Lilis Energy (LLEX) 10-K 7 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 05, 2019	Jun. 30, 2018
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	1,437,557
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Accelerated Filer
Entity Public Float			$ 211,811,267
Trading Symbol	LLEX
Entity Common Stock, Shares Outstanding		71,496,979

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 21,137	$ 17,462
Accounts receivable, net of allowance of $25 and $39, respectively	20,546	7,426
Derivative assets	2,551	0
Prepaid expenses and other current assets	1,851	584
Total current assets	46,085	25,472
Property and equipment:
Oil and natural gas properties, full cost method of accounting, net	430,379	170,305
Other property and equipment, net	524	76
Total property and equipment, net	430,903	170,381
Other assets	3,785	91
Total assets	480,773	195,944
Current liabilities:
Accounts payable	47,112	10,488
Accrued liabilities	14,794	7,634
Revenue payable	14,546	6,460
Derivative instruments	515	853
Total current liabilities	76,967	25,435
Asset retirement obligations	2,433	726
Long-term debt	157,804	127,794
Derivative instruments	4,699	72,937
Long-term deferred revenue and other liabilities	52,513	0
Total liabilities	294,416	226,892
Commitments and contingencies
Mezzanine Equity:
Convertible Participating Preferred Stock	173,025	0
Stockholders’ equity (deficit):
Common stock, $0.0001 par value per share; 150,000,000 shares authorized, 71,182,016 and 53,368,331 shares issued and outstanding as of December 31, 2018 and 2017, respectively.	7	5
Additional paid-in capital	321,753	272,335
Treasury stock, 253,598 shares as of December 31, 2018	(997)	0
Accumulated deficit	(307,431)	(303,288)
Total stockholders’ equity (deficit)	13,332	(30,948)
Total liabilities, mezzanine equity and stockholders’ equity (deficit)	480,773	195,944
Series C-1 Preferred Stock [Member]
Mezzanine Equity:
Convertible Participating Preferred Stock	106,774	0
Series C-2 Preferred Stock [Member]
Mezzanine Equity:
Convertible Participating Preferred Stock	25,522	0
Series D Preferred Stock [Member]
Mezzanine Equity:
Convertible Participating Preferred Stock	$ 40,729	$ 0

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Allowance related to accounts receivable	$ 25	$ 39
Common stock, stated value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	71,182,016	53,368,331
Common stock, shares, outstanding (in shares)	71,182,016	53,368,331
Treasury stock, common, shares (in shares)	253,598,000
Series C-1 Preferred Stock [Member]
Redeemable preferred stock, dividend rate, percentage	9.75%
Redeemable preferred stock, shares authorized (in shares)	10,000,000
Redeemable preferred stock, shares issued (in shares)	100,000
Redeemable preferred stock, shares outstanding (in shares)	100,000	0
Redeemable preferred stock, liquidation preferences	$ 24,300
Series C-2 Preferred Stock [Member]
Redeemable preferred stock, dividend rate, percentage	9.75%
Redeemable preferred stock, shares authorized (in shares)	10,000,000
Redeemable preferred stock, shares issued (in shares)	25,000
Redeemable preferred stock, shares outstanding (in shares)	25,000	0
Redeemable preferred stock, liquidation preferences	$ 5,700
Series D Preferred Stock [Member]
Redeemable preferred stock, dividend rate, percentage	8.25%
Redeemable preferred stock, shares authorized (in shares)	10,000,000
Redeemable preferred stock, shares issued (in shares)	39,254
Redeemable preferred stock, shares outstanding (in shares)	39,254	0
Redeemable preferred stock, liquidation preferences	$ 10,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 70,216	$ 21,612
Operating expenses:
Production taxes	3,709	1,187
General and administrative	33,251	49,851
Depreciation, depletion, accretion and amortization	25,367	7,025
Impairment of evaluated oil and natural gas properties	0	10,505
Total operating expenses	79,562	75,591
Loss from operations	(9,346)	(53,979)
Other income (expense):
Loss on early extinguishment of debt	(20,370)	0
Gain (loss) from commodity derivatives, net	55	(1,063)
Gain (loss) from embedded derivatives	58,343	(6,260)
Loss from conditionally redeemable preferred stock	0	(41)
Interest expense	(32,827)	(18,757)
Other income	2	18
Total other income (expense)	5,203	(26,103)
Net loss before income taxes	(4,143)	(80,082)
Income tax expense	0	0
Net loss	(4,143)	(80,082)
Dividends on Series C-1, C-2 and D convertible preferred stock	(10,687)	0
Dividends on redeemable preferred stock	0	(122)
Dividend and deemed dividends on Series B convertible preferred stock	0	(4,635)
Net loss attributable to common stockholders	$ (14,830)	$ (84,839)
Net loss per common share:
Basic (in dollars per share)	$ (0.24)	$ (2)
Diluted (in dollars per share)	$ (0.47)	$ (2)
Weighted average common shares outstanding:
Basic (in shares)	62,854,214	42,428,148
Diluted (in shares)	78,451,341	42,428,148
Oil and Gas [Member]
Revenues:
Revenues	$ 58,042	$ 17,826
Operating expenses:
Operating expenses	13,843	5,832
Natural Gas [Member]
Revenues:
Revenues	5,246	2,125
Natural Gas Liquids [Member]
Revenues:
Revenues	6,928	1,661
Natural Gas Gathering Transportation Marketing And Processing [Member]
Revenues:
Revenues	(3,392)
Operating expenses:
Operating expenses	$ 3,392	$ 1,191

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Series B Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]
Beginning balance (in shares) at Dec. 31, 2016		16,828	20,918,901		0
Beginning balance at Dec. 31, 2016	$ 10,065	$ 13,432	$ 2	$ 219,837	$ 0	$ (223,206)
Stock based compensation	21,538			21,538
Common stock for restricted stock and stock options (in shares)			5,859,383
Common stock for restricted stock and stock options	524			524
Common stock withheld for taxes on stock based compensation (in shares)			(786,081)
Common stock withheld for taxes on stock based compensation	(3,709)			(3,709)
Exercise of warrants and stock options (in shares)			5,580,281
Exercise of warrants and stock options	593		$ 1	592
Conversion of Series B Preferred Stock and dividends (in shares)		16,828	16,601,026
Conversion of Series B Preferred Stock and dividends	1,433	$ (13,432)	$ 2	14,863
Sale of common stock in private placement, net (in shares)			5,194,821
Sale of common stock in private placement, net	18,649			18,649
Warrants repriced for term loan	1,031			1,031
Dividends and deemed dividends on preferred stock	(990)			(990)
Net loss	(80,082)			0		(80,082)
Ending balance at Dec. 31, 2017	(30,948)	$ 0	$ 5	272,335	$ 0	(303,288)
Ending balance (in shares) at Dec. 31, 2017		0	53,368,331		0
Stock based compensation	9,000			9,000
Common stock for restricted stock and stock options (in shares)			404,093
Common stock for restricted stock and stock options	0
Common stock withheld for taxes on stock based compensation (in shares)			(484,727)
Common stock withheld for taxes on stock based compensation	(2,230)			(2,230)
Exercise of warrants and stock options (in shares)			5,000,834
Exercise of warrants and stock options	3,751			3,751
Conversion of Series B Preferred Stock and dividends (in shares)			6,940,722
Conversion of Series B Preferred Stock and dividends	24,778		$ 1	24,777
Sale of common stock in private placement, net (in shares)			5,952,763
Sale of common stock in private placement, net	24,585		$ 1	24,584
Warrants repriced for term loan	223			223
Purchase of treasury stock (in shares)					(253,598,000)
Purchase of treasury stock	(997)				$ (997)
Dividends and deemed dividends on preferred stock	(10,687)			(10,687)
Net loss	(4,143)					(4,143)
Ending balance at Dec. 31, 2018	$ 13,332	$ 0	$ 7	$ 321,753	$ (997)	$ (307,431)
Ending balance (in shares) at Dec. 31, 2018		0	71,182,016		253,598,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (4,143)	$ (80,082)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock based compensation	9,000	21,538
Bad debt expense	106	22
Amortization of debt issuance cost and debt discount	15,656	10,371
Paid-in-kind interest	12,213	6,559
Loss on early extinguishment of debt	20,370	0
(Gain) loss on commodity derivatives	(55)	1,063
Net settlements on commodity derivatives	(2,742)	(96)
Gain (loss) on embedded derivatives	(58,343)	6,301
Depreciation, depletion, amortization and accretion	25,367	7,025
Impairment of evaluated oil and natural gas properties	0	10,505
Changes in operating assets and liabilities:
Accounts receivable	(13,226)	(5,204)
Prepaid and other assets	(473)	309
Accounts payable, accrued expenses and other liabilities	53,402	14,446
Proceeds from options associated with future midstream services	35,000	0
Net cash provided by (used in) operating activities	92,132	(7,243)
Cash flows from investing activities:
Proceeds from options associated with salt water disposal infrastructure	17,500	0
Acquisitions of Southwest Royalties LLC	(17,039)	0
Acquisitions of oil and natural gas properties	(75,371)	0
Net proceeds from sale of DJ Basin and non-operated properties	0	1,282
Capital expenditures	(168,025)	(148,784)
Net cash used in investing activities	(242,935)	(147,502)
Cash flows from financing activities:
Proceeds from term loans, net of financing costs	47,806	185,428
Proceeds from the revolving credit agreement	75,000	0
Debt issuance costs	(2,434)
Repayment of term loans and notes payable	(88,836)	(40,394)
Proceeds from the issuance of Series C Preferred Stock	125,000	0
Equity financing costs	(2,582)	0
Proceeds from private placement, net of financing costs	0	18,399
Proceeds from exercise of stock options and warrants	3,751	745
Payment for tax withholding on stock-based compensation	(2,230)	(3,709)
Payment for common stock repurchased	(997)	0
Net cash provided by financing activities	154,478	160,469
Increase in cash and cash equivalents	3,675	5,724
Cash and cash equivalents at beginning of period	17,462	11,738
Cash and cash equivalents at end of period	21,137	17,462
Supplemental disclosure
Cash paid for interest	$ 4,958	$ 2,292

Organization and Business

Organization and Business	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Lilis Energy, Inc. (“Lilis”, “Lilis Energy” or the “Company”) was incorporated in the State of Nevada and is listed and traded on the American New York Stock Exchange. The Company is an independent oil and natural gas company focused on the acquisition, development, and production of conventional and unconventional oil and natural gas properties in the core of the Delaware Basin in Winkler, Loving, and Reeves Counties, Texas and Lea County, New Mexico.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies 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 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, and the allocation of general administrative expenses. Actual results could differ significantly from these estimates. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the 2018 presentation. These reclassifications have no effect on the Company’s previously reported results of operations, shareholders’ equity or cash flows. In the preparation of the year-end consolidated financial statements, the Company identified an error in the classification of $15.0 million of cash received under the SCM agreement discussed in Note 10. Such receipts should have been reflected in investing activities instead of operating activities for the nine months ended September 30, 2018. The classification has been corrected in the consolidated statement of cash flows for the year ended December 31, 2018. Cash and Cash Equivalents Cash and cash equivalents include highly liquid instruments with an original maturity of three months or less are stated at cost, which approximates fair value. Accounts Receivable The Company has accounts receivable from joint interest owners of properties operated by the Company. The Company typically has the right to withhold future revenue disbursements to recover any non-payment of related joint interest billings. Management routinely assesses accounts receivable amounts to determine their collectability and accrues an allowance for uncollectible receivables when, based on the judgment of management, it is probable that a receivable will not be collected. The Company records actual and estimated oil and natural gas revenue receivable from third parties at its net revenue interest. In addition, the Company has receivables derived from sales of certain oil and natural gas production which are collateral under the Company’s credit agreements. Fair Value of Financial Instruments As of December 31, 2018 and 2017 , the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, revenue payable and advances from joint interest partners approximates fair value due to the short-term nature of such items. The carrying value of the Company’s secured debt is carried at cost which approximates the fair value of the debt as the related interest rates approximates interest rates currently available to the Company. Oil and Natural Gas Properties 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 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, and (b) estimated future development cost to be incurred in developing proved reserves, 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 (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 present value of estimated future net cash flows was computed by applying a flat oil price to forecast revenues from estimated future production of proved oil and natural gas reserves as of period-end, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes. For the year ended December 31, 2018 , the ceiling value of the Company’s reserves was calculated based upon SEC pricing of $65.56 per barrel for oil and $3.10 per MMBtu for natural gas. The costs of unproved oil and gas properties are excluded from amortization until the properties are evaluated. Costs are transferred into the amortization base on an ongoing basis as the properties are evaluated and proved oil and natural gas reserves are established or if impairment is determined. Unproved oil and gas properties are assessed periodically, at least annually, to determine whether impairment had occurred. The assessment considers the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves, the economic viability of development if proved reserves were assigned and other current market conditions. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and were then subject to amortization. Wells in Progress Wells in progress connotes wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and natural gas reserves in commercial quantities. Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned. Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. Capitalized Interest For significant oil and natural gas investments in unproved properties, and significant exploration and development projects that have not commenced production, interest is capitalized as part of the historical cost of developing and constructing assets. Capitalized interest is determined by multiplying the Company’s weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Once an asset subject to interest capitalization is completed and placed in service, the associated capitalized interest is expensed through depreciation or impairment. As of December 31, 2018 , there were no significant exploratory projects on unproved properties and none of the development projects exceeded the interest capitalization qualifying asset limit. As a result, no interest was capitalized as of December 31, 2018 and 2017 . Other Property and Equipment Property and equipment include vehicles, office equipment and furniture which are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years. The Company recorded approximately $0.01 million and $0.04 million of depreciation for the years ended December 31, 2018 and 2017 , respectively. Accrued Liabilities As of December 31, 2018 and 2017 , the Company’s accrued liabilities consisted of the following: December 31, 2018 2017 (in thousands) Accrued bonuses $ 2,300 $ 3,000 Accrued drilling costs 7,850 3,615 Accrued production expenses 2,926 182 Other accrued liabilities 1,718 837 Total accrued liabilities $ 14,794 $ 7,634 Asset Retirement Obligation s The Company incurs retirement obligations for certain assets at the time they are placed in service. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value. For purposes of depletion, the Company includes estimated dismantlement and abandonment cost, net of salvage values, associated with future development activities that have not yet been capitalized as asset retirement obligations. Asset retirement obligations incurred are classified as Level 3 (unobservable inputs) fair value measurements. Revenue Recognition Revenue is recognized when control passes to the purchaser which generally occurs when production is transferred to the purchaser. The Company measures revenue as the amount of consideration it expects 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. The Company records revenue based on consideration specified in its contracts with its customers. 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 receive in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts is 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. Stock based Compensation The Company applies a fair value method of accounting for stock based compensation, which requires recognition in the financial statements of the cost of services received in exchange for equity awards. For equity awards, compensation expense is based on the fair value on the grant date or modification date and is recognized in the Company’s financial statements over the vesting period. The Company utilizes the Black-Scholes Merton option-pricing model to measure the fair value of stock options based on several criteria, including but not limited to, the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining stock based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future stock based compensation expense. The Company recognizes forfeitures as and when the stock awards are forfeited. The Company accounts for warrant grants to nonemployees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the nonemployee’s performance is complete or a performance commitment is reached. Income Taxes The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities and are measured using the tax rates expected to be in effect when the differences reverse. Deferred tax assets are also recognized for operating loss and tax credit carry forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization. The Company recognizes its tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed that do not meet these recognition and measurement standards. As of December 31, 2018 and 2017 , the Company has determined that no liability is required to be recognized. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. No interest or penalties were required to be accrued at December 31, 2018 and 2017 . Further, the Company does not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months. Concentration of Credit Risk The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payment for costs associated with the property and seeks reimbursement from the other joint interest owners in the property for their portion of those costs. When warranted, prepayments are required from joint interest owners for drilling and completion projects. Joint interest owners consist primarily of independent oil and natural gas producers whose ability to reimburse the Company could be negatively impacted by adverse market conditions. The purchasers of the Company’s oil, natural gas and NGL production consist primarily of independent marketers, major oil and gas companies, refiners and gas pipeline companies. Credit evaluations are performed on the Company’s purchasers of its production and their financial condition is monitored on an ongoing basis. Based on those evaluations and monitoring, the Company may obtain letters of credit or parental guarantees from some purchasers. All of the Company’s oil and natural gas derivative transactions are carried out in the over-the-counter market and are not typically subject to margin-deposit requirements. The use of derivative transactions involves the risk that the counterparties will be unable to meet the financial terms of such transactions. The Company monitors the credit ratings of its derivative counterparties on an ongoing basis. If a counterparty were to default on its obligations to the Company under the derivative contracts or seek bankruptcy protection, it could have a material adverse effect on its ability to fund planned activities and could result in a larger percentage of our future production being subject to commodity price volatility. In addition, in poor economic environments and tight financial markets, the risk of a counterparty default is heightened and fewer counterparties may participate in derivative transactions, which could result in greater concentration of exposure to any one counterparty or a larger percentage of the Company’s future production being subject to commodity price changes. Major Customers During the years ended December 31, 2018 and 2017 , the Company’s major customers relative to total revenue consisted of the following: Year Ended December 31, 2018 2017 Texican Crude & Hydrocarbon, LLC 87 % 85 % ETC Field Services LLC 2 % 14 % Lucid Energy 10 % — % All others 1 % 1 % 100 % 100 % Due to availability of other purchasers, we do not believe the loss of any single oil or natural gas customer would have a material adverse effect on our results of operations. Derivative Instruments All derivative instruments are recorded on the consolidated balance sheet at fair value as either an asset or a liability with changes in fair value recognized currently in earnings. Although derivative instruments are used by the Company to manage the price risk attributable to its expected oil and natural gas production, those derivative instruments have not been designated as accounting hedges under the accounting guidance. All of our derivatives are accounted for as mark-to-market activities. Under ASC Topic 815, “Derivatives and Hedging,” these instruments are recorded on the consolidated balance sheets at fair value as either short term or long-term assets or liabilities based on their anticipated settlement date. The Company nets derivative assets and liabilities by commodity for counterparties where a legal right to such offset exists. Changes in the derivatives’ fair values are recognized in current earnings since the Company has elected not to designate its current derivative contracts as cash flow hedges for accounting purposes. The Company has recognized certain conversion features within its Second Lien Term Loan as embedded derivatives that have been bifurcated from the Second Lien Term Loan, as defined in Note 8, and accounted for separately from the debt. Recently Adopted Accounting Standards The Company adopted Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842) on January 1, 2019. This ASU establishes significant changes to accounting for leases which include recognizing a lease liability and a right-of-use (ROU) asset for all leases, with terms exceeding 12 months on the Company’s Consolidated Balance Sheet. Expenses related to operating leases will continue to be recognized in the Company’s Consolidated Statements of Operations that are similar to current lease accounting guidance. The Company adopted this ASU using the modified retrospective approach and elected a package of practical expedients which allows the Company to avoid reassessing contracts that commenced prior to adoption and were correctly classified under existing lease accounting guidance. The Company will apply the transition requirements at the January 1, 2019 effective date. This approach allows for a cumulative effect adjustment in the period of adoption and prior periods will not be restated. Policy elections permitted under this ASU that have been made by the Company include (a) not recognizing on the balance sheet leases with terms that are less than twelve months, (b) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease, (c) the package of practical expedients, which allows the Company to avoid reassessing contracts that commenced prior to adoption and were correctly classified under ASC 840. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) Land Easement Practical Expedient for Transition to Topic 842. This ASU provides an optional transition practical expedient to not evaluate under Topic 842 (discussed above) existing or expired land easements that were not previously accounted for as leases under the current lease guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. Under the full cost method of accounting, we capitalize to oil and gas properties all property acquisition, exploration, and development costs, which include the costs of land easements. We plan to elect this practical expedient and continue to apply our current accounting policy to account for land easements that existed before our adoption of Topic 842 and will evaluate new or modified land easements under Topic 842 upon our adoption of Topic 842. The Company has also made changes to its accounting systems, business and control processes to facilitate compliance with accounting and reporting requirements. Based on leases assessed and identified at January 1, 2019, the Company estimates the impact to its Consolidated Balance Sheet would be approximately between the range of $6.7 million and $8.2 million and does not expect a material impact on its Consolidated Statements of Operations or Consolidated Statement of Cash Flows . On January 1, 2018, the Company adopted the new accounting standard, Accounting Standards Codification, 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 revenue from customers is derived from production and sales of crude oil, natural gas and NGLs 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 owners. Consequently, the Company recognizes revenues only for its share of the production, see Note 6. In accordance with the New Revenue Standard requirements, the impact of adoption on the Company’s consolidated statements of operations and consolidated balance sheets was as follows: As Reported Balances without Adoption of ASC 606 Increase (Decrease) Year Ended December 31, 2018 (in thousands) Consolidated Statements of Operations: Revenues $ 70,216 $ 70,321 $ (105 ) Operating expenses (3,392 ) (3,497 ) 105 As of December 31, 2018 Consolidated Balance Sheets: Accounts receivable $ 17,363 $ 17,468 $ (105 ) Accrued liabilities 14,793 14,898 (105 ) As shown in this comparison table, there is no impact on the net loss from the New Revenue Standard adoption and, therefore, no adjustment to the opening balance of accumulated deficit. Prior to the adoption of the New Revenue Standard, 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 the New Revenue Standard, the Company will only recognize revenues for its share of the production, resulting in the removal of the retainage fee approximating $105,000 from both revenues and operating expenses during the year ended December 31, 2018. On July 13, 2017, the Financial Accounting Standards Board (“FASB”) issued a two-part ASU, 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 (ASU 2017-11). Part I of ASU 2017-11 simplifies the accounting for certain financial instruments with down round features by requiring companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. Companies that provide earnings per share (EPS) data will adjust their basic EPS calculation for the effect of the feature when triggered (that is, when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down round feature) and will also recognize the effect of the trigger within equity. Part II of ASU 2017-11 is not applicable to the Company since it addresses concerns relating to an indefinite deferral available to private companies with mandatorily redeemable financial instruments and certain noncontrolling interests. The provisions of ASU 2017-11 related to down rounds are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted for all organizations. The Company elected to adopt ASU 2017-11 on January 1, 2018. The Company’s SOS Warrant Liability (as described in Note 7) was accounted for as a derivative instrument solely because of its down round feature. The outstanding SOS Warrants of $0.2 million as of the date of adoption were reclassified to equity and the Company no longer recognize any gain or loss based on the fair value of the SOS Warrants. The cumulative effect of the adoption was not material. The SOS Warrants expired on June 23, 2018. No other derivatives instruments were affected by the adoption of ASU 2017-11. On June 20, 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which supersedes most of the prior accounting guidance on nonemployee share-based payments, and instead aligns it with existing guidance on employee share-based payments in Topic 718. As a result, nonemployee share-based payment transactions will be measured by estimating the fair value of the equity instruments that an entity is obligated to issue and the measurement date will be consistent with the measurement date for employee share-based payment awards (i.e., grant date for equity-classified awards). Probability is to be considered on nonemployee awards with performance conditions. The classification will continue to be subject to the requirements of Topic 718, Compensation - Stock Compensation, although cost recognition of nonemployee awards will remain unchanged. The amendments become effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company elected to early adopt the ASC 2018-07 during the quarter ended September 30, 2018. As a result, during the year ended December 31, 2018, there was no material impact on non-employee share-based compensation. On January 5, 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 introduces a screen for determining when assets acquired are not a business and clarifies that a business must include, at a minimum, an input and a substantive process that contribute to an output to be considered a business. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted ASU 2017-01 on January 1, 2018. During year ended December 31, 2018, the Company completed multiple acquisitions which were assessed in accordance with the new standard (see Note 4). On January 1, 2018, the Company retroactively adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). This ASU requires the statements of cash flows to present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents are now included with cash and cash equivalents when reconciling the beginning of period and end of period amounts presented on the statements of cash flows. The retrospective application of this new accounting guidance did not have a material impact in the Company’s accompanying consolidated statement of cash flows for the year ended December 31, 2017. For the year ended December 31, 2018, there was no restricted cash.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	12 Months Ended
	Dec. 31, 2018
Extractive Industries [Abstract]
OIL AND NATURAL GAS PROPERTIES	OIL AND NATURAL GAS PROPERTIES The following table set forth a summary of oil and natural gas property costs (net of divestitures) at December 31, 2018 and 2017 : 2018 2017 Oil and natural gas properties: (In thousands) Proved $ 358,858 $ 141,717 Unproved 169,863 101,771 Total oil and natural gas properties 528,721 243,488 Accumulated depletion, depreciation and amortization (98,342 ) (73,183 ) Oil and natural gas properties, net $ 430,379 $ 170,305 The following table set forth a summary of costs withheld from amortization as of December 31, 2018: Year of Acquisition Total 2018 2017 2016 Unamortized costs: (in thousands) Unproved leasehold costs $ 168,302 $ 92,505 $ 52,744 $ 23,053 Exploratory costs 1,561 1,561 — — Total $ 169,863 $ 94,066 $ 52,744 $ 23,053 For the year ended December 31, 2018, $11.1 million of unproved property costs were transferred to proved properties due to defective titles in certain leases. There were no such transfers of unproved properties to proved properties for the year ended December 31, 2017. Depreciation, depletion and amortization expense related to full cost pool was approximately $25.4 million and $7.0 million for the years ended December 31, 2018 , and 2017 , respectively.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Southwest Royalties Acquisition On October 16, 2018, Lilis completed an acquisition of approximately 568.5 net acres in Winkler county in Texas from Southwest Royalties LLC (the “Southwest Royalties Acquisition”) for total consideration of approximately $17.0 million . The Company recorded $12.6 million of the total consideration to the full cost pool associated with acquired working interests in proved properties and $4.5 million to unproved acreage cost. The Southwest Royalties Acquisition was accounted for as a business combination. Therefore, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated acquisition date fair values available at closing. Transaction costs associated for this acquisition were immaterial and were expensed in the Consolidated Statements for Operations during the year ended December 31, 2018. Revenues and operating expenses associated with the proved properties were insignificant to the December 31, 2018 Consolidated Statements of Operations. The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date: As of October 16, 2018 (In thousands) Fair value of net assets: Proved oil and natural gas properties $ 12,562 Unproved oil and natural gas properties 4,542 Total assets acquired 17,104 Asset retirement obligations assumed (65 ) Fair value of net assets acquired $ 17,039 Ameredev Leasehold Acreage Exchange Transaction On August 1, 2018, the Company entered into a Leasehold Exchange Agreement (the “Ameredev Exchange Agreement”) with Ameredev II, LLC (“Ameredev”) to exchange certain leasehold interests located in Lea County, New Mexico owned by the Company for certain leasehold interests owned by Ameredev also located in Lea County, New Mexico. The Ameredev Exchange Agreement closed on September 14, 2018, and required the Company pay Ameredev $12,500 for each net mineral acre received in excess of the Company’s net mineral acres traded to Ameredev. The Company’s payment for excess net mineral acres was $0.7 million . In connection with the Ameredev Exchange Agreement, the Company assumed the working interests in four wells pursuant to which Ameredev advanced the Company $6.5 million for the estimated costs of the four wells. At the closing of the exchange transaction, the Company refunded the $6.5 million to Ameredev. The four wells are located in Lea County, New Mexico and operated by the Company. Total proceeds paid to Ameredev was approximately $7.2 million . Substantially, all the assets acquired were unproved oil and natural gas properties. As a result, the acquisition was accounted for as an asset acquisition and was recorded as an adjustment to the full cost pool. Transaction costs associated for this acquisition were immaterial. Felix Holdings Leasehold Acreage Exchange Transaction On June 4, 2018, the Company entered into a Leasehold Exchange Agreement (the “Felix Exchange Agreement”) with Felix Energy Holdings II, LLC (“Felix”) to exchange certain leasehold interest located in Loving and Winkler Counties in Texas owned by the Company for certain leasehold interest located in the same counties owned by Felix. The Agreement closed on August 14, 2018, with an effective date of May 1, 2018. In addition to the Felix leasehold interests, the Company acquired certain working interests in two wells operated by the Company in Winkler County, Texas. The Company paid Felix for the well costs incurred by Felix to drill and complete the two wells, less any revenues paid to Felix. The final settlement was a payment of $0.4 million which was recorded as an adjustment to the full cost pool. Transaction costs associated for this acquisition were immaterial. Anadarko Acquisition On May 3, 2018, the Company completed the acquisition of certain leasehold interests and other oil and natural gas assets in Loving and Winkler Counties, Texas from Anadarko for cash consideration of $7.1 million . The acquisition includes substantially all unproved leaseholds and an insignificant amount of non-consent proved producing oil and natural gas properties. As a result, the transaction is accounted for as an asset acquisition using the fair value of $7.1 million . Transaction costs associated for this acquisition were immaterial. VPD Acquisition On February 28, 2018, the Company completed the acquisition of certain leasehold interests and other oil and natural gas assets in Loving and Winkler Counties, Texas from VPD Texas, L.P. (“VPD”) for cash consideration of $10.7 million (the “VPD Acquisition”). Substantially all of the assets acquired were unproved oil and natural gas properties, thus the acquisition was accounted for as an asset acquisition. Total cash consideration recorded for the VPD acquisition was approximately $11.1 million including $0.5 million of related acquisition costs. VPD is an affiliate of Värde Partners, Inc. (“Värde”). Värde participated as lead lender in the Company’s Second Lien Term Loan (as defined below in Note 9) transaction in 2017 and as investor of the Company’s Series C Preferred Stock transaction in January 2018. As a result, the VPD Acquisition is considered a related party transaction. See Note 11 - Related Party Transactions. In connection with the above VPD Acquisition and pursuant to Article XVI.3(b) of the Joint Operating Agreement dated February 28, 2018 (the “JOA”) entered into between VPD and ImPetro Operating, LLC (“Operator”), a subsidiary of the Company, the Company has committed to the following drilling commitments: • drill and complete two horizontal wells (“Initial Commitment Wells”) no later than December 31, 2018; and • drill and complete at least two additional horizontal wells (“Subsequent Commitment Wells”) that target the Wolfcamp A/B Formation no later than December 31, 2019. The Company has a one-time option to extend the deadline by an additional 75 days by providing written notice to VPD of such election on or before August 31, 2018, in the case of the Initial Commitment Wells, and August 31, 2019, in the case of the Subsequent Commitment Wells. As of December 31, 2018, the Company has spud the first two Initial Commitment Wells and executed an Amendment to the JOA to extend the drilling and completion deadline of the two Initial Commitment Wells to May 1, 2019. 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 million , subject to customary purchase price adjustments (the “OEP Acquisition”). The properties acquired by the Company pursuant to the Purchase and Sale Agreement consist of leasehold acreage in the Delaware Basin in Lea County, New Mexico. On March 15, 2018, the Company completed the OEP Acquisition whereby the Company paid $40 million in cash and issued 6,940,722 shares of the Company’s common stock valued at approximately $24.9 million for a total purchase price of approximately $64.9 million , before acquisition costs and customary purchase price adjustments. The value of the shares issued was determined using the closing price of the Company’s stock on the date of closing. Transaction costs associated for this acquisition were $1.1 million . Substantially, all the assets acquired in the OEP Acquisition were unproved oil and natural gas property. As a result 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. 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 million plus $0.8 million of related acquisition costs. Substantially, all the assets acquired in the KEW acquisition were unproved oil and natural gas properties. As a result, the acquisition was accounted for as an asset acquisition using the relative fair value, which was the total cash consideration of approximately $49.7 million . 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 million , subject to customary post-closing purchase price adjustments. The sale of the Company’s DJ Basin assets did not significantly alter the relationship between capitalized costs and proved reserves, and as such, all proceeds were recorded as adjustments to the Company’s full cost pool with no gain or loss recognized. The DJ Basin assets were sold to an entity owned by the Company’s former chief financial officer and therefore the divestiture is considered a related party transaction. See Note 11 - Related Party Transactions . The net proceeds of $1.08 million received on March 31, 2017 included an offset against $0.7 million of severance pay and $0.22 million of net sales adjustments due to the purchaser. In addition, the Company received $0.2 million in proceeds from the sale of non-operated properties sold in 2017.

ASSET RETIREMENT OBLIGATIONS (A

ASSET RETIREMENT OBLIGATIONS (ARO)	12 Months Ended
	Dec. 31, 2018
ASSET RETIREMENT OBLIGATIONS [Abstract]
ASSET RETIREMENT OBLIGATIONS (ARO)	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. The following table summarizes the changes in the Company’s ARO: Year Ended December 31, 2018 2017 (In thousands) ARO, beginning of period $ 952 $ 1,257 Additional liabilities incurred 374 20 Accretion expense 85 82 Liabilities settled (87 ) (288 ) Revision in estimates (1) 1,120 (119 ) ARO, end of period 2,444 952 Less: current portion of ARO (2) (11 ) (226 ) ARO, non-current $ 2,433 $ 726 (1) The significant increase in revision of estimates of $1.1 million for the year ended December 31, 2018 was primarily attributed to increases in plugging and abandonment cost estimates by approximately $50,000 per well. (2) The current portion of ARO is included in accrued liabilities in the consolidated balance sheets.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2018
Revenues [Abstract]
REVENUE	REVENUE Revenue is recognized when control passes to the purchaser which generally occurs when production is transferred to the purchaser. The Company measures revenue as the amount of consideration it expects 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. The Company records revenue based on consideration specified in its contracts with its customers. 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 receive in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts is 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. The Company’s crude oil is currently sold under a single short-term contract. 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 indexes for crude oil of similar quality, less a fees deduction that is subject to negotiation. As of the most recent contract amendments, the negotiable fees deduction was $5.25 per barrel from June 1, 2018 through July 31, 2018, then $5.15 per barrel from August 1, 2018 through February 28, 2019, continuing on a month-to-month basis thereafter unless renegotiated or canceled upon 30 days’ notice. The posted index prices change monthly based on the average of daily index price points for each sales month. 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; however, one of these natural gas contracts includes 30-day cancellation provisions, and the Company therefore classifies such contract as short-term. The processor’s commitment to sell on the Company’s behalf includes all quantities of natural gas and NGL produced from 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. The Company recognizes 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 treatment 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. As a result of these activities, the Company incurs costs that are contractually passed to it 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, processing and transportation costs are presented as operating expenses in the Company’s 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, 2018 and December 31, 2017. 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 condensed consolidated balance sheets. 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 condensed consolidated balance sheets. In this scenario, payment is 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 the New Revenue Standard. 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. Significant judgments 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 per 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. The Company maintains control of the natural gas and NGLs during processing and consider itself the principal in these arrangements. Practical expedients A significant number of the Company’s product sales are short-term in nature with contract term of one year or less. For those contracts, the Company has utilized the practical expedient in the New Revenue Standard that exempts the Company 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 contract terms less than one year, the Company has utilized the practical expedient in the New Revenue Standard 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. The following table disaggregates the Company’s revenue by contract type ( in thousands ): Short-term contracts Long-term contracts Total Year Ended December 31, 2018 (in thousands) Crude Oil $ 58,042 $ — $ 58,042 Natural Gas 1,045 4,201 5,246 NGLs 1,381 5,547 6,928 Gathering, processing and transportation (676 ) (2,716 ) (3,392 ) Customer Credit Risk Our principal exposure to credit risk is through receivables from the sale of our oil and natural gas production of approximately $8.2 million at December 31, 2018, and through actual and accrued receivables from our joint interest partners of approximately $11.4 million at December 31, 2018. We are subject to credit risk due to the concentration of our oil and natural gas receivables with our most significant customers. We do not require our customers to post collateral, and the inability of our significant customers to meet their obligations to us or their insolvency or liquidation may adversely affect our financial results. LONG-TERM DEFERRED REVENUE AND OTHER LIABILITIES SCM Water LLC’s Option to Exercise Purchase of Salt Water Disposal Assets In July 2018, the Company entered into a water gathering and disposal agreement with SCM Water, LLC (“SCM Water”). The water gathering project will complement the Company’s existing water disposal infrastructure, and the Company has reserved the right to recycle its produced water. SCM Water will commence, upon receipt of regulatory approval, to build out new gathering and disposal infrastructure to all of the Company’s current and future well locations in Lea County, New Mexico, and Winkler County, Texas. All future capital expenditures will be fully funded by SCM Water and will be designed to accommodate all water produced by the Company’s operations. The Company will act as contract operator of SCM Water’s salt water disposal (“SWD Wells”). The Company has sold to SCM Water an option to acquire the Company’s existing water infrastructure, a system which is comprised of approximately 14 miles of pipeline and one SWD well for cash consideration upon closing, with additional payments based on reaching certain milestones. The Company is actively working on permitting additional SWD locations to facilitate the exercise of the option. The Company anticipates that the majority of its water will eventually be disposed through the future SCM Water system at a competitive gathering rate under the agreement. Total cash consideration for the water gathering and disposal infrastructure is $20.0 million . On July 25, 2018, the Company received an upfront non-refundable payment of $10.0 million for the option to acquire its existing water infrastructure for the firm transportation and pricing for crude oil and $5.0 million for a prefunded drilling bonus. Additionally, the Company received $2.5 million on October 1, 2018 for the right-of-way/easement bonus and would receive an additional $2.5 million upon hitting the target of 40,000 barrels per day of produced water. As of December 31, 2018, the Company recorded the $17.5 million as deferred revenue until such time as SCM Water exercises its option to acquire the Company’s salt water disposal infrastructure. Crude Oil Gathering Agreement and Option Agreement On May 21, 2018, the Company entered into a crude oil gathering agreement and option agreement with Salt Creek Midstream, LLC (“SCM”). The crude oil gathering agreement (the “Gathering Agreement”) enables SCM to (i) design, engineer, and construct a gathering system which will provide gathering services for the Company’s crude oil and (ii) gather the Company’s crude oil on the gathering system in certain production areas located in Winkler and Loving Counties, Texas and Lea County, New Mexico. Construction of the gathering system has commenced and is expected to be completed in November 2018. The Gathering Agreement has a term of 12 years that automatically renews on a year to year basis until terminated by either party. SCM and the Company also entered into an option agreement (the “Option Agreement”) whereby the Company granted an option to SCM to provide certain midstream services related to natural gas in Winkler and Loving Counties, Texas and Lea County, New Mexico, subject to the expiration and terms of the Company’s existing gas agreement. The Option Agreement has a term commencing May 21, 2018 and terminating January 1, 2027, pursuant to its one-time option. As consideration for this option, the Company received a one-time of payment $35.0 million which was recorded in long-term deferred revenue.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs, used in the valuation methodologies in measuring fair value: ● Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - Other inputs that are directly or indirectly observable in the marketplace. ● Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The determination of the fair values of our derivative contracts incorporates various factors, which include not only the impact of our non-performance risk on our liabilities but also the credit standing of the counterparties involved. We utilize counterparty rate of default values to assess the impact of non- performance risk when evaluating both our liabilities to, and receivables from, counterparties. Recurring Fair Value Measurements The financial instruments measured at fair value on a recurring basis consist of the following: December 31, 2018 2017 Derivative assets (liabilities): Derivative assets - current $ 2,551 $ — Derivative assets - non-current (1) 1,822 — Derivative liabilities - current (515 ) (853 ) Derivative liabilities - non-current (2) (4,699 ) (72,937 ) Total derivative liabilities, net $ (841 ) $ (73,790 ) (1) The non-current derivative assets are included in other assets in the consolidated balance sheets. (2) Includes $2.0 million of embedded derivatives associated with Second Lien Loans and $2.7 million associated with commodity derivatives. Fair Value Measurement Classification Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) As of December 31, 2018 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (2,923 ) $ — $ (2,923 ) Oil and natural gas derivative collar contracts — 4,047 — 4,047 Embedded derivative instruments: Second Lien Term Loan conversion features — — (1,965 ) (1,965 ) Total $ — $ 1,124 $ (1,965 ) $ (841 ) As of December 31, 2017 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (706 ) $ — $ (706 ) Oil and natural gas derivative collar contracts — (147 ) — (147 ) Equity instruments: Warrant liabilities — — (223 ) (223 ) Embedded derivative instruments: Second Lien Term Loan conversion features — — (72,714 ) (72,714 ) Total $ — $ (853 ) $ (72,937 ) $ (73,790 ) Derivative assets and liabilities include unsettled amounts related to commodity derivative positions, including swaps and collars as of December 31, 2018 and 2017. The fair values of the Company’s derivatives are based on third-party pricing models which utilize inputs that are either readily in the public market which can be corroborated from active markets of broker quotes. Swaps and collars generally have observable inputs and these instruments are classified as Level 2. The Company’s derivative liabilities also include embedded derivatives associated with the Second Lien Term Loan (as defined below) and warrants associated with notes payable. These instruments have fewer observable inputs from objective sources and are therefore measured using Level 3 inputs as follows: Second Lien Term Loan Conversion Features: Under the terms of the Company’s second lien credit agreement, dated as of April 26, 2017, by and among the Company, certain subsidiaries of the Company, as guarantors (the “Guarantors”), Wilmington Trust, National Association, as administrative agent (the “Agent”), and the lenders party thereto (the “Lenders”), including Värde as lead lender (the “Lead Lender”), as amended (the “Second Lien Credit Agreement”), the Lead Lender has the option to convert 70% of the principal amount of each tranche of the Second Lien Term Loan (the “Second Lien Term Loan”) under the Second Lien Credit Agreement, together with accrued paid-in-kind interest and the make-whole premium on such principal amount (together the “Conversion Sum”) into shares of common stock. The make-whole premium is the cash amount representing the excess of (a) the present value at such repayment, prepayment or acceleration date or the date the obligations otherwise become due and payable in full of (1) the sum of the principal amount repaid, prepaid or accelerated plus (2) the interest accruing on such principal amount from the date of such repayment, prepayment or acceleration through the maturity date (excluding accrued but unpaid paid-in-kind interest to the date of such repayment, prepayment or acceleration), such present value to be computed using a discount rate equal to the Treasury Rate plus 50 basis points discounted to the repayment, prepayment or acceleration date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), over (b) the principal amount of the Second Lien Term Loan repaid, prepaid or accelerated. The number of shares of common stock issued will be based on the division of 70% of the Conversion Sum by the conversion price then in effect. The Company also has the option to cause the Second Lien Term 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 in Note 9) then in effect for at least 20 of the 30 immediately preceding trading days. The features of the make-whole premium in the Second Lien Term Loan require the conversion features to be recorded as embedded derivatives and bifurcated from its host contracts, the Second Lien Term Loan, and accounted for separately from the debt. The conversion features contained in the Second Lien Term 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 Second Lien Term Loan under the Second Lien Credit Agreement. Change in fair value is accounted for in the consolidated statement operations. On October 10, 2018, the Company executed Amendment No. 6 to the Second Lien Credit Agreement for an exchange transaction of approximately $68.3 million claim amount of its Second Lien Term Loan for a combination of 5,952,763 shares of the Company’s common stock representing a claim value of $29.0 million and issuance of 100,000 shares of Series D Preferred Stock representing a claim value of $39.3 million . As a result of the exchange transaction, the fair value of the remaining embedded derivative liability decreased by $12.4 million as of October 10, 2018. The Company recorded an unrealized gain of $58.3 million and an unrealized loss of $7.1 million on the change in fair value of derivative liabilities associated with the Second Lien Term Loan conversion features for the years ended December 31, 2018 and 2017, respectively. 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. The following table sets forth a reconciliation of changes in the fair value of the Company’s financial assets and liabilities classified as Level 3 in the fair value hierarchy, except for the commodity derivatives classified as Level 2 as disclosed in Note 8, as of December 31, 2018 and 2017 : Second Lien Term Loan Conversion Features Warrant Liabilities Total (in thousands) Balance at January 1, 2018 $ (72,714 ) $ (223 ) $ (72,937 ) Transferred to equity — 223 223 Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan 12,406 — 12,406 Change in fair value of derivative liabilities 58,343 — 58,343 Balance at December 31, 2018 $ (1,965 ) $ — $ (1,965 ) Second Lien Term Loan Conversion Features Warrant Liabilities Total (in thousands) Balance at January 1, 2017 $ — $ (1,400 ) $ (1,400 ) Issuance (65,647 ) — (65,647 ) Cashless exercise of warrants — 370 370 Change in fair value of derivative liabilities (7,067 ) 807 (6,260 ) Balance at December 31, 2017 $ (72,714 ) $ (223 ) $ (72,937 )

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 8 - DERIVATIVE INSTRUMENTS As discussed in Notes 7 and 9, the Second Lien Term Loan contains conversion features that are exercisable at the option of the Lead Lender or the Company. The conversion features have been identified as embedded derivatives which (i) contain economic characteristics that are not clearly and closely related to the host contract, the Second Lien Term Loan, and (ii) separate, stand-alone instruments with similar terms would qualify as derivative instruments. As such, the conversion features were bifurcated and accounted for separately from the Second Lien Term Loan. The conversion features are recorded at fair value for each reporting period with changes in fair value included in the consolidated statement of operations for the years ended December 31, 2018 and 2017. The Company recorded derivative liabilities associated with the Second Lien Term Loan at an original fair value of approximately $65.6 million at issuance. On October 10, 2018, the Company executed Amendment No. 6 to the Second Lien Credit Agreement for an exchange transaction of approximately $68.3 million claim amount of its Second Lien Term Loan for a combination of 5,952,763 shares of the Company’s common stock representing a claim value of approximately $29.0 million and issuance of 100,000 shares of Series D Preferred Stock representing a claim value of approximately $39.3 million . As a result of the exchange transaction, the fair value of the embedded derivative liability decreased by $12.4 million as of October 10, 2018. The Company recorded an unrealized gain of $58.3 million and an unrealized loss of $7.1 million on the change in fair value of derivative liabilities associated with the Second Lien Term Loan conversion features for the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017, the derivative liabilities associated with the Second Lien Term Loan were approximately $2.0 million and approximately $72.7 million , respectively. 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. The following table presents the Company’s derivative positions as of December 31, 2018 with respect to future production: 2019 2020 Oil positions: Oil swaps (NYMEX WTI): Hedged Volume (Bbls) — 277,685 Average price ($ per Bbl) $ — $ 56.21 Basis swaps (NYMEX WTI): Hedged Volume (Bbls) 909,500 547,500 Average price ($ per Bbl) $ (6.85 ) $ (5.62 ) Put Options (NYMEX WTI): Hedged Volume (Bbls) 1,095,000 — Average price ($ per Bbl) $ 50.41 $ — Call Options (NYMEX WTI): Hedged Volume (Bbls) 638,000 — Average price ($ per Bbl) $ 69.76 $ — Natural gas positions: Gas swaps (NYMEX Henry Hub): Hedged Volume (MMBtu) 906,238 714,134 Average price ($ per MMBtu) $ 2.75 $ 2.54 Put Options (NYMEX Henry Hub): Hedged Volume (MMBtu) 392,481 144,130 Average price ($ per MMBtu) $ 3.05 $ 2.80 Call Options (NYMEX Henry Hub): Hedged Volume (MMBtu) 392,481 144,130 Average price ($ per MMBtu) $ 3.58 $ 3.06 For the years ended December 31, 2018 and 2017, the effect of the commodity derivative activity on the Company’s Consolidated Statements of Operations was as follows: Year Ended December 31, 2018 2017 (In thousands) Unrealized gain (loss) on unsettled derivatives $ 1,977 $ (853 ) Net settlement paid on derivative contracts (2,742 ) (96 ) Net settlement receivable (payable) on derivative contracts 820 (114 ) Net gain (loss) on commodity derivatives $ 55 $ (1,063 ) The Company’s derivatives are presented on a net basis under fair value of derivative instruments on the consolidated balance sheets. 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: December 31, 2018 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets (1) Net Amounts Presented in the Consolidated Balance Sheets (in thousands) Offsetting Derivative Assets: Current assets $ 4,122 $ (1,571 ) $ 2,551 Long-term assets 1,854 (32 ) 1,822 Total assets $ 5,976 $ (1,603 ) $ 4,373 Offsetting Derivative Liabilities: Current liabilities $ (2,086 ) $ 1,571 $ (515 ) Long-term commodity derivative liabilities (2,766 ) 32 (2,734 ) Long-term embedded derivative liabilities (1,965 ) — (1,965 ) Total liabilities $ (6,817 ) $ 1,603 $ (5,214 ) December 31, 2017 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets (1) Net Amounts Presented in the Consolidated Balance Sheets (in thousands) Offsetting Derivative Assets: Current asset $ — $ — $ — Long-term asset — — — Total asset $ — $ — $ — Offsetting Derivative Liabilities: Current liabilities $ (853 ) $ — $ (853 ) Long-term commodity derivative liabilities — — — Long-term embedded derivative liabilities (72,937 ) — (72,937 ) Total liabilities $ (73,790 ) $ — $ (73,790 ) (1) This column represents the impact of offsetting commodity derivative assets and liabilities with all counterparties where the Company has the contractual rights and intends to net settle.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT As of December 31, 2018 2017 (In thousands) 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 Loan, due 2021, net of debt issuance costs and debt discount 82,804 96,431 Revolving Credit Agreement, due April 2021 75,000 — Other notes payable, due 2018 and 2019 — 1,011 Total long-term debt $ 157,804 $ 127,805 Less: current portion — (11 ) Total long-term debt, net of current portion $ 157,804 $ 127,794 Total principal amount of debt maturities related to borrowings for the five years ending December 31, 2023 include $175.0 million in 2021. There will be no minimum payments due in 2019, 2020, 2022 and 2023. As of December 31, 2018 and 2017 , the carrying amounts of the Second Lien Term Loan were as follows: Principal Amount Paid-in- kind Interest Unamortized Debt Issuance Costs & Debt Discount Carrying Amount (in thousands) As of December 31, 2018 Revolving Credit Agreement, due April 2021 $ 75,000 $ — $ — $ 75,000 Second Lien Term Loan, due April 2021 100,000 11,641 (28,837 ) 82,804 Total: $ 175,000 $ 11,641 $ (28,837 ) $ 157,804 As of December 31, 2017 Bridge loans associated with the amended First Lien Term Loan, due September 2019 $ 30,000 $ 807 $ (444 ) $ 30,363 Second Lien Term Loan, due April 2021 150,000 5,752 (59,321 ) 96,431 Total: $ 180,000 $ 6,559 $ (59,765 ) $ 126,794 Revolving Credit Agreement On October 10, 2018, Lilis entered into a five -year, $500.0 million senior secured revolving credit agreement by and among the Company, as borrower, certain subsidiaries of the Company, as guarantors (the “Guarantors”), BMO Harris Bank, N.A., as administrative agent, and the lenders party thereto. The Revolving Credit Agreement provides for a senior secured reserve based revolving credit facility with an initial borrowing base of $95.0 million . The borrowing base is subject to semiannual re-determinations in May and November of each year. On December 7, 2018, the Company’s borrowing base under the Revolving Credit Agreement was increased to $108 million as a result of its regularly scheduled fall redetermination process. Borrowings under the Revolving Credit Agreement bear interest at a floating rate of either LIBOR or a specified base rate plus a margin determined based upon the usage of the borrowing base. The Company is required to pay a commitment fee of 0.5% per annum on any unused portion of the borrowing base. The Company’s obligations under the Revolving Credit Agreement are secured by first priority liens on substantially all of the Company’s and the Guarantors’ assets and are unconditionally guaranteed by each of the Guarantors. The Company borrowed $60.0 million under the Revolving Credit Agreement at closing, leaving $35.0 million initially available for future borrowing. The Company used the initial borrowings to repay in full and retire the Company’s previously existing $50.0 million Riverstone First Lien Credit Agreement (the credit agreement for which was amended and restated by the Revolving Credit Agreement), including accrued interest and a prepayment premium, and to pay transaction expenses. Future borrowings may be used to fund working capital requirements, including for the acquisition, exploration and development of oil and gas properties, and for general corporate purposes. The Revolving Credit Agreement also provides for issuance of letters of credit in an aggregate amount up to $5.0 million . As of December 31, 2018, the outstanding balance under the Revolving Credit Agreement was $75.0 million . The Company capitalizes certain direct costs associated with the issuance of the Revolving Credit Agreement and amortizes such costs over the term of the debt instrument. The deferred financing costs related to the Revolving Credit Agreement are classified in assets. For the year ended December 31, 2018, the Company amortized debt issuance costs associated with revolving credit agreements of $2.2 million . For the year ended December 31, 2017, the Company had no revolving credit agreements. As of December 31, 2018, the Company has $0.5 million and $1.7 million of unamortized deferred financing costs in other current assets and non-current assets, respectively. The Revolving Credit Agreement matures on the earlier of the fifth anniversary of the closing date and the date that is 180 days prior to the maturity date of the Company’s Second Lien Credit Agreement (as defined below). Borrowings under the Revolving Credit Agreement are subject to mandatory repayment with the net proceeds of certain asset sales and debt incurrences or if a borrowing base deficiency occurs. The Company also may voluntarily repay borrowings from time to time and, subject to the borrowing base limitation and other customary conditions, may reborrow amounts that are voluntarily repaid. Mandatory and voluntary repayments generally will be made without premium or penalty. The Revolving Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including covenants relating to: maintenance of books and records, financial reporting and notification, compliance with laws, maintenance of properties and insurance; and limitations on incurrence of indebtedness, liens, fundamental changes, international operations, asset sales, certain debt payments and amendments, restrictive agreements, investments, dividends and other restricted payments and hedging. It also requires the Company to maintain a ratio of Total Debt to EBITDAX of not more than 4.00 to 1.00 and a ratio of current assets to current liabilities of not less than 1.00 to 1.00 (each as defined in the Revolving Credit Agreement). On October 10, 2018, the Company entered into the Revolving Credit Agreement pursuant to which BMO Harris Bank N.A., SunTrust Bank, Capital One, N.A., and Credit Suisse AG, Cayman Islands Branch, (collectively, the “Lenders”) have made certain credit available to and on behalf of the Company. In connection with the preparation of these financial statements, the Company informed its Lenders, that it did not satisfy the leverage ratio covenant in Section 9.01(a) of the Revolving Credit Agreement, as of the fiscal quarter ended December 31, 2018. Accordingly, the Company recevied the Lenders consent to a waiver with respect to such provision on March 1, 2019. The Revolving Credit Agreement also provides for events of default, including failure to pay any principal, interest or other amounts when due, failure to perform or observe covenants, cross-default on certain outstanding debt obligations, inaccuracy of representations and warranties, certain ERISA events, change of control, the security documents or guaranty ceasing to be effective, and bankruptcy or insolvency events, subject to customary cure periods. Amounts owed by the Company under the Revolving Credit Agreement could be accelerated and become immediately due and payable following the occurrence an event of default. The Revolving Credit Agreement also provides for the Company to have and maintain Swap Agreements in respect of crude oil and natural gas, on not less than 50% of the projected production from the Proved Reserves classified as "Developed Producing Reserves" attributable to the oil and natural gas properties of the Company as reflected in the most recently delivered reserve report for a period through at least 24 months after the end of each applicable quarter. First Amendment and Waiver to Second Amended and Restated Credit Agreement On March 1, 2019, the Company executed the First Amendment and Waiver (the "First Amendment") to Second Amended and Restated Credit Agreement whereby the Majority Lenders consent to waiver of the December 31, 2018 Leverage Ratio of Total Debt to EBITDAX of not more than 4.00 to 1.00. The First Amendment has become effective as the following terms have been met: • The Effective Date, March 5, 2019, shall have occurred. • The Second Lien Term Loan discharge transaction shall have occurred, or shall occur, substantially contemporaneously with the occurrence of the Borrowing Base and Amendment Effective Date. See Note 20 Subsequent Events. • As of the Borrowing Base and Amendment Effective Date, after giving effect to this Agreement, (a) the representations and warranties of each Loan Party set forth in the Credit Agreement and in each other Loan Document shall be true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct), except to the extent such representations and warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct) as of such earlier date, (b) no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing. The Administrative Agent shall have received a certificate from a Responsible Officer of the Company certifying as to the matters set forth in this provision. 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 $125.0 million in two tranches. The first tranche consists of an $80.0 million term loan (the “Second Lien Term Loan”), which was fully drawn and funded on April 26, 2017. The second tranche consists of up to $45.0 million in delayed-draw term loans (the “Delayed Draw Term Loan” and, together with the Second Lien Term Loan, the “Second Lien Loans”) was funded. Each tranche of the Second Lien Loans will bear interest at a rate per annum of 8.25% , compounded quarterly in arrears and payable only in-kind by increasing the principal amount of the loan by the amount of the interest due on each interest payment date. 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 the first amendment 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 million of the availability under the Delayed Draw Term Loan on October 4, 2017. 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 permitted 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 million the amount of delayed draw term loans available for borrowing under the Second Lien Credit Agreement. The additional $25.0 million of Delayed Draw Term Loan was drawn on November 10, 2017. The $25.0 million of proceeds from these loans may be used to fund oil and natural gas property acquisitions, subject to certain limitations, to fund drilling and completion costs or for other general corporate purposes. 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 matures on April 26, 2021. The Second Lien Loans are subject to mandatory prepayment with the net proceeds of certain asset sales, casualty events and debt incurrences, subject to the right of the Company to reinvest the net proceeds of asset sales and casualty events within 180 days and, in the case of asset sales and casualty events, prepayment of the Incremental Bridge Loan. The Company may not voluntarily prepay the Second Lien Loans prior to March 31, 2019 except (a) in connection with a Change of Control (as defined in the Second Lien Credit Agreement) or (b) if the closing price of our common stock on the principal exchange on which it is traded has been equal to or greater than 110% of the Conversion Price (as defined below) for at least 20 of the 30 trading days immediately preceding the prepayment. The Company will be required to pay a make-whole premium in connection with any mandatory or voluntary prepayment of the Second Lien Loans. Each tranche of the Second Lien Loans are separately convertible at any time, in full and not in part, at the option of the Lead Lender, as follows: • 70% of the principal amount of each tranche of Second Lien Loans, together with accrued and unpaid interest and the make-whole premium on such principal amount (the “Conversion Sum”), will convert into a number of newly issued shares of common stock determined by dividing the total of such principal amount, accrued and unpaid interest and make-whole premium by $5.50 (subject to certain customary adjustments, the “Conversion Price”); and • 30% of the principal amount of the Conversion Sum will convert on a dollar for dollar basis into a new term loan (the “Take Back Loans”). The terms of the Take Back Loans will be substantially the same as the terms of the Second Lien Loans, except that the Take Back Loans will not be convertible and will bear interest payable in cash at a rate of LIBOR plus 9% (subject to a 1% LIBOR floor). Additionally, the Company will have the option to convert the Second Lien Loans, in whole or in part, into shares of common stock at any time or from time to time if, at the time of exercise of the Company’s conversion option, the closing price of the common stock on the principal exchange on which it is traded has been at least 150% of the Conversion Price then in effect for at least 20 of the 30 immediately preceding trading days. Conversion at the Company’s option will occur on the same terms as conversion at the Lender’s option. Second Lien Amendment On October 10, 2018, the Company entered into a sixth amendment to the Second Lien Credit Agreement (“Amendment No. 6 to the Second Lien Credit Agreement”), dated April 26, 2017, by and among the Company, the Guarantors, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto, including Värde Partners, Inc., as lead lender. Among other matters, the Amendment No. 6 to the Second Lien Credit Agreement amended the Second Lien Credit Agreement to permit the Company to enter into and incur indebtedness under the Revolving Credit Agreement and to provide for the reduction in the principal amount of the Second Lien Term Loans under the Second Lien Credit Agreement pursuant to the Transaction Agreement (as defined and described below). Transaction Agreement On October 10, 2018, the Company entered into a Transaction Agreement (the “Transaction Agreement”) by and among the Company and the Värde Parties, pursuant to which the Company agreed to: • issue to the Värde Parties (i) an aggregate of 5,952,763 shares of the Company’s common stock, par value $0.0001 per share, which includes 5,802,763 shares of common stock at an exchange price of $5.00 per share of common stock plus an additional 150,000 shares of common stock, and (ii) 39,254 shares of a newly created series of preferred stock of the Company, designated as “Series D 8.25% Convertible Participating Preferred Stock” (the “Series D Preferred Stock”), as consideration for the reduction by approximately $56.3 million of the outstanding principal amount of the Second Lien Term Loan under the Second Lien Credit Agreement, together with accrued and unpaid interest and the make-whole amount thereon totaling approximately $11.9 million ; • issue and sell to the Värde Parties 25,000 shares of a newly created subseries of the Company’s Series C 9.75% Convertible Participating Preferred Stock, designated as “Series C-2 9.75% Convertible Participating Preferred Stock” (the “ Series C-2 Preferred Stock”), for a purchase price of $1,000 per share, or an aggregate of $25.0 million . The reduction of the $56.3 million of the outstanding principal amount of the Second Lien Term Loan including the accrued and unpaid interest and the make-whole amount totaling approximately $11.9 million resulted in the recognition of a loss of $12.3 million on early extinguishment of debt in the Company's Consolidated Statement of Operations during the year ended December 31, 2018. Closing of the issuance of the shares of common stock and Series D Preferred Stock and the issuance and sale of the shares of Series C-2 Preferred Stock pursuant to the Transaction Agreement occurred on October 10, 2018. The Series D Preferred Stock and the Series C-2 Preferred Stock are recorded at fair value of $39.9 million and $25.0 million , respectively, as mezzanine equity as of December 31, 2018. As discussed in Note 7, Fair Value of Financial Instruments, above and Note 8, Derivatives, above, the Company separately accounts for the embedded conversion features as a derivative instrument in accordance with accounting guidance relating to recording embedded derivatives at fair value. The initial fair value of the embedded derivatives is recorded as a debt discount to the Second Lien Term Loan. The debt discount is amortized over the term of the Second Lien Term Loan using the effective interest method. 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 Company’s First Lien Credit Agreement, which was entered into by the Company on September 29, 2016, and subsequently amended on April 26, 2017, July 25, 2017, and October 19, 2017 (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 $50.0 million (Riverstone First Lien Loans”), all of which were funded in full at closing at an original issue discount of 1.0% of the principal amount. The Riverstone First Lien Credit Agreement provides the potential for additional term loans of up to $30 million , as requested by the Company and subject to certain conditions, which additional loans were uncommitted at closing. The Company used approximately $31.5 million of the proceeds of the Riverstone First Lien Loans to repay in full its obligations under and retire the First Lien Credit Agreement during the first quarter of 2018. The Riverstone First Lien Credit Agreement was subsequently paid and settled on October 10, 2018 for a total of $57.0 million which included principal, accrued PIK interest and prepayment penalties. The repayment of the Riverstone First Lien Credit Agreement resulted in a write-off of $1.9 million of unamortized debt issuance costs and the recognition of an $8.1 million loss in early extinguishment of debt, due primarily to prepayment penalties and write off of unamortized debt issuance costs, in the Company's Consolidated Statement of Operations during the year ended December 31, 2018. SOS Note On June 30, 2016, pursuant to the merger agreement with Brushy and as a condition of the fourth amendment to such merger agreement, the Company was required to make a cash payment of $500,000 to SOS, and also executed a subordinated promissory note with SOS, for $1.0 million , at an interest rate of 6% per annum which matures on June 30, 2019. In conjunction with the cash payment and the note, the Company also issued 200,000 warrants at an exercise price of $25.00 . The Company accounted for the cost of warrants of $0.2 million as part of the Brushy merger transaction costs during the year ended December 31, 2016. The SOS note was fully paid on January 22, 2018. Interest Expense The components of interest expense are as follows: Year Ended December 31, 2018 2017 (in thousands) Interest on bridge loans associated with First Lien Term Loan $ 728 $ 1,774 Interest on Revolving Credit Agreements 2,242 — Interest on Notes Payable 5 53 Paid-in-kind interest on First Lien Term Loan and Second Lien Term Loan 12,213 6,559 Amortization of debt financing costs on Second Lien Term Loan and Revolving Credit Agreement 3,241 1,886 Amortization of discount on Second Lien Term Loan 14,398 8,485 Total: $ 32,827 $ 18,757

LONG-TERM DEFERRED REVENUE AND

LONG-TERM DEFERRED REVENUE AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
LONG-TERM DEFERRED REVENUE LIABILITIES	REVENUE Revenue is recognized when control passes to the purchaser which generally occurs when production is transferred to the purchaser. The Company measures revenue as the amount of consideration it expects 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. The Company records revenue based on consideration specified in its contracts with its customers. 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 receive in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts is 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. The Company’s crude oil is currently sold under a single short-term contract. 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 indexes for crude oil of similar quality, less a fees deduction that is subject to negotiation. As of the most recent contract amendments, the negotiable fees deduction was $5.25 per barrel from June 1, 2018 through July 31, 2018, then $5.15 per barrel from August 1, 2018 through February 28, 2019, continuing on a month-to-month basis thereafter unless renegotiated or canceled upon 30 days’ notice. The posted index prices change monthly based on the average of daily index price points for each sales month. 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; however, one of these natural gas contracts includes 30-day cancellation provisions, and the Company therefore classifies such contract as short-term. The processor’s commitment to sell on the Company’s behalf includes all quantities of natural gas and NGL produced from 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. The Company recognizes 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 treatment 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. As a result of these activities, the Company incurs costs that are contractually passed to it 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, processing and transportation costs are presented as operating expenses in the Company’s 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, 2018 and December 31, 2017. 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 condensed consolidated balance sheets. 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 condensed consolidated balance sheets. In this scenario, payment is 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 the New Revenue Standard. 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. Significant judgments 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 per 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. The Company maintains control of the natural gas and NGLs during processing and consider itself the principal in these arrangements. Practical expedients A significant number of the Company’s product sales are short-term in nature with contract term of one year or less. For those contracts, the Company has utilized the practical expedient in the New Revenue Standard that exempts the Company 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 contract terms less than one year, the Company has utilized the practical expedient in the New Revenue Standard 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. The following table disaggregates the Company’s revenue by contract type ( in thousands ): Short-term contracts Long-term contracts Total Year Ended December 31, 2018 (in thousands) Crude Oil $ 58,042 $ — $ 58,042 Natural Gas 1,045 4,201 5,246 NGLs 1,381 5,547 6,928 Gathering, processing and transportation (676 ) (2,716 ) (3,392 ) Customer Credit Risk Our principal exposure to credit risk is through receivables from the sale of our oil and natural gas production of approximately $8.2 million at December 31, 2018, and through actual and accrued receivables from our joint interest partners of approximately $11.4 million at December 31, 2018. We are subject to credit risk due to the concentration of our oil and natural gas receivables with our most significant customers. We do not require our customers to post collateral, and the inability of our significant customers to meet their obligations to us or their insolvency or liquidation may adversely affect our financial results. LONG-TERM DEFERRED REVENUE AND OTHER LIABILITIES SCM Water LLC’s Option to Exercise Purchase of Salt Water Disposal Assets In July 2018, the Company entered into a water gathering and disposal agreement with SCM Water, LLC (“SCM Water”). The water gathering project will complement the Company’s existing water disposal infrastructure, and the Company has reserved the right to recycle its produced water. SCM Water will commence, upon receipt of regulatory approval, to build out new gathering and disposal infrastructure to all of the Company’s current and future well locations in Lea County, New Mexico, and Winkler County, Texas. All future capital expenditures will be fully funded by SCM Water and will be designed to accommodate all water produced by the Company’s operations. The Company will act as contract operator of SCM Water’s salt water disposal (“SWD Wells”). The Company has sold to SCM Water an option to acquire the Company’s existing water infrastructure, a system which is comprised of approximately 14 miles of pipeline and one SWD well for cash consideration upon closing, with additional payments based on reaching certain milestones. The Company is actively working on permitting additional SWD locations to facilitate the exercise of the option. The Company anticipates that the majority of its water will eventually be disposed through the future SCM Water system at a competitive gathering rate under the agreement. Total cash consideration for the water gathering and disposal infrastructure is $20.0 million . On July 25, 2018, the Company received an upfront non-refundable payment of $10.0 million for the option to acquire its existing water infrastructure for the firm transportation and pricing for crude oil and $5.0 million for a prefunded drilling bonus. Additionally, the Company received $2.5 million on October 1, 2018 for the right-of-way/easement bonus and would receive an additional $2.5 million upon hitting the target of 40,000 barrels per day of produced water. As of December 31, 2018, the Company recorded the $17.5 million as deferred revenue until such time as SCM Water exercises its option to acquire the Company’s salt water disposal infrastructure. Crude Oil Gathering Agreement and Option Agreement On May 21, 2018, the Company entered into a crude oil gathering agreement and option agreement with Salt Creek Midstream, LLC (“SCM”). The crude oil gathering agreement (the “Gathering Agreement”) enables SCM to (i) design, engineer, and construct a gathering system which will provide gathering services for the Company’s crude oil and (ii) gather the Company’s crude oil on the gathering system in certain production areas located in Winkler and Loving Counties, Texas and Lea County, New Mexico. Construction of the gathering system has commenced and is expected to be completed in November 2018. The Gathering Agreement has a term of 12 years that automatically renews on a year to year basis until terminated by either party. SCM and the Company also entered into an option agreement (the “Option Agreement”) whereby the Company granted an option to SCM to provide certain midstream services related to natural gas in Winkler and Loving Counties, Texas and Lea County, New Mexico, subject to the expiration and terms of the Company’s existing gas agreement. The Option Agreement has a term commencing May 21, 2018 and terminating January 1, 2027, pursuant to its one-time option. As consideration for this option, the Company received a one-time of payment $35.0 million which was recorded in long-term deferred revenue.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the years ended December 31, 2018 and 2017 , the Company has engaged in the following transactions with related parties: Year Ended December 31, Related Party Transactions 2018 2017 ($ in thousands) 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. $ — $ 204 Total: $ — $ 204 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 $ 10,705 $ — ImPetro Operating, LLC, a wholly-owned subsidiary of the Company is the operator for two of VPD's producing wells and VPD reimbursed the Company for operating overhead charges. 44 — Receivable balance outstanding as of December 31, 2018 for operating costs associated with the VPD's producing wells 1,843 — Total: $ 12,592 $ — (1) Värde is the lead lender in the Company’s Second Lien Loans (see Note 9 – Long-term Debt) and also participated in the issuances of the Preferred Stock in January and October 2018 (see Note 13 – Mezzanine Preferred Stock).

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The income tax provision (benefit) for the years ended December 31, 2018 and 2017 consisted of the following: December 31, 2018 2017 (in thousands) U.S. Federal: Current $ — $ — Deferred (7,496 ) 32,579 State and local: Current — — Deferred 509 1,059 (6,987 ) 33,638 Change in valuation allowance 6,987 (33,638 ) Income tax provision $ — $ — The tax effects of temporary differences that give rise to the Company’s deferred tax asset as of December 31, 2018 and 2017 consisted of the following: December 31, 2018 2017 (In thousands) Deferred tax assets: Net operating loss carry-forward $ 27,568 $ 15,653 Share based compensation 808 784 Abandonment obligation 541 212 Derivative instruments — 191 Deferred revenue 11,630 — Interest expense 3,804 — Accrued liabilities and other 85 52 Total deferred tax asset 44,436 16,892 Valuation allowance (23,611 ) (16,624 ) Deferred tax asset, net of valuation allowance $ 20,825 $ 268 Deferred tax liabilities: Derivative instruments 249 — Oil and natural gas properties and equipment 20,576 268 Total deferred tax liability 20,825 268 Net deferred tax asset (liability) $ — $ — Reconciliation of the Company’s effective tax rate to the expected U.S. federal tax rate is: Year Ended December 31, 2018 2017 Effective federal tax rate 21.00 % 34.00 % State tax rate, net of federal benefit 2.06 % 1.11 % Effect of the Tax Cuts and Jobs Act — % -11.22 % Change in fair value derivative liability 295.70 % -2.59 % Debt discount amortization -72.97 % -3.51 % Share based compensation differences and forfeitures — % 0.91 % Change in rate -6.40 % -0.05 % Other permanent differences -5.69 % -4.61 % NOL true-up - §382 limitation -5.51 % -47.22 % Loss from early debt extinguishment -59.01 % — % Other -0.56 % -6.47 % Valuation allowance -168.62 % 39.65 % Net — % — % As of December 31, 2018 and 2017, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $127.5 million and $70.1 million respectively, available to offset future taxable income. To the extent not utilized, federal net operating loss carry-forwards incurred prior to January, 1 2018 of $ 67.4 million will expire beginning in 2028 through 2038. Federal net operating loss carryforwards incurred after December 31, 2017 of $70.1 million have no expiration and can only be used to offset 80% of taxable income when utilized. A Section 382 analysis resulted in a true-up of the Company’s net operating losses subject to limitation under Section 382 due to a change in ownership from $118.6 million to $9.1 million as of December, 31 2016 on the basis the net operating losses could never be utliized under the limitation. The net operating loss of $ 127.5 million is subject to Section 382 limitations of utilization due to ownership changes of more than 50% which occurred in the current and prior tax years. The Company is currently in the process of determining the effect of the current change in ownership on the net operating loss carryforwards, including the analysis of net unrealized built-in-gains that will ultimately effect the overall limitation. The conclusion of the additional analysis under Section 382 will have no effect on the Company’s effective income tax rate or the amount of the present valuation allowance position. In assessing the need for a valuation allowance on the Company’s deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon whether future book income is sufficient to reverse existing temporary differences that give rise to deferred tax assets, as well as whether future taxable income is sufficient to utilize net operating loss and credit carryforwards. Assessing the need for, or the sufficiency of, a valuation allowance requires the evaluation of all available evidence, both positive and negative. Negative evidence considered by management includes cumulative book and tax losses in recent years, no taxable income in available carryback years, and no tax planning strategies contemplated to realize the valued deferred tax assets. As of December 31, 2018, and 2017, management assessed the available positive and negative evidence to estimate if sufficient future taxable income would be generated to use the Company’s deferred tax assets and determined that it is not more-likely-than-not that the deferred tax assets would be realized in the near future. Therefore, the Company recorded a full valuation allowance of approximately $23.6 million and $16.6 million on its deferred tax assets as of December 31, 2018 and 2017, respectively. The New Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22, 2017. The Act makes broad and complex changes to the U.S. tax code applicable to certain items in 2017 as well as those applicable to 2018 and subsequent years. ASC 740 Income Taxes ("ASC 740") requires the recognition of the tax effects of the Act for annual periods that include December 22, 2017. At December 31, 2017, the Company made reasonable estimates of the effects on its existing deferred tax balances. The Company remeasured certain federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally twenty one percent. The amount recognized related to the remeasurement of its federal deferred tax balance was $9.5 million , which was subject to a valuation allowance at December 31, 2017. The Company will continue to analyze the Act and future IRS regulations, refine its calculations, gain a more thorough understanding of how individual states are implementing this new law and evaluate other provisions of the tax reform. This further analysis could potentially affect the measurement of deferred tax balances or potentially give rise to new deferred tax amounts.

MEZZANINE PREFERRED STOCK

MEZZANINE PREFERRED STOCK	12 Months Ended
	Dec. 31, 2018
Temporary Equity Disclosure [Abstract]
MEZZANINE PREFERRED STOCK	MEZZANINE PREFERRED STOCK Series C Preferred Stock 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 (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 shares of a newly created series of preferred stock of the Company, designated as “Series C 9.75% Convertible Participating Preferred Stock” (the “Series C Preferred Stock”), for a purchase price of $1,000 per share, or an aggregate of $100.0 million . The terms of the Series C Preferred Stock were set forth in the Certificate of Designation for the Series C Preferred Stock (the “Amended and Restated Certificate of Designation”) filed by the Company with the Secretary of State of the State of Nevada on January 31, 2018. 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. Series C Preferred Stock Tack-On and Series D Preferred Stock On April 26, 2017, the Company entered into the Second Lien Credit Agreement (as defined above in Note 9 - Long Term Debt) under which Värde is the lead lender, and certain private funds affiliated with Värde are lenders). On October 10, 2018, the Company entered into a Transaction Agreement (the “Transaction Agreement”), by and among the Company and certain private funds affiliated with Värde Partners, Inc. (the “Värde Parties”), pursuant to which the Company (i) exchanged approximately $68.3 million of the loans under its Second Lien Credit Agreement for a combination of a Series D Preferred Stock and Common Stock (as such terms are hereinafter defined) and (ii) agreed to a tack-on issuance and sale to Värde Parties of a new subseries of Series C Preferred Stock. Specifically, pursuant to the Transaction Agreement, the Company agreed to: • issue to the Värde Parties (i) an aggregate of 5,952,763 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), which includes 5,802,763 shares of Common Stock at an exchange price of $5.00 per share of Common Stock plus an additional 150,000 shares of Common Stock, and (ii) 39,254 shares of a newly created series of preferred stock of the Company, designated as “Series D 8.25% Convertible Participating Preferred Stock” (the “Series D Preferred Stock”), as consideration for the reduction by approximately $56.3 million of the outstanding principal amount of the Second Lien Term Loan under the Second Lien Credit Agreement, together with accrued and unpaid interest and the make-whole amount thereon totaling approximately $11.9 million ; • issue and sell to the Värde Parties 25,000 shares of a newly created subseries of the Company’s Series C 9.75% Convertible Participating Preferred Stock, designated as “Series C-2 9.75% Convertible Participating Preferred Stock” (the “Series C-2 Preferred Stock”), for a purchase price of $1,000 per share, or an aggregate of $25 million . Pursuant to an Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series C-1 9.75% Convertible Participating Preferred Stock and Series C-2 9.75% Convertible Participating Preferred Stock (the “Series C Certificate of Designation”), filed by the Company with the Secretary of State of Nevada on October 10, 2018, the outstanding 100,000 shares of the Company’s Series C 9.75% Convertible Participating Preferred Stock were re-designated as “Series C-1 9.75% Convertible Participating Preferred Stock” (the “Series C-1 Preferred Stock” and, together with the Series C-2 Preferred Stock, the “Series C Preferred Stock”). The Series C Preferred Stock and the Series D Preferred Stock are referred to collectively as the “Preferred Stock.” No other terms or conditions of the Series C Preferred Stock were modified. The terms of the Series D Preferred Stock are set forth in a Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Participating Preferred Stock (the “Series D Certificate of Designation” and, together with the Series C Certificate of Designation, the “Certificates of Designation”) filed by the Company with the Secretary of State of the State of Nevada on October 10, 2018. Closing of the issuance of the shares of Common Stock and Series D Preferred Stock and the issuance and sale of the shares of Series C-2 Preferred Stock pursuant to the Transaction Agreement occurred on October 10, 2018. The Company intends to use the net proceeds from the sale of the shares of Series C-2 Preferred Stock for general corporate purposes, including the acquisition, exploration and development of oil and natural gas properties. As of December 31, 2018, the Company accounted the Series C-1 Preferred Stock, Series C-2 Preferred Stock and the Series D Preferred Stock at its fair value plus cumulative PIK dividends, net of transaction costs under mezzanine equity in the consolidated balance sheet - see components of the Series C-1Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock summarized in the table below. Number of Series C-1 Preferred Shares Series C-1 Preferred Stock Number of Series C-2 Preferred Shares Series C-2 Preferred Stock Number of Series D Preferred Shares Series D Preferred Stock Total (In thousands, except shares) Balance, January 1, 2018 — $ — — $ — — $ — $ — Issuance of Preferred Stock 100,000 100,000 25,000 25,000 39,254 39,919 164,919 Transaction costs (1) — (2,494 ) — (87 ) — — (2,581 ) Net Proceeds 100,000 97,506 25,000 24,913 39,254 39,919 162,338 Paid-in-kind dividends — 9,268 — 609 — 810 10,687 Balance, December 31, 2018 100,000 $ 106,774 25,000 $ 25,522 39,254 $ 40,729 $ 173,025 Stated value per share $ 1,093 $ 256 $ 407 (1) Transaction costs incurred for the issuance of Series D Preferred Shares are included in the accounting for loss on the early extinguishment of debt associated with the Transaction Agreement dated October 10, 2018 on the reduction of the Second Lien Term Loan as disclosed in Note 9 Long-Term Debt. There was no mezzanine equity as of December 31, 2017. Material Terms of the Series C Preferred Stock and Series D Preferred Stock The following is a description of the material terms of the Preferred Stock in the Securities Purchase Agreement. Ranking. The Series D Preferred Stock ranks senior to the Series C Preferred Stock, and the Series C Preferred Stock ranks senior to the Common Stock with respect to dividends and rights on the liquidation, dissolution or winding up of the Company. Stated Value. Each series of the Preferred Stock has a per share stated value of $1,000 , subject to increase in connection with the payment of dividends in kind (the “Stated Value”). Dividends. Holders of shares of Preferred Stock are entitled to receive cumulative preferential dividends, payable and compounded quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing April 1, 2018, at an annual rate of 9.75% of the Stated Value for the Series C Preferred Stock and 8.25% of the Stated Value for the Series D Preferred stock until April 26, 2021, after which the annual dividend rate will increase to 12.00% if paid in full in cash or 15.00% if not paid in full in cash. Dividends are payable, at the Company’s option, (i) in cash, (ii) in kind by increasing the Stated Value by the amount per share of the dividend, or (iii) in a combination thereof. In addition to these preferential dividends, holders of the Preferred Stock will be entitled to participate in any dividends paid on the Common Stock on an as-converted basis. As of December 31, 2018, the Company accrued a cumulative balance of $10.7 million of PIK dividends for the Preferred Stock as presented in the above table. Optional Redemption . The Company has the right to redeem the Series C Preferred Stock, in whole or in part, at any time (subject to certain limitations on partial redemptions), at a price per share equal to (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 (the “Series C Optional Redemption Amount”). The Company has the right to redeem the Series D Preferred Stock, in whole or in part at any time (subject to certain limitations on partial redemptions), at a price per share equal to (i) the Stated Value then in effect multiplied by 117.5% , plus (ii) accrued and unpaid dividends thereon and any other amounts payable by the Company in respect thereof (the “Series D optional Redemption Amount”). Each Series of the Preferred Stock is perpetual and is not mandatorily redeemable at the option of the holders, except upon the occurrence of a Change of Control (as defined in the Certificates of Designation) as described below. Conversion. Each share of Series C Preferred Stock is convertible at any time at the option of the holder into a number of shares of Common Stock equal to (i) the applicable Series C Optional Redemption Amount divided by (ii) a conversion price of $6.15 , subject to adjustment (the “Series C Conversion Price”). Each share of Series D Preferred Stock is convertible at any time at the option of the holder into a number of shares of Common Stock equal to (i) the Series D Optional Redemption Amount divided by (ii) a conversion price of $5.50 , subject to adjustment (the "Series D Conversion Price" and, together with the Series C Conversion Price, the “Conversion Prices”). The Conversion Prices will be subject to proportionate adjustment in connection with stock splits and combinations, dividends paid in stock and similar events affecting the outstanding Common Stock. Additionally, the Conversion Prices 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 applicable Conversion Price then in effect, subject to certain exceptions and to the applicable Share Cap (as defined below). The Company has the right to force the conversion of any or all of the outstanding shares of 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 applicable Conversion Price then in effect for at least 20 of the 30 consecutive trading days immediately preceding the exercise by the Company of the forced conversion right and (ii) certain trading and other conditions are satisfied. To comply with rules of the NYSE American (on which the Common Stock is traded), the Certificates of Designation provide that the number of shares of Common Stock issuable on conversion of a share of Preferred Stock may not exceed (i) in the case of the Series C-1 Preferred Stock (a) the Stated Value divided by (b) $4.42 (which was the closing price of the Common Stock on the NYSE American on January 30, 2018) (the “C-1 Share Cap”) or (ii) in the case of the Series C-2 Preferred Stock and the Series D Preferred Stock (a) the Stated Value divided by (b) $4.41 (which was the closing price of the Common Stock on the NYSE American on October 9, 2018) (together with the C-1 Share Cap, the “Share Caps”), in each case prior to the receipt of shareholder approval of the issuance of shares of Common Stock. Change of Control. Upon the occurrence of a Change of Control (as defined in the Certificates of Designation), each holder of shares of Preferred Stock will have the option to: • cause the Company to redeem all of such holder’s shares of Preferred Stock for cash in an amount per share equal to (i) the applicable 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 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 Preferred Stock, subject to any adjustments to the applicable 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 . Upon any liquidation, dissolution or winding up of the Company: • holders of shares of Series D Preferred Stock will be entitled to receive, prior to any distributions on the Series C Preferred Stock, the Common Stock or other capital stock of the Company ranking junior to the Series D Preferred Stock, an amount per share of Series D Preferred Stock equal to the greater of (i) the Series D Optional Redemption Amount then in effect and (ii) the amount such holder would receive in respect of the number of shares of Common Stock into which such shares of Series D Preferred Stock is then convertible; and • holders of shares of Series C Preferred Stock will be entitled to receive, prior to any distributions on the Common Stock or other capital stock of the Company ranking junior to the Series C Preferred Stock, an amount per share of Series C Preferred Stock equal to the greater of (i) the applicable Series C Optional Redemption Amount then in effect and (ii) the amount such holder would receive in respect to the number of shares of common stock into which a share of Series C Preferred Stock is then convertible. Voting Rights . In addition to the Board designation rights described in the Certificate of Designation, holders of shares of Preferred Stock will be entitled to vote with the holders of shares of Common Stock, as a single class, on all matters submitted for a vote of holders of shares of Common Stock. When voting together with the Common Stock, each share of Preferred Stock will entitle the holder to a number of votes equal to (i) the applicable Stated Value as of the applicable record date or other determination date divided by (ii) (a) in the case of Series C-1 Preferred Stock, $4.42 (the closing price of the Common Stock on the NYSE American on January 30, 2018), and (b) in the case of Series C-2 Preferred Stock and Series D Preferred Stock, $4.41 (the closing price of the Common Stock on the NYSE American on October 9, 2018).

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 14 - STOCKHOLDERS’ EQUITY Issuance of Common Stock On October 10, 2018, in conjunction with the consideration for the reduction of the outstanding principal amount of the term loan under the Second Credit Agreement as disclosed in Note 9 - Long-term Debts, the Company issued an aggregate of 5,952,763 shares of the Company’s common stock, par value $0.0001 per share which includes 5,802,763 shares of common stock at an exchange price of $5.00 per share of common stock plus an additional 150,000 shares of common stock. Common Stock Repurchase In March 2018, the Company entered into a share-repurchase agreement (the “SRA”) with an investment brokerage company (“Broker”) to repurchase $1.0 million of the Company’s common stock as part of the Share Repurchase Plan (the “Plan”). Under the terms of the SRA, the Company paid cash directly to the Broker and received delivery of shares of the Company’s common stock. All of the shares acquired by the Company under the SRA are recorded as treasury stock. For the nine months ended December 31, 2018 the Company purchased 253,598 shares of the Company’s common stock for approximately $1.0 million . Authorized Shares of Common Stock On May 2, 2017, the Board of Directors authorized the amendment of the Company’s certificate of incorporation to increase the number of authorized shares of common stock by 50 million from the prior level of 100 million . This amendment was also approved by the Company’s stockholders on July 13, 2017. There was no change in the stated par value of the shares as a result of this amendment. Private Placement On February 28, 2017, the Company entered into a Securities Subscription Agreement (the “Subscription Agreement”) with certain institutional and accredited investors in connection with a private placement (the “March 2017 Private Placement”) to sell 5.2 million units, consisting of approximately 5.2 million shares of common stock and warrants to purchase approximately an additional 2.6 million shares of common stock. Each unit consisted of one share of common stock and a warrant to purchase 0.50 shares of common stock, at a price per unit of $3.85 . Each warrant has an exercise price of $4.50 and may be subject to redemption by the Company, upon prior written notice, if the price of the Company’s common stock closes at or above $6.30 for twenty trading days during a consecutive thirty trading day period. As of December 31, 2017, the Company received aggregate gross proceeds of $20.0 million and issued 5,194,821 shares of common stock and warrants to purchase 2,597,420 shares of common stock. Warrants The following table provides a summary of warrant activity as of December 31, 2018 and 2017 : Warrants Weighted- Average Exercise Price Outstanding at January 1, 2017 15,915,511 $ 3.34 Warrants issued in connection with private placement 2,597,420 4.50 Warrants issued to Heartland 160,714 3.50 Exercised (6,144,176 ) (0.30 ) Forfeited or expired (646,669 ) (25.70 ) Outstanding at December 31, 2017 11,882,800 $ 3.34 Exercised (3,975,957 ) 2.21 Forfeited or expired (2,889,514 ) 3.35 Outstanding at December 31, 2018 5,017,329 $ 3.83 The outstanding warrants at December 31, 2018 will expire as follows: Year Warrants 2019 2,263,267 2020 174,642 2021 — 2022 2,579,420 5,017,329

STOCK BASED AND OTHER COMPENSAT

STOCK BASED AND OTHER COMPENSATION	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED AND OTHER COMPENSATION	STOCK BASED AND OTHER COMPENSATION On April 20, 2016, the Company’s Board and the Compensation Committee of the Board approved the Company’s 2016 Omnibus Incentive Plan (the “2016 Plan”). On November 3, 2016 the Company’s stockholders voted to increase number of shares of common stock authorized for issuance under the 2016 Plan to 10 million . At the 2017 Annual Meeting of Stockholders of the Company held on July 13, 2017, the Company’s stockholders approved the second amendment to its 2016 Plan to increase the number of shares of common stock available for grant under the 2016 Plan from 10 million to 13 million shares. As of December 31, 2018 , 6.7 million shares of the 13 million shares of the Company’s common stock authorized for awards under the 2016 Plan remained available for future issuances. The Company generally issues new shares to satisfy awards under employee stock based payment plans. The following table sets forth the stock based compensation expense recognized during the years ended December 31, 2018 and 2017 and the unamortized portion of the stock based compensation expense and weighted average amortization period of the remaining vesting period at December 31, 2018 and 2017: 2018 2017 (in thousands) Stock Options Restricted Stock Total Stock Options Restricted Stock Total Stock based compensation expense $ 2,158 $ 6,842 $ 9,000 $ 7,255 $ 14,283 $ 21,538 Unamortized stock based compensation costs $ 487 $ 3,501 $ 3,988 $ 4,267 $ 8,669 $ 12,936 Weighted average amortization period remaining (years) 0.3 0.5 0.7 0.8 Summary of non-cash compensation in the Statement of Changes in Stockholders’ Equity: December 31, 2018 2017 (In thousands) Common stock issued for directors’ fees $ 1,182 $ 959 Stock based compensation for issuance of stock options 1,933 7,255 Stock based compensation for issuance of restricted stock 4,372 13,227 Common stock issued for professional services 1,513 97 Total non-cash compensation in the Statement of Changes in Stockholders’ Equity $ 9,000 $ 21,538 Restricted Stock Employees may be granted restricted stock in the form of restricted stock awards or restricted stock units. Restricted stock is subject to forfeiture restrictions and cannot be sold, transferred, or disposed of during the restriction period. The holders of restricted stock awards have the same rights as a stockholder of the Company with respect to such shares, including the right to vote and receive dividends or other distributions paid with respect to the shares. A restricted stock unit is equivalent to a restricted stock award except that unit holders do not have the right to vote. Restricted stock vests over service periods ranging from the date of grant generally up to two or three years. A summary of restricted stock grant activity pursuant to the 2016 Plan for the years ended December 31, 2018 and 2017 is presented below: Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2017 1,068,305 $ — Granted 4,266,345 1.54 Vested and issued (2,162,915 ) (1.75 ) Forfeited or canceled (696,469 ) — Outstanding at December 31, 2017 2,475,266 $ 4.22 Granted 1,194,944 4.59 Vested and issued (1,436,146 ) (2.38 ) Forfeited or canceled (1,280,480 ) (4.44 ) Outstanding at December 31, 2018 953,584 $ 4.85 A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the years ended December 31, 2018 and 2017 is presented below. The Company no longer grants any awards under the 2012 Plan. Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2017 186,900 $ 12.29 Granted — — Vested and issued (150,419 ) (18.75 ) Forfeited (26,482 ) (16.15 ) Outstanding at December 31, 2017 9,999 6.57 Granted — — Vested and issued (9,999 ) (6.57 ) Forfeited — — Outstanding at December 31, 2018 $ — $ — Stock Options Employees may be granted incentive stock options to purchase shares of the Company’s common stock with an exercise price equal to, or greater than, the fair market value of the Company’s common stock on the date of grant. These stock options generally vest over two years from the date of grant and terminate at the earlier of the date of exercise or ten years from the date of grant. During the years ended December 31, 2018 and 2017, the Company received cash proceeds of approximately $2.6 million and approximately $0.5 million , respectively, from the exercise of vested stock options. The fair value of stock option awards is determined using the Black-Sholes-Merton option-pricing model based on several assumptions. These assumptions are based on management’s best estimate at the time of grant. The Company used the following weighted average of each assumption based on the grants in each fiscal year: 2018 2017 Expected Term in Years 6 2 Expected Volatility 66 % 101 % Expected Dividends — % — % Risk-Free Interest Rate 2.67 % 1.38 % The Company estimates expected volatility based on an analysis of its historical stock prices since the initial public offering date in 2007. The Company estimates the expected term of its option awards based on the vesting period. The Company uses this method to provide a reasonable basis for estimating its expected term due to the lack of sufficient historical employee exercise data on stock option awards. A summary of stock option activity for the years ended December 31, 2018 and 2017 is presented below: Stock Options Outstanding and Exercisable Number of Options Weighted Average Exercise Price Number of Options Vested/ Exercisable Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2016 5,956,833 $ 2.04 2,208,757 9.6 Granted 3,260,000 4.74 Exercised (304,896 ) (2.01 ) Forfeited or canceled (1,606,937 ) (3.06 ) Outstanding at December 31, 2017 7,305,000 3.74 3,534,484 8.9 Granted 352,500 4.07 Exercised (1,024,877 ) (2.67 ) Forfeited or canceled (1,601,045 ) (4.20 ) Outstanding at December 31, 2018 5,031,578 $ 3.81 5,035,317 7.9 During the year ended December 31, 2018, options to purchase 352,500 shares of the Company’s common stock were granted under the 2016 Plan. The weighted average fair value of these options was $4.07 . During the year ended December 31, 2018, the Company received $2.6 million from the exercise of vested stock options. The outstanding options had no intrinsic value at December 31, 2018. The outstanding options had an intrinsic value of approximately $10.1 million at December 31, 2017 .

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION The following table summarizes information on non-cash investing and financing activities for the years ended December 31, 2018 and 2017 : 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 $ — $ 14,865 Fair value of warrants issued for financing costs and debt discount — 1,031 Common stock issued for acquisition of oil and natural gas properties 24,778 — Common stock issued for commitment fees associated with Private Placement — 250 Cashless exercise of warrants and stock options 359 370 Accrued drilling costs 7,850 3,615 Change in asset retirement obligation 1,495 99 Issuance of common stock for drilling services — 97 Issuance of common stock and preferred stock for debt conversion 64,504 — Reduction of fair value for converted embedded derivatives 12,406 — Accrued PIK dividends on Series C-1, C-2 and D Preferred Stock 10,687 — Transfer of warrant derivative instruments to equity 223 —

LOSS PER COMMON SHARE

LOSS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
LOSS PER COMMON SHARE	LOSS PER COMMON SHARE The following table shows the computation of basic and diluted net loss per share for the years ended December 31, 2018 and 2017 : Year Ended December 31, 2018 2017 (in thousands) Net loss $ (4,143 ) $ (80,082 ) Dividends on Series C-1, C-2 and D convertible preferred stock (10,687 ) — Dividends on redeemable preferred stock — (122 ) Dividend and deemed dividends on Series B convertible preferred stock — (4,635 ) Net loss attributable to common stockholders $ (14,830 ) $ (84,839 ) Weighted average common shares outstanding - basic 62,854,214 42,428,148 Net loss per common share - basic $ (0.24 ) $ (2.00 ) Numerator for diluted loss per share: Net loss attributable to common stockholders $ (14,830 ) $ (84,839 ) Add: interest expense on convertible Second Lien Loans 13,429 — Less: fair value change of embedded derivatives associated with Second Lien Loans (35,471 ) — Net loss attributable to common stockholders $ (36,872 ) $ (84,839 ) Denominator for diluted net loss per share: Weighted average number of common shares outstanding - basic 62,854,214 42,428,148 Dilution effect of if-converted Second Lien Loans (1) 15,597,127 — Weighted average number of common shares outstanding - diluted 78,451,341 42,428,148 Net loss per share - diluted: Net loss per common shares (diluted) $ (0.47 ) $ (2.00 ) (1) The Company excluded the following shares from the diluted loss per share calculations because they are anti-dilutive at December 31, 2018 and 2017: December 31, 2018 2017 Stock Options 5,031,578 7,305,000 Restricted Stock Units — 9,999 Stock Purchase Warrants 5,017,329 11,882,800 If-converted Second Lien Term Loans — 24,202,016 If-converted Series C-1 9.75% Convertible Participating Preferred Stock 21,309,234 — If-converted Series C-2 9.75% Convertible Participating Preferred Stock 4,986,382 — If-converted Series D 8.25% Convertible Participating Preferred Stock 8,543,670 — Total 44,888,193 43,399,815

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	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 natural 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	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Firm Oil Takeaway and Pricing Agreement On July 25, 2018, the Company executed a five -year agreement to secure firm takeaway pipeline capacity and pricing on a long-haul pipeline to the Gulf Coast commencing July 1, 2019. The agreement guarantees 6,000 Bbl/d of firm capacity on a long-haul pipeline to Corpus Christi at a specified price, beginning July 1, 2019 through June 30, 2020, and 5,000 Bbl/d from July 1, 2020 through June 30, 2024. We will have firm takeaway and firm pricing commencing July 1, 2019, and the ability to increase capacity subject to availability by SCM. Further, SCM has agreed to purchase the crude from us at a specified Magellan East Houston price with a fixed “differential basis,” providing price relief versus current market conditions. Environmental and Governmental Regulation At December 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 December 31, 2018 , the Company had not been fined or cited for any violations of governmental regulations that would have a material adverse effect upon the financial condition of the Company. Legal Proceedings The Company may from time to time be involved in various legal actions arising in the normal course of business. In the opinion of management, the Company’s liability, if any, in these pending actions would not have a material adverse effect on the financial position of the Company. The Company’s general and administrative expenses would include amounts incurred to resolve claims made against the Company. The Company believes there is no litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition. Operating Leases The Company has only the office spaces in both Houston, Texas, and Fort Worth, Texas, with minimum lease payments with commitments that have initial or remaining lease terms in excess of one year as of December 31, 2018, comprising $0.2 million in 2019, $0.1 million in 2020 and less than $0.1 million in 2021. The Company recognizes rent expense on a straight-line basis over the noncancelable lease term. The leases for office space in Houston, Texas, and Fort Worth, Texas, expire in August 2021 and January 2020, respectively. There were no other noncancelable leases during the year ended December 31, 2018. For the years ended December 31, 2018 and 2017, the Company recognized rent expense of $0.6 million , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS First Amendment and Waiver to Revolving Credit Agreement On March 1, 2019, the Company entered into a First Amendment and Waiver (the “First Amendment”) to the Revolving Credit Agreement. Among other matters, the First Amendment provided for an acceleration of the scheduled May 2019 redetermination of the borrowing base under the Revolving Credit Agreement. The redetermination became effective on March 5, 2019 upon closing of the transactions contemplated by the 2019 Transaction Agreement (as defined below), including the satisfaction in full, as described below, of the Second Lien Loans under the Second Lien Credit Agreement. As so redetermined, the borrowing base is $125 million until the next redetermination date, reflecting an increase of $17 million from the previously in effect borrowing base of $108 million . As amended by the First Amendment, the Revolving Credit Agreement provides that the next scheduled borrowing base redetermination will occur on or about July 1, 2019. Thereafter, scheduled redeterminations of the borrowing base will occur semi-annually on or about May 1 and November 1 of each year, beginning November 1, 2019. In connection with the satisfaction in full of the Second Lien Loans and the termination of the Second Lien Credit Agreement, the First Amendment also amended the maturity date provisions of the Revolving Credit Agreement to eliminate any springing maturity under the Revolving Credit Agreement tied to the maturity of the Second Lien Credit Agreement, resulting in a fixed maturity date under the Revolving Credit Agreement of October 10, 2023. As disclosed in Note 9 - Long-Term Debt, the First Amendment also included a limited waiver of compliance by the Company with the leverage ratio covenant in the Revolving Credit Agreement as of December 31, 2018. The First Amendment also effected certain other ministerial and conforming amendments to the Revolving Credit Agreement related to the transactions contemplated by the 2019 Transaction Agreement and required payment by the Company to lenders of customary fees. 2019 Transaction Agreement On March 5, 2019, the Company entered into a Transaction Agreement (the “2019 Transaction Agreement”) by and among the Company and the Värde Parties. Pursuant to the Transaction Agreement and a related payoff letter, the Company agreed to issue to the Värde Parties shares of two new series of its preferred stock and shares of its Common Stock, as consideration for the termination of the Second Lien Credit Agreement and the satisfaction in full, in lieu of repayment in cash, of all the Second Lien Loans under the Second Lien Credit Agreement. Specifically, in exchange for satisfaction of the outstanding principal amount of the Second Lien Loans, accrued and unpaid interest thereon and the make-whole amount totaling approximately $133.6 million (the “Second Lien Exchange Amount”), the Company agreed to issue to the Värde Parties an aggregate of: • 55,000 shares of a newly created series of preferred stock of the Company, designated as “Series F 9.00% Participating Preferred Stock” (the “Series F Preferred Stock”), corresponding to $55 million of the Second Lien Exchange Amount based on the aggregate initial Stated Value of the shares of Series F Preferred Stock; • 60,000 shares of a newly created series of preferred stock of the Company, designated as “Series E 8.25% Convertible Participating Preferred Stock” (the “Series E Preferred Stock”), corresponding to $60 million of the Second Lien Exchange Amount based on the aggregate initial Stated Value (as defined below) of the shares of Series E Preferred Stock; and • 9,891,638 shares of Common Stock, corresponding to approximately $18.6 million of the Second Lien Exchange Amount, based on the closing price of the Common Stock on the NYSE American on March 4, 2019 of $1.88 . In addition, pursuant to the Transaction Agreement, the Company agreed to issue to the Värde Parties an aggregate of 7,750,000 shares of Common Stock, as consideration for the Värde Parties’ consent to the amendment of the terms of the Series D Preferred Stock and the Series C Preferred Stock (each as defined in Note 13) to, as more fully described below: • eliminate the convertibility of the Series D Preferred Stock and the Series C Preferred Stock into shares of Common Stock; • eliminate the right of holders of the Series D Preferred Stock and the Series C Preferred Stock to vote together with holders of Common Stock; • modify the rights of holders of the Series D Preferred Stock and the Series C Preferred Stock to participate with holders of Common Stock in dividends and distributions on liquidation; • cap the redemption premium on the Series C Preferred Stock at the current level of 25% , instead of increasing to 30% after December 31, 2019; • modify in some respects the rights of holders of the Series D Preferred Stock and the Series C Preferred Stock to appoint members of the Company’s board of directors; and • conform certain negative covenants to those applicable to the Series F Preferred Stock and Series E Preferred Stock. Closing of the transactions contemplated by the 2019 Transaction Agreement, including the issuance of the shares of Series F Preferred Stock, Series E Preferred Stock and Common Stock, the satisfaction and termination of the Second Lien Credit Agreement and the amendment of the terms of the Series D Preferred Stock and Series C Preferred Stock occurred on March 5, 2019. References to the Series D Preferred Stock and the Series C Preferred Stock below in this Note 20 are to those series of preferred stock as so amended. The terms of the Series F Preferred Stock are set forth in a Certificate of Designation of Preferences, Rights and Limitations of Series F 9.00% Participating Preferred Stock filed by the Company with the Secretary of State of the State of Nevada on March 5, 2019 (the “Series F Certificate of Designation”). The terms of the Series E Preferred Stock are set forth in a Certificate of Designation of Preferences, Rights and Limitations of Series E 8.25% Convertible Participating Preferred Stock filed by the Company with the Secretary of State of the State of Nevada on March 5, 2019 (the “Series E Certificate of Designation”). The terms of the Series D Preferred Stock are set forth in an Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series D 8.25% Participating Preferred Stock filed by the Company with the Secretary of State of the State of Nevada on March 5, 2019 (the “Amended and Restated Series D Certificate of Designation”). The terms of the Series C Preferred Stock are set forth in a Second Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of Series C-1 9.75% Participating Preferred Stock and Series C-2 9.75% Participating Preferred Stock filed by the Company with the Secretary of State of the State of Nevada on March 5, 2019 (the “Second Amended and Restated Series C Certificate of Designation”) The Series F Certificate of Designation, the Series E Certificate of Designation, the Amended and Restated Series D Certificate of Designation and the Second Amended and Restated Series C Certificate of Designation are referred to collectively in this Note 20 as the “Certificates of Designation”. The following is a description of the material terms of the Series F Preferred Stock and the Series E Preferred Stock, the material amended terms of the Series D Preferred Stock and the Series C Preferred Stock and the material terms of the 2019 Transaction Agreement. Except as otherwise noted in this Note 20, the material terms of the Series D Preferred Stock and the Series C Preferred Stock remain as in effect prior to the closing of the transactions contemplated by the 2019 Transaction Agreement as disclosed in Note 13 - Mezzanine Preferred Stock. The Series F Preferred Stock, the Series E Preferred Stock, the Series D Preferred Stock and the Series C Preferred Stock are referred to collectively in this Note 20 as the “Preferred Stock.” Ranking . The Series F Preferred Stock ranks senior to all of the other series of Preferred Stock, and the Series E Preferred Stock ranks senior to the Series D Preferred Stock and the Series C Preferred Stock, in each case with respect to dividends and rights on the liquidation, dissolution or winding up of the Company. Stated Value . The Series F Preferred Stock and the Series E Preferred Stock have an initial per share stated value of $1,000 , subject to increase in connection with the payment of dividends in kind as described below (the “Stated Value”). Dividends . Holders of the Series F Preferred Stock and the Series E Preferred Stock are entitled to receive cumulative preferential dividends, payable and compounded quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing April 1, 2019, at an annual rate of 9.00% of the Stated Value for the Series F Preferred Stock and 8.25% of the Stated Value for the Series E Preferred Stock. However, if, on any dividend payment date occurring after April 26, 2021, dividends due on such dividend payment date on the Series F Preferred Stock or the Series E Preferred Stock are not paid in full in cash, the annual dividend rate for the dividends due on such dividend payment date (but not for any future dividend payment date on which dividends are paid in full in cash) will be 10.00% on the Series F Preferred Stock and 9.25% on the Series E Preferred Stock. Dividends are payable, at the Company’s option, (i) in cash, (ii) in kind by increasing the Stated Value by the amount per share of the dividend or (iii) in a combination thereof. The Company expects to pay dividends in kind for the foreseeable future. In addition to these preferential dividends, holders of each series of Preferred Stock are entitled to participate in dividends paid on the Common Stock. For holders of the Series F Preferred Stock, the Series D Preferred Stock and the Series C Preferred Stock, such participation will be based on the dividends such holders would have received if, immediately prior to the applicable record date, each outstanding share of such series of Preferred Stock had been converted into a number of shares of Common Stock equal to the applicable Optional Redemption Price (as defined below) divided by $7.00 , subject to proportionate adjustment in connection with stock splits and combinations, dividends paid in stock and similar events affecting the outstanding Common Stock (such price, as so adjusted, the “Participation Price”) (regardless of the fact that shares of such series of Preferred Stock are not convertible into Common Stock). For holders of the Series E Preferred Stock, such participation will be based on the number of shares of Common Stock such holders would have owned if all shares of Series E Preferred Stock had been converted to Common Stock at the Conversion Rate (as defined below) then in effect. Optional Redemption . The Company has the right to redeem the Series F Preferred Stock, in whole or in part at any time (subject to certain limitations on partial redemptions), at a price per share equal to (i) the Stated Value then in effect, multiplied by 115.0% , plus (ii) accrued and unpaid dividends thereon and any other amounts payable by the Company in respect thereof (the “Series F Optional Redemption Price”). The Series F Preferred Stock is not redeemable at the option of the holders except in connection with a Change of Control as described below and is perpetual unless redeemed in accordance with the Series F Certificate of Designation. Subject to the limitations described below and certain additional limitations on partial redemptions, the Company has the right to redeem the Series E Preferred Stock, in whole or in part at any time, at a price per share equal to (i) the Stated Value then in effect multiplied by (A) 110% if the optional redemption date occurs on or prior to March 5, 2020, (B) 105% if the optional redemption date occurs after March 5, 2020 and on or prior to March 5, 2021 and (C) 100% if the optional redemption date occurs after March 5, 2021, plus (ii) accrued and unpaid dividends thereon and any other amounts payable by the Company in respect thereof (the “Series E Optional Redemption Price”). However, for any optional redemption effected in connection with or following a Change of Control (as defined in the Series E Certificate of Designation) or any mandatory redemption in connection with a Change of Control as described below, the Series E Optional Redemption Price will be calculated under clause (C) above, regardless of when the redemption or Change of Control occurs. The Company may not effect an optional redemption of the Series E Preferred Stock unless: • either (i) as of the optional redemption date, there are no shares of the Series F Preferred Stock outstanding or (ii) all outstanding shares of the Series F Preferred Stock are redeemed on such optional redemption date concurrently with such optional redemption of the Series E Preferred Stock in accordance with the terms of the Series F Certificate of Designation; • the aggregate Series E Optional Redemption Price for all shares of the Series E Preferred Stock to be redeemed pursuant to such optional redemption shall not exceed the aggregate amount of net cash proceeds received by the Company from a contemporaneous issuance of Common Stock issued for the purpose of redeeming such shares of Series E Preferred Stock; and • if the optional redemption date occurs prior to March 5, 2022, then (i) the VWAP for at least 20 trading days during the 30 trading day period immediately preceding the notice of the optional redemption has been at least 150% of the Conversion Price (as defined below) then in effect, and (ii) such optional redemption shall be for all (but not less than all) then-outstanding shares of Series E Preferred Stock. The Series E Preferred Stock is not redeemable at the option of the holders except in connection with a Change of Control as described below and is perpetual unless converted or redeemed in accordance with the Series E Certificate of Designation. As amended, the redemption price payable by the Company in connection with a redemption of the Series C Preferred Stock will be a price per share equal to (i) the Stated Value (as defined in the Series C Certificate of Designation) multiplied by 125.0% plus (ii) accrued and unpaid dividends thereon and any other amounts payable by the Company in respect thereof (the “Series C Optional Redemption Price” and, together with the Series E Optional Redemption Price, the Series F Optional Redemption Price and the Series D Optional Redemption Amount (as defined in Note 13), the respective “Optional Redemption Prices”). Prior to the amendments effected in connection with the closing under the 2019 Transaction Agreement, the percentage specified in clause (i) above would have increased to 130.0% for a redemption of the Series C Preferred Stock effected after December 31, 2019. Conversion . Each share of the Series E Preferred Stock is convertible at any time at the option of the holder into a number of shares of Common Stock equal to (i) the applicable Series E Optional Redemption Price divided by (ii) the Conversion Price (as defined below) (the “Conversion Rate”). However, for purposes of determining the Conversion Rate, the Series E Optional Redemption Price will calculated on the basis applicable to an optional redemption occurring after March 5, 2021 ( i.e. , multiplying the Stated Value by 100.0% ), regardless of the timing or circumstances of the conversion. The “Conversion Price” for the Series E Preferred Stock is $2.50 , subject to adjustment as described below. The Conversion Price will be subject to proportionate adjustment in connection with stock splits and combinations, dividends paid in stock and similar events affecting the outstanding Common Stock. Additionally, 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 Conversion Price then in effect, subject to certain exceptions and to the Share Cap (as defined below). To comply with rules of the NYSE American, the Series E Certificate of Designation provides that the number of shares of Common Stock issuable on conversion of a share of Series E Preferred Stock may not exceed (the “Share Cap”) the Stated Value divided by $1.88 (which was the closing price of the Common Stock on the NYSE American on March 4, 2019), subject to proportionate adjustment in connection with stock splits and combinations, dividends paid in stock and similar events affecting the outstanding Common Stock (such price, as so adjusted, the “Initial Market Price”), prior to the receipt of shareholder approval of the issuance of shares of Common Stock in excess of the Share Cap upon conversion of shares of Series E Preferred Stock. The 2019 Transaction Agreement requires the Company to seek such shareholder approval at its next annual meeting of shareholders. Accordingly, the Company intends to seek such shareholder approval at its 2019 annual meeting of shareholders. The Company does not have the right to force the conversion of shares of the Series E Preferred Stock based on the trading price of the Common Stock or otherwise. The Series F Preferred Stock and, as amended, the Series D Preferred Stock and the Series C Preferred Stock are not convertible into Common Stock. Change of Control . Upon the occurrence of a Change of Control (as defined in the Certificates of Designation), each holder of shares of the Series E Preferred Stock and the Series F Preferred Stock will have the option to: • cause the Company to redeem all of such holder’s shares of Series E Preferred Stock or Series F Preferred Stock for cash in an amount per share equal to the applicable Optional Redemption Price; • in the case of the Series E Preferred Stock, convert all of such holder’s shares of Series E Preferred Stock into Common Stock at the Conversion Rate; or • continue to hold such holder’s shares of Series E Preferred Stock or Series F Preferred Stock, subject to the Company’s or its successor’s optional redemption rights described above and, in the case of the Series E 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. Because of the elimination of the convertibility of the Series D Preferred Stock and the Series C Preferred Stock, holders of the Series D Preferred Stock and the Series C Preferred Stock no longer have the option to convert their shares of Series D Preferred Stock or Series C Preferred Stock to Common Stock in connection with a Change of Control. Liquidation Preference . Upon any liquidation, dissolution or winding up of the Company: • holders of shares of Series F Preferred Stock, Series D Preferred Stock or Series C Preferred will be entitled to receive, after any distributions on the Preferred Stock ranking senior to such series of Preferred Stock (as applicable) and prior to any distributions on the Preferred Stock ranking junior to such series of Preferred Stock (as applicable), the Common Stock or other capital stock of the Company ranking junior to such series of Preferred Stock, an amount per share equal to the greater of (i) the applicable Optional Redemption Price then in effect and (ii) the proceeds the holders of Preferred Stock of such series would be entitled to receive if, immediately prior to the payment of such amount, each then-outstanding share of such series of Preferred Stock had been converted into a number of shares of Common Stock equal to the applicable Optional Redemption Price divided by the Participation Price (regardless of the fact that shares of such series of Preferred Stock are not convertible into Common Stock); and • holders of shares of Series E Preferred Stock will be entitled to receive, after any distributions on the Series F Preferred Stock and prior to any distributions on the Series D Preferred Stock, the Series C Preferred Stock, the Common Stock or other capital stock of the Company ranking junior to the Series E Preferred Stock, an amount per share of Series E Preferred Stock equal to the greater of (i) the Series E Optional Redemption Price then in effect and (ii) the amount such holder would receive in respect of the number of shares of Common Stock into which such share of Series E Preferred Stock is then convertible. Board Designation Rights . The Series F Certificate of Designation provides that holders of the Series F Preferred Stock have the right, voting separately as a class, to designate one member of the Company’s board of directors (the “Board”) for as long as the aggregate Stated Value of all outstanding shares of the Series F Preferred Stock is at least equal to $13,750,000 . The Series E Certificate of Designation provides that holders of the Series E Preferred Stock have the right, voting separately as a class, to designate one member of the Board for as long as the shares of Common Stock issuable on conversion of the outstanding shares of Series E Preferred Stock represent at least 5% of the outstanding shares of Common Stock (giving effect to conversion of all outstanding shares of the Series E Preferred Stock). The Amended and Restated Series D Certificate of Designation provides that holders of the Series D Preferred Stock will the right, voting separately as a class, to designate one member of the Board for as long as the aggregate Stated Value (as defined in the Amended and Restated Series D Certificate of Designation) of all outstanding shares of the Series D Preferred Stock is at least equal to $9,813,500 . The Second Amended and Restated Series C Certificate of Designation provides that holders of the Series C Preferred Stock have the right, voting separately as a class, to designate two members of the Board for so long as the aggregate Stated Value (as defined in the Second Amended and Restated Series C Certificate of Designation) of all outstanding shares of the Series C Preferred Stock is at least equal to $31,250,000 . The 2019 Transaction Agreement required that the Board take, and the Board has taken, all actions necessary to increase the number of directors constituting the entire Board by two directors (to total eleven ), which vacancies created by the increase, are required to be filled by (i) the person designated by the holders of the Series F Preferred Stock and (ii) the person designated by the holders of the Series E Preferred, in each case, as and when required under the Series F Certificate of Designation or the Series E Certificate of Designation, as applicable. The 2019 Transaction Agreement provides that, effective at the closing thereunder, the three directors previously designated by the Värde Parties pursuant to their previously existing rights under the Series C Preferred Stock and the Second Lien Credit Agreement, became the directors entitled to be appointed by the holders of the Series C Preferred Stock and the holders of the Series D Preferred Stock pursuant to the Second Amended and Restated Series C Certificate of Designation and the Amended and Restated Series D Certificate of Designation. The Transaction Agreement separately grants to the Värde Parties, for so long as the Värde Parties and their affiliates continue to beneficially own (as defined in Rule 13d-3 under the Exchange Act) shares of Common Stock (including the Common Shares) representing at least the applicable percentage of the outstanding shares of Common Stock specified in the bullet points below, the right (but not the obligation) to designate to the Board the following numbers of directors: • five directors, for as long as the Värde Parties and their affiliates beneficially own shares of Common Stock representing at least 40.0% of the outstanding shares of Common Stock; • four directors, for as long as the Värde Parties and their affiliates beneficially own shares of Common Stock representing at least 33.3% of the outstanding shares of Common Stock; • three directors, for as long as the Värde Parties and their affiliates beneficially own shares of Common Stock representing at least 25.0% of the outstanding shares of Common Stock; • two directors, for as long as the Värde Parties and their affiliates beneficially own shares of Common Stock representing at least 10.0% of the outstanding shares of Common Stock; and • one director, for as long as the Värde Parties and their affiliates beneficially own shares of Common Stock representing at least 5.0% of the outstanding shares of Common Stock. The 2019 Transaction Agreement provides that, during the time that the holders of Preferred Stock of any series are entitled to appoint one or more directors to the Board pursuant to one or more of the Certificates of Designation, the number of directors the Värde Parties are entitled to designate pursuant to the provisions of the 2019 Transaction Agreement described above will be reduced by the total number of directors the holders of the Preferred Stock of all series are then entitled to appoint pursuant to the Certificates of Designation. Additionally, the number of directors that may be appointed or designated under each of the Certificates of Designation and the 2019 Transaction Agreement is subject to reduction if necessary to comply with the rules of the NYSE American or any other exchange on which the Common Stock is listed. The Board members appointed or designated by holders of the Preferred Stock pursuant to the Certificates of Designation or by the Värde Parties pursuant to the 2019 Transaction Agreement must be reasonably acceptable to the Board and its Nominating and Corporate Governance Committee, acting in good faith, but any investment professional of Värde Partners, Inc. or its affiliates will be deemed to be reasonably acceptable. In addition, such Board designees must satisfy applicable SEC and stock exchange requirements and comply with the Company’s corporate governance guidelines. The 2019 Transaction Agreement provides that the board designation rights provisions of the 2019 Transaction Agreement supersede and replace the similar provisions of the 2018 Transaction Agreement and the Securities Purchase Agreement (each as defined in Note 13). Voting Rights; Negative Covenants . In addition to the Board designation rights described above, holders of Series E Preferred Stock are entitled to vote with the holders of the Common Stock, as a single class, on all matters submitted for a vote of holders of the Common Stock. When voting together with the Common Stock, each share of Series E Preferred Stock will entitle the holder to a number of votes equal to the applicable Stated Value as of the applicable record date or other determination date divided by the greater of (i) the then-applicable Conversion Price and (ii) the then-applicable Initial Market Price. Holders of shares of Series F Preferred Stock, Series D Preferred Stock and Series C Preferred Stock are not be entitled to vote with the holders of the Common Stock as a single class on any matter. Each of the Certificates of Designation provides that, as long as any shares of Preferred Stock of the applicable series are outstanding, the Company may not, without the prior affirmative vote or prior written consent of the holders of a majority of the outstanding shares of Preferred Stock of each such series, as applicable: • amend the Company’s articles of incorporation or bylaws in any manner that materially and adversely affects any rights, preferences, privileges or voting powers of the applicable series of Preferred Stock or holders of shares of such series of Preferred Stock; • issue, authorize or create, or increase the issued or authorized amount of, the applicable series of Preferred Stock, any class or series of capital stock ranking senior to or in parity with such series of Preferred Stock, or any security convertible into or evidencing the right to purchase any shares of such series of Preferred Stock or any such senior or parity securities, other than equity, the proceeds of which, are used to immediately redeem all of the outstanding shares of Preferred Stock of the applicable series pursuant to the Company’s optional redemption rights described above; • subject to certain exceptions, declare or pay any dividends or distributions on, or redeem or repurchase, or permit any of its controlled subsidiaries to redeem or repurchase, shares of Common Stock or any other shares of capital stock of the Company ranking junior to the applicable series Preferred Stock, subject to certain exceptions; • authorize, issue or transfer, or permit any of its controlled subsidiaries to authorize, issue or transfer, any equity in any subsidiary of the Company other than (i) equity issued or transferred to the Company or another wholly-owned subsidiary of the Company or (ii) equity, the proceeds of which, are used to immediately redeem all of the outstanding shares of the applicable series of Preferred Stock pursuant to the Company’s optional redemption rights described above; or • subject to certain exceptions, modify the number of directors constituting the entire the Board at any time when holders of shares of the applicable series Preferred Stock have the right to designate a member of the Board. The Certificates of Designation further provide that, (i) in the case of the Series F Preferred Stock, as long shares of the Series F Preferred Stock having an aggregate Series F Optional Redemption Price of at least $27.5 million are outstanding, (ii) in the case of the Series E Preferred Stock, as long as shares of Series E Preferred Stock having an aggregate Series E Optional Redemption Price of at least $30 million are outstanding, (iii) in the case of the Series D Preferred Stock, as long as shares of Series D Preferred Stock having an aggregate Series D Optional Redemption Amount of at least $19.627 million are outstanding, and (iv) in the case of the Series C Preferred Stock, as long as shares of Series C Preferred Stock having an aggregate Series C Optional Redemption Price of at least $50 million are outstanding, the Company may not, and may not permit any of its controlled subsidiaries to, without the prior affirmative vote or prior written consent of the holders of a majority of the outstanding shares of the applicable series of Preferred Stock: • subject to certain exceptions, incur indebtedness or permit to exist any liens on the assets or properties of the Company or its subsidiaries; • enter into, adopt or agree to any “restricted payment” or similar provision that restricts or limits the payment of dividends on, or the redemption of, shares of the applicable series of Preferred Stock under any credit facility, indenture or other similar instrument of the Company that would be more restrictive on the payment of dividends on, or redemption of, shares of the applicable series of Preferred Stock than those existing as of the date on which shares of the applicable series of Preferred Stock were first issued; • liquidate or dissolve the company; • enter into any material new line of business or fundamentally change the nature of the Company’s business, including any acquisition of oil and gas properties outside the Permian Basin; • enter into certain transactions with affiliates of the Company unless made on an arm’s-length basis and approved by a majority of the disinterested members of the Board; • subject to certain exceptions, make dispositions of assets or property of the Company or its subsidiaries; • subject to certain exceptions, make loans or investments; or • voluntarily commence any bankruptcy or similar proceeding or take other similar actions. Transfer Restrictions . Under the 2019 Transaction Agreement, the Series F Certificate of Designation and the Series E Certificate of Designation, shares of Series F Preferred Stock and Series E Preferred Stock and shares of Common Stock issued on conversion of shares of Series E Preferred Stock may not be transferred by the holder of such shares, other than to an affiliate of such holder, prior to September 5, 2019. After September 5, 2019, such shares will be freely transferable, subject to applicable securities laws. Standstill . The 2019 Transaction Agreement includes a customary standstill provision pursuant to which the Värde Parties agreed that they will not, directly or indirectly, take

Supplementary Information on Oi

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited)	12 Months Ended
	Dec. 31, 2018
Supplemental Oil And Gas Reserve Information [Abstract]
Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited)	Lilis Energy, Inc. and Subsidiaries Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) The Company’s oil and natural gas reserves are attributable solely to properties within the United States, which constitutes one cost center. Costs Incurred for Oil and Natural Gas Producing Activities The following table sets forth the costs incurred in the Company ’ s oil and natural gas acquisition, exploration and development activities and includes costs whether capitalized or expensed as well as revisions and additions to the estimated future asset retirement obligations : December 31, 2018 2017 (In thousands) Acquisition costs: Unproved properties $ 93,926 $ 78,111 Proved properties 22,356 2,245 Exploration costs 89,351 42,033 Development costs 78,103 28,113 Total $ 283,736 $ 150,502 Results of Operations for Oil and Natural Gas Producing Activities The following table sets forth the results of operations for oil and natural gas producing activities for the following periods: December 31, 2018 2017 (In thousands) Revenues $ 70,216 $ 21,612 Production costs (13,843 ) (6,199 ) Production taxes (3,709 ) (1,187 ) Accretion of asset retirement obligation (85 ) (82 ) Depletion, depreciation and amortization (25,159 ) (6,906 ) Full cost ceiling impairment — (10,505 ) Total $ 27,420 $ (3,267 ) Reserve Quantity Information The following table provides a roll forward of the total proved reserves for the years ended December 31, 2018 and 2017, as well as proved developed and proved undeveloped reserves at the beginning and end of each respective year: Crude Oil (Bbls) Natural Gas (Mcf) NGLs (Bbls) January 1, 2017 550,705 3,871,506 3,211 Extensions and discoveries 6,791,945 14,438,471 1,455,620 Purchase of reserves — — — Sale of reserves (92,293 ) (364,712 ) (3,211 ) Revisions of previous estimates 292,975 (1,109,174 ) 222,825 Production (371,993 ) (776,165 ) (73,875 ) December 31, 2017 7,171,339 16,059,926 1,604,570 Extensions and discoveries 15,881,727 38,957,588 4,565,994 Purchase of reserves 1,883,047 8,897,115 682,964 Sale of reserves — — — Revisions of previous estimates (2,641,353 ) 17,690,723 1,769,448 Production (1,089,724 ) (2,855,739 ) (246,425 ) December 31, 2018 21,205,036 78,749,613 8,376,551 Proved Developed Reserves, included above: Balance, January 1, 2017 550,705 3,871,506 3,211 Balance, December 31, 2017 2,531,397 6,594,446 644,102 Balance, December 31, 2018 6,278,035 27,046,195 2,653,908 Proved Undeveloped Reserves, included above: Balance, January 1, 2017 — — — Balance, December 31, 2017 4,639,942 9,465,480 960,468 Balance, December 31, 2018 14,927,001 51,703,418 5,722,643 Extensions and discoveries of 26.9 MBOE during the year ended December 31, 2018, resulted primarily from the drilling of new wells during the year and from new proved undeveloped locations added during the year. Revisions of previous reserve estimates increased 2018 proved reserves to 2,076 MBOE. Increased SEC pricing for 2018 as compared to 2017 increased reserves by approximately 401 MBOE. The remaining revisions of 1,675 MBOE were the result of operational factors, including most notably: availability of additional natural gas transportation and processing infrastructure, and improvements in operations because of additional experience gained from wells drilled and completed in 2017 and 2018. Standardized Measure of Discounted Future Net Cash Flows The standardized measure of discounted future net cash flows does not purport to be, nor should it be interpreted to present, the fair value of the oil and natural gas reserves of the properties. An estimate of fair value would take into account, among other things, the recovery of reserves not presently classified as proved, the value of unproved properties and consideration of expected future economic and operating conditions. The estimates of future cash flows and future production and development costs as of December 31, 2018 and 2017 are based on the unweighted arithmetic average first-day-of-the-month price for the preceding 12-month period. Estimated future production of proved reserves and estimated future production and development costs of proved reserves are based on current costs and economic conditions which are held constant throughout the life of the properties. All wellhead prices are held flat over the forecast period for all reserve categories. The estimated future net cash flows are then discounted at a rate of 10%. The standardized measure of discounted future net cash flows relating to proved oil, natural gas and NGL reserves is as follows: December 31, 2018 2017 (In thousands) Future cash inflows $ 1,500,263 $ 397,531 Future production costs (414,117 ) (151,456 ) Future development costs (346,225 ) (113,727 ) Future income tax expense (62,842 ) — Future net cash flows 677,079 132,348 10% discount to reflect timing of cash flows (384,345 ) (63,536 ) Total $ 292,734 $ 68,812 In the foregoing determination of future cash inflows, sales prices used for oil, natural gas and NGLs for December 31, 2018 and 2017, were estimated using the average price during the 12-month period, determined as the unweighted arithmetic average of the first-day-of-the-month price for each month. Prices were adjusted by lease for quality, transportation fees and regional price differentials. Future costs of developing and producing the proved natural gas and oil reserves reported at the end of each year shown were based on costs determined at each such year-end, assuming the continuation of existing economic conditions. The Company cautions that the disclosures shown are based on estimates of proved reserve quantities and future production schedules which are inherently imprecise and subject to revision and the 10% discount rate is arbitrary. In addition, costs and prices as of the measurement date are used in the determinations and no value may be assigned to probable or possible reserves. Changes in the standardized measure of discounted future net cash flows relating to proved oil, natural gas and NGL reserves are as follows: Year Ended December 31, 2018 2017 (In thousands) Balance at beginning of period $ 68,812 $ 6,656 Net changes in prices and production costs 24,261 (13,402 ) Sales of oil and gas produced during the year, net (49,271 ) 57,163 Changes in estimated future development costs (39,938 ) — Net change due to extensions and discoveries 161,785 (1,296 ) Net change due to purchases of minerals in place 55,278 8,311 Net change due to sales of minerals in place — 4,968 Previously estimated development costs incurred during the year 68,349 (1,580 ) Net changes due to revision of previous quantity estimates 28,350 1,683 Accretion of discount 6,881 666 Other - unspecified 3,252 5,643 Net change in income taxes (35,025 ) — Balance at end of period $ 292,734 $ 68,812

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Principles of Consolidation	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	Use of Estimates The accompanying consolidated financial statements are prepared in conformity with 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, and the allocation of general administrative expenses. Actual results could differ significantly from these estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the 2018 presentation. These reclassifications have no effect on the Company’s previously reported results of operations, shareholders’ equity or cash flows.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include highly liquid instruments with an original maturity of three months or less are stated at cost, which approximates fair value.
Accounts Receivable	Accounts Receivable The Company has accounts receivable from joint interest owners of properties operated by the Company. The Company typically has the right to withhold future revenue disbursements to recover any non-payment of related joint interest billings. Management routinely assesses accounts receivable amounts to determine their collectability and accrues an allowance for uncollectible receivables when, based on the judgment of management, it is probable that a receivable will not be collected. The Company records actual and estimated oil and natural gas revenue receivable from third parties at its net revenue interest. In addition, the Company has receivables derived from sales of certain oil and natural gas production which are collateral under the Company’s credit agreements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments As of December 31, 2018 and 2017 , the carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, revenue payable and advances from joint interest partners approximates fair value due to the short-term nature of such items. The carrying value of the Company’s secured debt is carried at cost which approximates the fair value of the debt as the related interest rates approximates interest rates currently available to the Company.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the full cost method of accounting for oil and natural gas operations. Under this method, costs related to the exploration, non-production related development and acquisition of oil and natural gas reserves are capitalized. Such costs include land acquisition costs, geological and geophysical expenses, carrying charges on non-producing properties, costs of drilling, developing and completing productive wells, and 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, and (b) estimated future development cost to be incurred in developing proved reserves, 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 (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 present value of estimated future net cash flows was computed by applying a flat oil price to forecast revenues from estimated future production of proved oil and natural gas reserves as of period-end, less estimated future expenditures to be incurred in developing and producing the proved reserves (assuming the continuation of existing economic conditions), less any applicable future taxes. For the year ended December 31, 2018 , the ceiling value of the Company’s reserves was calculated based upon SEC pricing of $65.56 per barrel for oil and $3.10 per MMBtu for natural gas. The costs of unproved oil and gas properties are excluded from amortization until the properties are evaluated. Costs are transferred into the amortization base on an ongoing basis as the properties are evaluated and proved oil and natural gas reserves are established or if impairment is determined. Unproved oil and gas properties are assessed periodically, at least annually, to determine whether impairment had occurred. The assessment considers the following factors, among others: intent to drill, remaining lease term, geological and geophysical evaluations, drilling results and activity, the assignment of proved reserves, the economic viability of development if proved reserves were assigned and other current market conditions. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and were then subject to amortization.
Wells in Progress	Wells in Progress Wells in progress connotes wells that are currently in the process of being drilled or completed or otherwise under evaluation as to their potential to produce oil and natural gas reserves in commercial quantities. Such wells continue to be classified as wells in progress and withheld from the depletion calculation and the ceiling test until such time as either proved reserves can be assigned, or the wells are otherwise abandoned. Upon either the assignment of proved reserves or abandonment, the costs for these wells are then transferred to the full cost pool and become subject to both depletion and the ceiling test calculations in accordance with full cost accounting under Rule 4-10 of Regulation S-X of the Securities Exchange Act of 1934, as amended.
Capitalized Interest	Capitalized Interest For significant oil and natural gas investments in unproved properties, and significant exploration and development projects that have not commenced production, interest is capitalized as part of the historical cost of developing and constructing assets. Capitalized interest is determined by multiplying the Company’s weighted-average borrowing cost on debt by the average amount of qualifying costs incurred. Once an asset subject to interest capitalization is completed and placed in service, the associated capitalized interest is expensed through depreciation or impairment. As of December 31, 2018 , there were no significant exploratory projects on unproved properties and none of the development projects exceeded the interest capitalization qualifying asset limit.
Other Property and Equipment	Other Property and Equipment Property and equipment include vehicles, office equipment and furniture which are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of property and equipment range from three to seven years.
Asset Retirement Obligations	Asset Retirement Obligation s The Company incurs retirement obligations for certain assets at the time they are placed in service. The fair values of these obligations are recorded as liabilities on a discounted basis. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value. For purposes of depletion, the Company includes estimated dismantlement and abandonment cost, net of salvage values, associated with future development activities that have not yet been capitalized as asset retirement obligations. Asset retirement obligations incurred are classified as Level 3 (unobservable inputs) fair value measurements.
Revenue Recognition	Revenue Recognition Revenue is recognized when control passes to the purchaser which generally occurs when production is transferred to the purchaser. The Company measures revenue as the amount of consideration it expects 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. The Company records revenue based on consideration specified in its contracts with its customers. 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 receive in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts is 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.
Stock Based Compensation	Stock based Compensation The Company applies a fair value method of accounting for stock based compensation, which requires recognition in the financial statements of the cost of services received in exchange for equity awards. For equity awards, compensation expense is based on the fair value on the grant date or modification date and is recognized in the Company’s financial statements over the vesting period. The Company utilizes the Black-Scholes Merton option-pricing model to measure the fair value of stock options based on several criteria, including but not limited to, the valuation model used and associated input factors, such as expected term of the award, stock price volatility, risk free interest rate, dividend rate. These inputs are subjective and are determined using management’s judgment. If differences arise between the assumptions used in determining stock based compensation expense and the actual factors, which become known over time, the Company may change the input factors used in determining future stock based compensation expense. The Company recognizes forfeitures as and when the stock awards are forfeited. The Company accounts for warrant grants to nonemployees whereby the fair values of such warrants are determined using the option pricing model at the earlier of the date at which the nonemployee’s performance is complete or a performance commitment is reached.
Income Taxes	Income Taxes The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts and the tax bases of assets and liabilities and are measured using the tax rates expected to be in effect when the differences reverse. Deferred tax assets are also recognized for operating loss and tax credit carry forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is used to reduce deferred tax assets when uncertainty exists regarding their realization. The Company recognizes its tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed that do not meet these recognition and measurement standards. As of December 31, 2018 and 2017 , the Company has determined that no liability is required to be recognized. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. No interest or penalties were required to be accrued at December 31, 2018 and 2017 . Further, the Company does not expect that the total amount of unrecognized tax benefits will significantly increase or decrease during the next 12 months.
Concentration of Credit Risk	Concentration of Credit Risk The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payment for costs associated with the property and seeks reimbursement from the other joint interest owners in the property for their portion of those costs. When warranted, prepayments are required from joint interest owners for drilling and completion projects. Joint interest owners consist primarily of independent oil and natural gas producers whose ability to reimburse the Company could be negatively impacted by adverse market conditions. The purchasers of the Company’s oil, natural gas and NGL production consist primarily of independent marketers, major oil and gas companies, refiners and gas pipeline companies. Credit evaluations are performed on the Company’s purchasers of its production and their financial condition is monitored on an ongoing basis. Based on those evaluations and monitoring, the Company may obtain letters of credit or parental guarantees from some purchasers. All of the Company’s oil and natural gas derivative transactions are carried out in the over-the-counter market and are not typically subject to margin-deposit requirements. The use of derivative transactions involves the risk that the counterparties will be unable to meet the financial terms of such transactions. The Company monitors the credit ratings of its derivative counterparties on an ongoing basis. If a counterparty were to default on its obligations to the Company under the derivative contracts or seek bankruptcy protection, it could have a material adverse effect on its ability to fund planned activities and could result in a larger percentage of our future production being subject to commodity price volatility. In addition, in poor economic environments and tight financial markets, the risk of a counterparty default is heightened and fewer counterparties may participate in derivative transactions, which could result in greater concentration of exposure to any one counterparty or a larger percentage of the Company’s future production being subject to commodity price changes.
Major customers	Major Customers During the years ended December 31, 2018 and 2017 , the Company’s major customers relative to total revenue consisted of the following: Year Ended December 31, 2018 2017 Texican Crude & Hydrocarbon, LLC 87 % 85 % ETC Field Services LLC 2 % 14 % Lucid Energy 10 % — % All others 1 % 1 % 100 % 100 % Due to availability of other purchasers, we do not believe the loss of any single oil or natural gas customer would have a material adverse effect on our results of operations.
Derivative Financial Instruments	Derivative Instruments All derivative instruments are recorded on the consolidated balance sheet at fair value as either an asset or a liability with changes in fair value recognized currently in earnings. Although derivative instruments are used by the Company to manage the price risk attributable to its expected oil and natural gas production, those derivative instruments have not been designated as accounting hedges under the accounting guidance. All of our derivatives are accounted for as mark-to-market activities. Under ASC Topic 815, “Derivatives and Hedging,” these instruments are recorded on the consolidated balance sheets at fair value as either short term or long-term assets or liabilities based on their anticipated settlement date. The Company nets derivative assets and liabilities by commodity for counterparties where a legal right to such offset exists. Changes in the derivatives’ fair values are recognized in current earnings since the Company has elected not to designate its current derivative contracts as cash flow hedges for accounting purposes. The Company has recognized certain conversion features within its Second Lien Term Loan as embedded derivatives that have been bifurcated from the Second Lien Term Loan, as defined in Note 8, and accounted for separately from the debt.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards The Company adopted Accounting Standard Update (ASU) No. 2016-02, Leases (Topic 842) on January 1, 2019. This ASU establishes significant changes to accounting for leases which include recognizing a lease liability and a right-of-use (ROU) asset for all leases, with terms exceeding 12 months on the Company’s Consolidated Balance Sheet. Expenses related to operating leases will continue to be recognized in the Company’s Consolidated Statements of Operations that are similar to current lease accounting guidance. The Company adopted this ASU using the modified retrospective approach and elected a package of practical expedients which allows the Company to avoid reassessing contracts that commenced prior to adoption and were correctly classified under existing lease accounting guidance. The Company will apply the transition requirements at the January 1, 2019 effective date. This approach allows for a cumulative effect adjustment in the period of adoption and prior periods will not be restated. Policy elections permitted under this ASU that have been made by the Company include (a) not recognizing on the balance sheet leases with terms that are less than twelve months, (b) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease, (c) the package of practical expedients, which allows the Company to avoid reassessing contracts that commenced prior to adoption and were correctly classified under ASC 840. In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) Land Easement Practical Expedient for Transition to Topic 842. This ASU provides an optional transition practical expedient to not evaluate under Topic 842 (discussed above) existing or expired land easements that were not previously accounted for as leases under the current lease guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date that the entity adopts Topic 842. Under the full cost method of accounting, we capitalize to oil and gas properties all property acquisition, exploration, and development costs, which include the costs of land easements. We plan to elect this practical expedient and continue to apply our current accounting policy to account for land easements that existed before our adoption of Topic 842 and will evaluate new or modified land easements under Topic 842 upon our adoption of Topic 842. The Company has also made changes to its accounting systems, business and control processes to facilitate compliance with accounting and reporting requirements. Based on leases assessed and identified at January 1, 2019, the Company estimates the impact to its Consolidated Balance Sheet would be approximately between the range of $6.7 million and $8.2 million and does not expect a material impact on its Consolidated Statements of Operations or Consolidated Statement of Cash Flows . On January 1, 2018, the Company adopted the new accounting standard, Accounting Standards Codification, 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 revenue from customers is derived from production and sales of crude oil, natural gas and NGLs 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 owners. Consequently, the Company recognizes revenues only for its share of the production, see Note 6. In accordance with the New Revenue Standard requirements, the impact of adoption on the Company’s consolidated statements of operations and consolidated balance sheets was as follows: As Reported Balances without Adoption of ASC 606 Increase (Decrease) Year Ended December 31, 2018 (in thousands) Consolidated Statements of Operations: Revenues $ 70,216 $ 70,321 $ (105 ) Operating expenses (3,392 ) (3,497 ) 105 As of December 31, 2018 Consolidated Balance Sheets: Accounts receivable $ 17,363 $ 17,468 $ (105 ) Accrued liabilities 14,793 14,898 (105 ) As shown in this comparison table, there is no impact on the net loss from the New Revenue Standard adoption and, therefore, no adjustment to the opening balance of accumulated deficit. Prior to the adoption of the New Revenue Standard, 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 the New Revenue Standard, the Company will only recognize revenues for its share of the production, resulting in the removal of the retainage fee approximating $105,000 from both revenues and operating expenses during the year ended December 31, 2018. On July 13, 2017, the Financial Accounting Standards Board (“FASB”) issued a two-part ASU, 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 (ASU 2017-11). Part I of ASU 2017-11 simplifies the accounting for certain financial instruments with down round features by requiring companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. Companies that provide earnings per share (EPS) data will adjust their basic EPS calculation for the effect of the feature when triggered (that is, when the exercise price of the related equity-linked financial instrument is adjusted downward because of the down round feature) and will also recognize the effect of the trigger within equity. Part II of ASU 2017-11 is not applicable to the Company since it addresses concerns relating to an indefinite deferral available to private companies with mandatorily redeemable financial instruments and certain noncontrolling interests. The provisions of ASU 2017-11 related to down rounds are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted for all organizations. The Company elected to adopt ASU 2017-11 on January 1, 2018. The Company’s SOS Warrant Liability (as described in Note 7) was accounted for as a derivative instrument solely because of its down round feature. The outstanding SOS Warrants of $0.2 million as of the date of adoption were reclassified to equity and the Company no longer recognize any gain or loss based on the fair value of the SOS Warrants. The cumulative effect of the adoption was not material. The SOS Warrants expired on June 23, 2018. No other derivatives instruments were affected by the adoption of ASU 2017-11. On June 20, 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, which supersedes most of the prior accounting guidance on nonemployee share-based payments, and instead aligns it with existing guidance on employee share-based payments in Topic 718. As a result, nonemployee share-based payment transactions will be measured by estimating the fair value of the equity instruments that an entity is obligated to issue and the measurement date will be consistent with the measurement date for employee share-based payment awards (i.e., grant date for equity-classified awards). Probability is to be considered on nonemployee awards with performance conditions. The classification will continue to be subject to the requirements of Topic 718, Compensation - Stock Compensation, although cost recognition of nonemployee awards will remain unchanged. The amendments become effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company elected to early adopt the ASC 2018-07 during the quarter ended September 30, 2018. As a result, during the year ended December 31, 2018, there was no material impact on non-employee share-based compensation. On January 5, 2017, the FASB issued ASU 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU 2017-01 introduces a screen for determining when assets acquired are not a business and clarifies that a business must include, at a minimum, an input and a substantive process that contribute to an output to be considered a business. This standard is effective for fiscal years beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted ASU 2017-01 on January 1, 2018. During year ended December 31, 2018, the Company completed multiple acquisitions which were assessed in accordance with the new standard (see Note 4). On January 1, 2018, the Company retroactively adopted ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force). This ASU requires the statements of cash flows to present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents are now included with cash and cash equivalents when reconciling the beginning of period and end of period amounts presented on the statements of cash flows. The retrospective application of this new accounting guidance did not have a material impact in the Company’s accompanying consolidated statement of cash flows for the year ended December 31, 2017. For the year ended December 31, 2018, there was no restricted cash.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Accrued Liabilities	As of December 31, 2018 and 2017 , the Company’s accrued liabilities consisted of the following: December 31, 2018 2017 (in thousands) Accrued bonuses $ 2,300 $ 3,000 Accrued drilling costs 7,850 3,615 Accrued production expenses 2,926 182 Other accrued liabilities 1,718 837 Total accrued liabilities $ 14,794 $ 7,634
Schedules of Concentration of Risk, by Risk Factor	During the years ended December 31, 2018 and 2017 , the Company’s major customers relative to total revenue consisted of the following: Year Ended December 31, 2018 2017 Texican Crude & Hydrocarbon, LLC 87 % 85 % ETC Field Services LLC 2 % 14 % Lucid Energy 10 % — % All others 1 % 1 % 100 % 100 %
Schedule of impact of adoption of New Revenue Standard requirements	In accordance with the New Revenue Standard requirements, the impact of adoption on the Company’s consolidated statements of operations and consolidated balance sheets was as follows: As Reported Balances without Adoption of ASC 606 Increase (Decrease) Year Ended December 31, 2018 (in thousands) Consolidated Statements of Operations: Revenues $ 70,216 $ 70,321 $ (105 ) Operating expenses (3,392 ) (3,497 ) 105 As of December 31, 2018 Consolidated Balance Sheets: Accounts receivable $ 17,363 $ 17,468 $ (105 ) Accrued liabilities 14,793 14,898 (105 )

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2018
Extractive Industries [Abstract]
Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization	The following table set forth a summary of oil and natural gas property costs (net of divestitures) at December 31, 2018 and 2017 : 2018 2017 Oil and natural gas properties: (In thousands) Proved $ 358,858 $ 141,717 Unproved 169,863 101,771 Total oil and natural gas properties 528,721 243,488 Accumulated depletion, depreciation and amortization (98,342 ) (73,183 ) Oil and natural gas properties, net $ 430,379 $ 170,305 The following table set forth a summary of costs withheld from amortization as of December 31, 2018: Year of Acquisition Total 2018 2017 2016 Unamortized costs: (in thousands) Unproved leasehold costs $ 168,302 $ 92,505 $ 52,744 $ 23,053 Exploratory costs 1,561 1,561 — — Total $ 169,863 $ 94,066 $ 52,744 $ 23,053

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table presents the final allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date: As of October 16, 2018 (In thousands) Fair value of net assets: Proved oil and natural gas properties $ 12,562 Unproved oil and natural gas properties 4,542 Total assets acquired 17,104 Asset retirement obligations assumed (65 ) Fair value of net assets acquired $ 17,039

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS (ARO) (Tables)	12 Months Ended
	Dec. 31, 2018
ASSET RETIREMENT OBLIGATIONS [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes the changes in the Company’s ARO: Year Ended December 31, 2018 2017 (In thousands) ARO, beginning of period $ 952 $ 1,257 Additional liabilities incurred 374 20 Accretion expense 85 82 Liabilities settled (87 ) (288 ) Revision in estimates (1) 1,120 (119 ) ARO, end of period 2,444 952 Less: current portion of ARO (2) (11 ) (226 ) ARO, non-current $ 2,433 $ 726 (1) The significant increase in revision of estimates of $1.1 million for the year ended December 31, 2018 was primarily attributed to increases in plugging and abandonment cost estimates by approximately $50,000 per well. (2) The current portion of ARO is included in accrued liabilities in the consolidated balance sheets.

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2018
Revenues [Abstract]
Disaggregation of revenue	The following table disaggregates the Company’s revenue by contract type ( in thousands ): Short-term contracts Long-term contracts Total Year Ended December 31, 2018 (in thousands) Crude Oil $ 58,042 $ — $ 58,042 Natural Gas 1,045 4,201 5,246 NGLs 1,381 5,547 6,928 Gathering, processing and transportation (676 ) (2,716 ) (3,392 )

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Summary of recurring fair values of assets and liabilities measured at fair value	The financial instruments measured at fair value on a recurring basis consist of the following: December 31, 2018 2017 Derivative assets (liabilities): Derivative assets - current $ 2,551 $ — Derivative assets - non-current (1) 1,822 — Derivative liabilities - current (515 ) (853 ) Derivative liabilities - non-current (2) (4,699 ) (72,937 ) Total derivative liabilities, net $ (841 ) $ (73,790 ) (1) The non-current derivative assets are included in other assets in the consolidated balance sheets. (2) Includes $2.0 million of embedded derivatives associated with Second Lien Loans and $2.7 million associated with commodity derivatives. Fair Value Measurement Classification Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) As of December 31, 2018 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (2,923 ) $ — $ (2,923 ) Oil and natural gas derivative collar contracts — 4,047 — 4,047 Embedded derivative instruments: Second Lien Term Loan conversion features — — (1,965 ) (1,965 ) Total $ — $ 1,124 $ (1,965 ) $ (841 ) As of December 31, 2017 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (706 ) $ — $ (706 ) Oil and natural gas derivative collar contracts — (147 ) — (147 ) Equity instruments: Warrant liabilities — — (223 ) (223 ) Embedded derivative instruments: Second Lien Term Loan conversion features — — (72,714 ) (72,714 ) Total $ — $ (853 ) $ (72,937 ) $ (73,790 )
Summary of changes in fair value of Level 3 financial assets and liabilities	The following table sets forth a reconciliation of changes in the fair value of the Company’s financial assets and liabilities classified as Level 3 in the fair value hierarchy, except for the commodity derivatives classified as Level 2 as disclosed in Note 8, as of December 31, 2018 and 2017 : Second Lien Term Loan Conversion Features Warrant Liabilities Total (in thousands) Balance at January 1, 2018 $ (72,714 ) $ (223 ) $ (72,937 ) Transferred to equity — 223 223 Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan 12,406 — 12,406 Change in fair value of derivative liabilities 58,343 — 58,343 Balance at December 31, 2018 $ (1,965 ) $ — $ (1,965 ) Second Lien Term Loan Conversion Features Warrant Liabilities Total (in thousands) Balance at January 1, 2017 $ — $ (1,400 ) $ (1,400 ) Issuance (65,647 ) — (65,647 ) Cashless exercise of warrants — 370 370 Change in fair value of derivative liabilities (7,067 ) 807 (6,260 ) Balance at December 31, 2017 $ (72,714 ) $ (223 ) $ (72,937 )

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 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 Company’s derivative positions as of December 31, 2018 with respect to future production: 2019 2020 Oil positions: Oil swaps (NYMEX WTI): Hedged Volume (Bbls) — 277,685 Average price ($ per Bbl) $ — $ 56.21 Basis swaps (NYMEX WTI): Hedged Volume (Bbls) 909,500 547,500 Average price ($ per Bbl) $ (6.85 ) $ (5.62 ) Put Options (NYMEX WTI): Hedged Volume (Bbls) 1,095,000 — Average price ($ per Bbl) $ 50.41 $ — Call Options (NYMEX WTI): Hedged Volume (Bbls) 638,000 — Average price ($ per Bbl) $ 69.76 $ — Natural gas positions: Gas swaps (NYMEX Henry Hub): Hedged Volume (MMBtu) 906,238 714,134 Average price ($ per MMBtu) $ 2.75 $ 2.54 Put Options (NYMEX Henry Hub): Hedged Volume (MMBtu) 392,481 144,130 Average price ($ per MMBtu) $ 3.05 $ 2.80 Call Options (NYMEX Henry Hub): Hedged Volume (MMBtu) 392,481 144,130 Average price ($ per MMBtu) $ 3.58 $ 3.06 For the years ended December 31, 2018 and 2017, the effect of the commodity derivative activity on the Company’s Consolidated Statements of Operations was as follows: Year Ended December 31, 2018 2017 (In thousands) Unrealized gain (loss) on unsettled derivatives $ 1,977 $ (853 ) Net settlement paid on derivative contracts (2,742 ) (96 ) Net settlement receivable (payable) on derivative contracts 820 (114 ) Net gain (loss) on commodity derivatives $ 55 $ (1,063 )
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: December 31, 2018 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets (1) Net Amounts Presented in the Consolidated Balance Sheets (in thousands) Offsetting Derivative Assets: Current assets $ 4,122 $ (1,571 ) $ 2,551 Long-term assets 1,854 (32 ) 1,822 Total assets $ 5,976 $ (1,603 ) $ 4,373 Offsetting Derivative Liabilities: Current liabilities $ (2,086 ) $ 1,571 $ (515 ) Long-term commodity derivative liabilities (2,766 ) 32 (2,734 ) Long-term embedded derivative liabilities (1,965 ) — (1,965 ) Total liabilities $ (6,817 ) $ 1,603 $ (5,214 ) December 31, 2017 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets (1) Net Amounts Presented in the Consolidated Balance Sheets (in thousands) Offsetting Derivative Assets: Current asset $ — $ — $ — Long-term asset — — — Total asset $ — $ — $ — Offsetting Derivative Liabilities: Current liabilities $ (853 ) $ — $ (853 ) Long-term commodity derivative liabilities — — — Long-term embedded derivative liabilities (72,937 ) — (72,937 ) Total liabilities $ (73,790 ) $ — $ (73,790 ) (1) This column represents the impact of offsetting commodity derivative assets and liabilities with all counterparties where the Company has the contractual rights and intends to net settle.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	As of December 31, 2018 2017 (In thousands) 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 Loan, due 2021, net of debt issuance costs and debt discount 82,804 96,431 Revolving Credit Agreement, due April 2021 75,000 — Other notes payable, due 2018 and 2019 — 1,011 Total long-term debt $ 157,804 $ 127,805 Less: current portion — (11 ) Total long-term debt, net of current portion $ 157,804 $ 127,794
Schedule of debt	As of December 31, 2018 and 2017 , the carrying amounts of the Second Lien Term Loan were as follows: Principal Amount Paid-in- kind Interest Unamortized Debt Issuance Costs & Debt Discount Carrying Amount (in thousands) As of December 31, 2018 Revolving Credit Agreement, due April 2021 $ 75,000 $ — $ — $ 75,000 Second Lien Term Loan, due April 2021 100,000 11,641 (28,837 ) 82,804 Total: $ 175,000 $ 11,641 $ (28,837 ) $ 157,804 As of December 31, 2017 Bridge loans associated with the amended First Lien Term Loan, due September 2019 $ 30,000 $ 807 $ (444 ) $ 30,363 Second Lien Term Loan, due April 2021 150,000 5,752 (59,321 ) 96,431 Total: $ 180,000 $ 6,559 $ (59,765 ) $ 126,794
Schedule of interest expense	The components of interest expense are as follows: Year Ended December 31, 2018 2017 (in thousands) Interest on bridge loans associated with First Lien Term Loan $ 728 $ 1,774 Interest on Revolving Credit Agreements 2,242 — Interest on Notes Payable 5 53 Paid-in-kind interest on First Lien Term Loan and Second Lien Term Loan 12,213 6,559 Amortization of debt financing costs on Second Lien Term Loan and Revolving Credit Agreement 3,241 1,886 Amortization of discount on Second Lien Term Loan 14,398 8,485 Total: $ 32,827 $ 18,757

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	During the years ended December 31, 2018 and 2017 , the Company has engaged in the following transactions with related parties: Year Ended December 31, Related Party Transactions 2018 2017 ($ in thousands) 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. $ — $ 204 Total: $ — $ 204 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 $ 10,705 $ — ImPetro Operating, LLC, a wholly-owned subsidiary of the Company is the operator for two of VPD's producing wells and VPD reimbursed the Company for operating overhead charges. 44 — Receivable balance outstanding as of December 31, 2018 for operating costs associated with the VPD's producing wells 1,843 — Total: $ 12,592 $ — (1) Värde is the lead lender in the Company’s Second Lien Loans (see Note 9 – Long-term Debt) and also participated in the issuances of the Preferred Stock in January and October 2018 (see Note 13 – Mezzanine Preferred Stock).

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Summary of income tax provision (benefit)	The income tax provision (benefit) for the years ended December 31, 2018 and 2017 consisted of the following: December 31, 2018 2017 (in thousands) U.S. Federal: Current $ — $ — Deferred (7,496 ) 32,579 State and local: Current — — Deferred 509 1,059 (6,987 ) 33,638 Change in valuation allowance 6,987 (33,638 ) Income tax provision $ — $ —
Summary of deferred tax assets	The tax effects of temporary differences that give rise to the Company’s deferred tax asset as of December 31, 2018 and 2017 consisted of the following: December 31, 2018 2017 (In thousands) Deferred tax assets: Net operating loss carry-forward $ 27,568 $ 15,653 Share based compensation 808 784 Abandonment obligation 541 212 Derivative instruments — 191 Deferred revenue 11,630 — Interest expense 3,804 — Accrued liabilities and other 85 52 Total deferred tax asset 44,436 16,892 Valuation allowance (23,611 ) (16,624 ) Deferred tax asset, net of valuation allowance $ 20,825 $ 268 Deferred tax liabilities: Derivative instruments 249 — Oil and natural gas properties and equipment 20,576 268 Total deferred tax liability 20,825 268 Net deferred tax asset (liability) $ — $ —
Reconciliation of Company's effective tax rate to the expected federal tax rate	Reconciliation of the Company’s effective tax rate to the expected U.S. federal tax rate is: Year Ended December 31, 2018 2017 Effective federal tax rate 21.00 % 34.00 % State tax rate, net of federal benefit 2.06 % 1.11 % Effect of the Tax Cuts and Jobs Act — % -11.22 % Change in fair value derivative liability 295.70 % -2.59 % Debt discount amortization -72.97 % -3.51 % Share based compensation differences and forfeitures — % 0.91 % Change in rate -6.40 % -0.05 % Other permanent differences -5.69 % -4.61 % NOL true-up - §382 limitation -5.51 % -47.22 % Loss from early debt extinguishment -59.01 % — % Other -0.56 % -6.47 % Valuation allowance -168.62 % 39.65 % Net — % — %

MEZZANINE PREFERRED STOCK (Tabl

MEZZANINE PREFERRED STOCK (Tables)	12 Months Ended
	Dec. 31, 2018
Temporary Equity Disclosure [Abstract]
Schedule of Mezzanine Preferred Stock	As of December 31, 2018, the Company accounted the Series C-1 Preferred Stock, Series C-2 Preferred Stock and the Series D Preferred Stock at its fair value plus cumulative PIK dividends, net of transaction costs under mezzanine equity in the consolidated balance sheet - see components of the Series C-1Preferred Stock, Series C-2 Preferred Stock and Series D Preferred Stock summarized in the table below. Number of Series C-1 Preferred Shares Series C-1 Preferred Stock Number of Series C-2 Preferred Shares Series C-2 Preferred Stock Number of Series D Preferred Shares Series D Preferred Stock Total (In thousands, except shares) Balance, January 1, 2018 — $ — — $ — — $ — $ — Issuance of Preferred Stock 100,000 100,000 25,000 25,000 39,254 39,919 164,919 Transaction costs (1) — (2,494 ) — (87 ) — — (2,581 ) Net Proceeds 100,000 97,506 25,000 24,913 39,254 39,919 162,338 Paid-in-kind dividends — 9,268 — 609 — 810 10,687 Balance, December 31, 2018 100,000 $ 106,774 25,000 $ 25,522 39,254 $ 40,729 $ 173,025 Stated value per share $ 1,093 $ 256 $ 407 (1) Transaction costs incurred for the issuance of Series D Preferred Shares are included in the accounting for loss on the early extinguishment of debt associated with the Transaction Agreement dated October 10, 2018 on the reduction of the Second Lien Term Loan as disclosed in Note 9 Long-Term Debt.

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Summary of warrant activity	The following table provides a summary of warrant activity as of December 31, 2018 and 2017 : Warrants Weighted- Average Exercise Price Outstanding at January 1, 2017 15,915,511 $ 3.34 Warrants issued in connection with private placement 2,597,420 4.50 Warrants issued to Heartland 160,714 3.50 Exercised (6,144,176 ) (0.30 ) Forfeited or expired (646,669 ) (25.70 ) Outstanding at December 31, 2017 11,882,800 $ 3.34 Exercised (3,975,957 ) 2.21 Forfeited or expired (2,889,514 ) 3.35 Outstanding at December 31, 2018 5,017,329 $ 3.83 The outstanding warrants at December 31, 2018 will expire as follows: Year Warrants 2019 2,263,267 2020 174,642 2021 — 2022 2,579,420 5,017,329

STOCK BASED AND OTHER COMPENS_2

STOCK BASED AND OTHER COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity	The following table sets forth the stock based compensation expense recognized during the years ended December 31, 2018 and 2017 and the unamortized portion of the stock based compensation expense and weighted average amortization period of the remaining vesting period at December 31, 2018 and 2017: 2018 2017 (in thousands) Stock Options Restricted Stock Total Stock Options Restricted Stock Total Stock based compensation expense $ 2,158 $ 6,842 $ 9,000 $ 7,255 $ 14,283 $ 21,538 Unamortized stock based compensation costs $ 487 $ 3,501 $ 3,988 $ 4,267 $ 8,669 $ 12,936 Weighted average amortization period remaining (years) 0.3 0.5 0.7 0.8
Schedule of Non-Cash Compensation	Summary of non-cash compensation in the Statement of Changes in Stockholders’ Equity: December 31, 2018 2017 (In thousands) Common stock issued for directors’ fees $ 1,182 $ 959 Stock based compensation for issuance of stock options 1,933 7,255 Stock based compensation for issuance of restricted stock 4,372 13,227 Common stock issued for professional services 1,513 97 Total non-cash compensation in the Statement of Changes in Stockholders’ Equity $ 9,000 $ 21,538
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Award Activity	A summary of restricted stock grant activity pursuant to the 2016 Plan for the years ended December 31, 2018 and 2017 is presented below: Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2017 1,068,305 $ — Granted 4,266,345 1.54 Vested and issued (2,162,915 ) (1.75 ) Forfeited or canceled (696,469 ) — Outstanding at December 31, 2017 2,475,266 $ 4.22 Granted 1,194,944 4.59 Vested and issued (1,436,146 ) (2.38 ) Forfeited or canceled (1,280,480 ) (4.44 ) Outstanding at December 31, 2018 953,584 $ 4.85 A summary of restricted stock unit grant activity pursuant to the 2012 Plan for the years ended December 31, 2018 and 2017 is presented below. The Company no longer grants any awards under the 2012 Plan. Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2017 186,900 $ 12.29 Granted — — Vested and issued (150,419 ) (18.75 ) Forfeited (26,482 ) (16.15 ) Outstanding at December 31, 2017 9,999 6.57 Granted — — Vested and issued (9,999 ) (6.57 ) Forfeited — — Outstanding at December 31, 2018 $ — $ —
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 2017 Expected Term in Years 6 2 Expected Volatility 66 % 101 % Expected Dividends — % — % Risk-Free Interest Rate 2.67 % 1.38 %
Schedule of Share-based Compensation, Stock Options, Activity	A summary of stock option activity for the years ended December 31, 2018 and 2017 is presented below: Stock Options Outstanding and Exercisable Number of Options Weighted Average Exercise Price Number of Options Vested/ Exercisable Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2016 5,956,833 $ 2.04 2,208,757 9.6 Granted 3,260,000 4.74 Exercised (304,896 ) (2.01 ) Forfeited or canceled (1,606,937 ) (3.06 ) Outstanding at December 31, 2017 7,305,000 3.74 3,534,484 8.9 Granted 352,500 4.07 Exercised (1,024,877 ) (2.67 ) Forfeited or canceled (1,601,045 ) (4.20 ) Outstanding at December 31, 2018 5,031,578 $ 3.81 5,035,317 7.9

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table summarizes information on non-cash investing and financing activities for the years ended December 31, 2018 and 2017 : 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 $ — $ 14,865 Fair value of warrants issued for financing costs and debt discount — 1,031 Common stock issued for acquisition of oil and natural gas properties 24,778 — Common stock issued for commitment fees associated with Private Placement — 250 Cashless exercise of warrants and stock options 359 370 Accrued drilling costs 7,850 3,615 Change in asset retirement obligation 1,495 99 Issuance of common stock for drilling services — 97 Issuance of common stock and preferred stock for debt conversion 64,504 — Reduction of fair value for converted embedded derivatives 12,406 — Accrued PIK dividends on Series C-1, C-2 and D Preferred Stock 10,687 — Transfer of warrant derivative instruments to equity 223 —

LOSS PER COMMON SHARE (Tables)

LOSS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The following table shows the computation of basic and diluted net loss per share for the years ended December 31, 2018 and 2017 : Year Ended December 31, 2018 2017 (in thousands) Net loss $ (4,143 ) $ (80,082 ) Dividends on Series C-1, C-2 and D convertible preferred stock (10,687 ) — Dividends on redeemable preferred stock — (122 ) Dividend and deemed dividends on Series B convertible preferred stock — (4,635 ) Net loss attributable to common stockholders $ (14,830 ) $ (84,839 ) Weighted average common shares outstanding - basic 62,854,214 42,428,148 Net loss per common share - basic $ (0.24 ) $ (2.00 ) Numerator for diluted loss per share: Net loss attributable to common stockholders $ (14,830 ) $ (84,839 ) Add: interest expense on convertible Second Lien Loans 13,429 — Less: fair value change of embedded derivatives associated with Second Lien Loans (35,471 ) — Net loss attributable to common stockholders $ (36,872 ) $ (84,839 ) Denominator for diluted net loss per share: Weighted average number of common shares outstanding - basic 62,854,214 42,428,148 Dilution effect of if-converted Second Lien Loans (1) 15,597,127 — Weighted average number of common shares outstanding - diluted 78,451,341 42,428,148 Net loss per share - diluted: Net loss per common shares (diluted) $ (0.47 ) $ (2.00 ) (1) The Company excluded the following shares from the diluted loss per share calculations because they are anti-dilutive at December 31, 2018 and 2017: December 31, 2018 2017 Stock Options 5,031,578 7,305,000 Restricted Stock Units — 9,999 Stock Purchase Warrants 5,017,329 11,882,800 If-converted Second Lien Term Loans — 24,202,016 If-converted Series C-1 9.75% Convertible Participating Preferred Stock 21,309,234 — If-converted Series C-2 9.75% Convertible Participating Preferred Stock 4,986,382 — If-converted Series D 8.25% Convertible Participating Preferred Stock 8,543,670 — Total 44,888,193 43,399,815
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 are anti-dilutive at December 31, 2018 and 2017: December 31, 2018 2017 Stock Options 5,031,578 7,305,000 Restricted Stock Units — 9,999 Stock Purchase Warrants 5,017,329 11,882,800 If-converted Second Lien Term Loans — 24,202,016 If-converted Series C-1 9.75% Convertible Participating Preferred Stock 21,309,234 — If-converted Series C-2 9.75% Convertible Participating Preferred Stock 4,986,382 — If-converted Series D 8.25% Convertible Participating Preferred Stock 8,543,670 — Total 44,888,193 43,399,815

Supplementary Information on _2

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Supplemental Oil And Gas Reserve Information [Abstract]
Summary of Operations for Oil and Gas Producing Activities	Costs Incurred for Oil and Natural Gas Producing Activities The following table sets forth the costs incurred in the Company ’ s oil and natural gas acquisition, exploration and development activities and includes costs whether capitalized or expensed as well as revisions and additions to the estimated future asset retirement obligations : December 31, 2018 2017 (In thousands) Acquisition costs: Unproved properties $ 93,926 $ 78,111 Proved properties 22,356 2,245 Exploration costs 89,351 42,033 Development costs 78,103 28,113 Total $ 283,736 $ 150,502 Results of Operations for Oil and Natural Gas Producing Activities The following table sets forth the results of operations for oil and natural gas producing activities for the following periods: December 31, 2018 2017 (In thousands) Revenues $ 70,216 $ 21,612 Production costs (13,843 ) (6,199 ) Production taxes (3,709 ) (1,187 ) Accretion of asset retirement obligation (85 ) (82 ) Depletion, depreciation and amortization (25,159 ) (6,906 ) Full cost ceiling impairment — (10,505 ) Total $ 27,420 $ (3,267 )
Summary of Proved Developed and Undeveloped Reserves	The following table provides a roll forward of the total proved reserves for the years ended December 31, 2018 and 2017, as well as proved developed and proved undeveloped reserves at the beginning and end of each respective year: Crude Oil (Bbls) Natural Gas (Mcf) NGLs (Bbls) January 1, 2017 550,705 3,871,506 3,211 Extensions and discoveries 6,791,945 14,438,471 1,455,620 Purchase of reserves — — — Sale of reserves (92,293 ) (364,712 ) (3,211 ) Revisions of previous estimates 292,975 (1,109,174 ) 222,825 Production (371,993 ) (776,165 ) (73,875 ) December 31, 2017 7,171,339 16,059,926 1,604,570 Extensions and discoveries 15,881,727 38,957,588 4,565,994 Purchase of reserves 1,883,047 8,897,115 682,964 Sale of reserves — — — Revisions of previous estimates (2,641,353 ) 17,690,723 1,769,448 Production (1,089,724 ) (2,855,739 ) (246,425 ) December 31, 2018 21,205,036 78,749,613 8,376,551 Proved Developed Reserves, included above: Balance, January 1, 2017 550,705 3,871,506 3,211 Balance, December 31, 2017 2,531,397 6,594,446 644,102 Balance, December 31, 2018 6,278,035 27,046,195 2,653,908 Proved Undeveloped Reserves, included above: Balance, January 1, 2017 — — — Balance, December 31, 2017 4,639,942 9,465,480 960,468 Balance, December 31, 2018 14,927,001 51,703,418 5,722,643
Summary of future net cash flows relating to proved oil and gas	The standardized measure of discounted future net cash flows relating to proved oil, natural gas and NGL reserves is as follows: December 31, 2018 2017 (In thousands) Future cash inflows $ 1,500,263 $ 397,531 Future production costs (414,117 ) (151,456 ) Future development costs (346,225 ) (113,727 ) Future income tax expense (62,842 ) — Future net cash flows 677,079 132,348 10% discount to reflect timing of cash flows (384,345 ) (63,536 ) Total $ 292,734 $ 68,812
Summary of changes in standardized measure of discounted future net cash flows	Changes in the standardized measure of discounted future net cash flows relating to proved oil, natural gas and NGL reserves are as follows: Year Ended December 31, 2018 2017 (In thousands) Balance at beginning of period $ 68,812 $ 6,656 Net changes in prices and production costs 24,261 (13,402 ) Sales of oil and gas produced during the year, net (49,271 ) 57,163 Changes in estimated future development costs (39,938 ) — Net change due to extensions and discoveries 161,785 (1,296 ) Net change due to purchases of minerals in place 55,278 8,311 Net change due to sales of minerals in place — 4,968 Previously estimated development costs incurred during the year 68,349 (1,580 ) Net changes due to revision of previous quantity estimates 28,350 1,683 Accretion of discount 6,881 666 Other - unspecified 3,252 5,643 Net change in income taxes (35,025 ) — Balance at end of period $ 292,734 $ 68,812

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019	Sep. 30, 2018	Jan. 01, 2018	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash, error in classification	$ 21,137,000	$ 17,462,000				$ 11,738,000
Percentage of discount of estimated future net revenues	10.00%
Ceiling value price per barrel of oil	$ 65.56
Ceiling value price per MMBtu for natual gas	3.10
Depreciation	10,000	40,000
Revenues	70,216,000	21,612,000
Warrant liability	$ 76,967,000	$ 25,435,000
Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful lives of property and equipment	3 years
Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Useful lives of property and equipment	7 years
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ (105,000)
SOS Warrant [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2017-11 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Warrant liability					$ 200,000
Subsequent Event [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset			$ 6,700,000
Lease liability			6,700,000
Subsequent Event [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset			8,200,000
Lease liability			$ 8,200,000
Classification Error [Member] | Restatement Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash, error in classification				$ 15,000,000

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Accrued bonuses	$ 2,300	$ 3,000
Accrued drilling costs	7,850	3,615
Accrued production expenses	2,926	182
Other accrued liabilities	1,718	837
Total accrued liabilities	$ 14,794	$ 7,634

Basis of Presentation and Sum_6

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Major Customers (Details) - Sales Revenue, Net [Member]	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Concentration Risk [Line Items]
Percentage of concentration risk	100.00%	100.00%
Texican Crude & Hydrocarbon, LLC [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	87.00%	85.00%
ETC Field Services LLC [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	2.00%	14.00%
Lucid Energy [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	10.00%	0.00%
All others [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	1.00%	1.00%

Basis of Presentation and Sum_7

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Impact of Adoption on Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Operations:
Revenues	$ 70,216	$ 21,612
Consolidated Balance Sheets:
Accounts receivable	17,363
Accrued liabilities	14,793
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Consolidated Statements of Operations:
Revenues	70,321
Consolidated Balance Sheets:
Accounts receivable	17,468
Accrued liabilities	14,898
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Consolidated Statements of Operations:
Revenues	(105)
Consolidated Balance Sheets:
Accounts receivable	(105)
Accrued liabilities	(105)
Natural Gas Gathering Transportation Marketing And Processing [Member]
Consolidated Statements of Operations:
Revenues	(3,392)
Operating expenses	(3,392)	$ (1,191)
Natural Gas Gathering Transportation Marketing And Processing [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Consolidated Statements of Operations:
Operating expenses	(3,497)
Natural Gas Gathering Transportation Marketing And Processing [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Consolidated Statements of Operations:
Operating expenses	$ 105

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES - Summary of Oil and Natural Gas Property Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Oil and natural gas properties:
Proved	$ 358,858	$ 141,717
Unproved	169,863	101,771
Total oil and natural gas properties	528,721	243,488
Accumulated depletion, depreciation and amortization	(98,342)	(73,183)
Oil and natural gas properties, net	430,379	170,305
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Unproved leasehold costs	168,302
Exploratory costs	1,561
Unproved	169,863	$ 101,771
Aging of Capitalized Exploratory Well Costs, Period One [Member]
Oil and natural gas properties:
Unproved	94,066
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Unproved leasehold costs	92,505
Exploratory costs	1,561
Unproved	94,066
Aging of Capitalized Exploratory Well Costs, Period Two [Member]
Oil and natural gas properties:
Unproved	52,744
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Unproved leasehold costs	52,744
Exploratory costs	0
Unproved	52,744
Aging of Capitalized Exploratory Well Costs, Period Three [Member]
Oil and natural gas properties:
Unproved	23,053
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Unproved leasehold costs	23,053
Exploratory costs	0
Unproved	$ 23,053

OIL AND NATURAL GAS PROPERTIE_3

OIL AND NATURAL GAS PROPERTIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Extractive Industries [Abstract]
Unproved oil and gas property transferred to prove undeveloped	$ 11,100
Depreciation, depletion, amortization and accretion	$ 25,367	$ 7,025

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Acquisitions Narrative (Details) $ in Thousands	Oct. 16, 2018USD ($)a	Sep. 14, 2018USD ($)Well$ / a	Aug. 14, 2018USD ($)	Mar. 15, 2018USD ($)shares	Mar. 03, 2018USD ($)	Feb. 28, 2018USD ($)	Jun. 30, 2017USD ($)	Jan. 30, 2018USD ($)	Dec. 31, 2018USD ($)Well	Dec. 31, 2017USD ($)	Dec. 31, 2019Well
Business Acquisition [Line Items]
Percentage of discount of estimated future net revenues									10.00%
Proceeds from options associated with salt water disposal infrastructure									$ 17,500	$ 0
Southwest Royalties LLC [Member]
Business Acquisition [Line Items]
Area of land | a	568.5
Consideration transferred	$ 17,000
Total assets acquired	17,104
Anadarko [Member]
Business Acquisition [Line Items]
Consideration transferred					$ 7,100
DJ Basin [Member]
Business Acquisition [Line Items]
Disposal of oil and gas property and equipment, consideration							$ 2,000
Proceeds from options associated with salt water disposal infrastructure							1,080
Severance costs							700
Net sale adjustment amount due to purchaser							$ 220
Proved Properties [Member] | Southwest Royalties LLC [Member]
Business Acquisition [Line Items]
Total assets acquired	12,562
Unproved Properties [Member] | Southwest Royalties LLC [Member]
Business Acquisition [Line Items]
Total assets acquired	$ 4,542
Lease Agreements [Member] | Felix Energy Holdings II, LLC [Member]
Business Acquisition [Line Items]
Consideration transferred			$ 400
Ameredev II, LLC [Member] | Lease Agreements [Member]
Business Acquisition [Line Items]
Payment per net mineral acre received in excess of net mineral acres traded | $ / a		12,500
Payment for excess net mineral acres		$ 700
Number of wells | Well		4
Payments for asset acquisitions		$ 6,500
Asset acquisition, consideration transferred		$ 7,200
VPD Texas, L.P. [Member]
Business Acquisition [Line Items]
Number of wells | Well									2
Payments for asset acquisitions						$ 10,700
Asset acquisition, consideration transferred						11,100
Transaction costs and purchase price adjustments						$ 500
VPD Texas, L.P. [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Number of wells | Well											2
OneEnergy Partners Operating, LLC [Member]
Business Acquisition [Line Items]
Payments for asset acquisitions				$ 40,000
Capital expenditures incurred but not yet paid								$ 70,000
Business acquisition, equity interest issued or issuable (in shares) | shares				6,940,722
Common stock issued				$ 24,900
Business acquisition purchase price before acquisition costs and customary purchase price adjustments				$ 64,900
Transaction costs and purchase price adjustments								$ 1,100
KEW Drilling [Member]
Business Acquisition [Line Items]
Payments for asset acquisitions										48,900
Asset acquisition, consideration transferred										49,700
Transaction costs and purchase price adjustments										$ 800

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Summary of allocation of purchase price to the assets acquired and liabilities assumed (Details) - Southwest Royalties LLC [Member] $ in Thousands	Oct. 16, 2018USD ($)
Business Acquisition [Line Items]
Total assets acquired	$ 17,104
Asset retirement obligations assumed	(65)
Fair value of net assets acquired	17,039
Proved Properties [Member]
Business Acquisition [Line Items]
Total assets acquired	12,562
Unproved Properties [Member]
Business Acquisition [Line Items]
Total assets acquired	$ 4,542

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Divestitures Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Proceeds from options associated with salt water disposal infrastructure		$ 17,500	$ 0
DJ Basin [Member]
Business Acquisition [Line Items]
Disposal of oil and gas property and equipment, consideration	$ 2,000
Proceeds from options associated with salt water disposal infrastructure	1,080
Severance costs	700
Net sale adjustment amount due to purchaser	$ 220
Proceeds from sale of non-operated properties			$ 200

ASSET RETIREMENT OBLIGATIONS _3

ASSET RETIREMENT OBLIGATIONS (ARO) - Summary of Changes in Company's ARO (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / Well	Dec. 31, 2017USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO, beginning of period	$ 952	$ 1,257
Additional liabilities incurred	374	20
Accretion expense	85	82
Liabilities settled	(87)	(288)
Revision in estimates (1)	1,120	(119)
ARO, end of period	2,444	952
Less: current portion of ARO (2)	(11)	(226)
ARO, non-current	$ 2,433	$ 726
Increases in costs per unit | $ / Well	50,000

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Millions	Feb. 28, 2019$ / bbl	Dec. 31, 2018USD ($)	Jul. 31, 2018$ / bbl
Disaggregation of Revenue [Line Items]
Crude oil price differential (in dollars per barrel) | $ / bbl			5.25
Receivables from customers | $		$ 8.2
Receivables from joint interest partners | $		$ 11.4
Scenario, Forecast [Member]
Disaggregation of Revenue [Line Items]
Crude oil price differential (in dollars per barrel) | $ / bbl	5.15

REVENUE - Summary of disaggrega

REVENUE - Summary of disaggregation of revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues	$ 70,216	$ 21,612
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenues	58,042
Crude Oil [Member] | Short term contract [Member]
Disaggregation of Revenue [Line Items]
Revenues	58,042
Crude Oil [Member] | Long-term contracts [Member]
Disaggregation of Revenue [Line Items]
Revenues	0
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues	5,246	2,125
Natural Gas [Member] | Short term contract [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,045
Natural Gas [Member] | Long-term contracts [Member]
Disaggregation of Revenue [Line Items]
Revenues	4,201
Natural Gas Liquids [Member]
Disaggregation of Revenue [Line Items]
Revenues	6,928	$ 1,661
Natural Gas Liquids [Member] | Short term contract [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,381
Natural Gas Liquids [Member] | Long-term contracts [Member]
Disaggregation of Revenue [Line Items]
Revenues	5,547
Natural Gas Gathering Transportation Marketing And Processing [Member]
Disaggregation of Revenue [Line Items]
Revenues	(3,392)
Natural Gas Gathering Transportation Marketing And Processing [Member] | Short term contract [Member]
Disaggregation of Revenue [Line Items]
Revenues	(676)
Natural Gas Gathering Transportation Marketing And Processing [Member] | Long-term contracts [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ (2,716)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of derivative assets (liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Oct. 10, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	$ 2,551		$ 0
Derivative liabilities - current	(515)		(853)
Derivative liabilities - non-current	4,699		72,937
Total derivative liabilities, net	(5,214)		(73,790)
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets - current	2,551		0
Derivative assets - non-current	1,822		0
Derivative liabilities - current	(515)		(853)
Derivative liabilities - non-current	4,699		72,937
Total derivative liabilities, net	(841)		$ (73,790)
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total derivative liabilities, net		$ (12,400)
Embedded Derivative Financial Instruments [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities - non-current	2,000
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities - non-current	$ 2,700

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of recurring fair value measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	$ (5,214)	$ (73,790)
Total recurring fair value measurements	(841)	(73,790)
Oil and natural gas derivative swap contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	(2,923)	(706)
Oil and natural gas derivative collar contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	4,047	(147)
Warrant liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		(223)
Second Lien Term Loan Conversion Features [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	(1,965)	(72,714)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0	0
Fair Value, Inputs, Level 1 [Member] | Oil and natural gas derivative swap contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 1 [Member] | Oil and natural gas derivative collar contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 1 [Member] | Warrant liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		0
Fair Value, Inputs, Level 1 [Member] | Second Lien Term Loan Conversion Features [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,124	(853)
Fair Value, Inputs, Level 2 [Member] | Oil and natural gas derivative swap contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	(2,923)	(706)
Fair Value, Inputs, Level 2 [Member] | Oil and natural gas derivative collar contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	4,047	(147)
Fair Value, Inputs, Level 2 [Member] | Warrant liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		0
Fair Value, Inputs, Level 2 [Member] | Second Lien Term Loan Conversion Features [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	(1,965)	(72,937)
Fair Value, Inputs, Level 3 [Member] | Oil and natural gas derivative swap contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 3 [Member] | Oil and natural gas derivative collar contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Fair Value, Inputs, Level 3 [Member] | Warrant liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		(223)
Fair Value, Inputs, Level 3 [Member] | Second Lien Term Loan Conversion Features [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	$ (1,965)	$ (72,714)

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	Jan. 31, 2018	Apr. 26, 2017	Dec. 31, 2018USD ($)dayshares	Dec. 31, 2017USD ($)shares	Oct. 10, 2018USD ($)shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger			150.00%
Debt instrument, convertible, threshold consecutive trading days | day			30
Derivative liability			$ 5,214	$ 73,790
Common stock, shares issued (in shares) | shares			71,182,016	53,368,331
Unrealized gain (loss) on derivatives			$ 7,100
Second Lien Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger		110.00%
Conversion to newly issued shares [Member] | Second Lien Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, conversion percentage of principal amount	70.00%	70.00%
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, convertible, threshold consecutive trading days | day			20
Embedded Derivative Financial Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability					$ 12,400
Unrealized gain (loss) on derivatives			$ 58,300	$ 7,100
Second Lien Term Loan [Member] | Term Loan [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability			$ 2,000	$ 72,700	$ 68,300
Private Placement [Member] | Varde Partners [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock, shares issued (in shares) | shares					5,952,763
Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability					$ 29,000
Common stock, shares issued (in shares) | shares					5,952,763
Series D Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability					$ 39,300
Common stock, shares issued (in shares) | shares					100,000

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Reconciliation of changes in the fair value of the Company's Level 3 financial assets and liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	$ (72,937)	$ (1,400)
Transferred to equity	223
Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan	(12,406)	(65,647)
Cashless exercise of warrants		370
Change in fair value of derivative liabilities	58,343	(6,260)
Balance, Ending	(1,965)	(72,937)
Warrant Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(223)	(1,400)
Transferred to equity	223
Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan	0	0
Cashless exercise of warrants		370
Change in fair value of derivative liabilities	0	807
Balance, Ending	0	(223)
Second Lien Term Loan Conversion Features [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning	(72,714)	0
Transferred to equity	0
Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan	(12,406)	(65,647)
Cashless exercise of warrants		0
Change in fair value of derivative liabilities	58,343	(7,067)
Balance, Ending	$ (1,965)	$ (72,714)

DERIVATIVE INSTRUMENTS - Narrat

DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Oct. 10, 2018
Derivative [Line Items]
Derivative instruments	$ 515	$ 853
Derivative liability	$ 5,214	$ 73,790
Common stock, shares issued (in shares)	71,182,016	53,368,331
Unrealized gain (loss) on derivatives	$ 7,100
Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Derivative liability			$ 12,400
Unrealized gain (loss) on derivatives	58,300	$ 7,100
Second Lien Term Loan [Member] | Term Loan [Member]
Derivative [Line Items]
Derivative instruments	65,600		12,400
Derivative liability	$ 2,000	$ 72,700	$ 68,300
Private Placement [Member] | Varde Partners [Member]
Derivative [Line Items]
Common stock, shares issued (in shares)			5,952,763
Private Placement [Member] | Varde Partners [Member] | Common Stock, Tranche Two [Member]
Derivative [Line Items]
Common stock, shares issued (in shares)			150,000
Common Stock [Member]
Derivative [Line Items]
Derivative liability			$ 29,000
Common stock, shares issued (in shares)			5,952,763
Series D Preferred Stock [Member]
Derivative [Line Items]
Derivative liability			$ 39,300
Common stock, shares issued (in shares)			100,000

LONG-TERM DEBT - Summary of lon

LONG-TERM DEBT - Summary of long-term debt instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total long-term debt	$ 157,804	$ 127,805
Less: current portion	0	(11)
Total long-term debt, net of current portion	157,804	127,794
Term Loan [Member]
Debt Instrument [Line Items]
Total long-term debt	157,804	126,794
Line of credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total long-term debt	75,000	0
Convertible Debenture [Member] | Other notes payable, due 2018
Debt Instrument [Line Items]
Total long-term debt	0	$ 1,011
First Lien Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		6.00%
Total long-term debt	$ 0	$ 30,363
Second Lien Term Loan [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	8.25%	8.25%
Total long-term debt	$ 82,804	$ 96,431

DERIVATIVE INSTRUMENTS - Summar

DERIVATIVE INSTRUMENTS - Summary of Company's derivative positions (Details) bbl in Thousands, MMBTU in Thousands	12 Months Ended
	Dec. 31, 2018MMBTUbbl$ / MMBTU$ / bbl
Oil Swaps January 2019 To December 2019 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	0
Average price ($ per Bbl/MMBtu) | $ / bbl	0
Oil Swaps January 2020 To December 2020 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	277,685
Average price ($ per Bbl/MMBtu) | $ / bbl	56.21
Basis Swaps January 2019 to December 2019 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	909,500
Average price ($ per Bbl/MMBtu) | $ / bbl	(6.85)
Basis Swaps January 2020 to December 2020 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	547,500
Average price ($ per Bbl/MMBtu) | $ / bbl	(5.62)
Put Options January 2019 To December 2019 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	1,095,000
Average price ($ per Bbl/MMBtu) | $ / bbl	50.41
Put Options January 2019 To December 2019 [Member] | Natural Gas [Member]
Derivative [Line Items]
Average price ($ per Bbl/MMBtu) | $ / MMBTU	3.05
Hedged Volume (MMBtu) | MMBTU	392,481
Put Options January 2020 To December 2020 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	0
Average price ($ per Bbl/MMBtu) | $ / bbl	0
Put Options January 2020 To December 2020 [Member] | Natural Gas [Member]
Derivative [Line Items]
Average price ($ per Bbl/MMBtu) | $ / MMBTU	2.80
Hedged Volume (MMBtu) | MMBTU	144,130
Call Options January 2019 To December 2019 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	638,000
Average price ($ per Bbl/MMBtu) | $ / bbl	69.76
Call Options January 2019 To December 2019 [Member] | Natural Gas [Member]
Derivative [Line Items]
Average price ($ per Bbl/MMBtu) | $ / MMBTU	3.58
Hedged Volume (MMBtu) | MMBTU	392,481
Call Options January 2020 To December 2020 [Member] | Crude Oil [Member]
Derivative [Line Items]
Hedged Volume (Bbls) | bbl	0
Average price ($ per Bbl/MMBtu) | $ / bbl	0
Call Options January 2020 To December 2020 [Member] | Natural Gas [Member]
Derivative [Line Items]
Average price ($ per Bbl/MMBtu) | $ / MMBTU	3.06
Hedged Volume (MMBtu) | MMBTU	144,130
Gas Swaps January 2019 To December 2019 [Member] | Natural Gas [Member]
Derivative [Line Items]
Average price ($ per Bbl/MMBtu) | $ / MMBTU	2.75
Hedged Volume (MMBtu) | MMBTU	906,238
Gas Swaps January 2020 To December 2020 [Member] | Natural Gas [Member]
Derivative [Line Items]
Average price ($ per Bbl/MMBtu) | $ / MMBTU	2.54
Hedged Volume (MMBtu) | MMBTU	714,134

LONG-TERM DEBT - Summary of car

LONG-TERM DEBT - Summary of carrying amounts of long-term debt instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Paid-in-kind interest	$ 12,213	$ 6,559
Carrying Amount	157,804	127,805
Line of credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal Amount	75,000
Paid-in-kind interest	0
Unamortized Debt Issuance Costs & Debt Discount	0
Carrying Amount	75,000	0
Term Loan [Member]
Debt Instrument [Line Items]
Principal Amount	175,000	180,000
Paid-in-kind interest	11,641	6,559
Unamortized Debt Issuance Costs & Debt Discount	(28,837)	(59,765)
Carrying Amount	157,804	126,794
Term Loan [Member] | First Lien Term Loan [Member]
Debt Instrument [Line Items]
Principal Amount		30,000
Paid-in-kind interest		807
Unamortized Debt Issuance Costs & Debt Discount		(444)
Carrying Amount	0	30,363
Term Loan [Member] | Second Lien Term Loan [Member]
Debt Instrument [Line Items]
Principal Amount	100,000	150,000
Paid-in-kind interest	11,641	5,752
Unamortized Debt Issuance Costs & Debt Discount	(28,837)	(59,321)
Carrying Amount	$ 82,804	$ 96,431

DERIVATIVE INSTRUMENTS - Summ_2

DERIVATIVE INSTRUMENTS - Summary of commodity derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on unsettled derivatives	$ 1,977	$ (853)
Net settlements on commodity derivatives	(2,742)	(96)
Net settlement receivable (payable) on derivative contracts	820	(114)
Net gain (loss) on commodity derivatives	$ 55	$ (1,063)

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)

Mar. 05, 2019USD ($)day$ / sharesshares

Mar. 01, 2019USD ($)

Oct. 10, 2018USD ($)day$ / sharesshares

Jan. 31, 2018day$ / shares

Jan. 30, 2018USD ($)

Nov. 10, 2017USD ($)

Apr. 26, 2017USD ($)

Feb. 28, 2017day$ / shares

Jun. 30, 2016USD ($)$ / sharesshares

Dec. 31, 2018USD ($)$ / sharesshares

Dec. 31, 2017USD ($)

Dec. 07, 2018USD ($)

Oct. 04, 2017USD ($)

Debt Instrument [Line Items]

Debt instrument, term

5 years

Long-term debt

$ 157,804,000

$ 127,805,000

Ratio of debt to EBITDAX

400.00%

Ratio of current assets to current liabilities

100.00%

Debt instrument, convertible, threshold percentage of stock price trigger

150.00%

Gain (loss) on early extinguishment of debt

$ (20,370,000)

0

Issuance of Preferred Stock

164,919,000

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Debt instrument, term

5 years

Line of credit facility, maximum borrowing capacity

$ 500,000,000

Line of credit facility, borrowing base

$ 95,000,000

$ 108,000,000

Commitment fee percentage

0.50%

Proceeds from lines of credit

$ 60,000,000

Remaining borrowing capacity

35,000,000

Letter of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

5,000,000

First lien credit agreement [Member]

Debt Instrument [Line Items]

Repayments of debt

57,000,000

Repayments of debt

$ 31,500,000

Gain (loss) on early extinguishment of debt

(8,100,000)

Debt instrument, face amount

$ 50,000,000

Original issue discount percentage

1.00%

Debt instrument, additional maximum face amount

$ 30,000,000

Write off of debt issuance costs

1,900,000

Second lien credit agreement [Member]

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 125,000,000

$ 45,000,000

Proceeds from lines of credit

$ 25,000,000

Debt instrument, interest rate, stated percentage

8.25%

Line of credit facility, increase in borrowing capacity

25,000,000

Line of credit facility additional borrowing capacity

$ 25,000,000

Line of credit [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Long-term debt, gross

75,000,000

Long-term debt

75,000,000

0

Debt issuance costs, net

2,200,000

Debt instrument, unamortized discount (premium) and debt issuance costs, net

0

Take Back Loans [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

9.00%

Term Loan [Member]

Debt Instrument [Line Items]

Long-term debt, gross

175,000,000

180,000,000

Long-term debt

157,804,000

126,794,000

Debt instrument, unamortized discount (premium) and debt issuance costs, net

28,837,000

59,765,000

Senior secured term loan [Member]

Debt Instrument [Line Items]

Long-term debt, gross

175,000,000

SOS note [Member]

Debt Instrument [Line Items]

Long-term debt, gross

200,000

Long-term debt

$ 500,000

$ 1,000,000

Debt instrument, interest rate, stated percentage

6.00%

Warrants issued | shares

200,000

Class of warrant or right, exercise price (in dollars per share) | $ / shares

$ 25

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

Debt Instrument [Line Items]

Long-term debt, gross

$ 100,000,000

150,000,000

Long-term debt

82,804,000

96,431,000

Debt instrument, unamortized discount (premium) and debt issuance costs, net

$ 28,837,000

$ 59,321,000

Debt instrument, interest rate, stated percentage

8.25%

8.25%

First Lien Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Long-term debt, gross

$ 30,000,000

Repayments of debt

50,000,000

Long-term debt

$ 0

30,363,000

Debt instrument, unamortized discount (premium) and debt issuance costs, net

$ 444,000

Debt instrument, interest rate, stated percentage

6.00%

Take Back Loans [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold percentage of stock price trigger

150.00%

Second Lien Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, covenant, proceeds reinvestment, threshold days | day

180

Debt instrument, convertible, threshold percentage of stock price trigger

110.00%

Second Lien Term Loan [Member] | Second lien credit agreement [Member]

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 80,000,000

Delayed draw loans [Member] | Second lien credit agreement [Member]

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity

$ 45,000,000

Varde Partners [Member] | Second Lien Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Long-term debt

11,900,000

Repayments of debt

$ 56,300,000

Amount outstanding

56,300,000

Accrued interest

11,900,000

Gain (loss) on early extinguishment of debt

$ (12,300,000)

Private Placement [Member]

Debt Instrument [Line Items]

Temporary equity, stated value (in dollars per share) | $ / shares

$ 1,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 3.85

Class of warrant or right, exercise price (in dollars per share) | $ / shares

$ 4.50

Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

5,952,763

Temporary equity, stated value (in dollars per share) | $ / shares

$ 0.0001

Temporary Equity, Tranche One [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

5,802,763

Sale of stock, price per share (in dollars per share) | $ / shares

$ 5

Temporary Equity, Tranche Two [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

150,000

Series D Preferred Stock [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

39,254

Temporary equity, stated value (in dollars per share) | $ / shares

$ 407

Redeemable preferred stock, dividend rate, percentage

8.25%

Issuance of Preferred Stock

$ 39,919,000

Series D Preferred Stock [Member] | Varde Partners [Member] | Second Lien Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Long-term debt

$ 68,300,000

Series D Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

39,254

Redeemable preferred stock, dividend rate, percentage

8.25%

Series C Preferred Stock [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, dividend rate, percentage

9.75%

Issuance of Preferred Stock

$ 100,000,000

Series C Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

25,000

Redeemable preferred stock, dividend rate, percentage

9.75%

Series C-2 Preferred Stock [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

25,000

Temporary equity, stated value (in dollars per share) | $ / shares

$ 256

Redeemable preferred stock, dividend rate, percentage

9.75%

Issuance of Preferred Stock

$ 25,000,000

Series C-2 Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Sale of stock, price per share (in dollars per share) | $ / shares

$ 1,000

Redeemable preferred stock, dividend rate, percentage

9.75%

Temporary stock, value, issued

$ 25,000,000

Minimum [Member] | Take Back Loans [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

1.00%

Minimum [Member] | Second Lien Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

20

Minimum [Member] | Private Placement [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

20

Minimum [Member] | Private Placement [Member] | Second Lien Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

20

Maximum [Member] | Second Lien Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

30

Maximum [Member] | Private Placement [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

30

Maximum [Member] | Private Placement [Member] | Second Lien Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

30

Conversion to newly issued shares [Member] | Second Lien Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, conversion percentage of principal amount

70.00%

70.00%

Debt instrument, convertible, conversion price | $ / shares

$ 5.50

Conversion to new term loan [Member] | Second Lien Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, conversion percentage of principal amount

30.00%

Subsequent Event [Member]

Debt Instrument [Line Items]

Ratio of debt to EBITDAX

400.00%

Subsequent Event [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Line of credit facility, borrowing base

$ 125,000,000

Line of credit facility, increase in borrowing capacity

$ 17,000,000

Subsequent Event [Member] | Private Placement [Member]

Debt Instrument [Line Items]

Temporary equity, stated value (in dollars per share) | $ / shares

$ 7

Subsequent Event [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, shares issued (in shares) | shares

9,891,638

Issuance of Preferred Stock

$ 18,600,000

Subsequent Event [Member] | Series D Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, dividend rate, percentage

8.25%

Subsequent Event [Member] | Series C-2 Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]

Debt Instrument [Line Items]

Redeemable preferred stock, dividend rate, percentage

9.75%

Subsequent Event [Member] | Minimum [Member] | Private Placement [Member] | Second Lien Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

20

Subsequent Event [Member] | Maximum [Member] | Private Placement [Member] | Second Lien Term Loan [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt instrument, convertible, threshold trading days | day

30

Other Current Assets [Member] | Line of credit [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Debt instrument, unamortized discount (premium) and debt issuance costs, net

500,000

Other Noncurrent Assets [Member] | Line of credit [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Debt instrument, unamortized discount (premium) and debt issuance costs, net

$ 1,700,000

DERIVATIVE INSTRUMENTS - Summ_3

DERIVATIVE INSTRUMENTS - Summary of gross fair values of derivative instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Oct. 10, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	$ 5,976		$ 0
Derivative Asset, Fair Value, Gross Liability	(1,603)		0
Derivative Asset	4,373		0
Gross Amount of Recognized Offsetting Derivative Liabilities	(6,817)		(73,790)
Derivative Liability, Fair Value, Gross Asset	1,603		0
Total derivative liabilities, net	(5,214)		(73,790)
Current liability [Member]
Derivative [Line Items]
Gross Amount of Recognized Offsetting Derivative Liabilities	(2,086)		(853)
Derivative Liability, Fair Value, Gross Asset	1,571		0
Total derivative liabilities, net	(515)		(853)
Current asset [Member]
Derivative [Line Items]
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	4,122		0
Derivative Asset, Fair Value, Gross Liability	(1,571)		0
Derivative Asset	2,551		0
Long-term asset [Member]
Derivative [Line Items]
Gross Amounts of Offsetting Derivative Assets in the Consolidated Balance Sheets	1,854		0
Derivative Asset, Fair Value, Gross Liability	(32)		0
Derivative Asset	1,822		0
Commodity Contract [Member] | Long-term liability [Member]
Derivative [Line Items]
Gross Amount of Recognized Offsetting Derivative Liabilities	(2,766)		0
Derivative Liability, Fair Value, Gross Asset	32		0
Total derivative liabilities, net	(2,734)		0
Embedded Derivative Financial Instruments [Member]
Derivative [Line Items]
Total derivative liabilities, net		$ (12,400)
Embedded Derivative Financial Instruments [Member] | Long-term liability [Member]
Derivative [Line Items]
Gross Amount of Recognized Offsetting Derivative Liabilities	(1,965)		(72,937)
Derivative Liability, Fair Value, Gross Asset	0		0
Total derivative liabilities, net	$ (1,965)		$ (72,937)

LONG-TERM DEBT - Summary of int

LONG-TERM DEBT - Summary of interest expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
Interest on bridge loans associated with First Lien Term Loan	$ 728	$ 1,774
Interest on Revolving Credit Agreements	2,242	0
Interest on Notes Payable	5	53
Paid-in-kind interest on First Lien Term Loan and Second Lien Term Loan	12,213	6,559
Amortization of debt financing costs on Second Lien Term Loan and Revolving Credit Agreement	3,241	1,886
Amortization of discount on Second Lien Term Loan	14,398	8,485
Total:	$ 32,827	$ 18,757

LONG-TERM DEFERRED REVENUE AN_2

LONG-TERM DEFERRED REVENUE AND OTHER LIABILITIES - Narrative (Details) $ in Millions	Jul. 25, 2018USD ($)	Jul. 31, 2018USD ($)Wellmi	Dec. 31, 2018USD ($)bbl	Oct. 01, 2018USD ($)	Sep. 30, 2018USD ($)
Long-term Purchase Commitment [Line Items]
Deferred revenue					$ 35
Contract with customer, term			12 years
Salt Creek Midstream Water, LLC [Member]
Long-term Purchase Commitment [Line Items]
Number of miles of pipeline | mi		14
Number of wells | Well		1
Fair value of net assets acquired		$ 20
Upfront non-refundable payment	$ 10
Prefunded drilling bonus	$ 5		$ 2.5	$ 2.5
Crude oil takeaway, number of barrels per day (in barrels) | bbl			40,000
Deferred revenue			$ 17.5

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Total:	$ 75,371	$ 0
Varde Partners [Member]
Related Party Transaction [Line Items]
Total:	10,705	0
ImPetro Operating, LLC, a wholly-owned subsidiary of the Company is the operator for two of VPD's producing wells and VPD reimbursed the Company for operating overhead charges.	44	0
Receivable balance outstanding as of December 31, 2018 for operating costs associated with the VPD's producing wells	1,843	0
Total:	12,592	0
Chief Operating Officer [Member]
Related Party Transaction [Line Items]
Consulting fees paid to MMZ Consulting, Inc. (“MMZ”) which is owned by Mr. Short. Mr. Short is the sole member of MMZ.	0	204
Total:	0	204
Kevin Nanke [Member]
Related Party Transaction [Line Items]
Total:	0	2,000
Purchased the DJ Basin properties from the Company through Nanke Energy, LLC	$ 0	$ 2,000

INCOME TAXES - Summary of incom

INCOME TAXES - Summary of income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
U.S. Federal:
Current	$ 0	$ 0
Deferred	(7,496)	32,579
State and local:
Current	0	0
Deferred	509	1,059
Deferred income tax expense (benefit)	(6,987)	33,638
Change in valuation allowance	6,987	(33,638)
Income tax provision	$ 0	$ 0

INCOME TAXES - Summary of defer

INCOME TAXES - Summary of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Net operating loss carry-forward	$ 27,568	$ 15,653
Share based compensation	808	784
Abandonment obligation	541	212
Derivative instruments	0	191
Deferred revenue	11,630	0
Interest expense	3,804	0
Accrued liabilities and other	85	52
Total deferred tax asset	44,436	16,892
Valuation allowance	(23,611)	(16,624)
Deferred tax asset, net of valuation allowance	20,825	268
Deferred tax liabilities:
Derivative instruments	249	0
Oil and natural gas properties and equipment	20,576	268
Total deferred tax liability	20,825	268
Net deferred tax asset (liability)	$ 0	$ 0

INCOME TAXES - Summary of effec

INCOME TAXES - Summary of effective tax rate (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective federal tax rate	21.00%	34.00%
State tax rate, net of federal benefit	2.06%	1.11%
Effect of the Tax Cuts and Jobs Act	0.00%	(11.22%)
Change in fair value derivative liability	295.70%	(2.59%)
Debt discount amortization	(72.97%)	(3.51%)
Share based compensation differences and forfeitures	0.00%	0.91%
Change in rate	(6.40%)	(0.05%)
Other permanent differences	(5.69%)	(4.61%)
NOL true-up - §382 limitation	(5.51%)	(47.22%)
Loss from early debt extinguishment	(59.01%)	0.00%
Other	(0.56%)	(6.47%)
Valuation allowance	(168.62%)	39.65%
Net	0.00%	0.00%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Income Taxes [Line Items]
Operating loss carryforwards	$ 70,100	$ 127,500	$ 118,600
Operating loss carryforwards, future expiration amount	67,400
Deferred tax assets, valuation allowance	16,624	$ 23,611
Effective income tax rate reconciliation, change in enacted tax rate, amount	$ 9,500
Section 382 in Penal Code [Member]
Income Taxes [Line Items]
Operating loss carryforwards			$ 9,100

MEZZANINE PREFERRED STOCK - Nar

MEZZANINE PREFERRED STOCK - Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2019	Oct. 10, 2018USD ($)day$ / sharesshares	Jan. 30, 2018USD ($)$ / sharesshares	Feb. 28, 2017day$ / shares	Dec. 31, 2021	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)shares
Temporary Equity [Line Items]
Issuance of Preferred Stock | $						$ 164,919
Long-term debt | $						157,804	$ 127,805
Percentage of stated value		2.50%
Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Issuance of Preferred Stock (in shares)			100,000
Redeemable preferred stock, dividend rate, percentage			9.75%
Shares issued (in dollars per share) | $ / shares			$ 1,000
Issuance of Preferred Stock | $			$ 100,000
Dividends payable | $						$ 10,700
Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Issuance of Preferred Stock (in shares)						39,254
Redeemable preferred stock, dividend rate, percentage						8.25%
Issuance of Preferred Stock | $						$ 39,919
Redeemable preferred stock, shares issued (in shares)						39,254
Temporary equity, stated value (in dollars per share) | $ / shares						$ 407
Redeemable preferred stock, shares outstanding (in shares)						39,254	0
Series C-2 Preferred Stock [Member]
Temporary Equity [Line Items]
Issuance of Preferred Stock (in shares)						25,000
Redeemable preferred stock, dividend rate, percentage						9.75%
Issuance of Preferred Stock | $						$ 25,000
Redeemable preferred stock, shares issued (in shares)						25,000
Temporary equity, stated value (in dollars per share) | $ / shares						$ 256
Redeemable preferred stock, shares outstanding (in shares)						25,000	0
Series C-1 Preferred Stock [Member]
Temporary Equity [Line Items]
Issuance of Preferred Stock (in shares)						100,000
Redeemable preferred stock, dividend rate, percentage						9.75%
Issuance of Preferred Stock | $						$ 100,000
Redeemable preferred stock, shares issued (in shares)						100,000
Temporary equity, stated value (in dollars per share) | $ / shares						$ 1,093
Redeemable preferred stock, shares outstanding (in shares)						100,000	0
Private Placement [Member]
Temporary Equity [Line Items]
Sale of stock, price per share (in dollars per share) | $ / shares				$ 3.85
Temporary equity, stated value (in dollars per share) | $ / shares		$ 1,000
Temporary equity, adjustment feature (in dollars per share) | $ / shares		$ 5.25
Percentage of conversion price		140.00%
Share price (in dollars per share) | $ / shares				$ 6.30
Private Placement [Member] | Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock conversion price (in dollars per share) | $ / shares		$ 6.15
Private Placement [Member] | Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Percentage of redeemable temporary equity		117.50%
Preferred Stock conversion price (in dollars per share) | $ / shares		$ 5.50
Share price (in dollars per share) | $ / shares		$ 4.41
Private Placement [Member] | Series C-1 Preferred Stock [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage		9.75%
Redeemable preferred stock, shares outstanding (in shares)		100,000
Share price (in dollars per share) | $ / shares		$ 4.42
Varde Partners [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, shares issued (in shares)		5,952,763
Temporary equity, stated value (in dollars per share) | $ / shares		$ 0.0001
Varde Partners [Member] | Private Placement [Member] | Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage		9.75%
Redeemable preferred stock, shares issued (in shares)		25,000
Varde Partners [Member] | Private Placement [Member] | Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage		8.25%
Redeemable preferred stock, shares issued (in shares)		39,254
Varde Partners [Member] | Private Placement [Member] | Series C-2 Preferred Stock [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage		9.75%
Sale of stock, price per share (in dollars per share) | $ / shares		$ 1,000
Temporary stock, value, issued | $		$ 25,000
Temporary Equity, Tranche One [Member] | Varde Partners [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, shares issued (in shares)		5,802,763
Sale of stock, price per share (in dollars per share) | $ / shares		$ 5
Temporary Equity, Tranche Two [Member] | Varde Partners [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, shares issued (in shares)		150,000
Term Loan [Member]
Temporary Equity [Line Items]
Long-term debt | $						$ 157,804	$ 126,794
Term Loan [Member] | Second Lien Term Loan [Member]
Temporary Equity [Line Items]
Long-term debt | $						$ 82,804	$ 96,431
Term Loan [Member] | Second Lien Term Loan [Member] | Varde Partners [Member]
Temporary Equity [Line Items]
Repayments of debt | $		$ 56,300
Long-term debt | $		11,900
Term Loan [Member] | Second Lien Term Loan [Member] | Varde Partners [Member] | Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Long-term debt | $		$ 68,300
Minimum [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Debt instrument, convertible, threshold trading days | day				20
Minimum [Member] | Term Loan [Member] | Second Lien Term Loan [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Debt instrument, convertible, threshold trading days | day		20
Maximum [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Debt instrument, convertible, threshold trading days | day				30
Maximum [Member] | Term Loan [Member] | Second Lien Term Loan [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Debt instrument, convertible, threshold trading days | day		30
Scenario, Forecast [Member] | Private Placement [Member] | Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Percentage of redeemable temporary equity	130.00%
Scenario, Forecast [Member] | Minimum [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage					12.00%
Scenario, Forecast [Member] | Maximum [Member] | Private Placement [Member]
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage					15.00%
Preferred Stock, Redemption, Period One [Member] | Private Placement [Member] | Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Percentage of redeemable temporary equity		120.00%
Preferred Stock, Redemption, Period Two [Member] | Private Placement [Member] | Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Percentage of redeemable temporary equity		125.00%
Preferred Stock, Redemption, Period Three [Member] | Private Placement [Member] | Series C Preferred Stock [Member]
Temporary Equity [Line Items]
Percentage of redeemable temporary equity		130.00%

MEZZANINE PREFERRED STOCK - Sum

MEZZANINE PREFERRED STOCK - Summary of Mezzanine Preferred Stock (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 0
Issuance of Preferred Stock	164,919
Transaction costs	(2,581)
Net Proceeds	162,338
Paid-in-kind dividends	10,687
Ending balance	$ 173,025
Series C-1 Preferred Stock [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares) | shares	0
Beginning balance	$ 0
Issuance of Preferred Stock (in shares) | shares	100,000
Issuance of Preferred Stock	$ 100,000
Transaction costs	$ (2,494)
Net Proceeds (in shares) | shares	100,000
Net Proceeds	$ 97,506
Paid-in-kind dividends	$ 9,268
Ending balance (in shares) | shares	100,000
Ending balance	$ 106,774
Temporary equity, stated value (in dollars per share) | $ / shares	$ 1,093
Series C-2 Preferred Stock [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares) | shares	0
Beginning balance	$ 0
Issuance of Preferred Stock (in shares) | shares	25,000
Issuance of Preferred Stock	$ 25,000
Transaction costs	$ (87)
Net Proceeds (in shares) | shares	25,000
Net Proceeds	$ 24,913
Paid-in-kind dividends	$ 609
Ending balance (in shares) | shares	25,000
Ending balance	$ 25,522
Temporary equity, stated value (in dollars per share) | $ / shares	$ 256
Series D Preferred Stock [Member]
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares) | shares	0
Beginning balance	$ 0
Issuance of Preferred Stock (in shares) | shares	39,254
Issuance of Preferred Stock	$ 39,919
Transaction costs	$ 0
Net Proceeds (in shares) | shares	39,254
Net Proceeds	$ 39,919
Paid-in-kind dividends	$ 810
Ending balance (in shares) | shares	39,254
Ending balance	$ 40,729
Temporary equity, stated value (in dollars per share) | $ / shares	$ 407

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details)	Feb. 28, 2017day$ / sharesshares	Sep. 30, 2018USD ($)shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Oct. 10, 2018$ / sharesshares	Mar. 31, 2018USD ($)	May 02, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)			71,182,016	53,368,331
Common stock, stated value (in dollars per share) | $ / shares			$ 0.0001	$ 0.0001
Payment for common stock repurchased | $			$ 997,000	$ 0
Additional common stock shares authorized (in shares)							50,000,000
Common stock, shares authorized (in shares)			150,000,000	150,000,000			100,000,000
Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, price per share (in dollars per share) | $ / shares	$ 3.85
Sale of stock, shares issued in transaction (in shares)	5,200,000
Conversion of stock, shares issued (in shares)	5,200,000
Class of warrant or right, number of securities called by warrants or rights (in shares)	2,600,000
Class of warrant or right, number of securities called by each warrant or right (in shares)	0.50
Class of warrant or right, exercise price (in dollars per share) | $ / shares	$ 4.50
Share price (in dollars per share) | $ / shares	$ 6.30
Proceeds from issuance of equity | $				$ 20,000,000
Sale of common stock in private placement, net (in shares)				5,194,821
Private Placement [Member] | Series B Preferred Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock shares by warrants issued (in shares)				2,597,420
Share Repurchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount | $						$ 1,000,000
Purchase of treasury stock (in shares)		253,598
Payment for common stock repurchased | $		$ 1,000,000
Varde Partners [Member] | Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)					5,952,763
Common stock, stated value (in dollars per share) | $ / shares					$ 0.0001
Common Stock, Tranche One [Member] | Varde Partners [Member] | Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)					5,802,763
Sale of stock, price per share (in dollars per share) | $ / shares					$ 5
Common Stock, Tranche Two [Member] | Varde Partners [Member] | Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares issued (in shares)					150,000
Minimum [Member] | Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt instrument, convertible, threshold trading days | day	20
Maximum [Member] | Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt instrument, convertible, threshold trading days | day	30

STOCKHOLDERS_ EQUITY - Summary

STOCKHOLDERS’ EQUITY - Summary of warrant activity (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Warrants
Outstanding Beginning (in shares)	11,882,800	15,915,511
Warrants issued in connection with private placement (in shares)		2,597,420
Warrants issued to Heartland (in shares)		160,714
Exercised (in shares)	(3,975,957)	(6,144,176)
Forfeited or expired (in shares)	(2,889,514)	(646,669)
Outstanding Ending (in shares)	5,017,329	11,882,800
Weighted- Average Exercise Price
Outstanding Beginning (in dollars per share)	$ 3.34	$ 3.34
Weighted Average Exercise Price, Warrants issued in connection with private placement		4.50
Warrants issued to Heartland (in dollars per share)		3.50
Exercised (in dollars per share)	2.21	0.30
Forfeited or expired (in dollars per share)	3.35	25.70
Outstanding Ending (in dollars per share)	$ 3.83	$ 3.34

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of outstanding warrants (Details) shares in Thousands	Dec. 31, 2018shares
Equity [Abstract]
2,019	2,263,267
2,020	174,642
2,021	0
2,022	2,579,420
Outstanding warrants	5,017,329

STOCK BASED AND OTHER COMPENS_3

STOCK BASED AND OTHER COMPENSATION - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Jul. 13, 2017	Nov. 03, 2016
Omnibus Incentive Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	6,700,000		13,000,000	10,000,000
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Termination period	10 years
Proceeds from stock options exercised	$ 2,600,000	$ 500,000
Granted (in shares)	352,500	3,260,000
Granted (in dollars per share)	$ 4.07
Intrinsic value	$ 0	$ 10,100,000
Minimum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Maximum [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years

STOCK BASED AND OTHER COMPENS_4

STOCK BASED AND OTHER COMPENSATION - Summary of share-based compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 9,000	$ 21,538
Unamortized stock based compensation costs	3,988	12,936
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	2,158	7,255
Unamortized stock based compensation costs	$ 487	$ 4,267
Weighted average amortization period remaining (years)	3 months 18 days	8 months 12 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 6,842	$ 14,283
Unamortized stock based compensation costs	$ 3,501	$ 8,669
Weighted average amortization period remaining (years)	6 months	9 months 18 days

STOCK BASED AND OTHER COMPENS_5

STOCK BASED AND OTHER COMPENSATION - Summary of non-cash compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Common stock issued for directors’ fees	$ 1,182	$ 959
Stock based compensation for issuance of stock options	1,933	7,255
Stock based compensation for issuance of restricted stock	4,372	13,227
Common stock issued for professional services	1,513	97
Total non-cash compensation in the Statement of Changes in Stockholders’ Equity	$ 9,000	$ 21,538

STOCK BASED AND OTHER COMPENS_6

STOCK BASED AND OTHER COMPENSATION - Summary of restricted stock and restricted stock unit grant activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Restricted Stock [Member]
Number of Shares
Beginning balance, Outstanding (in shares)	2,475,266	1,068,305
Granted (in shares)	1,194,944	4,266,345
Vested and issued (in shares)	(1,436,146)	(2,162,915)
Forfeited (in shares)	(1,280,480)	(696,469)
Ending balance, Outstanding (in shares)	953,584	2,475,266
Weighted Average Grant Date Price
Beginning balance, Outstanding (in dollars per share)	$ 4.22	$ 0
Granted (in dollars per share)	4.59	1.54
Vested and issued (in dollars per share)	(2.38)	(1.75)
Forfeited (in dollars per share)	(4.44)	0
Ending balance, Outstanding (in dollars per share)	$ 4.85	$ 4.22
Restricted Stock Units (RSUs) [Member]
Number of Shares
Beginning balance, Outstanding (in shares)	9,999	186,900
Granted (in shares)	0	0
Vested and issued (in shares)	(9,999)	(150,419)
Forfeited (in shares)	0	(26,482)
Ending balance, Outstanding (in shares)	0	9,999
Weighted Average Grant Date Price
Beginning balance, Outstanding (in dollars per share)	$ 6.57	$ 12.29
Granted (in dollars per share)	0	0
Vested and issued (in dollars per share)	(6.57)	(18.75)
Forfeited (in dollars per share)	0	(16.15)
Ending balance, Outstanding (in dollars per share)	$ 0	$ 6.57

STOCK BASED AND OTHER COMPENS_7

STOCK BASED AND OTHER COMPENSATION - Summary of valuation assumptions (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected Term in Years	6 years	2 years
Expected Volatility	66.00%	101.00%
Expected Dividends	0.00%	0.00%
Risk-Free Interest Rate	2.67%	1.38%

STOCK BASED AND OTHER COMPENS_8

STOCK BASED AND OTHER COMPENSATION - Summary of stock option activity (Details) - Equity Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Options
Outstanding Beginning (in shares)	7,305,000	5,956,833
Granted (in shares)	352,500	3,260,000
Exercised (in shares)	(1,024,877)	(304,896)
Forfeited or canceled (in shares)	(1,601,045)	(1,606,937)
Outstanding Ending (in shares)	5,031,578	7,305,000	5,956,833
Weighted Average Exercise Price
Outstanding Beginning (in dollars per share)	$ 3.74	$ 2.04
Granted (in dollars per share)	4.07	4.74
Exercised (in dollars per share)	(2.67)	(2.01)
Forfeited or canceled (in dollars per share)	(4.20)	(3.06)
Outstanding Ending (in dollars per share)	$ 3.81	$ 3.74	$ 2.04
Stock Options Outstanding and Exercisable
Number of Options Vested/ Exercisable (in shares)	5,035,317	3,534,484	2,208,757
Weighted Average Remaining Contractual Life (Years)	7 years 10 months 24 days	8 years 10 months 24 days	9 years 7 months 6 days

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Conversion of Series B Preferred Stock and accrued dividends to common stock	$ 0	$ 14,865
Fair value of warrants issued for financing costs and debt discount	0	1,031
Common stock issued for acquisition of oil and natural gas properties	24,778	0
Common stock issued for commitment fees associated with Private Placement	0	250
Cashless exercise of warrants and stock options	359	370
Accrued drilling costs	7,850	3,615
Change in asset retirement obligation	1,495	99
Issuance of common stock for drilling services	0	97
Issuance of common stock and preferred stock for debt conversion	64,504	0
Reduction of fair value for converted embedded derivatives	12,406	0
Accrued PIK dividends on Series C-1, C-2 and D Preferred Stock	10,687	0
Transfer of warrant derivative instruments to equity	$ 223	$ 0

LOSS PER COMMON SHARE - Summary

LOSS PER COMMON SHARE - Summary of computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (4,143)	$ (80,082)
Dividends on Series C-1, C-2 and D convertible preferred stock	(10,687)	0
Dividends on redeemable preferred stock	0	(122)
Dividend and deemed dividends on Series B convertible preferred stock	$ 0	$ (4,635)
Net loss per common share – basic (in dollars per share)	$ (0.24)	$ (2)
Numerator for diluted loss per share:
Net loss attributable to common stockholders	$ (14,830)	$ (84,839)
Add: interest expense on convertible Second Lien Loans	13,429	0
Less: fair value change of embedded derivatives associated with Second Lien Loans	(35,471)	0
Net loss attributable to common stockholders	$ (36,872)	$ (84,839)
Denominator for diluted net loss per share:
Weighted average number of common shares outstanding - basic (in shares)	62,854,214	42,428,148
Dilution effect of if-converted Second Lien Loans (in shares)	15,597,127	0
Weighted average number of common shares outstanding - diluted (in shares)	78,451,341	42,428,148
Net loss per common shares (diluted) (in dollars per share)	$ (0.47)	$ (2)
Series C-1 Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Redeemable preferred stock, dividend rate, percentage	9.75%
Series C-2 Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Redeemable preferred stock, dividend rate, percentage	9.75%
Series D Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Redeemable preferred stock, dividend rate, percentage	8.25%

LOSS PER COMMON SHARE - Summa_2

LOSS PER COMMON SHARE - Summary of antidilutive securities excluded from computation (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	44,888,193	43,399,815
Series C-1 Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	21,309,234	0
Series C-2 Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,986,382	0
Series D Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,543,670	0
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,031,578	7,305,000
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	9,999
Stock Purchase Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,017,329	11,882,800
Conversion of Second Lien Loans [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	24,202,016

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	12 Months Ended
	Dec. 31, 2018segment
Segment Reporting [Abstract]
Number of reportable segments	1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jul. 25, 2018bbl	Dec. 31, 2018USD ($)
Long-term Purchase Commitment [Line Items]
Operating leases, future minimum payments due 2019		$ 0.2
Operating leases, future minimum payments due 2020		0.1
Operating leases, future minimum payments due 2021		0.1
Rent expense		$ 0.6
Salt Creek Midstream, LLC [Member]
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, period	5 years
Tranche One [Member] | Salt Creek Midstream, LLC [Member]
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, number of barrels per day (in barrels) | bbl	6,000
Tranche Two [Member] | Salt Creek Midstream, LLC [Member]
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, number of barrels per day (in barrels) | bbl	5,000

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details)	Apr. 26, 2021	Dec. 31, 2019	Mar. 05, 2019USD ($)daymember$ / sharesshares	Mar. 01, 2019USD ($)	Oct. 10, 2018USD ($)day$ / sharesshares	Jan. 30, 2018USD ($)	Feb. 28, 2017day	Dec. 31, 2021	Dec. 31, 2018USD ($)$ / sharesshares	Mar. 04, 2019$ / shares	Dec. 07, 2018USD ($)
Subsequent Event [Line Items]
Issuance of Preferred Stock									$ 164,919,000
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, borrowing base					$ 95,000,000						$ 108,000,000
Private Placement [Member]
Subsequent Event [Line Items]
Temporary equity, stated value (in dollars per share) | $ / shares					$ 1,000
Percentage of conversion price					140.00%
Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares					5,952,763
Temporary equity, stated value (in dollars per share) | $ / shares					$ 0.0001
Private Placement [Member] | Maximum [Member]
Subsequent Event [Line Items]
Debt instrument, convertible, threshold trading days | day							30
Private Placement [Member] | Maximum [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage								15.00%
Private Placement [Member] | Minimum [Member]
Subsequent Event [Line Items]
Debt instrument, convertible, threshold trading days | day							20
Private Placement [Member] | Minimum [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage								12.00%
Private Placement [Member] | Second Lien Term Loan [Member] | Maximum [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Debt instrument, convertible, threshold trading days | day					30
Private Placement [Member] | Second Lien Term Loan [Member] | Minimum [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Debt instrument, convertible, threshold trading days | day					20
Series E Preferred Stock [Member] | Private Placement [Member] | Maximum [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage	9.25%
Series F Preferred Stock [Member] | Private Placement [Member] | Maximum [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage	10.00%
Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares									39,254
Issuance of Preferred Stock									$ 39,919,000
Temporary equity, stated value (in dollars per share) | $ / shares									$ 407
Redeemable preferred stock, dividend rate, percentage									8.25%
Series D Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity					117.50%
Preferred Stock conversion price (in dollars per share) | $ / shares					$ 5.50
Series D Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares					39,254
Redeemable preferred stock, dividend rate, percentage					8.25%
Series C-1 Preferred Stock [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares									100,000
Issuance of Preferred Stock									$ 100,000,000
Temporary equity, stated value (in dollars per share) | $ / shares									$ 1,093
Redeemable preferred stock, dividend rate, percentage									9.75%
Series C-1 Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage					9.75%
Series C-2 Preferred Stock [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares									25,000
Issuance of Preferred Stock									$ 25,000,000
Temporary equity, stated value (in dollars per share) | $ / shares									$ 256
Redeemable preferred stock, dividend rate, percentage									9.75%
Series C-2 Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage					9.75%
Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Issuance of Preferred Stock						$ 100,000,000
Redeemable preferred stock, dividend rate, percentage						9.75%
Series C Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Preferred Stock conversion price (in dollars per share) | $ / shares					$ 6.15
Series C Preferred Stock [Member] | Private Placement [Member] | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Percentage of redemption premium cap		30.00%
Percentage of redeemable temporary equity		130.00%
Series C Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares					25,000
Redeemable preferred stock, dividend rate, percentage					9.75%
Subsequent Event [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of credit facility, borrowing base				$ 125,000,000
Line of credit facility, increase in borrowing capacity				$ 17,000,000
Subsequent Event [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Temporary equity, stated value (in dollars per share) | $ / shares			$ 7
Percentage of conversion price			150.00%
Subsequent Event [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares			9,891,638
Issuance of Preferred Stock			$ 18,600,000
Amount canceled in exchange for equity issuance			$ 133,600,000
Number of board members | member			11
Subsequent Event [Member] | Private Placement [Member] | Second Lien Term Loan [Member] | Maximum [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Debt instrument, convertible, threshold trading days | day			30
Subsequent Event [Member] | Private Placement [Member] | Second Lien Term Loan [Member] | Minimum [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Debt instrument, convertible, threshold trading days | day			20
Subsequent Event [Member] | Series E Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Temporary equity, stated value (in dollars per share) | $ / shares			$ 1,000							$ 1.88
Preferred Stock conversion price (in dollars per share) | $ / shares			$ 2.50
Number of board members | member			1
Percentage of minimum outstanding stock			5.00%
Preferred Stock, redemption amount			$ 30,000,000
Subsequent Event [Member] | Series E Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares			60,000
Issuance of Preferred Stock			$ 60,000,000
Redeemable preferred stock, dividend rate, percentage			8.25%
Subsequent Event [Member] | Series F Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity			115.00%
Number of board members | member			1
Temporary equity, amount of outstanding shares required to vote			$ 13,750,000
Preferred Stock, redemption amount			$ 27,500,000
Subsequent Event [Member] | Series F Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares			55,000
Issuance of Preferred Stock			$ 55,000,000
Redeemable preferred stock, dividend rate, percentage			9.00%
Subsequent Event [Member] | Series C And D Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, shares issued (in shares) | shares			7,750,000
Subsequent Event [Member] | Series D Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Number of board members | member			1
Temporary equity, amount of outstanding shares required to vote			$ 9,813,500
Preferred Stock, redemption amount			$ 19,627,000
Subsequent Event [Member] | Series D Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage			8.25%
Subsequent Event [Member] | Series C-1 Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage			9.75%
Subsequent Event [Member] | Series C-2 Preferred Stock [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Redeemable preferred stock, dividend rate, percentage			9.75%
Subsequent Event [Member] | Series C Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redemption premium cap			25.00%
Percentage of redeemable temporary equity			125.00%
Number of board members | member			2
Temporary equity, amount of outstanding shares required to vote			$ 31,250,000
Preferred Stock, redemption amount			$ 50,000,000
Preferred Stock, Redemption, Period One [Member] | Series C Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity					120.00%
Preferred Stock, Redemption, Period One [Member] | Subsequent Event [Member] | Series E Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity			110.00%
Preferred Stock, Redemption, Period Two [Member] | Series C Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity					125.00%
Preferred Stock, Redemption, Period Two [Member] | Subsequent Event [Member] | Series E Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity			105.00%
Preferred Stock, Redemption, Period Three [Member] | Series C Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity					130.00%
Preferred Stock, Redemption, Period Three [Member] | Subsequent Event [Member] | Series E Preferred Stock [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Percentage of redeemable temporary equity			100.00%
Share-based Compensation Award, Tranche One [Member] | Subsequent Event [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Number of board members | member			5
Percentage of minimum outstanding stock			40.00%
Share-based Compensation Award, Tranche Two [Member] | Subsequent Event [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Number of board members | member			4
Percentage of minimum outstanding stock			33.30%
Share-based Compensation Award, Tranche Three [Member] | Subsequent Event [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Number of board members | member			3
Percentage of minimum outstanding stock			25.00%
Share-Based Compensation Award, Tranche Four [Member] | Subsequent Event [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Number of board members | member			2
Percentage of minimum outstanding stock			10.00%
Share-Based Compensation Award, Tranche Five [Member] | Subsequent Event [Member] | Private Placement [Member] | Varde Partners [Member]
Subsequent Event [Line Items]
Number of board members | member			1
Percentage of minimum outstanding stock			5.00%

Supplementary Information on _3

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Costs Incurred for Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Acquisition costs:
Unproved properties	$ 93,926	$ 78,111
Proved properties	22,356	2,245
Exploration costs	89,351	42,033
Development costs	78,103	28,113
Total	$ 283,736	$ 150,502

Supplementary Information on _4

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Results of Operations for Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Supplemental Oil And Gas Reserve Information [Abstract]
Revenues	$ 70,216	$ 21,612
Production costs	(13,843)	(6,199)
Production taxes	(3,709)	(1,187)
Accretion of asset retirement obligation	(85)	(82)
Depletion, depreciation and amortization	(25,159)	(6,906)
Full cost ceiling impairment	0	(10,505)
Total	$ 27,420	$ (3,267)

Supplementary Information on _5

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Reserve Quantity Information (Details)	12 Months Ended
	Dec. 31, 2018bblMcf	Dec. 31, 2018bblMBblsMcf	Dec. 31, 2018bblMcf	Dec. 31, 2017bblMcf	Dec. 31, 2016bblMcf
Crude Oil [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance	7,171,339			550,705
Extensions and discoveries	15,881,727	26.9		6,791,945
Purchase of reserves	1,883,047			0
Sale of reserves	0	(401)		(92,293)
Revisions of previous estimates	(2,641,353)	2,076		292,975
Production	(1,089,724)	(1,675)		(371,993)
Ending Balance	21,205,036			7,171,339
Proved Developed Reserves	6,278,035	6,278,035	6,278,035	2,531,397	550,705
Proved Undeveloped Reserve	14,927,001	14,927,001	14,927,001	4,639,942	0
Natural Gas [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance | Mcf			16,059,926	3,871,506
Extensions and discoveries | Mcf			38,957,588	14,438,471
Purchase of reserves | Mcf			8,897,115	0
Sale of reserves | Mcf			0	(364,712)
Revisions of previous estimates | Mcf			17,690,723	(1,109,174)
Production | Mcf			(2,855,739)	(776,165)
Ending Balance | Mcf			78,749,613	16,059,926
Proved Developed Reserves | Mcf	27,046,195	27,046,195	27,046,195	6,594,446	3,871,506
Proved Undeveloped Reserve | Mcf	51,703,418	51,703,418	51,703,418	9,465,480	0
Natural Gas Liquids [Member]
Summary of Proved Developed and Underdeveloped Oil and Gas Reserve
Beginning Balance	1,604,570			3,211
Extensions and discoveries	4,565,994			1,455,620
Purchase of reserves	682,964			0
Sale of reserves	0			(3,211)
Revisions of previous estimates	1,769,448			222,825
Production	(246,425)			(73,875)
Ending Balance	8,376,551			1,604,570
Proved Developed Reserves	2,653,908	2,653,908	2,653,908	644,102	3,211
Proved Undeveloped Reserve	5,722,643	5,722,643	5,722,643	960,468	0

Supplementary Information on _6

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Narrative (Details)	12 Months Ended
	Dec. 31, 2018bbl	Dec. 31, 2018MBbls	Dec. 31, 2017bbl
Reserve Quantities [Line Items]
Percentage of discount of estimated future net revenues	10.00%	10.00%
Crude Oil [Member]
Reserve Quantities [Line Items]
Extensions and discoveries	15,881,727	26.9	6,791,945
Revisions of previous estimates	(2,641,353)	2,076	292,975
Sale of reserves	0	401	92,293
Production	1,089,724	1,675	371,993

Supplementary Information on _7

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Oil And Gas Reserve Information [Abstract]
Future cash inflows	$ 1,500,263	$ 397,531
Future production costs	(414,117)	(151,456)
Future development costs	(346,225)	(113,727)
Future income tax expense	(62,842)	0
Future net cash flows	677,079	132,348
10% discount to reflect timing of cash flows	(384,345)	(63,536)
Total	$ 292,734	$ 68,812	$ 6,656

Supplementary Information on _8

Supplementary Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Changes in Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Supplemental Oil And Gas Reserve Information [Abstract]
Standardized measure of discounted future net cash flows, beginning of the year	$ 68,812	$ 6,656
Net changes in prices and production costs	24,261	(13,402)
Sales of oil and gas produced during the year, net	(49,271)	57,163
Changes in estimated future development costs	(39,938)	0
Net change due to extensions and discoveries	161,785	(1,296)
Net change due to purchases of minerals in place	55,278	8,311
Net change due to sales of minerals in place	0	4,968
Previously estimated development costs incurred during the year	68,349	(1,580)
Net changes due to revision of previous quantity estimates	28,350	1,683
Accretion of discount	6,881	666
Other - unspecified	3,252	5,643
Net change in income taxes	(35,025)	0
Standardized measure of discounted future net cash flows at the end of the year	$ 292,734	$ 68,812