SandRidge Energy (SD) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	SANDRIDGE ENERGY INC
Entity Central Index Key	1,349,436
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		35,404,379

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 27,013	$ 99,143
Restricted cash - other	2,165	2,165
Accounts receivable, net	67,992	71,277
Derivative contracts	0	1,310
Prepaid expenses	4,241	5,248
Other current assets	11,288	15,954
Total current assets	112,699	195,097
Oil and natural gas properties, using full cost method of accounting
Proved	1,103,921	1,056,806
Unproved	91,793	100,884
Less: accumulated depreciation, depletion and impairment	(486,645)	(460,431)
Net oil and natural gas properties capitalized costs	709,069	697,259
Other property, plant and equipment, net	216,865	225,981
Other assets	1,343	1,290
Total assets	1,039,976	1,119,627
Current liabilities
Accounts payable and accrued expenses	118,866	139,155
Derivative contracts	19,952	10,627
Asset retirement obligations	40,943	41,017
Other current liabilities	425	8,115
Total current liabilities	180,186	198,914
Long-term debt	0	37,502
Derivative contracts	5,143	3,568
Asset retirement obligations	37,398	36,527
Other long-term obligations	3,809	3,176
Total liabilities	226,536	279,687
Commitments and contingencies (Note 10)
Stockholders’ Equity
Common stock, $0.001 par value; 250,000 shares authorized; 35,560 issued and outstanding at March 31, 2018 and 35,650 issued and outstanding at December 31, 2017	36	36
Warrants	88,500	88,500
Additional paid-in capital	1,052,718	1,038,324
Accumulated deficit	(327,814)	(286,920)
Total stockholders’ equity	813,440	839,940
Total liabilities and stockholders’ equity	$ 1,039,976	$ 1,119,627

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	35,560,000	35,650,000
Common stock, shares outstanding	35,560,000	35,650,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Oil, natural gas and NGL	$ 86,966	$ 98,149
Other	162	201
Total revenues	87,128	98,350
Expenses
Production	24,713	25,023
Production taxes	4,700	3,176
Depreciation and depletion—oil and natural gas	27,997	26,980
Depreciation and amortization—other	3,153	3,837
Impairment	4,170	2,531
General and administrative	14,022	19,538
Shareholder activism costs	407	0
Employee termination benefits	31,587	400
Loss (gain) on derivative contracts	18,330	(34,183)
Other operating expense	16	268
Total expenses	129,095	47,570
(Loss) income from operations	(41,967)	50,780
Other (expense) income
Interest expense, net	(948)	(939)
Gain on extinguishment of debt	1,151	0
Other income, net	873	970
Total other income	1,076	31
(Loss) income before income taxes	(40,891)	50,811
Income tax expense	3	3
Net (loss) income	$ (40,894)	$ 50,808
(Loss) earnings per share
Basic (in dollars per share)	$ (1.18)	$ 1.90
Diluted (in dollars per share)	$ (1.18)	$ 1.90
Weighted average number of common shares outstanding
Basic (in shares)	34,575	26,801
Diluted (in shares)	34,575	26,801

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Warrants	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2017	35,650	35,650	6,570
Beginning balance at Dec. 31, 2017	$ 839,940	$ 36	$ 88,500	$ 1,038,324	$ (286,920)
Increase (Decrease) in Stockholders' Equity
Issuance of stock awards, net of cancellations (in shares)		(90)
Issuance of stock awards, net of cancellations	0	$ 0		0
Stock-based compensation	16,055			16,055
Cash paid for tax withholdings on vested stock awards	(1,661)			(1,661)
Net loss	$ (40,894)				(40,894)
Ending balance (in shares) at Mar. 31, 2018	35,560	35,560	6,570
Ending balance at Mar. 31, 2018	$ 813,440	$ 36	$ 88,500	$ 1,052,718	$ (327,814)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Net Income (Loss) Attributable to Parent	$ (40,894)	$ 50,808
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Provision for doubtful accounts	(335)	0
Depreciation, depletion and amortization	31,150	30,817
Impairment	4,170	2,531
Debt issuance costs amortization	117	78
Amortization of premiums and discounts on debt	(47)	(75)
Gain on extinguishment of debt	(1,151)	0
Loss (gain) on derivative contracts	18,330	(34,183)
Cash paid on settlement of derivative contracts	(6,119)	(638)
Stock-based compensation	15,872	3,261
Other	(235)	360
Changes in operating assets and liabilities	9,549	11,277
Net cash provided by operating activities	30,407	64,236
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for property, plant and equipment	(65,527)	(43,686)
Acquisition of assets	0	(48,073)
Proceeds from sale of assets	955	10,203
Net cash used in investing activities	(64,572)	(81,556)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of borrowings	(36,304)	0
Debt issuance costs	0	(1,488)
Cash paid for tax withholdings on vested stock awards	(1,661)	(1,424)
Net cash used in financing activities	(37,965)	(2,912)
NET DECREASE IN CASH, CASH EQUIVALENTS and RESTRICTED CASH	(72,130)	(20,232)
CASH, CASH EQUIVALENTS and RESTRICTED CASH, beginning of year	101,308	174,071
CASH, CASH EQUIVALENTS and RESTRICTED CASH, end of period	29,178	153,839
Supplemental Disclosure of Noncash Investing and Financing Activities
Change in accrued capital expenditures	28,258	2,954
Equity issued for debt	$ 0	$ (268,779)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and North Park Basin of Colorado. Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All significant intercompany accounts and transactions have been eliminated in consolidation. Interim Financial Statements. The unaudited condensed consolidated financial statements as of December 31, 2017 , have been derived from and should be read in conjunction with the audited financial statements and notes contained in the Company’s 2017 Form 10-K. The unaudited condensed consolidated financial statements were also prepared in accordance with the accounting policies stated in the 2017 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements. Significant Accounting Policies. For a description of the Company’s significant accounting policies, see Note 3 of the consolidated financial statements included in the 2017 Form 10-K as well as the items noted below. Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of assumptions, judgments and estimates include: oil, natural gas and natural gas liquids (“NGL”) reserves; impairment tests of long-lived assets; depreciation, depletion and amortization; income taxes; valuation of derivative instruments; contingencies; and accrued revenue and related receivables. Although management believes these estimates are reasonable, actual results could differ significantly. Recent Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Its objective is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which defers the effective date of ASU 2014-09 to January 1, 2018, for the Company, with early adoption permitted in 2017. The ASU must be adopted using either the retrospective transition method, which requires restating previously reported results or the cumulative effect (modified retrospective) transition method, which utilizes a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. The Company adopted FASB ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and all the related amendments (the “new revenue standard”) on January 1, 2018, using the modified retrospective transition method. See Note 2 for further discussion of the adoption of the new revenue standard. The FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory” which removes the prohibition in Accounting Standards Codification (“ASC”) 740 against the immediate recognition of current and deferred income tax effects of intra-entity transfers of assets other than inventory. The amendments in this ASU are effective for the Company on January 1, 2018, with early adoption permitted on January 1, 2017. The ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the ASU on January 1, 2018. There was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. The FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic: 610-20): Clarifying the Scope of Asset Derecognition Guidance and the Accounting for Partial Sales of Nonfinancial Assets,” which helps filers determine the guidance applicable for gain/loss recognition subsequent to the adoption of ASU 2014-09, Revenue from Contracts with Customers. The amendments also clarify that the derecognition of all businesses except those related to conveyances of oil and gas rights or contracts with customers should be accounted for in accordance with the derecognition and deconsolidation guidance in Topic 810, Consolidation. The Company adopted the ASU on January 1, 2018, using the modified retrospective transition method. Under this transition method the Company may elect to apply this guidance retrospectively either to all contracts at the date of initial application or only to contracts that are not completed contracts at the date of initial application. The Company elected to evaluate only contracts that are not completed contracts. As there were no uncompleted contracts at January 1, 2018, there was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. Recent Accounting Pronouncements Not Yet Adopted . The FASB issued ASU 2016-02, “Leases (Topic 842),” which requires companies to recognize the assets and liabilities for the rights and obligations of all leases with a term greater than 12 months (long-term) on the balance sheet. Leases to explore for or use minerals, oil and natural gas are not impacted by this guidance. In January 2018, the FASB issued ASU 2018-01, “Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842.” This ASU permits an entity to continue to apply its current accounting policy for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement contains a lease. Topic 842 requires adoption by application of a modified retrospective transition approach and is effective for the Company on January 1, 2019. Early adoption is permitted. The Company is in the process of reviewing its portfolio of leased assets and related contracts to determine the impact

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company adopted the new revenue standard using the modified retrospective method for all contracts outstanding on January 1, 2018. Adoption of the new revenue standard had no impact on the Company’s consolidated balance sheet, results of operations, equity or cash flows as of the adoption date, and the Company does not expect any further material impact to its consolidated financial statements on an ongoing basis as a result of adopting the new revenue standard. The Company has included the disclosures required by the new revenue standard below. The following table disaggregates the Company’s revenue by source for the periods ended March 31, 2018 and 2017: Three Months Ended March 31, 2018 2017 (In thousands) Oil $ 53,335 $ 55,782 NGL 16,389 14,433 Natural gas 17,242 27,934 Other 162 201 Total revenues $ 87,128 $ 98,350 Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline or the delivery point for on loading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross basis. Pricing for the Company’s oil, natural gas and NGL contracts is variable and is based on volumes sold multiplied by either an index price, net of deductions, or a percentage of the sales price obtained by the customer, which is also based on index prices. The transaction price is allocated on a pro-rata basis to each unit of oil, natural gas or NGL sold based on the terms of the contract. Oil, natural gas and NGL revenues are also recorded net of royalties, discounts and allowances, and transportation costs, as applicable. Taxes assessed by governmental authorities on oil, natural gas and NGL sales are presented separately from revenues and are included in production tax expense in the consolidated statements of operations. Revenues Receivable. The Company records an asset in accounts receivable, net on its consolidated balance sheet for revenues receivable from contracts with customers at the end of each period. Pricing for revenues receivable is estimated using current month gas, NGL and crude oil prices. Estimated deductions for gas and NGLs are based on historical data, whereas the price to be received for crude oil is based on the contractual price. Revenues receivable are typically collected the month after the Company delivers the related production to its customers. As of March 31, 2018, and December 31, 2017, the Company had revenues receivable of $29.9 million and $34.6 million , respectively, and did not record any bad debt expense on revenues receivable during the three-month period ended March 31, 2018. No other contract assets or liabilities were recorded as a result of adopting the new revenue standard. Practical expedients and exemptions. The Company elected not to retrospectively restate contracts that were modified prior to January 1, 2017, and assumed that the contract terms in place at January 1, 2018 were in place from the inception of the contract. The Company generally expenses certain insignificant costs when incurred rather than recognizing them as an asset because the amortization period would have been one year or less. Additionally, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed.

Employee Termination Benefits

Employee Termination Benefits	3 Months Ended
	Mar. 31, 2018
Postemployment Benefits [Abstract]
Employee Termination Benefits	Employee Termination Benefits The following table presents a summary of employee termination benefits for the three-month period ended March 31, 2018 (in thousands): Cash Share-Based Compensation (3) Number of Shares Total Employee Termination Benefits Executive Employee Termination Benefits (1) $ 11,945 $ 9,114 554 $ 21,059 Other Employee Termination Benefits (2) 6,692 3,836 209 10,528 $ 18,637 $ 12,950 763 $ 31,587 ____________________ (1) On February 8, 2018, the Company’s then current CEO, James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current CFO, Julian Bott, also separated employment from the Company. In accordance with the terms of their respective employment agreements, the Company incurred cash severance costs and share-based compensation costs associated with the accelerated vesting of awards during the first quarter of 2018. (2) As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation vesting upon separation of service from the Company. (3) Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards and performance share units upon the departure of certain executives and the reduction in workforce in the first quarter of 2018 reflects the remaining unrecognized compensation expense associated with these awards at the date of termination. The unrecognized compensation expense was calculated using the grant date fair value for restricted stock awards and performance share units. One share of the Company’s common stock was issued per performance share unit. Employee termination benefits including $9.9 million in cash severance are included in accounts payable and accrued expenses on the condensed consolidated balance sheets at March 31, 2018 , and are expected to be paid out in the second quarter of 2018. See Note 14

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2018
Acquisitions and Divestitures [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisition of Properties. On February 10, 2017, the Company acquired assets consisting of approximately 13,000 net acres in Woodward County, Oklahoma for approximately $47.8 million in cash, net of post-closing adjustments. Also included in the acquisition were working interests in four

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures and reports certain assets and liabilities on a fair value basis and has classified and disclosed its fair value measurements using the levels of the fair value hierarchy noted below. The carrying values of cash, restricted cash, accounts receivable, prepaid expenses, certain other current assets, accounts payable and accrued expenses and other current liabilities included in the unaudited condensed consolidated balance sheets approximated fair value at March 31, 2018 , and December 31, 2017 . As a result, these financial assets and liabilities are not discussed below. The fair values of property, plant and equipment, classified as assets held for sale, and related impairments, which are calculated using Level 3 inputs, are discussed in Note 6 . Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Measurement based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable for objective sources (i.e., supported by little or no market activity). Assets and liabilities that are measured at fair value are classified 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, which may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values, stated below, considers the market for the Company’s financial assets and liabilities, the associated credit risk and other factors. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The Company has assets and liabilities classified in Level 1 and Level 2 of the hierarchy as of March 31, 2018 , and December 31, 2017 , as described below. Level 1 Fair Value Measurements Investments. The fair value of investments, consisting of assets attributable to the Company’s non-qualified deferred compensation plan, is based on quoted market prices. Investments of $5.1 million are included in other current assets at December 31, 2017 , in the unaudited condensed consolidated balance sheets. The Company’s non-qualified deferred compensation plan was terminated and all remaining investment balances were distributed to participants in January 2018. Level 2 Fair Value Measurements Commodity Derivative Contracts. The fair values of the Company’s oil and natural gas fixed price swaps are based upon inputs that are either readily available in the public market, such as oil and natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. Fair value is determined through the use of a discounted cash flow model or option pricing model using the applicable inputs discussed above. The Company applies a weighted average credit default risk rating factor for its counterparties or gives effect to its credit default risk rating, as applicable, in determining the fair value of these derivative contracts. Credit default risk ratings are based on current published credit default swap rates. Fair Value - Recurring Measurement Basis The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands): March 31, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 3,040 $ — $ (3,040 ) $ — $ — $ 3,040 $ — $ (3,040 ) $ — Liabilities Commodity derivative contracts $ — $ 28,135 $ — $ (3,040 ) $ 25,095 $ — $ 28,135 $ — $ (3,040 ) $ 25,095 December 31, 2017 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,582 $ — $ (4,272 ) $ 1,310 Investments 5,072 — — — 5,072 $ 5,072 $ 5,582 $ — $ (4,272 ) $ 6,382 Liabilities Commodity derivative contracts $ — $ 18,467 $ — $ (4,272 ) $ 14,195 $ — $ 18,467 $ — $ (4,272 ) $ 14,195 ____________________ (1) Represents the effect of netting assets and liabilities for counterparties with which the right of offset exists. Transfers. The Company recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred. The Company did not have any transfers between Level 1, Level 2 or Level 3 fair value measurements during the three -month periods ended March 31, 2018 and 2017 . Fair Value of Financial Instruments - Long-Term Debt The Company measured the fair value of its $35.0 million initial principal note, as amended in February 2017, which was secured by first priority mortgages on the Company’s real estate in Oklahoma City, Oklahoma (the “Building Note”) using a discounted cash flow analysis, which is classified as a Level 2 input in the fair value hierarchy. The Company repaid the Building Note in full during the first quarter of 2018. The estimated fair values and carrying values of the Company’s long-term debt are as follows (in thousands): March 31, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Building Note $ — $ — $ 42,526 $ 37,502 See Note 8

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following (in thousands): March 31, December 31, Oil and natural gas properties Proved $ 1,103,921 $ 1,056,806 Unproved 91,793 100,884 Total oil and natural gas properties 1,195,714 1,157,690 Less accumulated depreciation, depletion and impairment (486,645 ) (460,431 ) Net oil and natural gas properties capitalized costs 709,069 697,259 Land 4,500 4,500 Electrical infrastructure 131,010 131,010 Other non-oil and natural gas equipment 20,016 26,809 Buildings and structures 79,548 79,548 Total 235,074 241,867 Less accumulated depreciation and amortization (18,209 ) (15,886 ) Other property, plant and equipment, net 216,865 225,981 Total property, plant and equipment, net $ 925,934 $ 923,240 The Company has approximately $11.0 million in assets classified as held for sale in the other current assets line of the accompanying consolidated balance sheet at March 31, 2018 . Approximately $9.3 million of this total is related to one of the Company’s properties located in downtown Oklahoma City, OK, which was classified as held for sale in the fourth quarter of 2017 and is expected to be sold during the second quarter of 2018. The remaining balance largely consists of the Company’s midstream generator assets. These assets had a carrying value of $5.7 million which exceeded the estimated net realizable value of $1.6 million based on the expected sales prices obtained from third parties. As a result, the Company recorded an impairment of $4.1 million for the three-month period ended March 31, 2018

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following (in thousands): March 31, December 31, 2018 2017 Accounts payable and other accrued expenses $ 73,048 $ 94,406 Accrued interest 68 1,385 Production payable 21,925 18,059 Payroll and benefits (1) 21,808 21,475 Drilling advances 2,017 3,830 Total accounts payable and accrued expenses $ 118,866 $ 139,155 ____________________ (1) Includes $9.9 million in employee termination benefits at March 31, 2018 . See Note 3 for additional discussion of accrued employee termination benefits at March 31, 2018

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Credit Facility. On February 10, 2017, the $425.0 million reserve-based revolving credit facility (the “First Lien Exit Facility”) was refinanced and replaced by a new $600.0 million credit facility (the “credit facility”). The borrowing base under the credit facility is $425.0 million . This borrowing base was reconfirmed during the April 2018 semi-annual redetermination. The next borrowing base redetermination is scheduled for October 1, 2018. The credit facility matures on March 31, 2020. The outstanding borrowings under the credit facility bear interest based on a pricing grid tied to borrowing base utilization of (a) LIBOR plus an applicable margin that varies from 3.00% to 4.00% per annum, or (b) the base rate plus an applicable margin that varies from 2.00% to 3.00% per annum. Interest on base rate borrowings is payable quarterly in arrears and interest on LIBOR borrowings is payable every one, two, three or six months, at the election of the Company. Quarterly, the Company pays commitment fees assessed at annual rates of 0.50% on any available portion of the credit facility. The Company has the right to prepay loans under the credit facility at any time without a prepayment penalty, other than customary “breakage” costs with respect to LIBOR loans. Upon refinancing of the First Lien Exit Facility, $50.0 million maintained in a restricted cash collateral account, as required by the terms of the First Lien Exit Facility, was released to the Company. The credit facility is secured by (i) first-priority mortgages on at least 95% of the PV-9 valuation of all proved reserves included in the most recently delivered reserve report of the Company, (ii) a first-priority perfected pledge of substantially all of the capital stock owned by each credit party and equity interests in the Royalty Trusts that are owned by a credit party and (iii) a first-priority perfected security interest in substantially all the cash, cash equivalents, deposits, securities and other similar accounts, and other tangible and intangible assets of the credit parties (including but not limited to as-extracted collateral, accounts receivable, inventory, equipment, general intangibles, investment property, intellectual property, real property and the proceeds of the foregoing). The credit facility requires the Company to maintain (i) a maximum consolidated total net leverage ratio, measured as of the end of any fiscal quarter, of no greater than 3.50 to 1.00 and (ii) a minimum consolidated interest coverage ratio, measured as of the end of any fiscal quarter, of no less than 2.25 to 1.00. These financial covenants are subject to customary cure rights. The Company was in compliance with all applicable financial covenants under the credit facility as of March 31, 2018 . The credit facility contains customary affirmative and negative covenants, including as to compliance with laws (including environmental laws, ERISA and anti-corruption laws), maintenance of required insurance, delivery of quarterly and annual financial statements, oil and gas engineering reports, maintenance and operation of property (including oil and gas properties), restrictions on the incurrence of liens, indebtedness, asset dispositions, fundamental changes, restricted payments and other customary covenants. The Company was in compliance with these covenants as of March 31, 2018 . The credit facility includes events of default relating to customary matters, including, among other things, nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of representations and warranties in any material respect; cross-payment default and cross acceleration with respect to indebtedness in an aggregate principal amount of $25.0 million or more; bankruptcy; judgments involving a liability of $25.0 million or more that are not paid; and ERISA events. Many events of default are subject to customary notice and cure periods. The Company had no amounts outstanding under the credit facility at March 31, 2018 , and $6.7 million in outstanding letters of credit, which reduce availability under the credit facility on a dollar-for-dollar basis. Building Note. On October 4, 2016 (the “Emergence Date”), the Company entered into the Building Note, which had an initial principal amount of $35.0 million . The Company repaid the Building Note in full during February 2018. The Building Note was recorded at a fair value of $36.6 million upon implementation of fresh start accounting. Prior to repayment, the resulting premium was being amortized to interest expense over the term of the Building Note. Upon repayment, the remaining unamortized premium of $1.2 million was recognized as a gain on extinguishment of debt in the unaudited condensed consolidated statement of operations for the three-month period ended March 31, 2018 . Interest was payable on the Building Note at 6% per annum for the first year following the Emergence Date, 8% per annum for the second year following the Emergence Date, and 10% thereafter through maturity. Interest costs were paid in kind and approximately $1.3 million in in-kind interest costs were added to the Building Note principal from the Emergence Date through May 11, 2017, which was 90 days after the refinancing of the First Lien Exit Facility. Interest became payable thereafter in cash. The Building Note was set to mature on October 2, 2021 and became prepayable in whole or in part without premium or penalty upon the refinancing of the First Lien Exit Facility. Net proceeds of $26.8 million

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Commodity Derivatives The Company is exposed to commodity price risk, which impacts the predictability of its cash flows from the sale of oil and natural gas. The Company seeks to manage this risk through the use of commodity derivative contracts, which allow the Company to limit its exposure to commodity price volatility on a portion of its forecasted oil and natural gas sales. The Company has not designated any of its derivative contracts as hedges for accounting purposes and records all derivative contracts at fair value with changes in derivative contract fair values recognized as gain or loss on derivative contracts in the unaudited condensed consolidated statements of operations. None of the Company’s commodity derivative contracts may be terminated prior to contractual maturity solely as a result of a downgrade in the credit rating of a party to the contract. Commodity derivative contracts are settled on a monthly basis. On a quarterly basis, the commodity derivative contract valuations are adjusted to the mark-to-market valuation. At March 31, 2018 , the Company’s commodity derivative contracts consisted of fixed price swaps under which the Company receives a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. The Company recorded loss (gain) on commodity derivative contracts of $18.3 million and $(34.2) million for the three-month periods ended March 31, 2018 , and 2017 , respectively, which include net cash payments upon settlement of $6.1 million and $0.6 million , respectively. Master Netting Agreements and the Right of Offset. The Company has master netting agreements with all of its commodity derivative counterparties and has presented its derivative assets and liabilities with the same counterparty on a net basis in the unaudited condensed consolidated balance sheets. As a result of the netting provisions, the Company's maximum amount of loss under commodity derivative transactions due to credit risk is limited to the net amounts due from its counterparties. As of March 31, 2018 , the counterparties to the Company’s open commodity derivative contracts consisted of five financial institutions, all of which are also lenders under the Company’s credit facility. The Company is not required to post additional collateral under its commodity derivative contracts as all of the counterparties to the Company’s commodity derivative contracts share in the collateral supporting the Company’s credit facility. The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of March 31, 2018 , and December 31, 2017 (in thousands): March 31, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 3,040 $ (3,040 ) $ — $ — $ — Derivative contracts - noncurrent — — — — — Total $ 3,040 $ (3,040 ) $ — $ — $ — Liabilities Derivative contracts - current $ 22,992 $ (3,040 ) $ 19,952 $ (19,952 ) $ — Derivative contracts - noncurrent 5,143 — 5,143 (5,143 ) — Total $ 28,135 $ (3,040 ) $ 25,095 $ (25,095 ) $ — December 31, 2017 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,582 $ (4,272 ) $ 1,310 $ — $ 1,310 Derivative contracts - noncurrent — — — — — Total $ 5,582 $ (4,272 ) $ 1,310 $ — $ 1,310 Liabilities Derivative contracts - current $ 14,899 $ (4,272 ) $ 10,627 $ (10,627 ) $ — Derivative contracts - noncurrent 3,568 — 3,568 (3,568 ) — Total $ 18,467 $ (4,272 ) $ 14,195 $ (14,195 ) $ — At March 31, 2018 , the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price April 2018 - December 2018 2,749 $ 55.87 January 2019 - December 2019 1,825 $ 54.29 Natural Gas Price Swaps Notional (MMcf) Weighted Average Fixed Price April 2018 - December 2018 11,000 $ 3.11 Fair Value of Derivatives The following table presents the fair value of the Company’s derivative contracts as of March 31, 2018 , and December 31, 2017 , on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification March 31, December 31, Derivative assets Natural gas price swaps Derivative contracts-current $ 3,040 $ 5,582 Derivative liabilities Oil price swaps Derivative contracts-current (22,992 ) (14,899 ) Oil price swaps Derivative contracts-noncurrent (5,143 ) (3,568 ) Total net derivative contracts $ (25,095 ) $ (12,885 ) See Note 5

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings. On October 14, 2016, Lisa West and Stormy Hopson filed an amended class action complaint in the United States District Court for the Western District of Oklahoma against SandRidge Exploration and Production, LLC, among other defendants. In their amended complaint, plaintiffs asserted various tort claims seeking relief for damages, including the reimbursement of past and future earthquake insurance premiums, resulting from seismic activity allegedly caused by the defendants’ operation of wastewater disposal wells. The court dismissed the plaintiffs’ amended complaint on May 12, 2017, but permitted the plaintiffs to file a second amended complaint. On July 18, 2017, the plaintiffs filed a second amended class action complaint making allegations substantially similar to those contained in the amended complaint that was previously dismissed. An estimate of reasonably possible losses associated with this action can not be made at this time. The Company has not established any reserves relating to this action. In addition to the matters described above, the Company is involved in various lawsuits, claims and proceedings which are being handled and defended by the Company in the ordinary course of business. Additionally, the Company has agreed to indemnify the Mississippian Trust I and Mississippian Trust II against losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorney’s fees and expenses arising out of certain legal matters as stipulated in the respective agreements with each Royalty Trust. Restricted Cash . Restricted cash - other included on the unaudited condensed consolidated balance sheets at March 31, 2018 , and December 31, 2017 is the cash portion of consideration set aside for future settlement of general unsecured claims related to the Chapter 11 proceedings in accordance with the Plan. The corresponding liability for future cash settlements of general unsecured claims is included in accounts payable and accrued expenses on the unaudited condensed consolidated balance sheets. Risks and Uncertainties. The Company’s revenue, profitability and future growth are substantially dependent upon the prevailing and future prices for oil and natural gas, which depend on numerous factors beyond the Company’s control such as overall oil and natural gas production and inventories in relevant markets, economic conditions, the global political environment, regulatory developments and competition from other energy sources. Oil and natural gas prices historically have been volatile, and may be subject to significant fluctuations in the future. The Company enters into commodity derivative arrangements in order to mitigate a portion of the effect of this price volatility on the Company’s cash flows. See Note 9 for the Company’s open oil and natural gas derivative contracts.

Equity

Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Equity	Equity Common Stock. At March 31, 2018 , the Company had 35.6 million shares of common stock outstanding, including 0.9 million shares of unvested restricted stock awards, par value $0.001 per share, and 250.0 million shares of common stock authorized. Shareholder Rights Plan. On November 26, 2017, the Company’s Board adopted a short-term shareholder rights plan, which was further amended on January 22, 2018, (the “Rights Plan”). The Rights Plan will be triggered only if a person or group of persons exceeds beneficial ownership of 15% or more of the Company’s common stock. The Company has recommended the ratification of the Rights Plan for approval by its shareholders at the Company’s 2018 annual meeting of shareholders. If ratified by the shareholders, the Rights Plan will expire on November 26, 2018. If the Rights Plan is not ratified, then it will terminate and cease to be effective. Warrants. The Company has issued approximately 4.6 million Series A warrants and 1.9 million Series B warrants that are exercisable until October 4, 2022 for one share of common stock per warrant at initial exercise prices of $41.34 and $42.03

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For each interim reporting period, the Company estimates the effective tax rate expected for the full fiscal year and uses that estimated rate in providing for income taxes on a current year-to-date basis. The provision for income taxes consisted of the following components (in thousands): Three Months Ended March 31, 2018 2017 Current Federal $ — $ — State 3 3 Total provision $ 3 $ 3 Deferred income taxes are provided to reflect the future tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. The Company’s deferred tax assets have been reduced by a valuation allowance due to a determination that it is more likely than not that some or all of the deferred assets will not be realized based on the weight of all available evidence. The Company continues to closely monitor and weigh all available evidence, including both positive and negative, in making its determination whether to maintain a valuation allowance. As a result of the significant weight placed on the Company's cumulative negative earnings position, the Company continued to maintain a full valuation allowance against its net deferred tax asset at March 31, 2018 . Thus, the Company’s effective tax rate and expense for the three-month period ended March 31, 2018 continue to be low. The “Tax Cuts and Jobs Act” (the “TCJA”) enacted in December 2017 includes significant changes to the taxation of business entities, most of which are effective for taxable years beginning after December 31, 2017. These changes include, among others, a permanent reduction to the corporate income tax rate from a maximum 35% to a flat 21% rate, expansion of expensing capital expenditures for a period of time, new limitations on the utilization of net operating losses, and limitations on the deduction of interest expense and executive compensation. We continue to evaluate the impact of the TCJA as new guidance and accounting interpretations become available and while adjustments to certain deferred tax assets may occur in 2018, we do not expect a material adjustment to the provisional amounts recorded in the periods ended December 31, 2017 or March 31, 2018 . Internal Revenue Code (“IRC”) Section 382 addresses company ownership changes and specifically limits the utilization of certain deductions and other tax attributes on an annual basis following an ownership change. As a result of the Chapter 11 reorganization and related transactions, the Company experienced an ownership change within the meaning of IRC Section 382 on October 4, 2016 that subjected certain of the Company’s tax attributes, including $1.9 billion of federal net operating loss carryforwards, to the IRC Section 382 limitation. This limitation is expected to result in a significant portion of our NOL carryforwards expiring unused. As such, the Company’s deferred tax asset associated with NOLs and corresponding valuation allowance were reduced in the period ended December 31, 2017. The limitation did not result in a current tax liability for the tax year ended December 31, 2017 or the three-month period ended March 31, 2018. The Company’s only taxing jurisdiction is the United States (federal and state). The Company’s tax years 2014 to present remain open for federal examination. Additionally, tax years 2005 through 2013 remain subject to examination for the purpose of determining the amount of remaining federal NOL and other carryforwards. The number of years open for state tax audits varies, depending on the state, but are generally from three to five

(Loss) Earnings per Share

(Loss) Earnings per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
(Loss) Earnings per Share	(Loss) Earnings per Share The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted (loss) earnings per share: Net (Loss) Income Weighted Average Shares (Loss) Earnings Per Share (In thousands, except per share amounts) Three Months Ended March 31, 2018 Basic loss per share $ (40,894 ) 34,575 $ (1.18 ) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(2) — — Warrants(3) — — Diluted loss per share $ (40,894 ) 34,575 $ (1.18 ) Three Months Ended March 31, 2017 Basic earnings per share $ 50,808 26,801 $ 1.90 Effect of dilutive securities Restricted stock awards(4) — — Performance share units(4) — — Warrants(3) — — Diluted earnings per share $ 50,808 26,801 $ 1.90 ____________________ (1) No incremental shares of potentially dilutive restricted stock awards were included for the three-month period ended March 31, 2018 , as their effect was antidilutive under the treasury stock method. See Note 14 for discussion of the Company’s share and incentive-based compensation awards. (2) Performance share units covering an insignificant amount of shares for the three-month period ended March 31, 2018 , were excluded from the computation of loss per share because their effect would have been antidilutive. See Note 14 for discussion of the Company’s share and incentive-based compensation awards. (3) No incremental shares of potentially dilutive warrants were included for the three-month periods ended March 31, 2018 , or March 31, 2017 , as their effect was antidilutive. See Note 14 for discussion of the Company’s share and incentive-based compensation awards. (4) No incremental shares of potentially dilutive restricted stock awards or performance share units were included for the three -month period ended March 31, 2017 , as their effect was antidilutive under the treasury stock method. See Note 14

Share and Incentive-Based Compe

Share and Incentive-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share and Incentive-Based Compensation	Share and Incentive-Based Compensation Share-Based Compensation Omnibus Incentive Plan. The SandRidge Energy, Inc. 2016 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) became effective in October 2016. The Omnibus Incentive Plan authorizes the issuance of up to 4.6 million shares of SandRidge common stock to eligible persons including non-employee directors of the Company, employees of the Company or any of its affiliates, and certain consultants and advisers to the Company or any of its affiliates. The types of awards that may be granted under the Omnibus Incentive Plan include stock options, restricted stock, performance awards and other forms of awards granted or denominated in shares of the Company’s common stock, as well as certain cash-based awards. At March 31, 2018 , the Company had restricted stock awards, performance share units and performance units outstanding under the Omnibus Incentive Plan. Restricted Stock Awards. The Company’s restricted stock awards are equity-classified awards and are valued based upon the market value of the Company’s common stock on the date of grant. Outstanding restricted shares will generally vest over either a three-year period or two and a half year period. The Company recognized total share-based compensation expense related to its restricted stock awards of $14.6 million and $3.6 million , of which $0.2 million and $0.5 million were capitalized, for the three -month periods ended March 31, 2018 and 2017 , respectively. Share-based compensation expense for the three -month period ended March 31, 2018 , includes $4.0 million for the accelerated vesting of 0.2 million restricted common stock awards and $7.8 million accrued for the accelerated vesting of 0.4 million restricted common stock awards processed in the second quarter of 2018, related to the Company’s reduction in force during the first quarter of 2018. The following table presents a summary of the Company’s unvested restricted stock awards: Number of Shares Weighted Average Grant Date Fair Value (In thousands) Unvested restricted shares outstanding at December 31, 2017 1,105 $ 22.62 Granted 3 $ 15.45 Vested (228 ) $ 22.96 Forfeited / Canceled (17 ) $ 21.39 Unvested restricted shares outstanding at March 31, 2018 863 $ 22.53 As of March 31, 2018 , the Company’s unrecognized compensation cost related to unvested restricted stock awards was $7.1 million . The remaining weighted-average contractual period over which this compensation cost may be recognized is 1.5 years . The aggregate intrinsic value of restricted stock that vested during the three months ended March 31, 2018 was approximately $3.4 million based on the stock price at the time of vesting. Performance Share Units. In February 2017, the Company granted equity-classified awards in the form of performance share units, which will vest upon completion of the stated performance period from January 1, 2017 through June 30, 2019. The performance share units will be settled in shares of the Company’s common stock with one share of common stock being issued per performance share unit up to a maximum of approximately 0.4 million shares of common stock, provided the required performance measures are met. The shares are valued based on the Company’s performance relative to certain performance and market conditions. The Company recognized total share-based compensation expense related to its performance share units of $1.5 million , of which an insignificant amount was capitalized, for the three -month period ended March 31, 2018 . Share-based compensation expense for the three -month period ended March 31, 2018 , includes $0.4 million for the accelerated vesting of an insignificant amount of performance share units. Share-based compensation expense for the three -month period ended March 31, 2018 , also includes $0.7 million accrued for the accelerated vesting of an insignificant amount of performance share units processed in the second quarter of 2018, related to the Company’s reduction in force during the first quarter of 2018. There was no significant activity related to the Company’s outstanding unvested performance share units during the three-month period ended March 31, 2017 . The following table presents a summary of the Company’s performance share units: Number of Units Fair Value per Unit at March 31, 2018 (In thousands) Unvested performance share units outstanding at December 31, 2017 183 Granted — Vested (36 ) Forfeited / Canceled (3 ) Unvested performance share units outstanding at March 31, 2018 144 $ 19.94 - $ 20.00 Incentive-Based Compensation Performance Units. In October 2016, the Company granted liability-classified awards in the form of performance units which will vest over a three-year period and will be settled in cash, provided the required performance measures are met. The performance units were issued at a value of $100 each and the value at vesting will be determined by annual scorecard results. The Company recognized total incentive-based compensation expense related to its performance units of $3.5 million , of which an insignificant amount was capitalized, for the three -month period ended March 31, 2018 . Incentive-based compensation expense for the three -month period ended March 31, 2018 , includes $1.0 million for the accelerated vesting of an insignificant amount of performance units. Incentive-based compensation expense for the three -month period ended March 31, 2018 , also includes $2.0 million accrued for the accelerated vesting of an insignificant amount of performance units processed in the second quarter of 2018, related to the Company’s reduction in force during the first quarter of 2018. At March 31, 2018 , the liability related to performance units was $0.4 million . There was no significant activity related to the Company’s outstanding unvested performance units during the three-month period ended March 31, 2017 . The following table presents a summary of the Company’s performance units: Number of Units Fair Value per Unit at March 31, 2018 (In thousands) Unvested performance units outstanding at December 31, 2017 49 Granted — Vested (10 ) Forfeited / Canceled (1 ) Unvested performance units outstanding at March 31, 2018 38 $ 100.00

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 13, 2018, Carl C. Icahn and certain affiliated entities (together, “Icahn”) delivered to the Company formal notice of its intention to nominate five directors for election to the Board at the Annual Meeting, and on April 24, 2018, Icahn filed a preliminary proxy statement to that effect. As a result of the contested election, we expect to incur significant costs during 2018, including a fee of approximately $4.0 million

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business. SandRidge Energy, Inc. is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and North Park Basin of Colorado.
Principles of Consolidation	Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned or majority owned subsidiaries, including its proportionate share of the Royalty Trusts. All significant intercompany accounts and transactions have been eliminated in consolidation.
Interim Financial Statements	Interim Financial Statements. The unaudited condensed consolidated financial statements as of December 31, 2017 , have been derived from and should be read in conjunction with the audited financial statements and notes contained in the Company’s 2017 Form 10-K. The unaudited condensed consolidated financial statements were also prepared in accordance with the accounting policies stated in the 2017 Form 10-K. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the financial statements include all adjustments, which consist of normal recurring adjustments unless otherwise disclosed, necessary to fairly state the Company’s unaudited condensed consolidated financial statements.
Significant Accounting Policies	Significant Accounting Policies. For a description of the Company’s significant accounting policies, see Note 3 of the consolidated financial statements included in the 2017
Reclassifications	Reclassifications. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations.
Use of Estimates	Use of Estimates. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606),” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Its objective is to increase the usefulness of information in the financial statements regarding the nature, timing and uncertainty of revenues. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which defers the effective date of ASU 2014-09 to January 1, 2018, for the Company, with early adoption permitted in 2017. The ASU must be adopted using either the retrospective transition method, which requires restating previously reported results or the cumulative effect (modified retrospective) transition method, which utilizes a cumulative-effect adjustment to retained earnings in the period of adoption to account for prior period effects rather than restating previously reported results. The Company adopted FASB ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” and all the related amendments (the “new revenue standard”) on January 1, 2018, using the modified retrospective transition method. See Note 2 for further discussion of the adoption of the new revenue standard. The FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory” which removes the prohibition in Accounting Standards Codification (“ASC”) 740 against the immediate recognition of current and deferred income tax effects of intra-entity transfers of assets other than inventory. The amendments in this ASU are effective for the Company on January 1, 2018, with early adoption permitted on January 1, 2017. The ASU should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the ASU on January 1, 2018. There was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. The FASB issued ASU 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic: 610-20): Clarifying the Scope of Asset Derecognition Guidance and the Accounting for Partial Sales of Nonfinancial Assets,” which helps filers determine the guidance applicable for gain/loss recognition subsequent to the adoption of ASU 2014-09, Revenue from Contracts with Customers. The amendments also clarify that the derecognition of all businesses except those related to conveyances of oil and gas rights or contracts with customers should be accounted for in accordance with the derecognition and deconsolidation guidance in Topic 810, Consolidation. The Company adopted the ASU on January 1, 2018, using the modified retrospective transition method. Under this transition method the Company may elect to apply this guidance retrospectively either to all contracts at the date of initial application or only to contracts that are not completed contracts at the date of initial application. The Company elected to evaluate only contracts that are not completed contracts. As there were no uncompleted contracts at January 1, 2018, there was no impact to the Company’s consolidated financial statements and related disclosures upon adoption. Recent Accounting Pronouncements Not Yet Adopted . The FASB issued ASU 2016-02, “Leases (Topic 842),” which requires companies to recognize the assets and liabilities for the rights and obligations of all leases with a term greater than 12 months (long-term) on the balance sheet. Leases to explore for or use minerals, oil and natural gas are not impacted by this guidance. In January 2018, the FASB issued ASU 2018-01, “Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842.” This ASU permits an entity to continue to apply its current accounting policy for land easements that existed before the effective date of Topic 842. Once an entity adopts Topic 842, it would apply that Topic prospectively to all new (or modified) land easements to determine whether the arrangement contains a lease. Topic 842 requires adoption by application of a modified retrospective transition approach and is effective for the Company on January 1, 2019. Early adoption is permitted. The Company is in the process of reviewing its portfolio of leased assets and related contracts to determine the impact
Revenue from Contract with Customer	Oil, natural gas and NGL revenues. A majority of the Company’s revenues come from sales of oil, natural gas and NGLs and are recorded at a point in time when control of the oil, natural gas and NGL production passes to the customer at the inlet of the processing plant or pipeline or the delivery point for on loading to a delivery truck. As the Company’s customers obtain control of the production prior to selling it to other end customers, the Company presents its revenues on a net basis, rather than on a gross
Fair Value Transfer	Transfers. The Company recognizes transfers between fair value hierarchy levels as of the end of the reporting period in which the event or change in circumstances causing the transfer occurred.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates the Company’s revenue by source for the periods ended March 31, 2018 and 2017: Three Months Ended March 31, 2018 2017 (In thousands) Oil $ 53,335 $ 55,782 NGL 16,389 14,433 Natural gas 17,242 27,934 Other 162 201 Total revenues $ 87,128 $ 98,350

Employee Termination Benefits (

Employee Termination Benefits (Tables)	3 Months Ended
	Mar. 31, 2018
Postemployment Benefits [Abstract]
Schedule of Postemployment Benefits	The following table presents a summary of employee termination benefits for the three-month period ended March 31, 2018 (in thousands): Cash Share-Based Compensation (3) Number of Shares Total Employee Termination Benefits Executive Employee Termination Benefits (1) $ 11,945 $ 9,114 554 $ 21,059 Other Employee Termination Benefits (2) 6,692 3,836 209 10,528 $ 18,637 $ 12,950 763 $ 31,587 ____________________ (1) On February 8, 2018, the Company’s then current CEO, James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current CFO, Julian Bott, also separated employment from the Company. In accordance with the terms of their respective employment agreements, the Company incurred cash severance costs and share-based compensation costs associated with the accelerated vesting of awards during the first quarter of 2018. (2) As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation vesting upon separation of service from the Company. (3)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured on Recurring Basis	The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by the fair value hierarchy (in thousands): March 31, 2018 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 3,040 $ — $ (3,040 ) $ — $ — $ 3,040 $ — $ (3,040 ) $ — Liabilities Commodity derivative contracts $ — $ 28,135 $ — $ (3,040 ) $ 25,095 $ — $ 28,135 $ — $ (3,040 ) $ 25,095 December 31, 2017 Fair Value Measurements Netting(1) Assets/Liabilities at Fair Value Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ — $ 5,582 $ — $ (4,272 ) $ 1,310 Investments 5,072 — — — 5,072 $ 5,072 $ 5,582 $ — $ (4,272 ) $ 6,382 Liabilities Commodity derivative contracts $ — $ 18,467 $ — $ (4,272 ) $ 14,195 $ — $ 18,467 $ — $ (4,272 ) $ 14,195 ____________________ (1)
Long-Term Debt Carrying Amount and Fair Value Table	The estimated fair values and carrying values of the Company’s long-term debt are as follows (in thousands): March 31, 2018 December 31, 2017 Fair Value Carrying Value Fair Value Carrying Value Building Note $ — $ — $ 42,526 $ 37,502

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment consists of the following (in thousands): March 31, December 31, Oil and natural gas properties Proved $ 1,103,921 $ 1,056,806 Unproved 91,793 100,884 Total oil and natural gas properties 1,195,714 1,157,690 Less accumulated depreciation, depletion and impairment (486,645 ) (460,431 ) Net oil and natural gas properties capitalized costs 709,069 697,259 Land 4,500 4,500 Electrical infrastructure 131,010 131,010 Other non-oil and natural gas equipment 20,016 26,809 Buildings and structures 79,548 79,548 Total 235,074 241,867 Less accumulated depreciation and amortization (18,209 ) (15,886 ) Other property, plant and equipment, net 216,865 225,981 Total property, plant and equipment, net $ 925,934 $ 923,240

Accounts Payable and Accrued 27

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following (in thousands): March 31, December 31, 2018 2017 Accounts payable and other accrued expenses $ 73,048 $ 94,406 Accrued interest 68 1,385 Production payable 21,925 18,059 Payroll and benefits (1) 21,808 21,475 Drilling advances 2,017 3,830 Total accounts payable and accrued expenses $ 118,866 $ 139,155

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Offsetting Assets and Liabilities	The following tables summarize (i) the Company's commodity derivative contracts on a gross basis, (ii) the effects of netting assets and liabilities for which the right of offset exists based on master netting arrangements and (iii) for the Company’s net derivative liability positions, the applicable portion of shared collateral under the credit facility as of March 31, 2018 , and December 31, 2017 (in thousands): March 31, 2018 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 3,040 $ (3,040 ) $ — $ — $ — Derivative contracts - noncurrent — — — — — Total $ 3,040 $ (3,040 ) $ — $ — $ — Liabilities Derivative contracts - current $ 22,992 $ (3,040 ) $ 19,952 $ (19,952 ) $ — Derivative contracts - noncurrent 5,143 — 5,143 (5,143 ) — Total $ 28,135 $ (3,040 ) $ 25,095 $ (25,095 ) $ — December 31, 2017 Gross Amounts Gross Amounts Offset Amounts Net of Offset Financial Collateral Net Amount Assets Derivative contracts - current $ 5,582 $ (4,272 ) $ 1,310 $ — $ 1,310 Derivative contracts - noncurrent — — — — — Total $ 5,582 $ (4,272 ) $ 1,310 $ — $ 1,310 Liabilities Derivative contracts - current $ 14,899 $ (4,272 ) $ 10,627 $ (10,627 ) $ — Derivative contracts - noncurrent 3,568 — 3,568 (3,568 ) — Total $ 18,467 $ (4,272 ) $ 14,195 $ (14,195 ) $ —
Open Oil and Natural Gas Commodity Derivative Contracts	At March 31, 2018 , the Company’s open commodity derivative contracts consisted of the following: Oil Price Swaps Notional (MBbls) Weighted Average Fixed Price April 2018 - December 2018 2,749 $ 55.87 January 2019 - December 2019 1,825 $ 54.29 Natural Gas Price Swaps Notional (MMcf) Weighted Average Fixed Price April 2018 - December 2018 11,000 $ 3.11
Fair Value of Derivatives	The following table presents the fair value of the Company’s derivative contracts as of March 31, 2018 , and December 31, 2017 , on a gross basis without regard to same-counterparty netting (in thousands): Type of Contract Balance Sheet Classification March 31, December 31, Derivative assets Natural gas price swaps Derivative contracts-current $ 3,040 $ 5,582 Derivative liabilities Oil price swaps Derivative contracts-current (22,992 ) (14,899 ) Oil price swaps Derivative contracts-noncurrent (5,143 ) (3,568 ) Total net derivative contracts $ (25,095 ) $ (12,885 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The provision for income taxes consisted of the following components (in thousands): Three Months Ended March 31, 2018 2017 Current Federal $ — $ — State 3 3 Total provision $ 3 $ 3

(Loss) Earnings per Share (Tabl

(Loss) Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Calculation of Weighted Average Common Shares Outstanding Used in Computation of Diluted (Loss) Earnings Per Share	The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted (loss) earnings per share: Net (Loss) Income Weighted Average Shares (Loss) Earnings Per Share (In thousands, except per share amounts) Three Months Ended March 31, 2018 Basic loss per share $ (40,894 ) 34,575 $ (1.18 ) Effect of dilutive securities Restricted stock awards(1) — — Performance share units(2) — — Warrants(3) — — Diluted loss per share $ (40,894 ) 34,575 $ (1.18 ) Three Months Ended March 31, 2017 Basic earnings per share $ 50,808 26,801 $ 1.90 Effect of dilutive securities Restricted stock awards(4) — — Performance share units(4) — — Warrants(3) — — Diluted earnings per share $ 50,808 26,801 $ 1.90 ____________________ (1) No incremental shares of potentially dilutive restricted stock awards were included for the three-month period ended March 31, 2018 , as their effect was antidilutive under the treasury stock method. See Note 14 for discussion of the Company’s share and incentive-based compensation awards. (2) Performance share units covering an insignificant amount of shares for the three-month period ended March 31, 2018 , were excluded from the computation of loss per share because their effect would have been antidilutive. See Note 14 for discussion of the Company’s share and incentive-based compensation awards. (3) No incremental shares of potentially dilutive warrants were included for the three-month periods ended March 31, 2018 , or March 31, 2017 , as their effect was antidilutive. See Note 14 for discussion of the Company’s share and incentive-based compensation awards. (4) No incremental shares of potentially dilutive restricted stock awards or performance share units were included for the three -month period ended March 31, 2017 , as their effect was antidilutive under the treasury stock method. See Note 14 for discussion of the Company’s share and incentive-based compensation awards.

Share and Incentive-Based Com31

Share and Incentive-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Unvested Restricted Stock Awards	The following table presents a summary of the Company’s unvested restricted stock awards: Number of Shares Weighted Average Grant Date Fair Value (In thousands) Unvested restricted shares outstanding at December 31, 2017 1,105 $ 22.62 Granted 3 $ 15.45 Vested (228 ) $ 22.96 Forfeited / Canceled (17 ) $ 21.39 Unvested restricted shares outstanding at March 31, 2018 863 $ 22.53
Schedule of Nonvested Performance-based Units Activity	The following table presents a summary of the Company’s performance share units: Number of Units Fair Value per Unit at March 31, 2018 (In thousands) Unvested performance share units outstanding at December 31, 2017 183 Granted — Vested (36 ) Forfeited / Canceled (3 ) Unvested performance share units outstanding at March 31, 2018 144 $ 19.94 - $ 20.00
Schedule of Nonvested Incentive Performance Unit Activity	The following table presents a summary of the Company’s performance units: Number of Units Fair Value per Unit at March 31, 2018 (In thousands) Unvested performance units outstanding at December 31, 2017 49 Granted — Vested (10 ) Forfeited / Canceled (1 ) Unvested performance units outstanding at March 31, 2018 38 $ 100.00

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Revenue Receivable from Contract With Customers [Member]
Revenues Receivable from Customer [Line Items]
Revenues Receivable from Contracts with Customers	$ 29.9	$ 34.6

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 87,128	$ 98,350
Oil
Disaggregation of Revenue [Line Items]
Revenues	53,335	55,782
NGL
Disaggregation of Revenue [Line Items]
Revenues	16,389	14,433
Natural gas
Disaggregation of Revenue [Line Items]
Revenues	17,242	27,934
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 162	$ 201

Employee Termination Benefits34

Employee Termination Benefits (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Termination Benefits
Cash	$ 18,637
Share-Based Compensation	$ 12,950
Number of Shares	763
Total	$ 31,587	$ 400
Employee termination benefits payable	9,900
Executive Employee Termination Benefits
Employee Termination Benefits
Cash	11,945
Share-Based Compensation	$ 9,114
Number of Shares	554
Total	$ 21,059
Other Employee Termination Benefits
Employee Termination Benefits
Cash	6,692
Share-Based Compensation	$ 3,836
Number of Shares	209
Total	$ 10,528

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) $ in Millions	Feb. 10, 2017USD ($)awell
Costs Incurred, Acquisition of Oil and Gas Properties [Abstract]
Area of land acquired | a	13,000
Payments to acquire land | $	$ 47.8
Number of wells in which a working interest was acquired | well	4

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Dec. 31, 2017	Feb. 10, 2017	Oct. 04, 2016
New Building Note | Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring Basis
Face amount of debt instrument		$ 35,000,000	$ 35,000,000
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair value of investments	$ 5,072,000
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair value of investments	0
Other current assets | Fair Value, Measurements, Recurring | Fair Value Measurements Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair value of investments	$ 5,072,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	$ 3,040	$ 5,582
Derivative liabilities	28,135	18,467
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments		5,072
Netting adjustments, assets	(3,040)	(4,272)
Assets at fair value	0	6,382
Netting adjustments, liabilities	(3,040)	(4,272)
Liabilities at fair value	25,095	14,195
Fair Value, Measurements, Recurring | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Netting adjustments, assets	(3,040)	(4,272)
Assets at fair value	0	1,310
Netting adjustments, liabilities	(3,040)	(4,272)
Liabilities at fair value	25,095	14,195
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	0	5,072
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 1 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments		0
Derivative assets	3,040	5,582
Derivative liabilities	28,135	18,467
Fair Value, Measurements, Recurring | Fair Value Measurements Level 2 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	3,040	5,582
Derivative liabilities	28,135	18,467
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis
Investments		0
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Measurements, Recurring | Fair Value Measurements Level 3 | Commodity derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring Basis
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value and Carrying Value of Long-Term Debt (Details) - Secured Notes - New Building Note - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Oct. 04, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair Value			$ 36,600
Carrying value	$ 0	$ 37,502
Fair Value Measurements Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair Value	$ 0	$ 42,526

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Oil and natural gas properties
Proved	$ 1,103,921	$ 1,056,806
Unproved	91,793	100,884
Total oil and natural gas properties	1,195,714	1,157,690
Less: accumulated depreciation, depletion and impairment	(486,645)	(460,431)
Net oil and natural gas properties capitalized costs	709,069	697,259
Property, plant and equipment, gross	235,074	241,867
Less accumulated depreciation and amortization	(18,209)	(15,886)
Other property, plant and equipment, net	216,865	225,981
Total property, plant and equipment, net	925,934	923,240
Land
Oil and natural gas properties
Property, plant and equipment, gross	4,500	4,500
Electrical infrastructure
Oil and natural gas properties
Property, plant and equipment, gross	131,010	131,010
Other non-oil and natural gas equipment
Oil and natural gas properties
Property, plant and equipment, gross	20,016	26,809
Buildings and structures
Oil and natural gas properties
Property, plant and equipment, gross	$ 79,548	$ 79,548

Property, Plant and Equipment40

Property, Plant and Equipment - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Assets held-for-sale	$ 11
Property Located in Oklahoma City, OK
Property, Plant and Equipment [Line Items]
Assets held-for-sale	9.3
Midstream Generator Assets [Member]
Property, Plant and Equipment [Line Items]
Assets held-for-sale	5.7
Net realizable value of assets held for sale	1.6
Impairment of assets to be disposed of	$ 4.1

Accounts Payable and Accrued 41

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Accounts payable and other accrued expenses	$ 73,048	$ 94,406
Accrued interest	68	1,385
Production payable	21,925	18,059
Payroll and benefits (1)	21,808	21,475
Drilling advances	2,017	3,830
Total accounts payable and accrued expenses	$ 118,866	$ 139,155

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Feb. 10, 2017	Oct. 04, 2016	Mar. 31, 2018	Mar. 31, 2017	May 11, 2017	Oct. 02, 2021	Oct. 03, 2018	Dec. 31, 2017	Oct. 03, 2017
Debt Instrument
Gain on extinguishment of debt			$ 1,151,000	$ 0
Common stock issued for debt			0	$ 268,779,000
Revolving Credit Facility | First Lien Exit Facility
Debt Instrument
Maximum borrowing capacity		$ 425,000,000
Cash collateral released	$ 50,000,000
Revolving Credit Facility | Credit Facility
Debt Instrument
Maximum borrowing capacity	600,000,000
Borrowing base	$ 425,000,000
Percentage of proved reserves pledged as collateral	95.00%
Total net leverage ratio (no greater than)	3.50
Interest coverage ratio (no less than)	2.25
Aggregate principal amount of default trigger	$ 25,000,000
Default trigger related to judgment liability	$ 25,000,000
Debt outstanding			0
Outstanding letters of credit			6,700,000
Commitment fee	0.50%
Revolving Credit Facility | Credit Facility | Base Rate | Minimum
Debt Instrument
Basis spread on variable rate	2.00%
Revolving Credit Facility | Credit Facility | Base Rate | Maximum
Debt Instrument
Basis spread on variable rate	3.00%
Revolving Credit Facility | Credit Facility | LIBOR | Minimum
Debt Instrument
Basis spread on variable rate	3.00%
Revolving Credit Facility | Credit Facility | LIBOR | Maximum
Debt Instrument
Basis spread on variable rate	4.00%
Secured Notes | New Building Note
Debt Instrument
Debt outstanding			0					$ 37,502,000
Face amount of debt instrument	$ 35,000,000	35,000,000
Fair Value		36,600,000
Gain on extinguishment of debt			$ 1,200,000
Annual interest rate									6.00%
Interest costs paid-in-kind					$ 1,300,000
Debt Instrument, Term of Interest Payments, Days Paid in Kind (after refinancing or repayment)					90 days
Proceeds remitted to unsecured creditors		$ 26,800,000
Forecast | Secured Notes | New Building Note
Debt Instrument
Annual interest rate						10.00%	8.00%

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)institution	Mar. 31, 2017USD ($)
Derivative Instruments and Hedging Activities Disclosure
Loss (gain) on derivative contracts	$ 18,330	$ (34,183)
Cash payments, upon settlement of derivative contract	$ 6,119	638
Number of counterparties to open derivative contracts | institution	5
Commodity Derivatives
Derivative Instruments and Hedging Activities Disclosure
Loss (gain) on derivative contracts	$ 18,300	(34,200)
Cash payments, upon settlement of derivative contract	$ 6,100	$ 600

Derivatives - Offsetting Assets

Derivatives - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets
Derivative assets, gross amounts	$ 3,040	$ 5,582
Derivative assets, gross amounts offset	(3,040)	(4,272)
Derivative assets, amounts net of offset	0	1,310
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	0	1,310
Liabilities
Derivative liabilities, gross amounts	28,135	18,467
Derivative liabilities, gross amounts offset	(3,040)	(4,272)
Derivative liabilities, amounts net of offset	25,095	14,195
Financial collateral (right to reclaim cash)	(25,095)	(14,195)
Derivative liabilities, net amount	0	0
Current assets
Assets
Derivative assets, gross amounts	3,040	5,582
Derivative assets, gross amounts offset	(3,040)	(4,272)
Derivative assets, amounts net of offset	0	1,310
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	0	1,310
Noncurrent assets
Assets
Derivative assets, gross amounts	0	0
Derivative assets, gross amounts offset	0	0
Derivative assets, amounts net of offset	0	0
Financial collateral (obligation to return cash)	0	0
Derivative assets, net amount	0	0
Current liabilities
Liabilities
Derivative liabilities, gross amounts	22,992	14,899
Derivative liabilities, gross amounts offset	(3,040)	(4,272)
Derivative liabilities, amounts net of offset	19,952	10,627
Financial collateral (right to reclaim cash)	(19,952)	(10,627)
Derivative liabilities, net amount	0	0
Noncurrent liabilities
Liabilities
Derivative liabilities, gross amounts	5,143	3,568
Derivative liabilities, gross amounts offset	0	0
Derivative liabilities, amounts net of offset	5,143	3,568
Financial collateral (right to reclaim cash)	(5,143)	(3,568)
Derivative liabilities, net amount	$ 0	$ 0

Derivatives - Open Commodity De

Derivatives - Open Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2018$ / Mcf$ / bblMBblsMMcf
Oil Price Swaps, April 2018 - December 2018
Derivative Instruments and Hedging Activities Disclosure
Notional (Oil in MBbls/Natural Gas in MMcf) | MBbls	2,749
Weighted Avg. Fixed Price (Oil in USD/bbl, Natural Gas in USD/mcf) | $ / bbl	55.87
Oil Price Swaps, January 2019 - December 2019
Derivative Instruments and Hedging Activities Disclosure
Notional (Oil in MBbls/Natural Gas in MMcf) | MBbls	1,825
Weighted Avg. Fixed Price (Oil in USD/bbl, Natural Gas in USD/mcf) | $ / bbl	54.29
Natural Gas Price Swaps, April 2018 - December 2018
Derivative Instruments and Hedging Activities Disclosure
Notional (Oil in MBbls/Natural Gas in MMcf) | MMcf	11,000
Weighted Avg. Fixed Price (Oil in USD/bbl, Natural Gas in USD/mcf) | $ / Mcf	3.11

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivative Contracts (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value
Derivative assets	$ 3,040	$ 5,582
Derivative liabilities	(28,135)	(18,467)
Total net derivative contracts	(25,095)	(12,885)
Current assets
Derivatives, Fair Value
Derivative assets	3,040	5,582
Current liabilities
Derivatives, Fair Value
Derivative liabilities	(22,992)	(14,899)
Noncurrent liabilities
Derivatives, Fair Value
Derivative liabilities	(5,143)	(3,568)
Oil price swaps | Current liabilities
Derivatives, Fair Value
Derivative liabilities	(22,992)	(14,899)
Oil price swaps | Noncurrent liabilities
Derivatives, Fair Value
Derivative liabilities	(5,143)	(3,568)
Natural gas price swaps | Current assets
Derivatives, Fair Value
Derivative assets	$ 3,040	$ 5,582

Equity - Narrative (Details)

Equity - Narrative (Details) - $ / shares	Jan. 22, 2018	Mar. 31, 2018	Dec. 31, 2017	Oct. 04, 2016	Oct. 01, 2016
Class of Stock
Common stock, shares outstanding		35,560,000	35,650,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Common stock, shares authorized		250,000,000	250,000,000
Beneficial ownership percentage to trigger shareholder rights plan	15.00%
Series A Warrants
Class of Stock
Plan of Reorganization, Equity Interest Issuable, Number of Shares		4,600,000
Number of common shares exercised for each warrant					1
Exercise price (in usd per share)					$ 41.34
Series B Warrants
Class of Stock
Plan of Reorganization, Equity Interest Issuable, Number of Shares		1,900,000
Number of common shares exercised for each warrant				1
Exercise price (in usd per share)					$ 42.03
Restricted Stock
Class of Stock
Unvested awards		863,000	1,105,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Current
Federal	$ 0	$ 0
State	3	3
Total provision	$ 3	$ 3

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Billions	3 Months Ended
	Mar. 31, 2018USD ($)
Minimum
Income Taxes
Number of tax years open for state tax audit (in years)	3 years
Maximum
Income Taxes
Number of tax years open for state tax audit (in years)	5 years
Domestic Tax Authority
Income Taxes
Operating loss carryforwards subject to limitation	$ 1.9
Domestic Tax Authority | Earliest Tax Year
Income Taxes
Open tax year	2,014
Net Operating Loss And Other Carryforwards | Earliest Tax Year
Income Taxes
Open tax year	2,005
Net Operating Loss And Other Carryforwards | Latest Tax Year
Income Taxes
Open tax year	2,013

(Loss) Earnings per Share (Deta

(Loss) Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method
Basic earnings (loss)	$ (40,894)	$ 50,808
Weighted Average Shares, Basic	34,575,000	26,801,000
Basic earnings (loss) (in dollars per share)	$ (1.18)	$ 1.90
Effect of dilutive securities
Restricted stock	$ 0	$ 0
Restricted stock (in shares)	0	0
Performance share units	$ 0	$ 0
Performance share units (in shares)	0	0
Warrants	$ 0	$ 0
Warrants (shares)	0	0
Diluted earnings (loss)	$ (40,894)	$ 50,808
Weighted average shares, diluted	34,575,000	26,801,000
Diluted earnings (loss) per share (in dollars per share)	$ (1.18)	$ 1.90
Warrants
Potentially Dilutive Securities
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0
Restricted Stock awards
Potentially Dilutive Securities
Antidilutive securities excluded from computation of earnings per share (in shares)		0
Performance Share Units
Potentially Dilutive Securities
Antidilutive securities excluded from computation of earnings per share (in shares)		0

Share and Incentive Based Compe

Share and Incentive Based Compensation - Awards Activity (Details) - $ / shares shares in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2018
Number of Units
Unvested performance units outstanding at December 31, 2017		49
Granted		0
Vested		(10)
Forfeited / Canceled		(1)
Unvested performance units outstanding at March 31, 2018		38
Fair Value per Unit at March 31, 2018
Employee Incentive Plan, Performance Units, Fair Value		$ 100
Restricted Stock
Number of Shares
Unvested shares outstanding at beginning of period		1,105
Granted (in shares)		3
Vested (in shares)		(228)
Forfeited / Canceled (in shares)		(17)
Unvested shares outstanding at end of period		863
Weighted- Average Grant Date Fair Value (usd per share)
Unvested restricted shares outstanding at beginning of period (in usd per share)		$ 22.62
Granted (in usd per share)		15.45
Vested (in usd per share)		22.96
Forfeited / Canceled (in usd per share)		21.39
Unvested restricted shares outstanding at end of period (in usd per share)		$ 22.53
Performance Share Units
Number of Shares
Unvested shares outstanding at beginning of period		183
Granted (in shares)		0
Vested (in shares)		(36)
Forfeited / Canceled (in shares)		(3)
Unvested shares outstanding at end of period		144
Performance Share Units | Minimum
Weighted- Average Grant Date Fair Value (usd per share)
Unvested restricted shares outstanding at end of period (in usd per share)		$ 19.94
Performance Share Units | Maximum
Number of Shares
Granted (in shares)	400
Weighted- Average Grant Date Fair Value (usd per share)
Unvested restricted shares outstanding at end of period (in usd per share)		$ 20

Share and Incentive Based Com52

Share and Incentive Based Compensation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended		3 Months Ended
	Feb. 28, 2017shares	Oct. 31, 2016$ / Unit	Jun. 30, 2018shares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	Oct. 01, 2016shares
Share and Incentive Based Compensation Arrangement
Shares authorized for issuance | shares						4,600
Accelerated vesting compensation cost				$ 12,950
Number of Shares | shares				763
Performance units vesting period				3 years
Performance units weighted average grant date fair value | $ / Unit		100
Performance units compensation expense				$ 3,500
Performance units accelerated compensation cost				1,000
Performance units liability				400
Restricted Stock
Share and Incentive Based Compensation Arrangement
Share-based compensation expense				14,600	$ 3,600
Share-based compensation, capitalized				200	$ 500
Unrecognized compensation cost related to unvested awards				$ 7,100
Unrecognized compensation cost, period of recognition				1 year 6 months
Aggregate intrinsic value of vested awards				$ 3,400
Shares granted | shares				3
Value of shares granted (in usd per share) | $ / shares				$ 15.45
Restricted Stock | Minimum
Share and Incentive Based Compensation Arrangement
Vesting period				2 years 6 months
Restricted Stock | Maximum
Share and Incentive Based Compensation Arrangement
Vesting period				3 years
Performance Share Units
Share and Incentive Based Compensation Arrangement
Share-based compensation expense				$ 1,500
Accelerated vesting compensation cost				$ 400
Shares granted | shares				0
Performance Share Units | Maximum
Share and Incentive Based Compensation Arrangement
Shares granted | shares	400
Reduction in Workforce [Member]
Share and Incentive Based Compensation Arrangement
Performance units accelerated compensation cost				$ 2,000
Reduction in Workforce [Member] | Restricted Stock
Share and Incentive Based Compensation Arrangement
Accelerated vesting compensation cost				7,800
Reduction in Workforce [Member] | Common Stock
Share and Incentive Based Compensation Arrangement
Accelerated vesting compensation cost				$ 4,000
Number of Shares | shares				200
Reduction in Workforce [Member] | Performance Share Units
Share and Incentive Based Compensation Arrangement
Accelerated vesting compensation cost				$ 700
Reduction in Workforce [Member] | Forecast | Restricted Stock
Share and Incentive Based Compensation Arrangement
Number of Shares | shares			400

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Shareholder activism costs		$ 407	$ 0
Forecast
Subsequent Event [Line Items]
Shareholder activism costs	$ 4,000