Battalion Oil (BATL) 10-K 29 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-35467
Entity Registrant Name	Battalion Oil Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0700684
Entity Address, Address Line One	820 Gessner Road
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	832
Local Phone Number	538-0300
Title of 12(b) Security	Common Stock par value $0.0001
Trading Symbol	BATL
Security Exchange Name	NYSEAMER
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			$ 21.9
Entity Common Stock, Shares Outstanding		16,456,563
Entity Central Index Key	0001282648
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	Houston, Texas
Document Financial Statement Error Correction [Flag]	false

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 218,505	$ 357,401
Other	2,257	1,663
Total operating revenues	220,762	359,064
Production:
Lease operating	44,864	48,095
Workover and other	7,149	6,683
Taxes other than income	11,943	18,483
Gathering and other	63,575	64,117
General and administrative	19,025	17,635
Depletion, depreciation and accretion	56,624	51,915
Total operating expenses	203,180	206,928
Income from operations	17,582	152,136
Other income (expenses):
Net gain (loss) on derivative contracts	12,689	(110,006)
Interest expense and other	(33,319)	(23,591)
Total other income expenses	(20,630)	(133,597)
(Loss) income before income taxes	(3,048)	18,539
Income tax benefit (provision)	0	0
Net (loss) income	(3,048)	18,539
Series A preferred dividends	(12,047)
Net (loss) income available to common stockholders	$ (15,095)	$ 18,539
Net (loss) income per share of common stock:
Basic (in dollars per share)	$ (0.92)	$ 1.14
Diluted (in dollars per share)	$ (0.92)	$ 1.12
Weighted average common shares outstanding:
Basic (in shares)	16,441	16,331
Diluted (in shares)	16,441	16,510
Oil
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 183,634	$ 267,690
Natural gas
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	11,057	46,210
Natural gas liquids
Oil, natural gas and natural gas liquids sales:
Total oil, natural gas and natural gas liquids sales	$ 23,814	$ 43,501

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 57,529	$ 32,726
Accounts receivable, net	23,021	37,974
Assets from derivative contracts	8,992	16,244
Restricted cash	90	90
Prepaids and other	907	1,131
Total current assets	90,539	88,165
Oil and natural gas properties (full cost method):
Evaluated	755,482	713,585
Unevaluated	58,909	62,621
Gross oil and natural gas properties	814,391	776,206
Less - accumulated depletion	(445,975)	(390,796)
Net oil and natural gas properties	368,416	385,410
Other operating property and equipment:
Other operating property and equipment	4,640	4,434
Less - accumulated depreciation	(1,817)	(1,209)
Net other operating property and equipment	2,823	3,225
Other noncurrent assets:
Assets from derivative contracts	4,877	5,379
Operating lease right of use assets	1,027	352
Other assets	17,656	2,827
Total assets	485,338	485,358
Current liabilities:
Accounts payable and accrued liabilities	66,525	100,095
Liabilities from derivative contracts	17,191	29,286
Current portion of long-term debt	50,106	35,067
Operating lease liabilities	594	352
Asset retirement obligations		225
Total current liabilities	134,416	165,025
Long-term debt, net	140,276	182,676
Other noncurrent liabilities:
Liabilities from derivative contracts	16,058	33,649
Asset retirement obligations	17,458	15,244
Operating lease liabilities	490
Other	2,084	4,136
Commitments and contingencies (Note 10)
Temporary equity:
Series A redeemable convertible preferred stock: 98,000 shares of $0.0001 par value authorized, issued and outstanding as of December 31, 2023	106,535
Stockholders' equity:
Common stock: 100,000,000 shares of $0.0001 par value authorized;16,456,563 and 16,344,815 shares issued and outstanding as of December 31, 2023 and 2022, respectively	2	2
Additional paid-in capital	321,012	334,571
Accumulated deficit	(252,993)	(249,945)
Total stockholders' equity	68,021	84,628
Total liabilities and stockholders' equity	$ 485,338	$ 485,358

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Stockholders' equity:
Preferred stock, shares authorized	98,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, shares issued	98,000
Preferred stock, shares outstanding	98,000
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	16,456,563	16,344,815
Common stock, shares outstanding	16,456,563	16,344,815

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, 2021	$ 2	$ 332,187	$ (268,484)	$ 63,705
Balances (in shares) at Dec. 31, 2021	16,274
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			18,539	$ 18,539
Long-term incentive plan vestings (in shares)	98			98,121
Tax withholding on vesting of restricted stock units		(493)		$ (493)
Tax withholding on vesting of restricted stock units (in shares)	(28)
Stock-based compensation and other (in shares)	1
Stock-based compensation		2,877		2,877
Balances at Dec. 31, 2022	$ 2	334,571	(249,945)	84,628
Balances (in shares) at Dec. 31, 2022	16,345
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)			(3,048)	(3,048)
Deemed dividends for Series A preferred stock		(12,047)		$ (12,047)
Long-term incentive plan vestings (in shares)	159			158,845
Tax withholding on vesting of restricted stock units		(453)		$ (453)
Tax withholding on vesting of restricted stock units (in shares)	(47)
Stock-based compensation and other		(1,059)		(1,059)
Balances at Dec. 31, 2023	$ 2	$ 321,012	$ (252,993)	$ 68,021
Balances (in shares) at Dec. 31, 2023	16,457

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ (3,048)	$ 18,539
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depletion, depreciation and accretion	56,624	51,915
Deferred income tax provision (benefit)	0	0
Stock-based compensation, net	(1,070)	2,210
Unrealized gain on derivative contracts	(21,934)	(20,256)
Amortization/accretion of financing related costs	7,615	5,448
Reorganization items, net		(744)
Accrued settlements on derivative contracts	259	4,302
Change in fair value of embedded derivative liability	(2,052)	(1,819)
Other expense (income)	358	(77)
Change in assets and liabilities:
Accounts receivable	15,658	594
Prepaids and other	202	234
Accounts payable and accrued liabilities	(35,023)	18,455
Net cash provided by operating activities	17,589	78,801
Cash flows from investing activities:
Oil and natural gas capital expenditures	(46,288)	(125,465)
Proceeds received from sales of oil and natural gas assets	4,929	332
Other operating property and equipment capital expenditures	(153)	(1,160)
Contract asset	(10,308)
Other	(25)	163
Net cash used in investing activities	(51,845)	(126,130)
Cash flows from financing activities:
Proceeds from borrowings		35,200
Repayments of borrowings	(35,093)	(95)
Payment of deferred financing costs		(2,887)
Proceeds from issuance of preferred stock	94,607
Other	(455)	(432)
Net cash provided by financing activities	59,059	31,786
Net increase (decrease) in cash, cash equivalents and restricted cash	24,803	(15,543)
Cash, cash equivalents and restricted cash at beginning of period	32,816	48,359
Cash, cash equivalents and restricted cash at end of period	57,619	32,816
Supplemental cash flow information:
Cash paid for interest	28,709	19,933
Cash paid for reorganization items		744
Disclosure of non-cash investing and financing activities:
Asset retirement obligations	1,308	3,692
Accrued capital expenditures	(4,381)	$ 14,883
Contract asset costs in accounts payable and accrued liabilities	4,753
Deemed dividends on Series A preferred stock	12,047
Accrued offering costs	$ (119)

SUMMARY OF SIGNIFICANT EVENTS A

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
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 reportable 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. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP 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 statement and the results presented in this Annual Report on Form 10-K are not necessarily indicative of future operating results. 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, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 57,529 ​ $ 32,726 Restricted cash ​ ​ 90 ​ ​ 90 Total cash, cash equivalents and restricted cash ​ $ 57,619 ​ $ 32,816 ​ 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. Payment of the Company’s accounts receivable is typically received within 30-60 days. The Company’s historical credit losses have been de minimis and are expected to remain so in the future assuming no substantial changes to the business or creditworthiness of the Company’s counterparties. 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 (the “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. 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. 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. 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. 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 the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) Topic 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 two 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 2023, two individual purchasers of the Company’s production, Western Refining Company L.P. and Sunoco Inc., each accounted for more than 10% of more than 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, 2023, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Amended Term Loan Agreement. Risk Management Activities From time to time, in accordance with the Company’s policy, it may hedge a portion of its forecasted oil and natural gas production. The Company recognized all derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value. The Company has elected to not designate any of its positions for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of these positions, as well as payments and receipts on settled contracts, in “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 evaluation of a tax position in accordance with ASC Topic 740, Income Taxes Asset Retirement Obligations The Company records asset retirement obligations (“AROs”) to reflect the Company’s legal obligations related to future plugging and abandonment of its oil and natural gas wells, treating equipment and gathering support facilities. The Company estimates the expected cash flows associated with the obligation and discounts the amounts using a credit-adjusted, risk-free interest rate. At least annually, the Company reassesses the obligation to determine whether a change in the estimated obligation is necessary. The Company evaluates whether there are indicators that suggest the estimated cash flows underlying the obligation have materially changed. Should these indicators suggest the estimated obligation may have materially changed on an interim basis (quarterly), the Company will accordingly update its assessment. Additional retirement obligations increase the liability associated with new oil and natural gas wells, treating equipment and gathering support facilities as these obligations are incurred. 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” Recently Issued Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848) Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 In the first quarter of 2023, the Company early adopted the FASB’s ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

MERGER AGREEMENT

MERGER AGREEMENT	12 Months Ended
	Dec. 31, 2023
MERGER AGREEMENT
MERGER AGREEMENT	2. MERGER AGREEMENT Agreement and Plan of Merger On December 14, 2023, the Company entered into an Agreement and Plan of Merger, as amended (the “Merger Agreement”) with Fury Resources, Inc., a Delaware corporation (“Parent”) and San Jacinto Merger Sub, Inc. (“Merger Sub”), a Delaware corporation and a direct, wholly owned subsidiary of Parent. The Merger Agreement provides, that upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving as a wholly owned subsidiary of Parent. Subject to the terms and conditions set forth in the Merger Agreement, each of the Company’s issued and outstanding shares of Common Stock, par value $0.0001 per share (“Common Stock”) shall be converted into the right to receive $9.80 in cash, without interest, which represents a total transaction value of approximately $450.0 million, and such shares shall otherwise cease to be outstanding, shall automatically be canceled and retired and cease to exist; and each outstanding share of redeemable convertible preferred stock will be contributed to Parent in exchange for new preferred shares of Parent , or sold to Parent for cash, in each case at a valuation based on the conversion or redemption value of such preferred stock. On January 24, 2024, Parent and the Company agreed to cause an amount equal to $10.0 million to be distributed from the escrow account to the Company. The obligations of the Company, Parent and Merger Sub to consummate the Merger are subject to the satisfaction or waiver of certain customary closing conditions, including, among other things: (a) the absence of any law or order of any Governmental Authority having jurisdiction over a party to the Merger Agreement prohibiting or making illegal the consummation of the Merger, and (b) the adoption of the Merger Agreement by a majority vote of the issued and outstanding shares of Company Common Stock.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES
LEASES	3. LEASES The Company leases equipment and office space pursuant to operating leases. The Company determines if an arrangement is or contains a lease at inception and combines 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. Operating leases with a lease term greater than 12 months where the Company is the lessee are included in “Operating lease right of use assets” “Operating lease liabilities” on the consolidated balance sheets and recorded based on the present value of the future minimum lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The Company does not recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less, but rather recognizes the lease payments associated with its short-term leases when incurred. Payments due under the lease contracts include fixed payments plus, in some instances, variable payments. Variable lease payments, if applicable, 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” “General and administrative” The “Operating lease right of use assets” “Operating lease right of use assets” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2023 2022 Lease cost ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 601 ​ $ 391 ​ Short-term lease costs ​ ​ 2,536 ​ ​ 7,972 ​ Total lease costs ​ $ 3,137 ​ $ 8,363 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 604 ​ $ 391 ​ Weighted-average remaining lease term - operating leases ​ ​ 1.8 years ​ 0.9 years Weighted-average discount rate - operating leases ​ ​ 12.32 % ​ 4.29 % ​ Future minimum lease payments associated with the Company’s non-cancellable operating leases for office space and equipment as of December 31, 2023, are presented in the table below (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2023 2024 ​ $ 688 2025 ​ ​ 430 2026 ​ ​ 86 Total operating lease payments ​ ​ 1,204 Less: discount to present value ​ ​ (120) Total operating lease liabilities ​ ​ 1,084 Less: current operating lease liabilities ​ ​ 594 Noncurrent operating lease liabilities ​ $ 490 ​

OPERATING REVENUES

OPERATING REVENUES	12 Months Ended
	Dec. 31, 2023
OPERATING REVENUES
OPERATING REVENUES	4. OPERATING REVENUES Substantially all of the Company’s oil, natural gas, and NGL revenues are derived from the Delaware Basin in Pecos, Reeves, Ward and Winkler Counties, Texas. Revenue is presented disaggregated in the statement of operations by major product, and depicts how the nature, timing, and uncertainty of revenue and cash flows are affected by economic factors in the Company’s single basin operations. Revenue is recognized when the following five steps are completed: (1) identify the contract with the customer, (2) identify the performance obligation (promise) in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, (5) recognize revenue when the reporting organization satisfies a performance obligation. 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 each unit (e.g. barrel of oil, Mcf of gas) of commodity to the customer. Revenue is measured based on contract consideration allocated to each unit of commodity 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. Since 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 $19.8 million and $34.0 million as of December 31, 2023 and 2022, respectively, as “Accounts receivable, net” balance sheets. The Company utilizes the practical expedient exempting the disclosure of 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). The Company records revenue in the month its production is delivered to the purchaser. However, to the extent settlement statements and/or payments are not available, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records any differences, which historically have not been significant, between the actual amounts ultimately received and the original estimates in the period they become finalized. Oil Sales The Company recognizes revenue when control of the crude oil transfers at the delivery point at the net price received. Generally, this occurs when the Company (i) sells its crude oil production at the wellhead where control of the crude oil transfers to the customer at an index price, averaged over the daily settlement prices for a production month, and adjusted for pricing differentials and other deduction or (ii) when 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. 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. Natural Gas and NGL 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 The majority of the Company’s natural gas and NGLs prices are based on daily average pricing for the month. Settlement statements for the Company’s natural gas and NGLs 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. Historically, differences between the Company’s estimates and the actual revenue received have not been material.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Subject to depletion ​ $ 755,482 ​ $ 713,585 Not subject to depletion: ​ ​ ​ ​ ​ ​ Other capital costs: ​ ​ ​ ​ ​ Incurred in 2023 ​ ​ 31 ​ ​ — Incurred in 2022 ​ ​ 1,427 ​ ​ 1,427 Incurred in 2021 and prior (1) ​ ​ 57,451 ​ ​ 61,194 Total not subject to depletion ​ ​ 58,909 ​ ​ 62,621 Gross oil and natural gas properties ​ ​ 814,391 ​ ​ 776,206 Less accumulated depletion ​ ​ (445,975) ​ ​ (390,796) Net oil and natural gas properties ​ $ 368,416 ​ $ 385,410 (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. 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 $55.2 million and $51.0 million for the year ended December 31, 2023 and 2022, respectively. Depletion expense is recorded in “Depletion, depreciation and accretion” 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. To the extent capitalized costs of evaluated oil and natural gas properties, net of accumulated depletion, exceed the discounted future net revenues of proved oil and natural gas reserves, net of deferred taxes, such excess capitalized costs are charged to expense. The 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, 2023 ​ $ 78.21 ​ $ 2.64 December 31, 2022 ​ ​ 94.14 ​ $ 6.36 (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. The Company's net book value of oil and natural gas properties for both 2023 and 2022 did not exceed the ceiling amount. 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, 2023
DEBT
DEBT	6. DEBT As of December 31, 2023 and 2022, the Company’s debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Term loan credit facility ​ $ 200,000 ​ $ 235,000 Other ​ ​ 215 ​ ​ 190 Total debt (Face Value) ​ ​ 200,215 ​ ​ 235,190 Less: ​ ​ ​ ​ ​ ​ Current Portion of Long-Term Debt (1) ​ ​ (50,106) ​ ​ (35,067) Other (2) ​ ​ (9,833) ​ ​ (17,447) Long-Term Debt, net ​ $ 140,276 ​ $ 182,676 (1) Amounts primarily reflect payments due of $50.0 million and $35.0 million under the Amended Term Loan Agreement due within one year as of December 31, 2023 and December 31, 2022, respectively. (2) Amounts primarily reflect unamortized debt issuance costs of approximately $6.9 million and $13.0 million at December 31, 2023 and December 31, 2022, respectively, but also include an unamortized debt discount associated with an embedded derivative separately presented and further described in Note 7. “Fair Value Measurements”. For the years ended December 31, 2023 and 2022, we recorded approximately $7.6 million and $5.4 million, respectively, in interest expense reflecting the amortization/accretion of these amounts. Term Loan Credit Facility ​ ​ ​ ● Asset Coverage Ratio of not less than 1.80 to 1.00 as of December 31, 2023 and the last day of each fiscal quarter thereafter; ● Total Net Leverage Ratio of not greater than 2.50 to 1.00 as of December 31, 2023 and each fiscal quarter thereafter, and ​ ● Current Ratio of not less than 1.00 to 1.00, determined as of the last day of any fiscal quarter period, as of December 31, 2023 and each fiscal quarter thereafter. As of December 31, 2023, the Company was in compliance with the financial covenants under the Amended Term Loan Agreement. The Company may elect, at its option, to prepay any borrowings outstanding under the Amended Term Loan Agreement subject to the following prepayment premiums: ​ ​ ​ ​ ​ Period (after applicable borrowing date (1) ) ​ ​ 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% ​ (1) Applicable borrowing dates are November 2021 for the original $200.0 million borrowed and April and November 2022 for the $20.0 million and $15.0 million in delayed borrowings, respectively. ​ . The weighted average interest rate on the Company’s borrowings for the year ended December 31, 2023 was approximately ​ The Company may be required to make mandatory prepayments under the Amended Term Loan Agreement in connection with the incurrence of non-permitted debt, certain asset sales, or with excess cash on hand in excess of certain maximum levels beginning in 2023. For each fiscal quarter after January 1, 2023, the Company is required to make mandatory prepayments when the Consolidated Cash Balance, as defined in the Amended Term Loan Agreement, exceeds $20.0 million. Until December 31, 2024, the forecasted capital expenditures for the succeeding fiscal quarter on the approved plan of development (“APOD”) wells (i.e. oil and natural gas wells located within a specified boundary as set by the Amended Term Loan Agreement) are excluded for purposes of determining the Consolidated Cash Balance. As of December 31, 2023, the Consolidated Cash Balance, as defined in the Amended Term Loan Agreement, did not exceed $20.0 million when considering forecasted APOD capital expenditures and cash held in unrestricted subsidiaries; therefore, no mandatory prepayment was necessary. ​ The Company is required to make scheduled remaining amortization payments in the aggregate amount of $85.0 million from the fiscal quarter ending March 31, 2024 through the fiscal quarter ending September 30, 2025 with $10.0 million due at the end of the first quarter of 2024, $12.5 million due at the end of each of the second and third quarters of 2024, $15.0 million due at the end of the fourth quarter of 2024 and the first quarter of 2025, and $10.0 million due at the end of each of the second and third quarters of 2025. The Company will be required to make a final payment of $115.0 million at maturity on November 24, 2025. Amounts outstanding under the Amended Term Loan Agreement are guaranteed by certain of the Borrower’s direct and indirect subsidiaries and secured by substantially all of the assets of the Borrower and such direct and indirect subsidiaries, and by the equity interests of the Borrower held by the Company. As part of the Amended Term Loan Agreement there are certain restrictions on the transfer of assets, including cash, to Battalion from the guarantor subsidiaries. ​ “Other noncurrent liabilities” “Interest expense and other” Fair Value Measurements ​ Debt Maturities Aggregate maturities required on debt at December 31, 2023 due in future years are as follows (in thousands): ​ ​ ​ ​ ​ 2024 $ 50,106 2025 ​ ​ 150,096 2026 ​ ​ 13 Total ​ $ 200,215 ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	7. FAIR VALUE MEASUREMENTS The Company’s determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company’s consolidated balance sheets, but also the impact of the Company’s nonperformance risk on its own liabilities. Fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company separates the fair value of its financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. 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 liabilities associated with commodity-based derivative contracts that were accounted for at fair value as of December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from commodity-based derivative contracts ​ $ — ​ $ 13,869 ​ $ — ​ $ 13,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from commodity-based derivative contracts ​ $ — ​ $ 33,249 ​ $ — ​ $ 33,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from commodity-based derivative contracts ​ $ — ​ $ 21,623 ​ $ — ​ $ 21,623 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from commodity-based derivative contracts ​ $ — ​ $ 62,935 ​ $ — ​ $ 62,935 ​ 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.” Interest expense and other” on the consolidated statement of operations. The valuation of the Change of Control Call Option includes significant inputs such as the timing and probability of discrete potential exit scenarios, forward interest rate 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 December 31, 2022 ​ $ 4,136 Change in fair value ​ ​ (2,052) Balance at December 31, 2023 ​ $ 2,084 ​ Estimated fair value amounts have been determined at discrete points in time based on relevant market information. 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 borrowings under the Company’s Amended Term Loan Agreement approximate carrying value because the interest rates approximate current market rates. ​ The Company follows the provisions of the FASB’s ASC Topic 820, Fair Value Measurement “Asset Retirement Obligations,”

DERIVATIVE AND HEDGING ACTIVITI

DERIVATIVE AND HEDGING ACTIVITIES	12 Months Ended
	Dec. 31, 2023
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 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” 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, 2023, the Company did not post collateral under any of its derivative contracts as they are secured under the Company’s Amended 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 further described as follows: ● 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. ● Costless collars consist 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 following table summarizes the location and fair value amounts of all derivative contracts in the consolidated balance sheets as of December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ Years Ended December 31, Balance sheet location 2023 2022 Balance sheet location 2023 2022 Current assets ​ $ 8,992 ​ $ 16,244 ​ Current liabilities ​ $ (17,191) ​ $ (29,286) Other noncurrent assets ​ ​ 4,877 ​ ​ 5,379 ​ Other noncurrent liabilities ​ ​ (16,058) ​ ​ (33,649) ​ ​ $ 13,869 ​ $ 21,623 ​ ​ ​ $ (33,249) ​ $ (62,935) ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of gain or (loss) ​ ​ ​ ​ ​ ​ on derivative contracts on ​ Years Ended December 31, Type Statement of Operations 2023 2022 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) ​ Other income (expenses) ​ $ 21,934 ​ $ 20,256 Realized gain (loss) ​ Other income (expenses) ​ ​ (9,245) ​ ​ (130,262) Total net gain (loss) ​ ​ ​ $ 12,689 ​ $ (110,006) ​ At December 31, 2023, the Company had the following open crude oil and natural gas derivative contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ 2024 ​ 2025 ​ 2026 ​ ​ 2027 Crude oil: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 1,834,924 ​ ​ 1,405,463 ​ ​ 1,016,641 ​ ​ 620,387 Weighted average price ​ $ 63.62 ​ $ 61.59 ​ $ 63.50 ​ $ 61.38 Basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 1,834,321 ​ ​ 1,430,806 ​ ​ 1,023,669 ​ ​ 682,265 Weighted average price ​ $ 0.27 ​ $ 0.24 ​ $ 0.04 ​ $ 0.44 WTI NYMEX roll: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 1,814,073 ​ ​ 1,430,806 ​ ​ 1,023,669 ​ ​ 682,265 Weighted average price ​ $ 0.27 ​ $ 0.13 ​ $ (0.01) ​ $ (0.02) Natural gas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 4,452,855 ​ ​ 4,284,179 ​ ​ 2,357,998 ​ ​ 1,587,636 Weighted average price ​ $ 3.54 ​ $ 3.40 ​ $ 3.96 ​ $ 3.68 Two-way collar: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 2,610,639 ​ ​ 1,651,321 ​ ​ 2,063,812 ​ ​ 1,355,000 Weighted average price (call) ​ $ 5.08 ​ $ 5.12 ​ $ 5.26 ​ $ 5.57 Weighted average price (put) ​ $ 3.67 ​ $ 3.72 ​ $ 3.70 ​ $ 3.66 Basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 7,052,822 ​ ​ 5,834,257 ​ ​ 4,382,626 ​ ​ 2,653,497 Weighted average price ​ $ (0.87) ​ $ (0.68) ​ $ (0.77) ​ $ (0.71) ​ 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, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets ​ Derivative Liabilities ​ ​ Years Ended December 31, ​ Years Ended December 31, Offsetting of Derivative Assets and Liabilities 2023 ​ 2022 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts - Consolidated Balance Sheet ​ $ 13,869 ​ $ 21,623 ​ $ (33,249) ​ $ (62,935) Amounts Not Offset - Consolidated Balance Sheet ​ ​ (13,218) ​ ​ (20,997) ​ ​ 13,218 ​ ​ 20,997 Net amount ​ $ 651 ​ $ 626 ​ $ (20,031) ​ $ (41,938) ​ 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, 2023
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	9. ASSET RETIREMENT OBLIGATIONS The Company records an 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 AROs to reflect the Company’s legal obligations related to future plugging and abandonment of its oil and natural gas wells, treating equipment and gathering support facilities. The Company recorded the following activity related to its ARO liability (inclusive of the current portion) (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 2022 Asset retirement obligations at beginning of the period ​ $ 15,469 ​ $ 11,896 Accretion expense ​ ​ 793 ​ ​ 528 Liabilities incurred ​ ​ 34 ​ ​ 151 Liabilities settled/divested ​ ​ (112) ​ ​ (647) Revisions to estimate ​ ​ 1,274 ​ ​ 3,541 Asset retirement obligations at end of period ​ ​ 17,458 ​ ​ 15,469 Less: current asset retirement obligations ​ ​ — ​ ​ (225) Long-term asset retirement obligations at the end of the period ​ $ 17,458 ​ $ 15,244 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Commitments As of December 31, 2023, the Company has an active drilling rig commitment of approximately $1.5 million that will be incurred in 2024. Termination of the active drilling rig commitment would require an early termination penalty of $1.3 million, which would be in lieu of paying the active drilling rig commitment of $1.5 million. In May 2022, the Company entered into a joint venture agreement to develop a strategic acid gas treatment and carbon sequestration facility and entered into a gas treating agreement. Once the facility is in service, the Company has Under the gas treating agreement, the Company /Mcf and varies based on volumes delivered to the facility. At an initial treated volume of million for the first 12 months of the agreement. For additional information on this joint venture, see Note 15, Additional Financial Information 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, 2023, the Company had in place multiple long-term crude oil and 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 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. ​

REDEEMABLE CONVERTIBLE PREFERRE

REDEEMABLE CONVERTIBLE PREFERRED STOCK	12 Months Ended
	Dec. 31, 2023
REDEEMABLE CONVERTIBLE PREFERRED STOCK
REDEEMABLE CONVERTIBLE PREFERRED STOCK	11. REDEEMABLE CONVERTIBLE PREFERRED STOCK On March 28, 2023, the Company sold, in a private placement, an aggregate of 25,000 shares of Series A Redeemable Convertible Preferred Stock (the “Series A Preferred Stock”) to certain funds managed by Luminus Management, LLC, Oaktree Capital Management, LP, and LSP Investment Advisors, LLC, the Company’s largest three existing stockholders (collectively, the “Investors”) that represent 50 percent of its board of directors. The Company received $24.4 million in proceeds, net of $0.6 million in original issue discount. The issuance of Series A Preferred Stock was approved by the Company’s board of directors upon recommendation by a special committee of disinterested directors that was established to evaluate the proposed terms of the Series A Preferred Stock. Holders of Series A Preferred Stock will have no voting rights with respect to the shares of Series A Preferred Stock. The Series A Preferred Stock will receive annual dividends, paid either in cash at a fixed rate of On September 6, 2023, the Company sold, in a private placement, an aggregate of 38,000 shares of Series A-1 Redeemable Convertible Preferred Stock (the “Series A-1 Preferred Stock”) to the Investors. The Company received $37.1 million in proceeds, net of $0.9 million in original issue discount. The issuance of Series A-1 Preferred Stock was approved by the Company’s board of directors upon recommendation by a special committee of disinterested directors that was established to evaluate the proposed terms of the Series A-1 Preferred Stock. Holders of Series A-1 Preferred Stock will have no voting rights with respect to the shares of Series A-1 Preferred Stock. The Series A-1 Preferred Stock will receive annual dividends, paid either in cash at a fixed rate of 14.5% annually or accrued at a fixed PIK accrual rate of 16.0% annually at the option of the Company. Currently, the Company’s Amended Term Loan Agreement prohibits the payment of cash dividends. PIK dividends will be cumulative, compound and accrue quarterly in arrears and will be added to the Liquidation Preference. The Series A-1 Preferred Stock Dividend Payment Date commenced on September 30, 2023, and the Conversion Price equaled $7.63, which may be adjusted from time to time. On December 15, 2023, the Company sold, in a private placement, an aggregate of 35,000 shares of Series A-2 Redeemable Convertible Preferred Stock (the “Series A-2 Preferred Stock”) to the Investors. The Company received $34.1 million in proceeds, net of $0.9 million in original issue discount. The issuance of Series A-2 Preferred Stock was approved by the Company’s board of directors upon recommendation by a special committee of disinterested directors that was established to evaluate the proposed terms of the Series A-2 Preferred Stock. Holders of Series A-2 Preferred Stock will have no voting rights with respect to the shares of Series A-2 Preferred Stock. The Series A-2 Preferred Stock will receive annual dividends, paid either in cash at a fixed rate of 14.5% annually or accrued at a fixed PIK accrual rate of 16.0% annually at the option of the Company. Currently, the Company’s Amended Term Loan Agreement prohibits the payment of cash dividends. PIK dividends will be cumulative, compound and accrue quarterly in arrears and will be added to the Liquidation Preference. The Series A-2 Preferred Stock Dividend Payment Date commenced on December 31, 2023, and the Conversion Price equaled $6.21, which may be adjusted from time to time. For accounting purposes, upon issuance of the preferred stock on March 28, 2023, September 6, 2023 and December 15, 2023 (collectively, the “Redeemable Convertible Preferred Stock”), the Company recorded $23.5 million ($25.0 million net of original issue discount and accrued offering costs), $36.9 million ($38.0 million net of original issue discount and accrued offering costs) and $34.0 million ($35.0 million net of original issue discount and accrued offering costs), respectively, as mezzanine equity (temporary equity) on the consolidated balance sheets because it is not mandatorily redeemable but does contain a redemption feature at the option of the preferred holders that is considered not solely within the Company’s control. Due to the redeemable nature of the preferred stock, as further discussed below, at March 31, 2023, September 30, 2023 and December 31, 2023, the Company recorded non-cash deemed dividends of approximately $1.5 million, $1.1 million and $1.0 million, respectively, to increase the carrying value of the preferred stock to its redemption amounts of approximately $25.0 million, $38.0 million and $35.0 million, respectively. For year ended December 31, 2023, the Company paid-in-kind its dividend on the preferred stock of $8.5 million. As of December 31, 2023, the carrying value of the preferred stock, inclusive of PIK dividends, is approximately $106.5 million. Voting Rights. Dividends. Conversion Features. Redemption Features (Change of Control) Redemption Features (Issuer). ​ ● at any time prior to 120 days following the closing date, 100% of the Liquidation Preference at such time; ● at any time on or after 120 days following the closing date but prior to the 180 days following the closing date, 102% of the Liquidation Preference at such time; ● at any time on or after 180 days following the closing date but on or prior to the first anniversary of the closing date, 105% of the Liquidation Preference at such time; ● at any time after the first anniversary of the closing date but on or prior to the second anniversary of the closing date, 108% of the Liquidation Preference at such time; and ● at any time after the second anniversary of the closing date, 120% of the Liquidation Preference at such time. Redemption Features (Change of Control) ● at any time on or prior to 150 days following the issuance date, and at the election of the Company, a cash payment equal to the Liquidation Preference or equity consideration equal to the 107.5% of the Liquidation Preference, or ● at any time after the one hundred fiftieth ( 150 th) day following the issuance date, the Company shall offer each Holder a cash payment equal to the Redemption Price. Holders shall also have the ability to elect conversion into common stock at the Conversion Ratio. Until (i) a termination of or certain amendments to the Amended Term Loan Agreement or (ii) one year past the maturity date of the Amended Term Loan Agreement, an election of the cash payment option by holders in a change of control scenario is not permitted.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Common Stock On October 8, 2019, upon emergence from chapter 11 bankruptcy, Battalion 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 Battalion 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 Battalion 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. Incentive Plans The Company’s board of directors adopted the 2020 Long-Term Incentive Plan (the “Plan”), as amended in 2021, in which an aggregate of approximately 1.8 million shares of the Company’s common stock were available for grant pursuant to awards under the Plan. As of December 31, 2023, a maximum of 1.1 million shares of the Company’s common stock remained reserved for issuance under the Plan. For the years ended December 31, 2023 and 2022, the Company recognized a benefit of $1.1 million and expense of $2.2 million, respectively, related to stock-based compensation awards granted to employees and directors, primarily related to restricted stock unit grants. The benefit recognized in the twelve months ended December 31, 2023 is due to forfeitures of stock options and restricted stock related to the departure of certain executives and employees. Stock-based compensation is recorded as a component of “General and administrative” Restricted Stock Units 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 in equal amounts over a three or four year vesting period from the date of the grant, depending on award, or when the performance or market conditions described below occur. unrecognized compensation expense related to non-vested RSU awards to be recognized over a weighted average period of 0.3 years and 1 year, respectively. ​ The following table sets forth the restricted stock unit 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, 2021 ​ 775,515 ​ $ 9.16 ​ $ 2,914 Granted ​ 225,700 ​ ​ 13.75 ​ ​ ​ Vested ​ (98,121) ​ ​ 11.40 ​ ​ ​ Forfeited ​ (13,700) ​ ​ 12.20 ​ ​ ​ Unvested outstanding shares at December 31, 2022 ​ 889,394 ​ $ 10.03 ​ $ 3,993 Granted ​ 30,000 ​ ​ 10.68 ​ ​ ​ Vested ​ (158,845) ​ ​ 12.48 ​ ​ ​ Forfeited ​ (509,013) ​ ​ 9.04 ​ ​ ​ Unvested outstanding shares at December 31, 2023 ​ 251,536 ​ $ 10.56 ​ $ 1,141 (1) The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2023 and 2022 of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.5 million for the year ended December 31, 2023. The discussion below outlines the vesting conditions and fair values for each type of the Company’s approximately 0.3 million unvested outstanding RSU under the Plan issued to employees of the Company as of December 31, 2023. ● Time-Based RSUs . 0.1 million Time-Based RSUs will vest over a three or four year vesting period from the date of the grant, depending on award . The aggregate grant date fair value of these RSUs was $1.6 million. ​ ● Performance-Based RSUs . Less than 0.1 million Performance-Based RSUs 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 $0.5 million. As of December 31, 2023, no expense had been recognized for these awards as a business combination, as defined in the award agreements, had not been consummated. ​ ● Market-Based (e.g. TSR) RSUs . 0.1 million Market-Based RSUs will vest in full or in part or may terminate based on the Company’s total shareholder return (“TSR”) 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 $0.6 million. ​ The assumptions used in calculating the Monte Carlo valuation model fair value of the Company’s RSUs with market based (e.g. TSR) vesting conditions granted in 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. ​ Stock Options From time to time, the Company has granted stock options under the Plan covering shares of common stock to employees of the Company. The Company has not granted stock options since 2020. Stock options, if 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 one At December 31, 2023, the Company had 132,822 options outstanding (three equal tranches of 44,274 options at exercise prices /share. As of December 31, 2023 and 2022, years. Approximately less than ​ ​ ​ ​ ​ ​ ​ ​ 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. ​ Warrants On October 8, 2019, pursuant to the Company’s plan of reorganization, approximately 6.9 million Series A, Series B and Series C warrants were issued to pre-emergence holders of the predecessor Company’s common stock with corresponding initial exercise prices ranging from $40.17 to $60.45 per share, on a pro rata basis. Each series of Warrants issued under the Warrant Agreement had a three-year term, which expired on October 8, 2022.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	13. INCOME TAXES Income tax benefit (provision) for the indicated periods is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2023 2022 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, ​ 2023 2022 Expected tax benefit (provision) ​ $ 640 ​ $ (3,893) Change in valuation allowance and related items ​ ​ (15) ​ ​ 6,689 Attribute reduction ​ ​ — ​ ​ (2,704) Permanent adjustments ​ ​ (2) ​ ​ (5) Employee retention credit ​ ​ — ​ ​ — Non-deductible compensation ​ ​ (95) ​ ​ (56) Preferred equity transaction costs ​ ​ — ​ ​ — Merger transaction costs ​ ​ (541) ​ ​ — Other ​ ​ 13 ​ ​ (31) Total income tax benefit (provision) ​ $ — ​ $ — ​ The components of net deferred income tax assets (liabilities) recognized are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Deferred noncurrent income tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carry-forwards ​ $ 172,654 ​ $ 151,905 Built in loss adjustment Section 382 ​ ​ 693 ​ ​ 693 Capital loss carryforward ​ ​ 114,725 ​ ​ 114,725 Stock-based compensation expense ​ ​ 1,693 ​ ​ 2,334 Asset retirement obligations ​ ​ 3,666 ​ ​ 2,558 Book-tax differences in property basis ​ ​ 106,045 ​ ​ 129,427 Unrealized hedging transactions ​ ​ 4,070 ​ ​ 8,676 Disallowed interest Section 163(j) ​ ​ 20,712 ​ ​ 14,905 Embedded derivative liability ​ ​ 437 ​ ​ 459 Operating lease liability ​ ​ 228 ​ ​ 74 GAAP amortization - discount on MOIC derivative ​ ​ — ​ ​ — Amortization of debt issuance costs ​ ​ 323 ​ ​ — Other ​ ​ 874 ​ ​ 874 Gross deferred noncurrent income tax assets ​ ​ 426,120 ​ ​ 426,630 Valuation allowance ​ ​ (425,019) ​ ​ (425,005) Deferred noncurrent income tax assets ​ $ 1,101 ​ $ 1,625 ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities: ​ ​ ​ ​ ​ ​ Basis difference in debt ​ $ (615) ​ $ (885) Investment in unconsolidated subsidiary ​ ​ (270) ​ ​ (580) Amortization of debt issuance costs ​ ​ — ​ ​ (86) Lease right of use ​ ​ (216) ​ ​ (74) Deferred noncurrent income tax liabilities ​ $ (1,101) ​ $ (1,625) Net noncurrent deferred income tax assets (liabilities) ​ $ — ​ $ — ​ The amount of U.S. consolidated Net Operating Losses (NOLs) available as of December 31, 2023 after attribute reduction is estimated to be approximately $1.3 billion, but the amount after attribute reduction and the Section 382 limitation is $822.2 million. Of this amount, $92.6 million is subject to the 20 year carryforward period and will expire in 2037. The remaining $729.5 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, 2023, 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, 2023 of $425.0 million, a decrease of less than $0.1 million from December 31, 2022. 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. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. For those benefits to be recognized, an income tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company has no unrecognized tax benefits for the year ended December 31, 2023 and 2022. 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 in “Interest expense and other” 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. Generally, the Company’s income tax years 2019 through 2023 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	14. EARNINGS PER SHARE The following represents the calculation of earnings (loss) per share (in thousands, except per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2023 2022 Basic: ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (3,048) ​ $ 18,539 Less: Preferred stock dividend ​ ​ (12,047) ​ ​ — Less: Undistributed earnings allocable to preferred stockholders ​ ​ — ​ ​ — Net (loss) income available to common stockholders ​ $ (15,095) ​ $ 18,539 Weighted average basic number of common shares outstanding basic ​ ​ 16,441 ​ ​ 16,331 Basic net (loss) income per share of common stock ​ $ (0.92) ​ $ 1.14 ​ ​ ​ ​ ​ ​ ​ Diluted: ​ ​ ​ ​ ​ ​ Net (loss) income available to common stockholders basic ​ $ (15,095) ​ $ 18,539 Reallocation of undistributed earnings ​ ​ — ​ ​ — Net (loss) income available to common stockholders diluted ​ $ (15,095) ​ $ 18,539 Weighted average basic number of common shares outstanding ​ ​ 16,441 ​ ​ 16,331 Common stock equivalent shares representing shares issuable upon: ​ ​ ​ ​ ​ ​ Exercise of warrants and stock options ​ ​ Anti-dilutive ​ ​ Anti-dilutive Vesting of restricted stock units ​ ​ Anti-dilutive ​ ​ 179 Weighted average diluted number of common shares outstanding diluted ​ ​ 16,441 ​ ​ 16,510 Diluted net income (loss) per share of common stock ​ $ (0.92) ​ $ 1.12 ​ For the year ended December 31, 2023, common stock equivalents, including stock options and certain restricted stock units, totaling 0.5 million weighted-average shares were anti-dilutive and not included in the computation of diluted earnings per share of common stock. For the year ended December 31, 2022, common stock equivalents, including warrants, stock options and restricted stock units, totaling 5.8 million shares 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 Company’s net loss in the period. Additionally, the Company also has approximately Stockholder’s Equity” . On October 8, 2022 approximately share of common stock for each warrant.

ADDITIONAL FINANCIAL STATEMENT

ADDITIONAL FINANCIAL STATEMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
ADDITIONAL FINANCIAL STATEMENT INFORMATION
ADDITIONAL FINANCIAL STATEMENT INFORMATION	15. ADDITIONAL FINANCIAL STATEMENT INFORMATION Certain balance sheet amounts are comprised of the following (in thousands) for the periods presents: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Accounts receivable, net: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 19,802 ​ $ 33,980 Joint interest accounts ​ ​ 2,138 ​ ​ 3,201 Other ​ ​ 1,081 ​ ​ 793 ​ ​ $ 23,021 ​ $ 37,974 Prepaids and other: ​ ​ ​ ​ ​ ​ Prepaids ​ $ 490 ​ $ 715 Funds in escrow ​ ​ 345 ​ ​ 341 Other ​ ​ 72 ​ ​ 75 ​ ​ $ 907 ​ $ 1,131 Other assets (Non-current): ​ ​ ​ ​ ​ ​ Investment in unconsolidated affiliate ​ $ 1,283 ​ $ 1,561 Contract asset ​ ​ 15,062 ​ ​ — Funds in escrow ​ ​ 552 ​ ​ 527 Other ​ ​ 759 ​ ​ 739 ​ ​ $ 17,656 ​ $ 2,827 Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ Trade payables ​ $ 24,915 ​ $ 42,919 Accrued oil and natural gas capital costs ​ ​ 15,337 ​ ​ 19,911 Revenues and royalties payable ​ ​ 18,986 ​ ​ 26,759 Accrued interest expense ​ ​ 347 ​ ​ 160 Accrued employee compensation ​ ​ 520 ​ ​ 2,300 Accrued lease operating expenses ​ ​ 6,418 ​ ​ 8,005 Other ​ ​ 2 ​ ​ 41 ​ ​ $ 66,525 ​ $ 100,095 ​ Investment in Unconsolidated Affiliate . In May 2022, the Company entered into a joint venture with Caracara Services, LLC (“Caracara”) to develop an acid gas treatment facility to remove hydrogen sulfide and carbon dioxide from its produced natural gas. certain full cost pool assets to the related party joint venture in a non-cash exchange for a retained 5% equity interest in Wink Amine Treater, LLC (“WAT”) (previously Brazos Amine Treater, LLC (“BAT”)), an unconsolidated subsidiary. For accounting purposes, since the Company does not control the key activities (e.g. operating and maintaining the facility) which most significantly impact economic performance nor does the Company the Company is not the primary beneficiary of WAT. Accordingly, the Company accounts for its investment in WAT (a related party) using the equity method of accounting based on its ability to exercise significant influence , but not control, over the key activities of the joint venture. For more information related to this joint venture, see Note 10, “ Commitments and Contingencies ”. Contract Asset. During 2023, the Company advanced a capital contribution of approximately $15.1 million on behalf of its joint venture partner in WAT to fund a workover operation on the AGI well. Pursuant to the terms of the agreement governing the joint venture, the Company has multiple remedies to recover such advance, including (1) declaring such payment a loan, which pursuant to the agreement would have an interest rate of the lessor of 15% or the maximum rate permitted by law, (2) recoupment from distributions from the joint venture and (3) reallocation of equity of the joint venture based on the relative level of total capital contributions by the parties after taking into account the advance. The Company advanced additional capital contributions on behalf of its joint venture partner during the first quarter of 2024 of approximately $3.0 million to fund WAT with the necessary capital required to complete the sidetrack of the AGI well.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On March 27, 2024, the Company sold, in a private placement, an aggregate of 20,000 shares of Series A-3 Redeemable Convertible Preferred Stock (the “Series A-3 Preferred Stock”) to the Investors. The Company received $19.5 million in proceeds, net of $0.5 million in original issue discount. The issuance of Series A-3 Preferred Stock was approved by the Company’s board of directors upon recommendation by a special committee of disinterested directors that was established to evaluate the proposed terms of the Series A-3 Preferred Stock. Holders of Series A-3 Preferred Stock will have no voting rights with respect to the shares of Series A-3 Preferred Stock. The Series A-3 Preferred Stock will receive annual dividends, paid either in cash at a fixed rate of 14.5% annually or accrued at a fixed PIK accrual rate of 16.0% annually at the option of the Company. Currently, the Company’s Amended Term Loan Agreement prohibits the payment of cash dividends. PIK dividends will be cumulative, compound and accrue quarterly in arrears and will be added to the Liquidation Preference. The Series A-3 Preferred Stock Dividend Payment Date will commence on March 31, 2024, and the Conversion Price equaled $6.83, which may be adjusted from time to time. On March 28, 2024, the Company entered into the Third Amendment to the Amended Term Loan Agreement (the “Third Amendment”) with its lenders. The Third Amendment, amended the Amended Term Loan Agreement to, among other things, (a) amend the APOD for certain properties, (b) remove the PDP Production Test and APOD Economic Test (each defined in the Term Loan Agreement), (c) require the Borrower to receive cash proceeds from equity issuances and/or cash contributions in an aggregate amount of not less than ​ ​ ​

SUMMARY OF SIGNIFICANT EVENTS_2

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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 reportable 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.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP 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 statement and the results presented in this Annual Report on Form 10-K are not necessarily indicative of future operating results.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with a maturity of three months or less at the time of purchase to be cash equivalents. These investments are carried at cost, which approximates fair value. Amounts in the consolidated balance sheets included in “ Cash and cash equivalents Restricted cash ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 57,529 ​ $ 32,726 Restricted cash ​ ​ 90 ​ ​ 90 Total cash, cash equivalents and restricted cash ​ $ 57,619 ​ $ 32,816 ​ 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. Payment of the Company’s accounts receivable is typically received within 30-60 days. The Company’s historical credit losses have been de minimis and are expected to remain so in the future assuming no substantial changes to the business or creditworthiness of the Company’s counterparties.
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 (the “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. 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. 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. 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.
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 the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) Topic 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 two 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 2023, two individual purchasers of the Company’s production, Western Refining Company L.P. and Sunoco Inc., each accounted for more than 10% of more than 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, 2023, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Amended Term Loan Agreement.
Risk Management Activities	Risk Management Activities From time to time, in accordance with the Company’s policy, it may hedge a portion of its forecasted oil and natural gas production. The Company recognized all derivative instruments as either assets or liabilities in the consolidated balance sheets at fair value. The Company has elected to not designate any of its positions for hedge accounting. Accordingly, the Company records the net change in the mark-to-market valuation of these positions, as well as payments and receipts on settled contracts, in “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 evaluation of a tax position in accordance with ASC Topic 740, Income Taxes
Asset Retirement Obligations	Asset Retirement Obligations The Company records asset retirement obligations (“AROs”) to reflect the Company’s legal obligations related to future plugging and abandonment of its oil and natural gas wells, treating equipment and gathering support facilities. The Company estimates the expected cash flows associated with the obligation and discounts the amounts using a credit-adjusted, risk-free interest rate. At least annually, the Company reassesses the obligation to determine whether a change in the estimated obligation is necessary. The Company evaluates whether there are indicators that suggest the estimated cash flows underlying the obligation have materially changed. Should these indicators suggest the estimated obligation may have materially changed on an interim basis (quarterly), the Company will accordingly update its assessment. Additional retirement obligations increase the liability associated with new oil and natural gas wells, treating equipment and gathering support facilities as these obligations are incurred. 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”
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) Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 In the first quarter of 2023, the Company early adopted the FASB’s ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

SUMMARY OF SIGNIFICANT EVENTS_3

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Schedule Of Cash, Cash Equivalents And Restricted Cash	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 57,529 ​ $ 32,726 Restricted cash ​ ​ 90 ​ ​ 90 Total cash, cash equivalents and restricted cash ​ $ 57,619 ​ $ 32,816

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
LEASES
Schedule of Company's leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2023 2022 Lease cost ​ ​ ​ ​ ​ ​ ​ Operating lease costs ​ $ 601 ​ $ 391 ​ Short-term lease costs ​ ​ 2,536 ​ ​ 7,972 ​ Total lease costs ​ $ 3,137 ​ $ 8,363 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 604 ​ $ 391 ​ Weighted-average remaining lease term - operating leases ​ ​ 1.8 years ​ 0.9 years Weighted-average discount rate - operating leases ​ ​ 12.32 % ​ 4.29 %
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, 2023, are presented in the table below (in thousands): ​ ​ ​ ​ ​ ​ December 31, 2023 2024 ​ $ 688 2025 ​ ​ 430 2026 ​ ​ 86 Total operating lease payments ​ ​ 1,204 Less: discount to present value ​ ​ (120) Total operating lease liabilities ​ ​ 1,084 Less: current operating lease liabilities ​ ​ 594 Noncurrent operating lease liabilities ​ $ 490 ​

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
OIL AND NATURAL GAS PROPERTIES
Schedule of oil and natural gas properties	Oil and natural gas properties as of December 31, 2023 and 2022 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Subject to depletion ​ $ 755,482 ​ $ 713,585 Not subject to depletion: ​ ​ ​ ​ ​ ​ Other capital costs: ​ ​ ​ ​ ​ Incurred in 2023 ​ ​ 31 ​ ​ — Incurred in 2022 ​ ​ 1,427 ​ ​ 1,427 Incurred in 2021 and prior (1) ​ ​ 57,451 ​ ​ 61,194 Total not subject to depletion ​ ​ 58,909 ​ ​ 62,621 Gross oil and natural gas properties ​ ​ 814,391 ​ ​ 776,206 Less accumulated depletion ​ ​ (445,975) ​ ​ (390,796) Net oil and natural gas properties ​ $ 368,416 ​ $ 385,410 (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	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, 2023 ​ $ 78.21 ​ $ 2.64 December 31, 2022 ​ ​ 94.14 ​ $ 6.36 (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, 2023
DEBT
Schedule of debt	As of December 31, 2023 and 2022, the Company’s debt consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Term loan credit facility ​ $ 200,000 ​ $ 235,000 Other ​ ​ 215 ​ ​ 190 Total debt (Face Value) ​ ​ 200,215 ​ ​ 235,190 Less: ​ ​ ​ ​ ​ ​ Current Portion of Long-Term Debt (1) ​ ​ (50,106) ​ ​ (35,067) Other (2) ​ ​ (9,833) ​ ​ (17,447) Long-Term Debt, net ​ $ 140,276 ​ $ 182,676 (1) Amounts primarily reflect payments due of $50.0 million and $35.0 million under the Amended Term Loan Agreement due within one year as of December 31, 2023 and December 31, 2022, respectively. (2) Amounts primarily reflect unamortized debt issuance costs of approximately $6.9 million and $13.0 million at December 31, 2023 and December 31, 2022, respectively, but also include an unamortized debt discount associated with an embedded derivative separately presented and further described in Note 7. “Fair Value Measurements”. For the years ended December 31, 2023 and 2022, we recorded approximately $7.6 million and $5.4 million, respectively, in interest expense reflecting the amortization/accretion of these amounts.
Schedule of prepayment premiums	​ ​ ​ ​ Period (after applicable borrowing date (1) ) ​ ​ 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% ​ (1) Applicable borrowing dates are November 2021 for the original $200.0 million borrowed and April and November 2022 for the $20.0 million and $15.0 million in delayed borrowings, respectively.
Schedule of aggregate maturities required on long-term debt	Aggregate maturities required on debt at December 31, 2023 due in future years are as follows (in thousands): ​ ​ ​ ​ ​ 2024 $ 50,106 2025 ​ ​ 150,096 2026 ​ ​ 13 Total ​ $ 200,215 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
FAIR VALUE MEASUREMENTS
Schedule of fair value of the Company's financial assets and liabilities	liabilities associated with commodity-based derivative contracts that were accounted for at fair value as of December 31, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from commodity-based derivative contracts ​ $ — ​ $ 13,869 ​ $ — ​ $ 13,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from commodity-based derivative contracts ​ $ — ​ $ 33,249 ​ $ — ​ $ 33,249 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Level 1 Level 2 Level 3 Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets from commodity-based derivative contracts ​ $ — ​ $ 21,623 ​ $ — ​ $ 21,623 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities from commodity-based derivative contracts ​ $ — ​ $ 62,935 ​ $ — ​ $ 62,935
Schedule of changes in fair value of the change of control call option	​ ​ ​ ​ ​ ​ ​ Change of Control ​ ​ Call Option Balance at December 31, 2022 ​ $ 4,136 Change in fair value ​ ​ (2,052) Balance at December 31, 2023 ​ $ 2,084

DERIVATIVE AND HEDGING ACTIVI_2

DERIVATIVE AND HEDGING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ Years Ended December 31, Balance sheet location 2023 2022 Balance sheet location 2023 2022 Current assets ​ $ 8,992 ​ $ 16,244 ​ Current liabilities ​ $ (17,191) ​ $ (29,286) Other noncurrent assets ​ ​ 4,877 ​ ​ 5,379 ​ Other noncurrent liabilities ​ ​ (16,058) ​ ​ (33,649) ​ ​ $ 13,869 ​ $ 21,623 ​ ​ ​ $ (33,249) ​ $ (62,935)
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of gain or (loss) ​ ​ ​ ​ ​ ​ on derivative contracts on ​ Years Ended December 31, Type Statement of Operations 2023 2022 Commodity contracts: ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) ​ Other income (expenses) ​ $ 21,934 ​ $ 20,256 Realized gain (loss) ​ Other income (expenses) ​ ​ (9,245) ​ ​ (130,262) Total net gain (loss) ​ ​ ​ $ 12,689 ​ $ (110,006)
Schedule of open derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument ​ 2024 ​ 2025 ​ 2026 ​ ​ 2027 Crude oil: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 1,834,924 ​ ​ 1,405,463 ​ ​ 1,016,641 ​ ​ 620,387 Weighted average price ​ $ 63.62 ​ $ 61.59 ​ $ 63.50 ​ $ 61.38 Basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 1,834,321 ​ ​ 1,430,806 ​ ​ 1,023,669 ​ ​ 682,265 Weighted average price ​ $ 0.27 ​ $ 0.24 ​ $ 0.04 ​ $ 0.44 WTI NYMEX roll: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (Bbls) ​ ​ 1,814,073 ​ ​ 1,430,806 ​ ​ 1,023,669 ​ ​ 682,265 Weighted average price ​ $ 0.27 ​ $ 0.13 ​ $ (0.01) ​ $ (0.02) Natural gas: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-price swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 4,452,855 ​ ​ 4,284,179 ​ ​ 2,357,998 ​ ​ 1,587,636 Weighted average price ​ $ 3.54 ​ $ 3.40 ​ $ 3.96 ​ $ 3.68 Two-way collar: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 2,610,639 ​ ​ 1,651,321 ​ ​ 2,063,812 ​ ​ 1,355,000 Weighted average price (call) ​ $ 5.08 ​ $ 5.12 ​ $ 5.26 ​ $ 5.57 Weighted average price (put) ​ $ 3.67 ​ $ 3.72 ​ $ 3.70 ​ $ 3.66 Basis swap: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total volumes (MMBtu) ​ ​ 7,052,822 ​ ​ 5,834,257 ​ ​ 4,382,626 ​ ​ 2,653,497 Weighted average price ​ $ (0.87) ​ $ (0.68) ​ $ (0.77) ​ $ (0.71)
Schedule of potential effects of master netting arrangements on the fair value of derivative contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Assets ​ Derivative Liabilities ​ ​ Years Ended December 31, ​ Years Ended December 31, Offsetting of Derivative Assets and Liabilities 2023 ​ 2022 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amounts - Consolidated Balance Sheet ​ $ 13,869 ​ $ 21,623 ​ $ (33,249) ​ $ (62,935) Amounts Not Offset - Consolidated Balance Sheet ​ ​ (13,218) ​ ​ (20,997) ​ ​ 13,218 ​ ​ 20,997 Net amount ​ $ 651 ​ $ 626 ​ $ (20,031) ​ $ (41,938)

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2023
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 2022 Asset retirement obligations at beginning of the period ​ $ 15,469 ​ $ 11,896 Accretion expense ​ ​ 793 ​ ​ 528 Liabilities incurred ​ ​ 34 ​ ​ 151 Liabilities settled/divested ​ ​ (112) ​ ​ (647) Revisions to estimate ​ ​ 1,274 ​ ​ 3,541 Asset retirement obligations at end of period ​ ​ 17,458 ​ ​ 15,469 Less: current asset retirement obligations ​ ​ — ​ ​ (225) Long-term asset retirement obligations at the end of the period ​ $ 17,458 ​ $ 15,244 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of the restricted stock transactions	The following table sets forth the restricted stock unit 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, 2021 ​ 775,515 ​ $ 9.16 ​ $ 2,914 Granted ​ 225,700 ​ ​ 13.75 ​ ​ ​ Vested ​ (98,121) ​ ​ 11.40 ​ ​ ​ Forfeited ​ (13,700) ​ ​ 12.20 ​ ​ ​ Unvested outstanding shares at December 31, 2022 ​ 889,394 ​ $ 10.03 ​ $ 3,993 Granted ​ 30,000 ​ ​ 10.68 ​ ​ ​ Vested ​ (158,845) ​ ​ 12.48 ​ ​ ​ Forfeited ​ (509,013) ​ ​ 9.04 ​ ​ ​ Unvested outstanding shares at December 31, 2023 ​ 251,536 ​ $ 10.56 ​ $ 1,141 (1) The intrinsic value of restricted stock was calculated as the closing market price on December 31, 2023 and 2022 of the underlying stock multiplied by the number of restricted shares that would be issuable. The total fair value of shares vested was $1.5 million for the year ended December 31, 2023.
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, 2023
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, ​ 2023 2022 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, ​ 2023 2022 Expected tax benefit (provision) ​ $ 640 ​ $ (3,893) Change in valuation allowance and related items ​ ​ (15) ​ ​ 6,689 Attribute reduction ​ ​ — ​ ​ (2,704) Permanent adjustments ​ ​ (2) ​ ​ (5) Employee retention credit ​ ​ — ​ ​ — Non-deductible compensation ​ ​ (95) ​ ​ (56) Preferred equity transaction costs ​ ​ — ​ ​ — Merger transaction costs ​ ​ (541) ​ ​ — Other ​ ​ 13 ​ ​ (31) 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, 2023 December 31, 2022 Deferred noncurrent income tax assets: ​ ​ ​ ​ ​ ​ Net operating loss carry-forwards ​ $ 172,654 ​ $ 151,905 Built in loss adjustment Section 382 ​ ​ 693 ​ ​ 693 Capital loss carryforward ​ ​ 114,725 ​ ​ 114,725 Stock-based compensation expense ​ ​ 1,693 ​ ​ 2,334 Asset retirement obligations ​ ​ 3,666 ​ ​ 2,558 Book-tax differences in property basis ​ ​ 106,045 ​ ​ 129,427 Unrealized hedging transactions ​ ​ 4,070 ​ ​ 8,676 Disallowed interest Section 163(j) ​ ​ 20,712 ​ ​ 14,905 Embedded derivative liability ​ ​ 437 ​ ​ 459 Operating lease liability ​ ​ 228 ​ ​ 74 GAAP amortization - discount on MOIC derivative ​ ​ — ​ ​ — Amortization of debt issuance costs ​ ​ 323 ​ ​ — Other ​ ​ 874 ​ ​ 874 Gross deferred noncurrent income tax assets ​ ​ 426,120 ​ ​ 426,630 Valuation allowance ​ ​ (425,019) ​ ​ (425,005) Deferred noncurrent income tax assets ​ $ 1,101 ​ $ 1,625 ​ ​ ​ ​ ​ ​ ​ Deferred noncurrent income tax liabilities: ​ ​ ​ ​ ​ ​ Basis difference in debt ​ $ (615) ​ $ (885) Investment in unconsolidated subsidiary ​ ​ (270) ​ ​ (580) Amortization of debt issuance costs ​ ​ — ​ ​ (86) Lease right of use ​ ​ (216) ​ ​ (74) Deferred noncurrent income tax liabilities ​ $ (1,101) ​ $ (1,625) Net noncurrent deferred income tax assets (liabilities) ​ $ — ​ $ —

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
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, ​ 2023 2022 Basic: ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (3,048) ​ $ 18,539 Less: Preferred stock dividend ​ ​ (12,047) ​ ​ — Less: Undistributed earnings allocable to preferred stockholders ​ ​ — ​ ​ — Net (loss) income available to common stockholders ​ $ (15,095) ​ $ 18,539 Weighted average basic number of common shares outstanding basic ​ ​ 16,441 ​ ​ 16,331 Basic net (loss) income per share of common stock ​ $ (0.92) ​ $ 1.14 ​ ​ ​ ​ ​ ​ ​ Diluted: ​ ​ ​ ​ ​ ​ Net (loss) income available to common stockholders basic ​ $ (15,095) ​ $ 18,539 Reallocation of undistributed earnings ​ ​ — ​ ​ — Net (loss) income available to common stockholders diluted ​ $ (15,095) ​ $ 18,539 Weighted average basic number of common shares outstanding ​ ​ 16,441 ​ ​ 16,331 Common stock equivalent shares representing shares issuable upon: ​ ​ ​ ​ ​ ​ Exercise of warrants and stock options ​ ​ Anti-dilutive ​ ​ Anti-dilutive Vesting of restricted stock units ​ ​ Anti-dilutive ​ ​ 179 Weighted average diluted number of common shares outstanding diluted ​ ​ 16,441 ​ ​ 16,510 Diluted net income (loss) per share of common stock ​ $ (0.92) ​ $ 1.12

ADDITIONAL FINANCIAL STATEMEN_2

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
ADDITIONAL FINANCIAL STATEMENT INFORMATION
Schedule of additional financial statement information, balance sheet	Certain balance sheet amounts are comprised of the following (in thousands) for the periods presents: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Accounts receivable, net: ​ ​ ​ ​ ​ ​ Oil, natural gas and natural gas liquids revenues ​ $ 19,802 ​ $ 33,980 Joint interest accounts ​ ​ 2,138 ​ ​ 3,201 Other ​ ​ 1,081 ​ ​ 793 ​ ​ $ 23,021 ​ $ 37,974 Prepaids and other: ​ ​ ​ ​ ​ ​ Prepaids ​ $ 490 ​ $ 715 Funds in escrow ​ ​ 345 ​ ​ 341 Other ​ ​ 72 ​ ​ 75 ​ ​ $ 907 ​ $ 1,131 Other assets (Non-current): ​ ​ ​ ​ ​ ​ Investment in unconsolidated affiliate ​ $ 1,283 ​ $ 1,561 Contract asset ​ ​ 15,062 ​ ​ — Funds in escrow ​ ​ 552 ​ ​ 527 Other ​ ​ 759 ​ ​ 739 ​ ​ $ 17,656 ​ $ 2,827 Accounts payable and accrued liabilities: ​ ​ ​ ​ ​ ​ Trade payables ​ $ 24,915 ​ $ 42,919 Accrued oil and natural gas capital costs ​ ​ 15,337 ​ ​ 19,911 Revenues and royalties payable ​ ​ 18,986 ​ ​ 26,759 Accrued interest expense ​ ​ 347 ​ ​ 160 Accrued employee compensation ​ ​ 520 ​ ​ 2,300 Accrued lease operating expenses ​ ​ 6,418 ​ ​ 8,005 Other ​ ​ 2 ​ ​ 41 ​ ​ $ 66,525 ​ $ 100,095

SUMMARY OF SIGNIFICANT EVENTS_4

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment shares	Dec. 15, 2023 USD ($)
Preferred stock, shares issued | shares	98,000
Proceeds from issuance of preferred stock	$ 94,607
Series A redeemable convertible preferred stock	$ 106,535
Number of operating segments | segment	1
Series A 2 Redeemable Convertible Preferred Stock
Series A redeemable convertible preferred stock		$ 34,000

SUMMARY OF SIGNIFICANT EVENTS_5

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES- Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES
Cash and cash equivalents	$ 57,529	$ 32,726
Restricted cash	90	90
Total cash, cash equivalents and restricted cash	$ 57,619	$ 32,816	$ 48,359

SUMMARY OF SIGNIFICANT EVENTS_6

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Other Operating Property and Equipment (Details)	Dec. 31, 2023
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_7

SUMMARY OF SIGNIFICANT EVENTS AND ACCOUNTING POLICIES - Concentrations of Credit Risk (Details) - Revenue - Concentrations of Credit Risk - customer	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Concentrations of Credit Risk
Number of customers	2	3
Sunoco and Western Refining Inc.
Concentrations of Credit Risk
Percentage of concentration risk	79%
Western Refining, Inc., Sunoco Inc. and Salt Creek Midstream, LLC
Concentrations of Credit Risk
Percentage of concentration risk		82%
Sunoco | Minimum
Concentrations of Credit Risk
Percentage of concentration risk	10%	10%
Western Refining | Minimum
Concentrations of Credit Risk
Percentage of concentration risk	10%	10%
Salt Creek Midstream, LLC | Minimum
Concentrations of Credit Risk
Percentage of concentration risk		10%

MERGER AGREEMENT (Details)

MERGER AGREEMENT (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 14, 2023	Jan. 24, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 08, 2019
Merger Agreement [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, par value (in dollars per share)			$ 0.0001
Funds in escrow			$ 552	$ 527
Subsequent event
Merger Agreement [Line Items]
Release Amount		$ 10,000
Merger Agreement
Merger Agreement [Line Items]
Consideration paid per share of common stock (in dollars per shares)	$ 9.80
Total consideration	$ 450,000

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease cost
Operating lease costs	$ 601	$ 391
Short-term lease costs	2,536	7,972
Total lease costs	3,137	8,363
Other information
Operating cash flows from operating leases	$ 604	$ 391
Weighted-average remaining lease term - operating leases	1 year 9 months 18 days	10 months 24 days
Weighted-average discount rate - operating leases	12.32%	4.29%
Initial lease term		2 years 3 months 18 days
Operating Lease Term One [Member]
Other information
Initial lease term	1 year 10 months 24 days
Operating Lease Term Two [Member]
Other information
Initial lease term	2 years 8 months 12 days

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future minimum lease payments for non-cancellable operating leases
2024	$ 688
2025	430
2026	86
Total operating lease payments	1,204
Less: discount to present value	(120)
Total operating lease liabilities	1,084
Less: current operating lease liabilities	594	$ 352
Noncurrent operating lease liabilities	$ 490

OPERATING REVENUES - Revenue Re

OPERATING REVENUES - Revenue Recognition (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable
Disaggregation of operating revenue
Due from contracts with customers	$ 19.8	$ 34

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / MMBTU $ / bbl	Dec. 31, 2022 USD ($) $ / MMBTU $ / bbl
OIL AND NATURAL GAS PROPERTIES
Subject to depletion	$ 755,482	$ 713,585
Incurred in 2023	31
Incurred in 2022	1,427	1,427
Incurred in 2021 and prior(1)	57,451	61,194
Total not subject to depletion	58,909	62,621
Gross oil and natural gas properties	814,391	776,206
Less - accumulated depletion	(445,975)	(390,796)
Net oil and natural gas properties	$ 368,416	385,410
Maximum discount percentage of estimated future net revenues for full cost ceiling limitation	10%
Depletion expense	$ 55,200	$ 51,000
Ceiling Limitation Disclosures
First day average of the (WTI) crude oil spot price (in dollars per barrel) | $ / bbl	78.21	94.14
First day average of the Henry Hub natural gas price (in dollars per Mmbtu) | $ / MMBTU	2.64	6.36

OIL AND NATURAL GAS PROPERTIE_3

OIL AND NATURAL GAS PROPERTIES - Ceiling Test Value of Company's Reserves (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / MMBTU $ / bbl	Dec. 31, 2022 USD ($) $ / MMBTU $ / bbl
Ceiling Limitation Disclosures
Depletion expense | $	$ 55.2	$ 51
First day average of the Henry Hub natural gas price (in dollars per Mmbtu) | $ / MMBTU	2.64	6.36
First day average of the (WTI) crude oil spot price (in dollars per barrel) | $ / bbl	78.21	94.14

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current and long-term debt
Debt	$ 200,215	$ 235,190
Current Portion of Long-Term Debt(1)	(50,106)	(35,067)
Other(2)	(9,833)	(17,447)
Total long-term debt	140,276	182,676
Unamortized debt issuance costs	6,900	13,000
Interest expense	7,600	5,400
Unamortized premium related to debt issued	50,000	35,000
Term loan credit facility
Current and long-term debt
Debt	200,000	235,000
Paycheck Protection Program Loan [Member]
Current and long-term debt
Debt	$ 215	$ 190

DEBT - Term Loan Credit Facilit

DEBT - Term Loan Credit Facility (Details) $ in Thousands

2 Months Ended

12 Months Ended

Nov. 14, 2022 USD ($)

Dec. 31, 2023 USD ($) item

Dec. 31, 2023 USD ($) item

Dec. 31, 2022 USD ($)

Nov. 24, 2025 USD ($)

Sep. 30, 2025 USD ($)

Jun. 30, 2025 USD ($)

Mar. 31, 2025 USD ($)

Dec. 31, 2024 USD ($)

Sep. 30, 2024 USD ($)

Jun. 30, 2024 USD ($)

Mar. 31, 2024 USD ($)

Nov. 30, 2022 USD ($)

Apr. 30, 2022 USD ($)

Nov. 30, 2021 USD ($)

Debt Instrument [Line Items]

Lender fees paid

$ 7,615

$ 5,448

Debt redemption, period three | Maximum

Debt Instrument [Line Items]

Debt instrument prepayment term

36 months

Term loan credit facility

Debt Instrument [Line Items]

Amount available for issuance of letters of credit

$ 4,700

$ 4,700

Weighted average interest rate

12.68%

Lender fees paid

$ 2,400

Maturity date

Nov. 24, 2025

Amount outstanding

200,000

$ 200,000

$ 200,000

Letters of credit outstanding

$ 300

$ 300

Interest plus

2%

Covenant compliance

As of December 31, 2023, the Company was in compliance with the financial covenants under the Amended Term Loan Agreement.

Threshold from capital expenditures to cash balance

$ 20,000

Mandatory prepayment

$ 0

Maximum number of additional approved plan of development wells if out of compliance with loan agreement | item

6

6

Aggregate scheduled amortization payments

$ 85,000

$ 85,000

Scheduled remaining amortization payment

$ 115,000

$ 10,000

$ 10,000

$ 15,000

$ 15,000

$ 12,500

$ 12,500

$ 10,000

Term loan credit facility | Minimum

Debt Instrument [Line Items]

Asset coverage ratio

180%

Current ratio

100%

Term loan credit facility | Maximum

Debt Instrument [Line Items]

Net Leverage Ratio

250%

Term loan credit facility | Debt redemption, period one

Debt Instrument [Line Items]

Interest plus

2%

Term loan credit facility | Debt redemption, period one | Minimum

Debt Instrument [Line Items]

Debt instrument prepayment term

0 months

Term loan credit facility | Debt redemption, period one | Maximum

Debt Instrument [Line Items]

Debt instrument prepayment term

12 months

Term loan credit facility | Debt redemption, period two

Debt Instrument [Line Items]

Interest plus

2%

Term loan credit facility | Debt redemption, period two | Minimum

Debt Instrument [Line Items]

Debt instrument prepayment term

13 months

Term loan credit facility | Debt redemption, period two | Maximum

Debt Instrument [Line Items]

Debt instrument prepayment term

24 months

Term loan credit facility | Debt redemption, period three

Debt Instrument [Line Items]

Interest plus

1%

Term loan credit facility | Debt redemption, period three | Minimum

Debt Instrument [Line Items]

Debt instrument prepayment term

25 months

Term loan credit facility | Debt redemption, period four

Debt Instrument [Line Items]

Interest plus

0%

Term loan credit facility | Debt redemption, period four | Minimum

Debt Instrument [Line Items]

Debt instrument prepayment term

37 months

Term loan credit facility | Debt redemption, period four | Maximum

Debt Instrument [Line Items]

Debt instrument prepayment term

48 months

Term loan credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Debt Instrument [Line Items]

Applicable margin (as a percent)

7.50%

Delayed Draw Term Loan

Debt Instrument [Line Items]

Amount outstanding

$ 15,000

$ 20,000

DEBT - Debt Maturities and Debt

DEBT - Debt Maturities and Debt Issuance Costs (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt maturities
2024	$ 50,106
2025	150,096
2026	13
Total	$ 200,215

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets
Asset transfers between levels	$ 0
Liabilities
Liability transfers between levels	$ 0
Recurring
Assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current, Derivative Asset, Noncurrent	Derivative Asset, Current, Derivative Asset, Noncurrent
Liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative Liability, Current, Derivative Liability, Noncurrent	Derivative Liability, Current, Derivative Liability, Noncurrent
Recurring | Total
Assets
Receivables from derivative contracts	$ 13,869	$ 21,623
Liabilities
Liabilities from derivative contracts	33,249	62,935
Recurring | Level 2
Assets
Receivables from derivative contracts	13,869	21,623
Liabilities
Liabilities from derivative contracts	$ 33,249	$ 62,935

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Change of Control Call Option (Details) - Change of Control Call Option $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Balance at the beginning of the period	$ 4,136
Change in fair value	(2,052)
Balance at the ending of the period	$ 2,084

DERIVATIVE AND HEDGING ACTIVI_3

DERIVATIVE AND HEDGING ACTIVITIES - (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative and hedging activities
Asset derivative contracts	$ 13,869	$ 21,623
Liability derivative contracts	(33,249)	(62,935)
Derivatives not designated as hedging contracts
Derivative and hedging activities
Asset derivative contracts	13,869	21,623
Liability derivative contracts	(33,249)	(62,935)
Derivatives not designated as hedging contracts | Commodity contracts | Current assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	8,992	16,244
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent assets - receivables from derivative contracts
Derivative and hedging activities
Asset derivative contracts	4,877	5,379
Derivatives not designated as hedging contracts | Commodity contracts | Current liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	(17,191)	(29,286)
Derivatives not designated as hedging contracts | Commodity contracts | Other noncurrent liabilities - liabilities from derivative contracts
Derivative and hedging activities
Liability derivative contracts	$ (16,058)	$ (33,649)

DERIVATIVE AND HEDGING ACTIVI_4

DERIVATIVE AND HEDGING ACTIVITIES - Realized Unrealized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative and hedging activities
Total net gain (loss) on derivative contracts	$ 12,689	$ (110,006)
Derivatives not designated as hedging contracts | Commodity contracts
Derivative and hedging activities
Total net gain (loss) on derivative contracts	12,689	(110,006)
Derivatives not designated as hedging contracts | Commodity contracts | Other Income Expense
Derivative and hedging activities
Unrealized gain (loss) on commodity contracts	21,934	20,256
Realized gain (loss) on commodity contracts	$ (9,245)	$ (130,262)

DERIVATIVE AND HEDGING ACTIVI_5

DERIVATIVE AND HEDGING ACTIVITIES - Open Contracts (Details)	12 Months Ended
	Dec. 31, 2023 MMBTU $ / bbl $ / MMBTU bbl
January 2023 - December 2023 | Fixed Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	4,452,855
January 2023 - December 2023 | Fixed Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.54
January 2023 - December 2023 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,834,924
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	63.62
January 2023 - December 2023 | Basis Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	7,052,822
January 2023 - December 2023 | Basis Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.87)
January 2023 - December 2023 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,834,321
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	0.27
January 2023 - December 2023 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	1,814,073
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	0.27
January 2023 - December 2023 | Collars | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,610,639
January 2023 - December 2023 | Call option | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	5.08
January 2023 - December 2023 | Put options | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.67
January 2024 - December 2024 | Fixed Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	4,284,179
January 2024 - December 2024 | Fixed Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.40
January 2024 - December 2024 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,405,463
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	61.59
January 2024 - December 2024 | Basis Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	5,834,257
January 2024 - December 2024 | Basis Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.68)
January 2024 - December 2024 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,430,806
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	0.24
January 2024 - December 2024 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	1,430,806
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	0.13
January 2024 - December 2024 | Collars | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,651,321
January 2024 - December 2024 | Call option | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	5.12
January 2024 - December 2024 | Put options | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.72
January 2025 - December 2025 | Fixed Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,357,998
January 2025 - December 2025 | Fixed Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.96
January 2025 - December 2025 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,016,641
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	63.50
January 2025 - December 2025 | Basis Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	4,382,626
January 2025 - December 2025 | Basis Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.77)
January 2025 - December 2025 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	1,023,669
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	0.04
January 2025 - December 2025 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	1,023,669
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	(0.01)
January 2025 - December 2025 | Collars | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,063,812
January 2025 - December 2025 | Call option | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	5.26
January 2025 - December 2025 | Put options | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.70
January 2026 - December 2026 | Fixed Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,587,636
January 2026 - December 2026 | Fixed Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.68
January 2026 - December 2026 | Fixed Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	620,387
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	61.38
January 2026 - December 2026 | Basis Swap | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	2,653,497
January 2026 - December 2026 | Basis Swap | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	(0.71)
January 2026 - December 2026 | Basis Swap | Crude oil
Derivative and hedging activities
Volume in Bbl's | bbl	682,265
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	0.44
January 2026 - December 2026 | WTI NYMEX Roll | Crude oil | Maximum
Derivative and hedging activities
Volume in Bbl's | bbl	682,265
January 2026 - December 2026 | WTI NYMEX Roll | Crude oil | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's) | $ / bbl	(0.02)
January 2026 - December 2026 | Collars | Natural Gas
Derivative and hedging activities
Volume in Mmbtu's | MMBTU	1,355,000
January 2026 - December 2026 | Call option | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	5.57
January 2026 - December 2026 | Put options | Natural Gas | Weighted Average
Derivative and hedging activities
Weighted Average Price (in dollars per Mmbtu's/Bbl's)	3.66

DERIVATIVE AND HEDGING ACTIVI_6

DERIVATIVE AND HEDGING ACTIVITIES - Netting Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Assets
Gross Amounts Presented in the Consolidated Balance Sheet	$ 13,869	$ 21,623
Amounts Not Offset in the Consolidated Balance Sheet	(13,218)	(20,997)
Net Amount	651	626
Derivative Liabilities
Gross Amounts - Consolidated Balance Sheet	(33,249)	(62,935)
Amounts Not Offset - Consolidated Balance Sheet	13,218	20,997
Net Amount	$ (20,031)	$ (41,938)

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Activity related to ARO liability
Asset retirement obligations at beginning of the period	$ 15,469	$ 11,896
Accretion expense	793	528
Liabilities incurred	34	151
Liabilities settled/divested	(112)	(647)
Revisions to estimate	1,274	3,541
Asset retirement obligations at end of period	$ 17,458	$ 15,469

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2022 MMcf / d	Dec. 31, 2023 USD ($) MMcf / d $ / Mcf
Obligations under drilling rig commitments
Commitment next year		$ 7.3
Drilling rig commitment		1.5
Early termination penalty		$ 1.3
Minimum volume commitment | MMcf / d	20,000
Volume commitment term	5 years
Minimum
Obligations under drilling rig commitments
Treating rate paid | $ / Mcf		1.65
Gathering, transportation and sales | West Texas | Minimum
Obligations under drilling rig commitments
Period of commitment for production from the date of first production		1 year
Gathering, transportation and sales | West Texas | Maximum
Obligations under drilling rig commitments
Period of commitment for production from the date of first production		20 years
Plan
Obligations under drilling rig commitments
Minimum volume commitment | MMcf / d		12,000

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED STOCK (Details) $ / shares in Units, $ in Thousands							12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 15, 2023 USD ($) Vote shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 06, 2023 USD ($) Vote shares	Mar. 31, 2023 USD ($)	Mar. 28, 2023 USD ($) shareholder Vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 14, 2023 $ / shares	Jun. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares	Oct. 08, 2019 $ / shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001						$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Deemed dividends for Series A preferred stock							$ 12,047
Preferred stock, shares issued | shares	98,000						98,000
Deemed dividends on Series A preferred stock							$ 12,047
Series A redeemable convertible preferred stock	$ 106,535						$ 106,535
Redemption Period Five [Member] | Minimum
Class of Stock [Line Items]
Redemption feature, time period after closing date							2 years
Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock Voting Rights | Vote						0
Dividend rate (as a percent)						14.50%
Liquidation preference per share (in dollars per share) | $ / shares						$ 1,000
Preferred Stock, Liquidation Preference, Value						$ 98,000
Percentage of liquidation preference paid to redeem shares	107.50%					18%	107.50%
Threshold of time following change of control						20 days
Percentage of common stock value over Conversion Price threshold						130%
Period past maturity date of term loan agreement if election of cash payment option is not permitted							1 year
Series A redeemable convertible preferred stock redemption amount	$ 106,500						$ 106,500
Redeemable Convertible Preferred Stock [Member] | Maximum
Class of Stock [Line Items]
Threshold of time following change of control							150 days
Redeemable Convertible Preferred Stock [Member] | P I K Accrual [Member]
Class of Stock [Line Items]
Deemed dividends for Series A preferred stock							$ 8,500
Redeemable Convertible Preferred Stock [Member] | Annually [Member]
Class of Stock [Line Items]
Dividend rate (as a percent)						16%
Redeemable Convertible Preferred Stock [Member] | Redemption Period One [Member]
Class of Stock [Line Items]
Percentage of liquidation preference paid to redeem shares						100%
Redeemable Convertible Preferred Stock [Member] | Redemption Period One [Member] | Maximum
Class of Stock [Line Items]
Redemption feature, time period after closing date							120 days
Redeemable Convertible Preferred Stock [Member] | Redemption Period Two [Member]
Class of Stock [Line Items]
Percentage of liquidation preference paid to redeem shares						102%
Redeemable Convertible Preferred Stock [Member] | Redemption Period Two [Member] | Minimum
Class of Stock [Line Items]
Redemption feature, time period after closing date							120 days
Redeemable Convertible Preferred Stock [Member] | Redemption Period Two [Member] | Maximum
Class of Stock [Line Items]
Redemption feature, time period after closing date							180 days
Redeemable Convertible Preferred Stock [Member] | Redemption Period Three [Member]
Class of Stock [Line Items]
Percentage of liquidation preference paid to redeem shares						105%
Redeemable Convertible Preferred Stock [Member] | Redemption Period Three [Member] | Minimum
Class of Stock [Line Items]
Redemption feature, time period after closing date							180 days
Redeemable Convertible Preferred Stock [Member] | Redemption Period Three [Member] | Maximum
Class of Stock [Line Items]
Redemption feature, time period after closing date							1 year
Redeemable Convertible Preferred Stock [Member] | Redemption Period Four [Member]
Class of Stock [Line Items]
Percentage of liquidation preference paid to redeem shares						108%
Redeemable Convertible Preferred Stock [Member] | Redemption Period Four [Member] | Minimum
Class of Stock [Line Items]
Redemption feature, time period after closing date							1 year
Redeemable Convertible Preferred Stock [Member] | Redemption Period Four [Member] | Maximum
Class of Stock [Line Items]
Redemption feature, time period after closing date							2 years
Redeemable Convertible Preferred Stock [Member] | Redemption Period Five [Member]
Class of Stock [Line Items]
Percentage of liquidation preference paid to redeem shares						120%
Redeemable Convertible Preferred Stock Series A [Member]
Class of Stock [Line Items]
Board of directors						50
Preferred Stock Voting Rights | Vote						0
Dividend rate (as a percent)						14.50%
Proceeds from preferred stock offering						$ 24,400
Beneficial conversion proceeds						$ 600
Shares issued | shares						25,000
Deemed dividends for Series A preferred stock					$ 1,500
Number of Shareholders in Private Placement | shareholder						3
Conversion Price | $ / shares									$ 9.03
Series A redeemable convertible preferred stock redemption amount					$ 25,000	$ 25,000
Series A redeemable convertible preferred stock						$ 23,500
Redeemable Convertible Preferred Stock Series A [Member] | Annually [Member]
Class of Stock [Line Items]
Dividend rate (as a percent)						16%
Redeemable Convertible Preferred Stock Series a1 [Member]
Class of Stock [Line Items]
Preferred Stock Voting Rights | Vote				0
Dividend rate (as a percent)				14.50%
Proceeds from preferred stock offering				$ 37,100
Beneficial conversion proceeds				$ 900
Shares issued | shares				38,000
Deemed dividends for Series A preferred stock			$ 1,100
Conversion Price | $ / shares			$ 7.63
Series A redeemable convertible preferred stock redemption amount			$ 38,000	$ 38,000
Series A redeemable convertible preferred stock				$ 36,900
Redeemable Convertible Preferred Stock Series a1 [Member] | Annually [Member]
Class of Stock [Line Items]
Dividend rate (as a percent)				16%
Series A 2 Redeemable Convertible Preferred Stock
Class of Stock [Line Items]
Preferred Stock Voting Rights | Vote		0
Dividend rate (as a percent)		14.50%
Proceeds from preferred stock offering		$ 34,100
Beneficial conversion proceeds		$ 900
Shares issued | shares		35,000
Deemed dividends for Series A preferred stock	$ 1,000
Conversion Price | $ / shares	$ 6.21						$ 6.21
Series A redeemable convertible preferred stock redemption amount	$ 35,000	$ 35,000					$ 35,000
Series A redeemable convertible preferred stock		$ 34,000
Series A 2 Redeemable Convertible Preferred Stock | Annually [Member]
Class of Stock [Line Items]
Dividend rate (as a percent)		16%

STOCKHOLDERS' EQUITY - Warrants

STOCKHOLDERS' EQUITY - Warrants (Details) - $ / shares	Oct. 08, 2019	Dec. 31, 2023	Dec. 14, 2023	Dec. 31, 2022
Stockholders' equity
Percentage of shares of class of directors	85%
Warrants issued	6,900,000
Warrant term (in years)	3 years
Warrant maturity date	Oct. 08, 2022
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
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
Minimum
Stockholders' equity
Exercise price (in dollars per share)	$ 40.17
Maximum
Stockholders' equity
Exercise price (in dollars per share)	60.45
Preferred Stock
Stockholders' equity
Preferred stock, par value (in dollars per share)	$ 0.0001
Authorized shares of preferred stock, after amendment of certificate of incorporation	1,000,000

STOCKHOLDERS' EQUITY - Incentiv

STOCKHOLDERS' EQUITY - Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 29, 2020
Number of Shares
Outstanding at the end of the period (in shares)	132,822
Weighted Average Exercise Price Per Share
Outstanding at the end of the period (in dollars per share)	$ 28.32
Weighted Average Remaining Contractual Term
Options exercisable	0	0
Outstanding at the end of the period	3 years 1 month 6 days
Number of Shares
Unvested outstanding shares at the beginning of the period (in shares)	889,394	775,515
Granted (in shares)	30,000	225,700
Vested (in shares)	(158,845)	(98,121)
Forfeited (in shares)	(509,013)	(13,700)
Unvested outstanding shares at the end of the period (in shares)	251,536	889,394
Weighted Average Grant Date fair Value Per Share
Unvested outstanding shares at the beginning of the period (in dollars per share)	$ 10.03	$ 9.16
Granted (in dollars per share)	10.68	13.75
Vested (in dollars per share)	12.48	11.40
Forfeited (in dollars per share)	9.04	12.20
Unvested outstanding shares at the end of the period (in dollars per share)	$ 10.56	$ 10.03
Aggregate Intrinsic Value
Aggregate Intrinsic Value at the beginning of the period (in dollars)	$ 3,993	$ 2,914
Aggregate Intrinsic Value at the end of period (in dollars)	1,141	3,993
General and administrative
Stock-based compensation
Compensation expense recorded	$ 1,100	$ 2,200
2020 Incentive Plan | Common Stock
Stock-based compensation
Aggregate number of shares available			1,800,000
Maximum number of shares that remained reserved for issuance under the Plan	1,100,000
2020 Incentive Plan | Restricted Stock
Additional Disclosures
Total fair value of shares vested	$ 1,500

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Outstanding RSU	251,536	889,394	775,515
Number of shares granted	30,000	225,700
Granted (in dollars per share)	$ 10.68	$ 13.75
Restricted Stock
Stock-based compensation
Unrecognized compensation expense other than options	$ 0.3	$ 2.6
Weighted average remaining vesting period	3 months 18 days	1 year
Restricted Stock | Minimum
Stock-based compensation
Vesting period	3 years
Restricted Stock | Maximum
Stock-based compensation
Vesting period	4 years
Restricted Stock | Employee
Stock-based compensation
Outstanding RSU	300,000
2020 Incentive Plan | Time-Based RSU | Employee
Stock-based compensation
Number of shares granted	100,000
Aggregate average grant date fair value	$ 1.6
2020 Incentive Plan | Time-Based RSU | Employee | Minimum
Stock-based compensation
Vesting period	3 years
2020 Incentive Plan | Time-Based RSU | Employee | Maximum
Stock-based compensation
Vesting period	4 years
2020 Incentive Plan | Performance share units (PSU) | Employee
Stock-based compensation
Number of shares granted	100,000
Aggregate average grant date fair value	$ 0.5
Compensation expense recorded	$ 0
2020 Incentive Plan | Market-Based RSU | Employee
Stock-based compensation
Number of shares granted	100,000
Aggregate average grant date fair value	$ 0.6

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Options (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) tranche $ / shares shares	Dec. 31, 2021 $ / shares	Dec. 31, 2022 shares
Stock-based compensation
Outstanding common stock (in shares) | shares	132,822
Number of tranches | tranche	3
Weighted average exercise price | $ / shares	$ 28.32
Options exercisable | shares	0		0
Outstanding at the end of the period	3 years 1 month 6 days
Tranche One
Stock-based compensation
Outstanding common stock (in shares) | shares	44,274
Weighted average exercise price | $ / shares	$ 18.91
Tranche Two
Stock-based compensation
Outstanding common stock (in shares) | shares	44,274
Weighted average exercise price | $ / shares	$ 28.23
Tranche Three
Stock-based compensation
Outstanding common stock (in shares) | shares	44,274
Weighted average exercise price | $ / shares	$ 37.83
Stock options
Stock-based compensation
Weighted average grant date fair value of grants | $ / shares		$ 3.36
2020 Incentive Plan | Stock options
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 | $	$ 0.1
Weighted average remaining vesting period	1 month 6 days

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock Options Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock options
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
Restricted Stock
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, 2023	Dec. 31, 2022
Current:
Federal	$ 0	$ 0
State	0	0
Total current income tax benefit (provision)	0	0
Deferred:
Federal	0	0
State	0	0
Total deferred income tax benefit (provision)	0	0
Total income tax benefit (provision)	$ 0	$ 0
Differences between the actual income tax benefit (provision) and the expected income tax benefit (provision)
Federal statutory rate (as a percent)	21%	21%
Expected tax benefit (provision)	$ 640	$ (3,893)
Change in valuation allowance and related items	(15)	6,689
Attribute reduction	0	(2,704)
Permanent adjustments	(2)	(5)
Employee retention credit	0	0
Non-deductible compensation	(95)	(56)
Preferred equity transaction costs	0	0
Merger transaction costs	(541)	0
Other	13	(31)
Total income tax benefit (provision)	0	0
Deferred noncurrent income tax assets:
Net operating loss carry-forwards	172,654	151,905
Built in loss adjustment Section 382	693	693
Capital loss carryforward	114,725	114,725
Stock-based compensation expense	1,693	2,334
Asset retirement obligations	3,666	2,558
Book-tax differences in property basis	106,045	129,427
Unrealized hedging transactions	4,070	8,676
Disallowed interest Section 163(j)	20,712	14,905
Embedded derivative liability	437	459
Operating lease liability	228	74
Amortization of debt issuance costs	323
Other	874	874
Gross deferred noncurrent income tax assets	426,120	426,630
Valuation allowance	(425,019)	(425,005)
Deferred noncurrent income tax assets	1,101	1,625
Net operating loss limitation under IRC Section 382	822,200
Deferred noncurrent income tax liabilities:
Basis difference in debt	(615)	(885)
Investment in unconsolidated subsidiary	(270)	(580)
Amortization of debt issuance costs		(86)
Lease right of use	(216)	(74)
Deferred noncurrent income tax liabilities	(1,101)	(1,625)
Net noncurrent deferred income tax assets (liabilities)	$ 0	$ 0

INCOME TAXES - Operating loss c

INCOME TAXES - Operating loss carryforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Deferred tax expense	$ 0	$ 0
Net operating loss carryforwards	1,300,000
Net operating loss carryforward subject expiration in 2037	$ 92,600
Carryforward period of NOLs that will expire in 2037	20 years
Net operating carryforward not subject to expiration	$ 729,500
Valuation allowance	425,019	425,005
Unrecognized tax benefits	0	0
Interest or penalties recognized in the statement of financial position	0	$ 0
Maximum
Income taxes
Decrease in valuation allowance	$ 100

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 08, 2022	Dec. 31, 2023	Dec. 31, 2022
Basic:
Net Income (Loss)		$ (3,048)	$ 18,539
Less: Preferred stock dividend		(12,047)
Net (loss) income available to common stockholders		$ (15,095)	$ 18,539
Weighted average basic number of common shares outstanding - basic		16,441,000	16,331,000
Basic net (loss) income per share of common share (in dollars per share)		$ (0.92)	$ 1.14
Diluted:
Net (loss) income available to common stockholders - basic		$ (15,095)	$ 18,539
Net (loss) income available to common stockholders diluted		$ (15,095)	$ 18,539
Weighted average basic number of common shares outstanding - basic		16,441,000	16,331,000
Common stock equivalent shares representing shares included upon Vesting of restricted shares			179,000
Weighted average diluted number of common shares outstanding - diluted		16,441,000	16,510,000
Diluted net income (loss) per share of common stock (in dollars per share)		$ (0.92)	$ 1.12
Common stock equivalents excluded from computation of diluted earnings per share of common stock because of anti-dilutive effect		500,000	5,800,000
Market Based Restricted Stock Units
Diluted:
Common stock equivalents excluded from computation of diluted earnings per share of common stock because of anti-dilutive effect		100,000
Warrants expired	6,900,000
Number of shares of common stock that can be purchased from warrants	1

ADDITIONAL FINANCIAL STATEMEN_3

ADDITIONAL FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2022
Accounts receivable, net:
Oil, natural gas and natural gas liquids revenues		$ 19,802	$ 33,980
Joint interest accounts		2,138	3,201
Other		1,081	793
Total		23,021	37,974
Prepaids and other:
Prepaids		490	715
Funds in escrow		345	341
Other		72	75
Total		907	1,131
Other assets (Non-current):
Investment in unconsolidated affiliate		1,283	1,561
Contract asset		15,062
Funds in escrow		552	527
Other		759	739
Total		17,656	2,827
Accounts payable and accrued liabilities:
Trade payables		24,915	42,919
Accrued oil and natural gas capital costs		15,337	19,911
Revenues and royalties payable		18,986	26,759
Accrued interest expense		347	160
Accrued employee compensation		520	2,300
Accrued lease operating expenses		6,418	8,005
Drilling advances from partners		2	41
Total		66,525	$ 100,095
Wink Amine Treater, LLC [Member]
Accounts payable and accrued liabilities:
Equity interest				5%
Payments for equity method investment		$ 15,100
Maximum | Wink Amine Treater, LLC [Member]
Accounts payable and accrued liabilities:
Interest rate on advance		15%
Plan | Wink Amine Treater, LLC [Member]
Accounts payable and accrued liabilities:
Payments for equity method investment	$ 3,000

SUBSEQUENT EVENTS - Preferred S

SUBSEQUENT EVENTS - Preferred Stock (Details) $ / shares in Units, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 27, 2024 USD ($) Vote $ / shares shares	Mar. 28, 2023 Vote
Redeemable Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred Stock Voting Rights | Vote			0
Dividend rate (as a percent)			14.50%
Series A3 Redeemable Convertible Preferred Stock [Member] | Subsequent event
Subsequent Event [Line Items]
Shares issued | shares		20,000
Proceeds from preferred stock offering		$ 19.5
Offering costs including placement agent fees		$ 0.5
Preferred Stock Voting Rights | Vote		0
Conversion Price | $ / shares		$ 6.83
P I K Accrual [Member] | Series A3 Redeemable Convertible Preferred Stock [Member] | Subsequent event
Subsequent Event [Line Items]
Dividend rate (as a percent)		14.50%
Annually [Member] | Redeemable Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Dividend rate (as a percent)			16%
Annually [Member] | Series A3 Redeemable Convertible Preferred Stock [Member] | Subsequent event
Subsequent Event [Line Items]
Dividend rate (as a percent)		16%
Plan | Subsequent event | Term loan credit facility | Third Amendment | Minimum
Subsequent Event [Line Items]
Proceeds from issuance of equity	$ 38

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,048)	$ 18,539

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false