Lilis Energy (LLEX) 10-K 3 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 01, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	1,437,557
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 8,249,960
Trading Symbol	LLEX
Entity Common Stock, Shares Outstanding		24,387,793

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 11,738	$ 110
Accounts receivables, net of allowance of $106 and $80, respectively	2,247	952
Prepaid expenses and other current assets	767	79
Total current assets	14,752	1,141
Oil and gas properties, full cost method of accounting
Unproved	24,461	0
Proved	69,809	50,096
Less: accumulated depreciation, depletion, amortization and impairment	(55,771)	(49,573)
Total oil and gas properties, net	38,499	523
Other assets:
Other property and equipment, net	52	44
Other assets	216	2,000
Total other assets	268	2,044
Total assets	53,519	3,708
Current liabilities:
Accounts payable	5,166	1,331
Accrued liabilities	2,706	3,496
Dividends payable	808	719
Asset retirement obligations	338	0
Current portion of long-term debt	17	11,067
Total current liabilities	9,035	16,613
Long term liabilities:
Asset retirement obligations	919	209
Long-term debt	30,226	0
Long-term derivative liabilities	1,400	56
Total liabilities	41,580	16,878
Commitments and contingencies (Note 9)
Conditionally redeemable 6% preferred stock, $0.0001 par value, 7,000 shares authorized, 2,000 shares issued and outstanding with a liquidation preference of $2,240 at December 31, 2016.	1,874	1,173
Stockholders’ Equity (Deficit):
Common stock, $0.0001 par value per share; 100,000,000 shares authorized, 20,918,901 and 2,786,275 shares issued and outstanding as of December 31, 2016 and 2015, respectively.	2	0
Additional paid in capital	219,837	159,773
Accumulated deficit	(223,206)	(180,910)
Total stockholders’ equity (deficit)	10,065	(14,343)
Total liabilities, redeemable preferred stock and stockholders’ equity	53,519	3,708
Series A Preferred Stock [Member]
Stockholders’ Equity (Deficit):
Preferred stock value	0	6,794
Total stockholders’ equity (deficit)	0	6,794
Series B Preferred Stock [Member]
Stockholders’ Equity (Deficit):
Preferred stock value	13,432	0
Total stockholders’ equity (deficit)	$ 13,432	$ 0

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Allowance related to accounts receivable	$ 106
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	2,240
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	20,918,901	2,786,275
Common Stock, Shares, Outstanding	20,918,901	2,786,275
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	10,000
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	17,000	0
Preferred Stock, Shares Outstanding	17,000	0
Preferred Stock, liquidation preference	$ 20,627

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Oil, natural gas and natural gas liquid sales	$ 3,435	$ 396
Costs and expenses:
Production costs	1,247	195
Production taxes	(167)	28
General and administrative	14,570	7,930
Depreciation, depletion and amortization	1,566	574
Accretion of asset retirement obligations	132	10
Impairment of evaluated oil and gas properties	4,718	24,478
Total operating expenses	22,066	33,215
Loss from operations	(18,631)	(32,819)
Other income (expenses):
Other income	90	3
Debt conversion inducement expense	(8,307)	0
Gain on extinguishment of debt	250	0
Gain (loss) in fair value of derivative instruments	(1,222)	1,638
Gain (loss) in fair value of conditionally redeemable 6% preferred stock	(701)	514
Gain on modification of convertible debts	602	0
Interest expense	(4,924)	(1,697)
Total other income (expenses)	(14,212)	458
Net loss	(32,843)	(32,361)
Dividends on redeemable preferred stock	(407)	(120)
Loss on extinguishment of Series A Convertible Preferred Stock	(540)	0
Dividend and deemed dividend Series B Convertible Preferred Stock	(8,506)	(600)
Net loss attributable to common shareholders	$ (42,296)	$ (33,081)
Net loss per common share basic and diluted	$ (3.73)	$ (12.13)
Weighted average common shares outstanding:
Basic and diluted	11,328,252	2,726,775

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member]Common Stock [Member]
Balance at Dec. 31, 2014	$ 14,066	$ 0	$ 155,101	$ (147,829)	$ 6,794	$ 0
Balance (in shares) at Dec. 31, 2014		2,699,273			7,500	0
Issuances of common stock	365	$ 0	365	0	$ 0	$ 0
Issuances of common stock (in shares)		87,002			0	0
Fair value of warrants issued for professional services	425	$ 0	425	0	$ 0	$ 0
Fair value of warrants issued for bridge term loan	1,222	0	1,222	0	0	0
Stock based compensation	2,660	$ 0	2,660	0	$ 0	$ 0
Stock based compensation (in shares)		0			0	0
Dividends and deemed dividends for Preferred Stock					$ 0	$ 0
Dividend Preferred stockholders					0	0
Dividend Series A Convertible Preferred stock					0	0
Dividend Preferred stockholders	(120)	$ 0	0	(120)
Deemed dividend Series A Convertible Preferred Stock	(600)	0	0	(600)
Fair value of warrants issued or repriced recorded as deb discount	425
Net loss	(32,361)	0	0	(32,361)	0	0
Balance at Dec. 31, 2015	(14,343)	$ 0	159,773	(180,910)	$ 6,794	$ 0
Balance (in shares) at Dec. 31, 2015		2,786,275			7,500	0
Stock based compensation	7,078	$ 0	7,078	0	$ 0	$ 0
Stock based compensation (in shares)		711,667			0	0
Exercise of warrants	187	$ 0	187	0	$ 0	$ 0
Exercise of warrants (in shares)		420,707			0	0
Fair value of warrants issued for financing costs	713	$ 0	713	0	$ 0	$ 0
Issuance and repricing of warrants to induce conversion	8,307	0	8,307	0	0	0
Gain on modification of convertible debentures	(602)	0	(602)	0	0	0
Fair value of warrants issued for debt discount	1,479	0	1,479	0	0	0
Common stock issued for conversion of convertible notes and accrued interest	14,872	1	14,871	0	0	0
Common stock and warrants issued in connection with the Brushy merger	7,111	$ 0	7,111	0	0	0
Common stock and warrants issued in connection with the Brushy merger (in shares)		5,785,119
Series B Preferred stock issued for cash, net of fees	18,195	$ 0	0	0	$ 0	$ 18,195
Series B Preferred stock issued for cash, net of fees (in shares)		0			0	20,000
Warrants issued for Series B Preferred Stock offering fees	0	$ 0	1,590	0	$ 0	$ (1,590)
Common stock issued for conversion of Series A Preferred Stock and accrued dividends	888	$ 1	7,681	0
Common stock issued for conversion of Series A Preferred Stock and accrued dividends (in shares)		1,500,000			(7,500)	0
Loss on extinguishment of Series A Preferred Stock	0	$ 0	540	(540)	$ 0	$ 0
Common stock issued for conversion of Series B Preferred Stock and accrued dividends	57	$ 0	3,230	0	$ 0	$ (3,173)
Common stock issued for conversion of Series B Preferred Stock and accrued dividends (in shares)		2,937,018			0	(3,000)
Dividends and deemed dividends for Preferred Stock	(1,034)	$ 0	7,879	(8,913)	$ 0	$ 0
Dividend Preferred stockholders	1,034	$ 0	(7,879)	8,913	0	0
Common stock issued for convertible debentures and accrued interest (in shares)		6,778,115					2,700,000
Fair value of warrants issued or repriced recorded as deb discount	0				(6,794)	0
Net loss	(32,843)	$ 0	0	(32,843)	0	0
Balance at Dec. 31, 2016	$ 10,065	$ 2	$ 219,837	$ (223,206)	$ 0	$ 13,432
Balance (in shares) at Dec. 31, 2016		20,918,901			0	17,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (32,843)	$ (32,361)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity instruments issued for services and compensation	7,078	3,450
Bad debt expense	494	0
Inducement expense	8,307	0
Amortization of deferred financing cost	328	52
Accretion of debt discount	2,857	0
Gain on extinguishment of debt	(250)	0
Gain (loss) in fair value of derivative instruments	1,222	(1,638)
Change in fair value of conditionally redeemable 6% Preferred Stock	701	(514)
Gain on modification of convertible debt	(602)	0
Depreciation, depletion, amortization and accretion of asset retirement obligation	1,698	584
Impairment of evaluated oil and gas properties	4,718	24,478
Changes in operating assets and liabilities:
Accounts receivable	(1,264)	(120)
Other assets	1,554	57
Accounts payable, accrued expenses and other liabilities	(307)	2,027
Net cash used in operating activities	(6,309)	(3,951)
Cash flows from investing activities:
Cash advance to Brushy Resources, Inc.	0	(1,750)
Cash consideration for Brushy merger, net of cash acquired	(2,302)	0
Restricted cash	0	145
Capital expenditures	(16,828)	(98)
Net cash used in investing activities	(19,130)	(1,703)
Cash flows from financing activities:
Net proceeds from issuance of Series B Preferred Stock	18,195	0
Proceeds from warrant exercise	187	0
Dividend payments on preferred stock	0	(180)
Debt issuance costs	(1,299)	(266)
Proceeds from issuance of term loan	31,000	0
Proceeds from bridge notes, net	2,863	5,950
Repayment of debt	(13,879)	(250)
Net cash provided by financing activities	37,067	5,254
Increase (decrease) in cash	11,628	(400)
Cash at beginning of period	110	510
CASH AT END OF THE PERIOD	11,738	110
Supplemental disclosure:
Cash paid for interest	$ 762	$ 365

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 – ORGANIZATION On September 21, 2007, Universal Holdings, Inc. (“Universal”), a Nevada corporation, completed the acquisition of Coronado Acquisitions, LLC (“Coronado”). Under the terms of the acquisition, Coronado was merged into Universal. On October 12, 2009, Universal changed its name to Recovery Energy, Inc. On December 1, 2013, Recovery Energy, Inc. changed its name to Lilis Energy, Inc. (“Lilis”, “Lilis Energy” and the “Company”). The Company is an independent oil and gas exploration and production company focused on the Delaware Basin in Winkler and Loving Counties, Texas and Lea County, New Mexico and the Denver-Julesburg Basin (“DJ Basin”) in Wyoming, Colorado, and Nebraska. On June 23, 2016, the Company effected a 1-for-10 reverse stock split All references to production, sales volumes and reserves quantities are net to the Company’s interest unless otherwise indicated.

MANAGEMENT PLANS AND LIQUIDITY

MANAGEMENT PLANS AND LIQUIDITY	12 Months Ended
	Dec. 31, 2016
MANAGEMENT PLANS AND LIQUIDITY [Abstract]
MANAGEMENT PLANS AND LIQUIDITY	NOTE 2 – MANAGEMENT PLANS AND LIQUIDITY The Company has reported net operating losses during the year ended December 31, 2016 and for the past five years. As a result, the Company funded its operations in 2016 and the merger with Brushy Resources, Inc. through additional debt and equity financing. On September 29, 2016, the Company entered into a new Credit and Guaranty Agreement (the “Credit Agreement”) that provides for a three-year, senior, secured term loan with initial aggregate principal commitments of $ 31 50 25 6 As of December 31, 2016, the Company had a working capital balance and a cash balance of approximately $ 5.7 11.7 9.0 7.1

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company’s wholly owned subsidiaries include Brushy Resources, Inc (“ Brushy ImPetro The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and the quantities and values of proved oil, natural gas and NGL reserves used in calculating depletion and assessing impairment of its oil and gas properties. 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. Although management believes that these estimates are reasonable, actual results could differ significantly from those estimates. Certain prior-period amounts have been reclassified for comparative purposes to conform with the fiscal 2016 presentation. These reclassifications have no effect on the Company’s previously reported results of operations. Cash and cash equivalents include highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents as these instruments are readily convertible to known amounts of cash and do not bear significant risk of changes in value due to their short maturity period. The Company records actual and estimated oil and gas revenue receivable from third parties at its net revenue interest. The Company also reflects costs incurred on behalf of joint interest partners. The Company typically has the right to withhold future revenue disbursements to recover outstanding joint interest billings on outstanding receivables from joint interest owners. Management periodically reviews accounts receivable amounts for collectability and records its allowance for uncollectible receivables using the allowance method based on past experience. Allowance for doubtful accounts are based primarily on joint interest billings for expenses related to oil and natural gas wells. Receivables which derive from sales of certain oil and gas production are collateral under the Company’s Credit Agreement. The Company’s cash is invested at major financial institutions primarily within the United States. At December 31, 2016 and 2015, the Company’s cash was maintained in accounts that are insured up to the limit determined by the federal governmental agency. The Company may at times have balances in excess of the federally insured limits. Periodically, the Company evaluates the creditworthiness of the financial institutions, and has not experienced any losses in such accounts. The Company’s major customers include, Noble Energy, Texican and Energy Transfer, Inc. These customers accounted for approximately 41 38 16 43 26 21 However, the Company believe that the loss of a single purchaser could not materially affect the Company’s business because alternative purchasers are available. All of the reserves data included herein are estimates. Estimates of the Company’s crude oil and natural gas reserves are prepared in accordance with guidelines established by the Securities Exchange Commission (“SEC”), including rule revisions designed to modernize the oil and gas company reserves reporting requirements, which the Company implemented effective December 31, 2010. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and natural gas reserves. Uncertainties include the projection of future production rates and the expected timing of development expenditures. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserves estimates may be different from the quantities of crude oil and natural gas that are ultimately recovered. In addition, the ability to produce economic reserves is dependent on the oil and gas prices used in the reserves estimate. The Company’s reserves estimates are based on 12-month average commodity prices, unless contractual arrangements otherwise designate the price to be used, in accordance with the SEC rules. However, oil and gas prices are volatile and, as a result, the Company’s reserves estimates may change in the future. Estimates of proved crude oil and natural gas reserves significantly affect the Company’s depreciation, depletion, and amortization (“DD&A”) expense. For example, if estimates of proved reserves decline, the DD&A rate will increase, resulting in a decrease in net income. A decline in estimates of proved reserves could also result in an impairment charge, which would reduce earnings. The Company uses the full cost method of accounting for oil and gas operations. Under this method, 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 cost 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. Costs associated with undeveloped acreage are excluded from the depletion base until it is determined whether 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 is added to 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 sustained for the majority of 2016 in the DJ Basin 4.7 4.7 24.5 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. Wells in progress connotes wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and gas reserves in commercial quantities. Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned. Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Property and equipment include office equipment and furniture which are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years. The Company recorded approximately $ 0.04 0.03 The Company accounts for long-lived assets (other than oil and gas properties) at cost. The Company may impair these assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference. The Company incurs retirement obligations for certain assets at the time they are placed in service. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value. For purposes of depletion calculations, the Company includes estimated dismantlement and abandonment cost, net of salvage values, associated with future development activities that have not yet been capitalized as asset retirement obligations. Asset retirement obligations incurred are classified as Level 3 (unobservable inputs) fair value measurements. The asset retirement liability is allocated to operating expense using a systematic and rational method. As of December 31, 2016 and 2015, the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, interest and dividends payable and advance from joint interest partners approximates fair value due to the short-term nature of such items. The carrying value of the Company’s secured debt is carried at cost which is approximately the fair value of the debt The Company recognizes revenue when it is realized or realizable and earned. Revenues are considered realized or realizable and earned when: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable and (iv) collectability is reasonably assured. The Company uses the entitlements method of accounting for oil, NGLs and gas revenues. Sales proceeds in excess of the Company's entitlement are included in other liabilities and the Company's share of sales taken by others is included in other assets in the accompanying consolidated balance sheets. The Company had no material oil, NGL or gas entitlement assets or liabilities as of December 31, 2016 or 2015. Stock Based Compensation The Company measures the fair value of stock-based compensation expense awards made to employees and directors, including stock options, restricted stock units, and restricted stock, on the date of grant using a Black-Scholes model. For equity awards, compensation expense is based on the fair value on the grant or modification date and is recognized in the Company’s financial statements over the vesting period. The measurement of share-based compensation expense is based on several criteria, including but not limited to, the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate and award cancellation rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future share-based compensation expense. The Company accounts for warrant grants to nonemployees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the nonemployee’s performance is complete or a performance commitment is reached. The Company accounts for the modification of warrants as an exchange of the old award for a new award. The incremental value is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before modification, and is either expensed as a period expense or amortized over the performance or vesting date. The Company estimates the incremental value of each warrant using the Black-Scholes option pricing model. The Black-Scholes model is highly complex and dependent on key estimates by management. The estimate with the greatest degree of subjective judgment is the estimated volatility of the Company’s stock price. Basic income (loss) per share was calculated by dividing net income or loss applicable to common shares by the weighted average number of common shares outstanding during the periods presented. The calculation of diluted income (loss) per share should include the potential dilutive impact of shares issuable upon the conversion of debt or preferred stock, vested restricted stock and exercise of warrants and options during the period, unless their effect is anti-dilutive. At December 31, 2016 and 2015, shares underlying restricted stock units, restricted stock, 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 3,522,735 The Company had the following shares of Common Stock equivalents at December 31, 2016 and 2015: December 31, 2016 2015 Stock Options 5,956,833 6,083,333 Restricted Stock Units 149,584 1,869,000 Restricted Stock 1,068,305 - Series A Preferred Stock - 3,112,033 Series B Preferred Stock 15,454,545 - Stock Purchase Warrants 12,392,776 24,383,161 Convertible Debentures - 3,423,233 Convertible Bridge Notes - 5,900,004 35,022,043 44,770,764 The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities, and are measured using the tax rates expected to be in effect when the differences reverse. Deferred tax assets are also recognized for operating loss and tax credit carry forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization. The Company recognizes its tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed that do not meet these recognition and measurement standards. As of December 31, 2016 and 2015, the Company has determined that no liability is required to be recognized. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. No interest or penalties were required to be accrued at December 31, 2016 and 2015. Further, the Company does not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months. The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). The ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on its consolidated financial position and/or results of operations. In January 2017, the FASB issued ASU 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business”, The FASB issued ASU 2016-18, “Restricted Cash (Topic 230),” to clarify the presentation of restricted cash in the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in restricted cash or restricted cash equivalents. In additions to changes in cash and cash equivalents, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. As a result, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing section of the cash flow statement. The amendments are effect for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this ASU in 2017. The adoption of this ASU will affect the presentations in the Company’s consolidated balance sheets and consolidated statement of cash flows and will not materially impact the results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires companies to recognize the assets and liabilities for the rights and obligations created by long-term leases of assets on the balance sheet. The guidance requires adoption by application of a modified retrospective transition approach for existing long-term leases and is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The effect of this guidance relating to the Company’s existing long-term leases will not have material impact on the Company’s consolidated financial statements. As of December 31, 2016, the Company currently has only one 2-year operating lease. The FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. 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 In March 2016, the FASB issued ASU No. 2016-06, “ Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments” (“ASU 2016-06”) 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 adopted this ASU on January 1, 2017 and expects the adoption will only affect the classifications within the consolidated statement of cash flows. In September 2015, the FASB issued ASU No. 2015-16, “ Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments” In April 2015, the FASB issued ASU No. 2015-03 (“ASU 2015-03”), “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts, instead of being presented as an asset. ASU 2015-03 is effective for the Company on January 1, 2016. Once adopted, entities are required to apply the new guidance retrospectively to all prior periods presented. The retrospective application represents a change in accounting principle. Early adoption is permitted for financial statements that have not been previously issued. The Company adopted this standard on January 1, 2016. The adoption of ASU 2015-03 only affects the presentation of the Company’s accompanying consolidated balance sheets and related financial statement disclosures in Note 9. In conjunction with the adoption of ASU 2015-03, $1.8 million and $0.2 million of debt issuance costs, previously presented as part of other assets was included as part of long-term debt which was reclassified as a direct deduction from the carrying amount of that debt liability as of December 31, 2016 and 2015, respectively. In August 2014, the FASB issued ASU No. 2014–15 (“ASU 2014-15”), “Presentation of Financial Statements – Going Concern.” ASU 2014-15 provides GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The new standard is effective for the Company on January 1, 2017. As of December 31, 2016, the Company believes that it has sufficient capital to operate for the next 12 months – see management’s assessment and analysis of its plans and liquidity in Note 2 - Management Plans and Liquidity above.

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES	12 Months Ended
	Dec. 31, 2016
Extractive Industries [Abstract]
OIL AND GAS ASSETS	NOTE 4 – OIL AND GAS PROPERTIES The following table sets forth a summary of oil and gas property costs (net of divestitures) not being amortized at December 31, 2016 and 2015: December 31, 2016 2015 (In thousands) Undeveloped unevaluated acreage Beginning Balance $ - $ 2,886 Lease purchases 546 - Assets conveyed 23,915 - Transfer and other reclassification to evaluated properties - (2,886) Total undeveloped acreage $ 24,461 $ - Wells in progress: Beginning Balance $ - $ 6,042 Additions 7,453 - Disposition of wells in progress for elimination of accrued expenses for drilling - (5,198) Reclassification to evaluated properties - (844) Total wells in progress and not subject to DD&A $ 7,453 $ - During the year ended December 31, 2016, the Company entered the Delaware Basin through the Merger. Since then, Lilis has increased its Delaware Basin acreage position by 53 860 0 2.9 Depreciation, depletion and amortization (“DD&A”) expenses related to the proved properties were approximately $ 1.6 0.6

MERGER WITH BRUSHY RESOURCES, I

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Mergers, Acquisitions and Dispositions Disclosures	NOTE 5 – MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS On June 23, 2016, the Company completed the merger transaction contemplated by the Agreement and Plan of Merger dated as of December 29, 2015, as amended to date (the “Merger Agreement”) by and among the Company, Brushy and Lilis Merger Sub, Inc., a Delaware corporation, a wholly-owned subsidiary of the Company (“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 Brushy. The Merger resulted in the acquisition of Brushy’s properties in the Delaware Basin as well as the majority of its current operating activity. 5.785 0.4550916 11.4 6.2 6.0 500,000 1 200,000 In connection with the Merger, Lilis incurred costs of approximately $ 3.22 3.05 170,000 Allocation of Purchase Price - The Merger has been accounted for as a business combination, using the acquisition method. The following table represents the 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. The following table sets forth the Company’s purchase price allocation (in thousands, except shares data 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 $ 5,447 Term loan - Independent Bank 11,379 16,826 Long-Term Debt 19 Asset Retirement Obligation 777 Amount attributable to liabilities assumed 17,622 $ 28,906 Fair Value of Brushy Assets Current Assets: Cash $ 706 Other current assets 624 $ 1,330 Oil and Gas Properties: Evaluated properties 7,512 Unevaluated properties 19,662 27,174 Other assets Other Property Plant & Equipment 42 Other assets 360 402 Total Asset Value $ 28,906 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 year ended December 31, 2015. Below information reflects pro forma adjustments based on available information and certain assumptions that the Company believes 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. The pro forma results of operations do not include any cost savings or other synergies that may result from the Merger or any estimated costs that have been or will be incurred by Lilis to integrate the Brushy assets. The pro forma combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the Merger taken place on January 1, 2015; furthermore, the financial information is not intended to be a projection of future results. December 31, 2016 2015 (In thousands, except share data) Revenue $ 4,989 $ 3,173 Net loss $ (35,835) $ (75,808) Net loss attributable to common stockholders $ (45,288) $ (76,528) Net loss per common share basic and diluted $ (4.00) $ (13.32) Weighted average shares outstanding: Basic and diluted 11,328,252 5,745,785

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 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. 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. Executive Compensation In September 2013, the Company announced the appointment of Abraham Mirman as its new president. In connection with Mr. Mirman’s appointment, the Company entered into an employment agreement with Mr. Mirman (the “Mirman Agreement”). The Mirman Agreement provides for an incentive bonus package that, depending upon the relative performance of the Company’s Common Stock compared to the performance of stocks of certain peer group companies as measured from Mr. Mirman’s initial date of employment through December 31, 2014, may result in a cash bonus payment to Mr. Mirman of up to 3.0 times his base salary. 104,000 87,000 On March 6, 2015, the Company announced the appointment of Kevin Nanke as its new Executive Vice President and Chief Financial Officer. Mr. Nanke would also receive a cash incentive bonus if certain production thresholds were achieved by the Company and a performance bonus of $ 100,000 83,000 69,000 On March 16, 2015, the Company entered into an employment agreement with Ariella Fuchs for services to be performed as General Counsel to the Company. Ms. Fuchs will also receive a cash incentive bonus if certain production thresholds are achieved by the Company. Ms. Fuchs’ new incentive bonus liability was valued by VFIRM at $ 80,000 67,000 Change in Warrant Liability On September 2, 2014, the Company entered into a Consulting Agreement with Bristol Capital, LLC, pursuant to which the Company issued to Bristol a warrant to purchase up to 100,000 20.00 100,000 641,026 3.10 3.12 2.67 101 1.38 1.2 1.0 100,000 100,000 2.00 2.00 3.7 100 1.5 44,000 350,000 On January 8, 2015, the Company entered into the Credit Agreement. In connection with the Credit Agreement, the Company issued to Heartland a warrant to purchase up to 22,500 4.05 On December 31, 2015, the Company revalued the warrants issued to the Heartland Bank using the following variables: (i) 22,500 2.00 25.00 4.0 100 1.5 12,000 12,000 22,500 3.10 4.05 3.02 101 1.5 42,000 18,675 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 3.10 25.00 1.48 101 1.02 144,000 284,000 Debentures Conversion Derivative Liability As of December 31, 2015, the Company had $ 6.85 convertible at any time at the holders’ option into shares of Common Stock at $20.00 per share, or 342,323 underlying conversion shares 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 0 6,000 1,369,293 (in thousands) December 31, 2016 Level 1 Level 2 Level 3 Total Recurring fair value measurements: Warrant liabilities - - (1,400) (1,400) Total recurring fair value measurements $ - $ - $ (1,400) $ (1,400) December 31, 2015 Level 1 Level 2 Level 3 Total Recurring fair value measurements: Executive employment agreement $ - $ - $ (223) $ (223) Warrant liabilities - - (56) (56) Convertible debenture conversion derivative liability - - (6) (6) Total recurring fair value measurements $ - $ - $ (285) $ (285) (in thousands) Conversion Bristol/ Incentive Total Balance at January 1, 2016 $ (6) $ (56) $ (223) $ (285) Additional liability - (164) (393) (557) Reversal of accrued bonus - - 718 718 Converted to equity (54) - - (54) Change in fair value of liability 60 (1,180) (102) (1,222) Balance at December 31, 2016 $ - $ (1,400) $ - $ (1,400) Conversion Bristol/Heartland Incentive Total Balance at January 1, 2015 $ (1,249) $ (394) $ (40) $ (1,683) Additional liability - (56) (149) (205) Change in fair value of liability 1,243 394 (34) 1,603 Balance at December 31, 2015 $ (6) $ (56) $ (223) $ (285) Assets and liabilities measured at fair value on a nonrecurring basis. Proved oil and gas properties. 4.7 24.5 (in thousands) December 31, 2016 Level 1 Level 2 Level 3 Total Non-recurring fair value measurements Impairment of proved oil and gas properties - - 4,700 4,700 Total non-recurring fair value measurements $ - $ - $ 4,700 $ 4,700 December 31, 2015 Non-recurring fair value measurements Impairment of proved oil and gas properties - - 24,500 24,500 Total non-recurring fair value measurements $ - $ - $ 24,500 $ 24,500 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 years ended December 31, 2016 and 2015.

ASSET RETIREMENT OBLIGATIONS (A

ASSET RETIREMENT OBLIGATIONS (ARO)	12 Months Ended
	Dec. 31, 2016
ASSET RETIREMENT OBLIGATIONS [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	NOTE 7 – ASSET RETIREMENT OBLIGATIONS (ARO) Year Ended December 31, 2016 2015 (In thousands) Balance, beginning of year $ 208 $ 200 Liabilities assumed from the Merger 777 - Liabilities incurred 311 - Accretion expense 132 10 Conveyance of liability with oil and gas properties conveyance (92) - Change in estimate (79) (1) Balance, end of year 1,257 209 Less: current portion of ARO at end of year (338) - Total Long-term ARO at end of year $ 919 $ 209

LONG-TERM DEBTS

LONG-TERM DEBTS	12 Months Ended
	Dec. 31, 2016
Long-term Debt, Unclassified [Abstract]
Long-term Debt [Text Block]	NOTE 8 – LONG-TERM DEBTS As of December 31, 2016 2015 (In thousands) Term Loan: 6% Senior Secured Term Loan, due 2019, net of deferred financing costs and debt discount $ 29,214 $ - Senior Secured Term Loan, interest at prime rate, due 2018, net of deferred financing costs and debt discount - 2,492 6% note payable to SOS Investment, LLC, due 2019 1,000 - Convertible Notes: 12% convertible related party note, due 2016, net of deferred financing costs and debt discount - 1,055 12% convertible non-related party note, due 2016, net of deferred financing costs and debt discount - 674 Convertible Debentures: 8% convertible debentures, due 2018, net of deferred financing costs and debt discount 6,846 Other notes payable 29 - $ 30,243 $ 11,067 Less: current portion (17) (11,067) $ 30,226 $ - 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 and its wholly owned subsidiaries, 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 T.R. Winston & Company, LLC (“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 60 In connection with the Company’s entry into the Credit and Guarantee Agreement, it incurred commitment fees to each of the Lenders equal to 2.0 to approximately 1.2 consideration given to the lenders, we also amended certain warrants issued in the Series B preferred stock offering held by the lenders during the third and fourth quarters of the year ended December 31, 2016, to purchase up to an aggregate amount of 2,850,000 and approximately 672,000 shares of common stock respectively, such that the exercise price per share was lowered 2.50 0.01 The portion repriced in the fourth quarter was due to certain delayed funding that occurred after the initial commitment. Additionally, each lender received a 2.0 714,000 accreted over the term of the loan. For the year ended December 31, 2016, the Company amortized approximately 108,000 119,000 These amounts were recorded as a component of non-cash interest expense. As of December 31, 2016, the unamortized portion of the debt discount and deferred financing costs were $ 0.6 1.2 The Term Loan bears interest at a rate of 6.0 6.0 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. SOS Investment LLC Note On June 30, 2016, 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 1 6 June 30, 2019 200,000 25.00 The Company accounted for the cost of warrants of $ 0.2 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 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 Following the First Amendment to the Credit Agreement 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 June 23, 2016 in the approximate amount of $ 160,000 53,000 38,000 As of December 31, 2016 and 2015, the unamortized deferred financing costs were $ 0 38,000 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 From December 29, 2015 to January 5, 2016, the Company entered into 12 3.75 750,000 1,500,000 2.50 2 1.3 The Convertible Notes bear interest at a rate of 12 June 30, 2016 5.00 The Convertible Notes may be prepaid in whole or in part (but with payment of accrued interest to the date of prepayment) at any time at a premium of 103% for the first 120 days and a premium of 105% thereafter, so long as no Senior Debt is outstanding. Additionally, on March 18, 2016, the Company issued an additional aggregate principal amount of $ 500,000 April 1, 2017 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, 2016, 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. All accrued and unpaid interest on the Convertible Notes would also be convertible in certain circumstances at the conversion price. 25 1.6 1.12 2.50 3 203 0.76 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 Convertible Debentures In numerous separate private placement transactions between February 2011 and October 2013, the Company issued an aggregate of approximately $ 15.6 Pursuant to the terms of the First Conversion Agreement, $ 9.0 8.73 270,000 20.00 25.00 Under the terms of the First Conversion Agreement, the balance of the Debentures may be converted to Common Stock on the terms provided therein (including the terms related to the warrants) at the election of the holder, subject to receipt of stockholder approval as required by Nasdaq continued listing requirements. On December 29, 2015, the Company entered into a second agreement with the holders of its Debentures, which provides for the full automatic conversion of Debentures into shares of the Company’s Common Stock at a price of $ 5.00 1,369,293 8.08 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 . There were no unamortized deferred financing costs and debt discount at December 31, 2016 and 2015, respectively Interest Expense Interest expense for the years ended December 31, 2016 and 2015 was approximately $ 4.9 1.7 4.2 1.3

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Environmental and Governmental Regulation At December 31, 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 December 31, 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. In the opinion of management, the Company’s liability, if any, in these pending actions would not have a material adverse effect on the financial position of the Company. The Company’s general and administrative expenses would include amounts incurred to resolve claims made against the Company. The Company believes there is no litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition. Operating Leases The Company has a two-year operating lease for office space in San Antonio, Texas and various other operating leases on a month-to-month basis which include office leases in Denver, Colorado and New York City, New York and corporate apartment leases in San Antonio, Texas. Rent expense for the years ended December 31, 2016 and 2015, was approximately $ 201,000 73,000 0.4 0.2 0.2

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 10 – RELATED PARTY TRANSACTIONS December 31, Related Party Transactions 2016 2015 More than 5% Shareholder: (In thousands) T.R. Winston & Company LLC ("TRW") Cash paid for Series B Preferred Stock offering fees $ 500 $ - Reinvest fee for 150 shares of Series B Preferred Stock and 68,182 warrants at exercise price of $2.50 150 - Cash paid for advisory fee on Convertible Notes 350 - Sublet office space in New York to Lilis Energy, Inc for rent of $10,000 per month 15 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 400 - Cashless net exercised warrants to purchase 80,000 shares of Common Stock at a reset exercise price of $0.10, resulting in the issuance of 75,820 shares. - - Total: $ 1,415 $ - Steven B. Dunn and Laura Dunn Revocable Trust dated 10/28/10 Conversion of convertible debentures into common stock $ 1,020 $ 1,017 Bryan Ezralow (EZ Colony Partners, LLC) Conversion of convertible debentures into common stock $ 1,540 $ - Participated in the Series B Preferred offering 1,300 - Total: $ 2,840 $ - Pierre Caland (Wallington Investment Holdings, Ltd.) Conversion of convertible debentures into common stock $ 2,090 $ 2,090 Participated in the Series B Preferred offering 250 - Conversion of Series A Preferred stock into common stock 125 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 300 - Total: $ 2,765 $ 2,090 Directors and Officers: Nuno Brandolini (Director) Conversion of Series A Preferred stock into common stock $ 100 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 250 150 Total: $ 350 $ 150 General Merrill McPeak (Director) Conversion of Series A Preferred stock into common stock $ 250 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 250 250 Total: $ 500 $ 250 R. Glenn Dawson (Director) Participated in the Series B Preferred offering $ 125 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 50 50 Total: $ 175 $ 50 Ronald D Ormand (Executive Chairman) Participated in the Series B Preferred offering through Perugia Investments LP (1) $ 1,000 $ - Conversion of convertible debentures into common stock through Perugia Investments LP 500 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through Brian Trust (2) 1,150 1,150 Consulting fee paid to MLV & Co. LLC (“MLC”) which Mr. Ormand previously was the Managing Director and Head of the Energy Investment Banking Group at MLV 100 150 Total: $ 2,750 $ 1,300 Abraham Mirman (Chief Executive Officer and Director) Participated in the Series B Preferred offering through Bralina Group, LLC (3) $ 1,650 $ - Conversion of Series A Preferred stock into common stock 250 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through Bralina Group, LLC 750 1,000 Total: $ 2,650 $ 1,000 Kevin Nanken (former Executive Vice President and Chief Financial Officer) Participated in the Series B Preferred offering through KKN Holdings LLC (4) $ 200 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through KKN Holdings LLC 100 - Total: $ 300 $ - (1) Mr. Ormand is the manager of Perugia Investments L.P. ("Perugia") and has sole voting and dispositive power over the securities held by Perugia (2) An irrevocable trust managed by Jerry Ormand, Mr. Ormand's brother, as trustee and whose beneficiaries are adult children of Mr. Ormand (3) Mr. Mirman has shared voting and dispositive power over the securities held by The Bralina Group, LLC with Susan Mirman. (4) Mr, Nanke is the natural person with sole voting and dispositive power over the securities held by KKN Holdings LLC.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 11 – INCOME TAXES December 31, 2016 2015 (In thousands) U.S. Federal: Current $ - $ - Deferred (2,971) (10,560) State and local: Current - - Deferred (124) (914) (3,095) (11,474) Change in valuation allowance 3,095 11,474 Income tax provision $ - $ - December 31, 2016 2015 (In thousands) Deferred tax assets: Oil and gas properties and equipment $ 5,156 $ 3,848 Net operating loss carry-forward 42,017 41,389 Share based compensation 2,135 1,279 Abandonment obligation 445 77 Derivative instruments - 21 Accrued liabilities - 37 Debt conversion costs 482 488 Other 28 29 Total deferred tax asset 50,263 47,168 Valuation allowance (50,263) (47,168) Deferred tax asset , net of valuation allowance $ - $ - Deferred tax liabilities: Oil and gas properties and equipment $ - $ - Total deferred tax liability - - Net deferred tax asset (liability) $ - $ - For the Year Ended December 31, 2016 2015 Effective federal tax rate 34.00 % 34.00 % State tax rate, net of federal benefit 1.42 % 2.94 % Change in fair value derivative liability -1.32 % 1.42 % Debt discount amortization -4.11 % -0.01 % Share based compensation differences and forfeitures -2.28 % -4.18 % Change in rate -5.90 % 2.34 % Other permanent differences -12.29 % -1.07 % Other -0.10 % 0.01 % Valuation allowance -9.42 % -35.45 % Net - % - % The net operating losses for these years will not be available to reduce future taxable income until the returns are filed. Assuming these returns are filed, as of December 31, 2016 and 2015, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $ 118.6 112.0 In assessing the need for a valuation allowance on the Company’s deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon whether future book income is sufficient to reverse existing temporary differences that give rise to deferred tax assets, as well as whether future taxable income is sufficient to utilize net operating loss and credit carryforwards. Assessing the need for, or the sufficiency of, a valuation allowance requires the evaluation of all available evidence, both positive and negative. Management had no positive evidence to consider. Negative evidence considered by management includes cumulative book and tax losses in recent years, forecasted book and tax losses, no taxable income in available carryback years, and no tax planning strategies contemplated to realize the valued deferred tax assets. As of December 31, 2016 and 2015, management assessed the available positive and negative evidence to estimate if sufficient future taxable income would be generated to use the Company’s deferred tax assets and determined that it is not more-likely-than-not that the deferred tax assets would be realized in the near future. Therefore, the Company recorded a full valuation allowance of approximately $ 50. 47.2

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 12 – STOCKHOLDERS’ EQUITY May 2014 Private Placement - Series A 8% Convertible Preferred Stock On May 30, 2014, the Company consummated a private placement of 7,500 155,602 28.90 7.50 0.0001 1,000 24.10 8 In connection with issuance of the Series A Preferred Stock, the beneficial conversion feature (“BCF”) was valued at $ 2.21 1.35 3.56 6.79 24.80 28.90 3 70 0.20 8.40 6.80 1.6 2.21 0.6 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 0.9 0.5 Conditionally Redeemable 6 In August 2014, the Company designated 2,000 2,000 50 240,000 120,000 1.9 1.2 Series B 6 On June 15, 2016, the Company entered into a purchase agreement for the private placement of 20,000 9,090,926 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 $ 1.10 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. 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 13.4 As of December 31, 2016, approximately 3,000 0.6 2.7 1.10 0.6 Warrants A summary of warrant activity for the twelve months ended December 31, 2016 and 2015 (adjusted to reflect 1-for10 reverse stock split on June 23, 2016): Weighted- Average Warrants Exercise Price Outstanding at January 1, 2015 1,700,707 $ 1.76 Warrants issued to consultants 60,000 16.30 Warrants issued to Heartland 22,500 8.70 Warrants issued with Convertible Notes 1,180,000 2.50 Exercised, forfeited, or expired (484,891) (61.30) Outstanding at December 31, 2015 2,478,316 $ 14.80 Warrants issued to Series B Preferred Stock 9,090,926 1.54 Warrants issued for fees 1,272,727 1.30 Warrants issued with Convertible Notes 1,145,238 2.47 Warrants issued to amend Convertible Notes 1,648,267 2.50 Additional warrants issued to Bristol 541,026 3.12 Warrants issued to SOS in connection with the Merger 200,000 2.50 Exercised, forfeited, or expired (460,989) (34.74) Outstanding at December 31, 2016 15,915,511 $ 3.34 The aggregate intrinsic value associated with outstanding warrants was approximately $ 18.3 3.10 2.10 1.64 2.13 During the year ended December 31, 2016, the Company issued approximately 13.16 200,000 (fair value in thousands): Fair Value Number Stock Price Exercise Expected Risk Free Contractual As of December 31, 2016: Warrants issued for Series B Preferred Stock $ 9,486 9,090,926 $ 1.30 $ 2.50 238 % 0.78 % 2 years Warrants issued for Series B Preferred Stock offering fees $ 1,590 1,272,724 $ 1.30 $ 1.30 238 % 0.92 % 3 years Warrants issued with Convertible Notes $ 1,446 975,051 $ 1.70 $ 1.00 245 % 0.75 % 2 years Warrants issued with Convertible Notes $ 277 170,187 $ 1.70 $ 1.10 245 % 0.75 % 3 years Warrants issued to amend convertible debts $ 1,625 1,648,270 $ 1.12 $ 2.50 203 % 0.76 % 3 years Warrants issued to SOS $ 170 200,000 $ 1.20 $ 25.00 199 % 0.76 % 3 years Addition warrants issued to Bristol $ 1,214 541,026 $ 3.10 $ 3.12 101 % 1.38 % 3 years As of December 31, 2015: Warrants issued for bridge term loan $ 1,222 1,180,000 $ 2.48 $ 2.89 170 % 0.20 % 3 years Warrants issued for consultants $ 425 60,000 $ 23.30 $ 42.50 99 % 1.29 % 5 years Warrants issued for Heartland Bank $ 56 22,500 $ 25.00 $ 25.00 99 % 1.29 % 5 years 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 42.50 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	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE BASED AND OTHER COMPENSATION	NOTE 13 – 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”). On November 3, 2016, the Company’s stockholders voted to increase number of shares of Common Stock authorized for issuance under the 2016 Plan to 10.0 During the year ended December 31, 2016, the Company granted 120,000 85,000 10,000 45,000 32,052 the Company granted options to purchase a total of 5,683,500 shares of Common Stock to management and employees under the 2016 Plan. During the year ended December 31, 2016, certain of the Company's employees, directors and consultants forfeited 26,483 335,000 As a result, as of December 31, 2016, the Company had 149,584 1,068,305 5,956,833 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 December 31, 2016, 149,584 1,780,052 Compensation Costs (in thousands) As of December 31, 2016 As of December 31, 2015 Stock Restricted Stock Restricted Options Stock Total Options Stock Total Stock-based compensation expensed $ 4,475 $ 2,398 $ 6,873 $ 2,191 $ 469 $ 2,660 Unamortized stock-based compensation costs $ 5,200 $ 1,249 $ 6,449 $ 2,091 $ 266 $ 2,357 Weighted average amortization period remaining* 1.68 1.45 2.18 1.05 * Only includes directors and employees which the options vest over time instead of performance criteria which the performance criteria have not been met as of December 31, 2016 and 2015. Restricted Stock Summary of non-cash compensation in Statement of Changes in Stockholders’ Equity: As of December 31, 2016 2015 (In thousands) Statement of Stockholder’s Equity: Common stock issued for directors’ fees $ 85 $ 215 Common stock issued for officer and Board compensation 120 - Stock based compensation for vesting of restricted stock - 469 Stock based compensation for issuance of stock options 4,475 2,191 Stock based compensation for issuance of restricted stock 2,398 - Common stock issued for professional services - 150 Fair value of warrants issued for professional services - 425 Total non-cash compensation in Statement of Changes in Stockholders’ Equity $ 7,078 $ 3,450 A summary of restricted stock grant activity pursuant to the 2016 Plan for the year ended December 31, 2016 is presented below : Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2016 - $ - Granted 1,780,052 1.54 Vested and issued (711,747) (1.75) Forfeited - - Outstanding at December 31, 2016 1,068,305 $ 1.55 There was no restricted stock grant activity for the year ended December 31, 2015. A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the years ended December 31, 2016 and 2015 is presented below. Share activities for the year ended December 31, 2015 have been adjusted for 1-for-10 reverse stock split on June 23, 2016. Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2015 163,067 $ 24.40 Granted 114,501 9.00 Vested and issued (77,835) 6.60 Forfeited (12,833) 22.70 Outstanding at December 31, 2015 186,900 12.29 Granted - - Vested and issued (10,834) (18.75) Forfeited (26,482) (16.15) Outstanding at December 31, 2016 $ 149,584 $ 10.56 As of December 31, 2016, the total unrecognized compensation costs related to 1,217,889 1.2 0.8 151,900 34,999 266,000 1.05 Stock Options A summary of stock options activity for the years ended December 31, 2016 and 2015 is presented below: Stock Options Outstanding and Exercisable Weighted Weighted Number Average Average of Options Remaining Number Exercise Vested/ Contractual Life of Options Price Exercisable (Years) Outstanding at January 1, 2015 358,333 $ 21.60 138,333 4.24 Granted 480,000 $ 12.60 Exercised - Forfeited or cancelled (230,000) $ (24.60) Outstanding at December 31, 2015 608,333 $ 14.60 296,666 4.10 Granted 5,683,500 2.14 Exercised - Forfeited or cancelled (335,000) (5.34) Outstanding at December 31, 2016 5,956,833 $ 2.04 2,208,757 1.68 During 2016, option to purchase 5,683,500 1.38 1.08 4.12 152 As of December 31, 2016, total unrecognized compensation costs relating to the outstanding options was $ 5.2 3.68 The outstanding options have an intrinsic value of approximately $ 12.3 During the year ended December 31, 2016 and 2015, the Company issued options to purchase shares of Common Stock to certain officers and directors. The options are valued using a Black Scholes model and amortized over the life of the option. During the years ended December 31, 2016 and 2015, the Company amortized $ 4.5 2.19

SUPPLEMENTAL NON-CASH TRANSACTI

SUPPLEMENTAL NON-CASH TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL NON-CASH TRANSACTIONS	NOTE 14 – Supplemental Non-cash Transactions (in thousands) 2016 2015 Non-cash investing and financing activities excluded from the statement of cash flows: Common stock issued for Series A Preferred Stock and accrued dividends 7,682 - Common stock issued for convertible notes and accrued interest 14,872 - Common stock issued for Brushy’s common stock 7,111 - Common stock issued for Series B Preferred Stock and accrued dividends 3,230 - Warrants issued for fees associated with Series B Preferred Stock issuance 1,590 - Warrants issued for Series B Preferred Stock issuance and recorded as a deemed dividend 7,879 - Fair value of warrants issued as debt discount and financing costs 2,192 1,222 Disposition of oil and gas assets for elimination of accrued expense for drilling - 5,198

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 15 – SUBSEQUENT EVENTS Credit Agreement Drawdown On February 7, 2017, pursuant to the terms of the Credit Agreement, we exercised the accordion advance feature, increasing the aggregate principal amount outstanding under the term loan from $ 31 38.1 11.9 As partial consideration, we also amended certain warrants issued in the June 2016 private placement held by the Lenders to purchase up to an aggregate amount of approximately 738,638 2.50 0.01 such warrants The number of warrants amended for each Lender was based on the amount of each Lender’s respective participation in the initial Term Loan relative to the amount invested in the June 2016 private placement. All of the amended warrants are immediately exercisable from the original issuance date, for a period of two years, subject to certain conditions. March 2017 Private Placement On February 28, 2017, we entered into a Securities Subscription Agreement (the “Subscription Agreement”) with certain institutional and accredited investors in connection with a private placement (the “March 2017 Private Placement”) to sell 5.2 5.2 2.6 0.50 3.85 4.50 6.30 We expect to use the net proceeds from the Offering to support our planned 2017 capital budget, and for general corporate purposes including working capital. The securities to be sold in the private placement have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration. However, in conjunction with the closing of the March 2017 Private Placement, we have also entered into a registration rights agreement whereby we agreed to use our reasonable best efforts to register, on behalf of the investors, the shares of common stock underlying the Units and the shares of common stock underlying the warrants no later than April 1, 2017. Our 2017 capital budget may require additional financing above the level of cash generated by our operations and proceeds from recent financing activities. We can provide no assurance that additional financing would be available to us on acceptable terms, if

SUPPLEMENTAL OIL AND GAS RESERV

SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Supplemental Oil And Gas Reserve Information [Abstract]
SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED)	NOTE 16 – SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED) The following table sets forth information for the years ended December 31, 2016 and 2015 with respect to changes in the Company's proved (i.e. proved developed and undeveloped) reserves: Crude Oil Natural Gas (Bbls) (Mcf) December 31, 2014 899,727 4,237,241 Purchase of reserves - - Revisions of previous estimates (859,230) (4,063,500) Extensions, discoveries - - Sale of reserves - - Production (7,067) (32,291) December 31, 2015 33,430 141,450 Purchase of reserves 93,972 292,018 Revisions of previous estimates 455,202 3,506,794 Extensions, discoveries Sale of reserves Production (31,899) (68,756) December 31, 2016 550,705 3,871,506 Proved Developed Reserves, included above: Balance, December 31, 2014 50,185 197,146 Balance, December 31, 2015 33,430 141,450 Balance, December 31, 2016 550,705 3,871,506 Proved Undeveloped Reserves, included above: Balance, December 31, 2014 849,542 4,040,095 Balance, December 31, 2015 - - Balance, December 31, 2016 - - As of December 31, 2016 and December 31, 2015, the Company had estimated proved reserves of 550,705 33,430 3,871,506 141,450 46 59 54 41 The following values for the December 31, 2016 and December 31, 2015 oil and gas reserves are based on the 12 month arithmetic average first of month price January through December 31 2.05 2.79 37.30 42.59 The following summary sets forth the Company's future net cash flows relating to proved oil and gas reserves (in thousands) For the Year Ended December 31, 2016 2015 Future oil and gas sales $ 28,514 $ 1,819 Future production costs (15,939) (983) Future development costs (3,388) - Future income tax expense (1) - - Future net cash flows 9,187 836 10% annual discount (2,531) (228) Standardized measure of discounted future net cash flows $ 6,656 $ 608 The principal sources of change in the standardized measure of discounted future net cash flows are (in thousands): 2016 2015 Balance at beginning of period $ 608 $ 23,254 Sales of oil and gas, net (1,989) (146) Net change in prices and production costs (309) (26,115) Net change in future development costs 4,617 20,626 Extensions and discoveries - - Acquisition of reserves 7,919 - Sale / conveyance of reserves - - Revisions of previous quantity estimates 1,087 (19,336) Previously estimated development costs incurred (8,942) - Net change in income taxes - - Change in timing and other 3,630 - Accretion of discount 35 2,325 Balance at end of period $ 6,656 $ 608 (1) Calculations of the standardized measure of discounted future net cash flows include the effect of estimated future income tax expenses for all years reported. The Company expects that all of its Net Operating Loss’ (“NOL”) will be realized within future carry forward periods. All of the Company's operations, and resulting NOLs, are attributable to its oil and gas assets. A variety of methodologies are used to determine the Company’s proved reserve estimates. The principal methodologies employed are reservoir simulation, decline curve analysis, volumetric, material balance, advance production type curve matching, petro-physics/log analysis and analogy. Some combination of these methods is used to determine reserve estimates in substantially all of our fields.

SUMMARY OF SIGNIFICANT ACCOUN23

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company’s wholly owned subsidiaries include Brushy Resources, Inc (“ Brushy ImPetro
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and the quantities and values of proved oil, natural gas and NGL reserves used in calculating depletion and assessing impairment of its oil and gas properties. 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. Although management believes that these estimates are reasonable, actual results could differ significantly from those estimates.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified for comparative purposes to conform with the fiscal 2016 presentation. These reclassifications have no effect on the Company’s previously reported results of operations.
Cash and Cash Equivalent	Cash and Cash Equivalent Cash and cash equivalents include highly liquid instruments with an original maturity of three months or less when purchased to be cash equivalents as these instruments are readily convertible to known amounts of cash and do not bear significant risk of changes in value due to their short maturity period.
Accounts Receivable	The Company records actual and estimated oil and gas revenue receivable from third parties at its net revenue interest. The Company also reflects costs incurred on behalf of joint interest partners. The Company typically has the right to withhold future revenue disbursements to recover outstanding joint interest billings on outstanding receivables from joint interest owners. Management periodically reviews accounts receivable amounts for collectability and records its allowance for uncollectible receivables using the allowance method based on past experience. Allowance for doubtful accounts are based primarily on joint interest billings for expenses related to oil and natural gas wells. Receivables which derive from sales of certain oil and gas production are collateral under the Company’s Credit Agreement.
Concentration of Credit Risk	Concentration of Credit Risk The Company’s cash is invested at major financial institutions primarily within the United States. At December 31, 2016 and 2015, the Company’s cash was maintained in accounts that are insured up to the limit determined by the federal governmental agency. The Company may at times have balances in excess of the federally insured limits. Periodically, the Company evaluates the creditworthiness of the financial institutions, and has not experienced any losses in such accounts.
Significant Customers	The Company’s major customers include, Noble Energy, Texican and Energy Transfer, Inc. These customers accounted for approximately 41 38 16 43 26 21 However, the Company believe that the loss of a single purchaser could not materially affect the Company’s business because alternative purchasers are available.
Reserves	Reserves All of the reserves data included herein are estimates. Estimates of the Company’s crude oil and natural gas reserves are prepared in accordance with guidelines established by the Securities Exchange Commission (“SEC”), including rule revisions designed to modernize the oil and gas company reserves reporting requirements, which the Company implemented effective December 31, 2010. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and natural gas reserves. Uncertainties include the projection of future production rates and the expected timing of development expenditures. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserves estimates may be different from the quantities of crude oil and natural gas that are ultimately recovered. In addition, the ability to produce economic reserves is dependent on the oil and gas prices used in the reserves estimate. The Company’s reserves estimates are based on 12-month average commodity prices, unless contractual arrangements otherwise designate the price to be used, in accordance with the SEC rules. However, oil and gas prices are volatile and, as a result, the Company’s reserves estimates may change in the future. Estimates of proved crude oil and natural gas reserves significantly affect the Company’s depreciation, depletion, and amortization (“DD&A”) expense. For example, if estimates of proved reserves decline, the DD&A rate will increase, resulting in a decrease in net income. A decline in estimates of proved reserves could also result in an impairment charge, which would reduce earnings.
Oil and Gas Properties	Oil and Gas Properties The Company uses the full cost method of accounting for oil and gas operations. Under this method, 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 cost 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. Costs associated with undeveloped acreage are excluded from the depletion base until it is determined whether 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 is added to 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 sustained for the majority of 2016 in the DJ Basin 4.7 4.7 24.5 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.
Wells in Progress	Wells in Progress Wells in progress connotes wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and gas reserves in commercial quantities. Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned. Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended.
Other Property and Equipment	Other Property and Equipment Property and equipment include office equipment and furniture which are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years. The Company recorded approximately $ 0.04 0.03
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company accounts for long-lived assets (other than oil and gas properties) at cost. The Company may impair these assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability is measured by comparing the carrying amount of an asset to the expected undiscounted future net cash flows generated by the asset. If it is determined that the asset may not be recoverable, and if the carrying amount of an asset exceeds its estimated fair value, an impairment charge is recognized to the extent of the difference.
Asset Retirement Obligations	The Company incurs retirement obligations for certain assets at the time they are placed in service. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value. For purposes of depletion calculations, the Company includes estimated dismantlement and abandonment cost, net of salvage values, associated with future development activities that have not yet been capitalized as asset retirement obligations. Asset retirement obligations incurred are classified as Level 3 (unobservable inputs) fair value measurements. The asset retirement liability is allocated to operating expense using a systematic and rational method.
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2016 and 2015, the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, interest and dividends payable and advance from joint interest partners approximates fair value due to the short-term nature of such items. The carrying value of the Company’s secured debt is carried at cost which is approximately the fair value of the debt
Revenue Recognition	Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned. Revenues are considered realized or realizable and earned when: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the seller's price to the buyer is fixed or determinable and (iv) collectability is reasonably assured. The Company uses the entitlements method of accounting for oil, NGLs and gas revenues. Sales proceeds in excess of the Company's entitlement are included in other liabilities and the Company's share of sales taken by others is included in other assets in the accompanying consolidated balance sheets. The Company had no material oil, NGL or gas entitlement assets or liabilities as of December 31, 2016 or 2015.
Stock Based Compensation	Stock Based Compensation The Company measures the fair value of stock-based compensation expense awards made to employees and directors, including stock options, restricted stock units, and restricted stock, on the date of grant using a Black-Scholes model. For equity awards, compensation expense is based on the fair value on the grant or modification date and is recognized in the Company’s financial statements over the vesting period. The measurement of share-based compensation expense is based on several criteria, including but not limited to, the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate and award cancellation rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining share-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future share-based compensation expense. The Company accounts for warrant grants to nonemployees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the nonemployee’s performance is complete or a performance commitment is reached.
Warrant Modification Expense	Warrant Modification Expense The Company accounts for the modification of warrants as an exchange of the old award for a new award. The incremental value is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before modification, and is either expensed as a period expense or amortized over the performance or vesting date. The Company estimates the incremental value of each warrant using the Black-Scholes option pricing model. The Black-Scholes model is highly complex and dependent on key estimates by management. The estimate with the greatest degree of subjective judgment is the estimated volatility of the Company’s stock price.
Earnings (Loss) Per Share	Basic income (loss) per share was calculated by dividing net income or loss applicable to common shares by the weighted average number of common shares outstanding during the periods presented. The calculation of diluted income (loss) per share should include the potential dilutive impact of shares issuable upon the conversion of debt or preferred stock, vested restricted stock and exercise of warrants and options during the period, unless their effect is anti-dilutive. At December 31, 2016 and 2015, shares underlying restricted stock units, restricted stock, 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 3,522,735 The Company had the following shares of Common Stock equivalents at December 31, 2016 and 2015: December 31, 2016 2015 Stock Options 5,956,833 6,083,333 Restricted Stock Units 149,584 1,869,000 Restricted Stock 1,068,305 - Series A Preferred Stock - 3,112,033 Series B Preferred Stock 15,454,545 - Stock Purchase Warrants 12,392,776 24,383,161 Convertible Debentures - 3,423,233 Convertible Bridge Notes - 5,900,004 35,022,043 44,770,764
Income Taxes	Income Taxes The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities, and are measured using the tax rates expected to be in effect when the differences reverse. Deferred tax assets are also recognized for operating loss and tax credit carry forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization. The Company recognizes its tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed that do not meet these recognition and measurement standards. As of December 31, 2016 and 2015, the Company has determined that no liability is required to be recognized. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. No interest or penalties were required to be accrued at December 31, 2016 and 2015. Further, the Company does not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). The ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on its consolidated financial position and/or results of operations. In January 2017, the FASB issued ASU 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business”, The FASB issued ASU 2016-18, “Restricted Cash (Topic 230),” to clarify the presentation of restricted cash in the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in restricted cash or restricted cash equivalents. In additions to changes in cash and cash equivalents, restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. As a result, transfers between cash and restricted cash will not be presented as a separate line item in the operating, investing or financing section of the cash flow statement. The amendments are effect for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company will adopt this ASU in 2017. The adoption of this ASU will affect the presentations in the Company’s consolidated balance sheets and consolidated statement of cash flows and will not materially impact the results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” which requires companies to recognize the assets and liabilities for the rights and obligations created by long-term leases of assets on the balance sheet. The guidance requires adoption by application of a modified retrospective transition approach for existing long-term leases and is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The effect of this guidance relating to the Company’s existing long-term leases will not have material impact on the Company’s consolidated financial statements. As of December 31, 2016, the Company currently has only one 2-year operating lease. The FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. 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 In March 2016, the FASB issued ASU No. 2016-06, “ Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments” (“ASU 2016-06”) 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 adopted this ASU on January 1, 2017 and expects the adoption will only affect the classifications within the consolidated statement of cash flows. In September 2015, the FASB issued ASU No. 2015-16, “ Business Combinations (Topic 805), Simplifying the Accounting for Measurement-Period Adjustments” In April 2015, the FASB issued ASU No. 2015-03 (“ASU 2015-03”), “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts, instead of being presented as an asset. ASU 2015-03 is effective for the Company on January 1, 2016. Once adopted, entities are required to apply the new guidance retrospectively to all prior periods presented. The retrospective application represents a change in accounting principle. Early adoption is permitted for financial statements that have not been previously issued. The Company adopted this standard on January 1, 2016. The adoption of ASU 2015-03 only affects the presentation of the Company’s accompanying consolidated balance sheets and related financial statement disclosures in Note 9. In conjunction with the adoption of ASU 2015-03, $1.8 million and $0.2 million of debt issuance costs, previously presented as part of other assets was included as part of long-term debt which was reclassified as a direct deduction from the carrying amount of that debt liability as of December 31, 2016 and 2015, respectively. In August 2014, the FASB issued ASU No. 2014–15 (“ASU 2014-15”), “Presentation of Financial Statements – Going Concern.” ASU 2014-15 provides GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The new standard is effective for the Company on January 1, 2017. As of December 31, 2016, the Company believes that it has sufficient capital to operate for the next 12 months – see management’s assessment and analysis of its plans and liquidity in Note 2 - Management Plans and Liquidity above.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company had the following shares of Common Stock equivalents at December 31, 2016 and 2015: December 31, 2016 2015 Stock Options 5,956,833 6,083,333 Restricted Stock Units 149,584 1,869,000 Restricted Stock 1,068,305 - Series A Preferred Stock - 3,112,033 Series B Preferred Stock 15,454,545 - Stock Purchase Warrants 12,392,776 24,383,161 Convertible Debentures - 3,423,233 Convertible Bridge Notes - 5,900,004 35,022,043 44,770,764

OIL AND GAS PROPERTIES (Tables)

OIL AND GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization [Table Text Block]	December 31, 2016 2015 (In thousands) Undeveloped unevaluated acreage Beginning Balance $ - $ 2,886 Lease purchases 546 - Assets conveyed 23,915 - Transfer and other reclassification to evaluated properties - (2,886) Total undeveloped acreage $ 24,461 $ - Wells in progress: Beginning Balance $ - $ 6,042 Additions 7,453 - Disposition of wells in progress for elimination of accrued expenses for drilling - (5,198) Reclassification to evaluated properties - (844) Total wells in progress and not subject to DD&A $ 7,453 $ -

MERGER WITH BRUSHY RESOURCES,26

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table sets forth the Company’s purchase price allocation (in thousands, except shares data 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 $ 5,447 Term loan - Independent Bank 11,379 16,826 Long-Term Debt 19 Asset Retirement Obligation 777 Amount attributable to liabilities assumed 17,622 $ 28,906 Fair Value of Brushy Assets Current Assets: Cash $ 706 Other current assets 624 $ 1,330 Oil and Gas Properties: Evaluated properties 7,512 Unevaluated properties 19,662 27,174 Other assets Other Property Plant & Equipment 42 Other assets 360 402 Total Asset Value $ 28,906
Business Acquisition, Pro Forma Information	December 31, 2016 2015 (In thousands, except share data) Revenue $ 4,989 $ 3,173 Net loss $ (35,835) $ (75,808) Net loss attributable to common stockholders $ (45,288) $ (76,528) Net loss per common share basic and diluted $ (4.00) $ (13.32) Weighted average shares outstanding: Basic and diluted 11,328,252 5,745,785

FAIR VALUE OF FINANCIAL INSTR27

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of recurring fair values of assets and liabilities measured at fair value	The following table provides a summary of the recurring fair values of assets and liabilities measured at fair value (in thousands) December 31, 2016 Level 1 Level 2 Level 3 Total Recurring fair value measurements: Warrant liabilities - - (1,400) (1,400) Total recurring fair value measurements $ - $ - $ (1,400) $ (1,400) December 31, 2015 Level 1 Level 2 Level 3 Total Recurring fair value measurements: Executive employment agreement $ - $ - $ (223) $ (223) Warrant liabilities - - (56) (56) Convertible debenture conversion derivative liability - - (6) (6) Total recurring fair value measurements $ - $ - $ (285) $ (285)
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 December 31, 2016 and 2015 (in thousands) Conversion Bristol/ Incentive Total Balance at January 1, 2016 $ (6) $ (56) $ (223) $ (285) Additional liability - (164) (393) (557) Reversal of accrued bonus - - 718 718 Converted to equity (54) - - (54) Change in fair value of liability 60 (1,180) (102) (1,222) Balance at December 31, 2016 $ - $ (1,400) $ - $ (1,400) Conversion Bristol/Heartland Incentive Total Balance at January 1, 2015 $ (1,249) $ (394) $ (40) $ (1,683) Additional liability - (56) (149) (205) Change in fair value of liability 1,243 394 (34) 1,603 Balance at December 31, 2015 $ (6) $ (56) $ (223) $ (285)
Summary of the non-recurring fair values of assets and liabilities measured at fair value	The following table provides a summary of the non-recurring fair values of assets and liabilities measured at fair value (in thousands) December 31, 2016 Level 1 Level 2 Level 3 Total Non-recurring fair value measurements Impairment of proved oil and gas properties - - 4,700 4,700 Total non-recurring fair value measurements $ - $ - $ 4,700 $ 4,700 December 31, 2015 Non-recurring fair value measurements Impairment of proved oil and gas properties - - 24,500 24,500 Total non-recurring fair value measurements $ - $ - $ 24,500 $ 24,500

ASSET RETIREMENT OBLIGATIONS 28

ASSET RETIREMENT OBLIGATIONS (ARO) (Tables)	12 Months Ended
	Dec. 31, 2016
ASSET RETIREMENT OBLIGATIONS [Abstract]
Schedule of Asset Retirement Obligations [Table Text Block]	The information below reconciles the value of the asset retirement obligation for the periods presented (in thousands): Year Ended December 31, 2016 2015 (In thousands) Balance, beginning of year $ 208 $ 200 Liabilities assumed from the Merger 777 - Liabilities incurred 311 - Accretion expense 132 10 Conveyance of liability with oil and gas properties conveyance (92) - Change in estimate (79) (1) Balance, end of year 1,257 209 Less: current portion of ARO at end of year (338) - Total Long-term ARO at end of year $ 919 $ 209

LONG-TERM DEBTS (Tables)

LONG-TERM DEBTS (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	As of December 31, 2016 2015 (In thousands) Term Loan: 6% Senior Secured Term Loan, due 2019, net of deferred financing costs and debt discount $ 29,214 $ - Senior Secured Term Loan, interest at prime rate, due 2018, net of deferred financing costs and debt discount - 2,492 6% note payable to SOS Investment, LLC, due 2019 1,000 - Convertible Notes: 12% convertible related party note, due 2016, net of deferred financing costs and debt discount - 1,055 12% convertible non-related party note, due 2016, net of deferred financing costs and debt discount - 674 Convertible Debentures: 8% convertible debentures, due 2018, net of deferred financing costs and debt discount 6,846 Other notes payable 29 - $ 30,243 $ 11,067 Less: current portion (17) (11,067) $ 30,226 $ -

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	During the years ended December 31, 2016 and 2015, the Company has engaged in the following transactions with related party: December 31, Related Party Transactions 2016 2015 More than 5% Shareholder: (In thousands) T.R. Winston & Company LLC ("TRW") Cash paid for Series B Preferred Stock offering fees $ 500 $ - Reinvest fee for 150 shares of Series B Preferred Stock and 68,182 warrants at exercise price of $2.50 150 - Cash paid for advisory fee on Convertible Notes 350 - Sublet office space in New York to Lilis Energy, Inc for rent of $10,000 per month 15 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 400 - Cashless net exercised warrants to purchase 80,000 shares of Common Stock at a reset exercise price of $0.10, resulting in the issuance of 75,820 shares. - - Total: $ 1,415 $ - Steven B. Dunn and Laura Dunn Revocable Trust dated 10/28/10 Conversion of convertible debentures into common stock $ 1,020 $ 1,017 Bryan Ezralow (EZ Colony Partners, LLC) Conversion of convertible debentures into common stock $ 1,540 $ - Participated in the Series B Preferred offering 1,300 - Total: $ 2,840 $ - Pierre Caland (Wallington Investment Holdings, Ltd.) Conversion of convertible debentures into common stock $ 2,090 $ 2,090 Participated in the Series B Preferred offering 250 - Conversion of Series A Preferred stock into common stock 125 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 300 - Total: $ 2,765 $ 2,090 Directors and Officers: Nuno Brandolini (Director) Conversion of Series A Preferred stock into common stock $ 100 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 250 150 Total: $ 350 $ 150 General Merrill McPeak (Director) Conversion of Series A Preferred stock into common stock $ 250 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 250 250 Total: $ 500 $ 250 R. Glenn Dawson (Director) Participated in the Series B Preferred offering $ 125 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 50 50 Total: $ 175 $ 50 Ronald D Ormand (Executive Chairman) Participated in the Series B Preferred offering through Perugia Investments LP (1) $ 1,000 $ - Conversion of convertible debentures into common stock through Perugia Investments LP 500 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through Brian Trust (2) 1,150 1,150 Consulting fee paid to MLV & Co. LLC (“MLC”) which Mr. Ormand previously was the Managing Director and Head of the Energy Investment Banking Group at MLV 100 150 Total: $ 2,750 $ 1,300 Abraham Mirman (Chief Executive Officer and Director) Participated in the Series B Preferred offering through Bralina Group, LLC (3) $ 1,650 $ - Conversion of Series A Preferred stock into common stock 250 - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through Bralina Group, LLC 750 1,000 Total: $ 2,650 $ 1,000 Kevin Nanken (former Executive Vice President and Chief Financial Officer) Participated in the Series B Preferred offering through KKN Holdings LLC (4) $ 200 $ - Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through KKN Holdings LLC 100 - Total: $ 300 $ - (1) Mr. Ormand is the manager of Perugia Investments L.P. ("Perugia") and has sole voting and dispositive power over the securities held by Perugia (2) An irrevocable trust managed by Jerry Ormand, Mr. Ormand's brother, as trustee and whose beneficiaries are adult children of Mr. Ormand (3) Mr. Mirman has shared voting and dispositive power over the securities held by The Bralina Group, LLC with Susan Mirman. (4) Mr, Nanke is the natural person with sole voting and dispositive power over the securities held by KKN Holdings LLC.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Summary of income tax provision (benefit)	The income tax provision (benefit) for the years ended December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 (In thousands) U.S. Federal: Current $ - $ - Deferred (2,971) (10,560) State and local: Current - - Deferred (124) (914) (3,095) (11,474) Change in valuation allowance 3,095 11,474 Income tax provision $ - $ -
Summary of deferred tax assets	The tax effects of temporary differences that give rise to the Company’s deferred tax asset as of December 31, 2016 and 2015 consisted of the following: December 31, 2016 2015 (In thousands) Deferred tax assets: Oil and gas properties and equipment $ 5,156 $ 3,848 Net operating loss carry-forward 42,017 41,389 Share based compensation 2,135 1,279 Abandonment obligation 445 77 Derivative instruments - 21 Accrued liabilities - 37 Debt conversion costs 482 488 Other 28 29 Total deferred tax asset 50,263 47,168 Valuation allowance (50,263) (47,168) Deferred tax asset , net of valuation allowance $ - $ - Deferred tax liabilities: Oil and gas properties and equipment $ - $ - Total deferred tax liability - - Net deferred tax asset (liability) $ - $ -
Reconciliation of Company's effective tax rate to the expected federal tax rate	Reconciliation of the Company’s effective tax rate to the expected U.S. federal tax rate is: For the Year Ended December 31, 2016 2015 Effective federal tax rate 34.00 % 34.00 % State tax rate, net of federal benefit 1.42 % 2.94 % Change in fair value derivative liability -1.32 % 1.42 % Debt discount amortization -4.11 % -0.01 % Share based compensation differences and forfeitures -2.28 % -4.18 % Change in rate -5.90 % 2.34 % Other permanent differences -12.29 % -1.07 % Other -0.10 % 0.01 % Valuation allowance -9.42 % -35.45 % Net - % - %

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Summary of warrant activity	Weighted- Average Warrants Exercise Price Outstanding at January 1, 2015 1,700,707 $ 1.76 Warrants issued to consultants 60,000 16.30 Warrants issued to Heartland 22,500 8.70 Warrants issued with Convertible Notes 1,180,000 2.50 Exercised, forfeited, or expired (484,891) (61.30) Outstanding at December 31, 2015 2,478,316 $ 14.80 Warrants issued to Series B Preferred Stock 9,090,926 1.54 Warrants issued for fees 1,272,727 1.30 Warrants issued with Convertible Notes 1,145,238 2.47 Warrants issued to amend Convertible Notes 1,648,267 2.50 Additional warrants issued to Bristol 541,026 3.12 Warrants issued to SOS in connection with the Merger 200,000 2.50 Exercised, forfeited, or expired (460,989) (34.74) Outstanding at December 31, 2016 15,915,511 $ 3.34
Share-based Compensation Arrangements by Share-based Payment Award	The fair value of each stock warrant issued is determined using the Black-Scholes-Merton pricing model based on the following variables as summarized in the table below (fair value in thousands): Fair Value Number Stock Price Exercise Expected Risk Free Contractual As of December 31, 2016: Warrants issued for Series B Preferred Stock $ 9,486 9,090,926 $ 1.30 $ 2.50 238 % 0.78 % 2 years Warrants issued for Series B Preferred Stock offering fees $ 1,590 1,272,724 $ 1.30 $ 1.30 238 % 0.92 % 3 years Warrants issued with Convertible Notes $ 1,446 975,051 $ 1.70 $ 1.00 245 % 0.75 % 2 years Warrants issued with Convertible Notes $ 277 170,187 $ 1.70 $ 1.10 245 % 0.75 % 3 years Warrants issued to amend convertible debts $ 1,625 1,648,270 $ 1.12 $ 2.50 203 % 0.76 % 3 years Warrants issued to SOS $ 170 200,000 $ 1.20 $ 25.00 199 % 0.76 % 3 years Addition warrants issued to Bristol $ 1,214 541,026 $ 3.10 $ 3.12 101 % 1.38 % 3 years As of December 31, 2015: Warrants issued for bridge term loan $ 1,222 1,180,000 $ 2.48 $ 2.89 170 % 0.20 % 3 years Warrants issued for consultants $ 425 60,000 $ 23.30 $ 42.50 99 % 1.29 % 5 years Warrants issued for Heartland Bank $ 56 22,500 $ 25.00 $ 25.00 99 % 1.29 % 5 years

SHARE BASED AND OTHER COMPENS33

SHARE BASED AND OTHER COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	As of December 31, 2016 As of December 31, 2015 Stock Restricted Stock Restricted Options Stock Total Options Stock Total Stock-based compensation expensed $ 4,475 $ 2,398 $ 6,873 $ 2,191 $ 469 $ 2,660 Unamortized stock-based compensation costs $ 5,200 $ 1,249 $ 6,449 $ 2,091 $ 266 $ 2,357 Weighted average amortization period remaining* 1.68 1.45 2.18 1.05 * Only includes directors and employees which the options vest over time instead of performance criteria which the performance criteria have not been met as of December 31, 2016 and 2015.
Schedule Of Non Cash Compensation	As of December 31, 2016 2015 (In thousands) Statement of Stockholder’s Equity: Common stock issued for directors’ fees $ 85 $ 215 Common stock issued for officer and Board compensation 120 - Stock based compensation for vesting of restricted stock - 469 Stock based compensation for issuance of stock options 4,475 2,191 Stock based compensation for issuance of restricted stock 2,398 - Common stock issued for professional services - 150 Fair value of warrants issued for professional services - 425 Total non-cash compensation in Statement of Changes in Stockholders’ Equity $ 7,078 $ 3,450
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2016 - $ - Granted 1,780,052 1.54 Vested and issued (711,747) (1.75) Forfeited - - Outstanding at December 31, 2016 1,068,305 $ 1.55 There was no restricted stock grant activity for the year ended December 31, 2015. A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the years ended December 31, 2016 and 2015 is presented below. Share activities for the year ended December 31, 2015 have been adjusted for 1-for-10 reverse stock split on June 23, 2016. Weighted Number of Average Grant Shares Date Price Outstanding at January 1, 2015 163,067 $ 24.40 Granted 114,501 9.00 Vested and issued (77,835) 6.60 Forfeited (12,833) 22.70 Outstanding at December 31, 2015 186,900 12.29 Granted - - Vested and issued (10,834) (18.75) Forfeited (26,482) (16.15) Outstanding at December 31, 2016 $ 149,584 $ 10.56
Schedule of Share-based Compensation, Stock Options, Activity	Stock Options Outstanding and Exercisable Weighted Weighted Number Average Average of Options Remaining Number Exercise Vested/ Contractual Life of Options Price Exercisable (Years) Outstanding at January 1, 2015 358,333 $ 21.60 138,333 4.24 Granted 480,000 $ 12.60 Exercised - Forfeited or cancelled (230,000) $ (24.60) Outstanding at December 31, 2015 608,333 $ 14.60 296,666 4.10 Granted 5,683,500 2.14 Exercised - Forfeited or cancelled (335,000) (5.34) Outstanding at December 31, 2016 5,956,833 $ 2.04 2,208,757 1.68

SUPPLEMENTAL NON-CASH TRANSAC34

SUPPLEMENTAL NON-CASH TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table presents information about supplemental cash flows for the years ended December 31, 2016 and 2015 (in thousands) 2016 2015 Non-cash investing and financing activities excluded from the statement of cash flows: Common stock issued for Series A Preferred Stock and accrued dividends 7,682 - Common stock issued for convertible notes and accrued interest 14,872 - Common stock issued for Brushy’s common stock 7,111 - Common stock issued for Series B Preferred Stock and accrued dividends 3,230 - Warrants issued for fees associated with Series B Preferred Stock issuance 1,590 - Warrants issued for Series B Preferred Stock issuance and recorded as a deemed dividend 7,879 - Fair value of warrants issued as debt discount and financing costs 2,192 1,222 Disposition of oil and gas assets for elimination of accrued expense for drilling - 5,198

SUPPLEMENTAL OIL AND GAS RESE35

SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Proved Developed and Undeveloped Reserves	Crude Oil Natural Gas (Bbls) (Mcf) December 31, 2014 899,727 4,237,241 Purchase of reserves - - Revisions of previous estimates (859,230) (4,063,500) Extensions, discoveries - - Sale of reserves - - Production (7,067) (32,291) December 31, 2015 33,430 141,450 Purchase of reserves 93,972 292,018 Revisions of previous estimates 455,202 3,506,794 Extensions, discoveries Sale of reserves Production (31,899) (68,756) December 31, 2016 550,705 3,871,506 Proved Developed Reserves, included above: Balance, December 31, 2014 50,185 197,146 Balance, December 31, 2015 33,430 141,450 Balance, December 31, 2016 550,705 3,871,506 Proved Undeveloped Reserves, included above: Balance, December 31, 2014 849,542 4,040,095 Balance, December 31, 2015 - - Balance, December 31, 2016 - -
Summary of future net cash flows relating to proved oil and gas	For the Year Ended December 31, 2016 2015 Future oil and gas sales $ 28,514 $ 1,819 Future production costs (15,939) (983) Future development costs (3,388) - Future income tax expense (1) - - Future net cash flows 9,187 836 10% annual discount (2,531) (228) Standardized measure of discounted future net cash flows $ 6,656 $ 608
Summary of changes in standardized measure of discounted future net cash flows	2016 2015 Balance at beginning of period $ 608 $ 23,254 Sales of oil and gas, net (1,989) (146) Net change in prices and production costs (309) (26,115) Net change in future development costs 4,617 20,626 Extensions and discoveries - - Acquisition of reserves 7,919 - Sale / conveyance of reserves - - Revisions of previous quantity estimates 1,087 (19,336) Previously estimated development costs incurred (8,942) - Net change in income taxes - - Change in timing and other 3,630 - Accretion of discount 35 2,325 Balance at end of period $ 6,656 $ 608

ORGANIZATION (Details Textual)

ORGANIZATION (Details Textual)	1 Months Ended
	Jun. 23, 2016
Real Estate Properties [Line Items]
Stockholders' Equity, Reverse Stock Split	1-for-10 reverse stock split

MANAGEMENT PLANS AND LIQUIDITY

MANAGEMENT PLANS AND LIQUIDITY (Details Textual) - USD ($)	Nov. 11, 2016	Mar. 01, 2017	Feb. 28, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Cash					$ 11,700,000
Working Capital					5,700,000
Impairment of Oil and Gas Properties					4,718,000	$ 24,478,000
Credit Agreement [Member] | Senior Debt Obligations [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Proceeds from Issuance of Secured Debt					31,000,000
Additional Proceeds From Issuance Of Secured Debt	$ 6,000,000			$ 25,000,000
Line of Credit Facility, Maximum Borrowing Capacity					$ 50,000,000
Subsequent Event [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Cash		$ 9,000,000					$ 0
Additional Proceeds From Issuance Of Secured Debt			$ 7,100,000
Proceeds from Issuance or Sale of Equity		$ 18,600,000	$ 0

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	35,022,043	44,770,764
Restricted Stock Units (employees/directors) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	149,584	1,869,000
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,068,305	0
Stock Purchase Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,392,776	24,383,161
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	3,423,233
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,956,833	6,083,333
Convertible Bridge Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	5,900,004
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	3,112,033
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,454,545	0

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
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	$ 4,700	$ 24,500
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	35,022,043	44,770,764
Depreciation	$ 40	$ 30
Noble Energy [Member] | Sales Revenue, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	41.00%	21.00%
Texican [Member] | Sales Revenue, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	38.00%
Energy Transfer Inc. [Member] | Sales Revenue, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	16.00%
Shell Trading Us [Member] | Sales Revenue, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		43.00%
Pdc Energy [Member] | Sales Revenue, Net [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		26.00%
Warrant [Member]
Summary Of Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,522,735
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	3 years

OIL AND GAS PROPERTIES (Details

OIL AND GAS PROPERTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Undeveloped unevaluated acreage
Beginning Balance	$ 0	$ 2,886
Lease purchases	546	0
Assets conveyed	23,915	0
Transfer and other reclassification to evaluated properties	0	(2,886)
Total undeveloped acreage	24,461	0
Wells in progress:
Beginning Balance	0	6,042
Additions	7,453	0
Disposition of wells in progress for elimination of accrued expenses for drilling	0	(5,198)
Reclassification to evaluated properties	0	(844)
Total wells in progress and not subject to DD&A	$ 7,453	$ 0

OIL AND GAS ASSETS (Details Tex

OIL AND GAS ASSETS (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Depreciation, Depletion and Amortization	$ 1.6	$ 0.6
Increase in Oil and Gas Property Basin, Percentage	53.00%
Area of Land | a	860
Transfer Of Unevaluated Acreage To Evaluated Properties	$ 0	$ 2,900,000

MERGER WITH BRUSHY RESOURCES,42

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 23, 2016USD ($)$ / sharesshares
Current Liabilities
Account payable and accrued expenses	$ 6,200
Brushy Resources, Inc [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Shares of Lilis Common Stock issued to Brushy shareholders | shares	5,785,119
Lilis Common Stock closing price on June 23, 2016 | $ / shares	$ 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
Current Liabilities
Account payable and accrued expenses	5,447
Term loan - Independent Bank	11,379
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	16,826
Long-Term Debt	19
Asset Retirement Obligation	777
Amount attributable to liabilities assumed	17,622
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	28,906
Current Assets:
Cash	706
Other current assets	624
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	1,330
Oil and Gas Properties:
Evaluated properties	7,512
Unevaluated properties	19,662
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	27,174
Other assets
Other Property Plant & Equipment	42
Other assets	360
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	402
Total Asset Value	$ 28,906

MERGER WITH BRUSHY RESOURCES,43

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Net loss per common share basic and diluted	$ (3.73)	$ (12.13)
Weighted average shares outstanding: Basic and diluted	11,328,252	2,726,775
Brushy Resources, Inc [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Revenue	$ 4,989	$ 3,173
Net loss	(35,835)	(75,808)
Net loss attributable to common stockholders	$ (45,288)	$ (76,528)
Net loss per common share basic and diluted	$ (4)	$ (13.32)
Weighted average shares outstanding: Basic and diluted	11,328,252	5,745,785

MERGER WITH BRUSHY RESOURCES,44

MERGER WITH BRUSHY RESOURCES, INC. AND RELATED TRANSACTIONS (Details Textual)	Aug. 03, 2016USD ($)	Jun. 23, 2016USD ($)shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Repayments of Debt			$ 13,879,000	$ 250,000
Stock Issued During Period, Value, New Issues				$ 365,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		$ 6,200,000
Warrant [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Stock Issued During Period, Value, New Issues	$ 1,650,000
SOSV Investments, LLC [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Repayments of Debt		500,000
Subordinated Unsecured Promissory Note [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Instrument, Face Amount		$ 1,000,000
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
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
Investment Advisory Fees		3,050,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		5,447,000
Brushy Resources, Inc [Member] | SOS Warrant [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Discount, Warrants Issued		170,000
Brushy Resources, Inc [Member] | Independent Bank [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Debt Conversion, Original Debt, Amount		$ 11,400,000

FAIR VALUE OF FINANCIAL INSTR45

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Executive employment agreement		$ (223)
Warrant liabilities	$ (1,400)	(56)
Convertible debenture conversion derivative liability		(6)
Total recurring fair value measurements	(1,400)	(285)
Fair Value, Inputs, Level 1 [Member]
Executive employment agreement		0
Warrant liabilities	0	0
Convertible debenture conversion derivative liability		0
Total recurring fair value measurements	0	0
Fair Value, Inputs, Level 2 [Member]
Executive employment agreement		0
Warrant liabilities	0	0
Convertible debenture conversion derivative liability		0
Total recurring fair value measurements	0	0
Fair Value, Inputs, Level 3 [Member]
Executive employment agreement		(223)
Warrant liabilities	(1,400)	(56)
Convertible debenture conversion derivative liability		(6)
Total recurring fair value measurements	$ (1,400)	$ (285)

FAIR VALUE OF FINANCIAL INSTR46

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ (285)	$ (1,683)
Additional liability	(557)	(205)
Reversal of accrued bonus	718
Converted to equity	(54)
Change in fair value of liability	(1,222)	1,603
Balance, Ending	(1,400)	(285)
Conversion Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(6)	(1,249)
Additional liability	0	0
Reversal of accrued bonus	0
Converted to equity	(54)
Change in fair value of liability	60	1,243
Balance, Ending	0	(6)
Bristol/Heartland/SOS warrant liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(56)	(394)
Additional liability	(164)	(56)
Reversal of accrued bonus	0
Converted to equity	0
Change in fair value of liability	(1,180)	394
Balance, Ending	(1,400)	(56)
Incentive Bonus [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(223)	(40)
Additional liability	(393)	(149)
Reversal of accrued bonus	718
Converted to equity	0
Change in fair value of liability	(102)	(34)
Balance, Ending	$ 0	$ (223)

FAIR VALUE OF FINANCIAL INSTR47

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Non-recurring fair value measurements
Impairment of proved oil and gas properties	$ 4,700	$ 24,500
Total non-recurring fair value measurements	4,700	24,500
Fair Value, Inputs, Level 1 [Member]
Non-recurring fair value measurements
Impairment of proved oil and gas properties	0	0
Total non-recurring fair value measurements	0	0
Fair Value, Inputs, Level 2 [Member]
Non-recurring fair value measurements
Impairment of proved oil and gas properties	0	0
Total non-recurring fair value measurements	0	0
Fair Value, Inputs, Level 3 [Member]
Non-recurring fair value measurements
Impairment of proved oil and gas properties	4,700	24,500
Total non-recurring fair value measurements	$ 4,700	$ 24,500

FAIR VALUE OF FINANCIAL INSTR48

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($)	Mar. 06, 2015	Jan. 08, 2015	Sep. 02, 2014	Jun. 23, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Of Financial Instruments Textual [Abstract]
Derivative, Gain (Loss) on Derivative, Net					$ (1,222,000)	$ 1,638,000
Impairment of Oil and Gas Properties					$ 4,718,000	24,478,000
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					$ 25
Share Price					$ 3.10
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					1 year 5 months 23 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					101.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					1.02%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 144,000
Derivative, Gain (Loss) on Derivative, Net					284,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding					$ 164,000
Convertible Debt [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Debt Conversion, Converted Instrument, Amount				$ 6,846,000		6,850,000
Debt Conversion, Converted Instrument, Shares Issued				1,369,293	1,369,293
Debt Instrument, Convertible, Beneficial Conversion Feature					$ 0	$ 6,000
Debt Instrument, Interest Rate, Effective Percentage				8.00%
Derivative Assets (Liabilities), at Fair Value, Net				$ (43,000)
Derivative, Underlying						convertible at any time at the holders option into shares of Common Stock at $20.00 per share, or 342,323 underlying conversion shares
Convertible Debt [Member] | Maximum [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Debt Instrument, Convertible, Conversion Price				$ 20
Convertible Debt [Member] | Minimum [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Debt Instrument, Convertible, Conversion Price				$ 5
Abraham Miran [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Description of Employment agreement							cash bonus payment to Mr. Mirman of up to 3.0 times his base salary.
Deferred Compensation Liability, Current						$ 104,000
Other Deferred Compensation Arrangements, Liability, Current						87,000
Kevin Nanke [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Performance Fees	$ 100,000
Deferred Compensation Liability, Current						83,000
Other Deferred Compensation Arrangements, Liability, Current						69,000
Ariella Fuchs [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Deferred Compensation Liability, Current						80,000
Other Deferred Compensation Arrangements, Liability, Current						$ 67,000
Consulting Agreement [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Warrant Issued To Purchased Common Stock						100,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price			$ 3.12			$ 2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			641,026			100,000
Share Price			$ 3.10			$ 2
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			2 years 8 months 1 day			3 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			101.00%			100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			1.38%			1.50%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 1,200,000			$ 44,000
Derivative, Gain (Loss) on Derivative, Net			$ 1,000,000			$ 350,000
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	$ 25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		22,500			22,500	22,500
Share Price					$ 3.10	$ 2
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					3 years 7 days	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					101.00%	100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					1.50%	1.50%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value					$ 42,000	$ 12,000
Derivative, Gain (Loss) on Derivative, Net					$ 18,675	$ 12,000

ASSET RETIREMENT OBLIGATIONS 49

ASSET RETIREMENT OBLIGATIONS (ARO) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance, beginning of year	$ 208	$ 200
Liabilities assumed from the Merger	777	0
Additions	311	0
Accretion of asset retirement obligations	132	10
Conveyance of liability with oil and gas properties conveyance	(92)	0
Change in estimate	(79)	(1)
Balance, end of year	1,257	208
Less: current portion of ARO at end of year	(338)	0
Asset retirement obligations	$ 919	$ 209

LONG-TERM DEBTS (Details)

LONG-TERM DEBTS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long-term Debt	$ 30,243	$ 11,067
Less: current portion	17	11,067
Long-term Debt, Excluding Current Maturities	30,226	0
Term Loan [Member] | Senior Secured Term Loan One [Member]
Long-term Debt	29,214	0
Term Loan [Member] | Senior Secured Term Loan Two [Member]
Long-term Debt	0	2,492
Term Loan [Member] | SOS Note [Member]
Long-term Debt	1,000	0
Convertible Notes [Member] | Related Party [Member]
Long-term Debt	0	1,055
Convertible Notes [Member] | Non Related Party [Member]
Long-term Debt	0	674
Convertible Debenture [Member] | Convertible Debt [Member]
Long-term Debt		6,846
Convertible Debenture [Member] | Notes Payable, Other Payables [Member]
Long-term Debt	$ 29	$ 0

LONG-TERM DEBTS (Details Textua

LONG-TERM DEBTS (Details Textual) - USD ($)	Aug. 03, 2016	May 04, 2016	Jan. 05, 2016	Sep. 30, 2016	Sep. 29, 2016	Jun. 23, 2016	Mar. 18, 2016	Dec. 30, 2015	Jan. 31, 2014	Oct. 31, 2013	Feb. 28, 2011	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Jun. 22, 2016	Jan. 08, 2015
Amortization of Debt Discount (Premium)													$ 2,857,000	$ 0
Amortization of Deferred Charges													108,000
Interest Expense													4,200,000	1,300,000
Accretion Expense													119,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature													(602,000)
Debt Instrument, Unamortized Discount													714,000
Unamortized Debt Issuance Expense													0	38,000
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net													$ 600,000	$ 1,200,000
Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.50
Prepayment Of Debt Premium, Percentage	25.00%
Expected term	3 years												1 year 7 months 20 days	2 years 1 month 17 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.76%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	203.00%
Share Price	$ 1.12												$ 3.10	$ 0.21
Class of Warrant or Right, Number of Securities Called by Warrants or Rights ,Value	$ 1,630,000
Stock Issued During Period, Shares, New Issues	1,650,000
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. All accrued and unpaid interest on the Convertible Notes would also be convertible in certain circumstances at the conversion price.
SOSV Investment LLC [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights													$ 25
Warrants Issued													200,000
Series B Purchase Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights													2,850,000
Convertible Subordinated Debt [Member]
Debt Instrument, Face Amount							$ 500,000
Debt Instrument, Maturity Date							Apr. 1, 2017						Jun. 30, 2016
Payments for (Proceeds from) Other Interest Earning Assets			$ 1,300,000
Warrants To Purchase Common Stock			1,500,000
Deposits			$ 2,000,000
Convertible Debt, Current			$ 750,000
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2.50
Debt Instrument, Description													The Convertible Notes may be prepaid in whole or in part (but with payment of accrued interest to the date of prepayment) at any time at a premium of 103% for the first 120 days and a premium of 105% thereafter, so long as no Senior Debt is outstanding.
Sale of Stock, Price Per Share													$ 5
Convertible Subordinated Note Percentage			12.00%
Unsecured Debt			$ 3,750,000
Debt Instrument, Interest Rate, Effective Percentage													12.00%
Convertible Debt [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights													$ 2.50
Debt Conversion, Converted Instrument, Amount						$ 6,846,000
Debt Instrument, Interest Rate, Stated Percentage						8.00%
Expected term													3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate													0.76%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate													203.00%
Convertible Debenture [Member]
Debt Instrument, Convertible, Conversion Price						$ 5
Mortgage Loans on Real Estate, New Mortgage Loans										$ 15,600,000	$ 15,600,000		$ 4,900,000	$ 1,700,000
Debt Conversion, Converted Instrument, Shares Issued						1,369,293
Expected term									3 years
Convertible Debt One [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights													$ 25
Debt Instrument, Periodic Payment, Principal													$ 8,730,000
Debt Instrument, Convertible, Conversion Price													$ 20
Debt Conversion, Converted Instrument, Amount													$ 9,000,000
Debt Instrument, Periodic Payment, Interest													$ 270,000
Convertible Debt Two [Member]
Convertible Debt, Current								$ 8,080,000
Sale of Stock, Price Per Share								$ 5
Debt Conversion, Converted Instrument, Shares Issued								1,369,293
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, Convertible, Conversion Price						$ 1.10
Debt Conversion, Converted Instrument, Shares Issued						3,636,366
Debt Conversion, Original Debt, Amount						$ 4,000,000
Conversion Of Stock Conversion Rate Modification Inducement Charge Expense						3,400,000
Interest Payable						$ 198,000
SOS Note [Member] | Term Loan [Member]
Debt Instrument, Face Amount												$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage												6.00%
Debt Instrument, Maturity Date Range, Start												Jun. 30, 2019
Long-term Debt, Gross												$ 500,000
Credit and Guarantee Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage													6.00%
Commitment Fee On Initial Loan Advance, Percentage													2.00%
Prepayment Of Debt Premium, Percentage													6.00%
Additional Commitment Fee On Initial Loan Advance percentage													2
Credit and Guarantee Agreement [Member] | Series B Purchase Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights												672,000	3,500,000
Deferred Costs													$ 1,200,000
Credit and Guarantee Agreement [Member] | Series B Purchase Agreement [Member] | Maximum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights													$ 2.50
Credit and Guarantee Agreement [Member] | Series B Purchase Agreement [Member] | Minimum [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights													$ 0.01
Convertible Note Payable [Member]
Convertible Debt, Current					$ 1,800,000
Debt Instrument, Convertible, Conversion Price						$ 20
Debt Conversion, Converted Instrument, Shares Issued					1,772,456
Convertible Debt	$ 1,800,000
Debt Conversion, Original Debt, Amount					$ 138,000
Interest Payable						$ 1,835,000
Gain Loss On Conversion Of Convertible Preferred stock						602,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature						43,000
Induced Conversion of Convertible Debt Expense	$ 1,600,000
Heartland Credit Agreement [Member]
Debt Instrument, Face Amount		$ 160,000
Amortization of Debt Discount (Premium)						250,000
Secured Debt																$ 3,000,000
Other Expenses		$ 53,000
Extinguishment of Debt, Amount						$ 2,750,000
Amortization of Deferred Charges													$ 38,000
Expected term													3 years 7 days	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate													1.50%	1.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate													101.00%	100.00%
Share Price													$ 3.10	$ 2
Heartland Credit Agreement [Member] | Warrant [Member]
Warrants Issued													22,500
Senior Debt Obligations [Member] | Credit and Guarantee Agreement [Member]
Proceeds from Issuance of Secured Debt													$ 31,000,000
Line of Credit Facility, Maximum Borrowing Capacity													50,000,000
Additional Proceeds From Issuance Of Secured Debt				$ 25,000,000									$ 6,000,000
Debt Instrument Outstanding ,Percentage													60.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Commitments And Contingencies Textual [Abstract]
Operating Leases, Rent Expense	$ 201,000	$ 73,000
Operating Leases, Future Minimum Payments Due	400,000
Operating Leases, Future Minimum Payments Due, Next Twelve Months	200,000
Operating Leases, Future Minimum Payments, Due in Two Years	$ 200,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
		Jun. 15, 2016	Dec. 31, 2016	Dec. 31, 2015
Director [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			$ 175	$ 50
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement		$ 20,000
Series B Preferred Stock [Member] | Director [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			125	0
Convertible Debentures [Member] | Director [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			50	50
Convertible Debentures [Member] | Steven B. Dunn and Laura Dunn [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			1,020	1,017
T.R. Winston Company, LLC [Member]
Related Party Transaction [Line Items]
Noninterest Expense Investment Advisory Fees			350	0
Payments for Rent			15	0
Cashless Net Exercised Warrants			0	0
Proceeds from (Repayments of) Related Party Debt			1,415	0
T.R. Winston Company, LLC [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			400	0
T.R. Winston Company, LLC [Member] | Series B Purchase Agreement [Member]
Related Party Transaction [Line Items]
Commission Paid In Cash			500	0
Transaction Fee Paid Reinvestments by Related Party			150	0
Bryan Ezralow [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			2,840	0
Bryan Ezralow [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			1,300	0
Bryan Ezralow [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			1,540	0
Wallington Investment Holdings [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			2,765	2,090
Wallington Investment Holdings [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			250	0
Wallington Investment Holdings [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			125	0
Wallington Investment Holdings [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			2,090	2,090
Proceeds from Issuance of Private Placement			300	0
Nuno Brandolini [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			350	150
Nuno Brandolini [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			100	0
Nuno Brandolini [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			250	150
General Merrill McPeak [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			500	250
General Merrill McPeak [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			250	0
General Merrill McPeak [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			250	250
Ronald D Ormand [Member]
Related Party Transaction [Line Items]
Payment for Consulting Fees			100	150
Proceeds from (Repayments of) Related Party Debt			2,750	1,300
Ronald D Ormand [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	[1]		1,000	0
Ronald D Ormand [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			500	0
Ronald D Ormand [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	[2]		1,150	1,150
Abraham Mirman [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			2,650	1,000
Abraham Mirman [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	[3]		1,650	0
Abraham Mirman [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			250	0
Abraham Mirman [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			750	1,000
Kevin Nanke [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			300	0
Kevin Nanke [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement	[4]		200	0
Kevin Nanke [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement			$ 100	$ 0
[1]	Mr. Ormand is the manager of Perugia Investments L.P. ("Perugia") and has sole voting and dispositive power over the securities held by Perugia
[2]	An irrevocable trust managed by Jerry Ormand, Mr. Ormand's brother, as trustee and whose beneficiaries are adult children of Mr. Ormand
[3]	Mr. Mirman has shared voting and dispositive power over the securities held by The Bralina Group, LLC with Susan Mirman.
[4]	Mr, Nanke is the natural person with sole voting and dispositive power over the securities held by KKN Holdings LLC.

RELATED PARTY TRANSACTIONS (D54

RELATED PARTY TRANSACTIONS (Details) (parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues		0
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.50
December 2015 and March 2016 Warrants [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.10
Class of Warrant or Right, Warrants Exercised	80,000
T.R. Winston Company, LLC [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 10,000
Stock Issued During the Period, Exercise of Warrants	75,820
T.R. Winston Company, LLC [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues	150
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

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
U.S. Federal:
Current	$ 0	$ 0
Deferred	(2,971)	(10,560)
State and local:
Current	0	0
Deferred	(124)	(914)
Deferred Income Tax Expense (Benefit)	(3,095)	(11,474)
Change in valuation allowance	3,095	11,474
Income tax provision	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Oil and gas properties and equipment	$ 5,156	$ 3,848
Net operating loss carry-forward	42,017	41,389
Share based compensation	2,135	1,279
Abandonment obligation	445	77
Derivative instruments	0	21
Accrued liabilities	0	37
Debt conversion costs	482	488
Other	28	29
Total deferred tax asset	50,263	47,168
Valuation allowance	(50,263)	(47,168)
Deferred tax asset , net of valuation allowance	0	0
Deferred tax liabilities:
Oil and gas properties and equipment	0	0
Total deferred tax liability	0	0
Net deferred tax asset (liability)	$ 0	$ 0

INCOME TAXES (Details 2)

INCOME TAXES (Details 2)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective federal tax rate	34.00%	34.00%
State tax rate, net of federal benefit	1.42%	2.94%
Change in fair value derivative liability	(1.32%)	1.42%
Debt discount amortization	(4.11%)	(0.01%)
Share based compensation differences and forfeitures	(2.28%)	(4.18%)
Change in rate	(5.90%)	2.34%
Other permanent differences	(12.29%)	(1.07%)
Other	(0.10%)	0.01%
Valuation allowance	(9.42%)	(35.45%)
Net	0.00%	0.00%

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 118,600	$ 112,000
Deferred Tax Assets, Valuation Allowance	$ 50,263	$ 47,168
Operating Loss Carryforwards, Limitations on Use	beginning in 2027 through 2036

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Begining	2,478,316	1,700,707
Warrant Issued With Convertible Notes	1,145,238	1,180,000
Exercised, forfeited or expired	(460,989)	(484,891)
Warrants issued to Series B Preferred Stock	9,090,926
Warrants issued for fees	1,272,727
Warrants issued to amend Convertible Notes	1,648,267
Additional warrants issued to Bristol	541,026
Warrants issued to SOS in connection with the Merger	200,000
Outstanding Ending	15,915,511	2,478,316
Weighted Average Exercise Price, Outstanding Begining	$ 14.80	$ 1.76
Weighted Average Exercise Price, Warrants issued with Series B Preferred Stock	1.54
Weighted Average Exercise Price, Warrants issued with Series B Preferred Stock, adjusted for Credit and Guarantee agreement	1.30
Weighted Average Exercise Price, Warrants issued with Convertible Notes	2.47	2.50
Weighted Average Exercise Price, Warrants issued to amend Convertible Notes	2.50
Weighted Average Exercise Price, Additional warrants issued to Bristol	3.12
Weighted Average Exercise Price, Warrants issued to SOS in connection with the Merger	2.50
Weighted Average Exercise Price, Exercised, forfeited or expired	(34.74)	(61.30)
Weighted Average Exercise Price, Outstanding Ending	$ 3.34	14.80
Consulting Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Issued	60,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		16.30
HeartlandCreditAgreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Issued	22,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 8.70

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Corporate Note Securities [Member]
Fair Value of Warrants	$ 1,446
Number of Warrants	975,051
Stock Price	$ 1.70
Exercise Price	$ 1
Expected Volatility	245.00%
Risk Free Rate	0.75%
Contractual Life	2 years
Corporate Note Securities [Member]
Fair Value of Warrants	$ 277
Number of Warrants	170,187
Stock Price	$ 1.70
Exercise Price	$ 1.10
Expected Volatility	245.00%
Risk Free Rate	0.75%
Contractual Life	3 years
Bridge Loan [Member]
Fair Value of Warrants		$ 1,222
Number of Warrants		1,180,000
Stock Price		$ 2.48
Exercise Price		$ 2.89
Expected Volatility		170.00%
Risk Free Rate		0.20%
Contractual Life		3 years
Convertible Debt [Member]
Fair Value of Warrants	$ 1,625
Number of Warrants	1,648,270
Stock Price	$ 1.12
Exercise Price	$ 2.50
Expected Volatility	203.00%
Risk Free Rate	0.76%
Contractual Life	3 years
Heartland Credit Agreements [Member]
Fair Value of Warrants		$ 56
Number of Warrants		22,500
Stock Price		$ 25
Exercise Price		$ 25
Expected Volatility		99.00%
Risk Free Rate		1.29%
Contractual Life		5 years
Consultants [Member]
Fair Value of Warrants		$ 425
Number of Warrants		60,000
Stock Price		$ 23.30
Exercise Price		$ 42.50
Expected Volatility		99.00%
Risk Free Rate		1.29%
Contractual Life		5 years
SOS Ventures, LLC [Member]
Fair Value of Warrants	$ 170
Number of Warrants	200,000
Stock Price	$ 1.20
Exercise Price	$ 25
Expected Volatility	199.00%
Risk Free Rate	0.76%
Contractual Life	3 years
Bristol [Member]
Fair Value of Warrants	$ 1,214
Number of Warrants	541,026
Stock Price	$ 3.10
Exercise Price	$ 3.12
Expected Volatility	101.00%
Risk Free Rate	1.38%
Contractual Life	3 years
Series B Preferred Stock Offering Fees [Member]
Fair Value of Warrants	$ 1,590
Number of Warrants	1,272,724
Stock Price	$ 1.30
Exercise Price	$ 1.30
Expected Volatility	238.00%
Risk Free Rate	0.92%
Contractual Life	3 years
Series B Preferred Stock [Member]
Fair Value of Warrants	$ 9,486
Number of Warrants	9,090,926
Stock Price	$ 1.30
Exercise Price	$ 2.50
Expected Volatility	238.00%
Risk Free Rate	0.78%
Contractual Life	2 years

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Aug. 03, 2016	Jun. 23, 2016	Jun. 15, 2016	Aug. 31, 2014	May 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Preferred Stock						$ (1,034,000)
Debt Inducement Of Conversion Of Convertible Debentures						$ 8,307,000	$ 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
Class of Warrant or Right, Warrants Exercised						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
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					0
Share Price		$ 5
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 28.90
Fair Value Adjustment of Warrants					$ 1,350,000
Aggregate Value Of Warrants Issued					$ 7,500,000
Purchase Of Common Stock Warrant					155,602
Preferred Stock, Par or Stated Value Per Share					$ 0.0001	$ 0.0001	$ 0.0001
Preferred Stock Value Stated Rate					1,000	1,000	1,000
Debt Instrument, Convertible, Conversion Price					$ 24.10
Preferred Stock, Shares Issued					7,500	0	7,500
Deemed Value Of Beneficial Conversion Feature					$ 2,210,000
Deemed Dividend					3,560,000
Dividends, Preferred Stock						$ 0	$ 0
Preferred Stock, Shares Authorized						10,000	10,000
Debt Instrument, Convertible, Beneficial Conversion Feature					$ 2,210,000
Preferred Stock, Value, Issued						$ 0	$ 6,794,000
Gain Loss On Conversion Of Convertible Preferred stock		$ 500,000
Dividends Payable		$ 900,000
Debt Instrument, Interest Rate, Effective Percentage					8.00%
Cumulative Dividends							600,000
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
Gross Proceeds From Preferred Stock						1,900,000	1,200,000	$ 50,000,000
Dividends, Preferred Stock						$ 240,000	$ 120,000
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]
Stock Issued During Period, Shares, New Issues							0
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 2.50
Shares Issued, Price Per Share						$ 1.30
Proceeds from Issuance of Private Placement			$ 20,000,000
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, Par or Stated Value Per Share						$ 0.0001	$ 0.0001
Preferred Stock Value Stated Rate						1,000	1,000
Preferred Stock, Shares Issued						17,000	0
Dividends, Preferred Stock						$ 0	$ 0
Preferred Stock, Shares Authorized						20,000	20,000
Preferred Stock, Dividend Rate, Percentage			6.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						238.00%
Purchase Of Common Stock Shares By Warrants Issued						13,160,000
Convertible Preferred Stock Conversion Price						$ 1.10
Preferred Stock, Value, Issued						$ 13,432,000	$ 0
Preferred Stock, Value, Outstanding						13,400,000
Conversion Of Cumulative Dividend Payable Into Common Stock						$ 600,000
Conversion of Stock, Shares Converted						3,000
Cumulative Dividends						$ 600,000
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
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
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
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
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
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
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					$ 3.10	$ 0.21
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	0.76%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3 years					1 year 7 months 20 days	2 years 1 month 17 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	203.00%
Debt Instrument, Convertible, Beneficial Conversion Feature					$ 1,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value						$ 18,300,000
Warrant [Member] | Series A Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 28.90
Shares Issued, Price Per Share					$ 24.80
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					0.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					3 years
Deemed Value Of Beneficial Conversion Feature					$ 6.80
Gross Proceeds From Preferred Stock					$ 6,790,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					70.00%
Debt Instrument, Convertible, Beneficial Conversion Feature					$ 8.40
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues							87,002
Dividends, Preferred Stock						$ 0
Stock Issued During Period, Shares, Conversion of Convertible Securities						6,778,115
Common Stock [Member] | Series B Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities						2,700,000
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			9,090,926
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			$ 1.10
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, Number of Securities Called by Warrants or Rights						2,850,000
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			672,000
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						$ 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						$ 0.01

SHARE BASED AND OTHER COMPENS62

SHARE BASED AND OTHER COMPENSATION (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed		$ 6,873	$ 2,660
Unamortized stock-based compensation costs		6,449	2,357
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed		4,475	2,191
Unamortized stock-based compensation costs		$ 5,200	$ 2,091
Weighted average amortization period remaining	[1]	1 year 8 months 5 days	2 years 2 months 5 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed		$ 2,398	$ 469
Unamortized stock-based compensation costs		$ 1,249	$ 266
Weighted average amortization period remaining	[1]	1 year 5 months 12 days	1 year 18 days
[1]	Only includes directors and employees which the options vest over time instead of performance criteria which the performance criteria have not been met as of December 31, 2016 and 2015.

SHARE BASED AND OTHER COMPENS63

SHARE BASED AND OTHER COMPENSATION (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholder's Equity:
Common stock issued for directors' fees	$ 85	$ 215
Common stock issued for officer and board compensation	120	0
Stock based compensation for vesting of restricted stock	0	469
Stock based compensation for issuance of stock options	4,475	2,191
Stock based compensation for issuance of restricted stock	2,398	0
Common stock issued for professional services	0	150
Fair value of warrants issued for professional services	0	425
Total non-cash compensation in Statement of Changes in Stockholders’ Equity	$ 7,078	$ 3,450

SHARE BASED AND OTHER COMPENS64

SHARE BASED AND OTHER COMPENSATION (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock [Member]
Number of Shares, Outstanding at January 1, 2016	0
Number of Shares, Granted	1,780,052
Number of Shares, Vested and issued	(711,747)
Number of Shares, Forfeited	0
Number of Shares, Outstanding at December 31, 2016	1,068,305	0
Weighted Average Grant Date Price, Outstanding at January 1, 2016	$ 0
Weighted Average Grant Date Price, Granted	1.54
Weighted Average Grant Date Price, Vested and issued	(1.75)
Weighted Average Grant Date Price, Forfeited	0
Weighted Average Grant Date Price, Outstanding at December 31, 2016	$ 1.55	$ 0
Restricted Stock Units (RSUs) [Member]
Number of Shares, Outstanding at January 1, 2016	186,900	163,067
Number of Shares, Granted	0	114,501
Number of Shares, Vested and issued	(10,834)	(77,835)
Number of Shares, Forfeited	(26,482)	(12,833)
Number of Shares, Outstanding at December 31, 2016	149,584	186,900
Weighted Average Grant Date Price, Outstanding at January 1, 2016	$ 12.29	$ 24.40
Weighted Average Grant Date Price, Granted	0	9
Weighted Average Grant Date Price, Vested and issued	(18.75)	6.60
Weighted Average Grant Date Price, Forfeited	(16.15)	22.70
Weighted Average Grant Date Price, Outstanding at December 31, 2016	$ 10.56	$ 12.29

SHARE BASED AND OTHER COMPENS65

SHARE BASED AND OTHER COMPENSATION (Details 3) - Equity Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Outstanding Begining	608,333	358,333
Number of Options, Granted	5,683,500	480,000
Number of Options, Exercised	0	0
Number of Options, Forfeited or cancelled	(335,000)	(230,000)
Outstanding Ending	5,956,833	608,333	358,333
Weighted Average Exercise Price, Outstanding Begining	$ 14.60	$ 21.60
Weighted Average Exercise Price, Granted	2.14	12.60
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Exercise Price, Forfeited or cancelled	(5.34)	(24.60)
Weighted Average Exercise Price, Outstanding Ending	$ 2.04	$ 14.60	$ 21.60
Number of Options Vested/Exercisable at Beginning balance	296,666	138,333
Number of Options Vested/Exercisable at Ending balance	2,208,757	296,666	138,333
Weighted Average Remaining Contractual Life (Years)	1 year 8 months 5 days	4 years 1 month 6 days	4 years 2 months 26 days

SHARE BASED AND OTHER COMPENS66

SHARE BASED AND OTHER COMPENSATION (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Nov. 03, 2016	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		the Company granted options to purchase a total of 5,683,500 shares of Common Stock to management and employees under the 2016 Plan.
Employee Service Share Based Compensation Non vested Awards Compensation Cost Not Yet Recognized Stock Options Shares			34,999
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		5,683,500	480,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 1.38
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		4 years 1 month 13 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		152.00%
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	608,333	5,956,833	608,333		358,333
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 12,300,000
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]
Stock Issued During Period, Shares, New Issues			87,002
Employee Stock Option [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited		335,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 5,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms		3 years 8 months 5 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		5,956,833
Servicing Asset at Amortized Cost	$ 2,190,000	$ 4,500,000	$ 2,190,000
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		1,780,052
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 266,000	$ 1,200,000	$ 266,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms		9 months 18 days	1 year 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		1,068,305
Employee Service Share Based Compensation Non vested Awards Compensation Cost Not Yet Recognized Stock Options Shares		1,217,889
Unissued Vested Options Shares			151,900
Employees And Directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		149,584
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		149,584
Stock Issued During Period, Shares, Restricted Stock Award, Gross		1,780,052
Non Employees And Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		120,000
Omnibus Incentive Plan 2016 [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

SUPPLEMENTAL NON-CASH TRANSAC67

SUPPLEMENTAL NON-CASH TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair value of warrants issued as debt discount and financing costs	$ 2,192	$ 1,222
Disposition of oil and gas assets for elimination of accrued expense for drilling	0	5,198
Convertible Notes and Accrued Interest [Member]
Common stock issued for convertible debt	14,872	0
Brushy's Common Stock [Member]
Conversion of Stock, Amount Issued	7,111	0
Series A Preferred Stock [Member]
Conversion of Stock, Amount Issued	7,682	0
Series B Preferred Stock [Member]
Conversion of Stock, Amount Issued	3,230	0
Warrants issued for fees associated with Series B Preferred Stock issuance	1,590	0
Warrants issued for Series B Preferred Stock issuance and recorded as a deemed dividend	$ 7,879	$ 0

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 28, 2017	Feb. 07, 2017
Credit Agreement [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		$ 11.9
Maximum [Member] | Credit Agreement [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Loans Payable		38.1
Minimum [Member] | Credit Agreement [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Loans Payable		$ 31
June 2016 Private Placement [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		738,638
June 2016 Private Placement [Member] | Maximum [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.50
June 2016 Private Placement [Member] | Minimum [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01
March 2017 Private Placement [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	0.50
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.50
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	2.6
Sale of Stock, Number of Shares Issued in Transaction	5.2
Conversion of Stock, Shares Issued	5.2
Sale of Stock, Price Per Share	$ 3.85
Share Price	$ 6.30

SUPPLEMENTAL OIL AND GAS RESE69

SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED) (Details)	12 Months Ended
	Dec. 31, 2016bblMcf	Dec. 31, 2016bblMcf	Dec. 31, 2015bblMcf	Dec. 31, 2015bblMcf	Dec. 31, 2014bblMcf
Crude Oil [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance	33,430		899,727
Purchase of reserves	93,972		0
Revisions of previous estimates	455,202		(859,230)
Extensions, discoveries			0
Sale of reserves			0
Production	(31,899)		(7,067)
Ending Balance	550,705		33,430
Proved Developed Reserves	550,705	550,705	33,430	33,430	50,185
Proved Undeveloped Reserve	0	0	0	0	849,542
Natural Gas [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance	141,450	141,450		4,237,241
Purchase of reserves | Mcf		292,018		0
Revisions of previous estimates | Mcf		3,506,794		4,063,500
Extensions, discoveries | Mcf				0
Sale of reserves | Mcf				0
Production | Mcf		(68,756)		(32,291)
Ending Balance	3,871,506	3,871,506	141,450	141,450
Proved Developed Reserves | Mcf	3,871,506	3,871,506	141,450	141,450	197,146
Proved Undeveloped Reserve | Mcf	0	0	0	0	4,040,095

SUPPLEMENTAL OIL AND GAS RESE70

SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED) (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future oil and gas sales	$ 28,514	$ 1,819
Future production costs	(15,939)	(983)
Future development costs	(3,388)	0
Future income tax expense	0	0
Future net cash flows	9,187	836
10% annual discount	(2,531)	(228)
Standardized measure of discounted future net cash flows	$ 6,656	$ 608	$ 23,254

SUPPLEMENTAL OIL AND GAS RESE71

SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Balance at beginning of period	$ 608	$ 23,254
Sales of oil and gas, net	(1,989)	(146)
Net change in prices and production costs	(309)	(26,115)
Net change in future development costs	4,617	20,626
Extensions and discoveries	0	0
Acquisition of reserves	7,919	0
Sale / conveyance of reserves	0	0
Revisions of previous quantity estimates	1,087	(19,336)
Previously estimated development costs incurred	(8,942)	0
Net change in income taxes	0	0
Change in timing and other	3,630	0
Accretion of discount	35	2,325
Balance at end of period	$ 6,656	$ 608

SUPPLEMENTAL OIL AND GAS RESE72

SUPPLEMENTAL OIL AND GAS RESERVE INFORMATION (UNAUDITED) (Details Textual)	12 Months Ended
	Dec. 31, 2016bbl	Dec. 31, 2015bbl	Dec. 31, 2016Mcf	Dec. 31, 2015Mcf	Dec. 31, 2014bblMcf
Reserve Quantities [Line Items]
Description Of Oil And Gas Reserves Price	based on the 12 month arithmetic average first of month price January through December 31
Natural gas price (per MMBtu)	2.05	2.79
Crude oil price (per barrel)	37.30	42.59
Crude Oil [Member]
Reserve Quantities [Line Items]
Percentage Of Reserves Comprised On Energy Equivalent Basis	46.00%	59.00%
Proved Developed and Undeveloped Reserves, Net	550,705	33,430			899,727
Natural Gas [Member]
Reserve Quantities [Line Items]
Percentage Of Reserves Comprised On Energy Equivalent Basis	54.00%	41.00%
Proved Developed and Undeveloped Reserves, Net	3,871,506	141,450	3,871,506	141,450	4,237,241