Lilis Energy (LLEX) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	1,437,557
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	LLEX
Entity Common Stock, Shares Outstanding		60,436,927

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 35,634	$ 17,462
Accounts receivables, net of allowance of $39, respectively	14,671	7,426
Prepaid expenses and other current assets	428	584
Total current assets	50,733	25,472
Oil and natural gas properties, full cost method of accounting
Unproved	165,751	101,771
Proved	206,191	141,717
Less: accumulated depreciation, depletion, amortization and impairment	(77,755)	(73,183)
Total oil and natural gas properties, net	294,187	170,305
Other assets:
Other assets	364	167
Total assets	345,284	195,944
Current liabilities:
Accounts payable	11,799	10,488
Accrued liabilities	28,454	13,857
Dividends payable	1,652	0
Derivative instruments	1,991	853
Asset retirement obligations	742	226
Current portion of long-term debt	7	11
Total current liabilities	44,645	25,435
Long term liabilities:
Asset retirement obligations	691	726
Long-term debt	151,068	127,794
Derivative instruments	44,326	72,937
Total liabilities	240,730	226,892
Commitments and contingencies (Note 16)
Series C convertible preferred stock, $0.0001 par value; stated value of $1,000; 100,000 shares authorized, 100,000 issued and outstanding with a liquidation preference of $121,950 at March 31, 2018	97,506	0
Stockholders’ equity (deficit):
Common stock, $0.0001 par value per share; 150,000,000 shares authorized, 60,218,176 and 53,368,331 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively, of which 68,798 are being held as treasury stock	6	5
Additional paid-in capital	298,351	272,335
Accumulated deficit	(291,042)	(303,288)
Treasury stock (68,798 shares at cost)	(267)	0
Total stockholders’ equity (deficit)	7,048	(30,948)
Total liabilities and stockholders’ equity (deficit)	$ 345,284	$ 195,944

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Allowance related to accounts receivable	$ 39	$ 39
Series C convertible preferred Stock, Par Value	$ 0.0001	$ 0.0001
Series C convertible preferred Stock, Stated Value	$ 1,000	$ 1,000
Series C convertible preferred Stock, Shares Authorized	100,000	100,000
Series C convertible preferred Stock, Shares Issued	100,000	100,000
Series C convertible preferred Stock, Shares Outstanding	100,000	100,000
Series C convertible preferred stock, Liquidation Preference	$ 121,950
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	60,218,176	53,368,331
Common Stock, Shares, Outstanding	60,218,176	53,368,331
Treasury Stock, Shares	68,798	68,798

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Oil sales	$ 12,589	$ 2,496
Natural gas sales	890	501
Natural gas liquid sales	916	86
Oil and Gas Revenue	14,395	3,083
Operating expenses:
Production costs	3,090	829
Gathering, processing and transportation	462	99
Production taxes	1,023	142
General and administrative	10,464	9,162
Depreciation, depletion, accretion and amortization	4,641	1,146
Total operating expenses	19,680	11,378
Operating loss	(5,285)	(8,295)
Other income (expense):
Other income	1	8
Loss from commodity derivatives, net	(1,769)	0
Gain from fair value changes of debt conversion and warrant derivatives	28,388	346
Loss from fair value changes of conditionally redeemable 6% preferred stock	0	(41)
Interest expense	(9,089)	(774)
Total other income (expense)	17,531	(461)
Net income (loss) before income taxes	12,246	(8,756)
Income tax expense	0	0
Net income (loss)	12,246	(8,756)
Dividends on redeemable preferred stock	0	(30)
Dividends and deemed dividends on Series B convertible preferred stock	0	(213)
Dividends on Series C convertible preferred stock	(1,652)
Net income (loss)	10,594	(8,999)
Less: net income attributable to participating Series C preferred stockholders	(2,819)	0
Net income (loss) attributable to common stockholders	$ 7,775	$ (8,999)
Net income (loss) per common share-basic and diluted: (Note 13)
Basic	$ 0.14	$ (0.32)
Diluted	$ (0.17)	$ (0.32)
Weighted average common shares outstanding:
Basic	54,702,617	27,847,651
Diluted	78,502,197	27,847,651

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations [Parenthetical]	3 Months Ended
	Mar. 31, 2017
Percentage Of Redeemable Preferred Stock	6.00%

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2017	$ (30,948)	$ 5	$ 272,335	$ 0	$ (303,288)
Balance (in shares) at Dec. 31, 2017		53,368,331
Stock based compensation	3,031	$ 0	3,031	0	0
Stock based compensation (in shares)		0
Common stock for restricted stock and stock options	0	$ 0	0	0	0
Common stock for restricted stock and stock options (in shares)		7,860
Common stock withheld for taxes on stock-based compensation	(378)	$ 0	(378)	0	0
Common stock withheld for taxes on stock-based compensation (in shares)		(103,837)
Common stock for acquisition of oil and gas properties	24,778	$ 1	24,777	0	0
Common stock for acquisition of oil and gas properties (in shares)		6,940,722
Reclassification of warrant derivative liabilities	223	$ 0	223	0	0
Purchase of treasury stock	(267)	$ 0	0	(267)	0
Purchase of treasury stock (in shares)		(68,798)
Common stock for exercise of stock options	15	$ 0	15	0	0
Common stock for exercise of stock options (in shares)		5,100
Dividends on Series C convertible preferred stock	(1,652)	$ 0	(1,652)	0	0
Net income	12,246	0	0	0	12,246
Balance at Mar. 31, 2018	$ 7,048	$ 6	$ 298,351	$ (267)	$ (291,042)
Balance (in shares) at Mar. 31, 2018		(60,149,378)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 12,246	$ (8,756)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	3,031	2,779
Amortization of debt issuance cost and debt discount	4,459	242
Payable in-kind interest	3,168	0
Loss from commodity derivatives, net	1,769	0
Net cash settlement paid for commodity derivative contracts	(515)	0
Gain in fair value of debt conversion and warrant derivatives	(28,388)	(346)
Loss in fair value of conditionally redeemable 6% preferred stock	0	41
Depreciation, depletion, amortization and accretion of asset retirement obligation	4,641	1,146
Changes in operating assets and liabilities:
Accounts receivable	(7,245)	(3,671)
Prepaid expenses and other assets	76	(216)
Accounts payable and accrued liabilities	2,700	3,527
Net cash used in operating activities	(4,058)	(5,254)
Cash flows from investing activities:
Net proceeds from sale of DJ Basin properties	0	1,082
Acquisition of oil and natural gas properties	(51,718)	0
Capital expenditures	(38,571)	(11,360)
Net cash used in investing activities	(90,289)	(10,278)
Cash flows from financing activities:
Proceeds from issuance of Series C Preferred Stock	100,000	0
Proceeds from private placement, net of financing costs	0	19,454
Equity financing costs	(2,494)	(1,600)
Proceeds from exercise of accordion feature of the First Lien Term Loan	0	7,100
Proceeds from issuance of Riverstone Term Loans	50,000	0
Debt issuance costs	(2,546)	(394)
Repayment of debt	(31,811)	(4)
Repurchase of common stock	(267)	0
Proceeds from exercise of warrants and stock options	15	299
Payment for tax withholding on stock-based compensation	(378)	0
Net cash provided by financing activities	112,519	24,855
Assets acquired and liabilities assumed through Brushy Merger:
Net increase in cash, cash equivalents and restricted cash	18,172	9,323
Cash, cash equivalents and restricted cash at beginning of period	17,462	11,738
Cash, cash equivalents and restricted cash at end of period	35,634	21,061
Supplemental disclosure:
Cash paid for interest	$ 1,461	$ 926

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION Lilis Energy, Inc. (“Lilis”, “Lilis Energy” and the “Company”) is an independent oil and natural gas exploration and production company focused on the Delaware Basin in Winkler, Loving, and Reeves Counties, Texas and Lea County, New Mexico.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	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 period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. Following reclassifications have been made to the three months ended March 31, 2017: (i) the income from operator’s overhead recovery of approximately $0.15 million has been reclassified from revenue to operating expense as an offset against general and administrative expenses in the consolidated statement of operations; and (ii) $ 0.6 On January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers and all the related amendments (the “New Revenue Standard”) using the modified retrospective method. In accordance with the modified retrospective method, comparative information is not restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of initially adopting the New Revenue Standard, if any, is recorded as an adjustment to the opening balance of retained earnings. The Company’s revenues from customers is derived from production and sales of crude oil, natural gas and natural gas liquids and recognized when control is transferred to the customer. As operator, the Company may market production on behalf of joint interest partners and various royalty owners. Under the terms of our joint operating agreements, the Company does not take control of the production attributable to our joint interest partners and the various royalty and consequently, the Company recognizes revenues only for our share of the production. In accordance with the New Revenue Standard requirements, the impact of adoption on our condensed consolidated statement of operations and condensed balance sheet was as follows: For three months ended March 31, 2018 As Reported Balances Increase Consolidated Statements of Operations: Revenues $ 14,395 $ 14,445 $ (50) Operating expenses $ (462) $ (512) $ 50 As of March 31, 2018 Consolidated Balance Sheets: Accounts receivable $ 7,886 $ 7,936 $ (50) Accrued liabilities $ (115) $ (165) $ (50) As shown in this comparison table, there is no net bottom line impact from the ASC 606 adoption and, therefore, no adjustment to the opening balance of retained earnings. Prior to the adoption of ASC 606, the revenue line included the value of our natural gas gatherer’s contractual volume retainage fee, with an offsetting cost included in the gathering, processing and marketing costs line. In accordance with ASC 606 the Company will only recognize revenues for our share of the production, resulting in removal of the retainage fee totaled approximately $ 50,000 On July 13, 2017, the Financial Accounting Standards Board (“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 January 5, 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business, 1.1 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 February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), March 31, December 31, ($ in thousands) Accrued bonus $ 1,234 $ 3,000 Accrued drilling costs 15,445 3,615 Revenue payable 6,380 6,460 Other accrued liabilities 5,395 782 $ 28,454 $ 13,857

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
REVENUE	Revenue is recognized when control passes to the purchaser which generally occurs when production is transferred to the purchaser. Revenue is measured as the amount of consideration we expect to receive in exchange for the commodities transferred. All of the Company’s revenues from contracts with customers represent products transferred at a point in time as control is transferred to the customer. Revenue is recorded based on consideration specified in the customer’s contract. The amounts collected on behalf of third parties are recorded in revenue payable. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts are typically allocated to specific performance obligations in the contract according to the price stated in the contract. Payment is generally received one or two months after the sale has occurred. Crude oil revenues Crude oil from our operated properties is produced and stored in field tanks. The Company recognizes crude oil revenue when control passes to the purchaser. Crude oil is sold under a single short-term contract which converted to a month-to-month contract on April 30, 2018. The contract is cancellable on 30 days’ notice. The purchaser’s commitment includes all quantities of crude oil from the leases that are covered by the contract, with no quantity-based restrictions or variable terms. Pricing is based on posted field prices for crude oil of similar quality, less a differential. The differential is subject to negotiation and is currently $ 2.50 Natural gas and NGL revenues Natural gas is produced and transported via pipelines to gas processing facilities. NGLs are extracted from the natural gas at the processing facilities and processed natural gas and NGLs are marketed and sold separately on the Company’s behalf after processing. All of our operated natural gas production is sold under one of three natural gas contracts which are long-term in nature but one contract includes 30 day cancelation provisions which we classify as short-term. The processor’s commitment to sell on the Company’s behalf includes all quantities of natural gas and NGL produced on specific wellbores or dedicated acreage as defined in the contract, with no quantity-based restrictions or variable terms. The gas contracts are generally market based pricing less adjustments for transportation and processing fees. A portion of natural gas delivered to the processing plants is used as fuel at the processing plant without reimbursement. We recognize revenue for natural gas and NGLs when control passes at the tailgate of the processing plant. Gathering, processing and transportation Natural gas must be transported to a gas processing plant facility for treating and to extract NGLs, then the final residue gas and liquid products are marketed for sale to end users at the tailgate of the plant. These activities incur costs that are contractually passed to us from the gatherer per customary industry practice. Such costs include fees for gathering the gas and moving it from wellhead to plant inlet, plant electricity usage, inlet compression, carbon dioxide and hydrogen sulfide treatments, processing tax, fuel usage, and marketing at the tailgate. Gathering, process and marketing costs are presented as operating expenses in the condensed consolidated statement of operations. Imbalances Natural gas imbalances occur when the Company sells more or less than its entitled ownership percentage of total natural gas production. Any amount received in excess of its share is treated as a liability. If the Company receives less than its entitled share, the underproduction is recorded as a receivable. The Company did not have any significant natural gas imbalance positions as of December 31, 2017 and 2016. Contract balances and Prior Period Performance Obligations The Company is entitled to payment from purchasers once its performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional, and the Company records these invoiced amounts as Accounts receivable in its consolidated balance sheet. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not received from third parties, the expected sales volumes and prices for those properties are estimated and also recorded as Accounts receivable in the accompanying consolidated balance sheets. In this scenario, payment is also unconditional, as the Company has satisfied its performance obligations through delivery of the relevant product. As a result, the Company has concluded that its product sales do not give rise to contract assets or liabilities under ASC 606. The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain oil, natural gas and NGL sales may not be received for 30 to 60 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the customer and the price that will be received for the sale of the product. Additionally, to the extent actual volumes and prices of oil, natural gas and NGLs are unavailable for a given reporting period because of timing or information not received from third party purchasers, the expected sales volumes and prices for those barrels of oil, cubic feet of gas and gallons of NGL are also estimated. The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The Company has existing internal controls in place for its estimation process, and any identified differences between its revenue estimates and actual revenue received historically have not been significant. For the three months ended March 31, 2018, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. Significant Judgements The Company engages in various types of transactions in which midstream entities process its gas and subsequently market resulting NGLs and residue gas to third-party customers on the Company's behalf gas purchase contracts. These types of transactions require judgment to determine whether the Company is the principal or the agent in the contract and, as a result, whether revenues are recorded gross or net. We maintain control of the natural gas and NGLs during processing and consider ourselves principals in these arrangements. Practical Expedients A significant number of the Company's product sales are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient in ASC 606 that exempts it from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For the Company's product sales that have a contract term greater than one year, the Company has utilized the practical expedient in ASC 606 that states that it is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product represents a separate performance obligation; therefore future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. in thousands Short term contract Long-term contracts Total Crude oil $ 12,589 - $ 12,589 Natural gas 438 452 890 NGLs 450 466 916

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	3 Months Ended
	Mar. 31, 2018
Extractive Industries [Abstract]
OIL AND NATURAL GAS PROPERTIES	NOTE 4 - 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 of proved reserves. 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. 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%, of estimated future net revenues from proved oil and natural gas reserves and the cost of unproved properties not subject to amortization (without regard to estimates of fair value), or estimated fair value, if lower, of unproved properties that are not subject to amortization. Should capitalized costs exceed this ceiling, an impairment expense is recognized. 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 March 31, December 31, 2018 2017 (In thousands) Unproved unevaluated acreage: Beginning balance $ 101,771 $ 24,461 Lease purchases 75,085 78,110 Transfer and other reclassification to proved properties (11,105) (800) Total unproved acreage $ 165,751 $ 101,771 Wells in progress: Beginning balance $ - $ 7,453 Additions 733 - Reclassification to evaluated properties - (7,453) Total wells in progress not subject to DD&A $ 733 $ - At March 31, 2018, the Company completed an assessment of its inventory of unproved acreage for impairment which resulted in $ 11.1 Depreciation, depletion and amortization expense related to proved properties was approximately $ 4.6 1.1

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE 5 – ACQUISITIONS AND DIVESTITURES OEP Acquisition 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 40.0 6,940,722 24.9 64.9 The OEP Acquisition was accounted for as an asset purchase of proved properties and unproved properties using relative fair value of the assets acquired. The proved producing properties were valued based on internal estimates of future production using strip pricing and the present value discounted at 10%. Unproved properties acquired were valued using a market approach. The purchase price and the value of the assets acquired was as follows: (in thousands, except per share amount) Cash $ 40,000 Common stock issued (6,940,722 shares at $3.57) 24,778 Transaction costs and purchase price adjustments 1,074 Total purchase price $ 65,852 Proved properties $ 4,168 Unproved properties 61,684 $ 65,852 VPD Acquisition On February 28, 2018, the Company completed the acquisition of certain leasehold interests and other oil and gas assets in Loving and Winkler Counties, Texas from VPD Texas, L.P. for cash consideration of $ 10.6 0.5 11.1 Related Party Transactions. (in thousands, except per share amount) Cash purchase price $ 10,611 Proved properties $ 3,185 Unproved properties 7,426 $ 10,611 KEW Acquisition As of December 31, 2017, the Company completed the acquisition of unproved acreage in Winkler County, Texas from KEW Drilling, a Delaware limited partnership (“KEW”) for cash consideration of $ 48.9 0.8 49.7 DJ Basin Properties Divestiture On March 31, 2017, the Company entered into a purchase and sale agreement with Nanke Energy LLC for the divestiture of all of its oil and natural gas properties located in the Denver-Julesburg Basin (the “DJ Basin”) for consideration of $ 2 Related Party Transactions 1.08 0.7 0.22

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures the fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: · Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 - Other inputs that are directly or indirectly observable in the marketplace. · Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The 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. The Company utilizes 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 Significant (Level 1) (Level 2) (Level 3) Total (in thousands) As of March 31, 2018 Oil and natural gas derivative swap contracts $ - $ (1,938) $ - $ (1,938) Oil and natural gas derivative collar contracts - (53) - (53) Second Lien Term Loan conversion features - - (44,326) (44,326) Total $ - $ (1,991) $ (44,326) $ (46,317) 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) 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. As of December 31, 2017, the fair value of the embedded derivative under the Second Lien Credit Agreement associated with the Loan conversion features was a liability of approximately $ 72.7 44.3 28.4 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. SOS Warrant Liability 200,000 25.00 0.2 0.2 0.3

ASSET RETIREMENT OBLIGATIONS (A

ASSET RETIREMENT OBLIGATIONS (ARO)	3 Months Ended
	Mar. 31, 2018
ASSET RETIREMENT OBLIGATIONS [Abstract]
ASSET RETIREMENT OBLIGATIONS (ARO)	NOTE 7 - ASSET RETIREMENT OBLIGATIONS (ARO) The Company’s ARO represent the present value of the estimated cash flows expected to be incurred to plug, abandon and remediate producing properties, excluding salvage values, at the end of their productive lives in accordance with applicable laws. Revisions in estimated liabilities during the period relate primarily to changes in estimates of asset retirement costs. Revisions in estimated liabilities can also include, but are not limited to, revisions of estimated inflation rates, changes in property lives and expected timing of settlement. Three Months Ended (In thousands) ARO, beginning of period $ 952 Additional liabilities incurred 225 Accretion expense 56 Liabilities settled - Revision in estimates 200 1,433 Less: current portion of ARO (742) ARO, end of period $ 691

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	NOTE 8 - DERIVATIVES As discussed in Note 6, 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 each reporting period. As of March 31, 2018 and December 31, 2017, the fair value of the derivative liability was approximately $ 44.3 72.7 28.4 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. April 1 – January 1 – Oil positions: Fixed-for-floating price swaps (NYMEX WTI): Notional Volume (Bbls/Day) 1,258 - Weighted average strike price ($/Bbl) $ 56.65 $ - Put Options (NYMEX WTI): Notional Volume (Bbls/Day) 1,490 500 Weighted average strike price ($/Bbl) $ 55.69 $ 50.00 Call Options (NYMEX WTI): Notional Volume (Bbls/Day) 1,490 500 Weighted average strike price ($/Bbl) $ 64.16 $ 68.10 Three Months Ended Year Ended (in thousands) Beginning fair value of commodity derivatives $ (853) $ - Change in fair value of derivative instruments (1,769) (1,063) Net settlements paid on crude oil derivative contracts 515 96 Change in settlements accrued on crude oil derivative contracts 122 114 Ending fair value of commodity derivatives, net $ (1,985) $ (853) As of March 31, 2018 Gross Amount of Gross Amounts Net Amounts (in thousands) Offsetting Derivative Assets: Current asset $ - $ - $ - Long-term asset 6 - 6 Total asset $ 6 $ - $ 6 Offsetting Derivative Liabilities: Current liability $ 1,991 $ - $ 1,991 Long-term liability - - - Total liability $ 1,991 $ - $ 1,991 As of 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

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2018
Long-term Debt, Unclassified [Abstract]
LONG-TERM DEBTS	NOTE 9 – LONG-TERM DEBT March 31, December 31, 2018 2017 (In thousands) Riverstone First Lien Loans associated with the Amended and Restated Senior Secured Term Loan Credit Agreement, due 2021, net of debt issuance costs and debt discount $ 47,593 $ - 6% Bridge Loans associated with the amended First Lien Term Loan, due 2019, net of debt issuance costs - 30,363 8.25% Second Lien Term Loans, due 2021, net of debt issuance costs and debt discount 103,475 96,431 6% note payable to SOS Investment, LLC, due 2019 - 1,000 Other notes payable, due 2018 7 11 Total long-term debt $ 151,075 $ 127,805 Less: current portion (7) (11) Total long-term debt, net of current portion $ 151,068 $ 127,794 Principal Paid-in- Unamortized Carrying March 31, 2018: Riverstone First Lien Loans associated with the Amended and Restated Senior Secured Term Loan Credit Agreement, due January 2021 $ 50,000 $ - $ (2,407) $ 47,593 Second Lien Term Loans, due April 2021 150,000 8,920 (55,445) 103,475 Total: $ 200,000 $ 8,920 $ (57,852) $ 151,068 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 Loans, due April 2021 150,000 5,752 (59,321) 96,431 Total: $ 180,000 $ 6,559 $ (59,765) $ 126,794 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 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. 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, will convert into a number of newly issued shares of common stock determined by dividing the total of such principal amount, accrued and unpaid interest and make-whole premium by $5.50 (subject to certain customary adjustments, the “Conversion Price”); and · 30% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount, will convert on a dollar for dollar basis into a new term loan (the “Take Back Loans”). The terms of the Take Back Loans will be substantially the same as the terms of the Second Lien Loans, except that the Take Back Loans will not be convertible and will bear interest payable in cash at a rate of LIBOR plus 9% (subject to a 1% LIBOR floor). Additionally, the Company will have the option to convert the Second Lien Loans, in whole or in part, into shares of common stock at any time or from time to time if, at the time of exercise of the Company’s conversion option, the closing price of the common stock on the principal exchange on which it is traded has been at least 150 The Second Lien Loans contains certain customary representations and warranties and affirmative and negative covenants, including covenants relating to: maintenance of books and records, financial reporting and notification, compliance with laws, maintenance of properties and insurance; limitations on incurrence of indebtedness, investments, dividends and other restricted payments, lease obligations, hedging and capital expenditures; and maintenance of a specified asset coverage ratio. The Second Lien Loans also provides for events of default, including failure to pay any principal or interest when due, failure to perform or observe covenants, cross-default on certain outstanding debt obligations, the failure of a Guarantor to comply with the provisions of its Guaranty, and bankruptcy or insolvency events, subject to certain specified cure periods. The amounts under the Second Lien Loans could be accelerated and be due and payable upon an event of default. As of March 31, 2018, the Company was in compliance with all restrictive covenants. As discussed in Note 6, Fair Value of Financial Instruments, Derivatives, 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 Amendments to Riverstone First Lien Credit Agreement and Second Lien Credit Agreement On February 20, 2018, 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 Interest Expense Three Months Ended March 31, 2018 2017 Interest on term loans $ 1,457 $ 517 Interest on notes payable 5 15 Paid-in-kind interest on term loans 3,168 - Amortization of debt financing costs on term loans 618 127 Amortization of discount on term loans 3,841 115 Total: $ 9,089 $ 774

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 10 - RELATED PARTY TRANSACTIONS Three Months Ended March 31, Related Party Transactions 2018 2017 ($ in thousands) Directors and Officers: Brennan Short (former Chief Operating Officer) Consulting fees paid to MMZ Consulting, Inc. (“MMZ”) which is owned by Mr. Short. Mr. Short is the sole member of MMZ. $ - $ 203 Total: $ - $ 203 Kevin Nanke (former Chief Financial Officer) Purchased the DJ Basin properties from the Company through Nanke Energy, LLC $ - $ 2,000 Total: $ - $ 2,000 Värde Partners, Inc. (“Värde”) (1) The Company acquired oil and natural gas interests from VPD, an affiliate of Värde $ 10,611 $ - $ 10,611 $ - (1) Värde is the lead lender in the Company’s Second Lien Loans (see Note 9 – Long-term Debts) Shareholders’ Equity and Redeemable Preferred Stock).

SHAREHOLDERS_ EQUITY AND REDEEM

SHAREHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
SHAREHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK	NOTE 11 - SHAREHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK 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 Note 9 – Long Term Debt 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 Dividends 9.75 12.00 15.00 1.7 Optional Redemption Conversion 6.15 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. 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 Voting Rights; Negative Covenants Common Stock Repurchase Program In March 2018, the Company entered into a share-repurchase agreement (the “SRA”) with an investment brokerage company (“Broker”) to repurchase $ 1.0 68,798 0.3 Warrants Warrants Weighted- Outstanding at January 1, 2018 11,882,800 $ 3.46 Exercised - $ - Expired (45,187) $ (40.94) Outstanding at March 31, 2018 11,837,613 $ 3.32

SHARE BASED AND OTHER COMPENSAT

SHARE BASED AND OTHER COMPENSATION	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE BASED AND OTHER COMPENSATION	NOTE 12 - SHARE BASED AND OTHER COMPENSATION Three Months Ended Three Months Ended Stock Restricted Total Stock Restricted Total Stock-based compensation expensed $ 837 $ 2,194 $ 3,031 $ 1,776 $ 1,003 $ 2,779 Unrecognized stock-based compensation costs $ 2,342 $ 4,990 $ 7,332 $ 5,114 $ 1,120 $ 6,234 Weighted average amortization period remaining (in years) 0.56 0.67 1.31 1.08 Restricted Stock Number of Weighted Outstanding at January 1, 2018 2,475,266 $ 4.22 Granted 289,944 $ 4.18 Vested and issued (336,057) $ (4.42) Forfeited or cancelled (772,187) $ (2.47) Outstanding at March 31, 2018 1,656,966 $ 3.85 Restricted Stock Units A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the three months ended March 31, 2018 is presented below. Number of Weighted Outstanding at January 1, 2018 9,999 $ 6.57 Vested and issued (6,666) $ (9.05) Outstanding at March 31, 2018 3,333 $ 1.60 Stock Options Stock Options Outstanding Number Weighted Number Weighted Outstanding at January 1, 2018 7,305,000 $ 3.74 3,534,484 8.9 Granted 205,000 $ 3.85 Exercised (5,000) $ (2.98) Forfeited or cancelled (849,500) $ (4.44) Outstanding at March 31, 2018 6,655,500 $ 3.66 4,068,329 8.6 During the three months ended March 31, 2018, options to purchase 205,000 3.85 15,198 2018 Expected Term in Years 6 Expected Volatility 70.3 % Expected Dividends 0 % Risk-Free Interest Rate 2.63 %

EARNINGS (LOSS) PER COMMON SHAR

EARNINGS (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 13: EARNINGS (LOSS) PER COMMON SHARE Basic income or 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 earnings (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 using the treasury stock method, unless their effect is anti-dilutive. ($in thousands, except per share data) Three Months Ended March 31, 2018 2017 Net income (loss) $ 12,246 $ (8,756) Less: dividends on redeemable preferred stock - (30) Less: dividends and deemed dividends on Series B convertible preferred stock - (213) Less: dividends on Series C convertible preferred stock (1,652) - Unallocated net income (loss) $ 10,594 $ (8,999) Numerator for basic earnings (loss) per share: Net income (loss) attributable to common stockholders 7,775 (8,999) Net income attributable to preferred stockholders 4,471 - Allocated net income (loss) $ 12,246 $ (8,999) Denominator for basic earnings (loss) per share: Basic weighted average number of common shares outstanding 54,702,617 27,847,651 Basic weighted average number of common shares outstanding for if-converted participating preferred stock 19,829,268 - Net income (loss) per share: Basic attributable to common stockholders $ 0.14 $ (0.32) Attributable to if-converted preferred stockholders $ 0.22 $ - Numerator for diluted earnings (loss) per share: Net income (loss) attributable to common stockholders $ 7,775 $ (8,999) Add: interest expense on convertible Second Lien Loans 7,045 - Less: gain on fair value change of embedded derivatives associated with convertible Second Lien Loan (28,388) - Net loss attributable to common stockholders $ (13,568) $ (8,999) Denominator for diluted net loss per share: Basic weighted average number of common shares outstanding 54,702,617 27,847,651 Dilution effect of if-converted Second Lien Loans 23,799,580 - Diluted weighted average number of common shares outstanding 78,502,197 27,847,651 Net loss per share – diluted: Common shares (diluted) $ (0.17) $ (0.32) Three Months Ended March 31, 2018 2017 Stock Options 6,655,500 6,318,500 Restricted Stock Units 3,333 9,999 Series B Preferred Stock - 13,071,818 Series C Preferred Stock 19,829,268 - Stock Purchase Warrants 11,837,613 12,946,986 38,325,714 32,347,303

SUPPLEMENTAL NON-CASH TRANSACTI

SUPPLEMENTAL NON-CASH TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL NON-CASH TRANSACTIONS	NOTE 14 - SUPPLEMENTAL NON-CASH TRANSACTIONS Three Months Ended March 31, 2018 2017 ($ in thousands) Non-cash investing and financing activities excluded from the statement of cash flows: Conversion of Series B Preferred Stock and accrued dividends to common stock $ - $ 2,549 Fair value of warrants issued and repriced as debt discount - 1,031 Common stock issued for acquisition of oil and gas properties 24,778 - Common stock issued for commitment fees associated with Private Placement - 250 Cashless exercise of warrants - 370 Change in capital expenditures for drilling costs in accrued liabilities 16,699 812

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15 – SEGMENT INFORMATION Operating segments are defined as components of an entity that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and are regularly evaluated by the chief operating decision maker for the purposes of allocating resources and assessing performance. The Company currently has only one reportable operating segment, which is oil and gas development, exploration and production for which the Company has a single management team that allocates capital resources to maximize profitability and measures financial performance as a single entity.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 - COMMITMENTS AND CONTINGENCIES Environmental and Governmental Regulation At March 31, 2018, 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 March 31, 2018, the Company had not been fined or cited for any violations of governmental regulations that would have a material adverse effect on the financial condition of the Company. Legal Proceedings The Company may from time to time be involved in various legal actions arising in the normal course of business. In the opinion of management, the Company’s liability, if any, in these pending actions would not have a material adverse effect on the financial position of the Company. The Company’s general and administrative expenses would include amounts incurred to resolve claims made against the Company. The Company believes there is no litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Policies)	3 Months Ended
	Mar. 31, 2018
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 period financial statements to conform to the current period presentation. These reclassifications have no effect on the Company’s previously reported results of operations. Following reclassifications have been made to the three months ended March 31, 2017: (i) the income from operator’s overhead recovery of approximately $0.15 million has been reclassified from revenue to operating expense as an offset against general and administrative expenses in the consolidated statement of operations; and (ii) $ 0.6
Recently Issued Accounting Pronouncements	On January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers and all the related amendments (the “New Revenue Standard”) using the modified retrospective method. In accordance with the modified retrospective method, comparative information is not restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of initially adopting the New Revenue Standard, if any, is recorded as an adjustment to the opening balance of retained earnings. The Company’s revenues from customers is derived from production and sales of crude oil, natural gas and natural gas liquids and recognized when control is transferred to the customer. As operator, the Company may market production on behalf of joint interest partners and various royalty owners. Under the terms of our joint operating agreements, the Company does not take control of the production attributable to our joint interest partners and the various royalty and consequently, the Company recognizes revenues only for our share of the production. In accordance with the New Revenue Standard requirements, the impact of adoption on our condensed consolidated statement of operations and condensed balance sheet was as follows: For three months ended March 31, 2018 As Reported Balances Increase Consolidated Statements of Operations: Revenues $ 14,395 $ 14,445 $ (50) Operating expenses $ (462) $ (512) $ 50 As of March 31, 2018 Consolidated Balance Sheets: Accounts receivable $ 7,886 $ 7,936 $ (50) Accrued liabilities $ (115) $ (165) $ (50) As shown in this comparison table, there is no net bottom line impact from the ASC 606 adoption and, therefore, no adjustment to the opening balance of retained earnings. Prior to the adoption of ASC 606, the revenue line included the value of our natural gas gatherer’s contractual volume retainage fee, with an offsetting cost included in the gathering, processing and marketing costs line. In accordance with ASC 606 the Company will only recognize revenues for our share of the production, resulting in removal of the retainage fee totaled approximately $ 50,000 On July 13, 2017, the Financial Accounting Standards Board (“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 January 5, 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business, 1.1 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 February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842),
Accrued Liabilities	Accrued Liabilities March 31, December 31, ($ in thousands) Accrued bonus $ 1,234 $ 3,000 Accrued drilling costs 15,445 3,615 Revenue payable 6,380 6,460 Other accrued liabilities 5,395 782 $ 28,454 $ 13,857

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
New Accounting Pronouncement, Early Adoption	For three months ended March 31, 2018 As Reported Balances Increase Consolidated Statements of Operations: Revenues $ 14,395 $ 14,445 $ (50) Operating expenses $ (462) $ (512) $ 50 As of March 31, 2018 Consolidated Balance Sheets: Accounts receivable $ 7,886 $ 7,936 $ (50) Accrued liabilities $ (115) $ (165) $ (50)
Schedule of Accrued Liabilities	At March 31, 2018 and December 31, 2017, the Company’s accrued liabilities consisted of the following: March 31, December 31, ($ in thousands) Accrued bonus $ 1,234 $ 3,000 Accrued drilling costs 15,445 3,615 Revenue payable 6,380 6,460 Other accrued liabilities 5,395 782 $ 28,454 $ 13,857

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2018
Revenues [Abstract]
Schedule of Revenue	The following table disaggregates our revenue by contract type ( in thousands Short term contract Long-term contracts Total Crude oil $ 12,589 - $ 12,589 Natural gas 438 452 890 NGLs 450 466 916

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017: March 31, December 31, 2018 2017 (In thousands) Unproved unevaluated acreage: Beginning balance $ 101,771 $ 24,461 Lease purchases 75,085 78,110 Transfer and other reclassification to proved properties (11,105) (800) Total unproved acreage $ 165,751 $ 101,771 Wells in progress: Beginning balance $ - $ 7,453 Additions 733 - Reclassification to evaluated properties - (7,453) Total wells in progress not subject to DD&A $ 733 $ -

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	3 Months Ended
	Mar. 31, 2018
OEP Acquisition [Member]
Schedule of Business Acquisitions, by Acquisition	The purchase price and the value of the assets acquired was as follows: (in thousands, except per share amount) Cash $ 40,000 Common stock issued (6,940,722 shares at $3.57) 24,778 Transaction costs and purchase price adjustments 1,074 Total purchase price $ 65,852 Proved properties $ 4,168 Unproved properties 61,684 $ 65,852
VPD Acquisition [Member]
Schedule of Business Acquisitions, by Acquisition	The purchase price and the value of the assets acquired was as follows: (in thousands, except per share amount) Cash purchase price $ 10,611 Proved properties $ 3,185 Unproved properties 7,426 $ 10,611

FAIR VALUE OF FINANCIAL INSTR29

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
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 Significant (Level 1) (Level 2) (Level 3) Total (in thousands) As of March 31, 2018 Oil and natural gas derivative swap contracts $ - $ (1,938) $ - $ (1,938) Oil and natural gas derivative collar contracts - (53) - (53) Second Lien Term Loan conversion features - - (44,326) (44,326) Total $ - $ (1,991) $ (44,326) $ (46,317) 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)

ASSET RETIREMENT OBLIGATIONS 30

ASSET RETIREMENT OBLIGATIONS (ARO) (Tables)	3 Months Ended
	Mar. 31, 2018
ASSET RETIREMENT OBLIGATIONS [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2018 and the year ended December 31, 2017: Three Months Ended (In thousands) ARO, beginning of period $ 952 Additional liabilities incurred 225 Accretion expense 56 Liabilities settled - Revision in estimates 200 1,433 Less: current portion of ARO (742) ARO, end of period $ 691

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the volumes associated with the Company’s outstanding oil derivative contracts expiring during the nine months ending December 31, 2018 and the weighted average oil prices for those contracts: April 1 – January 1 – Oil positions: Fixed-for-floating price swaps (NYMEX WTI): Notional Volume (Bbls/Day) 1,258 - Weighted average strike price ($/Bbl) $ 56.65 $ - Put Options (NYMEX WTI): Notional Volume (Bbls/Day) 1,490 500 Weighted average strike price ($/Bbl) $ 55.69 $ 50.00 Call Options (NYMEX WTI): Notional Volume (Bbls/Day) 1,490 500 Weighted average strike price ($/Bbl) $ 64.16 $ 68.10 Three Months Ended Year Ended (in thousands) Beginning fair value of commodity derivatives $ (853) $ - Change in fair value of derivative instruments (1,769) (1,063) Net settlements paid on crude oil derivative contracts 515 96 Change in settlements accrued on crude oil derivative contracts 122 114 Ending fair value of commodity derivatives, net $ (1,985) $ (853)
Schedule of Derivative Instruments	The following information summarizes the gross fair values of derivative instruments, presenting the impact of offsetting the derivative assets and liabilities on the Company’s consolidated balance sheets: As of March 31, 2018 Gross Amount of Gross Amounts Net Amounts (in thousands) Offsetting Derivative Assets: Current asset $ - $ - $ - Long-term asset 6 - 6 Total asset $ 6 $ - $ 6 Offsetting Derivative Liabilities: Current liability $ 1,991 $ - $ 1,991 Long-term liability - - - Total liability $ 1,991 $ - $ 1,991 As of 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)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	March 31, December 31, 2018 2017 (In thousands) Riverstone First Lien Loans associated with the Amended and Restated Senior Secured Term Loan Credit Agreement, due 2021, net of debt issuance costs and debt discount $ 47,593 $ - 6% Bridge Loans associated with the amended First Lien Term Loan, due 2019, net of debt issuance costs - 30,363 8.25% Second Lien Term Loans, due 2021, net of debt issuance costs and debt discount 103,475 96,431 6% note payable to SOS Investment, LLC, due 2019 - 1,000 Other notes payable, due 2018 7 11 Total long-term debt $ 151,075 $ 127,805 Less: current portion (7) (11) Total long-term debt, net of current portion $ 151,068 $ 127,794
Schedule of debt	As of March 31, 2018 and December 31, 2017, the carrying amounts of the Term Loans were as follows: Principal Paid-in- Unamortized Carrying March 31, 2018: Riverstone First Lien Loans associated with the Amended and Restated Senior Secured Term Loan Credit Agreement, due January 2021 $ 50,000 $ - $ (2,407) $ 47,593 Second Lien Term Loans, due April 2021 150,000 8,920 (55,445) 103,475 Total: $ 200,000 $ 8,920 $ (57,852) $ 151,068 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 Loans, due April 2021 150,000 5,752 (59,321) 96,431 Total: $ 180,000 $ 6,559 $ (59,765) $ 126,794
Schedule Of Interest Expenses	The components of interest expense are as follows: Three Months Ended March 31, 2018 2017 Interest on term loans $ 1,457 $ 517 Interest on notes payable 5 15 Paid-in-kind interest on term loans 3,168 - Amortization of debt financing costs on term loans 618 127 Amortization of discount on term loans 3,841 115 Total: $ 9,089 $ 774

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Three Months Ended March 31, Related Party Transactions 2018 2017 ($ in thousands) Directors and Officers: Brennan Short (former Chief Operating Officer) Consulting fees paid to MMZ Consulting, Inc. (“MMZ”) which is owned by Mr. Short. Mr. Short is the sole member of MMZ. $ - $ 203 Total: $ - $ 203 Kevin Nanke (former Chief Financial Officer) Purchased the DJ Basin properties from the Company through Nanke Energy, LLC $ - $ 2,000 Total: $ - $ 2,000 Värde Partners, Inc. (“Värde”) (1) The Company acquired oil and natural gas interests from VPD, an affiliate of Värde $ 10,611 $ - $ 10,611 $ - (1) Värde is the lead lender in the Company’s Second Lien Loans (see Note 9 – Long-term Debts) Shareholders’ Equity and Redeemable Preferred Stock).

SHAREHOLDERS_ EQUITY AND REDE34

SHAREHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Summary of warrant activity	The following table provides a summary of warrant activity for the three months ended March 31, 2018: Warrants Weighted- Outstanding at January 1, 2018 11,882,800 $ 3.46 Exercised - $ - Expired (45,187) $ (40.94) Outstanding at March 31, 2018 11,837,613 $ 3.32

SHARE BASED AND OTHER COMPENS35

SHARE BASED AND OTHER COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	The Company’s stock-based compensation consisted of the following (dollars in thousands): Three Months Ended Three Months Ended Stock Restricted Total Stock Restricted Total Stock-based compensation expensed $ 837 $ 2,194 $ 3,031 $ 1,776 $ 1,003 $ 2,779 Unrecognized stock-based compensation costs $ 2,342 $ 4,990 $ 7,332 $ 5,114 $ 1,120 $ 6,234 Weighted average amortization period remaining (in years) 0.56 0.67 1.31 1.08
Schedule of Share-based Compensation, Restricted Stock Units Award Activity	A summary of restricted stock grant activity pursuant to the Lilis Energy, Inc. 2012 Omnibus Incentive Plan (the “2012 Plan”) and the 2016 Omnibus Incentive Plan (the “2016 Plan”) for the three months ended March 31, 2018 is presented below: Number of Weighted Outstanding at January 1, 2018 2,475,266 $ 4.22 Granted 289,944 $ 4.18 Vested and issued (336,057) $ (4.42) Forfeited or cancelled (772,187) $ (2.47) Outstanding at March 31, 2018 1,656,966 $ 3.85 Restricted Stock Units A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the three months ended March 31, 2018 is presented below. Number of Weighted Outstanding at January 1, 2018 9,999 $ 6.57 Vested and issued (6,666) $ (9.05) Outstanding at March 31, 2018 3,333 $ 1.60
Schedule of Share-based Compensation, Stock Options, Activity	A summary of stock option activity pursuant to the 2016 Plan for the three months ended March 31, 2018 is presented below: Stock Options Outstanding Number Weighted Number Weighted Outstanding at January 1, 2018 7,305,000 $ 3.74 3,534,484 8.9 Granted 205,000 $ 3.85 Exercised (5,000) $ (2.98) Forfeited or cancelled (849,500) $ (4.44) Outstanding at March 31, 2018 6,655,500 $ 3.66 4,068,329 8.6
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: 2018 Expected Term in Years 6 Expected Volatility 70.3 % Expected Dividends 0 % Risk-Free Interest Rate 2.63 %

EARNINGS (LOSS) PER COMMON SH36

EARNINGS (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The computation of basic and diluted earnings per share for the three months ended March 31, 2018 and 2017 is as follows: ($in thousands, except per share data) Three Months Ended March 31, 2018 2017 Net income (loss) $ 12,246 $ (8,756) Less: dividends on redeemable preferred stock - (30) Less: dividends and deemed dividends on Series B convertible preferred stock - (213) Less: dividends on Series C convertible preferred stock (1,652) - Unallocated net income (loss) $ 10,594 $ (8,999) Numerator for basic earnings (loss) per share: Net income (loss) attributable to common stockholders 7,775 (8,999) Net income attributable to preferred stockholders 4,471 - Allocated net income (loss) $ 12,246 $ (8,999) Denominator for basic earnings (loss) per share: Basic weighted average number of common shares outstanding 54,702,617 27,847,651 Basic weighted average number of common shares outstanding for if-converted participating preferred stock 19,829,268 - Net income (loss) per share: Basic attributable to common stockholders $ 0.14 $ (0.32) Attributable to if-converted preferred stockholders $ 0.22 $ - Numerator for diluted earnings (loss) per share: Net income (loss) attributable to common stockholders $ 7,775 $ (8,999) Add: interest expense on convertible Second Lien Loans 7,045 - Less: gain on fair value change of embedded derivatives associated with convertible Second Lien Loan (28,388) - Net loss attributable to common stockholders $ (13,568) $ (8,999) Denominator for diluted net loss per share: Basic weighted average number of common shares outstanding 54,702,617 27,847,651 Dilution effect of if-converted Second Lien Loans 23,799,580 - Diluted weighted average number of common shares outstanding 78,502,197 27,847,651 Net loss per share – diluted: Common shares (diluted) $ (0.17) $ (0.32)
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 March 31, 2018 and 2017: Three Months Ended March 31, 2018 2017 Stock Options 6,655,500 6,318,500 Restricted Stock Units 3,333 9,999 Series B Preferred Stock - 13,071,818 Series C Preferred Stock 19,829,268 - Stock Purchase Warrants 11,837,613 12,946,986 38,325,714 32,347,303

SUPPLEMENTAL NON-CASH TRANSAC37

SUPPLEMENTAL NON-CASH TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table presents the supplemental disclosure of cash flow information for the three months ended March 31, 2018 and 2017: Three Months Ended March 31, 2018 2017 ($ in thousands) Non-cash investing and financing activities excluded from the statement of cash flows: Conversion of Series B Preferred Stock and accrued dividends to common stock $ - $ 2,549 Fair value of warrants issued and repriced as debt discount - 1,031 Common stock issued for acquisition of oil and gas properties 24,778 - Common stock issued for commitment fees associated with Private Placement - 250 Cashless exercise of warrants - 370 Change in capital expenditures for drilling costs in accrued liabilities 16,699 812

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Consolidated Statements of Operations:
Revenues	$ 14,395	$ 3,083
Operating expenses	(462)	$ (99)
Consolidated Balance Sheets:
Accounts receivable	7,886
Accrued Liabilities	(115)
Balances without Adoption of ASC 606 [Member]
Consolidated Statements of Operations:
Revenues	14,445
Operating expenses	(512)
Consolidated Balance Sheets:
Accounts receivable	7,936
Accrued Liabilities	(165)
Difference Increase (decrease) [Member]
Consolidated Statements of Operations:
Revenues	(50)
Operating expenses	50
Consolidated Balance Sheets:
Accounts receivable	(50)
Accrued Liabilities	$ (50)

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accrued bonus	$ 1,234	$ 3,000
Accrued drilling costs	15,445	3,615
Revenue payable	6,380	6,460
Other accrued liabilities	5,395	782
Total accrued liabilities	$ 28,454	$ 13,857

SUMMARY OF SIGNIFICANT ACCOUN40

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Details Textual) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Mar. 15, 2018
Summary Of Significant Accounting Policies [Line Items]
Prior Period Reclassification Adjustment			$ 600
Capitalized Costs, Proved and Unproved Properties				$ 1,100
Oil and Gas Revenue		$ 14,395	3,083
Increase decrease [Member]
Summary Of Significant Accounting Policies [Line Items]
Oil and Gas Revenue		$ (50)
Revenue [Member]
Summary Of Significant Accounting Policies [Line Items]
Prior Period Reclassification Adjustment	[1]		$ 150
[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.

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Crude oil	$ 12,589	$ 2,496
Natural gas	890	501
NGLs	916	$ 86
Short term contract [Member]
Crude oil	12,589
Natural gas	438
NGLs	450
Long-term contracts [Member]
Crude oil	0
Natural gas	452
NGLs	$ 466

REVENUE (Details Textual)

REVENUE (Details Textual)	Mar. 31, 2018bbl
Crude oil price differential	2.50

OIL AND NATURAL GAS PROPERTIE43

OIL AND NATURAL GAS PROPERTIES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Unproved unevaluated acreage:
Beginning balance	$ 101,771	$ 24,461
Lease purchases	75,085	78,110
Transfer and other reclassification to proved properties	(11,105)	(800)
Total unproved acreage	165,751	101,771
Wells in progress:
Beginning balance	0	7,453
Additions	733	0
Reclassification to evaluated properties	0	(7,453)
Total wells in progress not subject to DD&A	$ 733	$ 0

OIL AND NATURAL GAS PROPERTIE44

OIL AND NATURAL GAS PROPERTIES (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items]
Depreciation, Depletion and Amortization	$ 4,641	$ 1,146
Unproved Oil And Gas Property Reclassification To Developed Properties	$ 11,105		$ 800

ACQUISITIONS AND DIVESTITURES45

ACQUISITIONS AND DIVESTITURES (Details) - USD ($) $ in Thousands	Mar. 15, 2018	Feb. 28, 2018	Jan. 30, 2018	Mar. 31, 2018
Cash		$ 10,600
Transaction costs and purchase price adjustments		500
Total purchase price		$ 11,100
OneEnergy Partners Operating, LLC [Member]
Cash	$ 40,000		$ 40,000
Common stock issued (6,940,722 shares at $3.57)			24,778	$ 24,900
Transaction costs and purchase price adjustments			1,074
Total purchase price			65,852
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			65,852
OneEnergy Partners Operating, LLC [Member] | Proved properties [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			4,168
OneEnergy Partners Operating, LLC [Member] | Unproved properties [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			$ 61,684

ACQUISITIONS AND DIVESTITURES46

ACQUISITIONS AND DIVESTITURES (Details) (Parenthetical) - OneEnergy Partners Operating, LLC [Member] - $ / shares	1 Months Ended	3 Months Ended
	Jan. 30, 2018	Mar. 31, 2018
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	6,940,722	6,940,722
Shares Issued, Price Per Share	$ 3.57

ACQUISITIONS AND DIVESTITURES47

ACQUISITIONS AND DIVESTITURES (Details 1) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2018	Dec. 31, 2017
Cash purchase price	$ 11,100
VPD Texas, L.P. [Member]
Cash purchase price	10,611	$ 49,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	10,611
VPD Texas, L.P. [Member] | Proved properties [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,185
VPD Texas, L.P. [Member] | Unproved properties [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	$ 7,426

ACQUISITIONS AND DIVESTITURES48

ACQUISITIONS AND DIVESTITURES (Details Textual) - USD ($) $ in Thousands	Mar. 15, 2018	Feb. 28, 2018	Jan. 30, 2018	Jan. 30, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017
Payments to Acquire Businesses, Gross		$ 10,600
Transaction Costs and Purchase Price Adjustments		500
Business Combination, Consideration Transferred		11,100
Disposal Of Oil And Gas Property And Equipment, Consideration					$ 2,000
Proceeds from Sale of Oil and Gas Property and Equipment					1,080
Severance Costs					700
Net Sale Adjustment Amount Due To Purchaser					$ 220
OneEnergy Partners Operating, LLC [Member]
Capital Expenditures Incurred but Not yet Paid			$ 70,000
Payments to Acquire Businesses, Gross	$ 40,000		40,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares				6,940,722		6,940,722
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable			24,778			$ 24,900
Business Acquisition Purchase Price Before Acquisition Costs and Customary Purchase Price Adjustments	$ 64,900
Transaction Costs and Purchase Price Adjustments			1,074
Business Combination, Consideration Transferred			$ 65,852
VPD Texas, L.P. [Member]
Payments to Acquire Businesses, Gross							$ 48,900
Transaction Costs and Purchase Price Adjustments							800
Business Combination, Consideration Transferred		$ 10,611					$ 49,700

FAIR VALUE OF FINANCIAL INSTR49

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Total recurring fair value measurements	$ (46,317)	$ (73,790)
Warrant liabilities [Member]
Recurring fair value measurements		(223)
Second Lien Term Loan conversion features [Member]
Recurring fair value measurements	(44,326)	(72,714)
Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	(1,938)	(706)
Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	(53)	(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
Fair Value, Inputs, Level 1 [Member] | Second Lien Term Loan conversion features [Member]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 1 [Member] | Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 1 [Member] | Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 2 [Member]
Total recurring fair value measurements	(1,991)	(853)
Fair Value, Inputs, Level 2 [Member] | Warrant liabilities [Member]
Recurring fair value measurements		0
Fair Value, Inputs, Level 2 [Member] | Second Lien Term Loan conversion features [Member]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 2 [Member] | Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	(1,938)	(706)
Fair Value, Inputs, Level 2 [Member] | Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	(53)	(147)
Fair Value, Inputs, Level 3 [Member]
Total recurring fair value measurements	(44,326)	(72,937)
Fair Value, Inputs, Level 3 [Member] | Warrant liabilities [Member]
Recurring fair value measurements		(223)
Fair Value, Inputs, Level 3 [Member] | Second Lien Term Loan conversion features [Member]
Recurring fair value measurements	(44,326)	(72,714)
Fair Value, Inputs, Level 3 [Member] | Oil and natural gas derivative swap contracts [Member]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 3 [Member] | Oil and natural gas derivative collar contracts [Member]
Recurring fair value measurements	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR50

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 23, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value Of Financial Instruments Textual [Abstract]
Unrealized Gain (Loss) on Derivatives		$ 28,400	$ 0
Embedded Derivative, Fair Value of Embedded Derivative Liability		44,300
Adjustments to Additional Paid in Capital, Warrant Issued		223
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			$ 300	$ 200
Derivative Liability		$ 44,300		$ 72,700

ASSET RETIREMENT OBLIGATIONS 51

ASSET RETIREMENT OBLIGATIONS (ARO) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
ARO, beginning of period	$ 952
Additional liabilities incurred	225
Accretion expense	56
Liabilities settled	0
Revision in estimates	200
Balance, end of year	1,433
Less: current portion of ARO	(742)	$ (226)
ARO, end of period	$ 691	$ 726

DERIVATIVES (Details)

DERIVATIVES (Details) - Scenario, Forecast [Member]	9 Months Ended
	Dec. 31, 2019Number$ / Barrel-bbl	Dec. 31, 2018Number$ / Barrel-bbl
Swaps [Member]
Notional Volume (Bbls/Day) | Number	0	1,258
Weighted average strike price ($/Bbl) | $ / Barrel-bbl	0	56.65
Put Options [Member]
Notional Volume (Bbls/Day) | Number	500	1,490
Weighted average strike price ($/Bbl) | $ / Barrel-bbl	50	55.69
Call Options [Member]
Notional Volume (Bbls/Day) | Number	500	1,490
Weighted average strike price ($/Bbl) | $ / Barrel-bbl	68.10	64.16

DERIVATIVES (Details 1)

DERIVATIVES (Details 1) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Beginning fair value of commodity derivatives	$ (853)	$ 0
Change in fair value of derivative instruments	(1,769)	(1,063)
Net settlement paid on crude oil derivative contracts	515	96
Change in settlements accrued on crude oil derivative contracts	122	114
Ending fair value of commodity derivatives, net	$ (1,985)	$ (853)

DERIVATIVES (Details 2)

DERIVATIVES (Details 2) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Gross Amount of Recognized Offsetting Derivative Assets	$ 6	$ 0
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	0	0
Net Amounts of Offsetting Derivative Assets Presented in the Consolidated Balance Sheets	6	0
Gross Amount of Recognized Offsetting Derivative Liabilities	1,991	853
Gross Amounts of Offsetting Derivative Liabilities in the Consolidated Balance Sheets	0	0
Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheets	1,991	853
Current liability [Member]
Gross Amount of Recognized Offsetting Derivative Liabilities	1,991	853
Gross Amounts of Offsetting Derivative Liabilities in the Consolidated Balance Sheets	0	0
Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheets	1,991	853
Long-term liability [Member]
Gross Amount of Recognized Offsetting Derivative Liabilities	0	0
Gross Amounts of Offsetting Derivative Liabilities in the Consolidated Balance Sheets	0	0
Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheets	0	0
Current asset [Member]
Gross Amount of Recognized Offsetting Derivative Assets	0	0
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	0	0
Net Amounts of Offsetting Derivative Assets Presented in the Consolidated Balance Sheets	0	0
Long-term asset [Member]
Gross Amount of Recognized Offsetting Derivative Assets	6	0
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	0	0
Net Amounts of Offsetting Derivative Assets Presented in the Consolidated Balance Sheets	$ 6	$ 0

DERIVATIVES (Details Textual)

DERIVATIVES (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Unrealized Gain (Loss) on Derivatives	$ 28,400	$ 0
SOS Warrant [Member]
Derivative Liability	$ 44,300		$ 72,700

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Total Long-term debt	$ 151,075	$ 127,805
Less: current portion	(7)	(11)
Total Long-term debt, net of current portion	151,068	127,794
Riverstone First Lien Loans associated with the Amended and Restated Senior Secured Term Loan Credit Agreement, due 2021, net of debt issuance costs and debt discount
Total Long-term debt	47,593	0
Total Long-term debt, net of current portion	47,593
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	0	30,363
Term Loan [Member] | 8.25% Second Lien Term Loans, due 2021, net of debt issuance costs and debt discount
Total Long-term debt	103,475	96,431
Term Loan [Member] | 6% note payable to SOS Investment, LLC, due 2019
Total Long-term debt	0	1,000
Convertible Debenture [Member] | Other notes payable, due 2018
Total Long-term debt	$ 7	$ 11

LONG-TERM DEBT (Details 1)

LONG-TERM DEBT (Details 1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Principal Amount	$ 200,000		$ 180,000
Paid-in-Kind Interest	3,168	$ 0	6,559
Unamortized Debt Issuance Costs & Debt Discount	(57,852)		(59,765)
Long-term debt	151,068		127,794
Bridge Loan [Member]
Principal Amount			30,000
Paid-in-Kind Interest			807
Unamortized Debt Issuance Costs & Debt Discount			(444)
Long-term debt			30,363
First Lien Loans [Member]
Principal Amount	50,000
Paid-in-Kind Interest	0
Unamortized Debt Issuance Costs & Debt Discount	(2,407)
Long-term debt	47,593
Second Lien Term Loans [Member]
Principal Amount	150,000		150,000
Paid-in-Kind Interest	8,920		5,752
Unamortized Debt Issuance Costs & Debt Discount	(55,445)		(59,321)
Long-term debt	$ 103,475		$ 96,431

LONG-TERM DEBT (Details 2)

LONG-TERM DEBT (Details 2) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Interest on term loans	$ 1,457	$ 517
Interest on notes payable	5	15
Paid-in-kind interest on term loans	3,168	0	$ 6,559
Amortization of debt financing costs on term loans	618	127
Amortization of discount on term loans	3,841	115
Total:	$ 9,089	$ 774

LONG-TERM DEBT (Details Textual

LONG-TERM DEBT (Details Textual) - USD ($)	Nov. 10, 2017	Jan. 30, 2018	Apr. 26, 2017	Mar. 31, 2018	Mar. 31, 2017	Feb. 20, 2018	Oct. 04, 2017
Debt Instrument, Description			Each tranche of the Second Lien Loans is separately convertible at any time, in full and not in part, at the option of the Lead Lender, as follows:   ⋅ 70% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount, will convert into a number of newly issued shares of common stock determined by dividing the total of such principal amount, accrued and unpaid interest and make-whole premium by $5.50 (subject to certain customary adjustments, the “Conversion Price”); and   ⋅ 30% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount, will convert on a dollar for dollar basis into a new term loan (the “Take Back Loans”). The terms of the Take Back Loans will be substantially the same as the terms of the Second Lien Loans, except that the Take Back Loans will not be convertible and will bear interest payable in cash at a rate of LIBOR plus 9% (subject to a 1% LIBOR floor).
Repayments of Debt				$ 31,811,000	$ 4,000
Stock Repurchase Program, Authorized Amount						$ 10,000,000
First Lien Credit Agreement [Member]
Debt Instrument, Face Amount		$ 50,000,000
Repayments of Debt		$ 31,500,000
Original Issue Discount Percentage		1.00%
Debt Instrument, Additional Maximum Face Amount		$ 30,000,000
Second Lien Credit Agreement [Member]
Debt Instrument, Interest Rate, Stated Percentage			8.25%
Line of Credit Facility, Maximum Borrowing Capacity			$ 125,000,000				$ 45,000,000
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
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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
		Feb. 28, 2018	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Payments to Acquire Businesses, Gross		$ 10,600
Brennan Short [Member]
Related Party Transaction [Line Items]
Payment for Consulting Fees			$ 0	$ 203
Proceeds from (Repayments of) Related Party Debt			0	203
Värde Partners, Inc. [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt			10,611	0
Payments to Acquire Businesses, Gross	[1]		10,611	0
Kevin Nanke [Member]
Related Party Transaction [Line Items]
Purchase of Properties From Related Parties			0	2,000
Proceeds from (Repayments of) Related Party Debt			$ 0	$ 2,000
[1]	Värde is the lead lender in the Company’s Second Lien Loans (see Note 9 – Long-term Debts) and also participated in the issuance of Series C 9.75% Convertible Preferred Stock in January 2018 (see Note 11 – Shareholders’ Equity and Redeemable Preferred Stock).

SHAREHOLDERS_ EQUITY AND REDE61

SHAREHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK (Details) - Warrant [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding Begining | shares	11,882,800
Exercised | shares	0
Expired | shares	(45,187)
Outstanding Ending | shares	11,837,613
Weighted Average Exercise Price, Outstanding Begining | $ / shares	$ 3.46
Weighted Average Exercise Price, Exercised | $ / shares	0
Weighted Average Exercise Price, Expired | $ / shares	(40.94)
Weighted Average Exercise Price, Outstanding Ending | $ / shares	$ 3.32

SHAREHOLDERS_ EQUITY AND REDE62

SHAREHOLDERS’ EQUITY AND REDEEMABLE PREFERRED STOCK (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended	37 Months Ended
	Jan. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2021	Apr. 26, 2021	Feb. 20, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends Payable, Current		$ 1,652,000					$ 0
Stock Repurchase Program, Authorized Amount						$ 10,000,000
Payments for Repurchase of Common Stock		267,000	$ 0
Share Repurchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchase Program, Authorized Amount		$ 1,000,000
Treasury Stock, Shares, Acquired		68,798
Payments for Repurchase of Common Stock		$ 300,000
Series C Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues	100,000
Shares Issued, Price Per Share	$ 1,000
Preferred Stock, Conversion Basis	the Common Stock, each share of Series C Preferred Stock will entitle the holder to a number of votes equal to (i) the Stated Value as of the applicable record date or other determination date divided by (ii) $4.42
Preferred Stock, Dividend Rate, Percentage	9.75%
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.
Stock Issued During Period, Value, New Issues	$ 100,000,000
Dividends Payable, Current		$ 1,700,000
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.
Series C Preferred Stock [Member] | Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Dividend Rate, Percentage					9.75%
Series C Preferred Stock [Member] | Maximum [Member] | Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Dividend Rate, Percentage				15.00%
Series C Preferred Stock [Member] | Minimum [Member] | Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, Dividend Rate, Percentage				12.00%

SHARE BASED AND OTHER COMPENS63

SHARE BASED AND OTHER COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 3,031	$ 2,779
Unrecognized stock-based compensation costs	$ 7,332	$ 6,234
Weighted average amortization period remaining (in years)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 837	$ 1,776
Unrecognized stock-based compensation costs	$ 2,342	$ 5,114
Weighted average amortization period remaining (in years)	6 months 22 days	1 year 3 months 22 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expensed	$ 2,194	$ 1,003
Unrecognized stock-based compensation costs	$ 4,990	$ 1,120
Weighted average amortization period remaining (in years)	8 months 1 day	1 year 29 days

SHARE BASED AND OTHER COMPENS64

SHARE BASED AND OTHER COMPENSATION (Details 1)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Restricted Stock [Member]
Beginning Outstanding | shares	2,475,266
Number of Shares, Granted | shares	289,944
Number of Shares, Vested and issued | shares	(336,057)
Number of Shares, Forfeited or cancelled | shares	(772,187)
Ending Outstanding | shares	1,656,966
Weighted Average Grant Date Price, Beginning Outstanding | $ / shares	$ 4.22
Weighted Average Grant Date Price, Granted | $ / shares	4.18
Weighted Average Grant Date Price, Vested and issued | $ / shares	(4.42)
Weighted Average Grant Date Price, Forfeited or cancelled | $ / shares	(2.47)
Weighted Average Grant Date Price, Ending Outstanding | $ / shares	$ 3.85
Restricted Stock Units (RSUs) [Member]
Beginning Outstanding | shares	9,999
Number of Shares, Vested and issued | shares	(6,666)
Ending Outstanding | shares	3,333
Weighted Average Grant Date Price, Beginning Outstanding | $ / shares	$ 6.57
Weighted Average Grant Date Price, Vested and issued | $ / shares	(9.05)
Weighted Average Grant Date Price, Ending Outstanding | $ / shares	$ 1.6

SHARE BASED AND OTHER COMPENS65

SHARE BASED AND OTHER COMPENSATION (Details 2) - Equity Option [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Outstanding Begining	7,305,000
Number of Options, Granted	205,000
Number of Options, Exercised	(5,000)
Number of Options, Forfeited or cancelled	(849,500)
Outstanding Ending	6,655,500	7,305,000
Weighted Average Exercise Price, Outstanding Begining	$ 3.74
Weighted Average Exercise Price, Granted	3.85
Weighted Average Exercise Price, Exercised	(2.98)
Weighted Average Exercise Price, Forfeited or cancelled	(4.44)
Weighted Average Exercise Price, Outstanding Ending	$ 3.66	$ 3.74
Stock Options Outstanding and Exercisable Number of Options Vested/Exercisable at Ending balance	4,068,329	3,534,484
Stock Options Outstanding and Exercisable Weighted Average Remaining Contractual Life (Years)	8 years 7 months 6 days	8 years 10 months 24 days

SHARE BASED AND OTHER COMPENS66

SHARE BASED AND OTHER COMPENSATION (Details 3)	3 Months Ended
	Mar. 31, 2018
Expected Term in Years	6 years
Expected Volatility	70.30%
Expected Dividends	0.00%
Risk-Free Interest Rate	2.63%

SHARE BASED AND OTHER COMPENS67

SHARE BASED AND OTHER COMPENSATION (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Proceeds from Stock Options Exercised	$ 15,000	$ 299,000
Equity Option [Member]
Proceeds from Stock Options Exercised	$ 15,198
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	205,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 3.85

EARNINGS (LOSS) PER COMMON SH68

EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income (loss)	$ 12,246	$ (8,756)
Less: dividends on redeemable preferred stock	0	(30)
Less: dividends and deemed dividends on Series B convertible preferred stock	0	213
Less: dividends on Series C convertible preferred stock	(1,652)
Unallocated net income (loss)	10,594	(8,999)
Numerator for basic earnings (loss) per share:
Net income (loss) attributable to common stockholders	7,775	(8,999)
Net income attributable to preferred stockholders	4,471	0
Allocated net income (loss)	$ 12,246	$ (8,999)
Denominator for basic earnings (loss) per share:
Basic weighted average number of common shares outstanding	54,702,617	27,847,651
Basic weighted average number of common shares outstanding for if-converted participating preferred stock	19,829,268	0
Net income (loss) per share:
Basic attributable to common stockholders	$ 0.14	$ (0.32)
Attributable to if-converted preferred stockholders	$ 0.22	$ 0
Numerator for diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders	$ 10,594	$ (8,999)
Add: interest expense on convertible Second Lien Loans	7,045	0
Less: gain on fair value change of embedded derivatives associated with convertible Second Lien Loan	(28,388)	0
Net loss attributable to common stockholders	$ (13,568)	$ (8,999)
Denominator for diluted net loss per share
Basic weighted average number of common shares outstanding	54,702,617	27,847,651
Dilution effect of if-converted Second Lien Loans	23,799,580	0
Diluted weighted average number of common shares outstanding	78,502,197	27,847,651
Net loss per share - diluted:
Common shares (diluted)	$ (0.17)	$ (0.32)

EARNINGS (LOSS) PER COMMON SH69

EARNINGS (LOSS) PER COMMON SHARE (Details 1) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	38,325,714	32,347,303
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,655,500	6,318,500
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,333	9,999
Stock Purchase Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,837,613	12,946,986
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	13,071,818
Series C Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	19,829,268	0

SUPPLEMENTAL NON-CASH TRANSAC70

SUPPLEMENTAL NON-CASH TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	$ 0	$ 2,549
Fair value of warrants issued and repriced as debt discount	0	1,031
Common stock issued for acquisition of oil and gas properties	24,778	0
Common stock issued for commitment fees associated with Private Placement	0	250
Cashless exercise of warrants	0	370
Change in capital expenditures for drilling costs in accrued liabilities	$ 16,699	$ 812