Lilis Energy (LLEX) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 13, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	1,437,557
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	LLEX
Entity Common Stock, Shares Outstanding		53,300,332

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 17,820	$ 11,738
Accounts receivable, net of allowance of $118 and $106, respectively	4,599	2,247
Prepaid expenses and other current assets	654	767
Total current assets	23,073	14,752
Oil and natural gas properties, full cost method of accounting
Unproved	47,546	24,461
Proved	115,294	69,809
Less: accumulated depreciation, depletion, amortization and impairment	(59,527)	(55,771)
Total oil and natural gas properties, net	103,313	38,499
Other assets:
Other property and equipment, net	81	52
Other assets	343	216
Total other assets	424	268
Total assets	126,810	53,519
Current liabilities:
Accounts payable	7,561	5,166
Accrued liabilities	13,958	2,706
Dividends payable	0	808
Asset retirement obligations	194	338
Current portion of long-term debt	14	17
Total current liabilities	21,727	9,035
Long term liabilities:
Asset retirement obligations	938	919
Long-term debt, net of current portion	65,710	30,226
Long-term derivative liabilities	33,475	1,400
Total liabilities	121,850	41,580
Commitments and contingencies (Note 11)
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	0	1,874
Stockholders' Equity:
Common stock, $0.0001 par value; 150,000,000 shares authorized, 50,763,137 and 20,918,901 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively	5	2
Additional paid-in capital	266,300	219,837
Accumulated deficit	(261,345)	(223,206)
Total stockholders' equity	4,960	10,065
Total liabilities, redeemable preferred stock and stockholders' equity	126,810	53,519
Series B Preferred Stock [Member]
Stockholders' Equity:
Series B convertible preferred stock, $0.0001 par value; stated value of $1,000; 20,000 shares authorized; 16,828 shares issued and outstanding at December 31, 2016, with a liquidation preference of $20,627 at December 31, 2016	0	13,432
Total stockholders' equity	$ 0	$ 13,432

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Allowance related to accounts receivable	$ 118	$ 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	150,000,000	150,000,000
Common Stock, Shares, Issued	50,763,137	20,918,901
Common Stock, Shares, Outstanding	50,763,137	20,918,901
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		16,828
Preferred Stock, Shares Outstanding		16,828
Preferred Stock, liquidation preference		$ 20,627

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Oil, natural gas and natural gas liquid sales	$ 5,390	$ 1,158	$ 13,779	$ 2,180
Costs and expenses:
Production costs	1,814	613	4,178	978
Production taxes	290	61	710	115
General and administrative	10,943	4,582	36,273	9,741
Depreciation, depletion, accretion and amortization	1,443	601	3,946	1,162
Total costs and expenses	14,490	5,857	45,107	11,996
Loss from operations	(9,100)	(4,699)	(31,328)	(9,816)
Other income (expenses):
Other income (expense)	151	51	19	297
Gain on modification of convertible debentures	0	602	0	602
Inducement expense	0	(3,180)	0	(8,307)
Change in fair value of derivative liabilities	6,368	(438)	4,295	(535)
Change in fair value of conditionally redeemable 6% preferred stock	0	134	(41)	(644)
Interest expense	(3,656)	(617)	(11,084)	(4,220)
Total other income (expenses)	2,863	(3,448)	(6,811)	(12,807)
Net loss	(6,237)	(8,147)	(38,139)	(22,623)
Dividends on redeemable preferred stock	0	(30)	(122)	(90)
Dividend on Series A Convertible Preferred Stock	0	0	0	(287)
Loss on extinguishment of Series A Convertible Preferred Stock	0	(300)	0	(540)
Dividends and deemed dividends on Series B Convertible Preferred Stock	0	0	(4,635)	(8,206)
Net loss attributable to common shareholders	$ (6,237)	$ (8,477)	$ (42,896)	$ (31,746)
Net loss per common share basic and diluted	$ (0.12)	$ (0.5)	$ (1.06)	$ (2.59)
Weighted average shares outstanding:
Basic and diluted	50,785,588	17,113,942	40,596,281	12,280,013

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Percentage Of Redeemable Preferred Stock	6.00%	6.00%	6.00%	6.00%

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Changes in Stockholders’ Equity (Deficit) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands	Total	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2016	$ 10,065	$ 13,432	$ 2	$ 219,837	$ (223,206)
Balance (in shares) at Dec. 31, 2016		16,828	20,918,901
Stock based compensation	14,477	$ 0	$ 0	14,477	0
Stock based compensation (in shares)		0	0
Restricted stock awards	0	$ 0	$ 0	0	0
Restricted stock awards (in shares)		0	2,720,918
Common stock for exercise of stock options	227	$ 0	$ 0	227
Common stock for exercise of stock options (in shares)		0	263,735
Common stock withheld for taxes on stock based compensation	(2,427)	$ 0	$ 0	(2,427)	0
Common stock withheld for taxes on stock based compensation (in shares)		0	(523,411)
Common stock for drilling services	97	$ 0	$ 0	97	0
Common stock for drilling services (in shares)		0	22,938
Exercise of warrants	165	$ 0	$ 0	165	0
Exercise of warrants (in shares)		0	5,487,078
Cashless exercise of warrants	371	$ 0	$ 0	371	0
Cashless exercise of warrants (in shares)		0	77,131
Conversion of Series B preferred stock and dividends to common stock	1,433	$ (13,432)	$ 2	14,863	0
Conversion of Series B preferred stock and dividends to common stock (in shares)		(16,828)	16,601,026
Common stock for private placement, net	18,650	$ 0	$ 1	18,649	0
Common stock for private placement, net (in shares)		0	5,194,821
Warrant repriced for term loan	1,031	$ 0	$ 0	1,031	0
Dividends on conditionally redeemable preferred stock	(122)	0	0	(122)	0
Dividends and deemed dividends on Series B preferred stock	(868)	0	0	(868)	0
Net loss	(38,139)	0	0	0	(38,139)
Balance at Sep. 30, 2017	$ 4,960	$ 0	$ 5	$ 266,300	$ (261,345)
Balance (in shares) at Sep. 30, 2017		0	50,763,137

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (38,139)	$ (22,623)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity instruments issued for compensation	14,477	3,552
Inducement expense	0	8,307
Bad debt expense	12	200
Amortization of debt issuance cost and debt discount	6,703	2,958
Paid-in-kind interest	3,258	0
(Gain) loss in fair value of derivative instruments	(4,295)	535
Loss in fair value of conditionally redeemable 6% preferred stock	41	644
Depreciation, depletion, accretion and amortization	3,946	1,162
Gain on modification of convertible debentures	0	(602)
Gain on extinguishment of debt	0	(250)
Changes in operating assets and liabilities:
Accounts receivable	(2,364)	166
Prepaid expenses and other assets	(13)	(555)
Accounts payable and accrued liabilities	8,764	(11)
Net cash used in operating activities	(7,610)	(6,517)
Cash flows from investing activities:
Cash advance to Brushy Resources, Inc.	0	(552)
Net proceeds from sale of DJ Basin and non-operated properties	1,282	0
Capital expenditures	(64,971)	(3,418)
Net cash used in investing activities	(63,689)	(3,970)
Cash flows from financing activities:
Net proceeds from issuance of Series B Preferred Stock	0	18,195
Proceeds from issuance of convertible notes	0	2,863
Proceeds from exercise of accordion feature of the First Lien Term Loan, net of financing costs	6,706	0
Proceeds from Bridge Loan and Second Lien Term Loan, net of financing costs	94,700	0
Repayment of the First Lien Term Loan	(38,100)	0
Repayment of conditionally redeemable 6% preferred stock including dividends	(2,276)	0
Proceeds from warrant exercise	165	187
Proceeds from exercise of stock options	227	0
Payment for tax withholding on stock based compensation	(2,427)	0
Proceeds from private placement, net of financing costs	18,399	0
Proceeds from the First Lien Term Loan, net of financing costs	0	24,000
Repayment of notes payable	(13)	(13,879)
Net cash provided by financing activities	77,381	31,366
Assets acquired and liabilities assumed through Brushy Merger:
Increase in cash	6,082	20,879
Cash and cash equivalents at beginning of period	11,738	110
Cash and cash equivalents at end of period	17,820	20,989
Supplemental disclosure:
Cash paid for interest	$ 1,594	$ 217

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	Lilis Energy, Inc. (“Lilis”, “Lilis Energy” and the “Company”) is an independent oil and natural gas exploration and production company focused on the Delaware Basin in Reeves, Winkler and Loving Counties, Texas and Lea County, New Mexico.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. As of September 30, 2017, the Company’s wholly owned subsidiaries include Brushy Resources, Inc. (“Brushy”), ImPetro Operating, LLC (“ImPetro Operating”), ImPetro Resources, LLC (“Resources”), Lilis Operating Company, LLC (“Lilis Operating”), and Hurricane Resources LLC (“Hurricane Resources”). All significant intercompany accounts and transactions have been eliminated in consolidation. In management’s opinion, these unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary to fairly state the Company’s financial position as of, and results of operations for, the periods presented. These financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company’s accounting policies are described in the Notes to the Condensed Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2016, and updated, as necessary, in this Quarterly Report on Form 10-Q. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. Although actual results may differ from these estimates under different assumptions or conditions, the Company believes that its estimates are reasonable. The most significant financial estimates are associated with the Company’s estimated volumes of proved oil and natural gas reserves, asset retirement obligations, assessments of impairment on oil and natural gas properties, fair value of financial instruments including derivative liabilities, depreciation and accretion, income taxes and contingencies. Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. For the three and nine months ended September 30, 2016, the income from operator’s overhead recovery of $ 60,615 75,731 The Company follows the full cost method of accounting for oil and natural gas operations whereby all costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities. Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more 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 natural gas reserves. Costs included in the depletion base to be amortized include (a) all proved capitalized costs including capitalized asset retirement costs net of estimated salvage values, less accumulated depletion, (b) estimated future development costs to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs. The costs of undeveloped acreage are withheld from the depletion base until it is determined whether proved reserves can be assigned to the properties. When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties or the amount of the impairment is added to the full cost pool which is subject to depletion calculations. Under the full cost method of accounting, capitalized oil and natural 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 The present value of estimated future net cash flows was computed by applying a flat oil price to forecasted revenues from estimated future production of proved oil and natural 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. The flat oil price is based on the WTI Spot Posting SEC price. Specifically, it is the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, as defined by the SEC in Rule 4-10 of Regulation S-X. The flat oil price is adjusted to match up with accounting data through the use of a differential. September 30, December 31, ($ in thousands) Accrued bonus $ 1,194 $ - Accrued drilling costs 6,963 1,331 Revenue payable 4,707 1,313 Other accrued liabilities 1,094 62 $ 13,958 $ 2,706 The Company incurs retirement obligations for certain assets at the time they are placed in service. The present 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. The Company has accreted approximately $ 23,000 67,000 17,000 23,000 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, natural gas and natural gas liquid (NGL) revenues. Should sales proceeds be in excess of the Company's entitlement, these amounts will be included in accrued liabilities and the Company's share of sales taken by others will be included in other assets in the accompanying consolidated balance sheets. The Company had no material oil, natural gas or NGL entitlement assets or liabilities as of September 30, 2017 and December 31, 2016. All revenue proceeds relating to third-party royalty owners not remitted by the end of a reporting period are recorded as revenue payable, a component of accrued liabilities. As of September 30, 2017 and December 31, 2016, the Company had approximately $ 4.7 1.3 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Texican Natural Gas Company 86 % 50 % 83 % 68 % Energy Transfer Partners, L.P. 14 % 13 % 15 % 12 % Noble Energy 0 % 17 % 0 % 11 % Others below 10% 0 % 20 % 2 % 9 % 100 % 100 % 100 % 100 % Other Property and Equipment, net Other property and equipment consist principally of property and equipment with finite useful lives (subject to depreciation and amortization). The Company accounts for other property and equipment at cost. The Company may impair this property and equipment 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. Basic loss per share was calculated by dividing loss applicable to common shareholders by the weighted average number of common shares outstanding during the periods presented. The weighted average common shares outstanding include issued and outstanding shares of common stock and shares issuable for little or no consideration. The calculation of diluted loss per share includes the weighted average common shares outstanding plus the potential dilutive impact of shares issuable upon the conversion of debt or preferred stock, unvested restricted stock and exercise of warrants and options during the period (common stock equivalents), unless their effect is anti-dilutive. 2017 2016 Stock Options 7,369,000 3,488,333 Restricted Stock Units 9,999 159,583 Series B Preferred Stock - 18,478,788 Stock Purchase Warrants (1) 12,523,045 12,533,574 Conversion of Term Loan 13,186,584 - 33,088,628 34,660,278 (1) Excludes warrants exercisable for 2,840,912 0.01 for the three and nine months ended 0.01 for the three and nine months ended 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. On August 28, 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities On July 13, 2017, the FASB issued a two-part ASU 2017-11, (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Redeemable Noncontrolling Interests with a Scope Exception. On May 17, 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Compensation – Stock Compensation On January 5, 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business, On November 17, 2016, the FASB issued ASU 2016-18, Restricted Cash (Topic 230), 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 On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. On March 14, 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES & OIL AND NATURAL GAS PROPERTY ACQUISITIONS AND DIVESTITURES	9 Months Ended
	Sep. 30, 2017
Extractive Industries [Abstract]
OIL AND NATURAL GAS PROPERTIES & OIL AND NATURAL GAS PROPERTY ACQUISITIONS AND DIVESTITURES	September 30, December 31, 2017 2016 (In thousands) Unproved unevaluated acreage: Beginning balance $ 24,461 $ - Lease purchases 23,085 546 Assets acquired - 23,915 Total unproved acreage $ 47,546 $ 24,461 Wells in progress: Beginning balance $ 7,453 $ - Additions 26,458 7,453 Reclassification to evaluated properties (14,649) - Total wells in progress not subject to DD&A $ 19,262 $ 7,453 During the three and nine months ended September 30, 2017 and 2016, no impairment was recorded on the Company’s oil and natural gas properties. Depreciation, depletion and amortization expense related to proved properties was approximately $ 1.4 3.9 0.6 1.2 Divestiture of DJ Basin Properties On March 31, 2017, the Company entered into a purchase and sale agreement with Nanke Energy LLC for the divestiture of all of its oil and natural gas properties located in the Denver-Julesburg Basin (the “DJ Basin”) for consideration of $ 2 Related Party Transactions 1.08 0.7 0.22

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures the fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: · Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 - Other inputs that are directly or indirectly observable in the marketplace. · Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s derivative liability associated with the Second Lien Term Loan and warrants are measured using Level 3 inputs as follows: Second Lien Term Loan Conversion Features: plus The fair value of the holder conversion features was determined using a binomial lattice model based on certain assumptions including (i) the Company’s stock price, (ii) risk-free rate, (iii) expected volatility, (iv) the Company’s implied credit rating, and (v) the implied credit yield of the Loan. Heartland Warrant Liability. SOS Warrant Liability. Bristol Capital, LLC Warrant Liability. The following table provides a summary of the recurring fair values of assets and liabilities measured at fair value (in thousands) September 30, 2017 Level 1 Level 2 Level 3 Total Recurring fair value measurements: Warrant liabilities $ - $ - $ (199 ) $ (199 ) Second Lien Term Loan conversion features - - (33,276 ) (33,276 ) Total recurring fair value measurements $ - $ - $ (33,475 ) $ (33,475 ) 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 ) The following table provides a summary of changes in fair value of the Company’s Level 3 financial assets and liabilities during the nine months ended September 30, 2017 and 2016 (in thousands) Second Lien Bristol/ Total Balance at January 1, 2017 $ - $ (1,400 ) $ (1,400 ) Issuance (36,741 ) - (36,741 ) Cashless exercise of warrants - 371 371 Change in fair value of derivative liabilities 3,465 830 4,295 Balance at September 30, 2017 $ (33,276 ) $ (199 ) $ (33,475 ) Convertible Bristol/ Incentive Total Balance at January 1, 2016 $ (6 ) $ (56 ) $ (223 ) $ (285 ) Reversal of accrued bonus - - 616 616 Additional liability - (164 ) (393 ) (557 ) Converted to equity 43 - - 43 Change in fair value of derivative liabilities (37 ) (498 ) - (535 ) Balance at September 30, 2016 $ - $ (718 ) $ - $ (718 ) Assets and liabilities measured at fair value on a nonrecurring basis. Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances. These assets and liabilities can include proved and unproved oil and natural gas properties and other long-lived assets that are written down to fair value when they are impaired or held for sale. 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 nine months ended September 30, 2017 and 2016.

LONG-TERM DEBTS

LONG-TERM DEBTS	9 Months Ended
	Sep. 30, 2017
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBT	NOTE 5 - LONG-TERM DEBTS September 30, December 31, 2017 2016 (In thousands) Term Loans (see table below): 6% Senior Secured Term Loan, due 2019, net of debt issuance costs $ - $ 29,214 6% Bridge Loan associated with the amended First Lien Term Loan, net of debt issuance costs 15,183 - 8.25% Second Lien Term Loan, net of debt issuance costs and debt discount 49,526 - 6% note payable to SOS Investment, LLC, due 2019 1,000 1,000 Notes payable - other 15 29 Total long-term debts: 65,724 30,243 Less: current portion (14) (17) Total long-term debts, net of current portion: $ 65,710 $ 30,226 Principal Paid-in- Unamortized Carrying September 30, 2017: Bridge Loan associated with the amended First Lien Term Loan, due September 2019 $ 15,000 $ 395 $ (212) $ 15,183 Second Lien Term Loan, due April 2021 80,000 2,863 (33,337) 49,526 Total: $ 95,000 $ 3,258 $ (33,549) $ 64,709 December 31, 2016: Senior Secured Term Loan, due 2019 $ 31,000 $ - $ (1,786) $ 29,214 Total: $ 31,000 $ - $ (1,786) $ 29,214 First Lien Credit Agreement On September 29, 2016, the Company entered into a first lien credit agreement by and among the Company and its wholly owned subsidiaries, Brushy, Impetro Operating and Resources (the “Initial Guarantors”), and the lenders party thereto (each a “Lender” and together, the “Lenders”) and T.R. Winston & Company, LLC (“TRW”) acting as initial collateral agent (the “First Lien Credit Agreement”). The First Lien Credit Agreement provided for a $ 50 31 31 38.1 In connection with the exercise of the accordion advance feature for $ 7.1 0.4 738,638 2.50 0.01 1.0 0.6 38.1 1.5 1.6 Amendments to First Lien Credit Agreement On April 24, 2017, and subsequently on April 26, 2017 and July 25, 2017, the Company entered into the first, second, and third amendments (together, the “First Lien Amendments”), respectively, to the Company’s First Lien Credit Agreement. The First Lien Amendments, among other things, added Lilis Operating and Hurricane Resources as guarantors under the credit agreement, added certain lenders, and extended further credit in the form of an initial bridge loan in an aggregate principal amount of $ 15.0 On April 26, 2017, in connection with the closing of the Second Lien Credit Agreement, the Company paid off the Existing Term Loan in full including accrued and unpaid interest thereon. Second Lien Credit Agreement On April 26, 2017, the Company entered into the Second Lien Credit Agreement comprised of convertible loans in an aggregate initial principal amount of up to $ 125 80 45 8.25 The Second Lien Loans are secured by second priority liens on substantially all of the Company’s and the Guarantors’ assets, including their oil and natural gas properties located in the Delaware Basin, and all of the obligations thereunder are unconditionally guaranteed by each of the Guarantors. The Second Lien Loans mature on April 26, 2021 110 ⋅ 70% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount, will convert into a number of newly issued shares of common stock determined by dividing the total of such principal amount, accrued and unpaid interest and make-whole premium by $5.50 (subject to certain customary adjustments, the “Conversion Price”); and ⋅ 30% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount, will convert on a dollar for dollar basis into a new term loan (the “Take Back Loans”). The terms of the Take Back Loans will be substantially the same as the terms of the Second Lien Loans, except that the Take Back Loans will not be convertible and will bear interest payable in cash at a rate of LIBOR plus 9% (subject to a 1% LIBOR floor). Additionally, the Company will have the option to convert the Second Lien Loans, in whole or in part, into shares of common stock at any time or from time to time if, at the time of exercise of the Company’s conversion option, the closing price of the common stock on the principal exchange on which it is traded has been at least 150 As discussed in Note 4, Fair Value of Financial Instruments, Derivatives, SOS Note On June 30, 2016, pursuant to the merger agreement with Brushy and as a condition of the fourth amendment to such merger agreement, the Company was required to make a cash payment of $ 500,000 1 6 June 30, 2019 200,000 25.00 0.2 Interest Expense (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Interest on term loans $ 229 $ - $ 1,086 $ 217 Interest on notes payable 17 91 36 101 Interest on convertible notes and debentures (1) - 63 - 944 Paid-in-kind interest on term loans 1,917 - 3,258 - Amortization of debt financing costs on term loans 51 - 1,673 220 Amortization of discount on term loans 1,442 463 5,031 2,738 Total: $ 3,656 $ 617 $ 11,084 $ 4,220 (1) These convertible notes and debentures including accrued interest were fully converted into the Company’s common stock upon closing of the Brushy merger on June 23, 2016.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	NOTE 6 - DERIVATIVES As discussed in Note 5, the Second Lien Term Loan contains conversion features that are exercisable at the option of the Lead Lender or the borrower. The conversion features have been identified as embedded derivatives which (i) contain economic characteristics that are not clearly and closely related to the host contract, the Second Lien Term Loan, and (ii) separate, stand-alone instruments with similar terms would qualify as derivative instruments. As such, the conversion features were bifurcated and accounted for separately from the Second Lien Term Loan. The conversion features are recorded at fair value for each reporting period with changes in fair value included in the consolidated statement of operations for the three and nine months ended September 30, 2017. The Company recorded a derivative liability associated with the Second Lien Term Loan at fair value of approximately $ 36.7 39.5 33.3 6.4 3.5 0.2 0.3

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 7 - RELATED PARTY TRANSACTIONS Nine Months Ended September 30, Related Party Transactions 2017 2016 ($ in thousands) More than 5% Shareholder: Pierre Caland (Wallington Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 273 $ 250 Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. - 300 Converted the holdings of Debentures entered into on December 29, 2015 into common stock upon the closing of the Brushy merger on June 23, 2016. - 2,090 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 125 Participated in private placement transaction on February 28, 2017 1,100 - Total: $ 1,373 $ 2,765 Bryan Ezralow Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 628 $ 1,300 Participated in the September 29, 2016 $50 million credit facility - 1,450 Converted the holdings of Debentures entered into on December 29, 2015 into common stock through EZ Colony Partners, LLC owned by Bryan Ezralow upon the closing of the Brushy merger on June 23, 2016. - 1,540 Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 21 - Participated in private placement transaction on February 28, 2017 1,400 - Total: $ 2,049 $ 4,290 Mark Ezralow Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 574 $ - Participated in the September 29, 2016 $50 million credit facility - 950 Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 18 - Participated in private placement transaction on February 28, 2017. 1,200 - Total: $ 1,792 $ 950 J. Steven Emerson Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 1,639 $ - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 31 - Participated in private placement transaction on February 28, 2017 2,500 - Total: $ 4,170 $ - Steve B. Dunn and Converted the holdings of Debentures entered into on December 29, 2015 into common stock upon the closing of the Brushy merger on June 23, 2016. $ - $ 1,020 Total: $ - $ 1,020 Nine Months Ended September 30, Related Party Transactions 2017 2016 Rosseau Asset Management Ltd Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 2,185 $ - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 2 - Total: $ 2,187 $ - Investor Company Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 4,318 $ - Participated in the amendment to the Company’s first lien credit facility in April 2017 by reinvesting its principal amount that was paid down in the form of bridge loan including paid and accrued interests 2,105 - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 23 - Total: $ 6,446 $ - LOGiQ Capital (Front Street) Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 3,199 $ - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 1 - Total: $ 3,200 $ - Directors and Officers: G. Tyler Runnels, Received advisory fee for Series B Preferred Stock offering fees and warrants to purchase up to 452,724 shares of common stock, at an exercise price of $1.30 per share, exercisable on or after September 17, 2016 through T.R. Winston & Company, LLC (“TRW”) (1) $ - $ 500 Reinvested advisory fee for 150 shares of Series B Preferred Stock and 68,182 warrants at exercise price of $2.50 per share through TRW. - 150 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016 through TRW and Runnels Family Trust DTD 1-11-2000 (2) - 779 Cash paid for advisory fee on Convertible Notes which was reinvested in 350 shares of Series B Preferred Stock through TRW. - 350 Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through TRW, which were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. - 400 Participated in Series B Preferred Stock offering in 2016 through TRW and Runnels Family Trust DTD 1-11-2000 and converted into common stock during the nine months ended September 30, 2017. 520 - Participated in private placement transaction on February 28, 2017 through TRW and Runnels Family Trust DTD 1-11-2000. 796 - Warrants exercised at $0.10 per share during the nine months ended September 30, 2017 through Runnels Family Trust DTD 1-11-2000 and TRW Capital Growth Fund, LP (3) 17 - Sublet office space through TRW in New York to the Company for rent of $10,000 per month from January 1, 2017 through October 31, 2017. 90 - Total: $ 1,423 $ 2,179 Nuno Brandolini Participated in Convertible Notes maturing on September 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. $ - $ 250 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 100 Warrants exercised at $0.10 per share during the nine months ended September 30, 2017. 4 - Total: $ 4 $ 350 General Merrill McPeak Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. $ - $ 250 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 250 Total: $ - $ 500 R. Glenn Dawson Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. $ - $ 50 Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended June 30, 2017. 130 125 Total: $ 130 $ 175 Nine Months Ended September 30, Related Party Transactions 2017 2016 Mark Christensen (Director) Participated in the Company’s upsize of the first lien facility in February 2017 through Trace Capital Inc. (“Trace Capital”) (4) $ 1,600 $ - Participated in private placement transaction on February 28, 2017 through Trace Capital. 1,000 - Participated in the amendment to the Company’s first lien credit facility in April 2017 through Trace Capital by reinvesting its principal amount that was paid down in the form of bridge loans plus paid and accrued interest 1,526 - Exercise of warrants 1 - Received fees through KES 7 Capital Inc. (5) 552 - Total: $ 4,679 $ - Ronald D. Ormand (Executive Chairman) Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through the Bruin Trust. (6) $ - $ 1,150 Participated in Series B Preferred Stock offering in 2016 and converted into common stock in 2017 through Perugia Investment LP (7) 1,093 1,000 Exercise of warrants 4 - Converted shares of Series A Preferred Stock into common stock through Perugia Investment LP upon the closing of the Brushy merger on June 23, 2016. - 500 Accounts receivable due for tax withholding on vested restricted shares. This amount was paid on October 11, 2017. 194 - Total: $ 1,291 $ 2,650 Abraham Mirman (former Chief Executive Officer and Director) Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through The Bralina Group, LLC. (8) $ - $ 750 Participated in Series B Preferred Stock offering in 2016 and converted into common stock in 2017 through the Bralina Group, LLC. 1,803 1,650 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 250 Total: $ 1,803 $ 2,650 Brennan Short (Chief Operating Officer) Consulting fees paid to MMZ Consulting, Inc. which is owned by Mr. Short. Mr. Short is the sole member of the corporation. $ 282 $ - Golf tournament charges billed by MMZ Consulting, Inc and other personal expenses claimed through expense reports. 3 - Total: $ 285 $ - Kevin Nanke (former Chief Financial Officer) Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were converted into the Company’s common stock upon the closing of the Brushy merger on June 23, 2016. $ - $ 100 Participated in Series B Preferred Stock offering in 2016 and converted into common stock in 2017 through KKN Holdings LLC during the nine months ended September 30, 2017. 219 200 Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 4 - Purchased the DJ Basin properties from the Company through Nanke Energy, LLC on January 31, 2017. 2,000 - Total: $ 2,223 $ 300 (1) Mr. Runnels has sole voting and dispositive power over all securities held by T.R. Winston & Company, LLC. (2) Mr. Runnels acts as a trustee with Jasmine N. Runnels for the Runnels Family Trust DTD 1-11-2000 and has shared voting and dispositive power. (3) Mr. Runnels has sole voting and dispositive power over all securities held by TRW Capital Growth Fund, LP. (4) Trace Capital Inc. is an entity controlled by Mr. Christensen’s wife, who has sole voting and dispositive power over the securities held by Trace Capital Inc. (5) Mr. Christensen has sole voting and dispositive power over all securities held by KES 7 Capital Inc. (6) An irrevocable trust managed by Jerry Ormand, Mr. Ormand's brother, as trustee and whose beneficiaries are the adult children of Ronald Ormand. (7) Mr. Ormand has sole voting and dispositive power over the securities held by Perugia Investment LP. (8) Mr. Mirman has shared voting and dispositive power over the securities held by The Bralina Group, LLC with Susan Mirman.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 8 - SHAREHOLDERS’ EQUITY Authorized Shares of Common Stock On May 2, 2017, the Board of Directors authorized the amendment of the Company’s certificate of incorporation to increase the number of authorized shares of common stock by 50 100 Conditionally Redeemable 6% Preferred Stock In August 2014, the Company designated 2,000 6 2,000 1,000 Effective as of April 24, 2017, the Company redeemed, in full, the Company’s Redeemable Preferred. In accordance therewith, the Company and Hexagon, the only holder of the Redeemable Preferred, entered into a Settlement and Release Agreement (the “Settlement Agreement”), which sets forth the terms of the redemption. In addition, the Settlement Agreement resolves certain other issues related to liability reimbursements on certain oil and natural gas properties that had previously been alleged by Hexagon. Accordingly, all prior issues with Hexagon have been resolved and the Redeemable Preferred has been redeemed in full. 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 was 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 On April 25, 2017, the Company entered into a Series B 6.0% Convertible Preferred Stock Conversion Agreement (the “Conversion Agreement”), with all of the holders of the outstanding Series B Preferred Stock (the “Series B Holders”) to convert any outstanding shares of Series B Preferred Stock including an increase in the stated value of to reflect dividends that would have accrued through December 31, 2017 in the amount of approximately 14.3 6 4.6 The Conversion Agreement contained customary representations and warranties by the Series B Holders and other agreements and obligations of the parties. Private Placement On February 28, 2017, the Company 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 20.0 5,194,821 2,597,420 Warrants Warrants Weighted- Outstanding at January 1, 2017 15,915,511 $ 3.34 Warrants issued in connection with private placement 2,597,420 $ 4.50 Warrants issued to Heartland 160,714 $ 3.50 Exercised (6,128,100) (0.30) Forfeited or expired (22,500) $ (25.00) Outstanding at September 30, 2017 12,523,045 $ 4.59

SHARE BASED AND OTHER COMPENSAT

SHARE BASED AND OTHER COMPENSATION	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE BASED AND OTHER COMPENSATION	NOTE 9 - SHARE BASED AND OTHER COMPENSATION The Company’s stock-based compensation consisted of the following (dollars in thousands): Nine Months Ended Nine Months Ended Stock Restricted Total Stock Restricted Total Stock-based compensation expensed $ 6,550 $ 7,927 $ 14,477 $ 2,289 $ 1,263 $ 3,552 Unrecognized stock-based compensation costs $ 5,217 $ 1,133 $ 6,350 $ 2,720 $ 1,400 $ 4,120 Weighted average amortization period remaining (in years) 0.75 0.68 - 1.74 1.18 - Restricted Stock A summary of restricted stock grant activity pursuant to the Lilis Energy, Inc. 2012 Omnibus Incentive Plan (the “2012 Plan”) and the 2016 Omnibus Incentive Plan (the “2016 Plan”) for the nine months ended September 30, 2017 is presented below: Number of Weighted Outstanding at January 1, 2017 1,068,305 $ 1.55 Granted 1,488,845 $ 4.54 Vested and issued (1,426,684) $ (2.73) Forfeited or cancelled (448,424) $ (3.78) Outstanding at September 30, 2017 682,042 $ 2.86 Restricted Stock Units A summary of restricted stock unit grant activity pursuant to the 2012 Plan and the 2016 Plan for the nine months ended September 30, 2017 is presented below. Number of Weighted Outstanding at January 1, 2017 149,584 $ 10.56 Vested and issued (139,585) $ (4.77) Outstanding at September 30, 2017 9,999 $ 6.57 Stock Options A summary of stock option activity pursuant to the 2012 Plan and the 2016 Plan for the nine months ended September 30, 2017 is presented below: Stock Options Outstanding and Number Weighted Number Weighted Outstanding at January 1, 2017 5,956,833 $ 2.04 2,208,757 9.7 Granted 3,240,000 $ 4.73 Exercised (236,896) $ (1.34) Forfeited or cancelled (1,590,937) $ (3.06) Outstanding at September 30, 2017 7,369,000 $ 3.74 3,552,944 9.2 During the nine months ended September 30, 2017, options to purchase 3,240,000 shares of the Company’s common stock were granted under the 2016 Plan. The weighted average fair value of these options was $ 2.62 1.21 1.45 2 100.5%. The options to purchase 3,240,000 (i) Options granted to employees of the Company to purchase 2,490,000 (ii) On June 16, 2017, the Company cancelled 250,000 500,000 750,000 389,657 87,922 1.6 3.2 As of September 30, 2017, total unrecognized compensation costs relating to the outstanding options was approximately $ 5.2 0.75

SUPPLEMENTAL NON-CASH TRANSACTI

SUPPLEMENTAL NON-CASH TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL NON-CASH TRANSACTIONS	NOTE 10 - SUPPLEMENTAL NON-CASH TRANSACTIONS Nine Months Ended September 30, 2017 2016 ($ in thousands) Non-cash investing and financing activities excluded from the statement of cash flows: Conversion of Series B Preferred Stock and accrued dividends to common stock $ 14,865 $ - Common stock issued for Brushy’s common stock - 6,942 Common stock issued for Series A Preferred Stock and accrued dividends - 8,221 Common stock issued for convertible debentures and accrued interest - 8,121 Common stock issued for convertible notes and accrued interest - 11,106 Warrants issued for fees associated with Series B 6% Preferred Stock - 1,590 Loss on extinguishment of Series A Preferred Stock - 540 Warrants issued with Series B Preferred Stock issuance and recorded as deemed dividend - 7,880 Commitment fees offset by issuance of common stock for Private Placement 250 - Fair value of warrants issued and repriced as debt discount 1,031 1,479 Cashless exercise of warrants 371 - Issuance of common stock for director fees - 85 Issuance of common stock for drilling services 97 - Deemed dividends on Series B 6% Convertible Preferred Stock associated with beneficial conversion features 3,767 - Change in capital expenditures for drilling costs in accrued liabilities 5,632 - Asset retirement established on newly drilled wells 8 1,479

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 - COMMITMENTS AND CONTINGENCIES Revenue Contract On August 10, 2017, the Company entered into a long-term agreement with Lucid Energy Group (“Lucid”) relating to gas gathering, processing and associated services to support the Company’s Prior to the February 1, 2018 termination of our current gathering arrangement, we have negotiated the ability to deliver certain quantities of curtailed gas to Lucid upon connection to the Lucid system Departure of Chief Executive Officer and Director On August 3, 2017, Abraham Mirman notified the Company of his resignation as Chief Executive Officer, and as a member of the Company’s Board of Directors (the “Board”), effective as of August 4, 2017 (the “Separation Date”). Mr. Mirman also resigned from all positions held with the Company’s subsidiaries. Mr. Mirman’s decision to resign was not the result of any disagreement with the Company, the Board, or management, or any matter relating to the Company’s operations, policies or practices. In connection with Mr. Mirman’s resignation, the Company entered into a Separation and Consulting Agreement with Mr. Mirman on August 3, 2017 (the “Mirman Agreement”), setting forth the terms of Mr. Mirman’s separation from the Company and his prospective consulting services. Pursuant to the terms of the Mirman Agreement, in satisfaction of any and all obligations under his employment agreement, Mr. Mirman received the following severance payments, subject to applicable employer and employee withholding by the Company: (1) accrued benefits (including base salary, vacation pay and reimbursements) that are unpaid as of the Separation Date, (2) a lump-sum cash payment of $ 1.0 The Mirman Agreement also provides for the engagement of Mr. Mirman as an independent consultant to provide consulting or advisory services as the Company may reasonably request with respect to its business. Mr. Mirman’s consultancy commenced on August 5, 2017 and will terminate on August 5, 2018, unless terminated earlier or extended by mutual agreement in accordance with the terms of the Agreement. In consideration for his consulting services, the Company will pay Mr. Mirman a monthly consulting fee of $ 41,661 The Mirman Agreement contains other standard provisions contained in agreements of this nature, including restrictive covenants concerning confidentiality, non-competition, non-solicitation and non-disparagement, and a general release of any and all claims Mr. Mirman may have against the Company, its directors, officers and associated persons. Environmental and Governmental Regulation At September 30, 2017, 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 natural 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 natural gas industry legislation and administrative regulations are periodically changed for a variety of political, economic, and other reasons. As of September 30, 2017, the Company had not been fined or cited for any violations of governmental regulations that would have a material adverse effect on 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 - SUBSEQUENT EVENTS Lease Acquisition Agreement On October 3, 2017, the Company entered into a lease acquisition agreement (the “Acquisition Agreement”) with KEW Drilling, a Delaware limited partnership (“KEW”), pursuant to which the Company will acquire from KEW undeveloped net acres in Winkler County, Texas for an aggregate purchase price of up to $47.0 million pursuant to the terms set forth in the Acquisition Agreement (collectively, the “Leases”). If KEW acquires additional acreage during the time period between the execution of the Acquisition Agreement until closing that exceeds the $ 47.0 The Acquisition Agreement contains terms and conditions customary to transactions of the type including title due diligence provisions and representations and warranties regarding the Leases, including, but not limited to, those regarding taxes, liens, litigation, preferential rights to purchase and consents. The Company expects to fund the purchase price for the Leases with borrowings drawn under the Delayed Draw Term Loans pursuant to the Second Lien Credit Agreement and cash on hand, which includes proceeds drawn under the First Lien Credit Agreement as described below. On November 9, 2017, the Company closed on the initial settlement of approximately 3,200 35.8 Amendment No. 1 to the Second Lien Credit Agreement On October 3, 2017, the Company, the Guarantors, the Agent and the Lenders, including the Lead Lender, entered into Amendment No. 1 to the Second Lien Credit Agreement (“Amendment No. 1 to the Second Lien Credit Agreement”). The purpose of Amendment No. 1 to the Second Lien Credit Agreement is to waive certain conditions precedent to the drawing of the $ 45.0 Pursuant to Amendment No. 1 to the Second Lien Credit Agreement, if the Company does not use any portion of the Delayed Draw Term Loans for the acquisitions contemplated by the Acquisition Agreement or such other acquisitions as may be approved by the Lead Lender within a specified time period ending not later than January 10, 2018, the Company will be required to prepay such unused portion of the Delayed Draw Terms Loans, together with accrued and unpaid interest and a prepayment premium equal to a 20 Amendment No. 4 to the First Lien Credit Agreement On October 19, 2017, the Company entered into a fourth amendment to the First Lien Credit Agreement (“Amendment No. 4 to the First Lien Credit Agreement”). Pursuant to Amendment No. 4 to the First Lien Credit Agreement, among other things, certain lenders identified therein joined the existing lenders 15.0 The First Lien Credit Agreement, as amended by Amendment No 4. to the First Lien Credit Agreement, (a) provides that, effective as of October 1, 2017, the unpaid principal of the First Lien Loans will bear (i) cash interest at a rate per annum of 10 6 175.0 Amendment No. 2 to the Second Lien Credit Agreement On October 19, 2017 including Amendment No. 3 to the Second Lien Credit Agreement On November 10, 2017, the Company entered into a third amendment to the Second Lien Credit Agreement (“Amendment No. 3 to the Second Lien Credit Agreement”), by and among the Company, the Guarantors, the Agent and the Lenders, including the Lead Lender. Amendment No. 3 to the Second Lien Credit Agreement increased by $ 25.0 45

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. As of September 30, 2017, the Company’s wholly owned subsidiaries include Brushy Resources, Inc. (“Brushy”), ImPetro Operating, LLC (“ImPetro Operating”), ImPetro Resources, LLC (“Resources”), Lilis Operating Company, LLC (“Lilis Operating”), and Hurricane Resources LLC (“Hurricane Resources”). All significant intercompany accounts and transactions have been eliminated in consolidation.
Interim Financial Statements	In management’s opinion, these unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary to fairly state the Company’s financial position as of, and results of operations for, the periods presented. These financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company’s accounting policies are described in the Notes to the Condensed Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2016, and updated, as necessary, in this Quarterly Report on Form 10-Q.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic and commodity price environment. Although actual results may differ from these estimates under different assumptions or conditions, the Company believes that its estimates are reasonable. The most significant financial estimates are associated with the Company’s estimated volumes of proved oil and natural gas reserves, asset retirement obligations, assessments of impairment on oil and natural gas properties, fair value of financial instruments including derivative liabilities, depreciation and accretion, income taxes and contingencies.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. For the three and nine months ended September 30, 2016, the income from operator’s overhead recovery of $ 60,615 75,731
Oil and Natural Gas Producing Activities	The Company follows the full cost method of accounting for oil and natural gas operations whereby all costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities. Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more 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 natural gas reserves. Costs included in the depletion base to be amortized include (a) all proved capitalized costs including capitalized asset retirement costs net of estimated salvage values, less accumulated depletion, (b) estimated future development costs to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs. The costs of undeveloped acreage are withheld from the depletion base until it is determined whether proved reserves can be assigned to the properties. When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties or the amount of the impairment is added to the full cost pool which is subject to depletion calculations. Under the full cost method of accounting, capitalized oil and natural 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 The present value of estimated future net cash flows was computed by applying a flat oil price to forecasted revenues from estimated future production of proved oil and natural 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. The flat oil price is based on the WTI Spot Posting SEC price. Specifically, it is the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, as defined by the SEC in Rule 4-10 of Regulation S-X. The flat oil price is adjusted to match up with accounting data through the use of a differential.
Accrued Liabilities	Accrued Liabilities September 30, December 31, ($ in thousands) Accrued bonus $ 1,194 $ - Accrued drilling costs 6,963 1,331 Revenue payable 4,707 1,313 Other accrued liabilities 1,094 62 $ 13,958 $ 2,706
Asset Retirement Obligations	Asset Retirement Obligations The Company incurs retirement obligations for certain assets at the time they are placed in service. The present 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. The Company has accreted approximately $ 23,000 67,000 17,000 23,000
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, natural gas and natural gas liquid (NGL) revenues. Should sales proceeds be in excess of the Company's entitlement, these amounts will be included in accrued liabilities and the Company's share of sales taken by others will be included in other assets in the accompanying consolidated balance sheets. The Company had no material oil, natural gas or NGL entitlement assets or liabilities as of September 30, 2017 and December 31, 2016. All revenue proceeds relating to third-party royalty owners not remitted by the end of a reporting period are recorded as revenue payable, a component of accrued liabilities. As of September 30, 2017 and December 31, 2016, the Company had approximately $ 4.7 1.3
Major customers	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Texican Natural Gas Company 86 % 50 % 83 % 68 % Energy Transfer Partners, L.P. 14 % 13 % 15 % 12 % Noble Energy 0 % 17 % 0 % 11 % Others below 10% 0 % 20 % 2 % 9 % 100 % 100 % 100 % 100 %
Other Property and Equipment, net	Other Property and Equipment, net Other property and equipment consist principally of property and equipment with finite useful lives (subject to depreciation and amortization). The Company accounts for other property and equipment at cost. The Company may impair this property and equipment 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.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company accounts for long-lived assets (other than oil and natural gas properties) at cost. Other long-lived assets consist principally of property and equipment and identifiable intangible assets with finite useful lives (subject to depreciation and amortization). 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.
Loss Per Share	Basic loss per share was calculated by dividing loss applicable to common shareholders by the weighted average number of common shares outstanding during the periods presented. The weighted average common shares outstanding include issued and outstanding shares of common stock and shares issuable for little or no consideration. The calculation of diluted loss per share includes the weighted average common shares outstanding plus the potential dilutive impact of shares issuable upon the conversion of debt or preferred stock, unvested restricted stock and exercise of warrants and options during the period (common stock equivalents), unless their effect is anti-dilutive. 2017 2016 Stock Options 7,369,000 3,488,333 Restricted Stock Units 9,999 159,583 Series B Preferred Stock - 18,478,788 Stock Purchase Warrants (1) 12,523,045 12,533,574 Conversion of Term Loan 13,186,584 - 33,088,628 34,660,278 (1) Excludes warrants exercisable for 2,840,912 0.01 for the three and nine months ended 0.01 for the three and nine months ended
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. On August 28, 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities On July 13, 2017, the FASB issued a two-part ASU 2017-11, (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Redeemable Noncontrolling Interests with a Scope Exception. On May 17, 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting Compensation – Stock Compensation On January 5, 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business, On November 17, 2016, the FASB issued ASU 2016-18, Restricted Cash (Topic 230), 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 On March 30, 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. On March 14, 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Schedule of Accrued Liabilities	As of September 30, 2017 and December 31, 2016, the Company’s accrued liabilities consisted of the following: September 30, December 31, ($ in thousands) Accrued bonus $ 1,194 $ - Accrued drilling costs 6,963 1,331 Revenue payable 4,707 1,313 Other accrued liabilities 1,094 62 $ 13,958 $ 2,706
Schedules of Concentration of Risk, by Risk Factor	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Texican Natural Gas Company 86 % 50 % 83 % 68 % Energy Transfer Partners, L.P. 14 % 13 % 15 % 12 % Noble Energy 0 % 17 % 0 % 11 % Others below 10% 0 % 20 % 2 % 9 % 100 % 100 % 100 % 100 %
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	For the three and nine months ended September 30, 2017 and 2016, common stock equivalents including shares underlying conversion of the term loan, restricted stock units, restricted stock, options, warrants and preferred stock have been excluded from the diluted share calculations as they were anti-dilutive as a result of net losses incurred as follows: 2017 2016 Stock Options 7,369,000 3,488,333 Restricted Stock Units 9,999 159,583 Series B Preferred Stock - 18,478,788 Stock Purchase Warrants (1) 12,523,045 12,533,574 Conversion of Term Loan 13,186,584 - 33,088,628 34,660,278 (1) Excludes warrants exercisable for 2,840,912 0.01 for the three and nine months ended 0.01 for the three and nine months ended

OIL AND NATURAL GAS PROPERTIE22

OIL AND NATURAL GAS PROPERTIES & OIL AND NATURAL GAS PROPERTY ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
	Sep. 30, 2017
Oil And Gas Properties And Oil And Gas Properties Acquisitions And Divestitures [Abstract]
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization	September 30, December 31, 2017 2016 (In thousands) Unproved unevaluated acreage: Beginning balance $ 24,461 $ - Lease purchases 23,085 546 Assets acquired - 23,915 Total unproved acreage $ 47,546 $ 24,461 Wells in progress: Beginning balance $ 7,453 $ - Additions 26,458 7,453 Reclassification to evaluated properties (14,649) - Total wells in progress not subject to DD&A $ 19,262 $ 7,453

FAIR VALUE OF FINANCIAL INSTR23

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure Text Block [Abstract]
Summary of recurring fair values of assets and liabilities measured at fair value	(in thousands) September 30, 2017 Level 1 Level 2 Level 3 Total Recurring fair value measurements: Warrant liabilities $ - $ - $ (199) $ (199) Second Lien Term Loan conversion features - - (33,276) (33,276) Total recurring fair value measurements $ - $ - $ (33,475) $ (33,475) 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)
Summary of changes in fair value of Level 3 financial assets and liabilities	(in thousands) Second Lien Bristol/ Total Balance at January 1, 2017 $ - $ (1,400) $ (1,400) Issuance (36,741) - (36,741) Cashless exercise of warrants - 371 371 Change in fair value of derivative liabilities 3,465 830 4,295 Balance at September 30, 2017 $ (33,276) $ (199) $ (33,475) Convertible Bristol/ Incentive Total Balance at January 1, 2016 $ (6) $ (56) $ (223) $ (285) Reversal of accrued bonus - - 616 616 Additional liability - (164) (393) (557) Converted to equity 43 - - 43 Change in fair value of derivative liabilities (37) (498) - (535) Balance at September 30, 2016 $ - $ (718) $ - $ (718)

LONG-TERM DEBTS (Tables)

LONG-TERM DEBTS (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	September 30, December 31, 2017 2016 (In thousands) Term Loans (see table below): 6% Senior Secured Term Loan, due 2019, net of debt issuance costs $ - $ 29,214 6% Bridge Loan associated with the amended First Lien Term Loan, net of debt issuance costs 15,183 - 8.25% Second Lien Term Loan, net of debt issuance costs and debt discount 49,526 - 6% note payable to SOS Investment, LLC, due 2019 1,000 1,000 Notes payable - other 15 29 Total long-term debts: 65,724 30,243 Less: current portion (14) (17) Total long-term debts, net of current portion: $ 65,710 $ 30,226
Schedule of debt	At September 30, 2017 and December 31, 2016, the carrying amounts of the Term Loans were as follows: Principal Paid-in- Unamortized Carrying September 30, 2017: Bridge Loan associated with the amended First Lien Term Loan, due September 2019 $ 15,000 $ 395 $ (212) $ 15,183 Second Lien Term Loan, due April 2021 80,000 2,863 (33,337) 49,526 Total: $ 95,000 $ 3,258 $ (33,549) $ 64,709 December 31, 2016: Senior Secured Term Loan, due 2019 $ 31,000 $ - $ (1,786) $ 29,214 Total: $ 31,000 $ - $ (1,786) $ 29,214
Schedule Of Interest Expenses	The components of interest expense are as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Interest on term loans $ 229 $ - $ 1,086 $ 217 Interest on notes payable 17 91 36 101 Interest on convertible notes and debentures (1) - 63 - 944 Paid-in-kind interest on term loans 1,917 - 3,258 - Amortization of debt financing costs on term loans 51 - 1,673 220 Amortization of discount on term loans 1,442 463 5,031 2,738 Total: $ 3,656 $ 617 $ 11,084 $ 4,220 (1) These convertible notes and debentures including accrued interest were fully converted into the Company’s common stock upon closing of the Brushy merger on June 23, 2016.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	During the nine months ended September 30, 2017 and 2016, the Company was engaged in the following transactions with related parties: Nine Months Ended September 30, Related Party Transactions 2017 2016 ($ in thousands) More than 5% Shareholder: Pierre Caland (Wallington Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 273 $ 250 Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. - 300 Converted the holdings of Debentures entered into on December 29, 2015 into common stock upon the closing of the Brushy merger on June 23, 2016. - 2,090 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 125 Participated in private placement transaction on February 28, 2017 1,100 - Total: $ 1,373 $ 2,765 Bryan Ezralow Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 628 $ 1,300 Participated in the September 29, 2016 $50 million credit facility - 1,450 Converted the holdings of Debentures entered into on December 29, 2015 into common stock through EZ Colony Partners, LLC owned by Bryan Ezralow upon the closing of the Brushy merger on June 23, 2016. - 1,540 Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 21 - Participated in private placement transaction on February 28, 2017 1,400 - Total: $ 2,049 $ 4,290 Mark Ezralow Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 574 $ - Participated in the September 29, 2016 $50 million credit facility - 950 Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 18 - Participated in private placement transaction on February 28, 2017. 1,200 - Total: $ 1,792 $ 950 J. Steven Emerson Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 1,639 $ - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 31 - Participated in private placement transaction on February 28, 2017 2,500 - Total: $ 4,170 $ - Steve B. Dunn and Converted the holdings of Debentures entered into on December 29, 2015 into common stock upon the closing of the Brushy merger on June 23, 2016. $ - $ 1,020 Total: $ - $ 1,020 Nine Months Ended September 30, Related Party Transactions 2017 2016 Rosseau Asset Management Ltd Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 2,185 $ - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 2 - Total: $ 2,187 $ - Investor Company Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 4,318 $ - Participated in the amendment to the Company’s first lien credit facility in April 2017 by reinvesting its principal amount that was paid down in the form of bridge loan including paid and accrued interests 2,105 - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 23 - Total: $ 6,446 $ - LOGiQ Capital (Front Street) Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended September 30, 2017. $ 3,199 $ - Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 1 - Total: $ 3,200 $ - Directors and Officers: G. Tyler Runnels, Received advisory fee for Series B Preferred Stock offering fees and warrants to purchase up to 452,724 shares of common stock, at an exercise price of $1.30 per share, exercisable on or after September 17, 2016 through T.R. Winston & Company, LLC (“TRW”) (1) $ - $ 500 Reinvested advisory fee for 150 shares of Series B Preferred Stock and 68,182 warrants at exercise price of $2.50 per share through TRW. - 150 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016 through TRW and Runnels Family Trust DTD 1-11-2000 (2) - 779 Cash paid for advisory fee on Convertible Notes which was reinvested in 350 shares of Series B Preferred Stock through TRW. - 350 Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through TRW, which were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. - 400 Participated in Series B Preferred Stock offering in 2016 through TRW and Runnels Family Trust DTD 1-11-2000 and converted into common stock during the nine months ended September 30, 2017. 520 - Participated in private placement transaction on February 28, 2017 through TRW and Runnels Family Trust DTD 1-11-2000. 796 - Warrants exercised at $0.10 per share during the nine months ended September 30, 2017 through Runnels Family Trust DTD 1-11-2000 and TRW Capital Growth Fund, LP (3) 17 - Sublet office space through TRW in New York to the Company for rent of $10,000 per month from January 1, 2017 through October 31, 2017. 90 - Total: $ 1,423 $ 2,179 Nuno Brandolini Participated in Convertible Notes maturing on September 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. $ - $ 250 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 100 Warrants exercised at $0.10 per share during the nine months ended September 30, 2017. 4 - Total: $ 4 $ 350 General Merrill McPeak Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. $ - $ 250 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 250 Total: $ - $ 500 R. Glenn Dawson Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. $ - $ 50 Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the nine months ended June 30, 2017. 130 125 Total: $ 130 $ 175 Nine Months Ended September 30, Related Party Transactions 2017 2016 Mark Christensen (Director) Participated in the Company’s upsize of the first lien facility in February 2017 through Trace Capital Inc. (“Trace Capital”) (4) $ 1,600 $ - Participated in private placement transaction on February 28, 2017 through Trace Capital. 1,000 - Participated in the amendment to the Company’s first lien credit facility in April 2017 through Trace Capital by reinvesting its principal amount that was paid down in the form of bridge loans plus paid and accrued interest 1,526 - Exercise of warrants 1 - Received fees through KES 7 Capital Inc. (5) 552 - Total: $ 4,679 $ - Ronald D. Ormand (Executive Chairman) Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through the Bruin Trust. (6) $ - $ 1,150 Participated in Series B Preferred Stock offering in 2016 and converted into common stock in 2017 through Perugia Investment LP (7) 1,093 1,000 Exercise of warrants 4 - Converted shares of Series A Preferred Stock into common stock through Perugia Investment LP upon the closing of the Brushy merger on June 23, 2016. - 500 Accounts receivable due for tax withholding on vested restricted shares. This amount was paid on October 11, 2017. 194 - Total: $ 1,291 $ 2,650 Abraham Mirman (former Chief Executive Officer and Director) Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through The Bralina Group, LLC. (8) $ - $ 750 Participated in Series B Preferred Stock offering in 2016 and converted into common stock in 2017 through the Bralina Group, LLC. 1,803 1,650 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016. - 250 Total: $ 1,803 $ 2,650 Brennan Short (Chief Operating Officer) Consulting fees paid to MMZ Consulting, Inc. which is owned by Mr. Short. Mr. Short is the sole member of the corporation. $ 282 $ - Golf tournament charges billed by MMZ Consulting, Inc and other personal expenses claimed through expense reports. 3 - Total: $ 285 $ - Kevin Nanke (former Chief Financial Officer) Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017. These notes were converted into the Company’s common stock upon the closing of the Brushy merger on June 23, 2016. $ - $ 100 Participated in Series B Preferred Stock offering in 2016 and converted into common stock in 2017 through KKN Holdings LLC during the nine months ended September 30, 2017. 219 200 Warrants exercised at $0.01 per share during the nine months ended September 30, 2017. 4 - Purchased the DJ Basin properties from the Company through Nanke Energy, LLC on January 31, 2017. 2,000 - Total: $ 2,223 $ 300 (1) Mr. Runnels has sole voting and dispositive power over all securities held by T.R. Winston & Company, LLC. (2) Mr. Runnels acts as a trustee with Jasmine N. Runnels for the Runnels Family Trust DTD 1-11-2000 and has shared voting and dispositive power. (3) Mr. Runnels has sole voting and dispositive power over all securities held by TRW Capital Growth Fund, LP. (4) Trace Capital Inc. is an entity controlled by Mr. Christensen’s wife, who has sole voting and dispositive power over the securities held by Trace Capital Inc. (5) Mr. Christensen has sole voting and dispositive power over all securities held by KES 7 Capital Inc. (6) An irrevocable trust managed by Jerry Ormand, Mr. Ormand's brother, as trustee and whose beneficiaries are the adult children of Ronald Ormand. (7) Mr. Ormand has sole voting and dispositive power over the securities held by Perugia Investment LP. (8) Mr. Mirman has shared voting and dispositive power over the securities held by The Bralina Group, LLC with Susan Mirman.

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Summary of warrant activity	The following table provides a summary of warrant activity for the nine months ended September 30, 2017: Warrants Weighted- Outstanding at January 1, 2017 15,915,511 $ 3.34 Warrants issued in connection with private placement 2,597,420 $ 4.50 Warrants issued to Heartland 160,714 $ 3.50 Exercised (6,128,100) (0.30) Forfeited or expired (22,500) $ (25.00) Outstanding at September 30, 2017 12,523,045 $ 4.59

SHARE BASED AND OTHER COMPENS27

SHARE BASED AND OTHER COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	The Company’s stock-based compensation consisted of the following (dollars in thousands): Nine Months Ended Nine Months Ended Stock Restricted Total Stock Restricted Total Stock-based compensation expensed $ 6,550 $ 7,927 $ 14,477 $ 2,289 $ 1,263 $ 3,552 Unrecognized stock-based compensation costs $ 5,217 $ 1,133 $ 6,350 $ 2,720 $ 1,400 $ 4,120 Weighted average amortization period remaining (in years) 0.75 0.68 - 1.74 1.18 -
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	A summary of restricted stock grant activity pursuant to the Lilis Energy, Inc. 2012 Omnibus Incentive Plan (the “2012 Plan”) and the 2016 Omnibus Incentive Plan (the “2016 Plan”) for the nine months ended September 30, 2017 is presented below: Number of Weighted Outstanding at January 1, 2017 1,068,305 $ 1.55 Granted 1,488,845 $ 4.54 Vested and issued (1,426,684) $ (2.73) Forfeited or cancelled (448,424) $ (3.78) Outstanding at September 30, 2017 682,042 $ 2.86 Restricted Stock Units A summary of restricted stock unit grant activity pursuant to the 2012 Plan and the 2016 Plan for the nine months ended September 30, 2017 is presented below. Number of Weighted Outstanding at January 1, 2017 149,584 $ 10.56 Vested and issued (139,585) $ (4.77) Outstanding at September 30, 2017 9,999 $ 6.57
Schedule of Share-based Compensation, Stock Options, Activity	A summary of stock option activity pursuant to the 2012 Plan and the 2016 Plan for the nine months ended September 30, 2017 is presented below: Stock Options Outstanding and Number Weighted Number Weighted Outstanding at January 1, 2017 5,956,833 $ 2.04 2,208,757 9.7 Granted 3,240,000 $ 4.73 Exercised (236,896) $ (1.34) Forfeited or cancelled (1,590,937) $ (3.06) Outstanding at September 30, 2017 7,369,000 $ 3.74 3,552,944 9.2

SUPPLEMENTAL NON-CASH TRANSAC28

SUPPLEMENTAL NON-CASH TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table presents the supplemental disclosure of cash flow information for the nine months ended September 30, 2017 and 2016: Nine Months Ended September 30, 2017 2016 ($ in thousands) Non-cash investing and financing activities excluded from the statement of cash flows: Conversion of Series B Preferred Stock and accrued dividends to common stock $ 14,865 $ - Common stock issued for Brushy’s common stock - 6,942 Common stock issued for Series A Preferred Stock and accrued dividends - 8,221 Common stock issued for convertible debentures and accrued interest - 8,121 Common stock issued for convertible notes and accrued interest - 11,106 Warrants issued for fees associated with Series B 6% Preferred Stock - 1,590 Loss on extinguishment of Series A Preferred Stock - 540 Warrants issued with Series B Preferred Stock issuance and recorded as deemed dividend - 7,880 Commitment fees offset by issuance of common stock for Private Placement 250 - Fair value of warrants issued and repriced as debt discount 1,031 1,479 Cashless exercise of warrants 371 - Issuance of common stock for director fees - 85 Issuance of common stock for drilling services 97 - Deemed dividends on Series B 6% Convertible Preferred Stock associated with beneficial conversion features 3,767 - Change in capital expenditures for drilling costs in accrued liabilities 5,632 - Asset retirement established on newly drilled wells 8 1,479

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accrued bonus	$ 1,194	$ 0
Accrued drilling costs	6,963	1,331
Revenue Payable	4,707	1,313
Other accrued liabilities	1,094	62
Total accrued expenses	$ 13,958	$ 2,706

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details 1)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%
Texican [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	86.00%	50.00%	83.00%	68.00%
Energy Transfer Inc. [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%	13.00%	15.00%	12.00%
Noble Energy [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.00%	17.00%	0.00%	11.00%
Others [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.00%	20.00%	2.00%	9.00%

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details 2) - shares		9 Months Ended	12 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		33,088,628	34,660,278
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		7,369,000	3,488,333
Restricted Stock Units (employees/directors) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		9,999	159,583
Stock Purchase Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	[1]	12,523,045	12,533,574
Conversion of Term Loan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		13,186,584	0
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		0	18,478,788
[1]	Excludes warrants exercisable for 2,840,912 shares of common stock at an exercise price of $0.01 for the three and nine months ended September 30, 2016 since these warrants are not anti-dilutive. There were no warrants exercisable at $0.01 per share for the three and nine months ended September 30, 2017.

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Accretion of asset retirement obligations	$ 23,000		$ 17,000	$ 67,000	$ 23,000
Description Of Sale Reserves				25% or more
Deferred Revenue, Current	$ 4,700,000			$ 4,700,000		$ 1,300,000
Present Value of Future Insurance Profits, Percentage of Amortization Expense, Year One	10.00%			10.00%
Prior Period Reclassification Adjustment		$ 60,615			$ 75,731
Warrant [Member]
Summary Of Significant Accounting Policies [Line Items]
Antidilutive Securities Excluded from Computation of Net Income, Per Outstanding Unit, Amount	$ 0.01	$ 0.01		$ 0.01	$ 0.01
Weighted Average Number Diluted Shares Outstanding Adjustment	0	2,840,912		0	2,840,912

OIL AND NATURAL GAS PROPERTIE33

OIL AND NATURAL GAS PROPERTIES & OIL AND NATURAL GAS PROPERTY ACQUISITIONS AND DIVESTITURES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Unproved unevaluated acreage:
Beginning balance	$ 24,461	$ 0
Lease purchases	23,085	546
Assets acquired	0	23,915
Total unproved acreage	47,546	24,461
Wells in progress:
Beginning balance	7,453	0
Additions	26,458	7,453
Reclassification to evaluated properties	(14,649)	0
Total wells in progress and not subject to DD&A	$ 19,262	$ 7,453

OIL AND NATURAL GAS PROPERTIE34

OIL AND NATURAL GAS PROPERTIES & OIL AND NATURAL GAS PROPERTY ACQUISITIONS AND DIVESTITURES (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Depreciation, Depletion and Amortization		$ 1,400	$ 600	$ 3,946	$ 1,162
Proceeds from Sale of Oil and Gas Property and Equipment	$ 1,080
Net Sale Adjustment Amount Due To Purchaser	220
Disposal Of Oil And Gas Property And Equipment, Consideration	2,000
Severance Costs	$ 700

FAIR VALUE OF FINANCIAL INSTR35

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017	Apr. 26, 2017	Dec. 31, 2016
Recurring fair value measurements	$ (33,300)	$ (39,500)	$ (36,700)
Fair Value, Measurements, Recurring [Member]
Total recurring fair value measurements	(33,475)			$ (1,400)
Fair Value, Measurements, Recurring [Member] | Warrant liabilities [Member]
Recurring fair value measurements	(199)			(1,400)
Fair Value, Measurements, Recurring [Member] | Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	(33,276)
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Total recurring fair value measurements	0			0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Warrant liabilities [Member]
Recurring fair value measurements	0			0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Total recurring fair value measurements	0			0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Warrant liabilities [Member]
Recurring fair value measurements	0			0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Total recurring fair value measurements	(33,475)			(1,400)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Warrant liabilities [Member]
Recurring fair value measurements	(199)			$ (1,400)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	$ (33,276)

FAIR VALUE OF FINANCIAL INSTR36

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ (1,400)	$ (285)
Issuance	(36,741)
Reversal of accrued bonus		616
Additional liability		(557)
Cashless exercise of warrants	371
Converted to equity		43
Change in fair value of derivative liabilities	4,295	(535)
Balance, Ending	(33,475)	(718)
Second Lien Term Loan Conversion Features [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	0
Issuance	(36,741)
Cashless exercise of warrants	0
Change in fair value of derivative liabilities	3,465
Balance, Ending	(33,276)
Convertible Debenture Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning		(6)
Reversal of accrued bonus		0
Additional liability		0
Converted to equity		43
Change in fair value of derivative liabilities		(37)
Balance, Ending		0
Bristol/Heartland/SOS Warrant Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(1,400)	(56)
Issuance	0
Reversal of accrued bonus		0
Additional liability		(164)
Cashless exercise of warrants	371
Converted to equity		0
Change in fair value of derivative liabilities	830	(498)
Balance, Ending	$ (199)	(718)
Incentive Bonus [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning		(223)
Reversal of accrued bonus		616
Additional liability		(393)
Converted to equity		0
Change in fair value of derivative liabilities		0
Balance, Ending		$ 0

FAIR VALUE OF FINANCIAL INSTR37

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Mar. 14, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 14, 2017	Apr. 26, 2017	Jun. 23, 2016	Jan. 08, 2015
Fair Value Of Financial Instruments Textual [Abstract]
Class of Warrant or Right, Exercise Price of Warrants or Rights							$ 3.50
Unrealized Gain (Loss) on Derivatives		$ 6,400	$ 0	$ 3,500	$ 0
Class of Warrant or Right, Number of Securities Called by Warrants or Rights							160,714			22,500
Second Lien Term Loan [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Unrealized Gain (Loss) on Derivatives		6,400		3,500
Embedded Derivative, Fair Value of Embedded Derivative Liability		33,300		33,300		$ 39,600		$ 36,700
Bristol Capital, Llc [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Shares Issued, Cashless Warrant Exercise	77,131
SOS Warrant [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			40	20	40
Unrealized Gain (Loss) on Derivatives		$ 100	$ 300	$ 60	$ 300
Class of Warrant or Right, Number of Securities Called by Warrants or Rights									0

LONG-TERM DEBTS (Details)

LONG-TERM DEBTS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Long-term debt	$ 65,724	$ 30,243
Less: current portion	(14)	(17)
Total long-term debts, net of current portion:	65,710	30,226
8.25% Second Lien Term Loan, net of debt issuance costs and debt discount
Long-term debt	49,526
Term Loan [Member] | 6% Senior Secured Term Loan, due 2019, net of debt issuance costs
Long-term debt	0	29,214
Term Loan [Member] | SOS Note [Member]
Long-term debt	1,000	1,000
Term Loan [Member] | 6% Bridge Loan associated with the amended First Lien Term Loan, net of debt issuance costs
Long-term debt	15,183	0
Term Loan [Member] | 8.25% Second Lien Term Loan, net of debt issuance costs and debt discount
Long-term debt	49,526	0
Convertible Debenture [Member] | Notes payable - other [Member]
Long-term debt	$ 15	$ 29

LONG-TERM DEBTS (Details 1)

LONG-TERM DEBTS (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Principal Amount	$ 95,000		$ 95,000		$ 31,000
Paid-in-Kind Interest	1,917	$ 0	3,258	$ 0	0
Unamortized Debt Issuance Costs & Debt Discount	(33,549)		(33,549)		(1,786)
Long-Term Debts	65,724		65,724		30,243
Bridge Loan [Member]
Principal Amount	15,000		15,000
Paid-in-Kind Interest			395
Unamortized Debt Issuance Costs & Debt Discount	(212)		(212)
Long-Term Debts	15,183		15,183
Second Lien Term Loan [Member]
Principal Amount	80,000		80,000
Paid-in-Kind Interest			2,863
Unamortized Debt Issuance Costs & Debt Discount	(33,337)		(33,337)
Long-Term Debts	$ 49,526		$ 49,526
Senior Secured Term Loan [Member]
Principal Amount					31,000
Paid-in-Kind Interest					0
Unamortized Debt Issuance Costs & Debt Discount					(1,786)
Long-Term Debts					$ 29,214

LONG-TERM DEBTS (Details 2)

LONG-TERM DEBTS (Details 2) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Interest on term loans		$ 229	$ 0	$ 1,086	$ 217
Interest on notes payable		17	91	36	101
Interest on convertible notes and debentures	[1]	0	63	0	944
Paid-in-kind interest on term loans		1,917	0	3,258	0	$ 0
Amortization of debt financing costs on term loans		51	0	1,673	220
Amortization of discount on term loans		1,442	463	5,031	2,738	$ 200
Interest expense		$ (3,656)	$ (617)	$ (11,084)	$ (4,220)
[1]	These convertible notes and debentures including accrued interest were fully converted into the Company’s common stock upon closing of the Brushy merger on June 23, 2016.

LONG-TERM DEBTS (Details Textua

LONG-TERM DEBTS (Details Textual) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Apr. 26, 2017

Sep. 29, 2016

Sep. 30, 2017

Sep. 30, 2016

Jun. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Dec. 31, 2016

Jun. 14, 2017

Apr. 24, 2017

Feb. 07, 2017

Jan. 08, 2015

Amortization of discount on term loans

$ 1,442,000

$ 463,000

$ 5,031,000

$ 2,738,000

$ 200,000

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

$ 3.50

Debt Instrument, Description

Each tranche of the Second Lien Loans is separately convertible at any time, in full and not in part, at the option of the Lead Lender, as follows: 70% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount, will convert into a number of newly issued shares of common stock determined by dividing the total of such principal amount, accrued and unpaid interest and make-whole premium by $5.50 (subject to certain customary adjustments, the Conversion Price); and 30% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount, will convert on a dollar for dollar basis into a new term loan (the Take Back Loans). The terms of the Take Back Loans will be substantially the same as the terms of the Second Lien Loans, except that the Take Back Loans will not be convertible and will bear interest payable in cash at a rate of LIBOR plus 9% (subject to a 1% LIBOR floor).

Amortization of Deferred Charges

1,500,000

1,500,000

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

160,714

22,500

Deferred Costs

1,600,000

1,600,000

Long-term Debt, Gross

$ 95,000,000

$ 95,000,000

31,000,000

Second Lien Credit Agreement [Member]

Debt Instrument, Interest Rate, Stated Percentage

8.25%

Line of Credit Facility, Maximum Borrowing Capacity

$ 125,000,000

SOSV Investment LLC [Member]

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

$ 25

Warrants Issued

200,000

Credit Agreement [Member] | Maximum [Member]

Loans Payable

$ 38,100,000

Credit Agreement [Member] | Minimum [Member]

Loans Payable

$ 31,000,000

Bridge Loan [Member]

Debt Instrument, Face Amount

$ 15,000,000

Debt Instrument, Description

The First Lien Credit Agreement, as amended by the First Lien Amendments, provides that the unpaid principal of the Bridge Loan will bear cash interest at a rate per annum of (i) 6% for the first six months after the execution of the Amendment and (ii) thereafter, so long as any Bridge Loan is outstanding, a rate of 10%. Additionally, the unpaid principal of the Bridge Loan will bear interest at a rate per annum of 6% compounded quarterly in arrears and payable only in-kind. The Bridge Loan matures on October 21, 2018, and may be repaid in whole or part at any time by the Company, subject to payment of certain specified prepayment premiums. The Bridge Loan is subject to mandatory prepayment with the net proceeds of certain asset sales and casualty events, subject to the right of the Company to reinvest the net proceeds of asset sales and casualty events within 180 days.

Take Back Loans [Member]

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 9% (subject to a 1% LIBOR floor).

Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger

150.00%

Second Lien Term Loan [Member]

Debt Instrument, Maturity Date

Apr. 26, 2021

Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger

110.00%

Second Lien Term Loan [Member] | Second Lien Credit Agreement [Member]

Line of Credit Facility, Maximum Borrowing Capacity

$ 80,000,000

Delayed Draw Loans [Member] | Second Lien Credit Agreement [Member]

Line of Credit Facility, Maximum Borrowing Capacity

45,000,000

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]

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

738,638

738,638

Additional Proceeds From Issuance Of Secured Debt

$ 7,100,000

Debt Instrument, Unamortized Discount

600,000

Line of Credit Facility, Commitment Fee Amount

$ 400,000

Repurchase of Warrants, Debt Instrument Unamortized Discount

$ 1,000,000

Credit and Guarantee Agreement [Member] | Maximum [Member]

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

$ 2.50

Credit and Guarantee Agreement [Member] | Minimum [Member]

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

$ 0.01

Credit and Guarantee Agreement [Member] | First Lein Term Loan [Member]

Repayments of Debt

$ 38,100,000

Senior Debt Obligations [Member] | Credit and Guarantee Agreement [Member]

Debt Instrument, Face Amount

$ 50,000,000

Proceeds from Issuance of Secured Debt

$ 31,000,000

DERIVATIVES (Details Textual)

DERIVATIVES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Apr. 26, 2017	Dec. 31, 2016
Derivative Liability	$ 33,300		$ 33,300		$ 39,500	$ 36,700
Unrealized Gain (Loss) on Derivatives	6,400	$ 0	3,500	$ 0
SOS Warrant [Member]
Derivative Liability	200		200				$ 300
Unrealized Gain (Loss) on Derivatives	$ 100	$ 300	$ 60	$ 300

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
		Jun. 15, 2016	Sep. 30, 2017	Sep. 30, 2016
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			$ 0	$ 18,195
Proceeds from Convertible Debt			0	2,863
Proceeds from Issuance of Private Placement			18,399	0
R. Glenn Dawson [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt			0	50
Proceeds from (Repayments of) Related Party Debt			130	175
Brennan Short [Member]
Related Party Transaction [Line Items]
Payment for Consulting Fees			282	0
Payments for Other Fees			3	0
Proceeds from (Repayments of) Related Party Debt			285	0
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Private Placement		$ 20,000
Series B Preferred Stock [Member] | R. Glenn Dawson [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			130	125
Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			0	8,221
Mark Ezralow [Member]
Related Party Transaction [Line Items]
Warrants Excercised			18	0
Proceeds from Issuance of Private Placement			1,200	0
Proceeds from (Repayments of) Related Party Debt			1,792	950
Mark Ezralow [Member] | Line of Credit [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit			0	950
Mark Ezralow [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			574	0
J. Steven Emerson [Member]
Related Party Transaction [Line Items]
Warrants Excercised			31	0
Proceeds from Issuance of Private Placement			2,500	0
Proceeds from (Repayments of) Related Party Debt			4,170	0
J. Steven Emerson [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			1,639	0
Steven B. Dunn and Laura Dunn [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			0	1,020
Rosseau Asset Management Ltd [Member]
Related Party Transaction [Line Items]
Warrants Excercised			2	0
Proceeds from (Repayments of) Related Party Debt			2,187	0
Rosseau Asset Management Ltd [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			2,185	0
Investor Company [Member]
Related Party Transaction [Line Items]
Warrants Excercised			23	0
Proceeds from (Repayments of) Related Party Debt			6,446	0
Investor Company [Member] | First Lien Credit Facility [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit			2,105	0
Investor Company [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			4,318	0
LOGiQ Capital [Member]
Related Party Transaction [Line Items]
Warrants Excercised			1	0
Proceeds from (Repayments of) Related Party Debt			3,200	0
LOGiQ Capital [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			3,199	0
G. Tyler Runnels [Member]
Related Party Transaction [Line Items]
Warrants Excercised	[1]		17	0
Proceeds from Issuance of Private Placement			796	0
Proceeds from (Repayments of) Related Party Debt			1,423	2,179
Proceeds from Fees Received	[2]		0	500
Proceeds From Reinvestment Of Advisory Fees			0	150
Cash Paid For Advisory Fee Reinvested			0	400
Proceeds from Rents Received			90	0
G. Tyler Runnels [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			520	0
Cash Paid For Advisory Fee Reinvested			0	350
G. Tyler Runnels [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted	[3]		0	779
Mark Christensen [Member]
Related Party Transaction [Line Items]
Warrants Excercised			1	0
Proceeds from Issuance of Private Placement			1,000	0
Proceeds from (Repayments of) Related Party Debt			4,679	0
Proceeds from Lines of Credit	[4]		1,600	0
Proceeds from Fees Received	[5]		552	0
Proceeds from Related Party Debt			1,526	0
Convertible Debentures [Member] | Steven B. Dunn and Laura Dunn [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			0	1,020
Wallington Investment Holdings [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt			0	300
Proceeds from Issuance of Private Placement			1,100	0
Proceeds from (Repayments of) Related Party Debt			1,373	2,765
Wallington Investment Holdings [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			273	250
Wallington Investment Holdings [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			0	125
Wallington Investment Holdings [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			0	2,090
Bryan Ezralow [Member]
Related Party Transaction [Line Items]
Warrants Excercised			21	0
Proceeds from Issuance of Private Placement			1,400	0
Proceeds from (Repayments of) Related Party Debt			2,049	4,290
Bryan Ezralow [Member] | Line of Credit [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit			0	1,450
Bryan Ezralow [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			628	1,300
Bryan Ezralow [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount			0	1,540
Nuno Brandolini [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt			0	250
Warrants Excercised			4	0
Proceeds from (Repayments of) Related Party Debt			4	350
Nuno Brandolini [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			0	100
General Merrill McPeak [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt			0	250
Proceeds from (Repayments of) Related Party Debt			0	500
General Merrill McPeak [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			0	250
Ronald D Ormand [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt	[6]		0	1,150
Warrants Excercised			194	0
Proceeds from (Repayments of) Related Party Debt			1,291	2,650
Ronald D Ormand [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock	[7]		1,093	1,000
Ronald D Ormand [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			0	500
Abraham Mirman [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt	[8]		0	750
Proceeds from (Repayments of) Related Party Debt			1,803	2,650
Abraham Mirman [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			1,803	1,650
Abraham Mirman [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted			0	250
Kevin Nanke [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt			0	100
Warrants Excercised			4	0
Purchase of Properties From Related Parties			2,000	0
Proceeds from (Repayments of) Related Party Debt			2,223	300
Kevin Nanke [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			$ 219	$ 200
[1]	Mr. Runnels has sole voting and dispositive power over all securities held by TRW Capital Growth Fund, LP.
[2]	Mr. Runnels has sole voting and dispositive power over all securities held by T.R. Winston & Company, LLC.
[3]	Mr. Runnels acts as a trustee with Jasmine N. Runnels for the Runnels Family Trust DTD 1-11-2000 and has shared voting and dispositive power.
[4]	Trace Capital Inc. is an entity controlled by Mr. Christensen’s wife, who has sole voting and dispositive power over the securities held by Trace Capital Inc.
[5]	Mr. Christensen has sole voting and dispositive power over all securities held by KES 7 Capital Inc.
[6]	An irrevocable trust managed by Jerry Ormand, Mr. Ormand's brother, as trustee and whose beneficiaries are the adult children of Ronald Ormand.
[7]	Mr. Ormand has sole voting and dispositive power over the securities held by Perugia Investment LP.
[8]	Mr. Mirman has shared voting and dispositive power over the securities held by The Bralina Group, LLC with Susan Mirman.

RELATED PARTY TRANSACTIONS (D44

RELATED PARTY TRANSACTIONS (Details) (parenthetical) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2017	Sep. 30, 2017	Jun. 14, 2017	Sep. 29, 2016	Sep. 17, 2016	Jan. 08, 2015
Related Party Transaction [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			160,714			22,500
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 3.50
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues		0
T.R. Winston Company, LLC [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01
T.R. Winston Company, LLC [Member] | Series B Purchase Agreement [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		1.30
Bryan Ezralow [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.01
Bryan Ezralow [Member] | Line of Credit [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 50,000,000
Kevin Nanke [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.01
Nuno Brandolini [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.10
Mark Ezralow [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.01
Mark Ezralow [Member] | Line of Credit [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 50,000,000
J. Steven Emerson [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.01
Rosseau Asset Management Ltd [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.01
Investor Company [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.01
LOGiQ Capital [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.01
G. Tyler Runnels [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					452,724
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.10			$ 1.30
Operating Leases, Rent Expense, Minimum Rentals	$ 10,000
G. Tyler Runnels [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 10,000
G. Tyler Runnels [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
G. Tyler Runnels [Member] | Series B Preferred Stock One [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues		350

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - Warrant [Member]	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Begining | shares	15,915,511
Warrants issued in connection with private placement | shares	2,597,420
Warrants issued to Heartland | shares	160,714
Exercised | shares	(6,128,100)
Forfeited or expired | shares	(22,500)
Outstanding Ending | shares	12,523,045
Weighted Average Exercise Price, Outstanding Begining | $ / shares	$ 3.34
Weighted Average Exercise Price, Warrants issued in connection with private placement | $ / shares	4.5
Weighted Average Exercise Price, Warrants issued to Heartland | $ / shares	3.5
Weighted Average Exercise Price, Exercised | $ / shares	(0.30)
Weighted Average Exercise Price, Forfeited or expired | $ / shares	(25)
Weighted Average Exercise Price, Outstanding Ending | $ / shares	$ 4.59

SHAREHOLDERS' EQUITY (Details T

SHAREHOLDERS' EQUITY (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	Apr. 25, 2017	Feb. 28, 2017	Jun. 15, 2016	Aug. 31, 2014	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 14, 2017	May 02, 2017	Dec. 31, 2016	Jan. 08, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights									$ 3.50
Proceeds from Issuance of Private Placement							$ 18,399	$ 0
Class of Warrant or Right, Number of Securities Called by Warrants or Rights									160,714			22,500
Additional Common Stock Shares Authorized										50,000,000
Common Stock, Shares Authorized					150,000,000		150,000,000			100,000,000	150,000,000
Redeemable Preferred Stock Dividends And Deemed Dividend					$ 0	$ 0	$ 0	$ 287
Redeemable Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Shares Issued				2,000
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
Proceeds from Issuance of Private Placement			$ 20,000
Preferred Stock Value Stated Rate					$ 1,000		$ 1,000				$ 1,000
Preferred Stock, Shares Issued											16,828
Preferred Stock, Shares Authorized					20,000		20,000				20,000
Preferred Stock, Dividend Rate, Percentage	6.00%		6.00%
Convertible Preferred Stock Conversion Price					$ 1.10		$ 1.10
Conversion Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion	14,300,000
Redeemable Preferred Stock Dividends And Deemed Dividend							$ 4,600
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues							5,194,821
Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues							5,194,821
Share Price		$ 6.30
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 4.50	$ 2.50
Purchase Of Common Stock Shares By Warrants Issued			9,090,926
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		2,600,000
Sale of Stock, Number of Shares Issued in Transaction		5,200,000
Conversion of Stock, Shares Issued		5,200,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		0.50
Sale of Stock, Price Per Share		$ 3.85
Proceeds from Issuance or Sale of Equity							$ 20,000
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
Purchase Of Common Stock Shares By Warrants Issued							2,597,420
Private Placement [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues							0

SHARE BASED AND OTHER COMPENS47

SHARE BASED AND OTHER COMPENSATION (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 14,477	$ 3,552
Unrecognized stock-based compensation costs	$ 6,350	$ 4,120
Weighted average amortization period remaining (in years)	0 years	0 years
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 6,550	$ 2,289
Unrecognized stock-based compensation costs	$ 5,217	$ 2,720
Weighted average amortization period remaining (in years)	9 months	1 year 8 months 26 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 7,927	$ 1,263
Unrecognized stock-based compensation costs	$ 1,133	$ 1,400
Weighted average amortization period remaining (in years)	8 months 5 days	1 year 2 months 5 days

SHARE BASED AND OTHER COMPENS48

SHARE BASED AND OTHER COMPENSATION (Details 1)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Restricted Stock [Member]
Number of Shares, Outstanding at January 1, 2017 | shares	1,068,305
Granted | shares	1,488,845
Number of Shares, Vested and issued | shares	(1,426,684)
Number of Shares, Forfeited or cancelled | shares	(448,424)
Outstanding at September 30, 2017 | shares	682,042
Weighted Average Grant Date Price, Outstanding at January 1, 2017 | $ / shares	$ 1.55
Weighted Average Grant Date Price, Granted | $ / shares	4.54
Weighted Average Grant Date Price, Vested and issued | $ / shares	(2.73)
Weighted Average Grant Date Price, Forfeited or cancelled | $ / shares	(3.78)
Outstanding at September 30, 2017 | $ / shares	$ 2.86
Restricted Stock Units (RSUs) [Member]
Number of Shares, Outstanding at January 1, 2017 | shares	149,584
Number of Shares, Vested and issued | shares	(139,585)
Outstanding at September 30, 2017 | shares	9,999
Weighted Average Grant Date Price, Outstanding at January 1, 2017 | $ / shares	$ 10.56
Weighted Average Grant Date Price, Vested and issued | $ / shares	(4.77)
Outstanding at September 30, 2017 | $ / shares	$ 6.57

SHARE BASED AND OTHER COMPENS49

SHARE BASED AND OTHER COMPENSATION (Details 2) - $ / shares	1 Months Ended	9 Months Ended	12 Months Ended
	Jun. 16, 2017	Sep. 30, 2017	Dec. 31, 2016
Number of Options, Forfeited or cancelled	(250,000)
Equity Option [Member]
Outstanding Begining		5,956,833
Number of Options, Granted		3,240,000
Exercised		(236,896)
Number of Options, Forfeited or cancelled		(1,590,937)
Outstanding Ending		7,369,000	5,956,833
Weighted Average Exercise Price, Outstanding Begining		$ 2.04
Weighted Average Exercise Price, Granted		4.73
Weighted Average Exercise Price, Exercised		(1.34)
Weighted Average Exercise Price, Forfeited or cancelled		(3.06)
Weighted Average Exercise Price, Outstanding Ending		$ 3.74	$ 2.04
Stock Options Outstanding and Exercisable Number of Options Vested/Exercisable at Beginning balance		2,208,757
Stock Options Outstanding and Exercisable Number of Options Vested/Exercisable, Granted		0
Stock Options Outstanding and Exercisable Number of Options Vested/Exercisable, Exercised		0
Stock Options Outstanding and Exercisable Number of Options Vested/Exercisable, Forfeited or cancelled		0
Stock Options Outstanding and Exercisable Number of Options Vested/Exercisable at Ending balance		3,552,944	2,208,757
Stock Options Outstanding and Exercisable Weighted Average Remaining Contractual Life (Years)		9 years 2 months 12 days	9 years 8 months 12 days

SHARE BASED AND OTHER COMPENS50

SHARE BASED AND OTHER COMPENSATION (Details Textual) - USD ($)	1 Months Ended		3 Months Ended	9 Months Ended
	Jun. 16, 2017	Dec. 31, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	250,000
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost	$ 500,000
Share-based Compensation			$ 3,200,000	$ 14,477,000	$ 3,552,000
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				3,240,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 2.62
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term				2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				100.50%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period				1,590,937
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 5,200,000	$ 5,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				9 months
Deferred Compensation Arrangement with Individual, Distribution Paid				$ 1,600,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				1,488,845
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				2,490,000
Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	750,000	500,000
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 87,922
Executive Officer [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	389,657
Minimum [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				1.21%
Maximum [Member] | Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				1.45%

SUPPLEMENTAL NON-CASH TRANSAC51

SUPPLEMENTAL NON-CASH TRANSACTIONS (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Non-cash investing and financing activities excluded from the statement of cash flows:
Warrants Issued For Fees Associated with Series B Preferred Stock Issuance	$ 14,865	$ 0
Deemed dividends on Series B 6% Convertible Preferred Stock associated with beneficial conversion features	3,767	0
Commitment fees offset by issuance of common stock for Private Placement	250	0
Fair value of warrants issued and repriced as debt discount	1,031	1,479
Cashless exercise of warrants	371	0
Issuance of common stock for drilling services	97	0
Asset retirement established on newly drilled wells	8	1,479
Issuance of common stock for director fees	0	85
Convertible Debentures And Accrued Interest [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Debt Conversion, Converted Instrument, Amount	0	8,121
Convertible Notes and Accrued Interest [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Debt Conversion, Converted Instrument, Amount	0	11,106
Brushy's common stock [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Debt Conversion, Converted Instrument, Amount	0	6,942
Series A Preferred Stock [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Debt Conversion, Converted Instrument, Amount	0	8,221
Loss On Extinguishment Of Preferred Stock	0	540
Series B Preferred Stock [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Warrants Issued For Fees Associated with Series B Preferred Stock Issuance	0	1,590
Deemed dividends on Series B 6% Convertible Preferred Stock associated with beneficial conversion features	0	7,880
Change in capital expenditures for drilling costs in accrued liabilities	$ 5,632	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Mar. 31, 2017	Sep. 30, 2017
Commitments And Contingencies Textual [Abstract]
Severance Costs	$ 700,000
Chief Executive Officer [Member]
Commitments And Contingencies Textual [Abstract]
Severance Costs		$ 1,000,000
Abraham Mirman [Member]
Commitments And Contingencies Textual [Abstract]
Professional Fees		$ 41,661

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) $ in Thousands	Nov. 14, 2017USD ($)	Nov. 10, 2017USD ($)	Nov. 09, 2017USD ($)a	Oct. 04, 2017USD ($)	Oct. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Oct. 19, 2017USD ($)	Oct. 03, 2017USD ($)	Oct. 01, 2017USD ($)	Apr. 24, 2017USD ($)
Subsequent Event [Line Items]
Payments to Acquire Oil and Gas Equipment						$ 64,971	$ 3,418
Bridge Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount											$ 15,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Lease Acquisition Agreement Purchase Price									$ 47,000
Subsequent Event [Member] | Second Lien Credit Agreement [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity									$ 45,000	$ 175,000
Proceeds from Lines of Credit				$ 45,000	$ 45,000
Debt Instrument Prepayment Premium Rate									20.00%
Line of Credit Facility, Expiration Date					Oct. 19, 2017
Line of Credit Facility,Increase in Borrowing Capacity		$ 25,000
Line of Credit Facility, Current Borrowing Capacity	$ 5,000
Line Of Credit Facility Additional Borrowing Capacity	$ 25,000
Subsequent Event [Member] | First Lien Credit Facility [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage										10.00%
Subsequent Event [Member] | Bridge Loan [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount								$ 15,000
Subsequent Event [Member] | Payment in Kind (PIK) Note [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage										6.00%
Subsequent Event [Member] | KEW Drilling [Member]
Subsequent Event [Line Items]
Area of Land | a			3,200
Payments to Acquire Oil and Gas Equipment			$ 35,800