Lilis Energy (LLEX) 10-K 9 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 05, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	1,437,557
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 186,032,195
Trading Symbol	LLEX
Entity Common Stock, Shares Outstanding		53,496,205

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 17,462	$ 11,738
Accounts receivables, net of allowance of $39 and $106, respectively	7,426	2,247
Prepaid expenses and other current assets	584	767
Total current assets	25,472	14,752
Oil and natural gas properties, full cost method of accounting
Unproved	101,771	24,461
Proved	141,717	69,809
Less: accumulated depreciation, depletion, amortization and impairment	(73,183)	(55,771)
Total oil and natural gas properties, net	170,305	38,499
Other assets:
Other property and equipment, net	76	52
Other assets	91	216
Total other assets	167	268
Total assets	195,944	53,519
Current liabilities:
Accounts payable	10,488	5,166
Accrued liabilities	13,857	2,706
Derivative instruments	853	0
Dividends payable	0	808
Asset retirement obligations	226	338
Current portion of long-term debt	11	17
Total current liabilities	25,435	9,035
Long term liabilities:
Asset retirement obligations	726	919
Long-term debt	127,794	30,226
Derivative instruments	72,937	1,400
Total liabilities	226,892	41,580
Commitments and contingencies (Note 8)
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 (deficit):
Common stock, $0.0001 par value per share; 150,000,000 shares authorized, 53,368,331 and 20,918,901 shares issued and outstanding as of December 31, 2017 and 2016, respectively.	5	2
Additional paid-in capital	272,335	219,837
Accumulated deficit	(303,288)	(223,206)
Total stockholders’ equity (deficit)	(30,948)	10,065
Total liabilities, redeemable preferred stock and stockholders’ equity	195,944	53,519
Series B Preferred Stock [Member]
Stockholders’ equity (deficit):
Series B 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 (deficit)	$ 0	$ 13,432

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Allowance related to accounts receivable	$ 39	$ 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	53,368,331	20,918,901
Common Stock, Shares, Outstanding	53,368,331	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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Oil sales	$ 17,826	$ 2,418
Natural gas sales	2,125	844
Natural gas liquid sales	1,661	173
Total revenue	21,612	3,435
Operating expenses:
Production costs	7,023	1,590
Production taxes	1,187	(167)
General and administrative	49,851	14,227
Depreciation, depletion, accretion and amortization	7,025	1,698
Impairment of evaluated oil and natural gas properties	10,505	4,718
Total operating expenses	75,591	22,066
Loss from operations	(53,979)	(18,631)
Other income (expense):
Other income	18	90
Inducement expense	0	(8,307)
Gain on extinguishment of debt and modification of convertible debentures	0	852
Loss from commodity derivatives, net	(1,063)	0
Loss from fair value changes of debt conversion and warrant derivatives	(6,260)	(1,222)
Loss from fair value changes of conditionally redeemable 6% preferred stock	(41)	(701)
Interest expense	(18,757)	(4,924)
Total other income (expense)	(26,103)	(14,212)
Net loss before income taxes	(80,082)	(32,843)
Income tax expense	0	0
Net loss	(80,082)	(32,843)
Dividends on redeemable preferred stock	(122)	(407)
Loss on extinguishment of Series A convertible preferred stock	0	(540)
Dividend and deemed dividends on Series B convertible preferred stock	(4,635)	(8,506)
Net loss attributable to common stockholders	$ (84,839)	$ (42,296)
Net loss per common share-basic and diluted	$ (2)	$ (3.73)
Weighted average common shares outstanding:
Basic and diluted	42,428,148	11,328,252

Consolidated Statements of Ope5

Consolidated Statements of Operations [Parenthetical]	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Percentage Of Redeemable Preferred Stock	6.00%	6.00%

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2015	$ (14,343)	$ 6,794	$ 0	$ 0	$ 159,773	$ (180,910)
Balance (in shares) at Dec. 31, 2015		7,500	0	2,786,275
Stock based compensation	7,078	$ 0	$ 0	$ 0	7,078	0
Stock based compensation (in shares)		0	0	711,667
Exercise of warrants	187	$ 0	$ 0	$ 0	187	0
Exercise of warrants (in shares)		0	0	420,707
Fair value of warrants issued for financing costs	713	$ 0	$ 0	$ 0	713	0
Issuance and repricing of warrants to induce conversion	8,307	0	0	0	8,307	0
Gain on modification of convertible debentures	(602)	0	0	0	(602)	0
Fair value of warrants issued for debt discount	1,479	0	0	0	1,479	0
Common stock issued for conversion of convertible notes and accrued interest	14,872	$ 0	$ 0	$ 1	14,871	0
Common stock issued for conversion of convertible notes and accrued interest (in shares)		0	0	6,778,115
Common stock and warrants issued in connection with the Brushy merger	7,111	$ 0	$ 0	$ 0	7,111	0
Common stock and warrants issued in connection with the Brushy merger (in shares)		0	0	5,785,119
Series B Preferred stock issued for cash, net of fees	18,195	$ 0	$ 18,195	$ 0	0	0
Series B Preferred stock issued for cash, net of fees (in shares)		0	20,000	0
Warrants issued for Series B Preferred Stock offering fees	0	$ 0	$ (1,591)	$ 0	1,591	0
Conversion of Series A Preferred Stock and dividends to common stock	888	$ (6,794)	$ 0	$ 1	7,681	0
Conversion of Series A Preferred Stock and dividends to common stock (in shares)		(7,500)	0	1,500,000
Loss on extinguishment of Series A Preferred Stock	0	$ 0	$ 0	$ 0	540	(540)
Conversion of Series B Preferred Stock and dividends	57	$ 0	$ (3,172)	$ 0	3,229	0
Conversion of Series B Preferred Stock and dividends (in shares)		0	(3,172)	2,937,018
Dividends and deemed dividends on preferred stock	(1,034)	$ 0	$ 0	$ 0	7,879	(8,913)
Net loss	(32,843)	0	0	0	0	(32,843)
Balance at Dec. 31, 2016	10,065	$ 0	$ 13,432	$ 2	219,837	(223,206)
Balance (in shares) at Dec. 31, 2016		0	16,828	20,918,901
Stock based compensation	21,538	$ 0	$ 0	$ 0	21,538	0
Stock based compensation (in shares)		0	0	0
Common stock for restricted stock and stock options	524	$ 0	$ 0	$ 0	524	0
Common stock for restricted stock and stock options (in shares)		0	0	5,859,383
Common stock withheld for taxes on stock-based compensation	(3,709)	$ 0	$ 0	$ 0	(3,709)	0
Common stock withheld for taxes on stock-based compensation (in shares)		0	0	(786,081)
Exercise of warrants	593	$ 0	$ 0	$ 1	592	0
Exercise of warrants (in shares)		0	0	5,580,281
Conversion of Series B Preferred Stock and dividends	1,433		$ (13,432)	$ 2	14,863	0
Conversion of Series B Preferred Stock and dividends (in shares)			(16,828)	16,601,026
Sale of common stock in private placement, net	18,649	$ 0	$ 0	$ 0	18,649	0
Sale of common stock in private placement, net (in shares)		0	0	5,194,821
Warrants repriced for term loan	1,031	$ 0	$ 0	$ 0	1,031	0
Dividends and deemed dividends on preferred stock	(990)	0	0	0	(990)	0
Net loss	(80,082)	0	0	0	0	(80,082)
Balance at Dec. 31, 2017	$ (30,948)	$ 0	$ 0	$ 5	$ 272,335	$ (303,288)
Balance (in shares) at Dec. 31, 2017		0	0	53,368,331

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net loss	$ (80,082)	$ (32,843)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity instruments issued for services and compensation	21,538	7,078
Inducement expense	0	8,307
Bad debt expense	22	494
Amortization of debt issuance cost and debt discount	10,371	3,185
Paid-in-kind interest	6,559	0
Loss on commodity derivatives	1,063	0
Cash settlement paid for commodity derivatives	(96)	0
Loss in fair value of debt conversion and warrant derivatives	6,260	1,222
Loss in fair value of conditionally redeemable 6% preferred stock	41	701
Depreciation, depletion, amortization and accretion of asset retirement obligation	7,025	1,698
Impairment of evaluated oil and natural gas properties	10,505	4,718
Gain on extinguishment of debt and modification of convertible debentures	0	(852)
Changes in operating assets and liabilities:
Accounts receivable	(5,204)	(1,264)
Other assets	309	1,554
Accounts payable, accrued expenses and other liabilities	14,446	(307)
Net cash used in operating activities	(7,243)	(6,309)
Cash flows from investing activities:
Cash consideration for Brushy merger, net of cash acquired	0	(2,302)
Net proceeds from sale of DJ Basin and non-operated properties	1,282	0
Capital expenditures	(148,784)	(16,828)
Net cash used in investing activities	(147,502)	(19,130)
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 issuance of First Lien Term Loan, net of financing costs	0	29,701
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	178,722	0
Repayment of the First Lien Term Loan	(38,100)	0
Repayment of conditionally redeemable 6% preferred stock including dividends	(2,277)	0
Proceeds from exercise of stock options and warrants	745	187
Payment for tax withholding on stock-based compensation	(3,709)	0
Proceeds from private placement, net of financing costs	18,399	0
Repayment of notes payable	(17)	(13,879)
Net cash provided by financing activities	160,469	37,067
Assets acquired and liabilities assumed through Brushy Merger:
Increase in cash and cash equivalents	5,724	11,628
Cash and cash equivalents at beginning of period	11,738	110
Cash and cash equivalents at end of period	17,462	11,738
Supplemental disclosure:
Cash paid for interest	$ 2,292	$ 762

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	NOTE 1 – Organization and Business Lilis Energy, Inc. (“Lilis”, “Lilis Energy” or the “Company”) was incorporated in the State of Nevada in 2007. The Company is an independent oil and natural gas company focused on the acquisition, development, and production of conventional and unconventional oil and natural gas properties in the core of the Delaware Basin in Winkler, Loving, and Reeves Counties, Texas and Lea County, New On June 23, 2016, the Company completed a merger transaction with Brushy Resources, Inc. (“Brushy Resources”). The merger resulted in the acquisition of our properties in the Delaware Basin and the majority of our current operating activity. In connection with the merger with Brushy Resources, the Company effected a 1-for-10 reverse stock split Shortly after the merger with Brushy Resources, the Company began to develop and implement a development program focusing on the drilling of new horizontal wells across multiple potentially productive formations in the Delaware Basin. The Company drilled its first horizontal well in late 2016 and completed it in January 2017. The Company intends to grow its business through generating cash flow from new production of oil, natural gas and natural gas liquid (“NGL”), as well as through de-risking the development profile of our portfolio of properties in order to add overall value. On March 31, 2017, the Company completed the divestiture of all our oil and natural gas properties located in the DJ Basin completing its transformation to a pure play Delaware Basin oil and natural gas company.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	NOTE 2 – Basis of Presentation and Summary of Significant Accounting Policies The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries which includes Brushy Resources, ImPetro Operating, LLC (“ImPetro Operating”), ImPetro Resources, LLC (“ImPetro”), Lilis Operating Company, LLC (“Lilis Operating”), and Hurricane Resources LLC (“Hurricane”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) which requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period; and the quantities and values of proved oil, natural gas and natural gas liquid (“NGL”) reserves used in calculating depletion and assessing impairment of its oil and natural gas properties. The most significant estimates pertain to the evaluation of unproved properties for impairment, proved oil and natural gas reserves and related cash flow estimates used in the depletion and impairment of oil and natural gas properties, the timing and amount of transfers of our unevaluated properties into our amortizable full cost pool, the fair value of embedded derivatives and commodity derivative contracts, accrued oil and natural gas revenues and expenses valuation of options and warrants, inducement transactions and common stock, and the allocation of general administrative expenses. Actual results could differ significantly from these estimates. Certain reclassifications have been made to the prior year financial statements to conform to the 2017 presentation. These reclassifications have no effect on the Company’s previously reported results of operations. For the year ended December 31, 2016, the income from operator’s overhead recovery of $ 0.3 Cash and cash equivalents include highly liquid instruments with an original maturity of three months or less are stated at cost, which approximates fair value. The Company has accounts receivable from joint interest owners of properties operated by the Company. The Company typically has the right to withhold future revenue disbursements to recover any non-payment of related joint interest billings. Management routinely assesses accounts receivable amounts to determine their collectability and accrues an allowance for uncollectible receivables when, based on the judgment of management, it is probable that a receivable will not be collected. The Company records actual and estimated oil and natural gas revenue receivable from third parties at its net revenue interest. In addition, the Company has receivables derived from sales of certain oil and natural gas production which are collateral under the Company’s credit agreements. As of December 31, 2017 and 2016, the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, interest payable and advances from joint interest partners approximates fair value due to the short-term nature of such items. The carrying value of the Company’s secured debt is carried at cost which approximates the fair value of the debt as the related interest rates approximates interest rates currently available to the Company. The Company uses the full cost method of accounting for oil and natural gas operations. Under this method, costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities. Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ASC”) Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets Depletion of exploration and development costs and depreciation of wells and tangible production assets is computed using the units-of-production method based upon estimated proved oil and 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 cost to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs. Costs associated with undeveloped acreage are excluded from the depletion base until it is determined whether proved reserves can be assigned to the properties. When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties is added to the full cost pool which is subject to depletions. 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 10.5 4.7 The present value of estimated future net cash flows was computed by applying: a flat oil price to forecast revenues from estimated future production of proved oil and 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. Wells in progress connotes wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and natural gas reserves in commercial quantities. Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned. Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. For significant oil and natural gas investments in unproved properties, and significant exploration and development projects that have not commenced production, interest is capitalized as part of the historical cost of developing and constructing assets. Capitalized interest is determined by multiplying the Company’s weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Once an asset subject to interest capitalization is completed and placed in service, the associated capitalized interest is expensed through depreciation or impairment. As of December 31, 2017, there were no significant exploratory projects on unproved properties and none of the development projects exceeded the interest capitalization qualifying asset limit. As a result, no interest was capitalized as of December 31, 2017 and 2016. Property and equipment include vehicles, office equipment and furniture which are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years. The Company recorded approximately $ 0.04 Accrued Liabilities December 31, 2017 2016 ($ in thousands) Accrued bonus $ 3,000 $ - Accrued drilling costs 3,615 1,331 Revenue payable 6,460 1,313 Other accrued liabilities 782 62 Total accrued liabilities $ 13,857 $ 2,706 Asset Retirement Obligations The Company incurs retirement obligations for certain assets at the time they are placed in service. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value. For purposes of depletion, 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 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 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 December 31, 2017 and 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 December 31, 2017, and 2016, the Company had approximately $ 6.5 1.3 The Company applies a fair value method of accounting for stock-based compensation, which requires recognition in the financial statements of the cost of services received in exchange for equity awards. For equity awards, compensation expense is based on the fair value on the grant date or modification date and is recognized in the Company’s financial statements over the vesting period. The Company utilizes the Black-Scholes Merton option-pricing model to measure the fair value of stock options based on several criteria, including but not limited to, the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate and award cancellation rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining stock-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future stock-based compensation expense. The Company recognizes forfeitures as and when the stock awards are forfeited. The Company accounts for warrant grants to nonemployees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the nonemployee’s performance is complete or a performance commitment is reached. The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities, and are measured using the tax rates expected to be in effect when the differences reverse. Deferred tax assets are also recognized for operating loss and tax credit carry forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization. The Company recognizes its tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed that do not meet these recognition and measurement standards. As of December 31, 2017 and 2016, the Company has determined that no liability is required to be recognized. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. No interest or penalties were required to be accrued at December 31, 2017 and 2016. Further, the Company does not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months. Basic loss per share was calculated by dividing net income or loss applicable to common shares by the weighted average number of common shares outstanding during the periods presented. The calculation of diluted loss per share should include the potential dilutive impact of shares issuable upon the conversion of debt or preferred stock, warrants and options during the period, unless their effect is anti-dilutive. At December 31, 2017 and 2016, common stock equivalents including shares underlying conversion of the Second Lien Term Loan, restricted stock units, restricted stock, 3,522,735 0.01 The Company excluded the following shares from the diluted loss per share calculations because they were anti-dilutive at December 31, 2017 and 2016: December 31, 2017 2016 Stock Options 7,305,000 5,956,833 Restricted Stock Units 9,999 149,584 Restricted Stock 2,475,266 1,068,305 Series B Preferred Stock - 15,454,545 Stock Purchase Warrants (1) 11,882,800 12,392,776 Conversion of Term Loan 24,202,016 - 45,875,081 35,022,043 (1) Excludes warrants exercisable for 3,522,735 shares of common stock at an exercise price of $0.01 for the year ended December 31, 2016 since these warrants are not anti-dilutive. There were no warrants exercisable at $0.01 per share for the year ended December 31, 2017. The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payment for costs associated with the property and seeks reimbursement from the other joint interest owners in the property for their portion of those costs. When warranted, prepayments are required from joint interest owners for drilling and completion projects. Joint interest owners consist primarily of independent oil and natural gas producers whose ability to reimburse the Company could be negatively impacted by adverse market conditions. The purchasers of the Company’s oil, natural gas and NGL production consist primarily of independent marketers, major oil and gas companies, refiners and gas pipeline companies. Credit evaluations are performed on the Company’s purchasers of its production and their financial condition is monitored on an ongoing basis. Based on those evaluations and monitoring, the Company may obtain letters of credit or parental guarantees from some purchasers. All of the Company’s oil and natural gas derivative transactions are carried out in the over-the-counter market and are not typically subject to margin-deposit requirements. The use of derivative transactions involves the risk that the counterparties will be unable to meet the financial terms of such transactions. The Company monitors the credit ratings of its derivative counterparties on an ongoing basis. If a counterparty were to default on its obligations to the Company under the derivative contracts or seek bankruptcy protection, it could have a material adverse effect on its ability to fund planned activities and could result in a larger percentage of our future production being subject to commodity price volatility. In addition, in poor economic environments and tight financial markets, the risk of a counterparty default is heightened and fewer counterparties may participate in derivative transactions, which could result in greater concentration of exposure to any one counterparty or a larger percentage of the Company’s future production being subject to commodity price changes. Year Ended December 31, 2017 2016 Texican Crude & Hydrocarbon, LLC 85 % 38 % ETC Field Services LLC 14 % 16 % Noble Energy - % 41 % All others 1 % 5 % 100 % 100 % All derivative instruments are recorded on the consolidated balance sheet at fair value as either an asset or a liability with changes in fair value recognized currently in earnings. Although derivative instruments are used by the Company to manage the price risk attributable to its expected oil and natural gas production, those derivative instruments have not been designated as accounting hedges under the accounting guidance. All of our derivatives are accounted for as mark-to-market activities. Under ASC Topic 815, “Derivatives and Hedging,” these instruments are recorded on the consolidated balance sheets at fair value as either short term or long-term assets or liabilities based on their anticipated settlement date. The Company nets derivative assets and liabilities by commodity for counterparties where a legal right to such offset exists. Changes in the derivatives' fair values are recognized in current earnings since the Company has elected not to designate its current derivative contracts as cash flow hedges for accounting purposes. The Company has recognized certain conversion features within its Second Lien Term Loan as embedded derivatives that have been bifurcated from the Loan, as defined in Note 4, and accounted for separately from the debt. Additionally, warrants issued to SOSV Investment LLC (“SOS”) to purchase up to 200,000 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	12 Months Ended
	Dec. 31, 2017
Extractive Industries [Abstract]
OIL AND NATURAL GAS PROPERTIES	NOTE 3 - OIL AND NATURAL GAS PROPERTIES December 31, 2017 2016 (In thousands) Unproved acreage: Beginning Balance $ 24,461 $ - Lease purchases 78,110 546 Assets conveyed - 23,915 Transfer and other reclassification to properties (800) - Total unproved acreage $ 101,771 $ 24,461 Wells in progress: Beginning Balance $ 7,453 $ - Additions - 7,453 Reclassification to proved properties (7,453) - Total wells in progress not subject to DD&A $ - $ 7,453 At December 31, 2017 and 2016, the Company completed an assessment of its inventory of unproved acreage for impairment, which resulted in no transfers from unproved acreage to proved properties. Depreciation, depletion and amortization expense related to proved properties was approximately $ 7.0 1.7 Divestiture of Oil and Natural Gas 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 0.2 Acquisition of Unproved Properties 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 acquired from KEW unproved acreage in Winkler County, Texas for an aggregate purchase price of $ 48.9

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs, used in the valuation methodologies in measuring fair value: ⋅ Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ⋅ Level 2 - Other inputs that are directly or indirectly observable in the marketplace. ⋅ Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The determination of the fair values of our derivative contracts incorporates various factors, which include not only the impact of our non-performance risk on our liabilities but also the credit standing of the counterparties involved. We utilize counterparty rate of default values to assess the impact of non- performance risk when evaluating both our liabilities to, and receivables from, counterparties. Fair Value Measurement Classification Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Total (in thousands) As of December 31, 2017 Oil and natural gas derivative swap contracts $ - $ (706) $ - $ (706) Oil and natural gas derivative collar contracts - (147) - (147) Warrant liabilities - - (223) (223) Second Lien Term Loan conversion features - - (72,714) (72,714) Total $ - $ (853) $ (72,937) $ (73,790) As of December 31, 2016 Warrant liabilities - - (1,400) (1,400) Total $ - $ - $ (1,400) $ (1,400) 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 Company also has the option to cause the Loan to convert if, at the time of exercise of the Company’s conversion option, the closing price of the Company’s common stock has been at least 150% of the Conversion Price (as defined below) then in effect for at least 20 of the 30 immediately preceding trading days. The features of the make-whole premium in the Loan require the conversion features to be recorded as embedded derivatives and bifurcated from its host contracts, the Loan, and accounted for separately from the debt. The conversion features contained in the Loan are recorded as a derivative liability at fair value each reporting period based upon values determined through the use of discounted lattice models of the Loan under the Second Lien Credit Agreement. Change in fair value is accounted for in the consolidated statement operations. The embedded derivatives under the Second Lien Credit Agreement including the delayed draw term loans were recorded at closing as a derivative liability with a fair value of approximately $ 65.6 72.7 7.1 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 22,500 25.00 160,714 3.50 0.02 0.04 SOS Warrant Liability 200,000 25.00 0.2 0.1 0.02 and $0.1 million, respectively Bristol Capital, LLC Warrant Liability 100,000 20.00 100,000 77,131 0.8 0.4 0.4 1.2 The following table sets forth a reconciliation of changes in the fair value of the Company’s financial assets and liabilities classified as Level 3 in the fair value hierarchy, except for the commodity derivatives classified as Level 2 as disclosed in Note 6, as of December 31, 2017 and 2016: Second Lien Term Warrant Total (in thousands) Balance at January 1, 2017 $ - $ (1,400) $ (1,400) Issuance (65,647) - (65,647) Cashless exercise of warrants - 370 370 Change in fair value of derivative liabilities (7,067) 807 (6,260) Balance at December 31, 2017 $ (72,714) $ (223) $ (72,937) Convertible Warrant Incentive Total (in thousands) Balance at January 1, 2016 $ (6) $ (56) $ (223) $ (285) Additional liability - (164) (393) (557) Reversal of accrued bonus - - 718 718 Converted to equity (54) - - (54) Change in fair value of derivative liabilities 60 (1,180) (102) (1,222) Balance at December 31, 2016 $ - $ (1,400) $ - $ (1,400)

ASSET RETIREMENT OBLIGATIONS (A

ASSET RETIREMENT OBLIGATIONS (ARO)	12 Months Ended
	Dec. 31, 2017
ASSET RETIREMENT OBLIGATIONS [Abstract]
ASSET RETIREMENT OBLIGATIONS (ARO)	NOTE 5 - ASSET RETIREMENT OBLIGATIONS (ARO) Year Ended December 31, 2017 2016 (In thousands) Balance at January 1 $ 1,257 $ 208 Liabilities assumed from merger - 777 Liabilities incurred 20 311 Accretion expense 82 132 Settlements (288) (92) Change in estimate (119) (79) Balance at December 31 952 1,257 Less: current portion of ARO at December 31 (226) (338) Total Long-term ARO at end of year $ 726 $ 919

DERIVATIVES

DERIVATIVES	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	NOTE 6 - DERIVATIVES As discussed in Note 4, the Second Lien Term Loan contains conversion features that are exercisable at the option of the Lead Lender or the Company. 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 year ended December 31, 2017. The Company recorded derivative liabilities associated with the Second Lien Term Loan at an original fair value of approximately $ 65.6 72.7 7.1 0.2 0.2 To reduce the impact of fluctuations in oil and natural gas prices on the Company’s revenues, or to protect the economics of property acquisitions, the Company periodically enters into derivative contracts with respect to a portion of its projected oil and natural gas production through various transactions that fix or modify the future prices to be realized. The derivative contracts may include fixed-for-floating price swaps (whereby, on the settlement date, the Company will receive or pay an amount based on the difference between a pre-determined fixed price and a variable market price for a notional quantity of production), put options (whereby the Company pays a cash premium in order to establish a fixed floor price for a notional quantity of production and, on the settlement date, receives the excess, if any, of the fixed price floor over a variable market price), and costless collars (whereby, on the settlement date, the Company receives the excess, if any, of a variable market price over a fixed floor price up to a fixed ceiling price for a notional quantity of production). These hedging activities, which are governed by the terms of our Second Lien Credit Agreement, are intended to support oil and natural gas prices at targeted levels and manage exposure to oil and natural gas price fluctuations. It is our policy to enter into derivative contracts only with counterparties that are creditworthy and competitive market makers. All of our derivatives are with non-lender counterparties and are designated as unsecured. Certain of our derivative counterparties may require the posting of cash collateral under certain conditions. It is never the Company’s intention to enter into derivative contracts for speculative trading purposes. All of our derivatives are accounted for as mark-to-market activities. Under ASC Topic 815, “Derivatives and Hedging,” these instruments are recorded on the consolidated balance sheets at fair value as either short term or long-term assets or liabilities based on their anticipated settlement date. The Company nets derivative assets and liabilities by commodity for counterparties where a legal right to such offset exists. Changes in the derivatives’ fair values are recognized in current earnings since the Company has elected not to designate its current derivative contracts as cash flow hedges for accounting purposes. As of 2017 (In thousands) Oil positions: Fixed-for-floating price swaps (NYMEX WTI): Hedged Volume (Bbls) 75,070 Average price ($/Bbl) $ 50.74 Put Options (NYMEX WTI): Hedged Volume (Bbls) 105,930 Average price ($/Bbl) $ 52.50 Call Options (NYMEX WTI): Hedged Volume (Bbls) 105,930 Average price ($/Bbl) $ 60.80 Year Ended 2017 (In thousands) Beginning fair value of commodity derivatives $ — Net losses on crude oil derivatives (1,063) Net settlement paid on crude oil derivative contracts 96 Net settlement unpaid on crude oil derivative contracts 114 Ending fair value of commodity derivatives $ (853) The Company’s derivatives are presented on a net basis under fair value of derivative instruments on the consolidated balance sheets. December 31, 2017 Gross Amount of Gross Amounts Net Amounts (in thousands) Offsetting Derivative Assets: Current asset $ - $ - $ - Long-term asset - - - Total asset $ - $ - $ - Offsetting Derivative Liabilities: Current liability $ 853 $ - $ 853 Long-term liability - - - Total liability $ 853 $ - $ 853 The Company had no hedging activities as of December 31, 2016.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2017
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBTS	NOTE 7 - LONG-TERM DEBT As of December 31, 2017 2016 (In thousands) 6% Bridge Loans associated with the amended First Lien Term Loan, due 2019, net of debt issuance costs $ 30,363 $ - 6% Senior Secured Term Loan, due 2019, net of debt issuance costs - 29,214 8.25% Second Lien Term Loans, due 2021, net of debt issuance costs and debt discount 96,431 - 6% note payable to SOS Investment, LLC, due 2019 1,000 1,000 Other notes payable, due 2018 11 29 Total Long-term debt $ 127,805 $ 30,243 Less: current portion (11) (17) Total Long-term debt, net of current portion $ 127,794 $ 30,226 Total principal amount of debt maturities related to borrowings for the five years ending December 31, 2022 include: 0.01 31.0 150.0 Principal Paid-in- Unamortized Carrying December 31, 2017: Bridge Loans associated with the amended First Lien Term Loan, due September 2019 $ 30,000 $ 807 $ (444) $ 30,363 Second Lien Term Loan, due April 2021 150,000 5,752 (59,321) 96,431 Total: $ 180,000 $ 6,559 $ (59,765) $ 126,794 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 1.4 1.6 Amendments to First Lien Credit Agreement On April 24, 2017, and subsequently on April 26, 2017, and July 25, 2017, and October 19, 2017 the Company entered into the first, second, third and fourth 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 15,000,000 0.3 175.0 31.5 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 On October 3, 2017, the Company, certain subsidiaries of the Company, as guarantors (the “Guarantors”), Wilmington Trust, National Association, as administrative agent and the lenders party thereto, 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 Delayed Draw Term Loan under the Second Lien Credit Agreement and to provide for the funding of such Delayed Draw Term Loan upon the signing of the lease acquisition agreement with KEW Drilling, a Delaware limited partnership. The Company borrowed the full $ 45.0 On October 19, 2017, the Company entered into a second amendment to the Second Lien Credit Agreement (“Amendment No. 2 to the Second Lien Credit Agreement”), by and among the Company, the Guarantors, the Agent and the Lenders, including the Lead Lender. Amendment No. 2 to the Second Lien Credit Agreement permits the Company to incur the Incremental Bridge Loan under the First 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 25.0 25.0 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 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 (the “Conversion Sum”), 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 the Conversion Sum 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, Restrictive Covenants As of December 31, 2017, the Company’s First Lien Credit Agreement and Second Lien Credit Agreement contain various covenants, including restrictions on additional indebtedness, payment of cash dividends on common stock and preferred stock, and maintenance of certain financial ratios. The First Lien Credit Agreement, as amended, requires that, commencing with the testing period ending at December 31, 2018, we satisfy an asset coverage ratio (“ACR”) test by maintaining an ACR of 1.00 to 1.00 or greater. Second Lien Credit Agreement requires us to maintain, commencing with the testing period ending June 30, 2018, an ACR of 1.00 to 1.00. or greater. At December 31, 2017, the Company was in compliance with all restricted covenants. 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 1 6 June 30, 2019 200,000 25.00 0.2 The SOS note was fully paid on January 22, 2018. Interest Expense Years Ended December 31, 2017 2016 Interest on term loans $ 1,774 $ 446 Interest on notes payable 53 412 Interest on convertible notes and debentures (1) - 880 Paid-in-kind interest on term loans 6,559 - Amortization of debt financing costs on term loans 1,886 328 Amortization of discount on term loans 8,485 2,858 Total: $ 18,757 $ 4,924 (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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 - COMMITMENTS AND CONTINGENCIES Environmental and Governmental Regulation At December 31, 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 December 31, 2017, the Company had not been fined or cited for any violations of governmental regulations that would have a material adverse effect upon the financial condition of the Company. Legal Proceedings The Company may from time to time be involved in various legal actions arising in the normal course of business. In the opinion of management, the Company’s liability, if any, in these pending actions would not have a material adverse effect on the financial position of the Company. The Company’s general and administrative expenses would include amounts incurred to resolve claims made against the Company. The Company believes there is no litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition. Operating Leases The Company has a two-year operating lease for office space in San Antonio, Texas and various other operating leases on a month-to-month basis which include office leases in Fort Worth and Houston, Texas and corporate apartment leases in San Antonio, Texas. Rent expense for the years ended December 31, 2017 and 2016, was approximately $ 0.6 0.2 0.2 0.2

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 - RELATED PARTY TRANSACTIONS Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Greater than 10% Shareholder: Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Bryan Ezralow (Ezralow as a family has >10% ownership in the Company) Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the year ended December 31, 2017. $ 628 $ 1,300 Participated in the September 29, 2016 $50 million credit facility which was fully paid off during the year ended December 31, 2017. 1,356 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 year ended December 31, 2017 21 - Participated in private placement transaction on February 28, 2017 1,400 - Total: $ 3,405 $ 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 which was fully paid off during the year ended December 31, 2017. 1,055 950 Warrants exercised at $0.01 per share during the year ended December 31, 2017. 18 - Participated in private placement transaction on February 28, 2017. 1,200 - Total: $ 2,847 $ 950 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Investor Company Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the year ended December 31, 2017. $ 4,318 $ - Participated in the September 29, 2016 $50 million credit facility which was repaid during the year ended December 31, 2017 20,093 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 interest 2,188 - Participated in the amendment to the Company’s first lien credit facility in October 2017 by an investment in the form of incremental bridge loan including paid and accrued interest 1,368 - Warrants exercised at $0.01 per share during the year ended December 31, 2017. 23 - Total: $ 27,990 $ - 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 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Reinvested advisory fee for 150 shares of Series B Preferred Stock and 68,182 warrants at exercise price of $2.50 per share through TRW. - 150 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016 through TRW and Runnels Family Trust DTD 1-11-2000 (2) - 779 Cash paid for advisory fee on Convertible Notes which was reinvested in 350 shares of Series B Preferred Stock through TRW. - 350 Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through TRW, which were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. - 400 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) 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 year ended December 31, 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 year ended December 31, 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. 80 15 Total: $ 1,413 $ 2,194 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) 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 year ended December 31, 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 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) 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 year ended December 31, 2017. 130 125 Total: $ 130 $ 175 Mark Christensen (Director) Participated in the Company’s accordion advance 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 1,586 - Participated in the September 29, 2016 $50 million credit facility and February 7, 2017 accordion advance of the first lien facility which were repaid during the year ended December 31, 2017 2,612 Participated in the amendment to the Company’s first lien credit facility in October 2017 by an investment in the form of incremental bridge loan including paid and accrued interest 1,578 - Exercise of warrants 2 - Received fees through KES 7 Capital Inc. (5) 905 - Total: $ 9,283 $ - 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 Consulting fee paid to MLV & Co. LLC for which Mr. Ormand was the Managing Director and Head of the Energy Investment Banking Group - 100 Accounts receivable due for federal tax withholding on vested restricted shares. This amount was deducted from bonus payment in February 2018. 107 - Total: $ 1,204 $ 2,750 Joseph C. Daches (Chief Financial Officer) Accounts receivable due for federal tax withholding on vested restricted shares. This amount was deducted from bonus payment in February 2018. $ 100 - Total: $ 100 $ - Brennan Short (former 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. $ 283 $ - Total: $ 283 $ - 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 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 year ended December 31, 2017. 219 200 Warrants exercised at $0.01 per share during the year ended December 31, 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.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 - INCOME TAXES December 31, 2017 2016 (in thousands) U.S. Federal: Current $ - $ - Deferred 32,579 (2,971) State and local: Current - - Deferred 1,059 (124) 33,638 (3,095) Change in valuation allowance (33,638) 3,095 Income tax provision $ - $ - December 31, 2017 2016 (In thousands) Deferred tax assets: Oil and natural gas properties and equipment $ - $ 5,156 Net operating loss carry-forward 15,653 42,017 Share based compensation 784 2,135 Abandonment obligation 212 445 Derivative instruments 191 - Accrued liabilities 43 - Debt conversion costs - 482 Other 9 28 Total deferred tax asset 16,892 50,263 Valuation allowance (16,624) (50,263) Deferred tax asset, net of valuation allowance $ 268 $ - Deferred tax liabilities: Oil and natural gas properties and equipment $ 268 $ - Total deferred tax liability 268 - Net deferred tax asset (liability) $ - $ - Year Ended 2017 2016 Effective federal tax rate 34.00 % 34.00 % State tax rate, net of federal benefit 1.11 % 1.42 % Effect of the Tax Cuts and Jobs Act -11.22 % - % Change in fair value derivative liability -2.59 % -1.32 % Debt discount amortization -3.51 % -4.11 % Share based compensation differences and forfeitures 0.91 % -2.28 % Change in rate -0.05 % -5.90 % Other permanent differences -4.61 % -12.29 % NOL true-up - §382 limitation -47.22 % -0.00 % Other -6.47 % -0.10 % Valuation allowance 39.65 % -9.42 % Net - % - % As of December 31, 2017 and 2016, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $ 70.1 118.6 beginning in 2027 through 2036 in 2017 resulting in a true-up of the Company’s from $118.6 million to $ 9.1 In assessing the need for a valuation allowance on the Company’s deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon whether future book income is sufficient to reverse existing temporary differences that give rise to deferred tax assets, as well as whether future taxable income is sufficient to utilize net operating loss and credit carryforwards. Assessing the need for, or the sufficiency of, a valuation allowance requires the evaluation of all available evidence, both positive and negative. Negative evidence considered by management includes cumulative book and tax losses in recent years, no taxable income in available carryback years, and no tax planning strategies contemplated to realize the valued deferred tax assets. As of December 31, 2017, and 2016, management assessed the available positive and negative evidence to estimate if sufficient future taxable income would be generated to use the Company’s deferred tax assets and determined that it is not more-likely-than-not that the deferred tax assets would be realized in the near future. Therefore, the Company recorded a full valuation allowance of approximately $ 16.6 50.0 The New Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017. The Act makes broad and complex changes to the U.S. tax code applicable to certain items in 2017 as well as those applicable to 2018 and subsequent years. ASC 740 requires the recognition of the tax effects of the Act for annual periods that include December 22, 2017. At December 31, 2017, the Company has made reasonable estimates of the effects on its existing deferred tax balances. The Company has remeasured certain federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally twenty one percent. The provisional amount recognized related to the remeasurement of its federal deferred tax balance was $ 9.5 The Company will continue to analyze the Act and future IRS regulations, refine its calculations, gain a more thorough understanding of how individual states are implementing this new law and evaluate other provisions of the tax reform. This further analysis could potentially affect the measurement of deferred tax balances or potentially give rise to new deferred tax amounts.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 11 - STOCKHOLDERS’ 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 pursuant to a Settlement and Release Agreement (the “Settlement Agreement”) between the Company and Hexagon, 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. Series B 6% Convertible Preferred Stock On June 15, 2016, the Company entered into a purchase agreement for the private placement of 20,000 9,090,926 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 6 The Series B Preferred Stock was classified as equity based on the following criteria: i) the redemption of the instrument at the control of the Company; ii) the instrument is convertible into a fixed amount of shares at a conversion price of $1.10; iii) the instrument is closely related to the underlying Company’s Common Stock; iv) the conversion option is indexed to the Company’s stock; v) the conversion option cannot be settled in cash and only can be redeemed at the discretion of the Company; and vi) the Series B Preferred Stock is not considered convertible debt. Shares of the Series B Preferred Stock and related warrants were valued using the relative fair value method. The Company determined the transaction created a beneficial conversion feature of $ 7.9 15.2 1.20 2.50 2 238 0.78 13.4 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 to reflect dividends that would have accrued through December 31, 2017 into 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- Expiration Date Outstanding at January 1, 2016 2,478,316 $ 14.80 12/31/2018 to 02/04/2020 Warrants issued to Series B Preferred Stock 9,090,926 1.54 06/22/2018 Warrants issued for fees 1,272,727 1.30 06/22/2018 Warrants issued with Convertible Notes 1,145,238 2.47 12/31/2018 to 05/04/2019 Warrants issued to amend Convertible Notes 1,648,267 2.50 08/03/2019 Additional warrants issued to Bristol 541,026 3.12 05/29/2017 Warrants issued to SOS in connection with the Merger 200,000 2.50 06/22/2018 Exercised, forfeited, or expired (460,989) (34.74) Outstanding at December 31, 2016 15,915,511 $ 3.34 Warrants issued in connection with private placement 2,597,420 4.50 03/06/2022 Warrants issued to Heartland 160,714 3.50 01/08/2020 Exercised (6,144,176) (0.30) Forfeited or expired (646,669) (25.70) Outstanding at December 31, 2017 11,882,800 $ 3.46 The aggregate intrinsic value associated with outstanding warrants was approximately $ 19.6 18.3 5.11 3.10 1.66 1.64 During the year ended December 31, 2016, the Company issued approximately 13.2 200,000 In connection with the May 2016 Financing, in exchange for additional consideration in the form of participation in the May 2016 Convertible Notes offering, certain Purchasers received amended and restated warrants to purchase approximately 620,000 2.50 0.10 80,000 416,454 42.50 25.00 0.10 315,990 300,706 1.7 Additionally, in connection with the Credit and Guarantee Agreement, as partial consideration to the Lenders, the Company also amended certain warrants issued in the Series B private placement held by the Lenders to purchase up to an aggregate amount of approximately 3.5 2.50 0.01 0.01 4,441,836

SHARE-BASED AND OTHER COMPENSAT

SHARE-BASED AND OTHER COMPENSATION	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED AND OTHER COMPENSATION	NOTE 12 - SHARE-BASED AND OTHER COMPENSATION On April 20, 2016, the Company’s Board and the Compensation Committee of the Board approved the Company’s 2016 Omnibus Incentive Plan (the “2016 Plan”). On November 3, 2016 the Company’s stockholders voted to increase number of shares of Common Stock authorized for issuance under the 2016 Plan to 10 13 607,186 2017 2016 (in thousands) Stock Restricted Total Stock Restricted Total Stock-based compensation expensed $ 7,255 $ 14,283 $ 21,538 $ 4,475 $ 2,398 $ 6,873 Unamortized stock-based compensation costs $ 4,267 $ 8,669 $ 12,936 $ 5,200 $ 1,249 $ 6,449 Weighted average amortization period remaining (years) 0.70 0.82 1.68 1.45 Summary of non-cash compensation in the Statement of Changes in Stockholders’ Equity: December 31, 2017 2016 (In thousands) Common stock issued for directors’ fees $ - $ 85 Common stock issued for officer and Board compensation - 120 Stock based compensation for issuance of stock options 7,255 4,475 Stock based compensation for issuance of restricted stock 14,186 2,398 Common stock issued for professional services 97 - Total non-cash compensation in the Statement of Changes in Stockholders’ Equity $ 21,538 $ 7,078 Restricted Stock Employees may be granted restricted stock in the form of restricted stock awards or restricted stock units. Restricted stock is subject to forfeiture restrictions and cannot be sold, transferred, or disposed of during the restriction period. The holders of restricted stock awards have the same rights as a stockholder of the Company with respect to such shares, including the right to vote and receive dividends or other distributions paid with respect to the shares. A restricted stock unit is equivalent to a restricted stock award except that unit holders do not have the right to vote. Restricted stock vests over service periods ranging from the date of grant generally up to two or three years. A summary of restricted stock grant activity pursuant to the 2016 Plan for the years ended December 31, 2017 and 2016 is presented below: Number of Weighted Outstanding at January 1, 2016 - $ - Granted 1,780,052 1.54 Vested and issued (711,747) (1.75) Forfeited - - Outstanding at December 31, 2016 1,068,305 $ 1.55 Granted 4,266,345 4.84 Vested and issued (2,162,915) (3.78) Forfeited (696,469) (4.26) Outstanding at December 31, 2017 2,475,266 $ 4.22 A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the years ended December 31, 2017 and 2016 is presented below. The Company no longer grants any awards under previous plans. Number of Weighted Outstanding at January 1, 2016 186,900 $ 12.29 Granted - - Vested and issued (10,834) (18.75) Forfeited (26,482) (16.15) Outstanding at December 31, 2016 149,584 10.56 Granted - - Vested and issued (139,585) (4.77) Forfeited - - Outstanding at December 31, 2017 $ 9,999 $ 6.57 Stock Options Employees may be granted incentive stock options to purchase shares of the Company’s common stock with an exercise price equal to, or greater than, the fair market value of the Company’s common stock on the date of grant. These stock options generally vest over two years from the date of grant and terminate at the earlier of the date of exercise or ten years from the date of grant. During the year ended December 31, 2017, the Company received cash proceeds of approximately $0.5 million from the exercise of vested stock options. The fair value of stock option awards is determined using the Black-Sholes-Merton option-pricing model based on several assumptions. These assumptions are based on management’s best estimate at the time of grant. The Company used the following weighted average of each assumption based on the grants in each fiscal year: 2017 2016 Expected Term in Years 2 years 4 years Expected Volatility 101 % 152 % Expected Dividends 0 % 0 % Risk-Free Interest Rate 1.38 % 1.08 % The Company estimates expected volatility based on an analysis of its historical stock prices since the IPO date in 2 A summary of stock option activity for the years ended December 31, 2017 and 2016 is presented below: Stock Options Outstanding and Number Weighted Number of Weighted Outstanding at January 1, 2016 608,333 $ 14.60 296,666 4.1 Granted 5,683,500 2.14 Forfeited or cancelled (335,000) (5.34) Outstanding at December 31, 2016 5,956,833 $ 2.04 2,208,757 9.6 Granted 3,260,000 4.74 Exercised (304,896) (2.01) Forfeited or cancelled (1,606,937) (3.06) Outstanding at December 31, 2017 7,305,000 $ 3.74 3,534,484 8.9 During the year ended December 31, 2017, options to purchase 3,260,000 4.74 The options to purchase 3,260,000 shares of the Company’s common stock include the following: (i) Options granted to employees of the Company to purchase 2,510,000 (ii) On June 16, 2017, the Company cancelled 250,000 500,000 750,000 389,657 87,922 1.6 3.2 The outstanding options had an intrinsic value of approximately $ 10.1 12.3 0

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Non-Cash Transactions	NOTE 13 - Supplemental Cash Flow Information The following table summarizes information on non-cash investing and financing activities for the years ended December 31, 2017 and 2016 (in thousands) 2017 2016 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 - 7,111 Common stock issued for Series A Preferred Stock and accrued dividends - 7,682 Common stock issued for convertible notes and accrued interest - 14,872 Common stock issued for Series B Preferred Stock and accrued dividends - 3,229 Warrants issued for fees associated with Series B Preferred Stock issuance - 1,591 Warrants issued for Series B Preferred Stock issuance and recorded as a deemed dividend - 7,879 Fair value of warrants issued for financing costs and debt discount 1,031 2,192 Common stock issued for commitment fees associated with Private Placement 250 - Cashless exercise of warrants 370 - Issuance of common stock for drilling services 97 - Accrued drilling costs 3,615 1,331

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14 - SUBSEQUENT EVENTS Purchase and Sale Agreement On January 30, 2018, the Company entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) by and between the Company and OneEnergy Partners Operating, LLC (“OEP”), pursuant to which the Company agreed to purchase from OEP, and OEP agreed to sell to the Company, certain oil and natural gas properties and related assets for a purchase price of $ 70 The unadjusted purchase price for the Acquisition will consist of $ 40 30 The properties to be acquired by the Company pursuant to the Purchase and Sale Agreement consists of leasehold acreage in the Delaware Basin in Lea County, New Mexico. The Purchase and Sale Agreement contains customary terms and conditions, including title and environmental due diligence provisions, representations and warranties, covenants and indemnification provisions. The Purchase and Sale Agreement also includes registration rights provisions pursuant to which, among other matters, (i) the Company will be required to file with the Securities and Exchange Commission (the “SEC ”) a registration statement under the Securities Act of 1933, as amended (the “Securities Act ”), registering for resale the shares of Common Stock issued to OEP pursuant to the Purchase and Sale Agreement and (ii) OEP will have piggyback rights to include shares of Common Stock in certain underwritten offerings. The Company expects to close the Acquisition in March 2018, subject to the satisfaction of customary closing conditions. Preferred Stock Issuance On January 30, 2018, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement ”) by and among the Company and certain private funds affiliated with Värde Partners, Inc. (the “Purchasers ”), pursuant to which the Company agreed to issue and sell to the Purchasers, and the Purchasers agreed to purchase from the Company, 100,000 9.75 “ 1,000 100,000,000 Closing of the issuance and sale of the shares of Series C Preferred Stock pursuant to the Securities Purchase Agreement occurred on January 31, 2018. The terms of the Series C Preferred Stock are set forth in the Certificate of Designation for the Series C Preferred Stock (the “Certificate of Designation”) filed by the Company with the Secretary of State of the State of Nevada on January 31, 2018. The following is a description of the material terms of the Series C Preferred Stock and the Securities Purchase Agreement. Ranking Stated Value 1,000 Dividends 9.75 12.00 15.00 Optional Redemption (i) the Stated Value then in effect multiplied by (a) 120% if redeemed during 2018, (b) 125% if redeemed during 2019 or (c) 130% if redeemed after 2019, plus (ii) accrued and unpaid dividends thereon and any other amounts payable by the Company in respect thereof Conversion 6.15 the Conversion Price will be adjusted, based on a broad-based weighted average formula, if the Company issues, or is deemed to issue, additional shares of Common Stock for consideration per share that is less than the lesser of (i) $5.25 and (ii) the Conversion Price then in effect, subject to certain exceptions and to the Share Cap The Company has the right to force the conversion of any or all of the outstanding shares of Series C Preferred Stock if (i) the volume-weighted average price per share of the Common Stock on the principal exchange on which it is then traded has been at least 140% of the Conversion Price then in effect for at least 20 of the 30 consecutive trading days immediately preceding the exercise by the Company of the forced conversion right and (ii) certain trading and other conditions are satisfied. To comply with rules of the NYSE American, the Certificate of Designation provides that the number of shares of Common Stock issuable on conversion of a share of Series C Preferred Stock may not exceed (i) the Stated Value divided by (ii) $4.42 Change of Control · cause the Company to redeem all of such holder’s shares of Series C Preferred Stock for cash in an amount per share equal to (i) the Optional Redemption Amount plus (ii) 2.5% of the Stated Value, in each case as in effect immediately prior to the Change of Control; · convert all of such holder’s shares of Series C Preferred Stock into the number of shares of Common Stock into which such shares are convertible immediately prior to the Change of Control; or · continue to hold such holder’s shares of Series C Preferred Stock, subject to any adjustments to the Conversion Price or the number and kind of securities or other property issuable upon conversion resulting from the Change of Control and to the Company’s or its successor’s optional redemption rights described above. Liquidation Preference Board Designation Rights (i) two members of the Company’s board of directors (the “Board”) for as long as the shares of Common Stock issuable on conversion of the outstanding shares of Series C Preferred Stock represent at least 15% of the outstanding shares of Common Stock (giving effect to conversion of all outstanding shares of Series C Preferred Stock) and (ii) one member of the Board for as long as the shares of Common Stock issuable on conversion of the outstanding shares of Series C Preferred Stock represent at least 7.5% of the outstanding shares of Common Stock The Securities Purchase Agreement separately grants to the Purchasers substantially identical rights to appoint members of the Board as long as the Purchasers and their affiliates beneficially own (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) shares of Common Stock issued or issuable upon conversion of shares of Series C Preferred Stock representing the 15% and 7.5% thresholds of the outstanding Common Stock described above. The Board members designated by holders of shares of Series C Preferred Stock pursuant to the Certificate of Designation or by the Purchasers pursuant to the Securities Purchase Agreement must be reasonably acceptable to the Board and its Nominating and Corporate Governance Committee, acting in good faith, but any investment professional of Värde Partners, Inc. or its affiliates will be deemed to be reasonably acceptable. In addition, such Board designees must satisfy applicable SEC and stock exchange requirements and comply with the Company’s corporate governance guidelines. In accordance with the Company’s bylaws, the Board has increased the number of directors constituting the entire Board from seven to nine to allow for the appointment of the Board members designated by the holders of shares of Series C Preferred Stock. The Company will be required to appoint the two Board members initially designated by the holders of shares of Series C Preferred Stock within ten business days after notice to the Company from the holders of the identity of such designees, subject to confirmation that such designees meet the qualifications described above. Voting Rights; Negative Covenants The Certificate of Designation provides that, as long as any shares of Series C Preferred Stock are outstanding, the Company may not, without the prior affirmative vote or prior written consent of the holders of a majority of the outstanding shares of Series C Preferred Stock: ⋅ amend the Company’s articles of incorporation or bylaws in any manner that materially and adversely affects any rights, preferences, privileges or voting powers of the Series C Preferred Stock or holders of shares of Series C Preferred Stock; ⋅ issue, authorize or create, or increase the issued or authorized amount of, the Series C Preferred Stock, any class or series of capital stock ranking senior to or in parity with the Series C Preferred Stock, or any security convertible into or evidencing the right to purchase any shares of Series C Preferred Stock or any such senior or parity stock, other than equity, the proceeds of which, are used to immediately redeem all of the outstanding shares of Series C Preferred Stock pursuant to the Company’s optional redemption rights described above; ⋅ subject to certain exceptions, declare or pay any dividends or distributions on, or redeem or repurchase, or permit any of its controlled subsidiaries to redeem or repurchase, shares of Common Stock or any other shares of capital stock of the Company ranking junior to the Series C Preferred Stock, subject to certain exceptions; ⋅ authorize, issue or transfer, or permit any of its controlled subsidiaries to authorize, issue or transfer, any equity (including any obligation or security convertible into, exchangeable for or evidencing the right to purchase any such equity) in any subsidiary of the Company other than (i) equity issued or transferred to the Company or another wholly-owned subsidiary of the Company or (ii) equity, the proceeds of which, are used to immediately redeem all of the outstanding shares of Series C Preferred Stock pursuant to the Company’s optional redemption rights described above; or ⋅ subject to certain exceptions, modify the number of directors constituting the entire Board at any time when holders of shares of Series C Preferred Stock have the right to designate a member of the Board. The Certificate of Designation further provides that, as long as shares of Series C Preferred Stock having an aggregate Optional Redemption Amount of at least $ 50,000,000 ⋅ subject to certain exceptions, incur indebtedness or permit to exist any liens on the assets or properties of the Company or its subsidiaries; ⋅ enter into, adopt or agree to any “restricted payment” or similar provision that restricts or limits the payment of dividends on, or the redemption of, shares of Series C Preferred Stock under any credit facility, indenture or other similar instrument of the Company that would be more restrictive on the payment of dividends on, or redemption of, shares of Series C Preferred Stock than those existing as of the date on which shares of Series C Preferred Stock were first issued; ⋅ liquidate or dissolve the company; ⋅ enter into any material new line of business or fundamentally change the nature of the Company’s business, including any acquisition of oil and gas properties outside the Permian Basin; or ⋅ enter into certain transactions with affiliates of the Company unless made on an arm’s-length basis and approved by a majority of the disinterested members of the Board. Transfer Restrictions Standstill Other Terms Registration Rights Agreement On January 31, 2018, in connection with the closing of the issuance of shares of Series C Preferred Stock pursuant to the Securities Purchase Agreement, the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement ”) by and between the Company and the Purchasers pursuant to which, among other matters, the Company will be required to file with the SEC a registration statement under the Securities Act registering for resale the shares of Common Stock issuable upon conversion of shares of Series C Preferred Stock. The Registration Rights Agreement also grants to the Purchasers demand and piggyback rights with respect to certain underwritten offerings of Common Stock and contains customary covenants and indemnification and contribution provisions. Riverstone First Lien Credit Agreement On January 30, 2018, the Company entered into an Amended and Restated Senior Secured Term Loan Credit Agreement (the “Riverstone First Lien Credit Agreement”) by and among the Company, the subsidiaries of the Company party thereto as guarantors, Riverstone Credit Management LLC, as administrative agent and collateral agent, and the lenders party thereto. Effective at closing under the Riverstone First Lien Credit Agreement, which occurred on January 31, 2018, the Riverstone First Lien Credit Agreement amended and restated the First Lien Credit Agreement. Pursuant to the Riverstone First Lien Credit Agreement, the lenders thereunder agreed to make term loans to the Company in the aggregate principal amount of $ 50 1.0 30 The Company used approximately $ 31.5 Amendment to Second Lien Credit Agreement On January 31, 2018, the Company entered into a fourth amendment to the Second Lien Credit Agreement, among the Company, the guarantors party thereto, the lenders party thereto, including Värde Partners, Inc., as lead lender, and Wilmington Trust, National Association, as administrative agent (“Amendment No. 4 to the Second Lien Credit Agreement”). The purpose of Amendment No. 4 to the Second Lien Credit Agreement was to, among other matters: · permit the Company to enter the Riverstone First Lien Credit Agreement and incur the Riverstone First Lien Loans and related liens; · permit the Company to issue the Series C Preferred Stock; and · after the issuance of the Series C Preferred Stock pursuant to the Securities Purchase Agreement, reduce from two to one the maximum number of members of the Board the lenders under the Second Lien Credit Agreement will have the right to appoint following the conversion of the convertible loans under the Second Lien Credit Agreement. Amendments to Riverstone First Lien Credit Agreement and Second Lien Credit Agreement On February 20, 2018, Lilis Energy, Inc. (the “Company”) entered into the following amendments to its existing credit agreements (collectively, the “Amendments”): (i) Amendment No. 1 to the Riverstone First Lien Credit Agreement and (ii) Amendment No. 5 to the Second Lien Credit Agreement. Pursuant to the Amendments and a consent letter received from the Purchasers , in their capacity as the holders of all of the issued and outstanding shares of Series C Preferred Stock, the Company has been granted the right to repurchase shares of its Common Stock for an aggregate purchase price up to $ 10,000,000 The commencement of any repurchase of shares of Common Stock is subject to compliance with applicable law, Board approval, and market conditions. Departure of Executive Officers On February 16, 2018, Ariella Fuchs ceased serving as the Company's Executive Vice President, General Counsel and Secretary. The Company entered into an agreement with Ms. Fuchs pursuant to which she will receive severance and other consideration pursuant to the terms of her employment agreement and the accelerated vesting of 247,500 198,000 On March 6, 2018, Brennan Short ceased serving as our Chief Operating Officer. His responsibilities have been assumed by our current management and our existing consultants.

Supplementary Information on Oi

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited)	12 Months Ended
	Dec. 31, 2017
Supplemental Oil And Gas Reserve Information [Abstract]
Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited)	Lilis Energy, Inc. and Subsidiaries Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) , which constitutes one cost center Costs Incurred for Oil and Natural Gas Producing Activities December 31, 2017 2016 (In thousands) Acquisition costs: Unproved properties $ 78,111 $ 4,798 Proved properties 2,245 3,346 Exploration costs 42,033 7,136 Development costs 28,113 1,478 Total $ 150,502 $ 16,758 Reserve Quantity Information Crude Oil Natural Gas NGLs January 1, 2016 33,430 141,450 - Extensions and discoveries - - - Purchase of reserves 413,780 2,333,200 - Sale of reserves - - - Revisions of previous estimates 164,583 1,729,499 14,566 Production (61,088) (332,643) (11,355) December 31, 2016 550,705 3,871,506 3,211 Extensions and discoveries 6,791,945 14,438,471 1,455,620 Purchase of reserves - - - Sale of reserves (92,293) (364,712) (3,211) Revisions of previous estimates 292,975 (1,109,174) 222,825 Production (371,993) (776,165) (73,875) December 31, 2017 7,171,339 16,059,926 1,604,570 Proved Developed Reserves, included above: Balance, January 1, 2016 33,430 141,450 - Balance, December 31, 2016 550,705 3,871,506 3,211 Balance, December 31, 2017 2,531,397 6,594,446 644,102 Proved Undeveloped Reserves, included above: Balance, January 1, 2016 - - - Balance, December 31, 2016 - - - Balance, December 31, 2017 4,639,942 9,465,480 960,468 Extensions and discoveries of 10,653 Standardized Measure of Discounted Future Net Cash Flows The standardized measure of discounted future net cash flows does not purport to be, nor should it be interpreted to present, the fair value of the oil and natural gas reserves of the properties. An estimate of fair value would take into account, among other things, the recovery of reserves not presently classified as proved, the value of unproved properties and consideration of expected future economic and operating conditions. The estimates of future cash flows and future production and development costs as of December 31, 2017 and 2016 are based on the unweighted arithmetic average first-day-of-the-month price for the preceding 12-month period. Estimated future production of proved reserves and estimated future production and development costs of proved reserves are based on current costs and economic conditions which are held constant throughout the life of the properties. All wellhead prices are held flat over the forecast period for all reserve categories. The estimated future net cash flows are then discounted at a rate of 10 As of December 31, 2017 2016 (In thousands) Future cash inflows $ 397,531 $ 28,514 Future production costs (151,456) (15,939) Future development costs (113,727) (3,388) Future income tax expense - - Future net cash flows 132,348 9,187 10% discount to reflect timing of cash flows (63,536) (2,531) Total $ 68,812 $ 6,656 In the foregoing determination of future cash inflows, sales prices used for oil, natural gas and NGLs for December 31, 2017 and 2016, were estimated using the average price during the 12-month period, determined as the unweighted arithmetic average of the first-day-of-the-month price for each month. Prices were adjusted by lease for quality, transportation fees and regional price differentials. Future costs of developing and producing the proved gas and oil reserves reported at the end of each year shown were based on costs determined at each such year-end, assuming the continuation of existing economic conditions. The Company cautions that the disclosures shown are based on estimates of proved reserve quantities and future production schedules which are inherently imprecise and subject to revision and the 10% discount rate is arbitrary. In addition, costs and prices as of the measurement date are used in the determinations and no value may be assigned to probable or possible reserves. Year Ended December 31, 2017 2016 (In thousands) Standardized measure of discounted future net cash flows, beginning of the year $ 6,656 $ 608 Sales of oil and natural gas, net of production costs and taxes (13,402) (1,989) Extensions and discoveries, net of future development costs 57,163 - Purchase of minerals in place - 7,919 Sales of minerals in place (1,296) - Net changes in prices and production costs 8,311 (309) Previously estimated development costs incurred during the period 4,968 (8,942) Changes in estimated future development costs (1,580) 4,617 Revisions of previous quantity estimates 1,683 1,087 Net change in income taxes - - Accretion of discount 666 35 Net changes in timing of production and other 5,643 3,630 Standardized measure of discounted future net cash flows at the end of the year $ 68,812 $ 6,656

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries which includes Brushy Resources, ImPetro Operating, LLC (“ImPetro Operating”), ImPetro Resources, LLC (“ImPetro”), Lilis Operating Company, LLC (“Lilis Operating”), and Hurricane Resources LLC (“Hurricane”). All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	The accompanying consolidated financial statements are prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) which requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period; and the quantities and values of proved oil, natural gas and natural gas liquid (“NGL”) reserves used in calculating depletion and assessing impairment of its oil and natural gas properties. The most significant estimates pertain to the evaluation of unproved properties for impairment, proved oil and natural gas reserves and related cash flow estimates used in the depletion and impairment of oil and natural gas properties, the timing and amount of transfers of our unevaluated properties into our amortizable full cost pool, the fair value of embedded derivatives and commodity derivative contracts, accrued oil and natural gas revenues and expenses valuation of options and warrants, inducement transactions and common stock, and the allocation of general administrative expenses. Actual results could differ significantly from these estimates.
Reclassifications	Certain reclassifications have been made to the prior year financial statements to conform to the 2017 presentation. These reclassifications have no effect on the Company’s previously reported results of operations. For the year ended December 31, 2016, the income from operator’s overhead recovery of $ 0.3
Cash and Cash Equivalents	Cash and cash equivalents include highly liquid instruments with an original maturity of three months or less are stated at cost, which approximates fair value.
Accounts Receivable	Accounts Receivable The Company has accounts receivable from joint interest owners of properties operated by the Company. The Company typically has the right to withhold future revenue disbursements to recover any non-payment of related joint interest billings. Management routinely assesses accounts receivable amounts to determine their collectability and accrues an allowance for uncollectible receivables when, based on the judgment of management, it is probable that a receivable will not be collected. The Company records actual and estimated oil and natural gas revenue receivable from third parties at its net revenue interest. In addition, the Company has receivables derived from sales of certain oil and natural gas production which are collateral under the Company’s credit agreements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2017 and 2016, the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, interest payable and advances from joint interest partners approximates fair value due to the short-term nature of such items. The carrying value of the Company’s secured debt is carried at cost which approximates the fair value of the debt as the related interest rates approximates interest rates currently available to the Company.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the full cost method of accounting for oil and natural gas operations. Under this method, costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells and/or plugging and abandoning non-productive wells, and any other costs directly related to acquisition and exploration activities. Proceeds from property sales are generally applied as a credit against capitalized exploration and development costs, with no gain or loss recognized, unless such a sale would significantly alter the relationship between capitalized costs and the proved reserves attributable to these costs. A significant alteration would typically involve a sale of 25% or more The Company accounts for its unproven long-lived assets in accordance with Accounting Standards Codification (“ASC”) Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets Depletion of exploration and development costs and depreciation of wells and tangible production assets is computed using the units-of-production method based upon estimated proved oil and 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 cost to be incurred in developing proved reserves; and (c) estimated decommissioning and abandonment/restoration costs, net of estimated salvage values, that are not otherwise included in capitalized costs. Costs associated with undeveloped acreage are excluded from the depletion base until it is determined whether proved reserves can be assigned to the properties. When proved reserves are assigned to such properties or one or more specific properties are deemed to be impaired, the cost of such properties is added to the full cost pool which is subject to depletions. 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 10.5 4.7 The present value of estimated future net cash flows was computed by applying: a flat oil price to forecast revenues from estimated future production of proved oil and 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.
Wells in Progress	Wells in Progress Wells in progress connotes wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and natural gas reserves in commercial quantities. Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned. Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended.
Capitalized Interest	Capitalized Interest For significant oil and natural gas investments in unproved properties, and significant exploration and development projects that have not commenced production, interest is capitalized as part of the historical cost of developing and constructing assets. Capitalized interest is determined by multiplying the Company’s weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Once an asset subject to interest capitalization is completed and placed in service, the associated capitalized interest is expensed through depreciation or impairment. As of December 31, 2017, there were no significant exploratory projects on unproved properties and none of the development projects exceeded the interest capitalization qualifying asset limit. As a result, no interest was capitalized as of December 31, 2017 and 2016.
Other Property and Equipment	Other Property and Equipment Property and equipment include vehicles, office equipment and furniture which are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years. The Company recorded approximately $ 0.04
Accrued Liabilities	Accrued Liabilities December 31, 2017 2016 ($ in thousands) Accrued bonus $ 3,000 $ - Accrued drilling costs 3,615 1,331 Revenue payable 6,460 1,313 Other accrued liabilities 782 62 Total accrued liabilities $ 13,857 $ 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 fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value. For purposes of depletion, 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.
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 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 December 31, 2017 and 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 December 31, 2017, and 2016, the Company had approximately $ 6.5 1.3
Stock Based Compensation	Stock Based Compensation The Company applies a fair value method of accounting for stock-based compensation, which requires recognition in the financial statements of the cost of services received in exchange for equity awards. For equity awards, compensation expense is based on the fair value on the grant date or modification date and is recognized in the Company’s financial statements over the vesting period. The Company utilizes the Black-Scholes Merton option-pricing model to measure the fair value of stock options based on several criteria, including but not limited to, the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate and award cancellation rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining stock-based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future stock-based compensation expense. The Company recognizes forfeitures as and when the stock awards are forfeited. The Company accounts for warrant grants to nonemployees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the nonemployee’s performance is complete or a performance commitment is reached.
Income Taxes	Income Taxes The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities, and are measured using the tax rates expected to be in effect when the differences reverse. Deferred tax assets are also recognized for operating loss and tax credit carry forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization. The Company recognizes its tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed that do not meet these recognition and measurement standards. As of December 31, 2017 and 2016, the Company has determined that no liability is required to be recognized. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. No interest or penalties were required to be accrued at December 31, 2017 and 2016. Further, the Company does not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months.
Loss Per Share	Loss Per Share Basic loss per share was calculated by dividing net income or loss applicable to common shares by the weighted average number of common shares outstanding during the periods presented. The calculation of diluted loss per share should include the potential dilutive impact of shares issuable upon the conversion of debt or preferred stock, warrants and options during the period, unless their effect is anti-dilutive. At December 31, 2017 and 2016, common stock equivalents including shares underlying conversion of the Second Lien Term Loan, restricted stock units, restricted stock, 3,522,735 0.01 The Company excluded the following shares from the diluted loss per share calculations because they were anti-dilutive at December 31, 2017 and 2016: December 31, 2017 2016 Stock Options 7,305,000 5,956,833 Restricted Stock Units 9,999 149,584 Restricted Stock 2,475,266 1,068,305 Series B Preferred Stock - 15,454,545 Stock Purchase Warrants (1) 11,882,800 12,392,776 Conversion of Term Loan 24,202,016 - 45,875,081 35,022,043 (1) Excludes warrants exercisable for 3,522,735 shares of common stock at an exercise price of $0.01 for the year ended December 31, 2016 since these warrants are not anti-dilutive. There were no warrants exercisable at $0.01 per share for the year ended December 31, 2017.
Concentration of Credit Risk	Concentration of Credit Risk The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payment for costs associated with the property and seeks reimbursement from the other joint interest owners in the property for their portion of those costs. When warranted, prepayments are required from joint interest owners for drilling and completion projects. Joint interest owners consist primarily of independent oil and natural gas producers whose ability to reimburse the Company could be negatively impacted by adverse market conditions. The purchasers of the Company’s oil, natural gas and NGL production consist primarily of independent marketers, major oil and gas companies, refiners and gas pipeline companies. Credit evaluations are performed on the Company’s purchasers of its production and their financial condition is monitored on an ongoing basis. Based on those evaluations and monitoring, the Company may obtain letters of credit or parental guarantees from some purchasers. All of the Company’s oil and natural gas derivative transactions are carried out in the over-the-counter market and are not typically subject to margin-deposit requirements. The use of derivative transactions involves the risk that the counterparties will be unable to meet the financial terms of such transactions. The Company monitors the credit ratings of its derivative counterparties on an ongoing basis. If a counterparty were to default on its obligations to the Company under the derivative contracts or seek bankruptcy protection, it could have a material adverse effect on its ability to fund planned activities and could result in a larger percentage of our future production being subject to commodity price volatility. In addition, in poor economic environments and tight financial markets, the risk of a counterparty default is heightened and fewer counterparties may participate in derivative transactions, which could result in greater concentration of exposure to any one counterparty or a larger percentage of the Company’s future production being subject to commodity price changes.
Major customers	Major Customers Year Ended December 31, 2017 2016 Texican Crude & Hydrocarbon, LLC 85 % 38 % ETC Field Services LLC 14 % 16 % Noble Energy - % 41 % All others 1 % 5 % 100 % 100 %
Derivative Financial Instruments	All derivative instruments are recorded on the consolidated balance sheet at fair value as either an asset or a liability with changes in fair value recognized currently in earnings. Although derivative instruments are used by the Company to manage the price risk attributable to its expected oil and natural gas production, those derivative instruments have not been designated as accounting hedges under the accounting guidance. All of our derivatives are accounted for as mark-to-market activities. Under ASC Topic 815, “Derivatives and Hedging,” these instruments are recorded on the consolidated balance sheets at fair value as either short term or long-term assets or liabilities based on their anticipated settlement date. The Company nets derivative assets and liabilities by commodity for counterparties where a legal right to such offset exists. Changes in the derivatives' fair values are recognized in current earnings since the Company has elected not to designate its current derivative contracts as cash flow hedges for accounting purposes. The Company has recognized certain conversion features within its Second Lien Term Loan as embedded derivatives that have been bifurcated from the Loan, as defined in Note 4, and accounted for separately from the debt. Additionally, warrants issued to SOSV Investment LLC (“SOS”) to purchase up to 200,000
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.

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Accrued Liabilities	December 31, 2017 2016 ($ in thousands) Accrued bonus $ 3,000 $ - Accrued drilling costs 3,615 1,331 Revenue payable 6,460 1,313 Other accrued liabilities 782 62 Total accrued liabilities $ 13,857 $ 2,706
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following shares from the diluted loss per share calculations because they were anti-dilutive at December 31, 2017 and 2016: December 31, 2017 2016 Stock Options 7,305,000 5,956,833 Restricted Stock Units 9,999 149,584 Restricted Stock 2,475,266 1,068,305 Series B Preferred Stock - 15,454,545 Stock Purchase Warrants (1) 11,882,800 12,392,776 Conversion of Term Loan 24,202,016 - 45,875,081 35,022,043 (1) Excludes warrants exercisable for 3,522,735 shares of common stock at an exercise price of $0.01 for the year ended December 31, 2016 since these warrants are not anti-dilutive. There were no warrants exercisable at $0.01 per share for the year ended December 31, 2017.
Schedules of Concentration of Risk, by Risk Factor	Year Ended December 31, 2017 2016 Texican Crude & Hydrocarbon, LLC 85 % 38 % ETC Field Services LLC 14 % 16 % Noble Energy - % 41 % All others 1 % 5 % 100 % 100 %

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2017
Oil And Gas Properties And Oil And Gas Properties Acquisitions And Divestitures [Abstract]
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization	The following table sets forth a summary of oil and natural gas property costs (net of divestitures) not being amortized at December 31, 2017 and 2016: December 31, 2017 2016 (In thousands) Unproved acreage: Beginning Balance $ 24,461 $ - Lease purchases 78,110 546 Assets conveyed - 23,915 Transfer and other reclassification to properties (800) - Total unproved acreage $ 101,771 $ 24,461 Wells in progress: Beginning Balance $ 7,453 $ - Additions - 7,453 Reclassification to proved properties (7,453) - Total wells in progress not subject to DD&A $ - $ 7,453

FAIR VALUE OF FINANCIAL INSTR26

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure Text Block [Abstract]
Summary of recurring fair values of assets and liabilities measured at fair value	Recurring Fair Value Measurements Fair Value Measurement Classification Quoted Prices in Significant Other Significant (Level 1) (Level 2) (Level 3) Total (in thousands) As of December 31, 2017 Oil and natural gas derivative swap contracts $ - $ (706) $ - $ (706) Oil and natural gas derivative collar contracts - (147) - (147) Warrant liabilities - - (223) (223) Second Lien Term Loan conversion features - - (72,714) (72,714) Total $ - $ (853) $ (72,937) $ (73,790) As of December 31, 2016 Warrant liabilities - - (1,400) (1,400) Total $ - $ - $ (1,400) $ (1,400)
Summary of changes in fair value of Level 3 financial assets and liabilities	The following table sets forth a reconciliation of changes in the fair value of the Company’s financial assets and liabilities classified as Level 3 in the fair value hierarchy, except for the commodity derivatives classified as Level 2 as disclosed in Note 6, as of December 31, 2017 and 2016: Second Lien Term Warrant Total (in thousands) Balance at January 1, 2017 $ - $ (1,400) $ (1,400) Issuance (65,647) - (65,647) Cashless exercise of warrants - 370 370 Change in fair value of derivative liabilities (7,067) 807 (6,260) Balance at December 31, 2017 $ (72,714) $ (223) $ (72,937) Convertible Warrant Incentive Total (in thousands) Balance at January 1, 2016 $ (6) $ (56) $ (223) $ (285) Additional liability - (164) (393) (557) Reversal of accrued bonus - - 718 718 Converted to equity (54) - - (54) Change in fair value of derivative liabilities 60 (1,180) (102) (1,222) Balance at December 31, 2016 $ - $ (1,400) $ - $ (1,400)

ASSET RETIREMENT OBLIGATIONS 27

ASSET RETIREMENT OBLIGATIONS (ARO) (Tables)	12 Months Ended
	Dec. 31, 2017
ASSET RETIREMENT OBLIGATIONS [Abstract]
Schedule of Asset Retirement Obligations	The information below reconciles the value of the asset retirement obligation for the periods presented: Year Ended December 31, 2017 2016 (In thousands) Balance at January 1 $ 1,257 $ 208 Liabilities assumed from merger - 777 Liabilities incurred 20 311 Accretion expense 82 132 Settlements (288) (92) Change in estimate (119) (79) Balance at December 31 952 1,257 Less: current portion of ARO at December 31 (226) (338) Total Long-term ARO at end of year $ 726 $ 919

DERIVATIVES (Tables)

DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the Company’s derivative positions as of December 31, 2017: As of 2017 (In thousands) Oil positions: Fixed-for-floating price swaps (NYMEX WTI): Hedged Volume (Bbls) 75,070 Average price ($/Bbl) $ 50.74 Put Options (NYMEX WTI): Hedged Volume (Bbls) 105,930 Average price ($/Bbl) $ 52.50 Call Options (NYMEX WTI): Hedged Volume (Bbls) 105,930 Average price ($/Bbl) $ 60.80 Year Ended 2017 (In thousands) Beginning fair value of commodity derivatives $ — Net losses on crude oil derivatives (1,063) Net settlement paid on crude oil derivative contracts 96 Net settlement unpaid on crude oil derivative contracts 114 Ending fair value of commodity derivatives $ (853)
Schedule of Derivative Instruments	December 31, 2017 Gross Amount of Gross Amounts Net Amounts (in thousands) Offsetting Derivative Assets: Current asset $ - $ - $ - Long-term asset - - - Total asset $ - $ - $ - Offsetting Derivative Liabilities: Current liability $ 853 $ - $ 853 Long-term liability - - - Total liability $ 853 $ - $ 853

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	As of December 31, 2017 2016 (In thousands) 6% Bridge Loans associated with the amended First Lien Term Loan, due 2019, net of debt issuance costs $ 30,363 $ - 6% Senior Secured Term Loan, due 2019, net of debt issuance costs - 29,214 8.25% Second Lien Term Loans, due 2021, net of debt issuance costs and debt discount 96,431 - 6% note payable to SOS Investment, LLC, due 2019 1,000 1,000 Other notes payable, due 2018 11 29 Total Long-term debt $ 127,805 $ 30,243 Less: current portion (11) (17) Total Long-term debt, net of current portion $ 127,794 $ 30,226
Schedule of debt	At December 31, 2017 and 2016, the carrying amounts of term loans were as follows: Principal Paid-in- Unamortized Carrying December 31, 2017: Bridge Loans associated with the amended First Lien Term Loan, due September 2019 $ 30,000 $ 807 $ (444) $ 30,363 Second Lien Term Loan, due April 2021 150,000 5,752 (59,321) 96,431 Total: $ 180,000 $ 6,559 $ (59,765) $ 126,794 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: Years Ended December 31, 2017 2016 Interest on term loans $ 1,774 $ 446 Interest on notes payable 53 412 Interest on convertible notes and debentures (1) - 880 Paid-in-kind interest on term loans 6,559 - Amortization of debt financing costs on term loans 1,886 328 Amortization of discount on term loans 8,485 2,858 Total: $ 18,757 $ 4,924 (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)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	During the years ended December 31, 2017 and 2016, the Company has engaged in the following transactions with related parties: Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Greater than 10% Shareholder: Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Bryan Ezralow (Ezralow as a family has >10% ownership in the Company) Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the year ended December 31, 2017. $ 628 $ 1,300 Participated in the September 29, 2016 $50 million credit facility which was fully paid off during the year ended December 31, 2017. 1,356 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 year ended December 31, 2017 21 - Participated in private placement transaction on February 28, 2017 1,400 - Total: $ 3,405 $ 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 which was fully paid off during the year ended December 31, 2017. 1,055 950 Warrants exercised at $0.01 per share during the year ended December 31, 2017. 18 - Participated in private placement transaction on February 28, 2017. 1,200 - Total: $ 2,847 $ 950 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Investor Company Participated in Series B Preferred Stock offering in 2016 and converted into common stock during the year ended December 31, 2017. $ 4,318 $ - Participated in the September 29, 2016 $50 million credit facility which was repaid during the year ended December 31, 2017 20,093 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 interest 2,188 - Participated in the amendment to the Company’s first lien credit facility in October 2017 by an investment in the form of incremental bridge loan including paid and accrued interest 1,368 - Warrants exercised at $0.01 per share during the year ended December 31, 2017. 23 - Total: $ 27,990 $ - 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 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) Reinvested advisory fee for 150 shares of Series B Preferred Stock and 68,182 warrants at exercise price of $2.50 per share through TRW. - 150 Converted shares of Series A Preferred Stock into common stock upon the closing of the Brushy merger on June 23, 2016 through TRW and Runnels Family Trust DTD 1-11-2000 (2) - 779 Cash paid for advisory fee on Convertible Notes which was reinvested in 350 shares of Series B Preferred Stock through TRW. - 350 Participated in Convertible Notes maturing on June 30, 2016 and April 1, 2017 through TRW, which were fully converted into common stock upon closing of the Brushy merger on June 23, 2016. - 400 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) 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 year ended December 31, 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 year ended December 31, 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. 80 15 Total: $ 1,413 $ 2,194 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) 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 year ended December 31, 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 Year Ended December 31, Related Party Transactions 2017 2016 ($ in thousands) 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 year ended December 31, 2017. 130 125 Total: $ 130 $ 175 Mark Christensen (Director) Participated in the Company’s accordion advance 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 1,586 - Participated in the September 29, 2016 $50 million credit facility and February 7, 2017 accordion advance of the first lien facility which were repaid during the year ended December 31, 2017 2,612 Participated in the amendment to the Company’s first lien credit facility in October 2017 by an investment in the form of incremental bridge loan including paid and accrued interest 1,578 - Exercise of warrants 2 - Received fees through KES 7 Capital Inc. (5) 905 - Total: $ 9,283 $ - 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 Consulting fee paid to MLV & Co. LLC for which Mr. Ormand was the Managing Director and Head of the Energy Investment Banking Group - 100 Accounts receivable due for federal tax withholding on vested restricted shares. This amount was deducted from bonus payment in February 2018. 107 - Total: $ 1,204 $ 2,750 Joseph C. Daches (Chief Financial Officer) Accounts receivable due for federal tax withholding on vested restricted shares. This amount was deducted from bonus payment in February 2018. $ 100 - Total: $ 100 $ - Brennan Short (former 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. $ 283 $ - Total: $ 283 $ - 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 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 year ended December 31, 2017. 219 200 Warrants exercised at $0.01 per share during the year ended December 31, 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.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Summary of income tax provision (benefit)	The income tax provision (benefit) for the years ended December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 (in thousands) U.S. Federal: Current $ - $ - Deferred 32,579 (2,971) State and local: Current - - Deferred 1,059 (124) 33,638 (3,095) Change in valuation allowance (33,638) 3,095 Income tax provision $ - $ -
Summary of deferred tax assets	The tax effects of temporary differences that give rise to the Company’s deferred tax asset as of December 31, 2017 and 2016 consisted of the following: December 31, 2017 2016 (In thousands) Deferred tax assets: Oil and natural gas properties and equipment $ - $ 5,156 Net operating loss carry-forward 15,653 42,017 Share based compensation 784 2,135 Abandonment obligation 212 445 Derivative instruments 191 - Accrued liabilities 43 - Debt conversion costs - 482 Other 9 28 Total deferred tax asset 16,892 50,263 Valuation allowance (16,624) (50,263) Deferred tax asset, net of valuation allowance $ 268 $ - Deferred tax liabilities: Oil and natural gas properties and equipment $ 268 $ - Total deferred tax liability 268 - Net deferred tax asset (liability) $ - $ -
Reconciliation of Company's effective tax rate to the expected federal tax rate	Reconciliation of the Company’s effective tax rate to the expected U.S. federal tax rate is: Year Ended 2017 2016 Effective federal tax rate 34.00 % 34.00 % State tax rate, net of federal benefit 1.11 % 1.42 % Effect of the Tax Cuts and Jobs Act -11.22 % - % Change in fair value derivative liability -2.59 % -1.32 % Debt discount amortization -3.51 % -4.11 % Share based compensation differences and forfeitures 0.91 % -2.28 % Change in rate -0.05 % -5.90 % Other permanent differences -4.61 % -12.29 % NOL true-up - §382 limitation -47.22 % -0.00 % Other -6.47 % -0.10 % Valuation allowance 39.65 % -9.42 % Net - % - %

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Summary of warrant activity	The following table provides a summary of warrant activity for the years ended December 31, 2017 and 2016: Warrants Weighted- Expiration Date Outstanding at January 1, 2016 2,478,316 $ 14.80 12/31/2018 to 02/04/2020 Warrants issued to Series B Preferred Stock 9,090,926 1.54 06/22/2018 Warrants issued for fees 1,272,727 1.30 06/22/2018 Warrants issued with Convertible Notes 1,145,238 2.47 12/31/2018 to 05/04/2019 Warrants issued to amend Convertible Notes 1,648,267 2.50 08/03/2019 Additional warrants issued to Bristol 541,026 3.12 05/29/2017 Warrants issued to SOS in connection with the Merger 200,000 2.50 06/22/2018 Exercised, forfeited, or expired (460,989) (34.74) Outstanding at December 31, 2016 15,915,511 $ 3.34 Warrants issued in connection with private placement 2,597,420 4.50 03/06/2022 Warrants issued to Heartland 160,714 3.50 01/08/2020 Exercised (6,144,176) (0.30) Forfeited or expired (646,669) (25.70) Outstanding at December 31, 2017 11,882,800 $ 3.46

SHARE-BASED AND OTHER COMPENS33

SHARE-BASED AND OTHER COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	2017 2016 (in thousands) Stock Options Restricted Stock Total Stock Options Restricted Stock Total Stock-based compensation expensed $ 7,255 $ 14,283 $ 21,538 $ 4,475 $ 2,398 $ 6,873 Unamortized stock-based compensation costs $ 4,267 $ 8,669 $ 12,936 $ 5,200 $ 1,249 $ 6,449 Weighted average amortization period remaining (years) 0.70 0.82 1.68 1.45
Schedule Of Non Cash Compensation	Summary of non-cash compensation in the Statement of Changes in Stockholders’ Equity: December 31, 2017 2016 (In thousands) Common stock issued for directors’ fees $ - $ 85 Common stock issued for officer and Board compensation - 120 Stock based compensation for issuance of stock options 7,255 4,475 Stock based compensation for issuance of restricted stock 14,186 2,398 Common stock issued for professional services 97 - Total non-cash compensation in the Statement of Changes in Stockholders’ Equity $ 21,538 $ 7,078
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	A summary of restricted stock grant activity pursuant to the 2016 Plan for the years ended December 31, 2017 and 2016 is presented below: Number of Weighted Outstanding at January 1, 2016 - $ - Granted 1,780,052 1.54 Vested and issued (711,747) (1.75) Forfeited - - Outstanding at December 31, 2016 1,068,305 $ 1.55 Granted 4,266,345 4.84 Vested and issued (2,162,915) (3.78) Forfeited (696,469) (4.26) Outstanding at December 31, 2017 2,475,266 $ 4.22 A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the years ended December 31, 2017 and 2016 is presented below. The Company no longer grants any awards under previous plans. Number of Weighted Outstanding at January 1, 2016 186,900 $ 12.29 Granted - - Vested and issued (10,834) (18.75) Forfeited (26,482) (16.15) Outstanding at December 31, 2016 149,584 10.56 Granted - - Vested and issued (139,585) (4.77) Forfeited - - Outstanding at December 31, 2017 $ 9,999 $ 6.57
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The fair value of stock option awards is determined using the Black-Sholes-Merton option-pricing model based on several assumptions. These assumptions are based on management’s best estimate at the time of grant. The Company used the following weighted average of each assumption based on the grants in each fiscal year: 2017 2016 Expected Term in Years 2 years 4 years Expected Volatility 101 % 152 % Expected Dividends 0 % 0 % Risk-Free Interest Rate 1.38 % 1.08 %
Schedule of Share-based Compensation, Stock Options, Activity	A summary of stock option activity for the years ended December 31, 2017 and 2016 is presented below: Stock Options Outstanding and Number Weighted Number Weighted Outstanding at January 1, 2016 608,333 $ 14.60 296,666 4.1 Granted 5,683,500 2.14 Forfeited or cancelled (335,000 ) (5.34 ) Outstanding at December 31, 2016 5,956,833 $ 2.04 2,208,757 9.6 Granted 3,260,000 4.74 Exercised (304,896 ) (2.01 ) Forfeited or cancelled (1,606,937 ) (3.06 ) Outstanding at December 31, 2017 7,305,000 $ 3.74 3,534,484 8.9

Supplemental Cash Flow Inform34

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table summarizes information on non-cash investing and financing activities for the years ended December 31, 2017 and 2016 (in thousands) 2017 2016 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 - 7,111 Common stock issued for Series A Preferred Stock and accrued dividends - 7,682 Common stock issued for convertible notes and accrued interest - 14,872 Common stock issued for Series B Preferred Stock and accrued dividends - 3,229 Warrants issued for fees associated with Series B Preferred Stock issuance - 1,591 Warrants issued for Series B Preferred Stock issuance and recorded as a deemed dividend - 7,879 Fair value of warrants issued for financing costs and debt discount 1,031 2,192 Common stock issued for commitment fees associated with Private Placement 250 - Cashless exercise of warrants 370 - Issuance of common stock for drilling services 97 - Accrued drilling costs 3,615 1,331

Supplementary Information on 35

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of Operations for Oil and Gas Producing Activities	Costs Incurred for Oil and Natural Gas Producing Activities December 31, 2017 2016 (In thousands) Acquisition costs: Unproved properties $ 78,111 $ 4,798 Proved properties 2,245 3,346 Exploration costs 42,033 7,136 Development costs 28,113 1,478 Total $ 150,502 $ 16,758
Summary of Proved Developed and Undeveloped Reserves	Crude Oil Natural Gas NGLs January 1, 2016 33,430 141,450 - Extensions and discoveries - - - Purchase of reserves 413,780 2,333,200 - Sale of reserves - - - Revisions of previous estimates 164,583 1,729,499 14,566 Production (61,088) (332,643) (11,355) December 31, 2016 550,705 3,871,506 3,211 Extensions and discoveries 6,791,945 14,438,471 1,455,620 Purchase of reserves - - - Sale of reserves (92,293) (364,712) (3,211) Revisions of previous estimates 292,975 (1,109,174) 222,825 Production (371,993) (776,165) (73,875) December 31, 2017 7,171,339 16,059,926 1,604,570 Proved Developed Reserves, included above: Balance, January 1, 2016 33,430 141,450 - Balance, December 31, 2016 550,705 3,871,506 3,211 Balance, December 31, 2017 2,531,397 6,594,446 644,102 Proved Undeveloped Reserves, included above: Balance, January 1, 2016 - - - Balance, December 31, 2016 - - - Balance, December 31, 2017 4,639,942 9,465,480 960,468
Summary of future net cash flows relating to proved oil and gas	The standardized measure of discounted future net cash flows relating to proved oil, natural gas and NGL reserves is as follows: As of December 31, 2017 2016 (In thousands) Future cash inflows $ 397,531 $ 28,514 Future production costs (151,456) (15,939) Future development costs (113,727) (3,388) Future income tax expense - - Future net cash flows 132,348 9,187 10% discount to reflect timing of cash flows (63,536) (2,531) Total $ 68,812 $ 6,656
Summary of changes in standardized measure of discounted future net cash flows	Changes in the standardized measure of discounted future net cash flows relating to proved oil, natural gas and NGL reserves are as follows: Year Ended December 31, 2017 2016 (In thousands) Standardized measure of discounted future net cash flows, beginning of the year $ 6,656 $ 608 Sales of oil and natural gas, net of production costs and taxes (13,402) (1,989) Extensions and discoveries, net of future development costs 57,163 - Purchase of minerals in place - 7,919 Sales of minerals in place (1,296) - Net changes in prices and production costs 8,311 (309) Previously estimated development costs incurred during the period 4,968 (8,942) Changes in estimated future development costs (1,580) 4,617 Revisions of previous quantity estimates 1,683 1,087 Net change in income taxes - - Accretion of discount 666 35 Net changes in timing of production and other 5,643 3,630 Standardized measure of discounted future net cash flows at the end of the year $ 68,812 $ 6,656

Organization and Business (Deta

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

Basis of Presentation and Sum37

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Accrued bonus	$ 3,000	$ 0
Accrued drilling costs	3,615	1,331
Revenue Payable	6,460	1,313
Other accrued liabilities	782	62
Total accrued liabilities	$ 13,857	$ 2,706

Basis of Presentation and Sum38

Basis of Presentation and Summary of Significant Accounting Policies (Details 1) - shares		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		45,875,081	35,022,043
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		7,305,000	5,956,833
Restricted Stock Units (employees/directors) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		9,999	149,584
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2,475,266	1,068,305
Stock Purchase Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	[1]	11,882,800	12,392,776
Conversion of Term Loan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		24,202,016	0
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		0	15,454,545
[1]	Excludes warrants exercisable for 3,522,735 shares of common stock at an exercise price of $0.01 for the year ended December 31, 2016 since these warrants are not anti-dilutive. There were no warrants exercisable at $0.01 per share for the year ended December 31, 2017.

Basis of Presentation and Sum39

Basis of Presentation and Summary of Significant Accounting Policies (Details 2) - Sales Revenue, Net [Member]	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Concentration Risk [Line Items]
Concentration Risk, Percentage	100.00%	100.00%
Texican Crude & Hydrocarbon, LLC [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	85.00%	38.00%
ETC Field Services LLC [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%	16.00%
Noble Energy [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	0.00%	41.00%
All others [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	1.00%	5.00%

Basis of Presentation and Sum40

Basis of Presentation and Summary of Significant Accounting Policies(Details Textual) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Jun. 14, 2017	Jan. 08, 2015
Summary Of Significant Accounting Policies [Line Items]
Results of Operations, Impairment of Oil and Gas Properties		$ 10,500	$ 4,700
Description Of Sale Reserves		25% or more
Depreciation		$ 40	40
Deferred Revenue, Current		$ 6,500	$ 1,300
Present Value of Future Insurance Profits, Percentage of Amortization Expense, Year One			10.00%
Prior Period Reclassification Adjustment	[1]		$ 300
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		4,441,836		160,714	22,500
SOSV Investment LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		200,000
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
Weighted Average Number Diluted Shares Outstanding Adjustment		0	3,522,735
[1]	Excludes warrants exercisable for 3,522,735 shares of common stock at an exercise price of $0.01 for the year ended December 31, 2016 since these warrants are not anti-dilutive. There were no warrants exercisable at $0.01 per share for the year ended December 31, 2017.

OIL AND NATURAL GAS PROPERTIE41

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Unproved acreage:
Beginning Balance	$ 24,461	$ 0
Lease purchases	78,110	546
Assets conveyed	0	23,915
Transfer and other reclassification to properties	(800)	0
Total unproved acreage	101,771	24,461
Wells in progress:
Beginning Balance	7,453	0
Additions	0	7,453
Reclassification to proved properties	(7,453)	0
Total wells in progress not subject to DD&A	$ 0	$ 7,453

OIL AND NATURAL GAS PROPERTIE42

OIL AND NATURAL GAS PROPERTIES (Details Textual) - USD ($) $ in Thousands	Oct. 03, 2017	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Depreciation, Depletion and Amortization			$ 7,025	$ 1,698
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
Proceeds from Sale of Other Property, Plant, and Equipment			$ 200
Business Acquisition Purchase Price	$ 48,900

FAIR VALUE OF FINANCIAL INSTR43

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Recurring fair value measurements	$ (72,700)
Total recurring fair value measurements	(73,790)	$ (1,400)
Warrant liabilities [Member]
Recurring fair value measurements	(223)	(1,400)
Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	(72,714)
Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	(706)
Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	(147)
Fair Value, Inputs, Level 1 [Member]
Total recurring fair value measurements	0	0
Fair Value, Inputs, Level 1 [Member] | Warrant liabilities [Member]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 1 [Member] | Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	0
Fair Value, Inputs, Level 1 [Member] | Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	0
Fair Value, Inputs, Level 1 [Member] | Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	0
Fair Value, Inputs, Level 2 [Member]
Total recurring fair value measurements	(853)	0
Fair Value, Inputs, Level 2 [Member] | Warrant liabilities [Member]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 2 [Member] | Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	0
Fair Value, Inputs, Level 2 [Member] | Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	(706)
Fair Value, Inputs, Level 2 [Member] | Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	(147)
Fair Value, Inputs, Level 3 [Member]
Total recurring fair value measurements	(72,937)	(1,400)
Fair Value, Inputs, Level 3 [Member] | Warrant liabilities [Member]
Recurring fair value measurements	(223)	$ (1,400)
Fair Value, Inputs, Level 3 [Member] | Second Lien Term Loan Conversion Features [Member]
Recurring fair value measurements	(72,714)
Fair Value, Inputs, Level 3 [Member] | Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	0
Fair Value, Inputs, Level 3 [Member] | Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	$ 0

FAIR VALUE OF FINANCIAL INSTR44

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ (1,400)	$ (285)
Issuance	(65,647)
Additional liability		(557)
Reversal of accrued bonus		718
Cashless exercise of warrants	370
Converted to equity		(54)
Change in fair value of derivative liabilities	(6,260)	(1,222)
Balance, Ending	(72,937)	(1,400)
Second Lien Term Loan Conversion Features [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	0
Issuance	(65,647)
Cashless exercise of warrants	0
Change in fair value of derivative liabilities	(7,067)
Balance, Ending	(72,714)	0
Convertible Debenture Derivative Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	0	(6)
Additional liability		0
Reversal of accrued bonus		0
Converted to equity		(54)
Change in fair value of derivative liabilities		60
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
Additional liability		(164)
Reversal of accrued bonus		0
Cashless exercise of warrants	370
Converted to equity		0
Change in fair value of derivative liabilities	807	(1,180)
Balance, Ending	(223)	(1,400)
Incentive Bonus [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ 0	(223)
Additional liability		(393)
Reversal of accrued bonus		718
Converted to equity		0
Change in fair value of derivative liabilities		(102)
Balance, Ending		$ 0

FAIR VALUE OF FINANCIAL INSTR45

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Mar. 14, 2017	Sep. 02, 2014	Jun. 23, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 14, 2017	Jan. 08, 2015
Fair Value Of Financial Instruments Textual [Abstract]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.01		$ 3.50	$ 25
Derivative Liability				$ 72,700
Unrealized Gain (Loss) on Derivatives				$ 7,100
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				4,441,836		160,714	22,500
Embedded Derivative, Fair Value of Embedded Derivative Liability				$ 72,700
Second Lien Term Loan [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability				65,600
Bristol Capital, Llc [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Shares Issued, Cashless Warrant Exercise	77,131
Fair Value Adjustment of Warrants				800
Increase (Decrease) in Derivative Liabilities				400
Derivative Liability				400
Unrealized Gain (Loss) on Derivatives					$ 1,200
SOS Warrant [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 25
Warrants Issued To Related Parties			200,000
Warrants Not Settleable in Cash, Fair Value Disclosure				200	100
Derivative Liability				200	200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value				20	40
Unrealized Gain (Loss) on Derivatives				$ 100	$ 20
Consulting Agreement [Member]
Fair Value Of Financial Instruments Textual [Abstract]
Option To Purchase Common stock		100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 20
Warrants To Purchas Common Stock		100,000

ASSET RETIREMENT OBLIGATIONS 46

ASSET RETIREMENT OBLIGATIONS (ARO) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Balance, beginning of year	$ 1,257	$ 208
Liabilities assumed from merger	0	777
Liabilities incurred	20	311
Accretion expense	82	132
Settlements	(288)	(92)
Change in estimate	(119)	(79)
Balance, end of year	952	1,257
Less: current portion of ARO at December 31	(226)	(338)
Total Long-term ARO at end of year	$ 726	$ 919

DERIVATIVES (Details)

DERIVATIVES (Details)	12 Months Ended
	Dec. 31, 2017Number$ / Barrel-bbl
Swap [Member]
Hedged Volume (Bbls) | Number	75,070
Average price ($/Bbl) | $ / Barrel-bbl	50.74
Put Option [Member]
Hedged Volume (Bbls) | Number	105,930
Average price ($/Bbl) | $ / Barrel-bbl	52.50
Call Option [Member]
Hedged Volume (Bbls) | Number	105,930
Average price ($/Bbl) | $ / Barrel-bbl	60.80

DERIVATIVES (Details 1)

DERIVATIVES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Beginning fair value of commodity derivatives	$ 0
Net losses on crude oil derivatives	(1,063)
Net settlement paid on crude oil derivative contracts	96	$ 0
Net settlement unpaid on crude oil derivative contracts	114
Ending fair value of commodity derivatives	$ (853)	$ 0

DERIVATIVES (Details 2)

DERIVATIVES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Gross Amount of Recognized Offsetting Derivative Assets	$ 0
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	0
Net Amounts of Offsetting Derivative Assets Presented in the Consolidated Balance Sheets	0
Gross Amount of Recognized Offsetting Derivative Liabilities	853
Gross Amounts of Offsetting Derivative Liabilities in the Consolidated Balance Sheets	0
Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheets	853	$ 0
Current liability [Member]
Gross Amount of Recognized Offsetting Derivative Liabilities	853
Gross Amounts of Offsetting Derivative Liabilities in the Consolidated Balance Sheets	0
Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheets	853
Long-term liability [Member]
Gross Amount of Recognized Offsetting Derivative Liabilities	0
Gross Amounts of Offsetting Derivative Liabilities in the Consolidated Balance Sheets	0
Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheets	0
Current asset [Member]
Gross Amount of Recognized Offsetting Derivative Assets	0
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	0
Net Amounts of Offsetting Derivative Assets Presented in the Consolidated Balance Sheets	0
Long-term asset [Member]
Gross Amount of Recognized Offsetting Derivative Assets	0
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	0
Net Amounts of Offsetting Derivative Assets Presented in the Consolidated Balance Sheets	$ 0

DERIVATIVES (Details Textual)

DERIVATIVES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative Liability	$ 72,700
Unrealized Gain (Loss) on Derivatives	7,100
Derivative Liability, Current	853	$ 0
SOS Warrant [Member]
Derivative Liability	200	200
Unrealized Gain (Loss) on Derivatives	100	$ 20
Derivative Liability, Current	$ 65,600

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Total Long-term debt	$ 127,805	$ 30,243
Less: current portion	(11)	(17)
Total Long-term debt, net of current portion	127,794	30,226
8.25% Second Lien Term Loans, due 2021, net of debt issuance costs and debt discount
Total Long-term debt	96,431
Term Loan [Member] | 6% Bridge Loans associated with the amended First Lien Term Loan, due 2019, net of debt issuance costs
Total Long-term debt	30,363	0
Term Loan [Member] | 6% Senior Secured Term Loan, due 2019, net of debt issuance costs
Total Long-term debt	0	29,214
Term Loan [Member] | 8.25% Second Lien Term Loans, due 2021, net of debt issuance costs and debt discount
Total Long-term debt	96,431	0
Term Loan [Member] | 6% note payable to SOS Investment, LLC, due 2019
Total Long-term debt	1,000	1,000
Convertible Debenture [Member] | Other notes payable, due 2018
Total Long-term debt	$ 11	$ 29

LONG-TERM DEBT (Details 1)

LONG-TERM DEBT (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Principal Amount	$ 180,000	$ 31,000
Paid-in-Kind Interest	6,559	0
Unamortized Debt Issuance Costs & Debt Discount	(59,765)	(1,786)
Long-Term Debts	127,805	30,243
Bridge Loan [Member]
Principal Amount	30,000
Paid-in-Kind Interest	807
Unamortized Debt Issuance Costs & Debt Discount	(444)
Long-Term Debts	30,363
Second Lien Term Loan [Member]
Principal Amount	150,000
Paid-in-Kind Interest	5,752
Unamortized Debt Issuance Costs & Debt Discount	(59,321)
Long-Term Debts	$ 96,431
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 DEBT (Details 2)

LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Interest on term loans		$ 1,774	$ 446
Interest on notes payable		53	412
Interest on convertible notes and debentures	[1]	0	880
Paid-in-kind interest on term loans		6,559	0
Amortization of debt financing costs on term loans		1,886	328
Amortization of discount on term loans		8,485	2,858
Total:		$ 18,757	$ 4,924
[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 DEBT (Details Textual

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

Nov. 10, 2017

Apr. 26, 2017

Sep. 29, 2016

Jun. 30, 2016

Dec. 31, 2017

Dec. 31, 2016

Oct. 19, 2017

Oct. 04, 2017

Oct. 01, 2017

Jun. 14, 2017

Apr. 24, 2017

Feb. 07, 2017

Jun. 23, 2016

Jan. 08, 2015

Amortization of discount on term loans

$ 8,485,000

$ 2,858,000

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

$ 0.01

$ 3.50

$ 25

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 (the Conversion Sum), 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 the Conversion Sum 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

$ 1,400,000

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

4,441,836

160,714

22,500

Deferred Costs

$ 1,600,000

Long-term Debt, Gross

180,000,000

31,000,000

Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months

10,000

Long-term Debt, Maturities, Repayments of Principal in Year Two

31,000,000

Long-term Debt, Maturities, Repayments of Principal in Year Four

$ 150,000,000

Debt Instrument, Term

5 years

Repayments of Long-term Debt

$ 38,100,000

0

First Lien Credit Agreement [Member]

Long-term Line of Credit

$ 0

Debt Instrument, Covenant Description

The First Lien Credit Agreement, as amended, requires that, commencing with the testing period ending at December 31, 2018, we satisfy an asset coverage ratio (ACR) test by maintaining an ACR of 1.00 to 1.00 or greater.

Repayments of Long-term Debt

$ 31,500,000

Second Lien Credit Agreement [Member]

Debt Instrument, Interest Rate, Stated Percentage

8.25%

Line of Credit Facility, Maximum Borrowing Capacity

$ 125,000,000

$ 45,000,000

$ 175,000,000

Line of Credit Facility,Increase in Borrowing Capacity

$ 25,000,000

Line Of Credit Facility Additional Borrowing Capacity

25,000,000

Proceeds from Lines of Credit

$ 25,000,000

Debt Instrument, Covenant Description

Second Lien Credit Agreement requires us to maintain, commencing with the testing period ending June 30, 2018, an ACR of 1.00 to 1.00. or greater

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

$ 15,000,000

Debt Instrument, Description

The First Lien Credit Agreement, as amended, (a) provides that, effective as of October1, 2017, the unpaid principal of the First Lien Loans will bear (i) cash interest at a rate per annum of 10% and (ii)additional interest at a rate per annum of 6%, payable only in-kind by increasing the principal amount of the First Lien Loans by the amount of such interest due on each interest payment date and (b)permits the loans under the Second Lien Credit Agreement to equal an increased amount of up to $175.0 million. The First Lien Loans mature on October 21, 2018 and may be repaid in whole or part at any time at the option of the Company, subject to the payment of certain specified prepayment premiums. Additionally, the First Lien Loans are 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.The Company subsequently used approximately $31.5 million of the proceeds of the Riverstone First Lien Loans (hereinafter defined) to repay in full our obligations under and retire the First Lien Credit Agreement. As the First Lien Loans were fully repaid subsequent to December 31, 2017, these loans were classified as long-term.

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

First Lein Term Loan [Member]

Unamortized Debt Issuance Expense

$ 300,000

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

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

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Commitments And Contingencies Textual [Abstract]
Operating Leases, Rent Expense	$ 0.6	$ 0.2
Operating Leases, Future Minimum Payments Due	0.2
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 0.2

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 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
First Lien Credit Facility [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit			0
Brennan Short [Member]
Related Party Transaction [Line Items]
Payment for Consulting Fees		283	0
Proceeds from (Repayments of) Related Party Debt		283	0
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock			400
Proceeds from Issuance of Private Placement		20,000
Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount		0	7,682
Mark Ezralow [Member]
Related Party Transaction [Line Items]
Warrants Exercised		2,188	0
Proceeds from Issuance of Private Placement		1,368	0
Proceeds from (Repayments of) Related Party Debt		23	0
Mark Ezralow [Member] | Line of Credit [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit		20,093	0
Mark Ezralow [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		4,318	0
J. Steven Emerson [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		27,990	0
Rosseau Asset Management Ltd [Member]
Related Party Transaction [Line Items]
Warrants Exercised		0	779
Proceeds from (Repayments of) Related Party Debt		0	350
Rosseau Asset Management Ltd [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		0	150
Investor Company [Member]
Related Party Transaction [Line Items]
Warrants Exercised		796	0
Proceeds from (Repayments of) Related Party Debt	[1]	17	0
Investor Company [Member] | First Lien Credit Facility [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit		0
Investor Company [Member] | First Lien Credit Facility One [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit		520	0
Investor Company [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		0
LOGiQ Capital [Member]
Related Party Transaction [Line Items]
Warrants Exercised		1,413	2,194
LOGiQ Capital [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		80	15
G. Tyler Runnels [Member]
Related Party Transaction [Line Items]
Proceeds from Fees Received	[2]	0	500
Proceeds From Reinvestment Of Advisory Fees		0	50
G. Tyler Runnels [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Cash Paid For Advisory Fee Reinvested		130	175
G. Tyler Runnels [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted	[3]	130	125
Mark Christensen [Member]
Related Party Transaction [Line Items]
Warrants Exercised		2	0
Proceeds from Issuance of Private Placement		1,000	0
Proceeds from (Repayments of) Related Party Debt		9,283	0
Proceeds from Lines of Credit	[4]	1,600	0
Proceeds from Fees Received	[5]	905	0
Mark Christensen [Member] | First Lien Credit Facility [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit		1,586	0
Mark Christensen [Member] | First Lien Credit Facility One [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit		1,578	0
Mark Christensen [Member] | First Lien Credit Facility Two [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit		2,612
Joseph C Daches [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt		100	0
Proceeds from Collection of Long-term Loans to Related Parties		100	0
Convertible Debentures [Member] | Steven B. Dunn and Laura Dunn [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount		0	500
Wallington Investment Holdings [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt		1,356	1,450
Proceeds from Issuance of Private Placement		1,400	0
Proceeds from (Repayments of) Related Party Debt		3,405	4,290
Wallington Investment Holdings [Member] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		628	1,300
Wallington Investment Holdings [Member] | Series A Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of Stock, Amount Converted		21	0
Wallington Investment Holdings [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount		0	1,540
Bryan Ezralow [Member]
Related Party Transaction [Line Items]
Warrants Exercised		18	0
Proceeds from Issuance of Private Placement		1,200	0
Proceeds from (Repayments of) Related Party Debt		2,847	950
Bryan Ezralow [Member] | Line of Credit [Member]
Related Party Transaction [Line Items]
Proceeds from Lines of Credit		574	0
Bryan Ezralow [Member] | Convertible Debentures [Member]
Related Party Transaction [Line Items]
Debt Conversion, Converted Instrument, Amount		1,055	950
Nuno Brandolini [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt		0	250
Warrants Exercised		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
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 Exercised		4	0
Payment for Consulting Fees		0	100
Proceeds from (Repayments of) Related Party Debt		1,204	2,750
Proceeds from Collection of Long-term Loans to Related Parties		107	0
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]
Purchase of Properties From Related Parties		0	250
Kevin Nanke [Member]
Related Party Transaction [Line Items]
Proceeds from Convertible Debt		0	100
Warrants Exercised		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 (D57

RELATED PARTY TRANSACTIONS (Details) (parenthetical) - USD ($)	10 Months Ended	12 Months Ended
	Oct. 31, 2017	Dec. 31, 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		4,441,836	160,714			22,500
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.01	$ 3.50			$ 25
Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues		0
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.50
T.R. Winston Company, LLC [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		0.10
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
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
Mark Ezralow [Member] | First Lien Credit Facility [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				50,000,000
Investor Company [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Warrants Exercised		0.01
Investor Company [Member] | First Lien Credit Facility [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 50,000,000
G. Tyler Runnels [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					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] | Series B Preferred Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues		350
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		68,182

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
U.S. Federal:
Current	$ 0	$ 0
Deferred	32,579	(2,971)
State and local:
Current	0	0
Deferred	1,059	(124)
Deferred Income Tax Expense (Benefit)	33,638	(3,095)
Change in valuation allowance	(33,638)	3,095
Income tax provision	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Oil and natural gas properties and equipment	$ 0	$ 5,156
Net operating loss carry-forward	15,653	42,017
Share based compensation	784	2,135
Abandonment obligation	212	445
Derivative instruments	191	0
Accrued liabilities	43	0
Debt conversion costs	0	482
Other	9	28
Total deferred tax asset	16,892	50,263
Valuation allowance	(16,624)	(50,263)
Deferred tax asset, net of valuation allowance	268	0
Deferred tax liabilities:
Oil and natural gas properties and equipment	268	0
Total deferred tax liability	268	0
Net deferred tax asset (liability)	$ 0	$ 0

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective federal tax rate	34.00%	34.00%
State tax rate, net of federal benefit	1.11%	1.42%
Effect of the Tax Cuts and Jobs Act	(11.22%)	0.00%
Change in fair value derivative liability	(2.59%)	(1.32%)
Debt discount amortization	(3.51%)	(4.11%)
Share based compensation differences and forfeitures	0.91%	(2.28%)
Change in rate	(0.05%)	(5.90%)
Other permanent differences	(4.61%)	(12.29%)
NOL true-up - §382 limitation	(47.22%)	(0.00%)
Other	(6.47%)	(0.10%)
Valuation allowance	39.65%	(9.42%)
Net	0.00%	0.00%
Net Operating Loss Limitation On Use	$ 382

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 70,100	$ 118,600
Deferred Tax Assets, Valuation Allowance	$ 16,624	50,263
Operating Loss Carryforwards, Limitations on Use	beginning in 2027 through 2036
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount	$ 9,500
Section 382 in Penal Code [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards		$ 9,100

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Begining	15,915,511	2,478,316
Warrants issued to Series B Preferred Stock		9,090,926
Warrants issued for fees		1,272,727
Warrants issued with Convertible Notes		1,145,238
Warrants issued to amend Convertible Notes		1,648,267
Additional warrants issued to Bristol		541,026
Warrants issued in connection with private placement	2,597,420	200,000
Warrants issued to Heartland	160,714
Number of Options, Exercised	(6,144,176)
Forfeited or expired	(646,669)	(460,989)
Outstanding Ending	11,882,800	15,915,511
Weighted Average Exercise Price, Outstanding Begining	$ 3.34	$ 14.80
Weighted Average Exercise Price, Warrants issued with Series B Preferred Stock		1.54
Weighted Average Exercise Price, Warrants issued with Series B Preferred Stock, adjusted for Credit and Guarantee agreement		1.30
Weighted Average Exercise Price, Warrants issued with Convertible Notes		2.47
Weighted Average Exercise Price, Warrants issued to amend Convertible Notes		2.50
Weighted Average Exercise Price, Additional warrants issued to Bristol		3.12
Weighted Average Exercise Price, Warrants issued in connection with private placement	4.5	2.50
Weighted Average Exercise Price, Warrants issued to Heartland	3.50
Weighted Average Exercise Price, Exercised	(0.30)
Forfeited or expired	(25.70)	(34.74)
Weighted Average Exercise Price, Outstanding Ending	$ 3.46	$ 3.34
Warrants Expiration Date Issued For Preferred Stock		Jun. 22, 2018
Warrants Expiration Date Issued For Fees		Jun. 22, 2018
Warrants Expiration Date of Warrants Issued To Amend Convertible Notes		Aug. 3, 2019
Warrants Expiration Date Of Additional Warrants Issued		May 29, 2017
Warrants Expiration Date Of Warrants Issued In Connection With Merger		Jun. 22, 2018
Warrants Expiration Date, Warrants Issued In Connection With Private Placement	Mar. 6, 2022
Warrants Expiration Date of Warrants Issued o Heartland	Jan. 8, 2020
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Expiration Date		Feb. 4, 2020
Warrants Expiration Date Issued With Convertible Notes		May 4, 2019
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants Expiration Date		Dec. 31, 2018
Warrants Expiration Date Issued With Convertible Notes		Dec. 31, 2018

STOCKHOLDERS_ EQUITY (Details T

STOCKHOLDERS’ EQUITY (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Apr. 25, 2017	Feb. 28, 2017	Jun. 15, 2016	Aug. 31, 2014	Dec. 31, 2017	Dec. 31, 2016	Jun. 14, 2017	May 02, 2017	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					$ 0.01		$ 3.50		$ 25
Proceeds from Issuance of Private Placement					$ 18,399	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate					1.38%	1.08%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					2 years	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate					101.00%	152.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					4,441,836		160,714		22,500
Debt Inducement Of Conversion Of Convertible Debentures					$ 0	$ 8,307
Additional Common Stock Shares Authorized								50,000,000
Common Stock, Shares Authorized					150,000,000	150,000,000		100,000,000
Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					738,638
December 2015 and March 2016 Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase Of Common Stock Warrant						620,000
Note Conversion Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt Inducement Of Conversion Of Convertible Debentures						$ 1,700
Maximum [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 2.50
Minimum [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 0.01
Minimum [Member] | December 2015 and March 2016 Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 42.50
Brushy Resources, Inc [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase Of Common Stock Shares By Warrants Issued						200,000
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
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.50
Proceeds from Issuance of Private Placement					$ 20,000
Preferred Stock Value Stated Rate					$ 1,000	$ 1,000
Preferred Stock, Shares Issued						16,828
Preferred Stock, Shares Authorized					20,000	20,000
Preferred Stock, Dividend Rate, Percentage	6.00%		6.00%
Purchase Of Common Stock Shares By Warrants Issued						13,200,000
Convertible Preferred Stock Conversion Price					$ 1.10
Preferred Stock, Value, Issued					$ 0	$ 13,432
2013 and 2014 Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 0.10
Stock Issued During the Period, Exercise of Warrants						300,706
Class of Warrant or Right, Number of Securities Called by Warrants or Rights						416,454
Class of Warrant or Right, Warrants Exercised						315,990
2013 and 2014 Warrants [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 42.50
2013 and 2014 Warrants [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 25
December 2015 and March 2016 Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 0.10
Class of Warrant or Right, Warrants Exercised						80,000
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
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price					$ 5.11	$ 3.10
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 2.50
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term					1 year 7 months 28 days	1 year 7 months 20 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value					$ 19,600	$ 18,300
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
Share Price			$ 1.20
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 2.50
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			0.78%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			2 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			238.00%
Purchase Of Common Stock Shares By Warrants Issued					2,597,420
Convertible Preferred Stock Beneficial Conversion Feature						7,900
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants						$ 15,200
Series B Purchase Agreement [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					3,500,000
Series B Purchase Agreement [Member] | Maximum [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.50
Series B Purchase Agreement [Member] | Minimum [Member] | Credit and Guarantee Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					0.01

SHARE-BASED AND OTHER COMPENS64

SHARE-BASED AND OTHER COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 21,538	$ 6,873
Unamortized stock-based compensation costs	12,936	6,449
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	7,255	4,475
Unamortized stock-based compensation costs	$ 4,267	$ 5,200
Weighted average amortization period remaining (years)	8 months 12 days	1 year 8 months 5 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 14,283	$ 2,398
Unamortized stock-based compensation costs	$ 8,669	$ 1,249
Weighted average amortization period remaining (years)	9 months 25 days	1 year 5 months 12 days

SHARE-BASED AND OTHER COMPENS65

SHARE-BASED AND OTHER COMPENSATION (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Common stock issued for directors' fees	$ 0	$ 85
Common stock issued for officer and Board compensation	0	120
Stock based compensation for issuance of stock options	7,255	4,475
Stock based compensation for issuance of restricted stock	14,186	2,398
Common stock issued for professional services	97	0
Total non-cash compensation in the Statement of Changes in Stockholders’ Equity	$ 21,538	$ 7,078

SHARE-BASED AND OTHER COMPENS66

SHARE-BASED AND OTHER COMPENSATION (Details 2) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Restricted Stock [Member]
Beginning Outstanding	1,068,305	0
Number of Shares, Granted	4,266,345	1,780,052
Number of Shares, Vested and issued	(2,162,915)	(711,747)
Number of Shares, Forfeited	(696,469)	0
Ending Outstanding	2,475,266	1,068,305
Weighted Average Grant Date Price, Beginning Outstanding	$ 1.55	$ 0
Weighted Average Grant Date Price, Granted	4.84	1.54
Weighted Average Grant Date Price, Vested and issued	(3.78)	(1.75)
Weighted Average Grant Date Price, Forfeited	(4.26)	0
Weighted Average Grant Date Price, Ending Outstanding	$ 4.22	$ 1.55
Restricted Stock Units (RSUs) [Member]
Beginning Outstanding	149,584	186,900
Number of Shares, Granted	0	0
Number of Shares, Vested and issued	(139,585)	(10,834)
Number of Shares, Forfeited	0	(26,482)
Ending Outstanding	9,999	149,584
Weighted Average Grant Date Price, Beginning Outstanding	$ 10.56	$ 12.29
Weighted Average Grant Date Price, Granted	0	0
Weighted Average Grant Date Price, Vested and issued	(4.77)	(18.75)
Weighted Average Grant Date Price, Forfeited	0	(16.15)
Weighted Average Grant Date Price, Ending Outstanding	$ 6.57	$ 10.56

SHARE-BASED AND OTHER COMPENS67

SHARE-BASED AND OTHER COMPENSATION (Details 3)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Expected Term in Years	2 years	4 years
Expected Volatility	101.00%	152.00%
Expected Dividends	0.00%	0.00%
Risk-Free Interest Rate	1.38%	1.08%

SHARE-BASED AND OTHER COMPENS68

SHARE-BASED AND OTHER COMPENSATION (Details 4) - $ / shares	1 Months Ended	12 Months Ended
	Jun. 16, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Number of Options, Forfeited or cancelled	(250,000)
Equity Option [Member]
Outstanding Begining		5,956,833	608,333
Number of Options, Granted		3,260,000	5,683,500
Number of Options, Exercised		(304,896)
Number of Options, Forfeited or cancelled		(1,606,937)	(335,000)
Outstanding Ending		7,305,000	5,956,833	608,333
Weighted Average Exercise Price, Outstanding Begining		$ 2.04	$ 14.60
Weighted Average Exercise Price, Granted		4.74	2.14
Weighted Average Exercise Price, Exercised		(2.01)
Weighted Average Exercise Price, Forfeited or cancelled		(3.06)	(5.34)
Weighted Average Exercise Price, Outstanding Ending		$ 3.74	$ 2.04	$ 14.60
Stock Options Outstanding and Exercisable Number of Options Vested/Exercisable		3,534,484	2,208,757	296,666
Stock Options Outstanding and Exercisable Weighted Average Remaining Contractual Life (Years)		8 years 10 months 24 days	9 years 7 months 6 days	4 years 1 month 6 days

SHARE-BASED AND OTHER COMPENS69

SHARE-BASED AND OTHER COMPENSATION (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 16, 2017	Dec. 31, 2017	Dec. 31, 2016	Jul. 13, 2017	Nov. 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		607,186
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	250,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Term		terminate at the earlier of the date of exercise or ten years from the date of grant.
Proceeds from Stock Options Exercised		$ 745,000	$ 187,000
Share-based Compensation		$ 21,538,000	$ 7,078,000
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period		1,606,937	335,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		3,260,000	5,683,500
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 4.74
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 10,100,000	$ 12,300,000
Deferred Compensation Arrangement with Individual, Distribution Paid		$ 1,600,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Description		Restricted stock vests over service periods ranging from the date of grant generally up to two or three years.
Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		2,510,000
Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Distribution Paid	$ 87,922
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	750,000		500,000
Executive Officer [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	389,657
Omnibus Incentive Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				13,000,000	10,000,000

Supplemental Cash Flow Inform70

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 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
Fair Value Of Warrants Issued for Financing Costs	1,031	2,192
Common stock issued for commitment fees associated with Private Placement	250	0
Cashless exercise of warrants	370	0
Issuance of common stock for drilling services	97	0
Accrued drilling costs	3,615	1,331
Series B Preferred Stock And Accrued Dividends [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Debt Conversion, Converted Instrument, Amount	0	3,229
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	14,872
Brushy's common stock [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Debt Conversion, Converted Instrument, Amount	0	7,111
Series A Preferred Stock [Member]
Non-cash investing and financing activities excluded from the statement of cash flows:
Debt Conversion, Converted Instrument, Amount	0	7,682
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	1,591
Deemed dividends on Series B 6% Convertible Preferred Stock associated with beneficial conversion features	$ 0	$ 7,879

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	1 Months Ended			12 Months Ended		37 Months Ended
	Feb. 16, 2018	Jan. 31, 2018	Jan. 30, 2018	Dec. 31, 2021	Dec. 31, 2017	Apr. 26, 2021	Feb. 20, 2018
Subsequent Event [Line Items]
Stock Issued During Period, Value, New Issues					$ 18,649,000
Beneficial Ownership Percentage Description In Outstanding Common Stock			The Securities Purchase Agreement separately grants to the Purchasers substantially identical rights to appoint members of the Board as long as the Purchasers and their affiliates beneficially own (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) shares of Common Stock issued or issuable upon conversion of shares of Series C Preferred Stock representing the 15% and 7.5% thresholds of the outstanding Common Stock described above.
Series C Preferred Stock [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage						9.75%
Series C Preferred Stock [Member] | Maximum [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage				15.00%
Series C Preferred Stock [Member] | Minimum [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage				12.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount							$ 10,000,000
Subsequent Event [Member] | Employee Stock Option [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	247,500
Subsequent Event [Member] | First Lien Loans [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount			$ 50,000,000
Original Issue Discount Percentage			1.00%
Debt Instrument, Additional Maximum Face Amount			$ 30,000,000
Repayments of Debt			31,500,000
Subsequent Event [Member] | Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	198,000
Subsequent Event [Member] | OneEnergy Partners Operating, LLC [Member]
Subsequent Event [Line Items]
Capital Expenditures Incurred but Not yet Paid			70,000,000
Payments to Acquire Oil and Gas Property and Equipment			$ 40,000,000
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued			30,000,000
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Share Price Description			valued at a price per share equal to (i) the volume-weighted average trading price of the Common Stock on the NYSE American for the 20 consecutive trading days ending on and including the first trading day preceding the closing date of the Acquisition multiplied by (ii) 1.05, but in no event may such price be less than $4.25 or greater than $5.25.
Subsequent Event [Member] | Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues			100,000
Preferred Stock, Dividend Rate, Percentage			9.75%
Shares Issued, Price Per Share			$ 1,000
Stock Issued During Period, Value, New Issues			$ 100,000,000
Preferred Stock, Par or Stated Value Per Share			$ 1,000
Preferred Stock, Redemption Terms			(i) the Stated Value then in effect multiplied by (a) 120% if redeemed during 2018, (b) 125% if redeemed during 2019 or (c) 130% if redeemed after 2019, plus (ii) accrued and unpaid dividends thereon and any other amounts payable by the Company in respect thereof
Preferred Stock Conversion Price Per Share			$ 6.15
Preferred Stock Conversion Price Description			the Conversion Price will be adjusted, based on a broad-based weighted average formula, if the Company issues, or is deemed to issue, additional shares of Common Stock for consideration per share that is less than the lesser of (i) $5.25 and (ii) the Conversion Price then in effect, subject to certain exceptions and to the Share Cap
Preferred Share Holder's Right Upon Change of Control		cause the Company to redeem all of such holder’s shares of Series C Preferred Stock for cash in an amount per share equal to (i) the Optional Redemption Amount plus (ii) 2.5% of the Stated Value, in each case as in effect immediately prior to the Change of Control; convert all of such holder’s shares of Series C Preferred Stock into the number of shares of Common Stock into which such shares are convertible immediately prior to the Change of Control; or continue to hold such holder’s shares of Series C Preferred Stock, subject to any adjustments to the Conversion Price or the number and kind of securities or other property issuable upon conversion resulting from the Change of Control and to the Company’s or its successor’s optional redemption rights described above.
Board Designation Rights For Preferred Stock Holders			(i) two members of the Companys board of directors (the Board) for as long as the shares of Common Stock issuable on conversion of the outstanding shares of Series C Preferred Stock represent at least 15% of the outstanding shares of Common Stock (giving effect to conversion of all outstanding shares of Series C Preferred Stock) and (ii) one member of the Board for as long as the shares of Common Stock issuable on conversion of the outstanding shares of Series C Preferred Stock represent at least 7.5% of the outstanding shares of Common Stock
Convertible Preferred Stock, Terms of Conversion			(i) the volume-weighted average price per share of the Common Stock on the principal exchange on which it is then traded has been at least 140% of the Conversion Price then in effect for at least 20 of the 30 consecutive trading days immediately preceding the exercise by the Company of the forced conversion right and (ii) certain trading and other conditions are satisfied.
Convertible Preferred Stock, Nonredeemable or Redeemable, Issuer Option, Value			$ 50,000,000
Preferred Stock, Conversion Basis			the number of shares of Common Stock issuable on conversion of a share of Series C Preferred Stock may not exceed (i) the Stated Value divided by (ii) $4.42

Supplementary Information on 72

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Acquisition costs:
Unproved properties	$ 78,111	$ 4,798
Proved properties	2,245	3,346
Exploration costs	42,033	7,136
Development costs	28,113	1,478
Total	$ 150,502	$ 16,758

Supplementary Information on 73

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Details 1)	12 Months Ended
	Dec. 31, 2017Mcfbbl	Dec. 31, 2016Mcfbbl
Crude Oil [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance | bbl	550,705	33,430
Extensions, discoveries | bbl	6,791,945	0
Purchase of reserves | bbl	0	413,780
Sale of reserves | bbl	(92,293)	0
Revisions of previous estimates | bbl	292,975	164,583
Production | bbl	(371,993)	(61,088)
Ending Balance | bbl	7,171,339	550,705
Proved Developed Reserves | bbl	550,705	33,430
Proved Developed Reserves | bbl	2,531,397	550,705
Proved Undeveloped Reserve | bbl	0	0
Proved Undeveloped Reserve | bbl	4,639,942	0
Natural Gas [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance	3,871,506	141,450
Extensions, discoveries	14,438,471	0
Purchase of reserves	0	2,333,200
Sale of reserves	(364,712)	0
Revisions of previous estimates	(1,109,174)	1,729,499
Production	(776,165)	(332,643)
Ending Balance	16,059,926	3,871,506
Proved Developed Reserves	3,871,506	141,450
Proved Developed Reserves	6,594,446	3,871,506
Proved Undeveloped Reserve	0	0
Proved Undeveloped Reserve	9,465,480	0
Natural Gas Liquids [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance	3,211	0
Extensions, discoveries	1,455,620	0
Purchase of reserves	0	0
Sale of reserves	(3,211)	0
Revisions of previous estimates	222,825	14,566
Production	(73,875)	(11,355)
Ending Balance	1,604,570	3,211
Proved Developed Reserves	3,211	0
Proved Developed Reserves	644,102	3,211
Proved Undeveloped Reserve	0	0
Proved Undeveloped Reserve	960,468	0

Supplementary Information on 74

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	$ 397,531	$ 28,514
Future production costs	(151,456)	(15,939)
Future development costs	(113,727)	(3,388)
Future income tax expense	0	0
Future net cash flows	132,348	9,187
10% discount to reflect timing of cash flows	(63,536)	(2,531)
Total	$ 68,812	$ 6,656	$ 608

Supplementary Information on 75

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Standardized measure of discounted future net cash flows, beginning of the year	$ 6,656	$ 608
Sales of oil and natural gas, net of production costs and taxes	(13,402)	(1,989)
Extensions and discoveries, net of future development costs	57,163	0
Purchase of minerals in place	0	7,919
Sales of minerals in place	(1,296)	0
Net change in prices and production costs	8,311	(309)
Previously estimated development costs incurred during the period	4,968	(8,942)
Changes in estimated future development costs	(1,580)	4,617
Revisions of previous quantity estimates	1,683	1,087
Net change in income taxes	0	0
Accretion of discount	666	35
Net changes in timing of production and other	5,643	3,630
Standardized measure of discounted future net cash flows at the end of the year	$ 68,812	$ 6,656

Supplementary Information on 76

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Details Textual)	12 Months Ended
	Dec. 31, 2017Mcfbbl	Dec. 31, 2016Mcfbbl	Dec. 31, 2015Mcfbbl
Reserve Quantities [Line Items]
Description Of Oil And Gas Reserves Price	based on the 12-month arithmetic average first of month price January through December 31
Crude Oil [Member]
Reserve Quantities [Line Items]
Natural gas price (per MMBtu)	10
Proved Developed and Undeveloped Reserves, Net | bbl	7,171,339	550,705	33,430
Natural Gas [Member]
Reserve Quantities [Line Items]
Proved Developed and Undeveloped Reserves, Net | Mcf	16,059,926	3,871,506	141,450