ​ — Total ​ $ 200,085 ​ Debt Issuance Costs The Company capitalizes certain direct costs associated with the issuance of debt and amortizes such costs over the lives of the respective debt. During the year ended December 31, 2021, the Company capitalized approximately $14.6 million of debt issuance costs related to the Term Loan Agreement. ​ At December 31, 2021, the Company had $14.2 million of unamortized debt issuance costs.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from derivative contracts ​ $ — ​ $ 3,898 ​ $ — ​ $ 3,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from derivative contracts ​ $ — ​ $ 65,466 ​ $ — ​ $ 65,466 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, puts, calls, basis swaps and WTI NYMEX rolls that are carried at fair value. The Company records the net change in the fair value of these positions in “Net gain (loss) on derivative contracts” “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. As discussed in Note 6, “Debt,” “Other noncurrent liabilities.” The valuation of the Change of Control Call Option includes significant inputs such as the timing and probability of discrete potential exit scenarios, forward LIBOR curves, and discount rates based on implied and market yields. The following table sets forth a reconciliation of the changes in fair value of the Change of Control Call Option classified as Level 3 in the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ Change of Control ​ ​ Call Option Balance at November 24, 2021 ​ $ 4,216 Change in fair value ​ ​ (213) Balance at December 31, 2021 ​ $ 4,003 ​ The estimated fair value of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximates their carrying value due to their short- term nature. The estimated fair value of the Company’s Term Loan Agreement and 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	12 Months Ended
	Dec. 31, 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 and the requirements under the Term Loan Agreement, it generally hedges a substantial, but varying, portion of anticipated oil and natural gas production for future periods. Derivatives are carried at fair value on the consolidated balance sheets as assets or liabilities, with the changes in the fair value included in the consolidated statements of operations for the period in which the change occurs. The Company’s hedge policies and objectives may change significantly as its operational profile changes. 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 December 31, 2021, the Company did not post collateral under any of its derivative contracts as they are secured under the Company’s Term Loan Agreement. The Company’s crude oil and natural gas 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 consolidated balance sheets as assets or liabilities. The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts under ​ ​ ​ Asset derivative contracts ​ ​ ​ Liability derivative contracts ASC 815 Balance sheet location December 31, 2021 December 31, 2020 Balance sheet location December 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ Current assets - assets from derivative contracts ​ $ 1,383 ​ $ 8,559 ​ Current liabilities - liabilities from derivative contracts ​ $ (58,322) ​ $ (22,125) Commodity contracts ​ Other noncurrent assets - assets from derivative contracts ​ ​ 2,515 ​ ​ 4,009 ​ Other noncurrent liabilities - liabilities from derivative contracts ​ ​ (7,144) ​ ​ (4,291) Total derivatives not designated as hedging contracts under ASC 815 ​ $ 3,898 ​ $ 12,568 ​ ​ ​ $ (65,466) ​ $ (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 consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain or (loss) recognized in ​ ​ ​ ​ income on derivative contracts for the ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain or (loss) ​ ​ ​ ​ as hedging contracts ​ recognized in income ​ Years Ended December 31, under ASC 815 on derivative contracts 2021 2020 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ $ (47,721) ​ $ (6,143) Realized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ ​ (77,898) ​ ​ 44,902 Total net gain (loss) on derivative contracts ​ $ (125,619) ​ $ 38,759 ​ During the year ended December 31, 2020, the Company terminated certain derivative contracts in advance of their natural expiration dates and received net proceeds of approximately $22.9 million, which were recorded in “Net gain (loss) on derivative contracts” ​ At December 31, 2021, the Company had the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ ​ 2026 Crude oil fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 2,504,249 ​ ​ 1,937,165 ​ ​ 1,388,920 ​ ​ 988,260 ​ ​ 29,810 Weighted average price ​ $ 50.19 ​ $ 65.35 ​ $ 60.67 ​ $ 59.59 ​ $ 59.61 Crude oil basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 2,278,848 ​ ​ 1,937,165 ​ ​ 1,388,920 ​ ​ 988,260 ​ ​ 29,810 Weighted average price ​ $ 0.47 ​ $ 0.25 ​ $ 0.23 ​ $ 0.16 ​ $ 0.10 Crude oil WTI NYMEX roll: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 2,286,598 ​ ​ 1,937,165 ​ ​ 1,388,920 ​ ​ 988,260 ​ ​ 29,810 Weighted average price ​ $ 0.01 ​ $ 0.50 ​ $ 0.27 ​ $ 0.10 ​ $ - Natural gas fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 3,277,420 ​ ​ 3,622,200 ​ ​ 2,428,150 ​ ​ 2,250,650 ​ ​ ​ Weighted average price ​ $ 3.60 ​ $ 3.34 ​ $ 3.05 ​ $ 2.95 ​ ​ ​ Natural gas producer two-way collar: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 2,963,124 ​ ​ 1,389,500 ​ ​ 1,078,000 ​ ​ 315,000 ​ ​ ​ Weighted average price (call) ​ $ 3.07 ​ $ 5.05 ​ $ 4.58 ​ $ 3.88 ​ ​ ​ Weighted average price (put) ​ $ 2.66 ​ $ 3.41 ​ $ 3.00 ​ $ 3.00 ​ ​ ​ Natural gas basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 6,240,544 ​ ​ 5,011,700 ​ ​ 3,506,150 ​ ​ 2,565,650 ​ ​ ​ Weighted average price ​ $ (0.36) ​ $ (0.58) ​ $ (0.59) ​ $ (0.50) ​ ​ ​ ​ The Company presents the fair value of its derivative contracts at the gross amounts in the consolidated balance sheets. The following table shows the potential effects of master netting arrangements on the fair value of the Company’s derivative contracts at December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets ​ Derivative Liabilities Offsetting of Derivative Assets and Liabilities December 31, 2021 ​ December 31, 2020 December 31, 2021 December 31, 2020 Gross amounts presented in the consolidated balance sheet ​ $ 3,898 ​ $ 12,568 ​ $ (65,466) ​ $ (26,416) Amounts not offset in the consolidated balance sheet ​ ​ (3,898) ​ ​ (8,968) ​ ​ 3,898 ​ ​ 8,968 Net amount ​ $ — ​ $ 3,600 ​ $ (61,568) ​ $ (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	12 Months Ended
	Dec. 31, 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 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 (inclusive of the current portion) (in thousands): ​ ​ ​ ​ ​ Liability for asset retirement obligations as of December 31, 2019 ​ $ 10,590 Liabilities settled and divested (1) ​ ​ (1,132) Additions ​ ​ 488 Accretion expense ​ ​ 585 Revisions in estimated cash flows ​ ​ 52 Liability for asset retirement obligations as of December 31, 2020 ​ $ 10,583 Additions ​ ​ 111 Accretion expense ​ ​ 477 Revisions in estimated cash flows ​ ​ 725 Liability for asset retirement obligations as of December 31, 2021 ​ $ 11,896 (1) See Note 4, “Divestitures,” for additional information on the Company’s divestiture activities.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Commitments As of December 31, 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 $4.8 million. As of December 31, 2021, the Company has an active drilling rig commitment of approximately $2.6 million that will be incurred in 2022. Termination of the active drilling rig commitment would require an early termination penalty of $0.6 million, which would be in lieu of paying the active drilling rig commitment of $2.6 million. 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 December 31, 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 In addition to the matters described below, from time to time, the Company may be a plaintiff or defendant in a pending or threatened legal proceeding arising in the normal course of its business. While the outcome and impact of currently pending legal proceedings cannot be determined, the Company’s management and legal counsel believe that the resolution of these proceedings through settlement or adverse judgment will not have a material effect on the Company’s consolidated operating results, financial position or cash flows. Surface owners of properties in Louisiana, where the Company formerly operated, often file lawsuits or assert claims against oil and gas companies claiming that operators and working interest owners are liable for environmental damages arising from operations conducted on the leased properties. These damages are frequently measured by the cost to restore the leased properties to their original condition. Currently and in the past, the Company has been party to such matters in Louisiana. With regard to pending matters, the overall exposure is not currently determinable. The Company intends to vigorously oppose these claims. On February 26, 2019, a subsidiary of the Company was ordered to pay $9.1 million in a judgment entered by The Court of Common Pleas of Mercer County, Pennsylvania in a litigation matter captioned Vodenichar, et al., v. Halcón Energy Properties, Inc. et al., No. 2013-0512, arising from a dispute over whether the subsidiary complied with the terms of a letter of intent related to the leasing of acreage. The Court of Common Pleas of Mercer County, Pennsylvania marked the judgment as satisfied on February 3, 2020 and the Company considers this contingency resolved.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Common Stock On October 8, 2019, upon emergence from chapter 11 bankruptcy, the Successor Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State to provide for, among other things, (i) the total number of shares of all classes of capital stock that the Successor Company has the authority to issue is 101,000,000 of which 100,000,000 shares are common stock, par value $0.0001 per share and 1,000,000 shares are preferred stock, par value $0.0001 per share and (ii) a restriction on the Successor Company from issuing any non-voting equity securities in violation of Section 1123(a)(6) of chapter 11 of title 11 of the United States Code. In addition, pursuant to the Company’s certificate of incorporation, effective at the 2021 annual meeting of stockholders, the board ceased to be divided into two classes, and the provision for the right of removal of any directors designated as a Group II director by an increased voting threshold from a majority to 85% of the shares then entitled to vote at an election of directors shares expired. 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, and the holders thereof, the Warrant Holders), 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 December 31, 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 $44.95, $54.34 and $68.42 , respectively. ​ The Warrants do not grant the Warrant Holder any voting or control rights or dividend rights, or contain any negative covenants restricting the operation of the Company’s business. ​ Incentive Plans On January 29, 2020, the Company’s board of directors adopted the 2020 Long-Term Incentive Plan (the Plan) with an effective date of January 1, 2020 in which an aggregate of approximately 1.5 million shares of the Company’s common stock were available for grant pursuant to awards under the Plan. On June 8, 2021, Amendment No. 1 to the Plan to increase, by 0.3 million shares, the maximum number of shares of common stock that may be issued thereunder, i.e., a maximum of approximately 1.8 million shares, became effective. As of December 31, 2021 and 2020, a maximum of 0.5 million and 0.2 million shares, respectively, of the Company’s common stock remained reserved for issuance under the Plan. The Company accounts for stock-based payment accruals under authoritative guidance on stock compensation. The guidance requires all stock-based payments to employees and directors, including grants of stock options and restricted stock, to be recognized in the financial statements based on their fair values. The Company has elected not to apply a forfeiture estimate and will recognize a credit in compensation expense to the extent awards are forfeited. For the years ended December 31, 2021 and 2020, the Company recognized $2.0 million and $2.6 million, respectively, related to stock-based compensation 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 year ended December 31, 2021. At December 31, 2021, the Company had $0.4 million of unrecognized compensation expense related to non-vested stock-options to be recognized over a weighted-average period of 1.2 years. The aggregate grant date fair value of options granted during the year ended December 31, 2020 was $1.9 million. At December 31, 2020, the Company had $0.9 million of unrecognized compensation expense related to non-vested stock-options to be recognized over a weighted-average period of 1.7 years. The following table sets forth the stock option transactions for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Weighted Average Exercise Price Per Share Aggregate Intrinsic Value (1) (In thousands) Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2019 ​ — ​ $ — ​ $ — ​ — Granted ​ 557,844 ​ ​ 28.32 ​ ​ ​ ​ ​ Exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Forfeited ​ (79,692) ​ ​ 28.32 ​ ​ ​ ​ ​ Outstanding at December 31, 2020 ​ 478,152 ​ ​ 28.32 ​ $ — ​ 6.2 Granted ​ — ​ ​ — ​ ​ ​ ​ ​ Exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 478,152 ​ $ 28.32 ​ $ — ​ 5.2 (1) The period end intrinsic value of stock options was calculated as the amount by which the closing market price on December 31, 2021 and 2020 of the underlying stock exceeded the exercise price of the option. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable (1) ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Weighted Average ​ Remaining ​ ​ ​ Weighted Average ​ Aggregate ​ Remaining Range of Grant ​ ​ ​ Exercise Price ​ Contractual Life ​ ​ ​ Exercise Price ​ Intrinsic ​ Contractual Life Prices Per Share Number per Share (Years ) Number per Share Value (Years ) $ 18.91 ​ 159,384 ​ $ 18.91 ​ 5.2 ​ — ​ $ — ​ $ — ​ — ​ 28.23 ​ 159,384 ​ ​ 28.23 ​ 5.2 ​ — ​ ​ — ​ ​ — ​ — ​ 37.83 ​ 159,384 ​ ​ 37.83 ​ 5.2 ​ — ​ ​ — ​ ​ — ​ — (1) At December 31, 2021, none of the Company’s stock options were exercisable due to service performance conditions or options exercise prices above current market value of the underlying stock. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 Weighted average value per option granted during the period ​ $ 3.36 ​ Assumptions: ​ ​ ​ ​ Stock price volatility (1) ​ ​ 61.87 % Risk free rate of return ​ ​ 1.21 % Expected term ​ ​ 4.75 years (1) Due to the Company’s limited historical data, expected volatility was estimated using volatilities of similar entities whose share or option prices and assumptions were publicly available. ​ 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 year ended December 31, 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. The aggregate grant date fair value of these RSUs was $0.1 million. At December 31, 2021, the Company had $2.2 million of unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted average period of 1.8 years. During the year ended December 31, 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 December 31, 2020, the Company had $4.1 million of unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted-average period of 2.5 years. ● 0.4 million RSUs granted will vest over four years at a rate one -fourth on the annual anniversary of date of the grant. The aggregate grant date fair value of these RSUs was $5.0 million. ● 0.2 million RSUs granted will vest in full only upon achievement of certain business combination goals, as defined in the awards agreements. The aggregate grant date fair value of these RSUs was $2.1 million. As of December 31, 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 awards agreements over the performance period ending on February 20, 2024. The aggregate grant date fair value of these RSUs was $2.3 million. The following table sets forth the restricted stock transactions for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value (1) (In thousands) Unvested outstanding shares at December 31, 2019 ​ — ​ $ — ​ $ — Granted ​ 987,590 ​ ​ 9.46 ​ ​ ​ Vested ​ — ​ ​ — ​ ​ ​ Forfeited ​ (113,456) ​ ​ 9.36 ​ ​ ​ Unvested outstanding shares at December 31, 2020 ​ 874,134 ​ $ 9.48 ​ $ 3,287 Granted ​ 12,000 ​ ​ 8.00 ​ ​ ​ Vested ​ (95,994) ​ ​ 11.51 ​ ​ ​ Forfeited ​ (14,625) ​ ​ 11.89 ​ ​ ​ Unvested outstanding shares at December 31, 2021 ​ 775,515 ​ $ 9.16 ​ $ 2,914 (1) The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2021 and 2020 of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.1 million for the year ended December 31, 2021. The assumptions used in calculating the Monte Carlo valuation model fair value of the Company’s RSUs with performance based vesting conditions for the year ended December 31, 2020 are set forth in the following table: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, 2020 ​ Weighted average value per performance based RSUs granted during the period ​ $ 6.13 ​ Assumptions: ​ ​ ​ ​ Stock price volatility (1) ​ ​ 51.79 % Risk free rate of return ​ ​ 1.22 % Expected term ​ ​ 3.9 years (1) Due to the Company’s limited historical data, expected volatility was estimated using volatilities of peer entities as defined in the award agreements whose share prices and assumptions were publicly available.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	12. INCOME TAXES Income tax benefit (provision) for the indicated periods is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Current: ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — State ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ — ​ ​ — State ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — Total income tax benefit (provision) ​ $ — ​ $ — ​ The actual income tax benefit (provision) differs from the expected income tax benefit (provision) as computed by applying the United States federal corporate income tax rate of 21% for the periods indicated below, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Expected tax benefit (provision) ​ $ 5,947 ​ $ 48,238 Change in valuation allowance and related items ​ ​ 57,845 ​ ​ (10,849) Attribute reduction ​ ​ (64,024) ​ ​ (37,985) Permanent adjustments ​ ​ 404 ​ ​ 577 Employee retention credit ​ ​ (153) ​ ​ — Other ​ ​ (19) ​ ​ 19 Total income tax benefit (provision) ​ $ — ​ $ — ​ The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Deferred noncurrent income tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carry-forwards ​ $ 135,454 ​ $ 94,742 Built in loss adjustment Section 382 ​ ​ 693 ​ ​ 98,416 Capital loss carryforward ​ ​ 114,725 ​ ​ 74,848 Stock-based compensation expense ​ ​ 1,870 ​ ​ 1,448 Asset retirement obligations ​ ​ 2,447 ​ ​ 2,347 Book-tax differences in property basis ​ ​ 148,008 ​ ​ 199,170 Unrealized hedging transactions ​ ​ 12,929 ​ ​ 2,908 Disallowed interest Section 163(j) ​ ​ 15,230 ​ ​ 13,579 Basis difference in debt ​ ​ — ​ ​ 1,687 Change of Control Call Option Embedded Derivative ​ ​ 841 ​ ​ — Operating lease liability ​ ​ 151 ​ ​ 85 Other ​ ​ 382 ​ ​ 374 Gross deferred noncurrent income tax assets ​ ​ 432,730 ​ ​ 489,604 Valuation allowance ​ ​ (431,694) ​ ​ (489,539) Deferred noncurrent income tax assets ​ $ 1,036 ​ $ 65 ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities: ​ ​ ​ ​ ​ ​ Basis difference in debt ​ $ (885) ​ $ — Lease right of use ​ ​ (151) ​ ​ (65) Deferred noncurrent income tax liabilities ​ $ (1,036) ​ $ (65) Net noncurrent deferred income tax assets (liabilities) ​ $ — ​ $ — ​ The amount of U.S. consolidated Net Operating Losses (NOLs) available as of December 31, 2021 after attribute reduction is estimated to be approximately $1.1 billion, but the amount after attribute reduction and the Section 382 limitation is $644.8 million. Of this amount, $105.6 million is subject to the 20 year carryforward period and will expire in 2037. The remaining $539.2 million may be carried forward indefinitely but is in part subject to a Section 382 limitation. The Company assesses the recoverability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company considers all available evidence (both positive and negative) in determining whether a valuation allowance is required. The Company evaluated possible sources of taxable income that may be available to realize the benefit of deferred tax assets, including projected future taxable income, the reversal of existing temporary differences, taxable income in carryback years and available tax planning strategies in making this assessment. As a result of the Company’s analysis, it was concluded that as of December 31, 2021, a valuation allowance should continue to be applied against the Company’s net deferred tax asset. The Company recorded a valuation allowance as of December 31, 2021 of $431.7 million, a decrease of $57.8 million from December 31, 2020. The Company will continue to monitor facts and circumstances in the reassessment of the likelihood that operating loss carryforwards, credits and other deferred tax assets will be utilized. The Company emerged from Chapter 11 Bankruptcy on October 8, 2019. Under the plan of reorganization, a substantial portion of the Company’s pre-petition debt securities were extinguished. Absent an exception, a debtor recognizes cancellation of indebtedness income (CODI) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The IRC provides that a debtor in bankruptcy may exclude CODI from taxable income but must first reduce its tax attributes by the amount any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is the adjusted issue price of any indebtedness discharged less the sum of (i) the amount of cash paid, (ii) the issue price of any new indebtedness issued and (iii) the fair market value of any other consideration, including equity, issued. As a result of the market value of equity upon emergence from chapter 11 bankruptcy proceedings, U.S. CODI was approximately $524.8 million, which reduced the value of the Company’s net operating losses and capital losses on January 1, 2020. The deferred tax balances disclosed above reflect the estimated impact of the attribute reduction on January 1, 2020. ​ IRC Section 382 provides an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against future U.S. taxable income in the event of a change in ownership. The Company's emergence from chapter 11 bankruptcy proceedings is considered a change in ownership for purposes of IRC Section 382. The limitation under the IRC is based on the value of the corporation as of the emergence date. The ownership changes and resulting annual limitation resulted in the expiration of approximately $454.2 million of net operating losses generated prior to the emergence date. The expiration of these tax attributes was fully offset by a corresponding decrease in the Company's U.S. valuation allowance, which results in no net tax provision. ASC 740, Income Taxes unrecognized tax benefits for the year ended December 31, 2021 and 2020. Generally, the Company’s income tax years 2018 through 2021 remain open for federal purposes and are subject to examination by Federal tax authorities. The Company's income tax returns are also subject to audit by the tax authorities in Louisiana, Mississippi, North Dakota, Oklahoma, Texas, Pennsylvania, Ohio and certain other state taxing jurisdictions where the Company has, or previously had, operations. In certain jurisdictions the Company operates through more than one legal entity, each of which may have different open years subject to examination. The open years for state purposes can vary from the normal three year statue expiration period for federal purposes. The Company recognizes interest and penalties accrued to unrecognized benefits in “Interest expense and other” ​ During 2020, the CARES Act and the Consolidated Appropriations Act of 2021 (the CAA) were signed into law. The CARES Act provides relief to corporate taxpayers by permitting a five-year carryback of 2018 to 2020 NOLs, removing the 80% limitation on the utilization of those NOLs, increasing the Section 163(j) 30% limitation on interest expense deductibility to 50% of adjusted taxable income for 2019 and 2020, and accelerates refunds for minimum tax credit carryforwards, as well as other provisions. The CAA extends various expiring tax provisions, clarifies that debt forgiven under the Paycheck Protection Program (PPP) is not included in gross income, clarifies that certain business expenses paid with forgiven PPP funds are tax deductible, as well as other tax provisions. Both the CARES Act and CAA did not have a material impact to the Company’s consolidated financial statements and related disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	13. EARNINGS PER SHARE The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Basic: ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ (28,317) ​ $ (229,707) Weighted average basic number of common shares outstanding ​ ​ 16,261 ​ ​ 16,204 Basic net income (loss) per common share ​ $ (1.74) ​ $ (14.18) ​ ​ ​ ​ ​ ​ ​ Diluted: ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ (28,317) ​ $ (229,707) Weighted average basic number of common shares outstanding ​ ​ 16,261 ​ ​ 16,204 Common stock equivalent shares representing shares issuable upon: ​ ​ ​ ​ ​ ​ Exercise of Series A Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series B Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series C Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of stock options ​ ​ Anti-dilutive ​ ​ Anti-dilutive Vesting of restricted stock units ​ ​ Anti-dilutive ​ ​ Anti-dilutive Weighted average diluted number of common shares outstanding ​ ​ 16,261 ​ ​ 16,204 Diluted net income (loss) per common share ​ $ (1.74) ​ $ (14.18) ​ Common stock equivalents, including warrants, stock options and restricted stock units, if considered issuable, totaling 7.7 million for the year ended December 31, 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 loss. Common stock equivalents, including warrants, stock options and restricted stock units, if considered issuable, totaling 7.7 million shares for the year ended December 31, 2020 were not included in the computation of diluted earnings per share of common stock because the effect would have been anti-dilutive due to the net loss.

ADDITIONAL FINANCIAL STATEMENT

ADDITIONAL FINANCIAL STATEMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
ADDITIONAL FINANCIAL STATEMENT INFORMATION
ADDITIONAL FINANCIAL STATEMENT INFORMATION	14. ADDITIONAL FINANCIAL STATEMENT INFORMATION Certain balance sheet amounts are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Accounts receivable, net: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 34,110 ​ $ 22,781 Joint interest accounts ​ ​ 2,503 ​ ​ 8,543 Other ​ ​ 193 ​ ​ 918 ​ ​ $ 36,806 ​ $ 32,242 Prepaids and other: ​ ​ ​ ​ ​ ​ Prepaids ​ $ 975 ​ $ 892 Funds in escrow ​ ​ 390 ​ ​ 1,740 Other ​ ​ 1 ​ ​ 108 ​ ​ $ 1,366 ​ $ 2,740 Funds in escrow and other: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 1,010 ​ $ 1,720 Funds in escrow ​ ​ 1,227 ​ ​ 581 Other ​ ​ 33 ​ ​ 50 ​ ​ $ 2,270 ​ $ 2,351 Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ Trade payables ​ $ 25,315 ​ $ 22,740 Accrued oil and natural gas capital costs ​ ​ 4,881 ​ ​ 8,344 Revenues and royalties payable ​ ​ 22,763 ​ ​ 16,412 Accrued interest expense ​ ​ 42 ​ ​ 482 Accrued employee compensation ​ ​ 3,735 ​ ​ 3,223 Accrued lease operating expenses ​ ​ 6,090 ​ ​ 7,622 Other ​ ​ — ​ ​ 105 ​ ​ $ 62,826 ​ $ 58,928 ​

SUMMARY OF SIGNIFICANT EVENTS_2

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Battalion Oil Corporation (Battalion or the Company) is the successor reporting company to Halcón Resources Corporation (Halcón). On January 21, 2020, Battalion filed a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to effect a change of the Company’s corporate name from Halcón Resources Corporation to Battalion Oil Corporation. Battalion is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the United States. The consolidated financial statements include the accounts of all majority-owned, controlled subsidiaries. The Company operates in one segment which focuses on oil and natural gas acquisition, production, exploration and development. Allocation of capital is made across the Company’s entire portfolio without regard to operating area. All intercompany accounts and transactions have been eliminated. The Company has evaluated events and transactions through the date of issuance of this report in conjunction with the preparation of these consolidated financial statements . 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 in 2020, as discussed further in Note 5, “Oil and Natural Gas Properties,” 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-K are not necessarily indicative of future operating results. For further information regarding the actual and potential impacts of COVID-19 on the Company, see “Risk Factors” in Item 1A of this Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, 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 consolidated financial statements.
Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. Amounts in the consolidated balance sheets included in “ Cash and cash equivalents Restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 46,864 ​ $ 4,295 Restricted cash ​ ​ 1,495 ​ ​ — Total cash, cash equivalents and restricted cash ​ $ 48,359 ​ $ 4,295 ​ Restricted cash consists primarily of funds to collateralize letters of credit outstanding.
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 December 31, 2021 and 2020 allowances for doubtful accounts were approximately $0.2 million for both periods.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties as prescribed by the United States Securities and Exchange Commission (SEC). Accordingly, all costs incurred in the acquisition, exploration and development of proved and unproved oil and natural gas properties, including the costs of abandoned properties, treating equipment and gathering support facilities, dry holes, geophysical costs, and annual lease rentals are capitalized. All general and administrative corporate costs unrelated to drilling activities are expensed as incurred. Sales or other dispositions of oil and natural gas properties are accounted for as adjustments to capitalized costs, with no gain or loss recorded unless the ratio of cost to estimated proved reserves would significantly change. Depletion of evaluated oil and natural gas properties is computed on the units of production method based on estimated proved reserves. The net capitalized costs of evaluated oil and natural gas properties are subject to a full cost ceiling limitation in which the costs are not allowed to exceed their related estimated future net revenues discounted at 10%, net of tax considerations. Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The Company reviews its unevaluated properties at the end of each quarter to determine whether the costs incurred should be transferred to the full cost pool and thereby subject to amortization. Investments in unevaluated oil and natural gas properties and exploration and development projects for which depletion expense is not currently recognized, and for which exploration or development activities are in progress, qualify for interest capitalization. The Company determines capitalized interest, when applicable, by multiplying the Company’s weighted-average borrowing cost on debt by the average amount of qualifying costs incurred that were excluded from the full cost pool; however, the amount of capitalized interest cannot exceed the amount of gross interest expense incurred in any given period. The Company’s accounting policy on the capitalization of interest establishes thresholds for the determination of a development project for the purpose of interest capitalization.
Other Operating Property and Equipment	Other Operating Property and Equipment Other operating property and equipment 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 The Company reviews its other operating property and equipment for impairment in accordance with ASC 360, 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. In 2021, three individual purchasers of the Company’s production, Western Refining, Inc., Sunoco Inc. and Salt Creek Midstream, LLC, each accounted for more than 10% of total sales, collectively representing 73% of its total sales for the year. In 2020, two individual purchasers of the Company’s production, Western Refining Inc. and Sunoco Inc., each accounted for more than 10% of total sales, collectively representing 57% of its total sales for the year. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. 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. 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 December 31, 2021, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Term Loan Agreement.
Employee Retention Credit	Employee Retention Credit ​ “General and administrative” “Lease operating”
Risk Management Activities	Risk Management Activities The Company follows ASC 815, Derivatives and Hedging “Net gain (loss) on derivative contracts”
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method wherein deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company classifies all deferred tax assets and liabilities, along with any related valuation allowance, as noncurrent on the consolidated balance sheets. The Company follows ASC 740, Income Taxes The evaluation of a tax position in accordance with ASC 740 is a two-step process. The first step is a recognition process to determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. In evaluating whether a tax position has met the more likely than not recognition threshold, it is presumed that the position will be examined by the appropriate taxing authority with full knowledge of all relevant information. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit/expense to recognize in the consolidated financial statements. The tax position is measured at the largest amount of benefit/expense that is more likely than not of being realized upon ultimate settlement. The Company has no liability for unrecognized tax benefits as of December 31, 2021 and 2020. Accordingly, there is no amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate and there is no amount of interest or penalties currently recognized in the consolidated statements of operations or consolidated balance sheets as of December 31, 2021 and 2020. In addition, the Company does not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next twelve months. The Company includes interest and penalties relating to uncertain tax positions within “Interest expense and other” “Income Taxes,” Generally, the Company’s income tax years 2018 through 2021 remain open for federal purposes and are subject to examination by federal tax authorities. The Company’s income tax returns are also subject to audit by the tax authorities in Louisiana, Mississippi, North Dakota, Oklahoma, Texas, Pennsylvania, Ohio and certain other state taxing jurisdictions where the Company has, or previously had, operations. In certain jurisdictions the Company operates through more than one legal entity, each of which may have different open years subject to examination. The open years for state purposes can vary from the normal three year statue expiration period for federal purposes. Tax audits may be ongoing at any point in time. Tax liabilities are recorded based on estimates of additional taxes which may be due upon the conclusion of these audits. Estimates of these tax liabilities are made based upon prior experience and are updated for changes in facts and circumstances. However, due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in liabilities which could be materially different from these estimates.
Asset Retirement Obligations	Asset Retirement Obligations ASC 410, Asset Retirement and Environmental Obligations
401(k) Plan	401(k) Plan The Company sponsors a 401(k) tax deferred savings plan, whereby the Company matches a portion of employees’ contributions in cash. Participation in the plan is voluntary and all employees of the Company who are 18 years of age are eligible to participate. The Company provided matching contributions of $0.8 million for each of the years ended December 31, 2021 and 2020. The Company matches employee contributions dollar-for-dollar on the first 10% of an employee’s pre-tax earnings, subject to individual IRS limitations.
Restructuring	Restructuring During 2020, the Company incurred approximately $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 reduce future 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 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 (ASU 2019-12) as part of their simplification initiative. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. The Company adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s operating results, financial position or disclosures

SUMMARY OF SIGNIFICANT EVENTS_3

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Schedule Of Cash, Cash Equivalents And Restricted Cash	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 46,864 ​ $ 4,295 Restricted cash ​ ​ 1,495 ​ ​ — Total cash, cash equivalents and restricted cash ​ $ 48,359 ​ $ 4,295

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of Company's leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 2020 Lease cost ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 444 ​ $ 1,986 ​ Short-term lease costs ​ ​ 3,152 ​ ​ 16,650 ​ Variable lease costs ​ ​ 375 ​ ​ 913 ​ Total lease costs ​ $ 3,971 ​ $ 19,549 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 537 ​ $ 2,350 ​ Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 841 ​ ​ — ​ Weighted-average remaining lease term - operating leases ​ ​ 1.9 years ​ 0.5 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 December 31, 2021, are presented in the table below (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2021 2022 ​ $ 391 2023 ​ ​ 359 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ — Thereafter ​ ​ — Total operating lease payments ​ ​ 750 Less: discount to present value ​ ​ 29 Total operating lease liabilities ​ ​ 721 Less: current operating lease liabilities ​ ​ 369 Noncurrent operating lease liabilities ​ $ 352

OPERATING REVENUES (Tables)

OPERATING REVENUES (Tables)	12 Months Ended
	Dec. 31, 2021
OPERATING REVENUES
Schedule of disaggregation of revenues by major product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Operating revenues: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids sales: ​ ​ ​ ​ ​ ​ Oil ​ $ 213,512 ​ $ 125,985 Natural gas ​ ​ 35,248 ​ ​ 5,818 Natural gas liquids ​ ​ 35,394 ​ ​ 14,972 Total oil, natural gas and natural gas liquids sales ​ ​ 284,154 ​ ​ 146,775 Other ​ ​ 1,051 ​ ​ 1,514 Total operating revenues ​ $ 285,205 ​ $ 148,289 ​

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2021
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	Oil and natural gas properties as of December 31, 2021 and 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Subject to depletion ​ $ 569,886 ​ $ 509,274 Not subject to depletion: ​ ​ ​ ​ ​ ​ Exploration and extension wells in progress ​ ​ — ​ ​ — Other capital costs: ​ ​ ​ ​ ​ Incurred in 2021 ​ ​ 1,427 ​ ​ — Incurred in 2020 ​ ​ 983 ​ ​ 983 Incurred in 2019 (1) ​ ​ 61,895 ​ ​ 74,511 Incurred in 2018 and prior ​ ​ — ​ ​ — Total not subject to depletion ​ ​ 64,305 ​ ​ 75,494 Gross oil and natural gas properties ​ ​ 634,191 ​ ​ 584,768 Less accumulated depletion ​ ​ (339,776) ​ ​ (295,163) Net oil and natural gas properties ​ $ 294,415 ​ $ 289,605 (1) In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value.
Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves	​ ​ ​ ​ ​ ​ ​ ​ ​ West Texas Intermediate (per barrel) (1) Henry Hub (per MMBtu) (1) December 31, 2021 ​ $ 66.55 ​ $ 3.60 December 31, 2020 ​ ​ 39.54 ​ ​ 1.99 (1) Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees, and regional price differentials.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
DEBT
Schedule of debt	As of December 31, 2021 and 2020, the Company’s debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Term loan credit facility (1) ​ $ 181,565 ​ $ — Senior revolving credit facility ​ ​ — ​ ​ 158,000 Paycheck Protection Program loan ​ ​ 85 ​ ​ 2,209 Total debt, net ​ ​ 181,650 ​ ​ 160,209 Current portion of Paycheck Protection Program loan ​ ​ 85 ​ ​ 1,720 Total long-term debt, net ​ $ 181,565 ​ $ 158,489 (1) Amount is net of $ 14.2 million unamortized debt issuance costs at December 31, 2021. Amount also excludes $4.2 million allocated to the change of control call option embedded derivative. Refer to “Term Loan Credit Facility” below for further details .
Schedule of prepayment premiums	​ ​ ​ ​ ​ Period ​ ​ Premium Months 0 - 12 ​ ​ Make-whole amount equal to 12 months of interest plus 2.00% Months 13 - 24 ​ ​ 2.00% Months 25 - 36 ​ ​ 1.00% Months 37 - 48 ​ ​ 0.00%
Schedule of aggregate maturities required on long-term debt	Aggregate maturities required on debt at December 31, 2021 due in future years are as follows (in thousands): ​ ​ ​ ​ ​ 2022 $ 85 2023 ​ ​ 35,000 2024 ​ ​ 50,000 2025 ​ ​ 115,000 2026 ​ ​ — Thereafter ​ ​ — Total ​ $ 200,085

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
Schedule of fair value of the Company's financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from derivative contracts ​ $ — ​ $ 3,898 ​ $ — ​ $ 3,898 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from derivative contracts ​ $ — ​ $ 65,466 ​ $ — ​ $ 65,466 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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
Schedule of changes in fair value of the change of control call option	​ ​ ​ ​ ​ ​ ​ Change of Control ​ ​ Call Option Balance at November 24, 2021 ​ $ 4,216 Change in fair value ​ ​ (213) Balance at December 31, 2021 ​ $ 4,003

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2021
DERIVATIVE AND HEDGING ACTIVITIES
Summary of location and fair value of derivative contracts	The following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ ​ ​ ​ ​ ​ ​ ​ as hedging contracts under ​ ​ ​ Asset derivative contracts ​ ​ ​ Liability derivative contracts ASC 815 Balance sheet location December 31, 2021 December 31, 2020 Balance sheet location December 31, 2021 December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity contracts ​ Current assets - assets from derivative contracts ​ $ 1,383 ​ $ 8,559 ​ Current liabilities - liabilities from derivative contracts ​ $ (58,322) ​ $ (22,125) Commodity contracts ​ Other noncurrent assets - assets from derivative contracts ​ ​ 2,515 ​ ​ 4,009 ​ Other noncurrent liabilities - liabilities from derivative contracts ​ ​ (7,144) ​ ​ (4,291) Total derivatives not designated as hedging contracts under ASC 815 ​ $ 3,898 ​ $ 12,568 ​ ​ ​ $ (65,466) ​ $ (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 consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain or (loss) recognized in ​ ​ ​ ​ income on derivative contracts for the ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated ​ Location of gain or (loss) ​ ​ ​ ​ as hedging contracts ​ recognized in income ​ Years Ended December 31, under ASC 815 on derivative contracts 2021 2020 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ $ (47,721) ​ $ (6,143) Realized gain (loss) on commodity contracts ​ Other income (expenses) - net gain (loss) on derivative contracts ​ ​ (77,898) ​ ​ 44,902 Total net gain (loss) on derivative contracts ​ $ (125,619) ​ $ 38,759
Schedule of open derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ ​ 2026 Crude oil fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 2,504,249 ​ ​ 1,937,165 ​ ​ 1,388,920 ​ ​ 988,260 ​ ​ 29,810 Weighted average price ​ $ 50.19 ​ $ 65.35 ​ $ 60.67 ​ $ 59.59 ​ $ 59.61 Crude oil basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 2,278,848 ​ ​ 1,937,165 ​ ​ 1,388,920 ​ ​ 988,260 ​ ​ 29,810 Weighted average price ​ $ 0.47 ​ $ 0.25 ​ $ 0.23 ​ $ 0.16 ​ $ 0.10 Crude oil WTI NYMEX roll: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 2,286,598 ​ ​ 1,937,165 ​ ​ 1,388,920 ​ ​ 988,260 ​ ​ 29,810 Weighted average price ​ $ 0.01 ​ $ 0.50 ​ $ 0.27 ​ $ 0.10 ​ $ - Natural gas fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 3,277,420 ​ ​ 3,622,200 ​ ​ 2,428,150 ​ ​ 2,250,650 ​ ​ ​ Weighted average price ​ $ 3.60 ​ $ 3.34 ​ $ 3.05 ​ $ 2.95 ​ ​ ​ Natural gas producer two-way collar: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 2,963,124 ​ ​ 1,389,500 ​ ​ 1,078,000 ​ ​ 315,000 ​ ​ ​ Weighted average price (call) ​ $ 3.07 ​ $ 5.05 ​ $ 4.58 ​ $ 3.88 ​ ​ ​ Weighted average price (put) ​ $ 2.66 ​ $ 3.41 ​ $ 3.00 ​ $ 3.00 ​ ​ ​ Natural gas basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 6,240,544 ​ ​ 5,011,700 ​ ​ 3,506,150 ​ ​ 2,565,650 ​ ​ ​ Weighted average price ​ $ (0.36) ​ $ (0.58) ​ $ (0.59) ​ $ (0.50) ​ ​ ​
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 December 31, 2021 ​ December 31, 2020 December 31, 2021 December 31, 2020 Gross amounts presented in the consolidated balance sheet ​ $ 3,898 ​ $ 12,568 ​ $ (65,466) ​ $ (26,416) Amounts not offset in the consolidated balance sheet ​ ​ (3,898) ​ ​ (8,968) ​ ​ 3,898 ​ ​ 8,968 Net amount ​ $ — ​ $ 3,600 ​ $ (61,568) ​ $ (17,448)

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
ASSET RETIREMENT OBLIGATIONS
Schedule of activity related to ARO liability	The Company recorded the following activity related to its ARO liability (inclusive of the current portion) (in thousands): ​ ​ ​ ​ ​ Liability for asset retirement obligations as of December 31, 2019 ​ $ 10,590 Liabilities settled and divested (1) ​ ​ (1,132) Additions ​ ​ 488 Accretion expense ​ ​ 585 Revisions in estimated cash flows ​ ​ 52 Liability for asset retirement obligations as of December 31, 2020 ​ $ 10,583 Additions ​ ​ 111 Accretion expense ​ ​ 477 Revisions in estimated cash flows ​ ​ 725 Liability for asset retirement obligations as of December 31, 2021 ​ $ 11,896 (1) See Note 4, “Divestitures,” for additional information on the Company’s divestiture activities.

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of the stock option transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Weighted Average Exercise Price Per Share Aggregate Intrinsic Value (1) (In thousands) Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2019 ​ — ​ $ — ​ $ — ​ — Granted ​ 557,844 ​ ​ 28.32 ​ ​ ​ ​ ​ Exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Forfeited ​ (79,692) ​ ​ 28.32 ​ ​ ​ ​ ​ Outstanding at December 31, 2020 ​ 478,152 ​ ​ 28.32 ​ $ — ​ 6.2 Granted ​ — ​ ​ — ​ ​ ​ ​ ​ Exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding at December 31, 2021 ​ 478,152 ​ $ 28.32 ​ $ — ​ 5.2 (1) The period end intrinsic value of stock options was calculated as the amount by which the closing market price on December 31, 2021 and 2020 of the underlying stock exceeded the exercise price of the option. ​
Schedule of outstanding options by exercise price range	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Exercisable (1) ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Weighted Average ​ Remaining ​ ​ ​ Weighted Average ​ Aggregate ​ Remaining Range of Grant ​ ​ ​ Exercise Price ​ Contractual Life ​ ​ ​ Exercise Price ​ Intrinsic ​ Contractual Life Prices Per Share Number per Share (Years ) Number per Share Value (Years ) $ 18.91 ​ 159,384 ​ $ 18.91 ​ 5.2 ​ — ​ $ — ​ $ — ​ — ​ 28.23 ​ 159,384 ​ ​ 28.23 ​ 5.2 ​ — ​ ​ — ​ ​ — ​ — ​ 37.83 ​ 159,384 ​ ​ 37.83 ​ 5.2 ​ — ​ ​ — ​ ​ — ​ — (1) At December 31, 2021, none of the Company’s stock options were exercisable due to service performance conditions or options exercise prices above current market value of the underlying stock.
Schedule of the restricted stock transactions	The following table sets forth the restricted stock transactions for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares Weighted Average Grant Date Fair Value Per Share Aggregate Intrinsic Value (1) (In thousands) Unvested outstanding shares at December 31, 2019 ​ — ​ $ — ​ $ — Granted ​ 987,590 ​ ​ 9.46 ​ ​ ​ Vested ​ — ​ ​ — ​ ​ ​ Forfeited ​ (113,456) ​ ​ 9.36 ​ ​ ​ Unvested outstanding shares at December 31, 2020 ​ 874,134 ​ $ 9.48 ​ $ 3,287 Granted ​ 12,000 ​ ​ 8.00 ​ ​ ​ Vested ​ (95,994) ​ ​ 11.51 ​ ​ ​ Forfeited ​ (14,625) ​ ​ 11.89 ​ ​ ​ Unvested outstanding shares at December 31, 2021 ​ 775,515 ​ $ 9.16 ​ $ 2,914 (1) The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2021 and 2020 of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.1 million for the year ended December 31, 2021.
Restricted Stock
Schedule of assumptions used in calculating fair value of the Company's stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, 2020 ​ Weighted average value per performance based RSUs granted during the period ​ $ 6.13 ​ Assumptions: ​ ​ ​ ​ Stock price volatility (1) ​ ​ 51.79 % Risk free rate of return ​ ​ 1.22 % Expected term ​ ​ 3.9 years (1) Due to the Company’s limited historical data, expected volatility was estimated using volatilities of peer entities as defined in the award agreements whose share prices and assumptions were publicly available.
Stock options
Schedule of assumptions used in calculating fair value of the Company's stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 Weighted average value per option granted during the period ​ $ 3.36 ​ Assumptions: ​ ​ ​ ​ Stock price volatility (1) ​ ​ 61.87 % Risk free rate of return ​ ​ 1.21 % Expected term ​ ​ 4.75 years (1) Due to the Company’s limited historical data, expected volatility was estimated using volatilities of similar entities whose share or option prices and assumptions were publicly available.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of income tax benefit (provision)	Income tax benefit (provision) for the indicated periods is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Current: ​ ​ ​ ​ ​ ​ Federal ​ $ — ​ $ — State ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — Deferred: ​ ​ ​ ​ ​ ​ Federal ​ ​ — ​ ​ — State ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — Total income tax benefit (provision) ​ $ — ​ $ —
Schedule of differences between the actual income tax benefit (provision) and the expected income tax benefit (provision)	The actual income tax benefit (provision) differs from the expected income tax benefit (provision) as computed by applying the United States federal corporate income tax rate of 21% for the periods indicated below, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Expected tax benefit (provision) ​ $ 5,947 ​ $ 48,238 Change in valuation allowance and related items ​ ​ 57,845 ​ ​ (10,849) Attribute reduction ​ ​ (64,024) ​ ​ (37,985) Permanent adjustments ​ ​ 404 ​ ​ 577 Employee retention credit ​ ​ (153) ​ ​ — Other ​ ​ (19) ​ ​ 19 Total income tax benefit (provision) ​ $ — ​ $ —
Schedule of components of net deferred income tax assets (liabilities)	The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Deferred noncurrent income tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carry-forwards ​ $ 135,454 ​ $ 94,742 Built in loss adjustment Section 382 ​ ​ 693 ​ ​ 98,416 Capital loss carryforward ​ ​ 114,725 ​ ​ 74,848 Stock-based compensation expense ​ ​ 1,870 ​ ​ 1,448 Asset retirement obligations ​ ​ 2,447 ​ ​ 2,347 Book-tax differences in property basis ​ ​ 148,008 ​ ​ 199,170 Unrealized hedging transactions ​ ​ 12,929 ​ ​ 2,908 Disallowed interest Section 163(j) ​ ​ 15,230 ​ ​ 13,579 Basis difference in debt ​ ​ — ​ ​ 1,687 Change of Control Call Option Embedded Derivative ​ ​ 841 ​ ​ — Operating lease liability ​ ​ 151 ​ ​ 85 Other ​ ​ 382 ​ ​ 374 Gross deferred noncurrent income tax assets ​ ​ 432,730 ​ ​ 489,604 Valuation allowance ​ ​ (431,694) ​ ​ (489,539) Deferred noncurrent income tax assets ​ $ 1,036 ​ $ 65 ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities: ​ ​ ​ ​ ​ ​ Basis difference in debt ​ $ (885) ​ $ — Lease right of use ​ ​ (151) ​ ​ (65) Deferred noncurrent income tax liabilities ​ $ (1,036) ​ $ (65) Net noncurrent deferred income tax assets (liabilities) ​ $ — ​ $ —

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 Basic: ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ (28,317) ​ $ (229,707) Weighted average basic number of common shares outstanding ​ ​ 16,261 ​ ​ 16,204 Basic net income (loss) per common share ​ $ (1.74) ​ $ (14.18) ​ ​ ​ ​ ​ ​ ​ Diluted: ​ ​ ​ ​ ​ ​ Net income (loss) available to common stockholders ​ $ (28,317) ​ $ (229,707) Weighted average basic number of common shares outstanding ​ ​ 16,261 ​ ​ 16,204 Common stock equivalent shares representing shares issuable upon: ​ ​ ​ ​ ​ ​ Exercise of Series A Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series B Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of Series C Warrants ​ ​ Anti-dilutive ​ ​ Anti-dilutive Exercise of stock options ​ ​ Anti-dilutive ​ ​ Anti-dilutive Vesting of restricted stock units ​ ​ Anti-dilutive ​ ​ Anti-dilutive Weighted average diluted number of common shares outstanding ​ ​ 16,261 ​ ​ 16,204 Diluted net income (loss) per common share ​ $ (1.74) ​ $ (14.18)

ADDITIONAL FINANCIAL STATEMEN_2

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
ADDITIONAL FINANCIAL STATEMENT INFORMATION
Schedule of additional financial statement information, balance sheet	Certain balance sheet amounts are comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Accounts receivable, net: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 34,110 ​ $ 22,781 Joint interest accounts ​ ​ 2,503 ​ ​ 8,543 Other ​ ​ 193 ​ ​ 918 ​ ​ $ 36,806 ​ $ 32,242 Prepaids and other: ​ ​ ​ ​ ​ ​ Prepaids ​ $ 975 ​ $ 892 Funds in escrow ​ ​ 390 ​ ​ 1,740 Other ​ ​ 1 ​ ​ 108 ​ ​ $ 1,366 ​ $ 2,740 Funds in escrow and other: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 1,010 ​ $ 1,720 Funds in escrow ​ ​ 1,227 ​ ​ 581 Other ​ ​ 33 ​ ​ 50 ​ ​ $ 2,270 ​ $ 2,351 Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ Trade payables ​ $ 25,315 ​ $ 22,740 Accrued oil and natural gas capital costs ​ ​ 4,881 ​ ​ 8,344 Revenues and royalties payable ​ ​ 22,763 ​ ​ 16,412 Accrued interest expense ​ ​ 42 ​ ​ 482 Accrued employee compensation ​ ​ 3,735 ​ ​ 3,223 Accrued lease operating expenses ​ ​ 6,090 ​ ​ 7,622 Other ​ ​ — ​ ​ 105 ​ ​ $ 62,826 ​ $ 58,928

SUMMARY OF SIGNIFICANT EVENTS_4

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Basis of Presentation and Principles of Consolidation
Number of operating segments | segment	1
Allowance for doubtful accounts | $	$ 0.2	$ 0.2

SUMMARY OF SIGNIFICANT EVENTS_5

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Other Operating Property and Equipment (Details)	12 Months Ended
	Dec. 31, 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

SUMMARY OF SIGNIFICANT EVENTS_6

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Concentrations of Credit Risk (Details) - Revenue - Concentrations of Credit Risk - customer	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Concentrations of Credit Risk
Number of customers	3	2
Sunoco and Western Refining Inc.
Concentrations of Credit Risk
Percentage of concentration risk	73.00%	57.00%
Sunoco | Minimum
Concentrations of Credit Risk
Percentage of concentration risk		10.00%
Western Refining | Minimum
Concentrations of Credit Risk
Percentage of concentration risk	10.00%	10.00%

SUMMARY OF SIGNIFICANT EVENTS_7

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Employee Retention Credit (Details)(Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Employee Retention Credit
Employee retention credit	$ 0.7
General and administrative
Employee Retention Credit
Employee retention credit	0.5
Operating Lease
Employee Retention Credit
Employee retention credit	$ 0.2

SUMMARY OF SIGNIFICANT EVENTS_8

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Unrecognized Tax Benefits	$ 0	$ 0
Interest or penalties recognized in the results of operations	0	0
Interest or penalties recognized in the statement of financial position	$ 0	$ 0

SUMMARY OF SIGNIFICANT EVENTS_9

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - 401 (k) Plan (Details) - USD ($) $ in Millions	12 Months Ended		24 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
401(k) Plan
Eligibility age for employees to participate in the plan	18 years
Company's matching contributions			$ 0.8
Company's matching contributions dollar-for-dollar on employee's pre-tax earnings (as a percent)	10.00%	10.00%

SUMMARY OF SIGNIFICANT EVENT_10

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Restructuring (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Restructuring
Restructuring Charges	$ 2,580

SUMMARY OF SIGNIFICANT EVENT_11

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Change in Estimate (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Reduction of discretionary cash incentives	$ 1.6

SUMMARY OF SIGNIFICANT EVENT_12

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Cash and cash equivalents	$ 46,864	$ 4,295
Restricted cash	1,495
Total cash, cash equivalents and restricted cash	$ 48,359	$ 4,295	$ 10,275

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lease cost
Operating lease costs	$ 444	$ 1,986
Short-term lease costs	3,152	16,650
Variable lease costs	375	913
Total lease costs	3,971	19,549
Other information
Operating cash flows from operating leases	537	$ 2,350
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 841
Weighted-average remaining lease term - operating leases	1 year 10 months 24 days	6 months
Weighted-average discount rate - operating leases	4.29%	3.70%
Minimum
Other information
Initial lease term	2 years 3 months 18 days	2 years 3 months 18 days
Maximum
Other information
Initial lease term	5 years	5 years

LEASES - Reported under ASC 842

LEASES - Reported under ASC 842 and ASC 840 (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Future minimum lease payments for non-cancellable operating leases
2022	$ 391
2023	359
Total operating lease payment	750
Less: discount to present value	29
Total operating lease liabilities	721
Less: current operating lease liabilities	369	$ 403	$ 500
Noncurrent operating lease liabilities	$ 352

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2020	Dec. 31, 2021	Jun. 30, 2020
Business exit costs	$ 1,300
Operating lease liabilities		$ 403	$ 369	$ 500
Denver Colorado Office [Member]
Impairment to operating lease		$ 500

OPERATING REVENUES - Revenue Re

OPERATING REVENUES - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	$ 284,154	$ 146,775
Other	1,051	1,514
Total operating revenues	285,205	148,289
Oil
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	213,512	125,985
Natural gas
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	35,248	5,818
NGLs
Disaggregation of operating revenue
Total oil, natural gas and natural gas liquids sales	35,394	14,972
Accounts receivable
Disaggregation of operating revenue
Due from contracts with customers	$ 35,100	$ 24,500

DIVESTITURES - Northern West Qu

DIVESTITURES - Northern 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 PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)$ / bbl$ / MMBTU	Dec. 31, 2020USD ($)$ / bbl$ / MMBTU
Oil and Natural Gas Properties
Subject to depletion	$ 509,274			$ 569,886	$ 509,274
Other capital costs:
Incurred in 2021				1,427
Incurred in 2020	983			983	983
Incurred in 2019	74,511			61,895	74,511
Total not subject to depletion	75,494			64,305	75,494
Gross oil and natural gas properties	584,768			634,191	584,768
Less accumulated depletion	(295,163)			(339,776)	(295,163)
Net oil and natural gas properties	289,605			294,415	289,605
Ceiling Limitation Disclosures
Depletion expense	60,500			$ 44,600	$ 60,500
First day average of the (WTI) crude oil spot price (in dollars per barrel) | $ / bbl				66.55	39.54
First day average of the Henry Hub natural gas price (in dollars per Mmbtu) | $ / MMBTU				3.60	1.99
Full cost ceiling impairment	$ 26,700	$ 128,300	$ 60,100		$ 215,145
Unevaluated Oil and Gas Leaseholds
Ceiling Limitation Disclosures
Unevaluated property cost of area transferred to full cost pool		$ 23,600

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Nov. 24, 2021	Dec. 31, 2020
Current and long-term debt
Debt	$ 181,650		$ 160,209
Current portion of long-term debt	85		1,720
Total long-term debt	181,565		158,489
Term loan credit agreement
Current and long-term debt
Debt	181,565
Unamortized debt issuance costs	14,200
Term loan credit agreement | Other noncurrent liabilities - liabilities from derivative contracts
Current and long-term debt
Allocated to the change of control call option embedded derivative		$ 4,200
Paycheck Protection Program Loan [Member]
Current and long-term debt
Debt	85		2,209
Current portion of long-term debt	$ 85		1,720
Successor Senior revolving credit facility
Current and long-term debt
Debt			$ 158,000

DEBT - Term Loan Credit Facilit

DEBT - Term Loan Credit Facility (Details) - USD ($) $ in Thousands	Nov. 24, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ 1,946
Term loan credit agreement
Debt Instrument [Line Items]
Current borrowing capacity	$ 200,000
Amount available for issuance of letters of credit	$ 5,000
Applicable margin (as a percent)	7.00%
Aggregate scheduled amortization payments		120,000
Amount outstanding		200,000
Letters of credit outstanding		300
Threshold from capital expenditures to cash balance		$ 20,000
Term loan credit agreement | Minimum
Debt Instrument [Line Items]
Current ratio	1.00%
Term loan credit agreement | Maximum
Debt Instrument [Line Items]
Current ratio	1.00%
Term loan credit agreement | Prior to February 15, 2020
Debt Instrument [Line Items]
Interest plus		2.00%
Term loan credit agreement | Prior to February 15, 2020 | Minimum
Debt Instrument [Line Items]
Debt instrument prepayment term		0 months
Term loan credit agreement | Prior to February 15, 2020 | Maximum
Debt Instrument [Line Items]
Debt instrument prepayment term		12 months
Term loan credit agreement | February 15, 2020
Debt Instrument [Line Items]
Interest plus		2.00%
Term loan credit agreement | February 15, 2020 | Minimum
Debt Instrument [Line Items]
Debt instrument prepayment term		13 months
Term loan credit agreement | February 15, 2020 | Maximum
Debt Instrument [Line Items]
Debt instrument prepayment term		24 months
Term loan credit agreement | February 15, 2021
Debt Instrument [Line Items]
Interest plus		1.00%
Term loan credit agreement | February 15, 2021 | Minimum
Debt Instrument [Line Items]
Debt instrument prepayment term		25 months
Term loan credit agreement | February 15, 2021 | Maximum
Debt Instrument [Line Items]
Debt instrument prepayment term		36 months
Term loan credit agreement | February 15, 2022
Debt Instrument [Line Items]
Interest plus		0.00%
Term loan credit agreement | February 15, 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument prepayment term		37 months
Term loan credit agreement | February 15, 2022 | Maximum
Debt Instrument [Line Items]
Debt instrument prepayment term		48 months
Term loan credit agreement | Amount available to be drawn up to 18 months from November 24, 2021
Debt Instrument [Line Items]
Incremental borrowing that we can make if we meet certain criteria	$ 20,000
Term loan credit agreement | Amount available to be drawn up to 18 months after November 24, 2021
Debt Instrument [Line Items]
Incremental borrowing that we can make if we meet certain criteria	$ 15,000
Term loan credit agreement | Fiscal quarter ending December 31, 2021 and March 31, 2022 | Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.50%
Term loan credit agreement | Fiscal quarter ending December 31, 2021 and March 31, 2022 | Maximum
Debt Instrument [Line Items]
Asset coverage ratio	1.00%
Term loan credit agreement | Fiscal quarter ending June 30, 2022 | Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.60%
Term loan credit agreement | Fiscal quarter ending June 30, 2022 | Maximum
Debt Instrument [Line Items]
Asset coverage ratio	1.00%
Term loan credit agreement | Fiscal quarter ending September 30, 2022 | Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.70%
Term loan credit agreement | Fiscal quarter ending September 30, 2022 | Maximum
Debt Instrument [Line Items]
Asset coverage ratio	1.00%
Term loan credit agreement | Fiscal quarter ending December 31, 2022 and each fiscal quarter thereafter | Minimum
Debt Instrument [Line Items]
Asset coverage ratio	1.80%
Term loan credit agreement | Fiscal quarter ending December 31, 2022 and each fiscal quarter thereafter | Maximum
Debt Instrument [Line Items]
Asset coverage ratio	1.00%
Term loan credit agreement | Fiscal quarter ending December 31, 2021 through and including June 30, 2022 | Minimum
Debt Instrument [Line Items]
Net Leverage Ratio	1.00%
Term loan credit agreement | Fiscal quarter ending December 31, 2021 through and including June 30, 2022 | Maximum
Debt Instrument [Line Items]
Net Leverage Ratio	3.25%
Term loan credit agreement | Fiscal quarter ending September 30, 2022 and December 31, 2022 | Minimum
Debt Instrument [Line Items]
Net Leverage Ratio	1.00%
Term loan credit agreement | Fiscal quarter ending September 30, 2022 and December 31, 2022 | Maximum
Debt Instrument [Line Items]
Net Leverage Ratio	3.00%
Term loan credit agreement | Fiscal quarter ending March 31, 2023 | Minimum
Debt Instrument [Line Items]
Net Leverage Ratio	1.00%
Term loan credit agreement | Fiscal quarter ending March 31, 2023 | Maximum
Debt Instrument [Line Items]
Net Leverage Ratio	2.75%
Term loan credit agreement | Fiscal quarter ending each fiscal quarter thereafter | Minimum
Debt Instrument [Line Items]
Net Leverage Ratio	1.00%
Term loan credit agreement | Fiscal quarter ending each fiscal quarter thereafter | Maximum
Debt Instrument [Line Items]
Net Leverage Ratio	2.50%
Delayed Draw Term Loan
Debt Instrument [Line Items]
Incremental borrowing that we can make if we meet certain criteria		$ 35,000

DEBT - Senior Facility (Details

DEBT - Senior Facility (Details) $ in Thousands	Sep. 24, 2021	Dec. 31, 2021USD ($)	Dec. 31, 2021USD ($)item	Sep. 01, 2021USD ($)	Jun. 01, 2021USD ($)	May 10, 2021USD ($)	Dec. 31, 2020USD ($)	Oct. 08, 2019USD ($)
Current and long-term debt
Debt		$ 181,650	$ 181,650				$ 160,209
Gain (loss) on extinguishment of debt			1,946
Senior revolving credit facility
Current and long-term debt
Amount available for issuance of letters of credit								$ 25,000
Gain (loss) on extinguishment of debt			$ 100
Senior revolving credit facility | ABR-based | Minimum
Current and long-term debt
Applicable margin (as a percent)			1.50%
Successor Senior revolving credit facility
Current and long-term debt
Maximum borrowing capacity								$ 750,000
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
Successor Senior revolving credit facility | ABR-based | Maximum
Current and long-term debt
Applicable margin (as a percent)			2.50%
Successor Senior revolving credit facility | LIBOR | Minimum
Current and long-term debt
Applicable margin (as a percent)			2.50%
Successor Senior revolving credit facility | LIBOR | Maximum
Current and long-term debt
Applicable margin (as a percent)			3.50%
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%
Fourth Amendment to the Senior Credit Agreement | Plan
Current and long-term debt
Current borrowing capacity				$ 175,000
Third Amendment to the Senior Credit Agreement
Current and long-term debt
Minimum mortgaged total value of proved Borrowing Base Properties						90.00%

DEBT - Paycheck Protection Prog

DEBT - Paycheck Protection Program Loan (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 16, 2020	Dec. 31, 2021	Dec. 31, 2020	Aug. 13, 2021
Current and long-term debt
Proceeds from issuance of debt		$ 374,000	$ 148,209
Gain (loss) on extinguishment of debt		$ 1,946
Paycheck Protection Program Loan [Member]
Current and long-term debt
Proceeds from issuance of debt	$ 2,200
Maturity date		Apr. 16, 2022
Interest rate (as a percent)	1.00%
Principal amount				$ 200
Gain (loss) on extinguishment of debt		$ 2,100

DEBT - 6.75 Percent Senior Note

DEBT - 6.75 Percent Senior Notes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Current and long-term debt
Gains (Losses) on Extinguishment of Debt	$ 1,946
Senior revolving credit facility
Current and long-term debt
Gains (Losses) on Extinguishment of Debt	$ 100

DEBT - Debt Maturities and Debt

DEBT - Debt Maturities and Debt Issuance Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Debt maturities
2022	$ 85
2023	35,000
2024	50,000
2025	115,000
Total	200,085
Debt Issuance Costs
Payment of debt issuance costs on Senior Credit Agreement	14,220
Term loan credit agreement
Debt Issuance Costs
Unamortized debt issuance costs	14,200
Debt issuance costs, net	$ 14,600

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets
Asset transfers between levels	$ 0
Liabilities
Liability transfers between levels	0
Recurring | Total
Assets
Receivables from derivative contracts	3,898	$ 12,568
Liabilities
Liabilities from derivative contracts	65,466	26,416
Recurring | Level 2
Assets
Receivables from derivative contracts	3,898	12,568
Liabilities
Liabilities from derivative contracts	$ 65,466	$ 26,416

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Change of Control Call Option (Details) - Change of Control Call Option $ in Thousands	1 Months Ended
	Dec. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at the beginning of the period	$ 4,216
Change in fair value	(213)
Balance at the end of the period	$ 4,003

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES - (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative and hedging activities
Asset derivative contracts	$ 3,898	$ 12,568
Liability derivative contracts	(65,466)	(26,416)
Derivatives not designated as hedging contracts
Derivative and hedging activities
Asset derivative contracts	3,898	12,568
Liability derivative contracts	(65,466)	(26,416)
Derivatives not designated as hedging contracts | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	1,383	8,559
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	2,515	4,009
Derivatives not designated as hedging contracts | Commodity contracts | Current liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	(58,322)	(22,125)
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	$ (7,144)	$ (4,291)

DERIVATIVE AND HEDGING ACTIVI_4

DERIVATIVE AND HEDGING ACTIVITIES - Realized Unrealized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative and hedging activities
Total net gain (loss) on derivative contracts	$ (125,619)	$ 38,759
Derivatives not designated as hedging contracts | Commodity contracts
Derivative and hedging activities
Total net gain (loss) on derivative contracts	(125,619)	38,759
Derivatives not designated as hedging contracts | Commodity contracts | Other Income Expense
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts	(47,721)	(6,143)
Realized gain (loss) on commodity contracts	$ (77,898)	$ 44,902

DERIVATIVE AND HEDGING ACTIVI_5

DERIVATIVE AND HEDGING ACTIVITIES - Open Contracts (Details)	12 Months Ended
	Dec. 31, 2021MMBTU$ / bbl$ / MMBTUbbl
January 2022 - December 2022 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	2,504,249
January 2022 - December 2022 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	50.19
January 2022 - December 2022 | Fixed Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	3,277,420
January 2022 - December 2022 | Fixed Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.60
January 2022 - December 2022 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	2,278,848
January 2022 - December 2022 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.47
January 2022 - December 2022 | Basis Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	6,240,544
January 2022 - December 2022 | Basis Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.36)
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	2,286,598
January 2022 - December 2022 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.01
January 2022 - December 2022 | Collars | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,963,124
January 2022 - December 2022 | Call option | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.07
January 2022 - December 2022 | Put options | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	2.66
January 2023 - December 2023 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,937,165
January 2023 - December 2023 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	65.35
January 2023 - December 2023 | Fixed Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	3,622,200
January 2023 - December 2023 | Fixed Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.34
January 2023 - December 2023 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,937,165
January 2023 - December 2023 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.25
January 2023 - December 2023 | Basis Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	5,011,700
January 2023 - December 2023 | Basis Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.58)
January 2023 - December 2023 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	1,937,165
January 2023 - December 2023 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.50
January 2023 - December 2023 | Collars | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,389,500
January 2023 - December 2023 | Call option | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	5.05
January 2023 - December 2023 | Put options | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.41
January 2024 - December 2024 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,388,920
January 2024 - December 2024 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	60.67
January 2024 - December 2024 | Fixed Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,428,150
January 2024 - December 2024 | Fixed Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.05
January 2024 - December 2024 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,388,920
January 2024 - December 2024 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.23
January 2024 - December 2024 | Basis Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	3,506,150
January 2024 - December 2024 | Basis Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.59)
January 2024 - December 2024 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	1,388,920
January 2024 - December 2024 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.27
January 2024 - December 2024 | Collars | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,078,000
January 2024 - December 2024 | Call option | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	4.58
January 2024 - December 2024 | Put options | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3
January 2025 - December 2025 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	988,260
January 2025 - December 2025 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	59.59
January 2025 - December 2025 | Fixed Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,250,650
January 2025 - December 2025 | Fixed Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	2.95
January 2025 - December 2025 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	988,260
January 2025 - December 2025 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.16
January 2025 - December 2025 | Basis Swap | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,565,650
January 2025 - December 2025 | Basis Swap | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.50)
January 2025 - December 2025 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	988,260
January 2025 - December 2025 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.10
January 2025 - December 2025 | Collars | Natural Gas [Member]
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	315,000
January 2025 - December 2025 | Call option | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.88
January 2025 - December 2025 | Put options | Natural Gas [Member] | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3
January 2026 - December 2026 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	29,810
January 2026 - December 2026 | Fixed Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	59.61
January 2026 - December 2026 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	29,810
January 2026 - December 2026 | Basis Swap | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	0.10
January 2026 - December 2026 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	29,810

DERIVATIVE AND HEDGING ACTIVI_6

DERIVATIVE AND HEDGING ACTIVITIES - Netting Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative Assets
Gross Amounts Presented in the Consolidated Balance Sheet	$ 3,898	$ 12,568
Amounts Not Offset in the Consolidated Balance Sheet	(3,898)	(8,968)
Net Amount		3,600
Derivative Liabilities
Gross Amounts Presented in the Consolidated Balance Sheet	(65,466)	(26,416)
Amounts Not Offset in the Consolidated Balance Sheet	3,898	8,968
Net Amount	$ (61,568)	$ (17,448)

DERIVATIVE AND HEDGING ACTIVI_7

DERIVATIVE AND HEDGING ACTIVITIES - Narratives - (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Derivative and hedging activities
Proceeds from termination of derivative contract	$ 22.9

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Activity related to ARO liability
Liability for asset retirement obligations at the beginning of the period	$ 10,583	$ 10,590
Liabilities settled and divested		(1,132)
Additions	111	488
Accretion expense	477	585
Revisions in estimated cash flows	725	52
Liability for asset retirement obligations at the end of the period	$ 11,896	$ 10,583

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Feb. 26, 2019USD ($)	Dec. 31, 2021USD ($)itemcontract
Purchase commitments related to equipment
2022		$ 4.8
Total		2.6
Drilling rig commitment		2.6
Early termination penalty		$ 0.6
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 | item		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
Litigation Against Vodenichar
Purchase commitments related to equipment
Litigation Settlement, Amount Awarded to Other Party	$ 9.1

STOCKHOLDERS' EQUITY - Common s

STOCKHOLDERS' EQUITY - Common stock and warrants (Details)	Oct. 08, 2019series$ / sharesshares	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Stockholders' equity
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Percentage of shares of class of directors	85.00%
Annualized Rate Of Increase To The Strike Price Of Warrants Issued	6.75
Warrant term (in years)	3 years
Authorized shares of capital stock, after amendment of certificate of incorporation	101,000,000
Authorized shares of common stock, after amendment of certificate of incorporation	100,000,000	100,000,000	100,000,000
Number of series of warrants | series	3
Number of shares of common stock that can be purchased from warrants	1
Series A Warrants
Stockholders' equity
Number of warrants issued		1,800,000
Warrants issued	1,798,322
Exercise price (in dollars per share) | $ / shares	$ 40.17	$ 44.95
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	$ 54.34
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	$ 68.42
Preferred Stock
Stockholders' equity
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.0001
Authorized shares of preferred stock, after amendment of certificate of incorporation	1,000,000

STOCKHOLDERS' EQUITY - Incentiv

STOCKHOLDERS' EQUITY - Incentive Plans (Details) $ / shares in Units, $ in Thousands	Jun. 08, 2021shares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Jan. 29, 2020shares
Number of Shares
Unvested outstanding shares at the beginning of the period (in shares)		874,134
Granted (in shares)		12,000	987,590
Vested (in shares)		(95,994)
Forfeited (in shares)		(14,625)	(113,456)
Unvested outstanding shares at the end of the period (in shares)		775,515	874,134
Weighted Average Grant Date fair Value Per Share
Unvested outstanding shares at the beginning of the period (in dollars per share) | $ / shares		$ 9.48
Granted (in dollars per share) | $ / shares		8	$ 9.46
Vested (in dollars per share) | $ / shares		11.51
Forfeited (in dollars per share) | $ / shares		11.89	9.36
Unvested outstanding shares at the end of the period (in dollars per share) | $ / shares		$ 9.16	$ 9.48
Aggregate Intrinsic Value
Aggregate Intrinsic Value at the beginning of the period (in dollars) | $		$ 3,287
Aggregate Intrinsic Value at the end of period (in dollars) | $		2,914	$ 3,287
General and administrative
Stock-based compensation
Compensation expense recorded | $		$ 2,000	$ 2,600
Stock options
Number of Shares
Outstanding at the beginning of the period (in shares)		478,152
Granted (in shares)			557,844
Forfeited (in shares)			(79,692)
Outstanding at the end of the period (in shares)		478,152	478,152
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share) | $ / shares		$ 28.32
Granted (in dollars per share) | $ / shares			$ 28.32
Forfeited (in dollars per share) | $ / shares			28.32
Outstanding at the end of the period (in dollars per share) | $ / shares		$ 28.32	$ 28.32
Weighted Average Remaining Contractual Term
Outstanding at the end of the period		5 years 2 months 12 days	6 years 2 months 12 days
2016 Incentive Plan | Common Stock | Maximum
Stock-based compensation
Maximum number of shares that remained reserved for issuance under the Plan		500,000
2020 Incentive Plan | Common Stock
Stock-based compensation
Aggregate number of shares available	1,800,000			1,500,000
Increase in shares available for issuance	300,000
2020 Incentive Plan | Common Stock | Maximum
Stock-based compensation
Maximum number of shares that remained reserved for issuance under the Plan			200,000
2020 Incentive Plan | Stock options
Stock-based compensation
Percentage of awards vesting on the annual anniversary date of the grant		0.25
Number of Shares
Granted (in shares)		0
2020 Incentive Plan | Restricted Stock
Stock-based compensation
Percentage of awards other than options vesting on the annual anniversary date of the grant		25.00%
Number of Shares
Granted (in shares)		100,000
Additional Disclosures
Total fair value of shares vested | $		$ 1,100

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Options (Details) - Stock options $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)$ / shares
Stock-based compensation
Weighted average grant date fair value of grants | $ / shares		$ 3.36
2016 Incentive Plan
Stock-based compensation
Unrecognized compensation expense stock option		$ 0.9
Weighted average remaining vesting period		1 year 8 months 12 days
Aggregate grant date fair value of the shares granted		$ 1.9
2020 Incentive Plan
Stock-based compensation
Vesting period	4 years
Percentage of awards vesting on the annual anniversary date of the grant	0.25
Expiration term	7 years
Unrecognized compensation expense stock option	$ 0.4
Weighted average remaining vesting period	1 year 2 months 12 days

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock Options Exercisable (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
18.91
Share-based compensation
Range of grant prices per share (in dollars per share)	$ 18.91
Outstanding
Number | shares	159,384
Weighted Average Exercise Price Per Share (in dollars per share)	$ 18.91
Weighted Average Remaining Contractual Life	5 years 2 months 12 days
Exercisable
Weighted Average Remaining Contractual Life	0 years
28.23
Share-based compensation
Range of grant prices per share (in dollars per share)	$ 28.23
Outstanding
Number | shares	159,384
Weighted Average Exercise Price Per Share (in dollars per share)	$ 28.23
Weighted Average Remaining Contractual Life	5 years 2 months 12 days
Exercisable
Weighted Average Remaining Contractual Life	0 years
37.83
Share-based compensation
Range of grant prices per share (in dollars per share)	$ 37.83
Outstanding
Number | shares	159,384
Weighted Average Exercise Price Per Share (in dollars per share)	$ 37.83
Weighted Average Remaining Contractual Life	5 years 2 months 12 days
Exercisable
Weighted Average Remaining Contractual Life	0 years

STOCKHOLDERS' EQUITY - Stock _3

STOCKHOLDERS' EQUITY - Stock Options Assumptions (Details) - Stock options	12 Months Ended
	Dec. 31, 2020$ / shares
Stock-based compensation
Weighted average grant date fair value of grants	$ 3.36
Assumptions:
Stock price volatility (as a percent)	61.87%
Risk free rate of return (as a percent)	1.21%
Expected term	4 years 9 months

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Stock (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation
Number of shares granted	12,000	987,590
2020 Incentive Plan | Restricted Stock
Stock-based compensation
Vesting period	4 years
Percentage of awards other than options vesting on the annual anniversary date of the grant	25.00%
Number of shares granted	100,000
Aggregate grant date fair value of the shares granted	$ 0.1
Unrecognized compensation expense other than options	$ 2.2
Weighted average remaining vesting period	1 year 9 months 18 days
2020 Incentive Plan | Restricted Stock | Employee
Stock-based compensation
Number of shares granted		1,000,000
Unrecognized compensation expense other than options		$ 4.1
2020 Incentive Plan | Restricted Stock | Employee | Tranche One
Stock-based compensation
Vesting period		4 years
Number of shares granted		400,000
Aggregate average grant date fair value		$ 5
2020 Incentive Plan | Restricted Stock | Employee | Tranche Two
Stock-based compensation
Number of shares granted		200,000
Aggregate average grant date fair value		$ 2.1
Compensation expense recorded	$ 0
2020 Incentive Plan | Restricted Stock | Employee | Tranche Three
Stock-based compensation
Number of shares granted		400,000
Aggregate average grant date fair value		$ 2.3
2020 Incentive Plan | Restricted Stock | Non-employee director
Stock-based compensation
Weighted average remaining vesting period		2 years 6 months

STOCKHOLDERS' EQUITY - Restri_2

STOCKHOLDERS' EQUITY - Restricted Stock Assumptions (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2020$ / shares
Stock-based compensation
Weighted average grant date fair value of grants	$ 6.13
Assumptions:
Stock price volatility (as a percent)	51.79%
Risk free rate of return (as a percent)	1.22%
Expected term	3 years 10 months 24 days

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Oct. 08, 2020
Income tax benefit (provision)
Total income tax benefit (provision)	$ 0
Differences between the actual income tax benefit (provision) and the expected income tax benefit (provision)
Federal statutory rate (as a percent)	21.00%	21.00%
Expected tax benefit (provision)	$ 5,947	$ 48,238
Change in valuation allowance and related items	57,845	(10,849)
Attribute reduction	(64,024)	(37,985)
Permanent adjustments	404	577
Employee retention credit	(153)
Other	(19)	19
Total income tax benefit (provision)	0
Deferred noncurrent income tax assets:
Net operating loss carry-forwards	135,454	94,742
Built in loss adjustment Section 382	693	98,416
Capital loss carryforward	114,725	74,848
Stock-based compensation expense	1,870	1,448
Asset retirement obligations	2,447	2,347
Book-tax differences in property basis	148,008	199,170
Unrealized hedging transactions	12,929	2,908
Disallowed interest Section 163(j)	15,230	13,579
Basis difference in debt		1,687
Change of Control Call Option Embedded Derivative	841
Operating lease liability	151	85
Other	382	374
Gross deferred noncurrent income tax assets	432,730	489,604
Valuation allowance	(431,694)	(489,539)
Deferred noncurrent income tax assets	1,036	65
Net operating loss limitation under IRC Section 382	644,800
Deferred noncurrent income tax liabilities:
Basis difference in debt	(885)
Lease right of use	(151)	(65)
Deferred noncurrent income tax liabilities	(1,036)	(65)
Net noncurrent deferred income tax assets (liabilities)	$ 0	$ 0
Market value of equity upon emergence from bankruptcy			$ 524,800

INCOME TAXES - Operating loss c

INCOME TAXES - Operating loss carryforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Oct. 01, 2019
INCOME TAXES
Expiration of net operating losses			$ 454,200
Deferred tax expense	$ 0
Net operating loss carryforwards	1,100
Net operating loss carryforward subject expiration in 2037	$ 105,600
Carryforward period of NOLs that will expire in 2037	20 years
Net operating carryforward not subject to expiration	$ 539,200
Valuation allowance	431,694	$ 489,539
Increase in valuation allowance	(57,800)
Unrecognized tax benefits	$ 0	0
Open tax year (in years)	3 years
Interest and penalties	$ 0	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Basic:
Net income (loss) available to common stockholders	$ (28,317)	$ (229,707)
Weighted average basic number of common shares outstanding	16,261	16,204
Basic net income (loss) per share of common share (in dollars per share)	$ (1.74)	$ (14.18)
Diluted:
Net income (loss) available to common stockholders	$ (28,317)	$ (229,707)
Weighted average basic number of common shares outstanding	16,261	16,204
Weighted average diluted number of common shares outstanding	16,261	16,204
Diluted net income (loss) per share of common stock (in dollars per share)	$ (1.74)	$ (14.18)
Common stock equivalents excluded from computation of diluted earnings per share of common stock because of anti-dilutive effect	7,700	7,700

ADDITIONAL FINANCIAL STATEMEN_3

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable:
Oil, natural gas and natural gas liquids revenues	$ 34,110	$ 22,781
Joint interest accounts	2,503	8,543
Other	193	918
Total	36,806	32,242
Prepaids and other:
Prepaids	975	892
Funds in escrow	390	1,740
Other	1	108
Total	1,366	2,740
Funds in escrow and other:
Oil, natural gas and natural gas liquids revenues	1,010	1,720
Funds in escrow	1,227	581
Other	33	50
Total	2,270	2,351
Accounts payable and accrued liabilities:
Trade payables	25,315	22,740
Accrued oil and natural gas capital costs	4,881	8,344
Revenues and royalties payable	22,763	16,412
Accrued interest expense	42	482
Accrued employee compensation	3,735	3,223
Accrued lease operating expenses	6,090	7,622
Other		105
Total	62,826	58,928
Other noncurrent assets:
Other	$ 33	$ 50