Lilis Energy (LLEX) 10-Q 14 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 14, 2016
Document Information [Line Items]
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	1,437,557
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	LLEX
Entity Common Stock, Shares Outstanding		19,103,602

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 20,988,973	$ 110,022
Restricted cash	7,082	3,777
Accounts receivable (net of allowance of $280,000 and $80,000, respectively)	1,111,301	951,645
Prepaid expenses and other current assets	696,759	75,233
Total current assets	22,804,115	1,140,677
Oil and gas properties (full cost method), at cost:
Evaluated properties	60,082,745	50,096,063
Unevaluated acreage, excluded from amortization	20,832,478	0
Total oil and gas properties, cost	80,915,223	50,096,063
Less accumulated depreciation, depletion, amortization, and impairment	(50,679,024)	(49,573,439)
Total oil and gas properties at cost, net	30,236,199	522,624
Other assets:
Office equipment net of accumulated depreciation of $171,285 and $137,149, respectively.	52,064	44,386
Restricted cash, deposits and other	617,741	2,000,406
Total other assets	669,805	2,044,792
Total Assets	53,710,119	3,708,093
Current liabilities:
Dividends accrued on preferred stock	536,667	720,000
Accrued expenses for drilling activity	0	535,938
Accounts payable	3,721,090	1,331,963
Accrued expenses	2,744,692	2,955,419
Revenue payable	1,747,079	0
Current asset retirement obligations	158,112	0
Convertible notes - net of discount	0	673,739
Convertible notes - related parties, net of discount	0	1,054,552
Term loan - Heartland, net of discount	0	2,492,069
Convertible debentures, net of discount	0	6,846,465
Derivative liability - conversion feature	0	5,511
Total current liabilities	8,907,640	16,615,656
Long term liabilities:
Other long-term liabilities	15,215	0
Credit facility	23,285,888	0
Note payable - SOS Ventures	1,000,000	0
Asset retirement obligation-non-current	851,521	207,953
Warrant liability	717,965	55,655
Total long-term liabilities	25,870,589	263,608
Total liabilities	34,778,229	16,879,264
Commitments and contingencies
Conditionally redeemable 6% preferred stock, $0.0001 par value: 7,000 shares authorized; 2,000 shares issued and outstanding with a liquidation preference of $2,210,000 as of September 30, 2016	1,816,896	1,172,517
Stockholders' equity (deficiency)
Common stock, $0.0001 par value: 100,000,000 shares authorized; 19,013,602 shares issued and outstanding as of September 30, 2016 and 2,786,276 issued and outstanding as of December 31, 2015.	1,901	278
Additional paid in capital	213,165,869	159,771,692
Accumulated deficit	(212,656,989)	(180,909,658)
Total stockholders' equity (deficiency)	17,114,994	(14,343,688)
Total Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficiency)	53,710,119	3,708,093
Series A Preferred Stock [Member]
Stockholders' equity (deficiency)
Preferred stock value	0	6,794,000
Series B Preferred Stock [Member]
Stockholders' equity (deficiency)
Preferred stock value	$ 16,604,213	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Allowance related to accounts receivable	$ 280,000	$ 80,000
Accumulated depreciation of office equipment	$ 171,285	$ 137,149
Redeemable 6% preferred stock, par value	$ 0.0001
Redeemable 6% preferred stock, shares authorized	7,000
Redeemable 6% preferred stock, shares issued	2,000
Redeemable 6% preferred stock, shares outstanding	2,000
Redeemable 6% preferred stock, liquidation preferences	2,210,000
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	19,013,602	2,786,276
Common Stock, Shares, Outstanding	19,013,602	2,786,276
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock Value Stated Rate	1,000	1,000
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	7,500
Preferred Stock, Shares Outstanding	0	7,500
Series B Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock Value Stated Rate	1,000	1,000
Preferred Stock, Shares Authorized	20,000	20,000
Preferred Stock, Shares Issued	20,000	0
Preferred Stock, Shares Outstanding	20,000	0
Preferred Stock, liquidation preference	$ 21,326,667

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Oil sales	$ 876,745	$ 52,395	$ 1,655,480	$ 275,873
Gas sales	280,779	4,512	524,232	55,391
Operating fees	66,105	4,560	75,731	20,280
Total revenue	1,223,629	61,467	2,255,443	351,544
Costs and expenses:
Production costs	612,903	39,073	978,295	126,289
Production taxes	61,155	16,515	115,371	31,734
General and administrative	4,648,331	1,712,481	9,816,975	7,116,572
Depreciation, depletion, accretion and amortization	600,506	56,232	1,162,336	490,881
Impairment of evaluated oil and gas properties	0	18,471,993	0	24,438,902
Total costs and expenses	5,922,895	20,296,294	12,072,977	32,204,378
Loss from operations	(4,699,266)	(20,234,827)	(9,817,534)	(31,852,834)
Other income (expenses):
Other income	51,402	0	296,758	794
Gain on modification of convertible debentures	602,490	0	602,490	0
Inducement expense	(3,179,771)	0	(8,306,675)	0
Change in fair value of derivative liability - conversion feature	0	876,348	(37,084)	602,451
Change in fair value of warrant liability	(438,150)	352,450	(498,310)	86,238
Change in fair value of conditionally redeemable 6% preferred stock	133,532	7,958	(644,379)	128,149
Interest expense	(616,878)	(437,114)	(4,219,541)	(1,212,248)
Total other expenses	(3,447,375)	799,642	(12,806,741)	(394,616)
Net loss	(8,146,641)	(19,435,185)	(22,624,275)	(32,247,450)
Dividends on redeemable preferred stock	(30,000)	(30,000)	(90,000)	(90,000)
Dividend Series A Convertible Preferred Stock	0	(150,000)	(286,813)	(450,000)
Loss on extinguishment of Series A Convertible Preferred Stock	0	0	(540,000)	0
Dividend and deemed dividend Series B Convertible Preferred Stock	(300,000)	0	(8,206,243)	0
Net loss attributable to common shareholders	$ (8,476,641)	$ (19,615,185)	$ (31,747,331)	$ (32,787,450)
Net loss per common share basic and diluted	$ (0.50)	$ (7.16)	$ (2.59)	$ (12.24)
Weighted average shares outstanding:
Basic and diluted	17,113,942	2,738,788	12,280,013	2,679,444

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Percentage Of Redeemable Preferred Stock	6.00%	6.00%	6.00%	6.00%

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - 9 months ended Sep. 30, 2016 - USD ($)	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2015	$ (14,343,688)	$ 6,794,000	$ 0	$ 278	$ 159,771,692	$ (180,909,658)
Balance (in shares) at Dec. 31, 2015		7,500	0	2,786,276
Common stock issued for accrued board fees	85,000	$ 0	$ 0	$ 4	84,996	0
Common stock issued for accrued board fees (in shares)		0	0	42,500
Common stock issued for officer and board compensation	120,000	$ 0	$ 0	$ 167	119,833	0
Common stock issued for officer and board compensation (in shares)		0	0	1,668,833
Common stock issued for consultant compensation	0	$ 0	$ 0	$ 3	(3)	0
Common stock issued for consultant compensation (in shares)		0	0	32,052
Stock based compensation for issuance of stock options	2,289,594	$ 0	$ 0	$ 0	2,289,594	0
Stock based compensation for issuance of restricted stock	1,142,812	0	0	0	1,142,812	0
Cashless warrant exercise	0	$ 0	$ 0	$ 25	(25)	0
Cashless warrant exercise (in shares)		0	0	250,520
Warrants exercised for cash	187,205	$ 0	$ 0	$ 17	187,188	0
Warrants exercised for cash (in shares)		0	0	170,187
Fair value of warrants issued or repriced recorded as deb discount	2,192,900	$ 0	$ 0	$ 0	2,192,900	0
Common stock issued for convertible debentures and accrued interest	8,121,424	$ 0	$ 0	$ 137	8,121,287	0
Common stock issued for convertible debentures and accrued interest (in shares)		0	0	1,369,293
Common stock issued to Brushy Shareholders in connection with the merger	6,942,143	$ 0	$ 0	$ 579	6,941,564	0
Common stock issued to Brushy Shareholders in connection with the merger (in shares)		0	0	5,785,119
Warrants issued to SOS in connection with the Merger	169,609	$ 0	$ 0	$ 0	169,609	0
Common stock issued for Series A Preferred Stock and accrued dividends	886,813	$ (6,794,000)	$ 0	$ 150	8,220,663	(540,000)
Common stock issued for Series A Preferred Stock and accrued dividends (in shares)		(7,500)	0	1,500,000
Common stock issued for convertible notes and accrued interest	12,731,171	$ 0	$ 0	$ 541	12,730,630	0
Common stock issued for convertible notes and accrued interest (in shares)		0	0	5,408,822
Series B Preferred Stock issued for cash	18,194,501	$ 0	$ 18,194,501	$ 0	0	0
Series B Preferred Stock issued for cash (in shares)		0	20,000	0
Warrants issued for Series B Preferred Stock offering fees	0	$ 0	$ (1,590,288)	$ 0	1,590,288	0
Warrants re-priced to induce conversion	1,445,905	0	0	0	1,445,905	0
Warrants re-priced to induce cash warrant exercise	277,360	0	0	0	277,360	0
Dividend Preferred stockholders	(90,000)	0	0	0	0	(90,000)
Dividend Series A Convertible Preferred stock	(286,813)	0	0	0	0	(286,813)
Dividend and deemed dividend Series B Convertible Preferred stock	(326,667)	0	0	0	7,879,576	(8,206,243)
Net loss	(22,624,275)	0	0	0	0	(22,624,275)
Balance at Sep. 30, 2016	$ 17,114,994	$ 0	$ 16,604,213	$ 1,901	$ 213,165,869	$ (212,656,989)
Balance (in shares) at Sep. 30, 2016		0	20,000	19,013,602

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (22,624,275)	$ (32,247,450)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity instruments issued for services and compensation	3,552,406	3,048,974
Gain on modification of convertible debentures	(602,490)	0
Inducement expense	8,306,675	0
Bad debt expense	200,000	0
Amortization of deferred financing cost	220,020	78,897
Gain on extinguishment of debt	(250,000)	0
Change in fair value of executive bonus	495,629	0
Change in fair value of convertible debentures conversion derivative liability	37,084	(602,451)
Change in fair value of warrant liability	498,310	(86,238)
Change in fair value of conditionally redeemable 6% Preferred Stock	644,379	(128,149)
Depreciation, depletion, amortization and accretion of asset retirement obligation	1,162,336	490,881
Impairment of evaluated oil and gas properties	0	24,438,902
Accretion of debt discount	2,738,413	20,003
Changes in operating assets and liabilities:
Accounts receivable	165,587	(92,633)
Restricted cash	30,711	(62,298)
Prepaid expenses and other current assets	(543,130)	40,889
Other assets	(42,599)	0
Accounts payable, accrued expenses and other liabilities	(505,255)	2,046,869
Net cash used in operating activities	(6,516,199)	(3,053,804)
Cash flows from investing activities:
Cash consideration advanced to Brushy - Merger consideration	(1,258,105)	0
Cash held at Brushy	705,881	0
Drilling capital expenditures	(3,418,216)	(207,908)
Net cash used in investing activities	(3,970,440)	(207,908)
Cash flows from financing activities:
Net proceeds from issuance of Series B Preferred Stock	18,194,501	0
Net proceeds from issuance of convertible notes	2,863,095	0
Proceeds from warrant exercise	187,205	0
Dividend payments on preferred stock	0	(180,000)
Debt issuance costs	(1,000,000)	(266,308)
Proceeds from issuance of term loan	0	500,002
Proceeds from issuance of debt	25,000,000	3,000,000
Repayment of debt	(13,879,211)	(250,000)
Net cash provided by financing activities	31,365,590	2,803,694
Increase (decrease) in cash	20,878,951	(458,018)
Cash at beginning of period	110,022	509,628
CASH AT END OF THE PERIOD	20,988,973	51,610
Supplemental disclosure:
Cash paid for interest	216,507	179,039
Cash paid for income taxes	0	0
Supplemental Non-cash transactions:
Common stock issued for Brushy’s common stock	6,942,143	0
Common stock issued for Series A Preferred Stock and accrued dividends	8,220,813	0
Common stock issued accrued board fees	85,000	0
Common stock issued for convertible debentures and accrued interest	8,121,424	0
Common stock issued for convertible notes and accrued interest	11,106,171	0
Warrants issued for fees associated with Series B Preferred Stock issuance	1,590,288	0
Loss on extinguishment of Series A Preferred Stock	540,000	0
Warrants issued with Series B Preferred Stock issuance and recorded as a deemed dividend	7,879,576	0
Asset retirement established on newly drilled wells	2,273	0
Disposition of oil and gas assets for elimination of accrued expense for drilling	0	5,198,193
Fair value of warrants issued as debt discount	1,478,790	56,250
Assets acquired and liabilities assumed through Brushy Merger:
Cash	705,881	0
Accounts receivable	525,243	0
Prepaid assets	78,396	0
Oil and gas properties - Evaluated	7,511,790	0
Oil and gas properties - Unevaluated	19,886,881	0
Office equipment	41,814	0
Restricted cash, deposits and other	358,752	0
Accounts payable	4,366,580	0
Accrued expenses	300,826	0
Revenue payable	982,063	0
Term loan - Independent Bank	11,379,211	0
Asset retirement obligations	776,792	0
Note payable - SOS Ventures	1,000,000	0
SOS warrant liability	164,000	0
Other liabilities	$ 19,428	$ 0

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION On June 23, 2016, Lilis Energy, Inc. (“Lilis”, “Lilis Energy”, “we”, “our”, and the “Company”) completed the merger transaction contemplated by the Agreement and Plan of Merger dated as of December 29, 2015, as amended (the “Merger Agreement”) by and among Lilis, Brushy Resources, Inc., a Delaware corporation (“Brushy”) and Lilis Merger Sub, Inc., a Delaware corporation, a wholly-owned subsidiary of Lilis (“Merger Sub”). Pursuant to the terms of the Merger Agreement, at the effective time (the “Effective Time”), Merger Sub merged with and into Brushy (the “Merger”), with Brushy continuing as the surviving corporation and becoming a wholly-owned subsidiary of Lilis. The results of operations of Brushy are included with those of Lilis from June 23, 2016 through September 30, 2016. See Note 4 — Merger with Brushy and Related Transactions for additional information. The Company is an independent oil and gas exploration and production company, which historically, was focused on the Denver-Julesburg Basin (“DJ Basin”) where it currently holds approximately 13,900 4,500 On June 23, 2016, the Company effected a 1-for-10 reverse stock split of its Common Stock (the “Reverse Split”). The accompanying condensed consolidated financial statements and these notes to the condensed consolidated financial statements give retroactive effect to the Reverse Split for all periods presented. For additional information on the Reverse Split see Note 4 – Merger with Brushy and Related Transactions.

LIQUIDITY AND MANAGEMENT'S PLAN

LIQUIDITY AND MANAGEMENT'S PLANS	9 Months Ended
	Sep. 30, 2016
LIQUIDITY AND GOING CONCERN [Abstract]
LIQUIDITY AND GOING CONCERN	NOTE 2 – LIQUIDITY AND MANAGEMENT’S PLANS The Company's financial statements for the three and nine months ended September 30, 2016, have been prepared on a going concern basis. The Company has reported net operating losses during the three and nine months ended September 30, 2016 and for the past five years. This history of operating losses, along with the recent decrease in commodity prices, may adversely affect the Company's ability to access the capital it needs to continue operations on terms acceptable to the Company when such capital is needed. However, due to (i) the completion of the Merger, (ii) the conversion of the Company’s Convertible Notes, Debentures and Series A Preferred Stock in full, (iii) the completion of the Series B Preferred Stock Offering, (iv) the Company’s entry into the Credit and Guarantee Agreement and the resulting pay off of Independent Bank, and (v) the acquisition of additional producing wells and properties since the quarter end, as of November 14, 2016, the Company’s cash balance was approximately $ 17.1

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial statements and with Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission. Accordingly, the financial statements do not contain all information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the consolidated financial position of the Company as of September 30, 2016 and the consolidated results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full fiscal year for any future period. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company’s accounting policies are described in the Notes to Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2015, and updated, as necessary, in this Quarterly Report on Form 10-Q. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the 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. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. Although actual results may differ from these estimates under different assumptions or conditions, the Company believes that its estimates are reasonable. The most significant financial estimates are associated with the Company’s estimated volumes of proved oil and natural gas reserves, asset retirement obligations, assessments of impairment imbedded in the carrying value of undeveloped acreage and undeveloped properties, fair value of financial instruments, including derivative liabilities, depreciation and accretion, income taxes and contingencies, in addition to valuing the assets acquired and liabilities assumed in the Merger. The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities. Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more of proved reserves. The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ASC”) Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. Depletion of exploration and development costs and depreciation of wells and tangible production assets is computed using the units-of-production method based upon estimated proved oil and gas reserves. Costs included in the depletion base to be amortized include (a) all proved capitalized costs including capitalized asset retirement costs net of estimated salvage values, less accumulated depletion, (b) estimated future development costs to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs. The costs of undeveloped acreage are withheld from the depletion base until it is determined whether or not proved reserves can be assigned to the properties. When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties or the amount of the impairment is added to the full cost pool which is subject to depletion calculations. Under the full cost method of accounting, capitalized oil and gas property costs less accumulated depletion and net of deferred income taxes may not exceed an amount equal to the sum of the present value, discounted at 10 18.5 24.4 The present value of estimated future net cash flows was computed by applying a flat oil price to forecast revenues from estimated future production of proved oil and gas reserves as of period-end, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes. Accrued liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide service to other entities in the future as a result of past transactions or events. Below is the break-out of the accrued expense account as of September 30, 2016 and December 31, 2015. September 30, December 31, 2016 2015 Accrued executive compensation $ 718,231 $ 720,414 Accrued professional fees 615,500 90,825 Ad Valorem and production taxes 376,195 357,618 Board of director fees 312,998 - Lease operating expense 313,168 177,847 Accrued interest 15,117 1,239,210 Other payables 393,483 369,505 $ 2,744,692 $ 2,955,419 The Company's activities are subject to various laws and regulations, including legal and contractual obligations to reclaim, remediate, or otherwise restore properties at the time the asset is permanently removed from service. Calculation of an asset retirement obligation ("ARO") requires estimates about several future events, including the life of the asset, the costs to remove the asset from service, and inflation factors. The ARO is initially estimated based upon discounted cash flows over the life of the asset and is accreted to full value over time using the Company's credit adjusted risk-free interest rate. Estimates are periodically reviewed and adjusted to reflect changes. The present value of a liability for the ARO is initially recorded when it is incurred if a reasonable estimate of fair value can be made. This is typically done when a well is completed or an asset is placed in service. When the ARO is initially recorded, the Company capitalizes the cost (the asset retirement cost or “ARC”) by increasing the carrying value of the related asset. ARCs related to wells are capitalized to the full cost pool and are subject to depletion. Over time, the liability increases for the change in its present value (accretion of ARO), while the net capitalized cost decreases over the useful life of the asset as depletion expense is recognized. In addition, ARCs are included in the ceiling test calculation for valuing the full cost pool. The fair value of the Company’s asset retirement obligation liability is calculated at the point of inception by taking into account (i) the cost of abandoning oil and gas wells, which is based on the Company’s and/or industry’s historical experience for similar work, or estimates from independent third-parties; (ii) the economic lives of its properties, which are based on estimates from reserve engineers; (iii) the inflation rate; and (iv) the credit adjusted risk-free rate, which takes into account the Company’s credit risk and the time value of money. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. The Company has accreted approximately $ 17,000 23,000 3,000 7,000 Changes to the asset retirement obligation were as follows, (in thousands): September 30, December 2016 31, 2015 Balance, beginning of period $ 208 $ 200 Merger additions 777 - Additions 2 - Disposition - - Revisions - (2) Accretion 23 10 1,010 208 Less: Current portion for cash flows expected to be incurred within one year (158) - Long-term portion, end of period $ 852 $ 208 Expected timing of asset retirement obligations: (in thousands): Year Ending September 30, 2016 $ 158 2017 - 2018 24 2019 - 2020 87 Thereafter 741 Total $ 1,010 The Company derives revenue primarily from the sale of produced natural gas and crude oil. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported as separate expenses and are included in oil and gas production expense in the accompanying consolidated statements of operations. Revenue is recorded in the month the Company’s production is delivered to the purchaser, but payment is generally received between 30 and 90 days after the date of production. No revenue is recognized unless it is determined that title to the product has transferred to the purchaser. At the end of each month, the Company estimates the amount of production delivered to the purchaser and the price the Company will receive. The Company uses its knowledge of its properties, its historical performance, existing contracts, NYMEX and local spot market prices, quality and transportation differentials, and other factors as the basis for these estimates Earnings (losses) per share are computed based on the weighted average number of common shares outstanding during the period presented. Diluted earnings per share are computed using the weighted-average number of common shares outstanding plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares. Potentially dilutive securities, such as shares issuable upon the conversion of debt or preferred stock, and exercise of warrants and options, are excluded from the calculation when their effect would be anti-dilutive. As of September 30, 2016 and September 30, 2015 shares underlying restricted stock units, options, warrants, preferred stock and Debentures have been excluded from the diluted share calculations as they were anti-dilutive as a result of net losses incurred. The Company has included 2,840,912 The Company had the following Common Stock equivalents at September 30, 2016 and September 30, 2015: September 30, September 30, 2016 2015 Stock Options 3,488,333 615,000 Restricted Stock Units (employees/directors) 159,583 188,067 Series A Preferred Stock - 311,203 Series B Preferred Stock 18,478,788 - Warrants to Purchase Common Stock 12,533,574 1,298,315 Convertible Debentures - 336,402 34,660,278 2,748,987 In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date The FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. In April 2016, the FASB issued ASU No. 2016-10, “ Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU No. 2016-12, “ Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” On August 26, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), (“ASU 2016-15”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the provisions of this standard and assessing its impact on the Company’s condensed consolidated financial statements and disclosures. Management does not believe that these or any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated financial statements.

MERGER WITH BRUSHY RESOURCES, I

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Mergers, Acquisitions and Dispositions Disclosures	NOTE 4 – MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS On June 23, 2016, the Company completed the Merger. The results of Brushy, since the closing date of the Merger are included in its consolidated statement of operations through September 30, 2016. The Merger was effected through the issuance of approximately 5.785 0.4550916 11.4 7.2 6.0 500,000 1 200,000 5.4 612,000 In connection with the Merger, Lilis incurred Merger-related costs of approximately $ 3.22 3.05 169,000 Allocation of Purchase Price - The Merger has been accounted for as a business combination, using the acquisition method. The following table represents the preliminary allocation of the total purchase price of Brushy to the assets and liabilities assumed based on the fair value on the closing date of the Merger. (in thousands, except number of shares and stock price) Shares of Lilis Common Stock issued to Brushy shareholders 5,785,119 Lilis Common Stock closing price on June 23, 2016 $ 1.20 Fair value of Common Stock issued $ 6,942 Cash consideration paid to SOS 500 SOS Note 1,000 Fair value of SOS warrant 170 Warrant liability – repricing derivative 164 Advance to Brushy pre-merger 2,508 Total purchase price 11,284 Plus: liabilities assumed by Lilis Current Liabilities Account payable and accrued expenses $ 5,650 Term loan - Independent Bank 11,379 17,029 Long-Term Debt 19 Asset Retirement Obligation 777 Amount attributable to liabilities assumed 17,825 $ 29,109 Fair Value of Brushy Assets Current Assets: Cash $ 706 Other current assets 603 $ 1,309 Oil and Gas Properties: Evaluated properties 7,512 Unevaluated properties 19,887 27,399 Other assets Other Property Plant & Equipment 42 Other assets 359 401 Total Asset Value $ 29,109 The fair value measurements of oil and natural gas properties and asset retirement obligations are based on inputs that are not observable in the market and therefore represent Level 3 inputs. The fair values of oil and natural gas properties and asset retirement obligations were measured using valuation techniques that convert future cash flows to a single discounted amount. Significant inputs to the valuation of oil and natural gas properties included estimates of: (i) recoverable reserves; (ii) production rates; (iii) future operating and development costs; (iv) future commodity prices; and (v) a market-based weighted average cost of capital rate. These inputs required significant judgments and estimates by management at the time of the valuation and are the most sensitive and may be subject to change. Pro forma Financial Information - The following pro forma condensed combined financial information was derived from the historical financial statements of Lilis and Brushy and gives effect to the Merger as if it had occurred on January 1, 2015 for the three and nine months ended September 30, 2015 and gives effect to the Merger as if it had occurred on January 1, 2016 for the nine months ended September 30, 2016. The below information reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including (i) Lilis’s Common Stock issued to convert Brushy’s outstanding shares of common stock as of the closing date of the Merger, (ii) adjustments to conform Brushy’s historical policy of accounting for its oil and natural gas properties from the successful efforts method to the full cost method of accounting, (iii) depletion of Brushy's fair-valued proved oil and gas properties, and (iv) the estimated tax impacts of the pro forma adjustments. Additionally, pro forma earnings for the nine months ended September 30, 2016 were adjusted to exclude $ 7.4 5.1 746,000 Three Months Nine Months Ended Ended September 30, September 30, 2015 2016 2015 Revenue $ 895 $ 3,924 $ 2,192 Net loss $ (11,746) $ (36,228) $ (28,988) Net loss attributable to common stockholders $ (11,926) $ 45,351 $ (29,528) Net loss per common share basic and diluted $ (1.05) $ (3.67) $ (2.60) Weighted average shares outstanding: Basic and diluted 11,393,200 12,373,327 11,372,232 Debenture Conversion On June 23, 2016, pursuant to the terms of the Debenture Conversion Agreement, dated December 29, 2015, the Company's remaining outstanding 8 6,846,000 20.00 5.00 1,369,293 1,835,000 602,000 43,000 Series A Preferred Stock Conversion On June 23, 2016, in connection with the completion of the Merger, each outstanding share of the Company’s Series A Preferred Stock (the “Series A Preferred Stock”) automatically converted into Common Stock at a conversion price of $ 5.00 1,500,000 1.20 24.10 5.00 886,000 540,000 Convertible Notes Transactions and Conversion In a series of transactions from December 29, 2015 to May 6, 2016, the Company issued an aggregate of approximately $ 5.8 5.00 1.7 2.50 625,000 0.10 620,000 0.10 1.72 5.8 2.0 508,000 1.3 2.0 In connection with the closing of the Merger, on June 23, 2016, certain holders of Convertible Notes in an aggregate principal amount of approximately $ 4.0 1.10 3,636,366 3.4 198,000 On August 3, the Company entered into the first amendment to the Convertible Notes with the remaining holders of approximately $ 1.8 Pursuant to the first amendment: (i) the maturity date was changed to January 2, 2017, (ii) the conversion price was adjusted to $1.10 and (iii) the coupon rate was increased to 15% per annum. Additionally, if the aggregate principal amount outstanding on the Convertible Notes was not either converted by the holder or repaid in full on or before the maturity date, the Company agreed to pay a 25% premium on the maturity date. 1.6 1.65 1.12 2.5 3 203 0.76 1.63 On September 29, 2016, in connection with the Company’s entry into the Credit and Guarantee Agreement the remaining holders of the Convertible Notes converted the outstanding principal amount of approximately $ 1.8 138,000 1,772,456 Series B Preferred Stock Offering On June 15, 2016, the Company entered into a purchase with certain institutional and accredited investors (the “Purchasers”) in connection with an offering of the Company’s Series B 6.0 In connection with this offering (the “Series B Offering”), the Company issued to the Purchasers 20,000 17.7 9.1 2.50 The Company also entered into a registration rights agreement (the “Registration Rights Agreement”) whereby the Company agreed to register, on behalf of the Purchasers, the shares of Common Stock issuable upon conversion of the Series B Preferred Stock and the shares of Common Stock underlying the warrants. Pursuant to the terms of the Registration Rights Agreement, the Company must file a registration statement within one hundred twenty days of the closing and is required to obtain the effectiveness of such registration statement within one hundred and twenty calendar days following June 15, 2016 (or, in the event of a review by the Commission, the one hundred and eighty days). On June 6, 2016, as subsequently amended, the Company entered into a Transaction Fee Agreement with TRW, a more than 5% stockholder of the Company, in connection with the Series B Preferred Offering to act as co-broker dealers along with KES7, and as administrative agent. TRW received a cash fee of $ 500,000 452,724 1.30 exercisable on or after September 17, 2016, for a period of two years. 150,000 150 68,182 2.50 In connection with the Company’s entry into the Credit and Guarantee Agreement, as partial consideration, the Company amended certain warrants issued in the Series B Offering held by the Lenders to purchase up to an aggregate amount of approximately 2.84 3.5 2.50 0.01

OIL AND GAS ASSETS

OIL AND GAS ASSETS	9 Months Ended
	Sep. 30, 2016
Extractive Industries [Abstract]
OIL AND GAS ASSETS	NOTE 5 – OIL AND GAS ASSETS During the year ended December 31, 2015, the Company entered into eight joint operating agreements ("JOAs") to participate as a non-operator in the drilling of the Noble Wells in the DJ Basin, which due to capital constraints, were temporarily shut-in. In May 2016, the Company renegotiated the ability to fund its share of the outstanding drilling operations in the amount of approximately $ 1.68 On June 23, 2016, the Company completed its Merger with Brushy, as described above. As a result of the Merger, the Company acquired 19 7.5 3,458 19.9 Depreciation, depletion and amortization expenses related to the proved properties were approximately $ 570,000 1.11 46,000 461,000

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 6 – FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs, used in the valuation methodologies in measuring fair value: • Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 - Other inputs that are directly or indirectly observable in the marketplace. • Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s Term Loan associated with the Credit and Guarantee Agreement and the SOS Note are measured using Level 3 inputs. Derivative Instruments The Company determines its estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third parties, and the credit rating of its counterparty. The Company also performs an internal valuation to ensure the reasonableness of third-party quotes. In evaluating counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments. The Company considered that the counterparty is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. The Company has no such derivative instruments at September 30, 2016 and December 31, 2015. Asset Retirement Obligation The fair value of the Company’s asset retirement obligation liability is calculated at the point of inception by taking into account, the cost of abandoning oil and gas wells, which is based on the Company’s and/or Industry’s historical experience for similar work, or estimates from independent third-parties; the economic lives of its properties, which are based on estimates from reserve engineers; the inflation rate; and the credit adjusted risk-free rate, which takes into account the Company’s credit risk and the time value of money. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. Impairment The Company estimates the expected undiscounted future cash flows of its oil and natural gas properties and compares such amounts to the carrying amount of the oil and natural gas properties to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value are subject to management’s judgment and expertise and include, but are not limited to, recent sales prices of comparable properties, the present value of future cash flows, net of estimated operating and development costs using estimates or proved reserves, future commodity pricing, future production estimates, anticipated capital expenditures and various discount rates commensurate with the risk and current market conditions associated with realizing the expected cash flows projected. These assumptions represent Level 3 inputs. The Company did not have an impairment during the three and nine months ended September 30, 2016. Impairment of oil and gas assets for the three and nine months ended September 30, 2015 was approximately $ 18.47 24.44 Executive Compensation Effective as of June 23, 2016, the Company and each of Abraham Mirman, Ronald D. Ormand, Michael Pawelek, Kevin Nanke, Edward Shaw, Ariella Fuchs and Joe Pawelek entered into a new employment agreement, which replaced any prior employment agreements with the Company or Brushy in the entirety. Each employment agreement provides for the executive to receive a cash incentive bonus if certain production thresholds are achieved by the Company. The Company engaged a valuation firm to complete a valuation of this incentive bonus. As of September 30, 2016, the Company accounted for $ 718,000 For a complete description of the terms of each employment agreement see Note 9—Related Party Transactions. Change in Warrant Liability On September 2, 2014, the Company entered into a Consulting Agreement with Bristol Capital, LLC (“Bristol”), pursuant to which the Company issued to Bristol a warrant to purchase up to 100,000 20.00 100,000 On September 30, 2016, the Company revalued the warrants/options using the following variables: (i) stock price of $ 3.47 20.00 2.9 150 0.9 229,000 135,000 185,000 On January 8, 2015, the Company entered into the Credit Agreement with Heartland Bank (as defined below). In connection with the Credit Agreement, the Company issued to Heartland a warrant to purchase up to 22,500 4.05 2.50 0.01 On September 30, 2016, the Company revalued the warrants using the following variables: (i) stock price of $ 3.47 4.05 3.3 150 0.9 61,000 39,000 49,000 Pursuant to the Merger Agreement and as a condition to the Fourth Amendment (defined below), the Company was required to make a cash payment of $ 500,000 164,000 On September 30, 2016, the Company evaluated the SOS Warrant using the following variables: (i) stock price of $ 3.47 2.50 1.7 150 0.7 428,000 264,000 Debentures Conversion Derivative Liability As of September 30, 2016, the Company had no outstanding 8 5.00 September 30, 2016: Level 1 Level 2 Level 3 Total Liability Executive employment agreements $ - $ - $ (718,000) $ (718,000) Warrant liabilities (718,000) (718,000) Total liability, at fair value $ - $ - $ (1,436,000) $ (1,436,000) December 31, 2015: Level 1 Level 2 Level 3 Total Liability Executive employment agreements $ - $ - $ (223,000) $ (223,000) Warrant liabilities - - (56,000) (56,000) Convertible debenture conversion derivative liability - - (6,000) (6,000) Total liability, at fair value $ - $ - $ (285,000) $ (285,000) Bristol/ Conversion Heartland/SOS derivative warrant Incentive liability liability bonus Total Balance at January 1, 2016 $ (6,000) $ (56,000) $ (223,000) $ (285,000) Additional liability - (164,000) (393,000) (557,000) Change in fair value of liability (37,000) (498,000) (102,000) (637,000) Converted to equity 43,000 - - 43,000 Balance at September 30, 2016 $ - $ (718,000) $ (718,000) $ (1,436,000) The Company did not have any transfers of assets or liabilities between Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the three and nine months ended September 30, 2016 and September 30, 2015.

LOAN AGREEMENTS

LOAN AGREEMENTS	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
LOAN AGREEMENTS	NOTE 7 – LOAN AGREEMENTS Credit Agreements - Current As of As of September 30, December 31, 2016 2015 Term Loan – Credit and Guarantee Agreement $ 23,286,000 $ - Term Loan – Heartland, net of deferred financing costs $ - $ 2,492,000 Credit and Guarantee Agreement On September 29, 2016, the Company entered into a credit and guaranty agreement (the “Credit and Guarantee Agreement”) by and among the Company, Brushy, ImPetro Operating, LLC (“Operating”) and ImPetro Resources, LLC (“Resources”, and together with Brushy and Operating, the “Initial Guarantors”), and the lenders party thereto (each a “Lender” and together, the “Lenders”) and TRW acting as collateral agent. The Credit and Guarantee Agreement provides for a three-year senior secured term loan with initial commitments of $ 31 25 6 50,000,000 60 Funds borrowed under the Credit and Guarantee Agreement may be used by the Company to (i) fund drilling and development projects, (ii) purchase oil and gas assets and other acquisition targets, (iii) pay all costs and expenses arising in connection with the negotiation and execution of the Credit and Guarantee Agreement, and (iv) fund general working capital needs. In connection with the Company’s entry into the Credit and Guarantee Agreement, it incurred advisory fees to KES 7 and TRW in an amount of $ 420,000 200,000 2.0 2.84 3.5 2.50 0.01 714,000 The Term Loan bears interest at a rate of 6.0 6.0 The Credit and Guarantee Agreement contains certain customary representations and warranties and affirmative and negative covenants, including covenants relating to maintenance of books and records, financial reporting and notification, compliance with laws, maintenance of properties and insurance, and limitations on guaranties, investments, issuance of debt, lease obligations and capital expenditures. The Credit and Guarantee Agreement also provides for events of default, including failure to pay any principal or interest when due, failure to perform or observe covenants, cross-default on certain outstanding debt obligations, the failure of a Guarantor to comply with the provisions of its Guaranty, and bankruptcy or insolvency events. The amounts under the Credit Agreement could be accelerated and be due and payable upon an event of default. Independent Bank and Promissory Note On June 22, 2016, in connection with the completion of the Merger, the Company, Brushy and Independent Bank (the “Lender”), Brushy’s senior secured lender, entered into an amendment to Brushy’s forbearance agreement with the Lender (the “Fourth Amendment”), which, among other things, provided for a pay-down of approximately $ 6.0 6.5 5.4 5.4 Heartland Bank On January 8, 2015, the Company entered into the Credit Agreement with Heartland Bank (the “Credit Agreement”), as administrative agent and the Lenders party thereto. The Credit Agreement provided for a three-year senior secured term loan in an initial aggregate principal amount of $ 3,000,000 Following the First Amendment entered into on March 1, 2016, on May 4, 2016, as a result of a default on the required March 1, April 1 and May 1 interest payments pursuant to the Forbearance Agreement, the Company entered into a second amendment to the Forbearance Agreement (the “Second Amendment”). Pursuant to the Second Amendment, the limit on the amount of New Subordinated Debt the Company had been permitted to raise was eliminated and the Forbearance Expiration Date was extended to May 31, 2016. As consideration for the forgoing, the Company paid Heartland the overdue interest owed pursuant to the Term Loan and interest due through May 31, 2016 in the approximate amount of $ 87,000 53,000 193,000 220,000 In connection with the consummation of the Merger, on June 23, 2016, the Company repaid the entire balance of its outstanding indebtedness with Heartland at a discount of $ 250,000 2.75 Convertible Notes For information about the Convertible Notes see Note 4—Merger with Brushy Resources, Inc. and Related Transactions—Convertible Notes Transactions and Conversion. Current - (rounded to the nearest thousands): September 30, 2016: Related Non Related Party Party Convertible notes, net - January 1, 2016 $ 1,055,000 $ 674,000 Borrowings 1,250,000 1,613,000 Warrants issued as debt discount (646,000) (833,000) Accretion of debt discount 1,391,000 1,309,000 Converted to equity (3,050,000) (2,763,000) Convertible notes, net- September 30, 2016 $ - $ - December 31, 2015: Related Non Related Party Party Convertible notes $ 1,800,000 $ 1,150,000 Unamortized debt discount (745,000) (476,000) Convertible notes, net $ 1,055,000 $ 674,000 During the three and nine months ended September 30, 2016, the Company amortized approximately $ 462,000 2.7 SOS Note Pursuant to the Merger Agreement and as a condition of the Fourth Amendment, the Company was required to make a cash payment of $500,000, the issuance of the SOS Note and the SOS Warrant. As of September 30, 2016 Note payable – SOS due after one year (1) $ 1,000,000 (1) The SOS Note matures on June 30, 2019 6.0 Interest Expense Interest expense for the three and nine months ended September 30, 2016 was approximately $ 617,000 4.22 437,000 1.21 3.88 347,000 944,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 – COMMITMENTS AND CONTINGENCIES Environmental and Governmental Regulation At September 30, 2016, there were no known environmental or regulatory matters which are reasonably expected to result in a material liability to the Company. Many aspects of the oil and gas industry are extensively regulated by federal, state, and local governments in all areas in which the Company has operations. Regulations govern such things as drilling permits, environmental protection and air emissions/pollution control, spacing of wells, the unitization and pooling of properties, reports concerning operations, land use, and various other matters including taxation. Oil and gas industry legislation and administrative regulations are periodically changed for a variety of political, economic, and other reasons. As of September 30, 2016, the Company had not been fined or cited for any violations of governmental regulations that would have a material adverse effect upon the financial condition of the Company. Legal Proceedings The Company may from time to time be involved in various legal actions arising in the normal course of business. The Company does not believe that there is any litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS During the three and nine months ended September 30, 2016 and 2015, the Company has engaged in the following transactions with related parties: Credit and Guarantee Agreement and Warrant Reprice On September 29, 2016, the Company entered into the Credit and Guarantee Agreement with certain Lenders, each of whom was a participant in the Series B Offering. As partial consideration given to the Lenders, the Company also amended certain warrants issued in the Series B Offering held by the Lenders to purchase up to an aggregate amount of approximately 2,850,000 2.50 0.01 2.0 Certain parties to the Credit and Guarantee Agreement included certain of the Company’s related parties such as TRW, acting as collateral agent, and Bryan Ezralow, Marc Ezralow and Marshall Ezralow via certain of their investment entities ($ 2.8 Series B Preferred Stock Private Placement On June 6, 2016, as subsequently amended, the Company entered into a Transaction Fee Agreement with TRW, a more than 5 500,000 452,724 1.30 150,000 150 68,182 2.50 In addition to TRW, as described above, certain other Purchasers in the Offering include related parties of the Company, such as Abraham Mirman, the Company's Chief Executive Officer and a director, through the Bralina Group, LLC for which Mr. Mirman holds shared voting and dispositive power ($ 1.65 1.0 200,000 125,000 5 250,000 1.3 For more information about the Series B Offering see Note 4—Merger with Brushy Resources, Inc. and Related Transactions—Series B Preferred Stock Offering. Debenture Conversion Agreement On December 29, 2015, the Company entered into the Debenture Conversion Agreement with all of the remaining holders of the Debentures. For more information about the Debentures and the Debenture Conversion Agreement see Note 4—Merger with Brushy Resources, Inc. and Related Transactions—Debenture Conversion. Certain parties to the Debenture Conversion Agreement include related parties of the Company, such as the Steven B. Dunn and Laura Dunn Revocable Trust dated 10/28/10, of which its respective Debenture amount converted was approximately $ 1.02 1.54 2.09 Series A Preferred Stock On May 30, 2014, the Company entered into a securities purchase agreement with accredited investors, pursuant to which it issued an aggregate of $ 7.5 Several of the Company’s officers, directors and affiliates were investors in the Series A Preferred Stock and converted their shares at $ 5.00 250,000 500,000 100,000 250,000 779,000 125,000 Convertible Notes In a series of transactions from December 29, 2015 to May 6, 2016, the Company issued an aggregate of approximately $ 5.8 The Purchasers included certain related parties of us, including Abraham Mirman, the Chief Executive Officer and a director of the Company ($ 750,000 1.15 250,000 250,000 50,000 100,000 300,000 400,000 138,000 1,772,456 Additionally, in connection with the May Convertible Notes issuance, warrants to purchase up to 620,000 0.10 80,000 416,454 42.50 25.00 0.10 315,990 300,706 80,000 0.10 75,820 T.R. Winston also received an advisory fee on the Convertible Notes in the amount of $ 350,000 350 159,091 SOS Ventures In connection with the Merger, SOS, Brushy’s former subordinated lender, and currently a more than 5 20.5 Employment Agreements with Officers On July 5, 2016, the Company entered into new employment agreements with each of its executive officers (each an “Executive”), effective as of the Effective Time, subject to certain exceptions. The initial term of the agreements is scheduled to end on December 31, 2017, and the agreement will renew automatically for additional one-year periods beginning on December 31, 2017, unless either party gives notice of non-renewal at least 180 days before the end of the then-current term. The agreement replaces in its entirety each Executive’s prior employment agreement with Brushy or us, as applicable. Under each employment agreement, the Executive will be entitled to a lump sum severance payment equal to 12 months of base salary and 12 months of COBRA premiums upon a termination by the Company without cause or a termination by him for good reason. Upon a termination by the Company without cause or a termination by the Executive for good reason within 12 months following a change in control, he will be entitled to a lump sum severance payment equal to 24 months of base salary and 24 months of COBRA premiums. Upon a termination due to disability, the Executive will be entitled to a lump sum severance payment equal to six months of COBRA premiums. All severance payments under the Executives’ employment agreements are subject to each Executive’s execution and non-revocation of a release of claims against the Company. The severance payments are also subject to reduction in order to avoid an excise tax associated with Section 280G of the Internal Revenue Code, but only if that reduction would result in the Executive receiving a greater net after tax benefit as a result of the reduction. All payments to the Executives under each of their employment agreements will be subject to clawback in the event required by applicable law. Further, each Executive is subject to non-competition, non-solicitation, anti-raiding, and confidentiality provisions under the employment agreement. Employment Agreement with Abraham Mirman, Chief Executive Officer of the Company Pursuant to Mr. Mirman’s employment agreement he will serve as Chief Executive Officer with a base salary of $ 350,000 375,000 425,000 175,000 0 500 1,250,000 1.34 34 33 33 Employment Agreement with Ronald Ormand, Executive Chairman of the Company Pursuant to Mr. Ormand’s employment agreement, which was effective as of July 11, 2016, his base salary is $ 300,000 350,000 400,000 0 500 1.25 34 33 33 Employment Agreement with Michael Pawelek, President of the Company Mr. Pawelek’s initial base salary under his employment agreement under which he will serve as President of the Company is $ 307,000 0 500 375,000 1.34 34 33 33 Employment Agreement with Kevin Nanke, Chief Financial Officer of the Company. Mr. Nanke’s initial base salary under the agreement, under which he will serve as Chief Financial Officer is $ 275,000 125,000 0 500 625,000 1.34 34 33 33 Additionally, pursuant to Mr. Nanke’s former employment agreement with the Company, dated as of March 18, 2016, he was entitled to receive a performance bonus of $ 100,000 Employment Agreement with Edward Shaw, Executive Vice President and Chief Operating Officer of the Company Mr. Shaw’s initial base salary under his employment agreement under which he will serve as Executive Vice President - Chief Operating Officer is $ 267,000 0 500 375,000 1.34 34 33 33 Employment Agreement with Ariella Fuchs, General Counsel and Secretary of the Company Ms. Fuchs’ initial base salary under the employment agreement, under which she will serve as General Counsel and Secretary is $ 250,000 112,500 0 500 375,000 1.34 34 33 33 Ronald D Ormand On March 20, 2014, the Company entered into an Engagement Agreement (the “Engagement Agreement”) with MLV & Co. LLC (“MLV”), pursuant to which MLV acted as the Company’s exclusive financial advisor. Ronald D. Ormand, a member of the Company’s board of directors since February 2015 and the current Executive Chairman of the Company, was previously the Managing Director and Head of the Energy Investment Banking Group at MLV. The Engagement Agreement provided for a fee of $ 25,000 75,000 225,000 150,000 75,000 1.56 Additionally, MLV had been involved in certain initial discussions relating to the Merger for which they did not receive a fee.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 10 – SHAREHOLDERS’ EQUITY May 2014 Private Placement - Series A 8% Convertible Preferred Stock On June 23, 2016, in connection with the consummation of Merger, each share of Series A Preferred Stock converted into Common Stock at a reduced conversion price of $ 5.00 1,500,000 24.10 5.00 Conditionally Redeemable 6% Preferred Stock In August 2014, the Company designated 2,000 6 2,000 The Redeemable Preferred Stock bears a 6% dividend per annum, payable quarterly, and is redeemable at face value (plus any accrued and unpaid dividends) at any time at the Company’s option, or at the Holders option upon the Company’s achievement of certain production and reserves thresholds. These thresholds include, the Company’s annualized gross production average for 90 consecutive days at 2,500 BOE per day or higher or the Company’s PV-10 value of its producing developed properties filed with the Securities and Exchange Commission exceeds $50 million. 210,000 1.82 Series B 6% Convertible Preferred Stock On June 15, 2016, the Company entered into a purchase agreement for the private placement of 20,000 9,090,909 2.50 20 Each share of Series B Preferred Stock is convertible, at the option of the holder, subject to adjustment under certain circumstances into shares of Common Stock of the Company at a conversion price of $ 2.50 6 The Series B Preferred Stock is classified as equity based on the following criteria: i) the redemption of the instrument at the control of the Company; ii) the instrument is convertible into a fixed amount of shares at a conversion price of $1.10; iii) the instrument is closely related to the underlying Company’s Common Stock; iv) the conversion option is indexed to the Company’s stock; v) the conversion option cannot be settled in cash and only can be redeemed at the discretion of the Company; vi) and the Series B Preferred Stock is not considered convertible debt. In connection with the issuance of the Series B Preferred Stock, the Company also issued a warrant for 50 Shares of the Series B Preferred Stock and related warrants were valued using the relative fair value method. The Company determined the transaction created a beneficial conversion feature of $ 7.9 15.2 1.20 2.50 2 238 0.78 Warrants Weighted- Average Exercise Warrants Price Outstanding at January 1, 2016 2,478,316 $ 14.80 Warrants issued with Series B Preferred Stock 6,250,015 1.73 Warrants issued with Series B Preferred Stock, adjusted for Credit and Guarantee agreement 2,840,912 .01 Warrants issued for with Series B Preferred Stock fees 1,272,727 1.30 Warrants issued with Convertible Notes 1,145,238 2.47 Warrants to amend Convertible Notes 1,648,267 2.50 Warrant issued to SOS Ventures 200,000 25.00 Exercised, forfeited or expired (460,989) (34.74) Outstanding at September 30, 2016 15,374,486 $ 3.35 The aggregate intrinsic value associated with outstanding warrants was $ 25.4 3.47 1.89 During the nine months ended September 30, 2016, the Company issued approximately 13.16 200,000 9.09 1.30 2.50 2 238 0.78 9.4 1.27 1.20 1.2 3 238 0.92 1.59 1.65 1.12 2.5 3 203 0.76 1.63 In connection with the May Financing, in exchange for additional consideration in the form of participation in the May Convertible Notes offering, certain Purchasers received amended and restated warrants to purchase approximately 620,000 2.50 0.10 80,000 416,454 25.00 0.10 315,990 300,706 1.72 Additionally, in connection with the Credit and Guarantee Agreement, as partial consideration to the Lenders, the Company also amended certain warrants issued in the Series B private placement held by the Lenders to purchase up to an aggregate amount of approximately 3.5 2.50 0.01

SHARE BASED AND OTHER COMPENSAT

SHARE BASED AND OTHER COMPENSATION	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE BASED AND OTHER COMPENSATION	NOTE 11 – SHARE BASED AND OTHER COMPENSATION Share-Based Compensation On April 20, 2016, the Company’s Board and the Compensation Committee of the Board approved the Company’s 2016 Omnibus Incentive Plan (the “2016 Plan”). As of September 30, 2016, the number of shares of Common Stock authorized for issuance under the 2016 Plan was 5.0 10.0 During the nine months ended September 30, 2016, the Company granted 120,000 85,000 10,000 45,000 32,052 the Company granted options to purchase a total of 3,215,000 shares of Common Stock to management and employees under the 2016 Plan. During the nine months ended September 30, 2016, certain of the Company's employees, directors and consultants forfeited 26,483 335,000 As a result, as of September 30, 2016, the Company had 159,583 3,488,333 The Company requires that employees and directors pay the tax on equity grants in order to issue the shares and there is currently no cashless exercise option. As of September 30, 2016, 128,750 Three Months Ended Three Months Ended September 30, 2016** As of September 30, 2015 Stock Restricted Stock Restricted Options Stock Total Options Stock Total Stock-based compensation expensed* $ 558,000 $ 1,133,000 $ 1,691,000 $ 268,000 $ 142,000 $ 410,000 Nine Months Ended Nine Months Ended September 30, 2016** As of September 30, 2015 Stock Restricted Stock Restricted Options Stock Total Options Stock Total Stock-based compensation expensed* $ 2,289,000 $ 1,263,000 $ 3,552,000 $ 1,991,000 $ 1,058,000 $ 3,049,000 * Only includes directors and employees for which the options vest over time instead of based upon performance criteria for which the performance criteria has not been met as of September 30, 2016 and 2015. ** As of September 30, 2016, the Company has unamortized stock-based compensation costs for stock options of approximately $ 2.72 1.4 1.74 1.18 Restricted Stock and Restricted Stock Units Weighted Average Number Grant Date of Shares Price Outstanding at January 1, 2016 - $ - Granted 1,687,552 1.54 Vested (608,500) (1.51) Forfeited - - Outstanding at September 30, 2016 1,079,052 $ 1.55 A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the nine months ended September 30, 2016 is presented below: Weighted Average Number Grant Date of Shares Price Outstanding at January 1, 2016 186,900 $ 12.29 Granted 10,000 1.80 Vested and issued (10,834) (18.75) Forfeited (26,483) (16.15) Outstanding at September 30, 2016 159,583 $ 10.56 Stock Options Stock Options Outstanding and Exercisable Weighted Average Weighted Number Remaining Average of Options Contractual Number Exercise Vested/ Life of Options Price Exercisable (Years) Outstanding at January 1, 2016 608,333 $ 14.60 Granted 3,215,000 1.35 Exercised - - Forfeited or cancelled (335,000) (10.18) Outstanding at September 30, 2016 3,488,333 $ 2.69 1,325,000 9.36 The aggregate intrinsic value associated with outstanding options was $ 6.8 3.47 the Company granted options to purchase a total of 3,125,000 shares of Common Stock to management and employees, of which one-third vested immediately and balance will vest evenly over two years 1.34 1.34 5 197 1.08 4.08 1.39 45,000 1.80 1.80 7 192.13 1.85 36,000 the Company granted 45,000 stock options to a non-employee director, of which 20,000 stock options vest immediately and 25,000 stock options vest in equal installments over three years. Subsequent to September 30, 2016, the Company issued 90,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS On October 12, 2016, the Company completed the acquisition of certain oil and gas properties located in Winkler County, Texas for a purchase price of $ 3 500 78 November 14, 570

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial statements and with Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission. Accordingly, the financial statements do not contain all information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the consolidated financial position of the Company as of September 30, 2016 and the consolidated results of operations and cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the operating results for the full fiscal year for any future period. These condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The Company’s accounting policies are described in the Notes to Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2015, and updated, as necessary, in this Quarterly Report on Form 10-Q.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the 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. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. Although actual results may differ from these estimates under different assumptions or conditions, the Company believes that its estimates are reasonable. The most significant financial estimates are associated with the Company’s estimated volumes of proved oil and natural gas reserves, asset retirement obligations, assessments of impairment imbedded in the carrying value of undeveloped acreage and undeveloped properties, fair value of financial instruments, including derivative liabilities, depreciation and accretion, income taxes and contingencies, in addition to valuing the assets acquired and liabilities assumed in the Merger.
Oil and Gas Producing Activities	Oil and Gas Producing Activities The Company follows the full cost method of accounting for oil and gas operations whereby all costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities. Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more of proved reserves. The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ASC”) Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets. Depletion of exploration and development costs and depreciation of wells and tangible production assets is computed using the units-of-production method based upon estimated proved oil and gas reserves. Costs included in the depletion base to be amortized include (a) all proved capitalized costs including capitalized asset retirement costs net of estimated salvage values, less accumulated depletion, (b) estimated future development costs to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs. The costs of undeveloped acreage are withheld from the depletion base until it is determined whether or not proved reserves can be assigned to the properties. When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties or the amount of the impairment is added to the full cost pool which is subject to depletion calculations. Under the full cost method of accounting, capitalized oil and gas property costs less accumulated depletion and net of deferred income taxes may not exceed an amount equal to the sum of the present value, discounted at 10 18.5 24.4 The present value of estimated future net cash flows was computed by applying a flat oil price to forecast revenues from estimated future production of proved oil and gas reserves as of period-end, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes.
Accrued Expense	Accrued Expense Accrued liabilities are probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide service to other entities in the future as a result of past transactions or events. Below is the break-out of the accrued expense account as of September 30, 2016 and December 31, 2015. September 30, December 31, 2016 2015 Accrued executive compensation $ 718,231 $ 720,414 Accrued professional fees 615,500 90,825 Ad Valorem and production taxes 376,195 357,618 Board of director fees 312,998 - Lease operating expense 313,168 177,847 Accrued interest 15,117 1,239,210 Other payables 393,483 369,505 $ 2,744,692 $ 2,955,419
Asset Retirement Obligations	Asset Retirement Obligations The Company's activities are subject to various laws and regulations, including legal and contractual obligations to reclaim, remediate, or otherwise restore properties at the time the asset is permanently removed from service. Calculation of an asset retirement obligation ("ARO") requires estimates about several future events, including the life of the asset, the costs to remove the asset from service, and inflation factors. The ARO is initially estimated based upon discounted cash flows over the life of the asset and is accreted to full value over time using the Company's credit adjusted risk-free interest rate. Estimates are periodically reviewed and adjusted to reflect changes. The present value of a liability for the ARO is initially recorded when it is incurred if a reasonable estimate of fair value can be made. This is typically done when a well is completed or an asset is placed in service. When the ARO is initially recorded, the Company capitalizes the cost (the asset retirement cost or “ARC”) by increasing the carrying value of the related asset. ARCs related to wells are capitalized to the full cost pool and are subject to depletion. Over time, the liability increases for the change in its present value (accretion of ARO), while the net capitalized cost decreases over the useful life of the asset as depletion expense is recognized. In addition, ARCs are included in the ceiling test calculation for valuing the full cost pool. The fair value of the Company’s asset retirement obligation liability is calculated at the point of inception by taking into account (i) the cost of abandoning oil and gas wells, which is based on the Company’s and/or industry’s historical experience for similar work, or estimates from independent third-parties; (ii) the economic lives of its properties, which are based on estimates from reserve engineers; (iii) the inflation rate; and (iv) the credit adjusted risk-free rate, which takes into account the Company’s credit risk and the time value of money. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. The Company has accreted approximately $ 17,000 23,000 3,000 7,000 Changes to the asset retirement obligation were as follows, (in thousands): September 30, December 2016 31, 2015 Balance, beginning of period $ 208 $ 200 Merger additions 777 - Additions 2 - Disposition - - Revisions - (2) Accretion 23 10 1,010 208 Less: Current portion for cash flows expected to be incurred within one year (158) - Long-term portion, end of period $ 852 $ 208 Expected timing of asset retirement obligations: (in thousands): Year Ending September 30, 2016 $ 158 2017 - 2018 24 2019 - 2020 87 Thereafter 741 Total $ 1,010
Revenue Recognition	Revenue Recognition The Company derives revenue primarily from the sale of produced natural gas and crude oil. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported as separate expenses and are included in oil and gas production expense in the accompanying consolidated statements of operations. Revenue is recorded in the month the Company’s production is delivered to the purchaser, but payment is generally received between 30 and 90 days after the date of production. No revenue is recognized unless it is determined that title to the product has transferred to the purchaser. At the end of each month, the Company estimates the amount of production delivered to the purchaser and the price the Company will receive. The Company uses its knowledge of its properties, its historical performance, existing contracts, NYMEX and local spot market prices, quality and transportation differentials, and other factors as the basis for these estimates
Net Loss per Common Share	Net Loss per Common Share Earnings (losses) per share are computed based on the weighted average number of common shares outstanding during the period presented. Diluted earnings per share are computed using the weighted-average number of common shares outstanding plus the number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares. Potentially dilutive securities, such as shares issuable upon the conversion of debt or preferred stock, and exercise of warrants and options, are excluded from the calculation when their effect would be anti-dilutive. As of September 30, 2016 and September 30, 2015 shares underlying restricted stock units, options, warrants, preferred stock and Debentures have been excluded from the diluted share calculations as they were anti-dilutive as a result of net losses incurred. The Company has included 2,840,912 The Company had the following Common Stock equivalents at September 30, 2016 and September 30, 2015: September 30, September 30, 2016 2015 Stock Options 3,488,333 615,000 Restricted Stock Units (employees/directors) 159,583 188,067 Series A Preferred Stock - 311,203 Series B Preferred Stock 18,478,788 - Warrants to Purchase Common Stock 12,533,574 1,298,315 Convertible Debentures - 336,402 34,660,278 2,748,987
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date The FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. In April 2016, the FASB issued ASU No. 2016-10, “ Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU No. 2016-12, “ Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” On August 26, 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force), (“ASU 2016-15”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the provisions of this standard and assessing its impact on the Company’s condensed consolidated financial statements and disclosures. Management does not believe that these or any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Schedule of Accrued Liabilities	September 30, December 31, 2016 2015 Accrued executive compensation $ 718,231 $ 720,414 Accrued professional fees 615,500 90,825 Ad Valorem and production taxes 376,195 357,618 Board of director fees 312,998 - Lease operating expense 313,168 177,847 Accrued interest 15,117 1,239,210 Other payables 393,483 369,505 $ 2,744,692 $ 2,955,419
Schedule of Asset Retirement Obligations	September 30, December 2016 31, 2015 Balance, beginning of period $ 208 $ 200 Merger additions 777 - Additions 2 - Disposition - - Revisions - (2) Accretion 23 10 1,010 208 Less: Current portion for cash flows expected to be incurred within one year (158) - Long-term portion, end of period $ 852 $ 208
Summary of Asset Retirement Obligations by Fiscal Years	Year Ending September 30, 2016 $ 158 2017 - 2018 24 2019 - 2020 87 Thereafter 741 Total $ 1,010
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	September 30, September 30, 2016 2015 Stock Options 3,488,333 615,000 Restricted Stock Units (employees/directors) 159,583 188,067 Series A Preferred Stock - 311,203 Series B Preferred Stock 18,478,788 - Warrants to Purchase Common Stock 12,533,574 1,298,315 Convertible Debentures - 336,402 34,660,278 2,748,987

MERGER WITH BRUSHY RESOURCES,22

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table sets forth our preliminary purchase price allocation: (in thousands, except number of shares and stock price) Shares of Lilis Common Stock issued to Brushy shareholders 5,785,119 Lilis Common Stock closing price on June 23, 2016 $ 1.20 Fair value of Common Stock issued $ 6,942 Cash consideration paid to SOS 500 SOS Note 1,000 Fair value of SOS warrant 170 Warrant liability – repricing derivative 164 Advance to Brushy pre-merger 2,508 Total purchase price 11,284 Plus: liabilities assumed by Lilis Current Liabilities Account payable and accrued expenses $ 5,650 Term loan - Independent Bank 11,379 17,029 Long-Term Debt 19 Asset Retirement Obligation 777 Amount attributable to liabilities assumed 17,825 $ 29,109 Fair Value of Brushy Assets Current Assets: Cash $ 706 Other current assets 603 $ 1,309 Oil and Gas Properties: Evaluated properties 7,512 Unevaluated properties 19,887 27,399 Other assets Other Property Plant & Equipment 42 Other assets 359 401 Total Asset Value $ 29,109
Business Acquisition, Pro Forma Information	(in thousands, except per share amounts) Three Months Nine Months Ended Ended September 30, September 30, 2015 2016 2015 Revenue $ 895 $ 3,924 $ 2,192 Net loss $ (11,746) $ (36,228) $ (28,988) Net loss attributable to common stockholders $ (11,926) $ 45,351 $ (29,528) Net loss per common share basic and diluted $ (1.05) $ (3.67) $ (2.60) Weighted average shares outstanding: Basic and diluted 11,393,200 12,373,327 11,372,232

FAIR VALUE OF FINANCIAL INSTR23

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure Text Block [Abstract]
Summary of fair value of assets and liabilities measured at fair value	The following table provides a summary of the fair values of assets and liabilities measured at fair value (rounded to the nearest thousands): September 30, 2016: Level 1 Level 2 Level 3 Total Liability Executive employment agreements $ - $ - $ (718,000) $ (718,000) Warrant liabilities (718,000) (718,000) Total liability, at fair value $ - $ - $ (1,436,000) $ (1,436,000) December 31, 2015: Level 1 Level 2 Level 3 Total Liability Executive employment agreements $ - $ - $ (223,000) $ (223,000) Warrant liabilities - - (56,000) (56,000) Convertible debenture conversion derivative liability - - (6,000) (6,000) Total liability, at fair value $ - $ - $ (285,000) $ (285,000)
Summary of changes in fair value of Level 3 financial assets and liabilities	The following table provides a summary of changes in fair value of the Company’s Level 3 financial assets and liabilities as of September 30, 2016: Bristol/ Conversion Heartland/SOS derivative warrant Incentive liability liability bonus Total Balance at January 1, 2016 $ (6,000) $ (56,000) $ (223,000) $ (285,000) Additional liability - (164,000) (393,000) (557,000) Change in fair value of liability (37,000) (498,000) (102,000) (637,000) Converted to equity 43,000 - - 43,000 Balance at September 30, 2016 $ - $ (718,000) $ (718,000) $ (1,436,000)

LOAN AGREEMENTS (Tables)

LOAN AGREEMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of debt	As of As of September 30, December 31, 2016 2015 Term Loan – Credit and Guarantee Agreement $ 23,286,000 $ - Term Loan – Heartland, net of deferred financing costs $ - $ 2,492,000
Schedule of changes in convertible debt	Related Non Related Party Party Convertible notes, net - January 1, 2016 $ 1,055,000 $ 674,000 Borrowings 1,250,000 1,613,000 Warrants issued as debt discount (646,000) (833,000) Accretion of debt discount 1,391,000 1,309,000 Converted to equity (3,050,000) (2,763,000) Convertible notes, net- September 30, 2016 $ - $ -
Shedule of convertible Notes	Related Non Related Party Party Convertible notes $ 1,800,000 $ 1,150,000 Unamortized debt discount (745,000) (476,000) Convertible notes, net $ 1,055,000 $ 674,000
Schedule of convertible debentures	As of September 30, 2016 Note payable – SOS due after one year (1) $ 1,000,000 (1) The SOS Note matures on June 30, 2019 6.0

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Summary of warrant activity	Below is a summary of warrant activity for the three months ended September 30, 2016: Weighted- Average Exercise Warrants Price Outstanding at January 1, 2016 2,478,316 $ 14.80 Warrants issued with Series B Preferred Stock 6,250,015 1.73 Warrants issued with Series B Preferred Stock, adjusted for Credit and Guarantee agreement 2,840,912 .01 Warrants issued for with Series B Preferred Stock fees 1,272,727 1.30 Warrants issued with Convertible Notes 1,145,238 2.47 Warrants to amend Convertible Notes 1,648,267 2.50 Warrant issued to SOS Ventures 200,000 25.00 Exercised, forfeited or expired (460,989) (34.74) Outstanding at September 30, 2016 15,374,486 $ 3.35

SHARE BASED AND OTHER COMPENS26

SHARE BASED AND OTHER COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	Compensation Costs Three Months Ended Three Months Ended September 30, 2016** As of September 30, 2015 Stock Restricted Stock Restricted Options Stock Total Options Stock Total Stock-based compensation expensed* $ 558,000 $ 1,133,000 $ 1,691,000 $ 268,000 $ 142,000 $ 410,000 Nine Months Ended Nine Months Ended September 30, 2016** As of September 30, 2015 Stock Restricted Stock Restricted Options Stock Total Options Stock Total Stock-based compensation expensed* $ 2,289,000 $ 1,263,000 $ 3,552,000 $ 1,991,000 $ 1,058,000 $ 3,049,000 * Only includes directors and employees for which the options vest over time instead of based upon performance criteria for which the performance criteria has not been met as of September 30, 2016 and 2015. ** As of September 30, 2016, the Company has unamortized stock-based compensation costs for stock options of approximately $ 2.72 1.4 1.74 1.18
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	A summary of restricted stock grant activity pursuant to the 2016 Plan for the nine months ended September 30, 2016 is presented below: Weighted Average Number Grant Date of Shares Price Outstanding at January 1, 2016 - $ - Granted 1,687,552 1.54 Vested (608,500) (1.51) Forfeited - - Outstanding at September 30, 2016 1,079,052 $ 1.55 A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the nine months ended September 30, 2016 is presented below: Weighted Average Number Grant Date of Shares Price Outstanding at January 1, 2016 186,900 $ 12.29 Granted 10,000 1.80 Vested and issued (10,834) (18.75) Forfeited (26,483) (16.15) Outstanding at September 30, 2016 159,583 $ 10.56
Schedule of Share-based Compensation, Stock Options, Activity	A summary of stock options activity for the nine months ended September 30, 2016 pursuant to the Company’s equity incentive plans is presented below: Stock Options Outstanding and Exercisable Weighted Average Weighted Number Remaining Average of Options Contractual Number Exercise Vested/ Life of Options Price Exercisable (Years) Outstanding at January 1, 2016 608,333 $ 14.60 Granted 3,215,000 1.35 Exercised - - Forfeited or cancelled (335,000) (10.18) Outstanding at September 30, 2016 3,488,333 $ 2.69 1,325,000 9.36

ORGANIZATION (Details Textual)

ORGANIZATION (Details Textual) - a	1 Months Ended
	Jun. 23, 2016	Sep. 30, 2016
Real Estate Properties [Line Items]
Stockholders' Equity, Reverse Stock Split	1-for-10
Wyoming [Member]
Real Estate Properties [Line Items]
Area of Land		13,900
New Mexico [Member]
Real Estate Properties [Line Items]
Area of Land		4,500

LIQUIDITY AND MANAGEMENT'S PL28

LIQUIDITY AND MANAGEMENT'S PLANS (Details Textual) $ in Millions	Nov. 14, 2016USD ($)
Subsequent Event [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Cash	$ 17.1

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Accrued executive compensation	$ 718,231	$ 720,414
Accrued professional fees	615,500	90,825
Ad Valorem and production taxes	376,195	357,618
Board of director fees	312,998	0
Lease operating expense	313,168	177,847
Accrued interest	15,117	1,239,210
Other payables	393,483	369,505
Total accrued expenses	$ 2,744,692	$ 2,955,419

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details 1) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Balance, beginning of period			$ 208,000	$ 200,000	$ 200,000
Merger additions			777,000		0
Additions			2,000		0
Disposition			0		0
Revisions			0		(2,000)
Accretion	$ 17,000	$ 3,000	23,000	$ 7,000	10,000
Balance, Ending of period	1,010,000		1,010,000		208,000
Less: Current portion for cash flows expected to be incurred within one year	158,112		158,112		0
Long-term portion, end of period	$ 851,521		$ 851,521		$ 207,953

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
2,016	$ 158
2,017	0
2,018	24
2,019	0
2,020	87
Thereafter	741
Total	$ 1,010	$ 208	$ 200

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details 3) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	34,660,278	2,748,987
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,533,574	1,298,315
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	336,402
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,488,333	615,000
Restricted Stock Units (employees/directors) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	159,583	188,067
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	311,203
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	18,478,788	0

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Aug. 31, 2016	Aug. 03, 2016
Summary Of Significant Accounting Policies [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.01		$ 0.01
Percentage of Amount Amortized of Ending Present Value of Future Insurance Profits, Year One			10.00%
Results of Operations, Impairment of Oil and Gas Properties		$ 18,500,000		$ 24,400,000
Asset Retirement Obligation, Accretion Expense	$ 17,000	$ 3,000	$ 23,000	$ 7,000	$ 10,000
Description Of Sale Reserves			25% or more
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			34,660,278	2,748,987
Warrant [Member]
Summary Of Significant Accounting Policies [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 2.5	$ 2.5
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,840,912

MERGER WITH BRUSHY RESOURCES,34

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 23, 2016	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
SOS Note		$ 1,000,000	$ 0
Current Liabilities
Account payable and accrued expenses	$ 7,200,000
Brushy Resources, Inc [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Shares of Lilis Common Stock issued to Brushy shareholders	5,785,119
Lilis Common Stock closing price on June 23, 2016	$ 1.20
Fair value of Common Stock issued	$ 6,942,000
Cash consideration paid to SOS	500,000
SOS Note	1,000,000
Fair value of SOS warrant	170,000
Warrant liability - repricing derivative	164,000
Advance to Brushy pre-merger	2,508,000
Total purchase price	11,284,000
Current Liabilities
Account payable and accrued expenses	5,650,000
Term loan - Independent Bank	11,379,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	17,029,000
Long-Term Debt	19,000
Asset Retirement Obligation	777,000
Amount attributable to liabilities assumed	17,825,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	29,109,000
Current Assets:
Cash	706,000
Other current assets	603,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	1,309,000
Oil and Gas Properties:
Evaluated properties	7,512,000
Unevaluated properties	19,887,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	27,399,000
Other assets
Other Property Plant & Equipment	42,000
Other assets	359,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	401,000
Total Asset Value	$ 29,109,000

MERGER WITH BRUSHY RESOURCES,35

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Net loss per common share basic and diluted	$ (0.50)	$ (7.16)	$ (2.59)	$ (12.24)
Weighted average shares outstanding: Basic and diluted	17,113,942	2,738,788	12,280,013	2,679,444
Brushy Resources, Inc [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Revenue		$ 895	$ 3,924	$ 2,192
Net loss		(11,746)	(36,228)	(28,988)
Net loss attributable to common stockholders		$ (11,926)	$ 45,351	$ (29,528)
Net loss per common share basic and diluted		$ (1.05)	$ (3.67)	$ (2.60)
Weighted average shares outstanding: Basic and diluted		11,393,200	12,373,327	11,372,232

MERGER WITH BRUSHY RESOURCES,36

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Details Textual)	Aug. 03, 2016USD ($)$ / sharesshares	Jun. 06, 2016USD ($)$ / sharesshares	Sep. 29, 2016USD ($)$ / sharesshares	Aug. 31, 2016$ / shares	Jun. 23, 2016USD ($)$ / sharesshares	Jun. 15, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	May 06, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	May 04, 2016USD ($)	Mar. 31, 2016$ / shares	Dec. 31, 2015shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Instrument, Face Amount												$ 87,000
Repayments of Debt										$ 13,879,211	$ 250,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares							2,840,000			2,840,000
Proceeds from Convertible Debt										$ 2,863,095	0
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares							$ 0.01			$ 0.01
Other Payments to Acquire Businesses										$ 1,258,105	0
Debt Inducement Of Conversion Of Convertible Debentures							$ 3,179,771	$ 0		$ 8,306,675	$ 0
Conversion Of Stock Conversion Rate Modification Inducement Charge Expense					$ 3,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable					7,200,000
Working Capital Adjustments									$ 2,000,000
Commission Paid In Cash						$ 500,000
Warrant [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 2.5			$ 2.5
Stock Issued During Period, Shares, New Issues | shares	1,650,000
Share Price | $ / shares	$ 1.12						$ 3.47			$ 3.47
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years			3 years						1 year 10 months 20 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	203.00%			203.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.76%			0.76%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights ,Value	$ 1,630,000
Description Of Warrant	Additionally, if the aggregate principal amount outstanding on the Convertible Notes was not either converted by the holder or repaid in full on or before the maturity date, the Company agreed to pay a 25% premium on the maturity date.
SOSV Investments, LLC [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Repayments of Debt					500,000
T.R. Winston Company, LLC [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares		68,182
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 2.50
Commission Paid In Cash		$ 150,000
Stock Issued During Period, Shares, New Issues | shares		150
Series B Purchase Agreement [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares						9,100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares						$ 2.50
Series B Offering [Member] | Credit and Guarantee Agreement [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares							3,500,000			3,500,000
Series B Offering [Member] | Maximum [Member] | Credit and Guarantee Agreement [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares							$ 2.50			$ 2.50
Series B Offering [Member] | Minimum [Member] | Credit and Guarantee Agreement [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares							$ 0.01			$ 0.01
Note Conversion Agreement [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Conversion, Original Debt, Amount					$ 4,000,000
Debt Instrument, Convertible, Conversion Price | $ / shares					$ 1.10
Debt Conversion, Converted Instrument, Shares Issued | shares					3,636,366
Payments for (Proceeds from) Other Interest Earning Assets									5,800,000
Debt Inducement Of Conversion Of Convertible Debentures							$ 1,720,000		$ 1,720,000
Interest Payable							$ 198,000			$ 198,000
Series A Preferred Stock [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Convertible Preferred Stock Conversion Price | $ / shares					$ 5								$ 24.10
Conversion of Stock, Shares Issued | shares					1,500,000
Stock Issued During Period, Shares, New Issues | shares					1,500,000
Share Price | $ / shares					$ 1.20
Dividends Payable					$ 886,000
Gain Loss On Conversion Of Convertible Preferred stock					$ 540,000
Preferred Stock, Shares Issued | shares							0			0				7,500
Series A Preferred Stock [Member] | Maximum [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 24.10
Series A Preferred Stock [Member] | Minimum [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares					$ 5
Series B Preferred Stock [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Conversion of Stock, Shares Issued | shares						17,700,000
Preferred Stock, Dividend Rate, Percentage						6.00%
Preferred Stock, Shares Issued | shares						20,000	20,000			20,000				0
Convertible Debentures [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Instrument, Interest Rate, Stated Percentage					8.00%
Debt Instrument, Convertible, Conversion Price | $ / shares					$ 5		$ 5			$ 5
Debt Conversion, Converted Instrument, Shares Issued | shares					1,369,293
Convertible Notes [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares									1,700,000
Debt Instrument, Convertible, Conversion Price | $ / shares									$ 5
Proceeds from Convertible Debt									$ 5,800,000
Induced Conversion of Convertible Debt Expense	$ 1,600,000
Convertible Debt	$ 1,800,000
Debt Instrument, Convertible, Terms of Conversion Feature	Pursuant to the first amendment: (i) the maturity date was changed to January 2, 2017, (ii) the conversion price was adjusted to $1.10 and (iii) the coupon rate was increased to 15% per annum.
Subordinated Unsecured Promissory Note [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Instrument, Face Amount					$ 1,000,000
Convertible Note Payable [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Conversion, Original Debt, Amount			$ 1,800,000		$ 6,846,000
Debt Instrument, Convertible, Conversion Price | $ / shares					$ 20
Debt Conversion, Converted Instrument, Shares Issued | shares			1,772,456
Interest Payable					$ 1,835,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature					43,000
Gain Loss On Conversion Of Convertible Preferred stock					$ 602,000
Convertible Note Payable [Member] | Interest Payable
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Conversion, Original Debt, Amount			$ 138,000
LILIS ENERGY, INC [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business Combination, Acquisition Related Costs										$ 5,100,000
SOS Warrant [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares					200,000
Share Price | $ / shares							$ 3.47			$ 3.47
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term										1 year 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate										150.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate										0.70%
December 2015 and March 2016 Warrants [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares							620,000		620,000	620,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares			$ 0.10				$ 0.10		$ 0.10	$ 0.10
December 2015 [Member] | Convertible Notes [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares									$ 2.50
May 2016 Warrants [Member] | Convertible Debt Securities [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares									625,000
May 2016 Warrants [Member] | Convertible Notes [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares									$ 0.10
Broker Warrant [Member] | T.R. Winston Company, LLC [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares						452,724
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares						$ 1.30
Class Of Warrant Or Right Expiration,Term		exercisable on or after September 17, 2016, for a period of two years.
Independent Bank [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Repayments of Senior Debt			$ 5,400,000
Brushy Resources, Inc [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares					5,785,119
Common Stock, Shares Ratio					0.4550916
Debt Instrument, Face Amount					$ 6,000,000
Noncash Merger Related Costs					3,220,000					$ 7,400,000
Investment Advisory Fees					3,050,000
Business Combination, Acquisition Related Costs										746,000
Other Payments to Acquire Businesses									$ 2,000,000
Operating Expenses									508,000
Payments for (Proceeds from) Other Interest Earning Assets									$ 1,300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable					5,650,000
Brushy Resources, Inc [Member] | SOS Warrant [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Discount, Warrants Issued					169,000
Brushy Resources, Inc [Member] | Independent Bank [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Conversion, Original Debt, Amount					$ 11,400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable							$ 612,000			612,000
Repayments of Senior Debt										$ 5,400,000

OIL AND GAS ASSETS (Details Tex

OIL AND GAS ASSETS (Details Textual)	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 23, 2016USD ($)a	May 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Depreciation, Depletion and Amortization			$ 570,000	$ 46,000	$ 1,110,000	$ 461,000
Acquisition oil and Gas Property, Consideration		$ 1,680,000
Permian Basin [Member]
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Number of Real Estate Properties	19
Costs Incurred, Acquisition of Oil and Gas Properties	$ 7,500,000
Gas and Oil Area, Developed, Net | a	3,458
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Unevaluated Properties	$ 19,900,000

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Executive employment agreements	$ (718,000)	$ (223,000)
Warrant liabilities	(718,000)	(56,000)
Convertible debenture conversion derivative liability		(6,000)
Total liability, at fair value	(1,436,000)	(285,000)
Fair Value, Inputs, Level 1 [Member]
Executive employment agreements	0	0
Warrant liabilities	0	0
Convertible debenture conversion derivative liability		0
Total liability, at fair value	0	0
Fair Value, Inputs, Level 2 [Member]
Executive employment agreements	0	0
Warrant liabilities	0	0
Convertible debenture conversion derivative liability		0
Total liability, at fair value	0	0
Fair Value, Inputs, Level 3 [Member]
Executive employment agreements	(718,000)	(223,000)
Warrant liabilities	(718,000)	(56,000)
Convertible debenture conversion derivative liability		(6,000)
Total liability, at fair value	$ (1,436,000)	$ (285,000)

FAIR VALUE OF FINANCIAL INSTR39

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1)	9 Months Ended
	Sep. 30, 2016USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ (285,000)
Additional liability	(557,000)
Change in fair value of liability	(637,000)
Converted to equity	43,000
Balance, Ending	(1,436,000)
Conversion Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(6,000)
Additional liability	0
Change in fair value of liability	(37,000)
Converted to equity	43,000
Balance, Ending	0
Bristol/Heartland/SOS warrant liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(56,000)
Additional liability	(164,000)
Change in fair value of liability	(498,000)
Converted to equity	0
Balance, Ending	(718,000)
Incentive Bonus [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(223,000)
Additional liability	(393,000)
Change in fair value of liability	(102,000)
Converted to equity	0
Balance, Ending	$ (718,000)

FAIR VALUE OF FINANCIAL INSTR40

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($)	Jan. 08, 2015	Sep. 02, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 23, 2016
Fair Value Of Financial Instruments Textual [Abstract]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.01		$ 0.01
Impairment of Oil and Gas Properties			$ 0	$ 18,471,993	$ 0	$ 24,438,902
Accrued Bonus			$ 718,000		$ 718,000
Convertible Debentures [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Debt Instrument, Convertible, Conversion Price			$ 5		$ 5		$ 5
Debt Instrument, Interest Rate, Effective Percentage			8.00%		8.00%
SOS Warrant [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Warrant Issued To Purchased Common Stock					500,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price			$ 2.50		$ 2.50
Share Price			$ 3.47		$ 3.47
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					1 year 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					150.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					0.70%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 428,000
Derivative, Gain (Loss) on Derivative, Net			$ 264,000		264,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding			$ 164,000		$ 164,000
Consulting Agreement [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price			$ 20		$ 20
Share Price			$ 3.47		$ 3.47
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					2 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					150.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					0.90%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 229,000
Derivative, Gain (Loss) on Derivative, Net			$ 135,000		$ 185,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 20
Warrants To Purchas Common Stock		100,000
Options To Purchase Common Stock		100,000
Credit Agreement [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price	$ 4.05		$ 4.05		$ 4.05
Share Price			$ 3.47		$ 3.47
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					3 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					150.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					0.90%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 61,000
Derivative, Gain (Loss) on Derivative, Net			$ 39,000		$ 49,000
Warrant Issued	22,500
Credit Agreement [Member] | Maximum [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2.50		$ 2.50
Credit Agreement [Member] | Minimum [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.01		$ 0.01

LOAN AGREEMENTS (Details)

LOAN AGREEMENTS (Details) - Credit Agreement [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Term Loan - Credit and Guarantee Agreement	$ 23,286,000	$ 0
Term loan - Heartland, net of deferred financing costs	$ 0	$ 2,492,000

LOAN AGREEMENTS (Details 1)

LOAN AGREEMENTS (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Short-term Debt [Line Items]
Accretion of debt discount	$ 2,738,413	$ 20,003
Converted to equity	(8,121,424)	$ 0
Related Party Transaction [Member] | Convertible Debt [Member]
Short-term Debt [Line Items]
Convertible notes, net - January 1, 2016	1,055,000
Borrowings	1,250,000
Warrants issued as debt discount	(646,000)
Accretion of debt discount	1,391,000
Converted to equity	(3,050,000)
Convertible notes, net- September 30, 2016	0
Non Related Party Transaction [Member] | Convertible Debt [Member]
Short-term Debt [Line Items]
Convertible notes, net - January 1, 2016	674,000
Borrowings	1,613,000
Warrants issued as debt discount	(833,000)
Accretion of debt discount	1,309,000
Converted to equity	(2,763,000)
Convertible notes, net- September 30, 2016	$ 0

LOAN AGREEMENTS (Details 2)

LOAN AGREEMENTS (Details 2) - Convertible notes [Member]	Dec. 31, 2015USD ($)
Related Party [Member]
Short-term Debt [Line Items]
Convertible notes	$ 1,800,000
Unamortized debt discount	(745,000)
Convertible notes, net	1,055,000
Non Related Party [Member]
Short-term Debt [Line Items]
Convertible notes	1,150,000
Unamortized debt discount	(476,000)
Convertible notes, net	$ 674,000

LOAN AGREEMENTS (Details 3)

LOAN AGREEMENTS (Details 3)	Sep. 30, 2016USD ($)
SOSV Investments, LLC [Member]
Debt Instrument [Line Items]
Note payable - SOS due after one year	$ 1,000,000	[1]
[1]	The SOS Note matures on June 30, 2019 and has an interest rate of 6.0% due at maturity.

LOAN AGREEMENTS (Details Textua

LOAN AGREEMENTS (Details Textual) - USD ($)	May 04, 2016	Sep. 29, 2016	Jun. 23, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Jun. 22, 2016	Jun. 06, 2016	Jan. 08, 2015
Debt Instrument, Face Amount	$ 87,000
Amortization of Debt Discount (Premium)						$ 2,738,413	$ 20,003
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.01		$ 0.01
Other Expenses	$ 53,000
Non Cash Interest Expense				$ 462,000	$ 347,000	$ 3,880,000	944,000
Interest Expense				$ 617,000	$ 437,000	$ 4,220,000	$ 1,210,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,840,000		2,840,000
Independent Bank [Member]
Repayments of Senior Debt		$ 5,400,000
SeriesBPurchaseAgreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,840,000		2,840,000
T.R. Winston Company, LLC [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights										$ 2.50
Class of Warrant or Right, Number of Securities Called by Warrants or Rights										68,182
Convertible Debt [Member]
Amortization of Debt Discount (Premium)				$ 462,000		$ 2,700,000
Independent Bank and Promissory Note [Member]
Debt Instrument, Face Amount									$ 6,000,000
Debt Instrument, Interest Rate, Effective Percentage									6.50%
Debt Instrument, Collateral Amount									$ 5,400,000
Note Conversion Agreement [Member]
Debt Instrument, Maturity Date Range, Start						Sep. 30, 2019
SOS Note [Member]
Debt Instrument, Interest Rate, Stated Percentage				6.00%		6.00%
Debt Instrument, Maturity Date Range, Start						Jun. 30, 2019
Credit and Guarantee Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage				6.00%		6.00%
Commitment Fee On Initial Loan Advance,Percentage		2.00%		2.00%		2.00%
Line of Credit Facility, Maximum Borrowing Capacity				$ 50,000,000		$ 50,000,000
Prepayment Of Debt Premium,Percentage				6.00%		6.00%
Credit and Guarantee Agreement [Member] | SeriesBPurchaseAgreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights								3,500,000
Debt Issuance Costs, Net				$ 714,000		$ 714,000
Credit and Guarantee Agreement [Member] | SeriesBPurchaseAgreement [Member] | Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.50		$ 2.50
Credit and Guarantee Agreement [Member] | SeriesBPurchaseAgreement [Member] | Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.01		$ 0.01
Credit and Guarantee Agreement [Member] | T.R. Winston Company, LLC [Member]
Payments for Brokerage Fees						$ 420,000
Credit and Guarantee Agreement [Member] | KES 7 Capital Inc [Member]
Payments for Brokerage Fees						200,000
HeartlandCreditAgreement [Member]
Amortization of Debt Discount (Premium)			$ 250,000
Secured Debt											$ 3,000,000
Extinguishment of Debt, Amount			$ 2,750,000
Amortization of Deferred Charges				$ 193,000		$ 220,000
HeartlandCreditAgreement [Member] | Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.50		$ 2.50
HeartlandCreditAgreement [Member] | Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.01		$ 0.01
Senior Debt Obligations [Member] | Credit and Guarantee Agreement [Member]
Proceeds from Issuance of Secured Debt						$ 31,000,000
Prepayment Of Debt Premium,Percentage				25.00%		25.00%
Additional Proceeds From Issuance Of Secured Debt		$ 6,000,000
Debt Instrument Outstanding ,Percentage				60.00%		60.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)

Jun. 06, 2016

Sep. 29, 2016

Jun. 23, 2016

Jun. 15, 2016

May 27, 2015

May 30, 2014

Mar. 20, 2014

Sep. 30, 2016

Sep. 30, 2015

May 06, 2016

Sep. 30, 2016

Sep. 30, 2015

Mar. 31, 2016

Mar. 18, 2016

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

2,840,000

2,840,000

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 0.01

$ 0.01

Commission Paid In Cash

$ 500,000

Debt Conversion, Converted Instrument, Amount

$ 8,121,424

$ 0

Proceeds from Convertible Debt

$ 2,863,095

0

December 2015 and March 2016 Warrants [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

620,000

620,000

620,000

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 0.10

$ 0.10

$ 0.10

$ 0.10

Class of Warrant or Right, Warrants Exercised

80,000

80,000

2013 and 2014 Warrants [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

416,454

416,454

Stock Issued During the Period, Exercise of Warrants

300,706

Class of Warrant or Right, Warrants Exercised

315,990

80,000

2013 and 2014 Warrants [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 42.50

$ 42.50

2013 and 2014 Warrants [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

25

25

Series B Preferred Stock [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

$ 20,000,000

Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Stock Issued During Period, Shares, New Issues

1,500,000

Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants

$ 7,500,000

Convertible Preferred Stock Conversion Price

$ 5

$ 24.10

Share Price

1.20

Series A Preferred Stock [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights

24.10

Series A Preferred Stock [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 5

Series B Purchase Agreement [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

9,100,000

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 2.50

Convertible Debentures [Member]

Related Party Transaction [Line Items]

Debt Conversion, Converted Instrument, Shares Issued

1,369,293

Convertible Notes [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

1,700,000

Proceeds from Convertible Debt

$ 5,800,000

Credit and Guarantee Agreement [Member]

Related Party Transaction [Line Items]

Debt Conversion, Converted Instrument, Shares Issued

1,772,456

Commitment Fee On Initial Loan Advance,Percentage

2.00%

2.00%

2.00%

Proceeds from Sale of Other Investments

$ 2,800,000

Credit and Guarantee Agreement [Member] | Series B Purchase Agreement [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

2,850,000

3,500,000

3,500,000

Credit and Guarantee Agreement [Member] | Series B Purchase Agreement [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 2.50

$ 0.01

$ 0.01

Credit and Guarantee Agreement [Member] | Series B Purchase Agreement [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 0.01

$ 2.50

$ 2.50

Wallington Investment Holdings [Member]

Related Party Transaction [Line Items]

Equity Method Investment, Ownership Percentage

5.00%

5.00%

Proceeds from Issuance of Private Placement

$ 250,000

Wallington Investment Holdings [Member] | Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Conversion of Stock, Amount Converted

125,000

Wallington Investment Holdings [Member] | Convertible Debentures [Member]

Related Party Transaction [Line Items]

Debt Conversion, Converted Instrument, Amount

2,090,000

Wallington Investment Holdings [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

300,000

T.R. Winston Company, LLC [Member]

Related Party Transaction [Line Items]

Equity Method Investment, Ownership Percentage

5.00%

Stock Issued During the Period, Exercise of Warrants

75,820

Noninterest Expense Investment Advisory Fees

$ 350,000

T.R. Winston Company, LLC [Member] | Series B Preferred Stock [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

68,182

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 2.50

Warrants To Purchase Common Stock

159,091

Stock Issued During Period, Shares, New Issues

350

T.R. Winston Company, LLC [Member] | Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Conversion of Stock, Amount Converted

$ 779,000

T.R. Winston Company, LLC [Member] | Series B Purchase Agreement [Member]

Related Party Transaction [Line Items]

Class of Warrant or Right, Number of Securities Called by Warrants or Rights

452,724

Class of Warrant or Right, Exercise Price of Warrants or Rights

$ 1.30

Commission Paid In Cash

$ 500,000

Transaction Fee Paid Reinvestments by Related Party

$ 150,000

Stock Issued During Period, Shares, New Issues

150

T.R. Winston Company, LLC [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

400,000

Board of Directors Chairman [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

1,000,000

Deferred Compensation Arrangment, Base Salary Payable Year Three

$ 400,000

400,000

Deferred Compensation Arrangement Base Salary Payable Year Two

350,000

350,000

Deferred Compensation Arrangement Base Salary Payable Year One

300,000

$ 300,000

Board of Directors Chairman [Member] | Restricted Stock [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Shares Issued

1,250,000

Board of Directors Chairman [Member] | Share-based Compensation Award, Tranche One [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

34.00%

Board of Directors Chairman [Member] | Share-based Compensation Award, Tranche Two [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Board of Directors Chairman [Member] | Share-based Compensation Award, Tranche Three [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Board of Directors Chairman [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

500.00%

Board of Directors Chairman [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

0.00%

Board of Directors Chairman [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

1,150,000

President [Member]

Related Party Transaction [Line Items]

Officers' Compensation

$ 307,000

Deferred Compensation Arrangement with Individual, Distributions Paid

$ 100,000

President [Member] | Share-based Compensation Award, Tranche One [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

34.00%

President [Member] | Share-based Compensation Award, Tranche Two [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

President [Member] | Share-based Compensation Award, Tranche Three [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

President [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

500.00%

President [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

0.00%

Nuno Brandolini [Member] | Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Conversion of Stock, Amount Converted

$ 100,000

Nuno Brandolini [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

250,000

General Merrill McPeak [Member] | Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Conversion of Stock, Amount Converted

250,000

General Merrill McPeak [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

250,000

Chief Financial Officer [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount

$ 125,000

125,000

Officers' Compensation

$ 275,000

Chief Financial Officer [Member] | Share-based Compensation Award, Tranche One [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

34.00%

Chief Financial Officer [Member] | Share-based Compensation Award, Tranche Two [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Chief Financial Officer [Member] | Share-based Compensation Award, Tranche Three [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Chief Financial Officer [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

500.00%

Chief Financial Officer [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

0.00%

Executive Vice President [Member]

Related Party Transaction [Line Items]

Officers' Compensation

$ 267,000

Executive Vice President [Member] | Share-based Compensation Award, Tranche One [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

34.00%

Executive Vice President [Member] | Share-based Compensation Award, Tranche Two [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Executive Vice President [Member] | Share-based Compensation Award, Tranche Three [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Executive Vice President [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

500.00%

Executive Vice President [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

0.00%

Director [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

$ 125,000

Abraham Mirman [Member] | Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Conversion of Stock, Amount Converted

250,000

Ronald D Ormand [Member] | Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Conversion of Stock, Amount Converted

$ 500,000

Interest Payable [Member] | Credit and Guarantee Agreement [Member]

Related Party Transaction [Line Items]

Debt Conversion, Original Debt, Amount

$ 138,000

Employee Stock Option [Member]

Related Party Transaction [Line Items]

Share Price

$ 1.34

$ 1.34

Employee Stock Option [Member] | President [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Shares Issued

375,000

Deferred Compensation Arrangement with Individual, Exercise Price

$ 1.34

Employee Stock Option [Member] | Chief Financial Officer [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Shares Issued

625,000

Deferred Compensation Arrangement with Individual, Exercise Price

$ 1.34

Employee Stock Option [Member] | Executive Vice President [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Shares Issued

375,000

Deferred Compensation Arrangement with Individual, Exercise Price

$ 1.34

Chief Executive Officer [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

$ 1,650,000

Deferred Compensation Arrangment, Base Salary Payable Year Three

$ 425,000

425,000

Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount

175,000

175,000

Deferred Compensation Arrangement Base Salary Payable Year Two

375,000

375,000

Deferred Compensation Arrangement Base Salary Payable Year One

$ 350,000

$ 350,000

Chief Executive Officer [Member] | Share-based Compensation Award, Tranche One [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

34.00%

Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Two [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Chief Executive Officer [Member] | Share-based Compensation Award, Tranche Three [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

Chief Executive Officer [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

500.00%

Chief Executive Officer [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

0.00%

Chief Executive Officer [Member] | Series A Preferred Stock [Member]

Related Party Transaction [Line Items]

Convertible Preferred Stock Conversion Price

$ 5

$ 5

Chief Executive Officer [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

750,000

Chief Executive Officer [Member] | Employee Stock Option [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Shares Issued

1,250,000

Deferred Compensation Arrangement with Individual, Exercise Price

$ 1.34

Beneficial Owner [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

$ 1,300,000

Steven B. Dunn and Laura Dunn [Member] | Convertible Debentures [Member]

Related Party Transaction [Line Items]

Debt Conversion, Converted Instrument, Amount

1,020,000

Bryan Ezralow [Member] | Convertible Debentures [Member]

Related Party Transaction [Line Items]

Debt Conversion, Converted Instrument, Amount

$ 1,540,000

Kevin Nanke [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

50,000

Pierre Caland [Member] | Convertible Notes [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

$ 100,000

SOS Ventures, LLC [Member]

Related Party Transaction [Line Items]

Equity Method Investment, Ownership Percentage

5.00%

5.00%

Extinguishment of Debt, Amount

$ 20,500,000

General Counsel and Secretary [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount

$ 112,500

$ 112,500

Officers' Compensation

$ 250,000

General Counsel and Secretary [Member] | Share-based Compensation Award, Tranche One [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

34.00%

General Counsel and Secretary [Member] | Share-based Compensation Award, Tranche Two [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

General Counsel and Secretary [Member] | Share-based Compensation Award, Tranche Three [Member]

Related Party Transaction [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage

33.00%

General Counsel and Secretary [Member] | Maximum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

500.00%

General Counsel and Secretary [Member] | Minimum [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage

0.00%

General Counsel and Secretary [Member] | Employee Stock Option [Member]

Related Party Transaction [Line Items]

Deferred Compensation Arrangement with Individual, Shares Issued

375,000

Deferred Compensation Arrangement with Individual, Exercise Price

$ 1.34

MLV Co. LLC [Member]

Related Party Transaction [Line Items]

Debt Conversion, Converted Instrument, Shares Issued

75,000

Management Fee Expense

$ 25,000

Costs and Expenses, Related Party

$ 75,000

$ 225,000

Accrued Liabilities

$ 150,000

Share Price

$ 1.56

KKN Holdings, LLC [Member] | Chief Financial Ofiicer Two [Member]

Related Party Transaction [Line Items]

Proceeds from Issuance of Private Placement

$ 200,000

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - Warrant [Member]	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares) | shares	2,478,316
Warrants issued with Series B Preferred Stock | shares	6,250,015
Warrants issued with Series B Preferred Stock, adjusted for Credit and Guarantee agreement | shares	2,840,912
Warrants issued for with Series B Preferred Stock fees | shares	1,272,727
Warrant Issued With Convertible Notes | shares	1,145,238
Warrants To Amend Convertible Notes | shares	1,648,267
Warrant issued to SOS Ventures | shares	200,000
Exercised, forfeited or expired | shares	(460,989)
Outstanding (in shares) | shares	15,374,486
Weighted Average Exercise Price, Outstanding at January 1, 2016 | $ / shares	$ 14.80
Weighted Average Exercise Price, Warrants issued with Series B Preferred Stock | $ / shares	1.73
Weighted Average Exercise Price, Warrants issued with Series B Preferred Stock, adjusted for Credit and Guarantee agreement | $ / shares	0.01
Weighted Average Exercise Price, Warrants issued for with Series B Preferred Stock fees | $ / shares	1.30
Weighted Average Exercise Price, Warrants issued with Convertible Notes | $ / shares	2.47
Weighted Average Exercise Price, Warrants to amend Convertible Notes | $ / shares	2.50
Weighted Average Exercise Price, Warrant issued to SOS Ventures | $ / shares	25
Weighted Average Exercise Price, Exercised, forfeited or expired | $ / shares	(34.74)
Weighted Average Exercise Price, Outstanding at September 30, 2016 | $ / shares	$ 3.35

SHAREHOLDERS' EQUITY (Details T

SHAREHOLDERS' EQUITY (Details Textual) - USD ($)	Aug. 03, 2016	Aug. 31, 2016	Jun. 23, 2016	Jun. 15, 2016	Aug. 31, 2014	May 30, 2014	Sep. 30, 2016	Sep. 30, 2015	May 06, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 29, 2016	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 0.01			$ 0.01
Dividends, Preferred Stock										$ 90,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							2,840,000			2,840,000
Debt Inducement Of Conversion Of Convertible Debentures							$ 3,179,771	$ 0		$ 8,306,675	$ 0
December 2015 and March 2016 Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 0.10		$ 0.10	$ 0.10		$ 0.10
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							620,000		620,000	620,000
Class of Warrant or Right, Warrants Exercised							80,000			80,000
Note Conversion Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt Inducement Of Conversion Of Convertible Debentures							$ 1,720,000		$ 1,720,000
Brushy Resources, Inc [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase Of Common Stock Shares By Warrants Issued										200,000
Series A Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues			1,500,000
Share Price			$ 1.20
Preferred Stock, Shares Issued							0			0				7,500
Preferred Stock, Shares Authorized							10,000,000			10,000,000				10,000,000
Convertible Preferred Stock Conversion Price			5										$ 24.10
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants						$ 7,500,000
Series A Preferred Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			24.10
Series A Preferred Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 5
Redeemable Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued					2,000
Preferred Stock, Conversion Basis										The Redeemable Preferred Stock bears a 6% dividend per annum, payable quarterly, and is redeemable at face value (plus any accrued and unpaid dividends) at any time at the Companys option, or at the Holders option upon the Companys achievement of certain production and reserves thresholds. These thresholds include, the Companys annualized gross production average for 90 consecutive days at 2,500 BOE per day or higher or the Companys PV-10 value of its producing developed properties filed with the Securities and Exchange Commission exceeds $50 million.
Gross Proceeds From Preferred Stock										$ 1,820,000
Dividends, Preferred Stock										$ 210,000
Preferred Stock, Shares Authorized					2,000
Preferred Stock, Dividend Rate, Percentage					6.00%
Series B Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Issuance of Private Placement				$ 20,000,000
Preferred Stock, Shares Issued				20,000			20,000			20,000				0
Preferred Stock, Shares Authorized					20,000		20,000			20,000				20,000
Preferred Stock, Dividend Rate, Percentage				6.00%
Purchase Of Common Stock Shares By Warrants Issued										13,160,000
2013 and 2014 Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 0.10			$ 0.10
Stock Issued During the Period, Exercise of Warrants										300,706
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							416,454			416,454
Class of Warrant or Right, Warrants Exercised							315,990
2013 and 2014 Warrants [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 42.50			$ 42.50
2013 and 2014 Warrants [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							25			25
May 2014 Private Placement [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							2.50			2.50
May 2014 Private Placement [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							0.10			$ 0.10
December 2015 and March 2016 Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase Of Common Stock Warrant										620,000
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues	1,650,000
Share Price	$ 1.12						$ 3.47			$ 3.47
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.5	$ 2.5
Shares Issued, Price Per Share		$ 1.12
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.76%	0.76%
Class Of Warrants Or Rights Issued Value		$ 1,630,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years	3 years								1 year 10 months 20 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	203.00%	203.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value							$ 25,400,000			$ 25,400,000
Class Of Warrant or Right ,warrant Issued With Conventiable Notes		1,650,000
Warrant [Member] | Series B Preferred Stock Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 1.2			$ 1.2
Shares Issued, Price Per Share							1.20			$ 1.20
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate										0.92%
Class Of Warrants Or Rights Issued Value										$ 1,590,000
Warrants Issued										1,270,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term										3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate										238.00%
Warrant [Member] | Purchasers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							2.50			$ 2.50
Shares Issued, Price Per Share							$ 1.30			$ 1.30
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate										0.78%
Class Of Warrants Or Rights Issued Value										$ 9,400,000
Warrants Issued										9,090,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term										2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate										238.00%
Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.50
Purchase Of Common Stock Shares By Warrants Issued				9,090,909
Private Placement [Member] | Series B Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues				20,000
Share Price				$ 1.20
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.50
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				0.78%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				2 years
Preferred Stock, Dividend Rate, Percentage				6.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				238.00%
Convertible Preferred Stock Conversion Price				$ 2.50
Percentage Of Warrants Issued Upon Conversion Of Preferred Stock				50.00%
Convertible Preferred Stock Beneficial Conversion Feature										$ 7,900,000
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants										$ 15,200,000
Series B Purchase Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.50
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				9,100,000
Series B Purchase Agreement [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							3,500,000			3,500,000		2,850,000
Series B Purchase Agreement [Member] | Maximum [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 0.01			$ 0.01		$ 2.50
Series B Purchase Agreement [Member] | Minimum [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 2.50			$ 2.50		$ 0.01

SHARE BASED AND OTHER COMPENS49

SHARE BASED AND OTHER COMPENSATION (Details) - USD ($)		3 Months Ended			9 Months Ended
		Sep. 30, 2016	[1]	Sep. 30, 2015	Sep. 30, 2016	[1]	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	[2]	$ 1,691,000		$ 410,000	$ 3,552,000		$ 3,049,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	[2]	558,000		268,000	2,289,000		1,991,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	[2]	$ 1,133,000		$ 142,000	$ 1,263,000		$ 1,058,000
[1]	As of September 30, 2016, the Company has unamortized stock-based compensation costs for stock options of approximately $2.72 million and $1.4 million for restricted stock. The Company has a weighted average amortization period remaining for stock options of 1.74 years and 1.18 years for restricted stock.
[2]	Only includes directors and employees for which the options vest over time instead of based upon performance criteria for which the performance criteria has not been met as of September 30, 2016 and 2015.

SHARE BASED AND OTHER COMPENS50

SHARE BASED AND OTHER COMPENSATION (Details 1)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Restricted Stock [Member]
Number of Shares, Outstanding at January 1, 2016 | shares	0
Number of Shares, Granted | shares	1,687,552
Number of Shares, Vested and issued | shares	(608,500)
Number of Shares, Forfeited | shares	0
Number of Shares, Outstanding at September 30, 2016 | shares	1,079,052
Weighted Average Grant Date Price, Outstanding at January 1, 2016 | $ / shares	$ 0
Weighted Average Grant Date Price, Granted | $ / shares	1.54
Weighted Average Grant Date Price, Vested and issued | $ / shares	(1.51)
Weighted Average Grant Date Price, Forfeited | $ / shares	0
Weighted Average Grant Date Price, Outstanding at September 30, 2016 | $ / shares	$ 1.55
Restricted Stock Units (RSUs) [Member]
Number of Shares, Outstanding at January 1, 2016 | shares	186,900
Number of Shares, Granted | shares	10,000
Number of Shares, Vested and issued | shares	(10,834)
Number of Shares, Forfeited | shares	(26,483)
Number of Shares, Outstanding at September 30, 2016 | shares	159,583
Weighted Average Grant Date Price, Outstanding at January 1, 2016 | $ / shares	$ 12.29
Weighted Average Grant Date Price, Granted | $ / shares	1.80
Weighted Average Grant Date Price, Vested and issued | $ / shares	(18.75)
Weighted Average Grant Date Price, Forfeited | $ / shares	(16.15)
Weighted Average Grant Date Price, Outstanding at September 30, 2016 | $ / shares	$ 10.56

SHARE BASED AND OTHER COMPENS51

SHARE BASED AND OTHER COMPENSATION (Details 2) - Equity Option [Member]	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Outstanding (in shares)	608,333
Number of Options, Granted	3,215,000
Number of Options, Exercised	0
Number of Options, Forfeited or cancelled	(335,000)
Outstanding (in shares)	3,488,333
Weighted Average Exercise Price, Outstanding at January 1, 2016 | $ / shares	$ 14.60
Weighted Average Exercise Price, Granted | $ / shares	1.35
Weighted Average Exercise Price, Exercised | $ / shares	0
Weighted Average Exercise Price, Forfeited or cancelled | $ / shares	(10.18)
Weighted Average Exercise Price, Outstanding at September 30, 2016 | $ / shares	$ 2.69
Number of Options Vested/Exercisable at September 30, 2016	1,325,000
Weighted Average Remaining Contractual Life (Years)	9 years 4 months 10 days

SHARE BASED AND OTHER COMPENS52

SHARE BASED AND OTHER COMPENSATION (Details Textual) - USD ($)	Jul. 07, 2016	Jan. 13, 2016	Dec. 31, 2015	Sep. 30, 2016	Nov. 03, 2016	Apr. 20, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms				1 year 2 months 5 days
Stock or Unit Option Plan Expense				$ 2,720,000
Restricted Stock or Unit Expense				$ 1,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				1 year 8 months 26 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights				the Company granted options to purchase a total of 3,215,000 shares of Common Stock to management and employees under the 2016 Plan.
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value				$ 6,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price				$ 3.47
Board Fee [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			85,000
Consulting Service [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures				32,052
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights				the Company granted options to purchase a total of 3,125,000 shares of Common Stock to management and employees, of which one-third vested immediately and balance will vest evenly over two years
Stock Issued During Period, Shares, Issued for Services				32,052
Employee Stock Option [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited				335,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value				$ 4,080,000
Share Price				$ 1.34
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 1.34
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				5 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				197.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				1.08%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number				3,488,333
Restricted Stock [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited				26,483
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				1,687,552
Employees And Directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				128,750
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number				159,583
Non Employees And Directors [Member]
Options Outstanding, Granted	45,000			120,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value				$ 1,390,000
Share Price	$ 1.80
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 1.80
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	7 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	192.13%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.85%
Stock Granted, Value, Share-based Compensation, Gross	$ 36,000
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award	the Company granted 45,000 stock options to a non-employee director, of which 20,000 stock options vest immediately and 25,000 stock options vest in equal installments over three years.	the Company granted 45,000 stock options to a non-employee director, which 20,000 stock options vest immediately and 25,000 stock options vest in equal installments over three years
Consultants [Member]
Stock Issued During Period, Shares, Issued for Services				90,000
Omnibus Incentive Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						5,000,000
Omnibus Incentive Plan 2016 [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					10,000,000
Omnibus Incentive Plan 2016 [Member] | Common Stock [Member]
Stock Issued During Period, Shares, New Issues				45,000
Omnibus Incentive Plan 2016 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				10,000

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] $ in Millions	Oct. 12, 2016USD ($)a
Subsequent Event [Line Items]
Business Combination, Consideration Transferred | $	$ 3
Area of Land | a	500
Number Of Barrel Of Oil Equivalent	570
Working Interest Producing Vertical Well ,Percentage	78.00%