Lilis Energy (LLEX) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 08, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	0001437557
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		91,873,385

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 7,011	$ 21,137
Accounts receivable, net of allowance of $19 and $25, respectively	20,834	20,546
Derivative instruments	793	2,551
Prepaid expenses and other current assets	2,824	1,851
Total current assets	31,462	46,085
Property and equipment:
Oil and natural gas properties, full cost method of accounting, net	450,583	430,379
Other property and equipment, net	472	524
Total property and equipment, net	451,055	430,903
Other assets	2,568	3,785
Total assets	485,085	480,773
Current liabilities:
Accounts payable	32,088	47,112
Accrued liabilities and other	15,611	14,794
Revenue payable	10,480	14,546
Derivative instruments - current	3,130	515
Total current liabilities	61,309	76,967
Asset retirement obligations	2,693	2,433
Long-term debt	123,000	157,804
Long-term derivative instruments and other non-current liabilities	1,547	4,699
Long-term deferred revenue liabilities	42,375	52,513
Total liabilities	230,924	294,416
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value per share; 150,000,000 shares authorized 91,451,836 and 71,182,016 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively.	9	7
Additional paid-in capital	356,210	321,753
Treasury stock, 253,598 shares at cost	(997)	(997)
Accumulated deficit	(332,393)	(307,431)
Total stockholders’ equity	22,829	13,332
Total liabilities and stockholders’ equity	485,085	480,773
Series C-1 Preferred Stock
Current liabilities:
Mezzanine equity	74,476	106,774
Series C-2 Preferred Stock
Current liabilities:
Mezzanine equity	17,508	25,522
Series D Preferred Stock
Current liabilities:
Mezzanine equity	27,318	40,729
Series E Preferred Stock
Current liabilities:
Mezzanine equity	63,731	0
Series F Preferred Stock
Current liabilities:
Mezzanine equity	$ 48,299	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Allowance related to accounts receivable	$ 19	$ 25
Common stock, par 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)	91,451,836	71,182,016
Common stock, shares outstanding (in shares)	91,451,836	71,182,016
Treasury stock, shares (in shares)	253,598	253,598
Series C-1 Preferred Stock
Redeemable preferred stock, dividend rate, percentage	9.75%	9.75%
Mezzanine equity, shares authorized (in shares)	10,000,000	10,000,000
Mezzanine equity, shares issued (in shares)	100,000	100,000
Mezzanine equity, shares outstanding (in shares)	100,000	100,000
Mezzanine equity, stated value (in dollars per share)	$ 1,032	$ 1,093
Series C-2 Preferred Stock
Redeemable preferred stock, dividend rate, percentage	9.75%	9.75%
Mezzanine equity, shares authorized (in shares)	10,000,000	10,000,000
Mezzanine equity, shares issued (in shares)	25,000	25,000
Mezzanine equity, shares outstanding (in shares)	25,000	25,000
Mezzanine equity, stated value (in dollars per share)	$ 1,032	$ 1,024
Series D Preferred Stock
Redeemable preferred stock, dividend rate, percentage	8.25%	8.25%
Mezzanine equity, shares authorized (in shares)	10,000,000	10,000,000
Mezzanine equity, shares issued (in shares)	39,254	39,254
Mezzanine equity, shares outstanding (in shares)	39,254	39,254
Mezzanine equity, stated value (in dollars per share)	$ 1,027	$ 1,021
Series E Preferred Stock
Redeemable preferred stock, dividend rate, percentage	8.25%
Mezzanine equity, shares authorized (in shares)	10,000,000
Mezzanine equity, shares issued (in shares)	60,000
Mezzanine equity, shares outstanding (in shares)	60,000	0
Mezzanine equity, stated value (in dollars per share)	$ 1,027
Series F Preferred Stock
Redeemable preferred stock, dividend rate, percentage	9.00%
Mezzanine equity, shares authorized (in shares)	10,000,000
Mezzanine equity, shares issued (in shares)	55,000
Mezzanine equity, shares outstanding (in shares)	55,000	0
Mezzanine equity, stated value (in dollars per share)	$ 1,029

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Revenues	$ 21,572	$ 17,483	$ 39,270	$ 31,878
Operating expenses:
Production taxes	1,119	821	2,025	1,671
General and administrative	9,383	7,380	19,062	17,844
Depreciation, depletion, amortization and accretion	9,188	5,759	17,342	10,400
Total operating expenses	24,784	17,816	49,465	37,496
Operating loss	(3,212)	(333)	(10,195)	(5,618)
Other income (expense):
Gain (loss) from commodity derivatives	2,901	(2,802)	(7,676)	(4,572)
Change in fair value of financial instruments	0	(19,501)	(335)	8,887
Interest expense	(1,845)	(8,572)	(6,673)	(17,660)
Other income (expense)	(114)	0	(83)	1
Total other income (expense)	942	(30,875)	(14,767)	(13,344)
Net loss before income taxes	(2,270)	(31,208)	(24,962)	(18,962)
Income tax expense	0	0	0	0
Net loss	(2,270)	(31,208)	(24,962)	(18,962)
Paid-in-kind dividends on preferred stock	(6,375)	(2,465)	(11,200)	(4,117)
Net income (loss) attributable to common stockholders	$ (8,645)	$ (33,673)	$ (36,162)	$ (23,079)
Net income (loss) per common share-basic and diluted:
Basic (in dollars per share)	$ (0.09)	$ (0.53)	$ (0.43)	$ (0.40)
Diluted (in dollars per share)	$ (0.09)	$ (0.53)	$ (0.43)	$ (0.40)
Weighted average common shares outstanding:
Basic (in shares)	91,012,030	64,098,309	84,500,414	57,801,098
Diluted (in shares)	91,012,030	64,098,309	84,500,414	57,801,098
Oil sales
Revenues:
Revenues	$ 19,982	$ 14,254	$ 34,683	$ 26,843
Operating expenses:
Costs of goods and services sold	3,859	2,984	8,623	6,247
Natural gas sales
Revenues:
Revenues	350	1,144	1,876	2,034
Natural gas liquid sales
Revenues:
Revenues	1,240	2,085	2,711	3,001
Gathering, processing and transportation
Operating expenses:
Costs of goods and services sold	$ 1,235	$ 872	$ 2,413	$ 1,334

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2017		53,368,331		0
Beginning Balance at Dec. 31, 2017	$ (30,948)	$ 5	$ 272,335	$ 0	$ (303,288)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,554		5,554
Common stock for restricted stock (in shares)		467,860
Common stock for restricted stock	0
Common stock withheld for taxes on stock-based compensation (in shares)		(134,235)
Common stock withheld for taxes on stock-based compensation	(509)		(509)
Common stock for acquisition of oil and gas properties (in shares)		6,940,722
Common stock for acquisition of oil and gas properties	24,778	$ 1	24,777
Exercise of warrants (in shares)		2,848,440
Exercise of warrants	1,051		1,051
Exercise of stock options (in shares)		554,805
Exercise of stock options	1,022		1,022
Reclassification of warrant derivative liabilities	223		223
Purchase of treasury stock (in shares)				(253,598)
Purchase of treasury stock	(997)			$ (997)
Dividends on preferred stock	(4,117)		(4,117)
Net income (loss)	(18,962)				(18,962)
Ending Balance (in shares) at Jun. 30, 2018		64,045,923		(253,598)
Ending Balance at Jun. 30, 2018	(22,905)	$ 6	300,336	$ (997)	(322,250)
Beginning Balance (in shares) at Mar. 31, 2018		60,218,176		(68,798)
Beginning Balance at Mar. 31, 2018	7,048	$ 6	298,351	$ (267)	(291,042)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,523		2,523
Common stock for restricted stock (in shares)		460,000
Common stock for restricted stock	0
Common stock withheld for taxes on stock-based compensation (in shares)		(30,398)
Common stock withheld for taxes on stock-based compensation	(131)		(131)
Exercise of warrants (in shares)		2,848,440
Exercise of warrants	1,051		1,051
Exercise of stock options (in shares)		549,705
Exercise of stock options	1,007		1,007
Purchase of treasury stock (in shares)				(184,800)
Purchase of treasury stock	(730)			$ (730)
Dividends on preferred stock	(2,465)		(2,465)
Net income (loss)	(31,208)				(31,208)
Ending Balance (in shares) at Jun. 30, 2018		64,045,923		(253,598)
Ending Balance at Jun. 30, 2018	(22,905)	$ 6	300,336	$ (997)	(322,250)
Beginning Balance (in shares) at Dec. 31, 2018		71,182,016		(253,598)
Beginning Balance at Dec. 31, 2018	13,332	$ 7	321,753	$ (997)	(307,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,001		6,001
Common stock for restricted stock (in shares)		2,837,486
Common stock for restricted stock	0
Common stock withheld for taxes on stock-based compensation (in shares)		(209,304)
Common stock withheld for taxes on stock-based compensation	(410)		(410)
Common stock issued for conversion of debt (in shares)		17,641,638
Common stock issued for extinguishment of debt	32,990	$ 2	32,988
Gain on extinguishment of debt	7,078		7,078
Common stock for acquisition of oil and gas properties	0
Dividends on preferred stock	(11,200)		(11,200)
Net income (loss)	(24,962)				(24,962)
Ending Balance (in shares) at Jun. 30, 2019		91,451,836		(253,598)
Ending Balance at Jun. 30, 2019	22,829	$ 9	356,210	$ (997)	(332,393)
Beginning Balance (in shares) at Mar. 31, 2019		91,037,902		(253,598)
Beginning Balance at Mar. 31, 2019	29,208	$ 9	360,319	$ (997)	(330,123)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,356		2,356
Common stock for restricted stock (in shares)		458,055
Common stock for restricted stock	0
Common stock withheld for taxes on stock-based compensation (in shares)		(44,121)
Common stock withheld for taxes on stock-based compensation	(90)		(90)
Dividends on preferred stock	(6,375)		(6,375)
Net income (loss)	(2,270)				(2,270)
Ending Balance (in shares) at Jun. 30, 2019		91,451,836		(253,598)
Ending Balance at Jun. 30, 2019	$ 22,829	$ 9	$ 356,210	$ (997)	$ (332,393)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (24,962)	$ (18,962)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	6,001	5,554
Bad debt recovery	(6)	(14)
Amortization of debt issuance cost and accretion of debt discount	1,936	8,685
Payable in-kind interest	1,590	6,437
Loss from commodity derivatives, net	7,676	4,572
Net settlements on commodity derivatives	(1,757)	(1,710)
Change in fair value of financial instruments	335	(8,887)
Depreciation, depletion, amortization and accretion	17,342	10,400
Operating lease amortization	124
Changes in operating assets and liabilities:
Accounts receivable	(1,101)	(10,521)
Prepaid expenses and other assets	(835)	(436)
Accounts payable and accrued liabilities	(21,909)	12,442
Proceeds from options associated with future midstream services	2,500	34,650
Net cash provided by (used in) operating activities	(13,066)	42,210
Cash flows from investing activities:
Acquisition of oil and natural gas properties	0	(69,820)
Proceeds from the sale of assets	336	0
Capital expenditures	(48,604)	(76,160)
Net cash used in investing activities	(48,268)	(145,980)
Cash flows from financing activities:
Proceeds from term loans, net of financing costs	0	44,960
Proceeds from revolving credit agreement, net of financing costs	47,618	0
Repayment of term loans and notes payable	0	(31,821)
Proceeds from the issuance of Series C Preferred Stock	0	100,000
Repurchase of common stock	0	(997)
Proceeds from exercise of warrants and stock options	0	2,073
Payment for tax withholding on stock-based compensation	(410)	(509)
Net cash provided by financing activities	47,208	113,706
Net increase (decrease) in cash and cash equivalents	(14,126)	9,936
Cash and cash equivalents at beginning of period	21,137	17,462
Cash and cash equivalents at end of period	7,011	27,398
Supplemental disclosure:
Cash paid for interest	$ 3,148	$ 2,538

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Lilis Energy, Inc. ("Lilis" or the "Company") is an independent oil and natural gas exploration and production company focused on the Delaware Basin in Winkler, Loving, and Reeves Counties, Texas and Lea County, New Mexico.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES Principles of Consolidation and Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Brushy Resources, Inc., ImPetro Operating, LLC, ImPetro Resources, LLC, Lilis Operating Company, LLC, and Hurricane Resources LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting only of normal, recurring adjustments) which are, in our opinion, necessary for a fair presentation of the information as of and for the periods presented. These unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Quarterly Report on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all disclosures required under GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with our annual report on Form 10–K for the year ended December 31, 2018 , as filed with the Securities and Exchange Commission (the "SEC") on March 7, 2019 (the "Annual Report"). Use of Estimates The accompanying condensed 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 common stock; and the allocation of general administrative expenses. Actual results could differ significantly from these estimates. Reclassifications Certain reclassifications have been made to the prior year comparative financial statements to conform to the 2019 presentation. These reclassifications have no effect on the Company's previously reported results of operations, shareholders' equity or cash flows. Recently Adopted Accounting Standards In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), a standard on lease accounting requiring a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. This standard is effective for annual and interim periods beginning after December 15, 2018. We adopted this standard effective January 1, 2019, utilizing a modified retrospective transition approach. We chose to use the effective date as our date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard were not provided for dates and periods before January 1, 2019. The standard includes optional transition practical expedients intended to simplify its adoption. We elected to adopt the package of practical expedients, which allowed us to retain the historical lease classification, including treatment for land easements, determined under legacy GAAP as well as a relief from reviewing expired or existing contracts to determine if they contain leases. This standard does not apply to the Company's leases that provide the right to explore for minerals, oil, or natural gas resources. Upon adoption, we recognized operating lease liabilities totaling approximately $7.5 million, with corresponding right of use assets totaling $7.4 million. The liabilities were calculated as the present value of the remaining minimum rental payments for existing operating leases. This standard did not materially impact our consolidated net earnings and had no impact on our cash flows (see Note 9 - Leases ). Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the currently required incurred loss methodology with an expected loss methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. The update is intended to provide financial statement users with more useful information about expected credit losses on financial instruments. The amended standard is effective for the Company on January 1, 2020, with early adoption permitted, and shall be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. Historically, the Company's credit losses on oil and natural gas sales receivables and any joint interest receivables have not been significant, and the Company does not believe the adoption of ASU 2016-13 will have a material impact on its consolidated financial statements. Accrued Liabilities and Other At June 30, 2019 and December 31, 2018 , the Company's accrued liabilities consisted of the following: June 30, 2019 December 31, 2018 (In thousands) Accrued bonus $ 1,150 $ 2,300 Accrued drilling costs 3,885 2,849 Drilling advances 3,099 5,001 Accrued production expenses 3,847 2,926 Other accrued liabilities 3,508 1,718 Short-term operating lease liabilities 122 — $ 15,611 $ 14,794

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [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. Effective January 1, 2019 through February 28, 2019, the Company's crude oil was sold under a single short-term contract. The purchaser's commitment included all quantities of crude oil from the leases that were covered by the contract, with no quantity-based restrictions or variable terms. Pricing was based on posted indexes for crude oil of similar quality, less a negotiable fees deduction of $5.15 per barrel. Effective March 1, 2019, the Company's crude oil is sold under a single long-term contract with a term that extends to at least December 31, 2024. The purchaser's commitment has a quantity-based limit set forth in the contract, measured in barrels per day, with the maximum quantity commitment increasing at periodic intervals over the life of the contract to coincide with the Company's expected growth in production. The Company is confident that the purchaser will be able to receive and purchase all crude oil produced for sale during the contract period (See Note 11 - Long-Term Deferred Revenue Liabilities and Note 19 - Commitments and Contingencies) . Pursuant to the long-term contract, pricing is based on posted indexes for crude oil of similar quality, with a differential based on pipeline delivery to Houston, as opposed to the previous contract differential based on truck delivery to Midland-Cushing, along with a differential basis reduction of $9.25 per barrel that is effective from March 1, 2019 through June 30, 2019, which decreases to $6.50 per barrel for the period of July 1, 2019 through June 30, 2020, and then to $4.95 per barrel for the period from July 1, 2020 through December 31, 2024. The posted index prices and differentials change monthly based on the average of daily index price points for each sales month. The purchaser's affiliate shipper also charges a tariff fee of $0.75 as a deduction from the received price (see Note 11 - Long-Term Deferred Revenue Liabilities ). Natural Gas and NGL Revenues Natural gas from our properties 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 two natural gas contracts, both of 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 NGLs produced from specific wellbores or dedicated acreage as defined in the contract, with no quantity-based restrictions or variable terms. Pricing under the gas contracts is 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 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 under production is recorded as a receivable. The Company did not have any significant natural gas imbalance positions as of June 30, 2019 and December 31, 2018 . The following table disaggregates the Company's revenue by contract type ( in thousands ) for the three and six months ended June 30, 2019 : Three Months Ended June 30, 2019 Short-term contracts Long-term contracts Total Crude oil $ 1,464 $ 18,518 $ 19,982 Natural gas (11 ) 361 350 NGLs 49 1,191 1,240 Six Months Ended June 30, 2019 Short-term contracts Long-term contracts Total Crude oil $ 9,851 $ 24,832 $ 34,683 Natural gas 129 1,747 1,876 NGLs 122 2,589 2,711 Customer Credit Risk Our principal exposure to credit risk is through receivables from the sale of our oil and natural gas production of approximately $8.8 million and $8.2 million at June 30, 2019 and December 31, 2018 , respectively, and through actual and accrued receivables from our joint interest partners of approximately $11.9 million and $11.4 million at June 30, 2019 and December 31, 2018 , respectively. 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. Major Customers During the three and six months ended June 30, 2019 , the Company's major customers as a percentage of total revenue consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Texican Crude & Hydrocarbon, LLC — % 86 % 21 % 86 % ARM Energy Management, LLC 93 % — % 69 % — % Lucid Energy Delaware, LLC 7 % 12 % 10 % 10 % ETC Field Services LLC — % 2 % — % 4 % 100 % 100 % 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. LONG-TERM DEFERRED REVENUE 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 and a contract operating and right of first refusal agreement with SCM Water, LLC ("SCM Water"), a subsidiary of Salt Creek Midstream, LLC ("SCM"). The water gathering agreement complements 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 to construct, maintain and operate the water gathering system will be fully funded by SCM Water and will be designed to accommodate all water produced by the Company's operations. Pursuant to the contract operating agreement, the Company will act as contract operator of SCM Water's salt water disposal wells. Additionally, 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 well locations. The Company anticipates that the majority of its water will eventually be disposed of 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 and $5.0 million for a prefunded drilling bonus. Additionally, the Company received $2.5 million on October 1, 2018 as a bonus for the grant of an area right-of-way/easement, and the water gathering agreement provided that the Company would receive an additional $2.5 million bonus upon hitting the target of 40,000 barrels per day of produced water. On March 7, 2019, SCM Water exercised its option to purchase the Company's existing water infrastructure. The Company determined that approximately $11.7 million of the upfront payments were attributable to the sale of the water infrastructure and recorded the exercise of the option as a reduction of deferred liabilities and a reduction of oil and gas properties. On March 11, 2019, the Company, SCM Water, and ARM Energy Management, LLC ("ARM"), a related company to SCM Water, agreed to amend the terms of the previously negotiated water gathering and disposal agreement and entered into a new crude oil sales contract (See Note 3 - Revenue and Note 19 - Commitments and Contingencies ). Under the terms of such agreements, the Company agreed to an increase in salt water disposal rates in exchange for more favorable pricing differentials on the crude oil sales contract, modification on the minimum quantities of crude oil required under the crude oil sales contract, an upfront payment of $2.5 million and the elimination of the potential bonus for hitting a target of 40,000 barrels of produced water per day. The Company determined that the upfront $2.5 million payment was primarily attributable to the crude oil sales contract, and the Company recorded the $2.5 million payment as deferred revenues and will recognize it in income ratably as the crude oil is sold. Crude Oil Gathering Agreement and Option Agreement On May 21, 2018, the Company entered into a crude oil gathering agreement and option agreement with 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 under a tariff arrangement 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 during the third quarter of 2019. 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 payment of $35.0 million , which was recorded in long-term deferred revenue.

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	6 Months Ended
	Jun. 30, 2019
Extractive Industries [Abstract]
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, costs of developing and completing productive wells, and other costs directly related to acquisition and exploration activities. Proceeds from property sales are generally applied as a credit against our 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 our proved reserves. Depletion of exploration and development costs and depreciation of wells and tangible production assets are 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 costs 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. As of June 30, 2019 , the ceiling value of the Company's reserves was calculated based upon SEC pricing of $61.39 per barrel for oil and $3.02 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 has 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 are then subject to amortization. During the six months ended June 30, 2019 , and 2018, impairments of $11.4 million and $11.1 million , respectively, were recorded on the Company's unproved oil and natural gas properties and transferred to the full cost pool due to title defects on certain leases. For the three months ended June 30, 2019 and 2018 , depreciation, depletion, amortization and accretion expense related to proved properties were $9.2 million and $5.8 million , respectively. For the six months ended June 30, 2019 and 2018 , depreciation, depletion, amortization and accretion expense related to proved properties were $17.3 million and $10.4 million , respectively. The following table sets forth a summary of oil and natural gas property costs (net of divestitures) at June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 (In thousands) Oil and natural gas properties: Proved $ 409,850 $ 358,858 Unproved 156,105 169,863 Total oil and natural gas properties 565,955 528,721 Accumulated depletion, depreciation and amortization (115,372 ) (98,342 ) Oil and natural gas properties, net $ 450,583 $ 430,379

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES During the six months ended June 30, 2018 , the Company acquired the following oil and natural gas properties: • Certain leasehold acreage in the Delaware Basin in Lea County, New Mexico from OneEnergy Partners Operating, LLC for $40.0 million in cash and 6,940,722 shares of the Company's common stock valued at approximately $24.9 million, for total consideration of approximately $64.9 million . Transaction costs associated with this acquisition were approximately $1.1 million. The transaction was recorded as an asset acquisition. • Certain leasehold interests and other oil and natural gas assets in Loving and Winkler Counties, Texas from VPD Texas, L.P. for total cash consideration of approximately $11.1 million , including approximately $0.5 million of related acquisition costs. The transaction was recorded as an asset acquisition. • Certain leasehold interests and other oil and natural gas assets in Loving and Winkler Counties, Texas from Anadarko for total cash consideration of $7.1 million. The transaction was recorded as an asset acquisition.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The Company's asset retirement obligations ("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 for the six months ended June 30, 2019 and the year ended December 31, 2018 : June 30, 2019 December 31, 2018 (In thousands) ARO, beginning of period $ 2,444 $ 952 Additional liabilities incurred 69 374 Accretion expense 217 85 Liabilities settled (2 ) (87 ) Revision in estimates (24 ) 1,120 ARO, end of period 2,704 2,444 Less: current portion of ARO (11 ) (11 ) ARO, non-current $ 2,693 $ 2,433

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The Company measures the fair value of its financial assets on a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: ● Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - Other inputs that are directly or indirectly observable in the marketplace. ● Level 3 - Unobservable inputs which are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Determination of the fair values of our derivative contracts incorporates various factors, including not only the impact of our non-performance risk on our liabilities, but also the credit standing of the counterparties involved. The Company utilizes counterparty rate of default values to assess the impact of non-performance risk when evaluating both our liabilities to, and receivables from, counterparties. Recurring Fair Value Measurements 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 June 30, 2019 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (4,100 ) $ — $ (4,100 ) Oil and natural gas derivative collar contracts — 729 — 729 Total $ — $ (3,371 ) $ — $ (3,371 ) 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 ) Derivative assets and liabilities include unsettled amounts related to commodity derivative positions, including swaps and collars, as of June 30, 2019 and December 31, 2018 . The fair value of the Company's derivatives is based on third-party pricing models which utilize inputs that are either readily in the public market or which can be corroborated from active markets of broker quotes. Swaps and collars generally have observable inputs and these instruments are measured using Level 2 inputs. The Company's derivative liabilities as of December 31, 2018 also include embedded derivatives associated with the Second Lien Term Loan (as defined in Note 10 - Long-Term Debt ). These instruments have fewer observable inputs from objective sources and are therefore measured using Level 3 inputs.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company's derivative instruments as of June 30, 2019 and December 31, 2018, include the following: June 30, 2019 December 31, 2018 (In thousands) Derivative assets (liabilities): Derivative assets - current $ 793 $ 2,551 Derivative assets - non-current (1) 497 1,822 Derivative liabilities - current (3,130 ) (515 ) Derivative liabilities - non-current (2)(3) (1,531 ) (4,699 ) Total derivative liabilities, net $ (3,371 ) $ (841 ) (1) The non-current derivative assets are included in other assets in the consolidated balance sheets. (2) The non-current derivative liabilities are included in long-term derivative instruments and other non-current liabilities in the consolidation balance sheets. (3) Includes $2.0 million of embedded derivatives associated with Second Lien Term Loan and $2.7 million associated with commodity derivatives as of December 31, 2018 . Embedded Derivatives As discussed in Note 10 - Long-Term Debt , the Second Lien Term Loan contained conversion features that were exercisable at the option of the lead lender thereunder or, in certain circumstances, 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) are separate, stand-alone instruments with similar terms that 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 Company's condensed consolidated statement of operations for each reporting period. As of December 31, 2018 , the derivative liabilities associated with the Second Lien Term Loan were approximately $2.0 million . On March 5, 2019, the embedded derivative associated with the Second Lien Term Loan was written off against the gain on extinguishment of debt following the extinguishment of the Second Lien Term Loan on March 5, 2019, pursuant to the provisions of the 2019 Transaction Agreement (as defined in Note 10 - Long-Term Debt) . Commodity Derivatives To reduce the impact of fluctuations in oil and natural gas prices on the Company's revenues and 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 floor price 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). Our hedging activities are intended to support oil and natural gas prices at targeted levels and manage exposure to oil and natural gas price fluctuations, as well as to meet our obligations under our Revolving Credit Agreement (as defined in Note 10 - Long-Term Debt ). It is our policy to enter into derivative contracts only with counterparties that are creditworthy and competitive market makers. All of our derivatives are designated as unsecured. Certain of our derivative counterparties may require the posting of cash collateral under certain conditions. The Company does not enter into derivative contracts for speculative trading purposes. All of our derivatives are accounted for as mark-to-market activities. Under Accounting Standard Codification ("ASC") Topic 815, "Derivatives and Hedging," these instruments are recorded on the Company's condensed 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. Because the Company has elected not to designate its current derivative contracts as cash flow hedges for accounting purposes, changes in the fair values of the derivatives are recognized in current earnings. The following table presents the Company's derivative position for the production periods indicated as of June 30, 2019 : Description Notional Volume (Bbls/d) Production Period Weighted Average Price ($/Bbl) Oil Positions Oil Swaps 173 October 2019 - December 2019 $ 58.80 Oil Swaps 1,028 January 2020 - December 2020 $ 56.28 Oil Swaps 148 January 2021 - December 2021 $ 54.40 Basis Swaps (1) 1,500 July 2019 - December 2019 $ (5.62 ) Basis Swaps (1) 1,500 January 2020 - December 2020 $ (5.62 ) 3 Way Collar Floor sold price (put) 1,500 July 2019 - December 2019 $ 45.00 3 Way Collar Floor purchase price (put) 1,500 July 2019 - December 2019 $ 55.00 3 Way Collar Ceiling sold price (call) 1,500 July 2019 - December 2019 $ 70.47 Oil Collar Floor purchase price (put) 500 July 2019 - December 2019 $ 50.00 Oil Collar Ceiling sold price (call) 500 July 2019 - December 2019 $ 58.00 Oil Collar Floor purchase price (put) 410 January 2020 - December 2020 $ 50.00 Oil Collar Ceiling sold price (call) 410 January 2020 - December 2020 $ 64.96 Oil Collar Floor purchase price (put) 742 January 2021 - December 2021 $ 50.00 Oil Collar Ceiling sold price (call) 742 January 2021 - December 2021 $ 59.70 Description Notional Volume (MMBtus/d) Production Period Weighted Average Price ($/MMBtu) Natural Gas Positions Gas Swaps 6,771 July 2019 - October 2019 $ 2.75 Gas Swaps 5,417 April 2020 - October 2020 $ 2.58 Gas Swaps 4,184 January 2021 - March 2021 $ 2.77 Gas Collar Floor purchase price (put) 6,921 November 2019 - December 2019 $ 2.80 Gas Collar Ceiling sold price (call) 6,921 November 2019 - December 2019 $ 3.06 Gas Collar Floor purchase price (put) 2,748 January 2020 - December 2020 $ 2.55 Gas Collar Ceiling sold price (call) 2,748 January 2020 - December 2020 $ 3.07 Gas Collar Floor purchase price (put) 4,464 January 2021 - December 2021 $ 2.20 Gas Collar Ceiling sold price (call) 4,464 January 2021 - December 2021 $ 2.97 (1) The weighted average price under these basis swaps is the fixed price differential between the index prices of the Midland WTI and the Cushing WTI. The table below summarizes the Company's net gain (loss) on commodity derivatives for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Unrealized gain (loss) on unsettled derivatives $ 4,481 $ (2,111 ) $ (4,495 ) $ (3,242 ) Net settlements paid on derivative contracts (976 ) (956 ) (2,577 ) (1,595 ) Net settlements receivable (payable) on derivative contracts (604 ) 265 (604 ) 265 Net gain (loss) on commodity derivatives $ 2,901 $ (2,802 ) $ (7,676 ) $ (4,572 ) 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 condensed consolidated balance sheets as of June 30, 2019 and as of December 31, 2018 : As of June 30, 2019 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts Presented in the Condensed Consolidated Balance Sheets (In thousands) Offsetting Derivative Assets: Current assets $ 1,987 $ (1,194 ) $ 793 Long-term assets 2,080 (1,583 ) 497 Total assets $ 4,067 $ (2,777 ) $ 1,290 Offsetting Derivative Liabilities: Current liabilities $ (4,324 ) $ 1,194 $ (3,130 ) Long-term commodity derivative liabilities (3,114 ) 1,583 (1,531 ) Total liabilities $ (7,438 ) $ 2,777 $ (4,661 ) As of December 31, 2018 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts Presented in the Condensed 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 )

LEASES

LEASES	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
LEASES	LEASES Lease Recognition The Company has entered into contractual lease arrangements to rent office space, compressors, drilling rigs and other equipment from third-party lessors. Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recorded at commencement date based on the present value of lease payments over the lease term. Lease payments included in the measurement of the lease liability include fixed payments and termination penalties or extensions that are reasonably certain to be exercised. Variable lease costs associated with leases are recognized when incurred and generally represent maintenance services provided by the lessor, allocable real estate taxes and local sales and business taxes. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense on a straight-line basis over the lease term. The Company does not account for lease components separately from the non-lease components. The Company uses the implicit interest rate when readily determinable; however, most of the Company's lease agreements do not provide an implicit interest rate. As such, for new or modified leases subsequent to January 1, 2019, the Company uses its incremental borrowing rate based on the information available at commencement date of the contract in determining the present value of future lease payments. The incremental borrowing rate is calculated using a risk-free interest rate adjusted for the Company's risk. Operating lease ROU assets also include any lease incentives received in the recognition of the present value of future lease payments. Certain of the Company's leases may also include escalation clauses or options to extend or terminate the lease. These options are included in the present value recorded for the leases when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company determines if an arrangement is a lease at inception of the contract and records the resulting operating lease asset on the condensed consolidated balance sheets as an asset in other assets, with offsetting liabilities recorded as a current liability in accrued liabilities and other and long-term derivative liabilities and other. The Company recognizes a lease in the consolidated financial statements when the arrangement either explicitly or implicitly involves property or equipment, the contract terms are dependent on the use of the property or equipment, and the Company has the ability or right to operate the property or equipment or to direct others to operate the property or equipment and receives greater than 10% of the economic benefits of the assets. As of June 30, 2019 , the Company does not have any financing leases. The Company has adopted the modified retrospective method for the new lease recognition rule. Therefore, prior periods are not presented as prior period amounts have not been adjusted under the modified retrospective. Refer to Note 2 - Summary of Significant Accounting Policies and Estimates for additional information. As of June 30, 2019 , the Company's ROU assets and operating lease liabilities were included in the condensed consolidated balance sheets as follows (in thousands): Right of use assets: Right of use assets - long-term (1) $ 127 Lease liabilities: Lease liabilities - current (2) $ 122 Lease liabilities - long-term (3) 16 Total lease liabilities $ 138 (1) Right of use assets - long-term are included in other assets on the condensed consolidated balance sheets. (2) Lease liabilities - current are included in accrued liabilities and other on the condensed consolidated balance sheets. (3) Lease liabilities - long-term are included in long-term derivatives instruments and other on the condensed consolidated balance sheets. During the second quarter of 2019, the Company canceled the long-term drilling rig lease, within the terms of the agreement, which resulted in the write-off of the related lease liability and ROU asset of $5.4 million , respectively. Lease costs represent the straight line lease expense of ROU assets, short-term leases, and variable lease costs. For the three and six months ended June 30, 2019 , the components of lease cost were classified as follows (in thousands): Three Months Ended Six Months Ended Fixed lease costs $ 1,097 $ 2,836 Short-term lease costs 152 209 Variable lease costs 72 118 Total lease costs $ 1,321 $ 3,163 Lease Cost included in the Condensed Consolidated Financial Statements Oil and natural gas properties, full cost method of accounting, net (1) $ 2,778 Total lease costs capitalized 2,778 Production costs 180 General and administrative 205 Total lease costs expensed 385 Total lease costs $ 3,163 (1) Represents short-term lease capital expenditures related to drilling rigs for the six months ended June 30, 2019. During the six months ended June 30, 2019 , the following cash activities were associated with the Company's leases as follows (in thousands): Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 69 Investing cash flows from operating leases $ 2,769 As of June 30, 2019 , the weighted average lease term and discount rate related to the Company's remaining leases were as follows: Lease term and discount rate Weighted-average remaining lease term (years) 1.02 Weighted-average discount rate 5.7 % As of June 30, 2019 , minimum future payments, including imputed interest, for long-term operating leases under the scope of ASC Topic 842, "Leases", are as follows (in thousands): Year Amount 2019 $ 75 2020 66 2021 — 2022 — 2023 — After 2023 — Less: the effects of discounting (4 ) Present value of lease liabilities $ 137 As of December 31, 2018 , minimum future payments, including imputed interest, for long-term operating leases under the scope of ASC Topic 840, "Leases", are as follows (in thousands): Year Amount 2019 $ 7,586 2020 66 2021 — 2022 — 2023 — After 2023 — Total lease commitment $ 7,652

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT June 30, 2019 December 31, 2018 (In thousands) 8.25% Second Lien Term Loan, due 2021, net of debt issuance costs and debt discount $ — $ 82,804 Revolving Credit Agreement, due April 2021 123,000 75,000 Total long-term debt $ 123,000 $ 157,804 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"). 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. In December 2018, the borrowing base was increased to $108.0 million in connection with our scheduled borrowing base re-determination. On March 5, 2019, the Company's borrowing base under the Revolving Credit Agreement was increased from $108.0 million to $125.0 million , as the result of an acceleration of the scheduled May 2019 borrowing base redetermination pursuant to the First Amendment (as defined below). As provided in the Third Amendment (as defined below) and as a result of the sale of certain working and overriding royalty interests the ("Asset Sales"), in July 2019, the borrowing base was decreased to $115.0 million . For further information on our subsequent events, see Note 20 - Subsequent Events . The redetermination of the borrowing base in the Third Amendment was the scheduled July redetermination, and the next scheduled redetermination will occur on or about November 1, 2019. 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. As of June 30, 2019 , outstanding borrowings under the Revolving Credit Agreement were $123.0 million , leaving $2.0 million available for future borrowing. Following the Asset Sales and the Third Amendment, the Company had borrowings of $105.0 million under the Revolving Credit Agreement, leaving $10.0 million available for future borrowing under the $115.0 million borrowing base. 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 . The Company capitalizes certain direct costs associated with the debt issuance under 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 three and six months ended June 30, 2019 , the Company amortized debt issuance costs associated with the Revolving Credit Agreement of $0.1 million and $0.3 million , respectively. As of June 30, 2019 , the Company had $0.6 million and $2.0 million of unamortized deferred financing costs in other current assets and non-current assets, respectively. The Company did not have a revolving credit agreement in place during the six months ended June 30, 2018. The Revolving Credit Agreement matures on October 10, 2023, the fifth anniversary of the closing date. Borrowings under the Revolving Credit Agreement are subject to mandatory repayment in certain circumstances, including upon 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 re-borrow 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 (as each ratio is set forth in the Revolving Credit Agreement). Pursuant to the Third Amendment (as defined below) the ratio of Current Assets to Current Liabilities that the Company is required to maintain as of September 30, 2019, is not less than 0.85 to 1.00. At December 31, 2019 and at the last day of each fiscal quarter thereafter, the Company will be required to maintain a ratio of Current Assets to Current Liabilities of 1.00 to 1.00. As of June 30, 2019, giving pro forma effect to the Asset Sales, and as permitted under the terms of the Third Amendment, the Company was in compliance with all debt covenants, as required by the Revolving Credit Agreement. 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 of an event of default. The Revolving Credit Agreement also provides for the Company to have and maintain Swap Agreements (as defined in the Revolving Credit Agreement) 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. Pursuant to the Third Amendment, commencing with the fiscal quarter ending September 30, 2019, the Company will be required to maintain Swap Agreements on not less than 75% of the projected production from 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. For further information on our hedges, see Note 8 - Derivatives . 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 the acceleration of the scheduled May 2019 redetermination of the borrowing base described above, which 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 Term Loan under the Second Lien Credit Agreement (as defined below). The First Amendment also provides for the July 2019 scheduled redetermination of the borrowing base described above. In addition, the First Amendment provided for a limited waiver of compliance by the Company with the ratio of Total Debt to EBITDAX covenant in the Revolving Credit Agreement as of December 31, 2018. Further, in connection with the satisfaction in full of the Second Lien Term Loan and the termination of the Second Lien Credit Agreement, the First Amendment 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. 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 the lenders of customary fees. Second Amendment and Waiver to Revolving Credit Agreement On May 6, 2019, the Company entered into a Second Amendment and Waiver (the "Second Amendment") to the Revolving Credit Agreement, pursuant to which the requisite required lenders under the Revolving Credit Agreement waived compliance by the Company with the Current Ratio covenant (as defined in the Revolving Credit Agreement) as of March 31, 2019 in exchange for a customary consent fee. Additionally, the Second Amendment provided for a 25-basis point increase in the interest rate margin applicable to loans under the Revolving Credit Agreement if the Company's ratio of Total Debt to EBITDAX is equal to or greater than 3.00 to 1.00. The Second Amendment also provides that if the Company has available cash and cash equivalents (subject to certain carveouts) in excess of $10 million for a period of at least five consecutive business days, then it must prepay the loans under the Revolving Credit Agreement in the amount of such excess. Third Amendment to Revolving Credit Agreement On July 26, 2019, the Company entered into a Third Amendment (the "Third Amendment") to the Revolving Credit Agreement, pursuant to which the requisite required lenders under the Revolving Credit Agreement agreed to reduce the borrowing base to $115 million from $125 million as a part of the scheduled July 1, 2019 redetermination and as a result of the Asset Sales; to give pro forma effect to the Asset Sales for the calculation of EBITDAX, Total Debt, and Current Liabilities at June 30, 2019; and, subject to the consummation of the Asset Sales and the required use of the proceeds, to amend the Current Ratio to be not less than 0.85 to 1.00 on September 30, 2019, rather than the minimum Current Ratio of 1.00 to 1.00 required otherwise. Additionally, the Third Amendment provides for, among other things, an increase in the projected production from proved reserves classified as "Developed Producing Reserves" attributable to the oil and natural gas properties of the Company for which the Company will be required to maintain swap agreements to not less than 75% . The Third Amendment also effected certain other ministerial changes to the Revolving Credit Agreement and required payment by the Company to the lenders of customary fees. Second Lien Credit Agreement On April 26, 2017, the Company entered into a second lien credit agreement (the "Second Lien Credit Agreement"), by and among the Company, certain subsidiaries of the Company, as guarantors, Wilmington Trust, National Association, as administrative agent, and the lenders party thereto, consisting of certain private funds affiliated with Värde Partners, Inc. ("Värde"). The Second Lien Credit Agreement provided for convertible loans in an aggregate initial principal amount of up to $125 million in two tranches (together, the "Second Lien Term Loan"). The first tranche consisted of an $80 million term loan, which was fully drawn and funded on April 26, 2017. The second tranche consisted of up to $45 million in delayed-draw term loans, which was fully drawn and funded in October 2017. In November 2017, the Second Lien Credit Agreement was amended to increase the amount available for borrowing under the second tranche of the Second Lien Term Loan by $25 million , and the additional $25 million was fully drawn and funded in November 2017. Prior to the satisfaction in full of the Second Lien Term Loan and the termination of the Second Lien Credit Agreement on March 5, 2019, as described below, the Second Lien Term Loan bore 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, and had a maturity date of April 26, 2021. Each tranche of the Second Lien Term Loan was separately convertible at any time, in full and not in part, at the option of Värde, as lead lender, as follows: (i) 70% of the principal amount, together with accrued and unpaid interest and the make-whole premium on such principal amount, would convert into a number of shares of the Company's 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 (ii) 30% of the principal amount, together with accrued and unpaid interest and the make-whole premium on such principal amount, would convert on a dollar for dollar basis into a new term loan. Additionally, if the closing price of the Company's common stock on the principal exchange on which it was traded had been at least 150% of the Conversion Price then in effect for at least 20 of the 30 immediately preceding trading days, the Company had the option to convert the Second Lien Term Loan, in whole or in part, into a number of shares of its common stock determined by dividing the principal amount to be converted, together with accrued and unpaid interest on such principal amount, by the Conversion Price. On October 10, 2018, the Company entered into a transaction agreement (the "2018 Transaction Agreement") by and among the Company and certain private funds affiliated with Värde that were lenders under the Second Lien Credit Agreement (collectively, the "Värde Parties"), pursuant to which, among other matters, the Company issued to the Värde Parties (i) an aggregate of 5,952,763 shares of its 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", 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 . 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 which, among other matters, the Company issued 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 the Second Lien Term Loan. Specifically, in exchange for satisfaction of the outstanding principal amount of the Second Lien Term Loan, accrued and unpaid interest thereon and the make-whole amount totaling approximately $133.6 million (the "Second Lien Exchange Amount"), the Company issued 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 (as defined in Note 13 - Preferred Stock ) of the shares of Series F Preferred Stock; • an aggregate of 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 in Note 13 - Preferred Stock ) 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 Company's common stock on the NYSE American on March 4, 2019 of $1.88 . Subsequent to this transaction, the Company's long-term debt consists solely of borrowings under the Revolving Credit Agreement. As a result of the satisfaction in full of the Second Lien Term Loan pursuant to the 2019 Transaction Agreement, the Company recorded a gain on extinguishment of debt of $7.1 million , which was recorded as an increase in additional paid in capital due to the Värde Parties, being existing shareholders of the Company. Interest Expense The components of interest expense are as follows (in thousands) for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30 2019 2018 2019 2018 Interest on debt $ 1,707 $ 1,078 $ 3,147 $ 2,538 Paid-in-kind interest on term loans — 3,269 1,590 6,437 Amortization of debt financing costs 138 262 279 881 Amortization of discount on term loans — 3,963 1,657 7,804 Total $ 1,845 $ 8,572 $ 6,673 $ 17,660

LONG-TERM DEFERRED REVENUE LIAB

LONG-TERM DEFERRED REVENUE LIABILITIES	6 Months Ended
	Jun. 30, 2019
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. Effective January 1, 2019 through February 28, 2019, the Company's crude oil was sold under a single short-term contract. The purchaser's commitment included all quantities of crude oil from the leases that were covered by the contract, with no quantity-based restrictions or variable terms. Pricing was based on posted indexes for crude oil of similar quality, less a negotiable fees deduction of $5.15 per barrel. Effective March 1, 2019, the Company's crude oil is sold under a single long-term contract with a term that extends to at least December 31, 2024. The purchaser's commitment has a quantity-based limit set forth in the contract, measured in barrels per day, with the maximum quantity commitment increasing at periodic intervals over the life of the contract to coincide with the Company's expected growth in production. The Company is confident that the purchaser will be able to receive and purchase all crude oil produced for sale during the contract period (See Note 11 - Long-Term Deferred Revenue Liabilities and Note 19 - Commitments and Contingencies) . Pursuant to the long-term contract, pricing is based on posted indexes for crude oil of similar quality, with a differential based on pipeline delivery to Houston, as opposed to the previous contract differential based on truck delivery to Midland-Cushing, along with a differential basis reduction of $9.25 per barrel that is effective from March 1, 2019 through June 30, 2019, which decreases to $6.50 per barrel for the period of July 1, 2019 through June 30, 2020, and then to $4.95 per barrel for the period from July 1, 2020 through December 31, 2024. The posted index prices and differentials change monthly based on the average of daily index price points for each sales month. The purchaser's affiliate shipper also charges a tariff fee of $0.75 as a deduction from the received price (see Note 11 - Long-Term Deferred Revenue Liabilities ). Natural Gas and NGL Revenues Natural gas from our properties 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 two natural gas contracts, both of 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 NGLs produced from specific wellbores or dedicated acreage as defined in the contract, with no quantity-based restrictions or variable terms. Pricing under the gas contracts is 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 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 under production is recorded as a receivable. The Company did not have any significant natural gas imbalance positions as of June 30, 2019 and December 31, 2018 . The following table disaggregates the Company's revenue by contract type ( in thousands ) for the three and six months ended June 30, 2019 : Three Months Ended June 30, 2019 Short-term contracts Long-term contracts Total Crude oil $ 1,464 $ 18,518 $ 19,982 Natural gas (11 ) 361 350 NGLs 49 1,191 1,240 Six Months Ended June 30, 2019 Short-term contracts Long-term contracts Total Crude oil $ 9,851 $ 24,832 $ 34,683 Natural gas 129 1,747 1,876 NGLs 122 2,589 2,711 Customer Credit Risk Our principal exposure to credit risk is through receivables from the sale of our oil and natural gas production of approximately $8.8 million and $8.2 million at June 30, 2019 and December 31, 2018 , respectively, and through actual and accrued receivables from our joint interest partners of approximately $11.9 million and $11.4 million at June 30, 2019 and December 31, 2018 , respectively. 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. Major Customers During the three and six months ended June 30, 2019 , the Company's major customers as a percentage of total revenue consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Texican Crude & Hydrocarbon, LLC — % 86 % 21 % 86 % ARM Energy Management, LLC 93 % — % 69 % — % Lucid Energy Delaware, LLC 7 % 12 % 10 % 10 % ETC Field Services LLC — % 2 % — % 4 % 100 % 100 % 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. LONG-TERM DEFERRED REVENUE 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 and a contract operating and right of first refusal agreement with SCM Water, LLC ("SCM Water"), a subsidiary of Salt Creek Midstream, LLC ("SCM"). The water gathering agreement complements 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 to construct, maintain and operate the water gathering system will be fully funded by SCM Water and will be designed to accommodate all water produced by the Company's operations. Pursuant to the contract operating agreement, the Company will act as contract operator of SCM Water's salt water disposal wells. Additionally, 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 well locations. The Company anticipates that the majority of its water will eventually be disposed of 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 and $5.0 million for a prefunded drilling bonus. Additionally, the Company received $2.5 million on October 1, 2018 as a bonus for the grant of an area right-of-way/easement, and the water gathering agreement provided that the Company would receive an additional $2.5 million bonus upon hitting the target of 40,000 barrels per day of produced water. On March 7, 2019, SCM Water exercised its option to purchase the Company's existing water infrastructure. The Company determined that approximately $11.7 million of the upfront payments were attributable to the sale of the water infrastructure and recorded the exercise of the option as a reduction of deferred liabilities and a reduction of oil and gas properties. On March 11, 2019, the Company, SCM Water, and ARM Energy Management, LLC ("ARM"), a related company to SCM Water, agreed to amend the terms of the previously negotiated water gathering and disposal agreement and entered into a new crude oil sales contract (See Note 3 - Revenue and Note 19 - Commitments and Contingencies ). Under the terms of such agreements, the Company agreed to an increase in salt water disposal rates in exchange for more favorable pricing differentials on the crude oil sales contract, modification on the minimum quantities of crude oil required under the crude oil sales contract, an upfront payment of $2.5 million and the elimination of the potential bonus for hitting a target of 40,000 barrels of produced water per day. The Company determined that the upfront $2.5 million payment was primarily attributable to the crude oil sales contract, and the Company recorded the $2.5 million payment as deferred revenues and will recognize it in income ratably as the crude oil is sold. Crude Oil Gathering Agreement and Option Agreement On May 21, 2018, the Company entered into a crude oil gathering agreement and option agreement with 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 under a tariff arrangement 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 during the third quarter of 2019. 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 payment of $35.0 million , which was recorded in long-term deferred revenue.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the six months ended June 30, 2019 and 2018 , the Company was engaged in the following transactions with certain related parties: Six Months Ended June 30, Related Party Transactions 2019 2018 (In thousands) Directors and Officers: Värde Partners, Inc. (1) The Company acquired oil and natural gas interests from VPD, an affiliate of Värde $ — $ 10,611 Receivable balance outstanding as of June 30, 2019 for operating costs associated with VPD's producing wells 158 — Revenue payable balance due as of June 30, 2019 for revenue associated with VPD's producing wells (553 ) — Total: $ (395 ) $ 10,611 (1) Värde was the lead lender in the Company's Second Lien Term Loan (see Note 10 - Long-Term Debt ), is a major stockholder of the Company, and also participated in various transactions in 2018 and during the six months ended June 30, 2019 (which such transactions included the issuance of preferred stock to Värde Parties) (see Note 13 - Preferred Stock ). Additionally, on March 5, 2019, pursuant to the 2019 Transaction Agreement and the 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 with the Värde Parties and the satisfaction in full, in lieu of repayment in cash, of the Second Lien Term Loan under the Second Lien Credit Agreement. See Note 10 - Long-Term Debt and Note 13 - Preferred Stock for additional information. On July 31, 2019, the Company entered into two agreements with affiliates of Värde for the sale of an overriding royalty interest and a non-operated working interest in undeveloped assets. See Note 20 - Subsequent Events for additional information.

PREFERRED STOCK

PREFERRED STOCK	6 Months Ended
	Jun. 30, 2019
Temporary Equity Disclosure [Abstract]
PREFERRED STOCK	PREFERRED STOCK Preferred Stock Issuances On January 30, 2018, the Company entered into a Securities Purchase Agreement by and among the Company and the Värde Parties, pursuant to which, on January 31, 2019, the Company issued and sold to the Värde Parties 100,000 shares of a newly created series of preferred stock of the Company, designated as "Series C 9.75% Convertible Participating Preferred Stock" for a purchase price of $1,000 per share, or an aggregate of $100.0 million . The Series C 9.75% Convertible Participating Preferred Stock was subsequently re-designated as "Series C-1 9.75% Convertible Participating Preferred Stock" in connection with the transactions contemplated by the 2018 Transaction Agreement (as defined in Note 10 - Long-Term Debt ) and as "Series C-1 9.75% Participating Preferred Stock" in connection with the transactions contemplated by the 2019 Transaction Agreement (as defined in Note 10 - Long-Term Debt ) (as re-designated, the "Series C-1 Preferred Stock"). Pursuant to the 2018 Transaction Agreement, on October 10, 2018, the Company issued and sold to the Värde Parties 25,000 shares of a newly created series of the Company's preferred stock designated as "Series C-2 9.75% Convertible Participating Preferred Stock" for a purchase price of $1,000 per share, or an aggregate of $25.0 million . The Series C-2 9.75% Convertible Participating Preferred Stock was subsequently re-designated as "Series C-2 9.75% Participating Preferred Stock" in connection with the transactions contemplated by the 2019 Transaction Agreement (as re-designated, the "Series C-2 Preferred Stock" and, together with the Series C-1 Preferred Stock, the "Series C Preferred Stock"). Also pursuant to the 2018 Transaction Agreement, on October 10, 2018, the Company issued to the Värde Parties 39,254 shares of its Series D 8.25% Convertible Participating Preferred Stock. The Series D 8.25% Convertible Participating Preferred Stock was subsequently re-designated as "Series D 8.25% Participating Preferred Stock" in connection with the transactions contemplated by the 2019 Transaction Agreement (as re-designated, the "Series D Preferred Stock"). Pursuant to the 2019 Transaction Agreement, on March 5, 2019, the Company issued to the Värde Parties (i) 60,000 shares of its Series E Preferred Stock and (ii) 55,000 shares of its Series F Preferred Stock. Additionally, pursuant to the 2019 Transaction Agreement, on March 5, 2019, the Company issued to the Värde Parties an aggregate of 7,750,000 shares of its common stock, as consideration for the Värde Parties' consent to the amendment of the terms of the Series C Preferred Stock and the Series D Preferred Stock to, among other things, eliminate the convertibility and voting rights of the Series C Preferred Stock and the Series D Preferred Stock. As a result of the transactions effected under the 2019 Transaction Agreement, the potential dilution of the Company's common stockholders resulting from the conversion of convertible debt and convertible preferred stock was reduced from approximately 53.5 million shares of common stock (related to the Second Lien Term Loan, the Series C Preferred Stock and the Series D Preferred Stock) to approximately 24.0 million shares of common stock (related to the Series E Preferred Stock). Other than the Series E Preferred Stock, the Company has no convertible debt or convertible preferred stock outstanding following the closing of the transactions contemplated by the 2019 Transaction Agreement. The amendments to the terms of the Series C Preferred Stock also fixed the redemption price payable by the Company in connection with a redemption of the Series C Preferred Stock at price per share equal to (i) the Stated Value (as defined in the certificate of designation for the Series C Preferred Stock) multiplied by 125.0% plus (ii) accrued and unpaid dividends thereon and any other amounts payable by the Company in respect thereof. Prior to the amendments, 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. As of June 30, 2019 , the Company accounted for the Series C, D, E and F Preferred Stock at its initial fair value at closing of the 2019 Transaction Agreement, plus cumulative paid-in-kind dividends accrued subsequent to the closing of the transactions contemplated by the 2019 Transaction Agreement, under mezzanine equity in the consolidated balance sheet. The components of each series of preferred stock are summarized in the table below: Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Number of Shares Amount Number of Shares Amount Number of Shares Amount Number of Shares Amount (In thousands, except shares) Balance, January 1, 2019 125,000 $ 132,296 39,254 $ 40,729 — $ — — $ — Change in carrying value due to modification — (46,633 ) — (15,057 ) — — — — Issuance of Preferred Stock in extinguishment of debt — — — — 60,000 62,115 55,000 46,682 Paid-in-kind dividends — 6,321 — 1,646 — 1,616 — 1,617 Balance, June 30, 2019 125,000 $ 91,984 39,254 $ 27,318 60,000 $ 63,731 55,000 $ 48,299 Description of the Series E Preferred Stock and Series F Preferred Stock Ranking . The Series F Preferred Stock ranks senior to all of the other series of preferred stock of the Company, 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 E Preferred Stock and the Series F 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 E Preferred Stock and Series F 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 8.25% of the Stated Value for the Series E Preferred Stock and at an annual rate of 9.00% of the Stated Value for the Series F Preferred Stock. However, if, on any dividend payment date occurring after April 26, 2021, dividends due on such dividend payment date on the Series E Preferred Stock or the Series F 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 9.25% on the Series E Preferred Stock and 10.00% on the Series F 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. In addition to these cumulative preferential dividends, holders of the Series E Preferred Stock and Series F Preferred Stock are entitled to participate in dividends paid on the Company's 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. For holders of the Series F 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 Series F Preferred Stock had been converted into a number of shares of common stock equal to the Series F 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 (regardless of the fact that shares of the Series F Preferred Stock are not convertible into common stock). Optional Redemption . 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 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. Except in the case of a Change of Control Redemption (as defined in the Series E Certificate of Designation), 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. The Company has the right to redeem the Series F Preferred Stock, in whole or in part (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 converted or redeemed in accordance with the Series F Certificate of Designation. Conversion . Each share of the Series E Preferred Stock is convertible at any time at the option of the holder into the number of shares of common stock equal to (i) the applicable Series E Optional Redemption Price that would have been received by the holder upon the redemption of the applicable shares of Series E Preferred Stock as of the Conversion Date (as defined in the Series E Certificate of Designation) 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 be 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 the 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 Stated Value divided by $1.88 (which was the closing price of the common stock on the NYSE American on March 4, 2019) (the "Share Cap"), 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 stockholder 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 received shareholder approval at its 2019 annual meeting of shareholders held on May 20, 2019. 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 is not convertible into common stock. Change of Control . Upon the occurrence of a Change of Control (as defined in the Series E Certificate of Designation and the Series F Certificate of Designation), each holder of shares of the Series E Preferred Stock and Series F Preferred Stock will have the option to: (i) 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; (ii) 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 (iii) 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. Liquidation Preference . Upon any liquidation, dissolution or winding up of the Company, holders of shares of Series F Preferred Stock will be entitled to receive, prior to any distributions on the Series E Preferred Stock, 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 F Preferred Stock, an amount per share equal to the greater of (i) the Series F Optional Redemption Price then in effect and (ii) the proceeds the holders of Series F Preferred Stock would be entitled to receive if, immediately prior to the payment of such amount, each then-outstanding share of the Series F Preferred Stock had been converted into a number of shares of common stock equal to the Series F Optional Redemption Price divided by the Participation Price (as defined in the certificate of designation for the Series F Preferred Stock), regardless of the fact that shares of the Series F Preferred Stock are not convertible into common stock. Upon any liquidation, dissolution or winding up of the Company, 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 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 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 Board for as long as the aggregate Stated Value of all outstanding shares of the Series F Preferred Stock is at least equal to $13.8 million . Voting Rights . 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 are not entitled to vote with the holders of the common stock as a single class on any matter. Negative Covenants . The Series E Certificate of Designation and Series F Certificate of Designation contain customary negative covenants. Transfer Restrictions . Shares of Series E Preferred Stock and Series F 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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Issuance of Common Stock On March 5, 2019, pursuant to the 2019 Transaction Agreement, as (i) partial consideration for the satisfaction in full of the Second Lien Term Loan as discussed in Note 10 - Long-Term Debt and (ii) consideration for the amendment of the terms of the Series C Preferred Stock and the Series D Preferred Stock as discussed in Note 13 - Preferred Stock , the Company issued an aggregate of 17,641,638 shares of the Company's common stock, par value $0.0001 per share. Warrants The following table provides a summary of the Company's warrant activity for the six months ended June 30, 2019 : Warrants Weighted- Average Exercise Price Outstanding at January 1, 2019 5,017,329 $ 3.83 Forfeited or expired (615,000 ) $ 3.63 Outstanding at June 30, 2019 4,402,329 $ 3.86

SHARE BASED AND OTHER COMPENSAT

SHARE BASED AND OTHER COMPENSATION	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
SHARE BASED AND OTHER COMPENSATION	SHARE BASED AND OTHER COMPENSATION For the six months ended June 30, 2019 and 2018 , the Company's share-based compensation consisted of the following (dollars in thousands) : Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Stock Options Restricted Stock Total Stock Options Restricted Stock Total Share based compensation expensed $ 349 $ 5,652 $ 6,001 $ 1,238 $ 4,316 $ 5,554 Unrecognized share-based compensation costs $ 216 $ 2,860 $ 3,076 $ 1,346 $ 4,777 $ 6,123 Weighted average amortization period remaining (in years) 1.29 1.19 0.56 0.63 Restricted Stock A summary of restricted stock grant activity pursuant to the Lilis 2012 Omnibus Incentive Plan (the "2012 Plan") and the 2016 Omnibus Incentive Plan (the "2016 Plan") for the six months ended June 30, 2019 , is presented below: Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2019 953,584 $ 4.85 Granted 2,879,431 $ 1.78 Vested and issued (1,878,929 ) $ 2.25 Forfeited or canceled (1) (242,486 ) $ 2.32 Outstanding at June 30, 2019 1,711,600 $ 2.89 (1) Forfeitures are accounted for as and when incurred. Stock Options A summary of stock option activity pursuant to the 2016 Plan for the six months ended June 30, 2019 , 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 January 1, 2019 5,031,578 $ 3.81 5,035,317 7.9 Granted 135,000 $ 2.17 Exercised — $ — Forfeited or canceled (1) (704,144 ) $ 1.64 Outstanding at June 30, 2019 4,462,434 $ 4.11 4,293,401 7.5 (1) Forfeitures are accounted for as and when incurred. During the six months ended June 30, 2019 , options to purchase 135,000 shares of the Company's common stock were granted under the 2016 Plan. The weighted average fair value of these options was $1.47 utilizing the weighted average expected term of 10 years , expected volatility of 30% , no expected dividends, and risk-free interest rate of 2.67% .

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
INCOME (LOSS) PER COMMON SHARE	INCOME (LOSS) PER COMMON SHARE The following table shows the computation of basic and diluted net loss per share for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ (2,270 ) $ (31,208 ) $ (24,962 ) $ (18,962 ) Dividends on preferred stock (6,375 ) (2,465 ) (11,200 ) (4,117 ) Unallocated net income (loss) $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Numerator for basic earnings (loss) per share: Net income (loss) attributable to common stockholders $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Net income attributable to preferred stockholders — — — — Allocated net income (loss) $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Denominator for basic loss per share: Basic weighted average common shares outstanding 91,012,030 64,098,309 84,500,414 57,801,098 Basic weighted average number of common shares outstanding for if-converted participating preferred stock — — — — Net loss per share: Basic attributable to common stockholders $ (0.09 ) $ (0.53 ) $ (0.43 ) $ (0.40 ) Attributable to if-converted preferred stockholders $ — $ — $ — $ — Numerator for diluted loss per share: Net income (loss) attributable to common stockholders $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Add: interest expense on convertible Second Lien Term Loan — — — — Less: gain on fair value change of embedded derivatives associated with Second Lien Term Loan — — — — Net loss attributable to common stockholders $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Denominator for diluted net loss per share: Basic weighted average common shares outstanding 91,012,030 64,098,309 84,500,414 57,801,098 Dilution effect of if-converted Second Lien Term Loan — — — — Diluted weighted average common shares outstanding 91,012,030 64,098,309 84,500,414 57,801,098 Net loss per share - diluted: Common shares (diluted) $ (0.09 ) $ (0.53 ) $ (0.43 ) $ (0.40 ) The Company excluded the following shares from the diluted loss per share calculations above because they were anti-dilutive at June 30, 2019 and 2018 : June 30, 2019 2018 Stock Options 4,462,434 5,501,150 Series C Preferred Stock — 20,312,607 Stock Purchase Warrants 4,402,329 6,710,056 Series E Preferred Stock 24,646,563 — Conversion of term loans — 23,970,219 33,511,326 56,494,032

SUPPLEMENTAL NON-CASH TRANSACTI

SUPPLEMENTAL NON-CASH TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL NON-CASH TRANSACTIONS	SUPPLEMENTAL NON-CASH TRANSACTIONS The following table presents the supplemental disclosure of cash flow information for the six months ended June 30, 2019 and 2018 : Six Months Ended June 30, 2019 2018 (in thousands) Non-cash investing and financing activities excluded from the statement of cash flows: Issued shares of common stock and preferred stock upon extinguishment of debt and modification of Series C Preferred Stock and Series D Preferred Stock $ 141,787 $ — Common stock issued for acquisition of oil and gas properties $ — $ 24,778 Deferred revenue realized upon purchase option exercise $ 11,700 $ — Change in capital expenditures for drilling costs in accrued liabilities $ 1,035 $ 5,859 Accrued cumulative paid in kind dividends on preferred stock $ 11,200 $ 4,117 Change in asset retirement obligations $ 43 $ 66

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2019
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 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	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Firm Oil Takeaway and Pricing Agreement On August 2, 2018, the Company executed a five -year agreement with SCM Crude, LLC, an affiliate of SCM, to secure firm takeaway pipeline capacity and pricing on a long-haul pipeline to the Gulf Coast region commencing July 1, 2019. On March 11, 2019, the agreement was replaced with a 5 -year agreement between the Company and ARM, a related company to SCM. The new agreement accelerated the start date to March 2019 and guarantees firm takeaway capacity on a long-haul pipeline to Corpus Christi, Texas, once completed, at a specified price. Under the terms of the new contract, the Company received more favorable pricing differentials on the crude oil sales contract and the minimum quantities of crude oil required were modified as follows: Date Quantity (Barrels per Day) March 2019 - June 2019 5,000 July 2019 - December 2019 4,000 January 2020 - June 2020 5,000 July 2020 - June 2021 6,000 July 2021 - December 2024 (1) 7,500 (1) Extending to the later of December 2024 or 5 years from the EPIC Crude Oil pipeline in-service date (no later than June 2025). Further, ARM has agreed to purchase crude from the Company based upon Magellan East Houston pricing with a fixed "differential basis," providing price relief versus current market conditions. Environmental and Governmental Regulation As of June 30, 2019 , 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 and regulatory agencies 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, taxation, and various other matters. Oil and natural gas industry legislation and administrative regulations are periodically changed for a variety of political, economic, and other reasons. As of June 30, 2019 , the Company had not been fined or cited for any violations of governmental regulations that would have a material adverse effect on the financial condition of the Company. Legal Proceedings The Company may from time to time be involved in various legal actions arising in the ordinary course of business. In the opinion of management, the Company's liability, if any, in these pending actions would not have a material adverse effect on the financial position of the Company. The Company's general and administrative expenses would include amounts incurred to resolve claims made against the Company. The Company believes there is no litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Scheduled Borrowing Base Redetermination at July 1, 2019 and Third Amendment to the Revolving Credit Agreement As described in Note 10 - Long-Term Debt , on July 26, 2019, the Company entered into the Third Amendment to its Revolving Credit Agreement, pursuant to which the lenders under the Revolving Credit Agreement agreed to reduce the borrowing base to $115 million from $125 million as a part of the scheduled July 1, 2019 redetermination and as a result of the Asset Sales; to give pro forma effect to the Asset Sales in the calculation of EBITDAX, Total Debt, and Current Liabilities at June 30, 2019; and, subject to the consummation of the Asset Sales and the required use of the proceeds, to amend the Current Ratio (as defined in the Revolving Credit Agreement) to be not less than 0.85 to 1.00 on September 30, 2019, rather than the minimum Current Ratio of 1.00 to 1.00 required otherwise. Additionally, the Third Amendment provides for, among other things, an increase in the projected production from proved reserves classified as "Developed Producing Reserves" attributable to the oil and natural gas properties of the Company for which the Company will be required to maintain swap agreements to not less than 75% . The Third Amendment also effected certain other ministerial changes to the Revolving Credit Agreement and required payment by the Company to the lenders of customary fees. Sales of ORRI and Non-Operated Working Interests The Company entered into two agreements with Winkler Lea Royalty, L.P. ("WLR") and Winkler Lea WI, L.P. ("WLWI") for the sale of an overriding royalty interest and a non-operated working interest in undeveloped assets, respectively, for combined cash proceeds of $39.0 million , including WLWI's drilling advance (the "Asset Sales"). WLR and WLWI are affiliates of Värde, a related party. Sale of ORRI On July 31, 2019, the Company entered into a Purchase and Sale Agreement (the “ORRI Agreement”) by and between the Company and WLR, pursuant to which the Company sold to WLR an overriding royalty interest (the “ORRI”) in approximately 1,446 net royalty acres in Winkler and Loving Counties, Texas, and Lea County, New Mexico. The overriding royalty interest is equal to the positive difference, if any, between 25% and existing royalties and other burdens, subject to proportionate reduction and the other terms and conditions set forth in the instrument of conveyance. The ORRI Agreement provides the Company with a right or obligation, as applicable, to repurchase all, but not less than all, of the ORRI for a period of three years , and also includes certain limitations on WLR’s right to transfer the ORRI during such three year period. Sale of Non-Operating Working Interests On July 31, 2019, the Company entered into a Purchase and Sale Agreement (the "WI Agreement") by and between the Company and WLWI, pursuant to which the Company sold an undivided 49% of its right, title and interest in approximately 749 net acres in Winkler and Loving Counties, Texas. The WI Agreement provides that the Company must drill, complete and equip five commitment wells after closing. Contemporaneously with the purchase, WLWI funded its proportionate share of the development costs to drill, complete and equip such commitment wells. The WI Agreement provides the Company with a right or obligation, as applicable, to repurchase all, but not less than all, of the interest for a period of three years , and also includes certain limitations on WLWI’s right to transfer the interest during such three year period. The combined proceeds from the Asset Sales of $39.0 million will be used to repay borrowings on the Revolving Credit Agreement and to fund other working capital needs.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Principles of Consolidation and Presentation	Principles of Consolidation and Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Brushy Resources, Inc., ImPetro Operating, LLC, ImPetro Resources, LLC, Lilis Operating Company, LLC, and Hurricane Resources LLC. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting only of normal, recurring adjustments) which are, in our opinion, necessary for a fair presentation of the information as of and for the periods presented. These unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Quarterly Report on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all disclosures required under GAAP for complete consolidated financial statements.
Use of Estimates	Use of Estimates The accompanying condensed 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 common stock; and the allocation of general administrative expenses. Actual results could differ significantly from these estimates.
Recently Adopted Accounting Standards and Accounting Standards Not Yet Adopted	Recently Adopted Accounting Standards In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), a standard on lease accounting requiring a lessee to recognize assets and liabilities on the balance sheet for leases with lease terms greater than 12 months. This standard is effective for annual and interim periods beginning after December 15, 2018. We adopted this standard effective January 1, 2019, utilizing a modified retrospective transition approach. We chose to use the effective date as our date of initial application. Consequently, financial information was not updated and the disclosures required under the new standard were not provided for dates and periods before January 1, 2019. The standard includes optional transition practical expedients intended to simplify its adoption. We elected to adopt the package of practical expedients, which allowed us to retain the historical lease classification, including treatment for land easements, determined under legacy GAAP as well as a relief from reviewing expired or existing contracts to determine if they contain leases. This standard does not apply to the Company's leases that provide the right to explore for minerals, oil, or natural gas resources. Upon adoption, we recognized operating lease liabilities totaling approximately $7.5 million, with corresponding right of use assets totaling $7.4 million. The liabilities were calculated as the present value of the remaining minimum rental payments for existing operating leases. This standard did not materially impact our consolidated net earnings and had no impact on our cash flows (see Note 9 - Leases ). Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the currently required incurred loss methodology with an expected loss methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. The update is intended to provide financial statement users with more useful information about expected credit losses on financial instruments. The amended standard is effective for the Company on January 1, 2020, with early adoption permitted, and shall be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. Historically, the Company's credit losses on oil and natural gas sales receivables and any joint interest receivables have not been significant, and the Company does not believe the adoption of ASU 2016-13 will have a material impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of accrued liabilities	At June 30, 2019 and December 31, 2018 , the Company's accrued liabilities consisted of the following: June 30, 2019 December 31, 2018 (In thousands) Accrued bonus $ 1,150 $ 2,300 Accrued drilling costs 3,885 2,849 Drilling advances 3,099 5,001 Accrued production expenses 3,847 2,926 Other accrued liabilities 3,508 1,718 Short-term operating lease liabilities 122 — $ 15,611 $ 14,794

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following table disaggregates the Company's revenue by contract type ( in thousands ) for the three and six months ended June 30, 2019 : Three Months Ended June 30, 2019 Short-term contracts Long-term contracts Total Crude oil $ 1,464 $ 18,518 $ 19,982 Natural gas (11 ) 361 350 NGLs 49 1,191 1,240 Six Months Ended June 30, 2019 Short-term contracts Long-term contracts Total Crude oil $ 9,851 $ 24,832 $ 34,683 Natural gas 129 1,747 1,876 NGLs 122 2,589 2,711
Company's major customers as a percentage of total revenue	During the three and six months ended June 30, 2019 , the Company's major customers as a percentage of total revenue consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Texican Crude & Hydrocarbon, LLC — % 86 % 21 % 86 % ARM Energy Management, LLC 93 % — % 69 % — % Lucid Energy Delaware, LLC 7 % 12 % 10 % 10 % ETC Field Services LLC — % 2 % — % 4 % 100 % 100 % 100 % 100 %

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2019
Extractive Industries [Abstract]
Schedule of capitalized costs of unproved properties excluded from amortization	The following table sets forth a summary of oil and natural gas property costs (net of divestitures) at June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 (In thousands) Oil and natural gas properties: Proved $ 409,850 $ 358,858 Unproved 156,105 169,863 Total oil and natural gas properties 565,955 528,721 Accumulated depletion, depreciation and amortization (115,372 ) (98,342 ) Oil and natural gas properties, net $ 450,583 $ 430,379

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following table summarizes the changes in the Company's ARO for the six months ended June 30, 2019 and the year ended December 31, 2018 : June 30, 2019 December 31, 2018 (In thousands) ARO, beginning of period $ 2,444 $ 952 Additional liabilities incurred 69 374 Accretion expense 217 85 Liabilities settled (2 ) (87 ) Revision in estimates (24 ) 1,120 ARO, end of period 2,704 2,444 Less: current portion of ARO (11 ) (11 ) ARO, non-current $ 2,693 $ 2,433

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Summary of recurring fair values of assets and liabilities measured at fair value	Recurring Fair Value Measurements Fair Value Measurement Classification Quoted Prices in 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 June 30, 2019 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (4,100 ) $ — $ (4,100 ) Oil and natural gas derivative collar contracts — 729 — 729 Total $ — $ (3,371 ) $ — $ (3,371 ) 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 )

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents the Company's derivative position for the production periods indicated as of June 30, 2019 : Description Notional Volume (Bbls/d) Production Period Weighted Average Price ($/Bbl) Oil Positions Oil Swaps 173 October 2019 - December 2019 $ 58.80 Oil Swaps 1,028 January 2020 - December 2020 $ 56.28 Oil Swaps 148 January 2021 - December 2021 $ 54.40 Basis Swaps (1) 1,500 July 2019 - December 2019 $ (5.62 ) Basis Swaps (1) 1,500 January 2020 - December 2020 $ (5.62 ) 3 Way Collar Floor sold price (put) 1,500 July 2019 - December 2019 $ 45.00 3 Way Collar Floor purchase price (put) 1,500 July 2019 - December 2019 $ 55.00 3 Way Collar Ceiling sold price (call) 1,500 July 2019 - December 2019 $ 70.47 Oil Collar Floor purchase price (put) 500 July 2019 - December 2019 $ 50.00 Oil Collar Ceiling sold price (call) 500 July 2019 - December 2019 $ 58.00 Oil Collar Floor purchase price (put) 410 January 2020 - December 2020 $ 50.00 Oil Collar Ceiling sold price (call) 410 January 2020 - December 2020 $ 64.96 Oil Collar Floor purchase price (put) 742 January 2021 - December 2021 $ 50.00 Oil Collar Ceiling sold price (call) 742 January 2021 - December 2021 $ 59.70 Description Notional Volume (MMBtus/d) Production Period Weighted Average Price ($/MMBtu) Natural Gas Positions Gas Swaps 6,771 July 2019 - October 2019 $ 2.75 Gas Swaps 5,417 April 2020 - October 2020 $ 2.58 Gas Swaps 4,184 January 2021 - March 2021 $ 2.77 Gas Collar Floor purchase price (put) 6,921 November 2019 - December 2019 $ 2.80 Gas Collar Ceiling sold price (call) 6,921 November 2019 - December 2019 $ 3.06 Gas Collar Floor purchase price (put) 2,748 January 2020 - December 2020 $ 2.55 Gas Collar Ceiling sold price (call) 2,748 January 2020 - December 2020 $ 3.07 Gas Collar Floor purchase price (put) 4,464 January 2021 - December 2021 $ 2.20 Gas Collar Ceiling sold price (call) 4,464 January 2021 - December 2021 $ 2.97 (1) The weighted average price under these basis swaps is the fixed price differential between the index prices of the Midland WTI and the Cushing WTI. The table below summarizes the Company's net gain (loss) on commodity derivatives for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands) (in thousands) Unrealized gain (loss) on unsettled derivatives $ 4,481 $ (2,111 ) $ (4,495 ) $ (3,242 ) Net settlements paid on derivative contracts (976 ) (956 ) (2,577 ) (1,595 ) Net settlements receivable (payable) on derivative contracts (604 ) 265 (604 ) 265 Net gain (loss) on commodity derivatives $ 2,901 $ (2,802 ) $ (7,676 ) $ (4,572 ) 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 condensed consolidated balance sheets as of June 30, 2019 and as of December 31, 2018 : As of June 30, 2019 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts Presented in the Condensed Consolidated Balance Sheets (In thousands) Offsetting Derivative Assets: Current assets $ 1,987 $ (1,194 ) $ 793 Long-term assets 2,080 (1,583 ) 497 Total assets $ 4,067 $ (2,777 ) $ 1,290 Offsetting Derivative Liabilities: Current liabilities $ (4,324 ) $ 1,194 $ (3,130 ) Long-term commodity derivative liabilities (3,114 ) 1,583 (1,531 ) Total liabilities $ (7,438 ) $ 2,777 $ (4,661 ) As of December 31, 2018 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Condensed Consolidated Balance Sheets Net Amounts Presented in the Condensed 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 ) The Company's derivative instruments as of June 30, 2019 and December 31, 2018, include the following: June 30, 2019 December 31, 2018 (In thousands) Derivative assets (liabilities): Derivative assets - current $ 793 $ 2,551 Derivative assets - non-current (1) 497 1,822 Derivative liabilities - current (3,130 ) (515 ) Derivative liabilities - non-current (2)(3) (1,531 ) (4,699 ) Total derivative liabilities, net $ (3,371 ) $ (841 ) (1) The non-current derivative assets are included in other assets in the consolidated balance sheets. (2) The non-current derivative liabilities are included in long-term derivative instruments and other non-current liabilities in the consolidation balance sheets. (3) Includes $2.0 million of embedded derivatives associated with Second Lien Term Loan and $2.7 million associated with commodity derivatives as of December 31, 2018 .

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Right of use assets and lease liabilities	As of June 30, 2019 , the Company's ROU assets and operating lease liabilities were included in the condensed consolidated balance sheets as follows (in thousands): Right of use assets: Right of use assets - long-term (1) $ 127 Lease liabilities: Lease liabilities - current (2) $ 122 Lease liabilities - long-term (3) 16 Total lease liabilities $ 138 (1) Right of use assets - long-term are included in other assets on the condensed consolidated balance sheets. (2) Lease liabilities - current are included in accrued liabilities and other on the condensed consolidated balance sheets. (3) Lease liabilities - long-term are included in long-term derivatives instruments and other on the condensed consolidated balance sheets.
Components of lease costs and other information	Lease costs represent the straight line lease expense of ROU assets, short-term leases, and variable lease costs. For the three and six months ended June 30, 2019 , the components of lease cost were classified as follows (in thousands): Three Months Ended Six Months Ended Fixed lease costs $ 1,097 $ 2,836 Short-term lease costs 152 209 Variable lease costs 72 118 Total lease costs $ 1,321 $ 3,163 Lease Cost included in the Condensed Consolidated Financial Statements Oil and natural gas properties, full cost method of accounting, net (1) $ 2,778 Total lease costs capitalized 2,778 Production costs 180 General and administrative 205 Total lease costs expensed 385 Total lease costs $ 3,163 (1) Represents short-term lease capital expenditures related to drilling rigs for the six months ended June 30, 2019. During the six months ended June 30, 2019 , the following cash activities were associated with the Company's leases as follows (in thousands): Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 69 Investing cash flows from operating leases $ 2,769 As of June 30, 2019 , the weighted average lease term and discount rate related to the Company's remaining leases were as follows: Lease term and discount rate Weighted-average remaining lease term (years) 1.02 Weighted-average discount rate 5.7 %
Minimum future payments for long-term operating leases under scope of ASC 842	As of June 30, 2019 , minimum future payments, including imputed interest, for long-term operating leases under the scope of ASC Topic 842, "Leases", are as follows (in thousands): Year Amount 2019 $ 75 2020 66 2021 — 2022 — 2023 — After 2023 — Less: the effects of discounting (4 ) Present value of lease liabilities $ 137
Minimum future payments for long-term operating leases under scope of ASC 840	As of December 31, 2018 , minimum future payments, including imputed interest, for long-term operating leases under the scope of ASC Topic 840, "Leases", are as follows (in thousands): Year Amount 2019 $ 7,586 2020 66 2021 — 2022 — 2023 — After 2023 — Total lease commitment $ 7,652

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	June 30, 2019 December 31, 2018 (In thousands) 8.25% Second Lien Term Loan, due 2021, net of debt issuance costs and debt discount $ — $ 82,804 Revolving Credit Agreement, due April 2021 123,000 75,000 Total long-term debt $ 123,000 $ 157,804
Schedule of interest expense	The components of interest expense are as follows (in thousands) for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended June 30 2019 2018 2019 2018 Interest on debt $ 1,707 $ 1,078 $ 3,147 $ 2,538 Paid-in-kind interest on term loans — 3,269 1,590 6,437 Amortization of debt financing costs 138 262 279 881 Amortization of discount on term loans — 3,963 1,657 7,804 Total $ 1,845 $ 8,572 $ 6,673 $ 17,660

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions	During the six months ended June 30, 2019 and 2018 , the Company was engaged in the following transactions with certain related parties: Six Months Ended June 30, Related Party Transactions 2019 2018 (In thousands) Directors and Officers: Värde Partners, Inc. (1) The Company acquired oil and natural gas interests from VPD, an affiliate of Värde $ — $ 10,611 Receivable balance outstanding as of June 30, 2019 for operating costs associated with VPD's producing wells 158 — Revenue payable balance due as of June 30, 2019 for revenue associated with VPD's producing wells (553 ) — Total: $ (395 ) $ 10,611 (1) Värde was the lead lender in the Company's Second Lien Term Loan (see Note 10 - Long-Term Debt ), is a major stockholder of the Company, and also participated in various transactions in 2018 and during the six months ended June 30, 2019 (which such transactions included the issuance of preferred stock to Värde Parties) (see Note 13 - Preferred Stock ).

PREFERRED STOCK (Tables)

PREFERRED STOCK (Tables)	6 Months Ended
	Jun. 30, 2019
Temporary Equity Disclosure [Abstract]
Schedule of Preferred Stock	The components of each series of preferred stock are summarized in the table below: Series C Preferred Stock Series D Preferred Stock Series E Preferred Stock Series F Preferred Stock Number of Shares Amount Number of Shares Amount Number of Shares Amount Number of Shares Amount (In thousands, except shares) Balance, January 1, 2019 125,000 $ 132,296 39,254 $ 40,729 — $ — — $ — Change in carrying value due to modification — (46,633 ) — (15,057 ) — — — — Issuance of Preferred Stock in extinguishment of debt — — — — 60,000 62,115 55,000 46,682 Paid-in-kind dividends — 6,321 — 1,646 — 1,616 — 1,617 Balance, June 30, 2019 125,000 $ 91,984 39,254 $ 27,318 60,000 $ 63,731 55,000 $ 48,299

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of warrant activity	The following table provides a summary of the Company's warrant activity for the six months ended June 30, 2019 : Warrants Weighted- Average Exercise Price Outstanding at January 1, 2019 5,017,329 $ 3.83 Forfeited or expired (615,000 ) $ 3.63 Outstanding at June 30, 2019 4,402,329 $ 3.86

SHARE BASED AND OTHER COMPENS_2

SHARE BASED AND OTHER COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Schedule of share-based compensation, activity	For the six months ended June 30, 2019 and 2018 , the Company's share-based compensation consisted of the following (dollars in thousands) : Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Stock Options Restricted Stock Total Stock Options Restricted Stock Total Share based compensation expensed $ 349 $ 5,652 $ 6,001 $ 1,238 $ 4,316 $ 5,554 Unrecognized share-based compensation costs $ 216 $ 2,860 $ 3,076 $ 1,346 $ 4,777 $ 6,123 Weighted average amortization period remaining (in years) 1.29 1.19 0.56 0.63
Schedule of share-based compensation, restricted stock units award activity	A summary of restricted stock grant activity pursuant to the Lilis 2012 Omnibus Incentive Plan (the "2012 Plan") and the 2016 Omnibus Incentive Plan (the "2016 Plan") for the six months ended June 30, 2019 , is presented below: Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2019 953,584 $ 4.85 Granted 2,879,431 $ 1.78 Vested and issued (1,878,929 ) $ 2.25 Forfeited or canceled (1) (242,486 ) $ 2.32 Outstanding at June 30, 2019 1,711,600 $ 2.89 (1) Forfeitures are accounted for as and when incurred.
Schedule of share-based compensation, stock options, activity	A summary of stock option activity pursuant to the 2016 Plan for the six months ended June 30, 2019 , 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 January 1, 2019 5,031,578 $ 3.81 5,035,317 7.9 Granted 135,000 $ 2.17 Exercised — $ — Forfeited or canceled (1) (704,144 ) $ 1.64 Outstanding at June 30, 2019 4,462,434 $ 4.11 4,293,401 7.5 (1) Forfeitures are accounted for as and when incurred.

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
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 three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income (loss) $ (2,270 ) $ (31,208 ) $ (24,962 ) $ (18,962 ) Dividends on preferred stock (6,375 ) (2,465 ) (11,200 ) (4,117 ) Unallocated net income (loss) $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Numerator for basic earnings (loss) per share: Net income (loss) attributable to common stockholders $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Net income attributable to preferred stockholders — — — — Allocated net income (loss) $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Denominator for basic loss per share: Basic weighted average common shares outstanding 91,012,030 64,098,309 84,500,414 57,801,098 Basic weighted average number of common shares outstanding for if-converted participating preferred stock — — — — Net loss per share: Basic attributable to common stockholders $ (0.09 ) $ (0.53 ) $ (0.43 ) $ (0.40 ) Attributable to if-converted preferred stockholders $ — $ — $ — $ — Numerator for diluted loss per share: Net income (loss) attributable to common stockholders $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Add: interest expense on convertible Second Lien Term Loan — — — — Less: gain on fair value change of embedded derivatives associated with Second Lien Term Loan — — — — Net loss attributable to common stockholders $ (8,645 ) $ (33,673 ) $ (36,162 ) $ (23,079 ) Denominator for diluted net loss per share: Basic weighted average common shares outstanding 91,012,030 64,098,309 84,500,414 57,801,098 Dilution effect of if-converted Second Lien Term Loan — — — — Diluted weighted average common shares outstanding 91,012,030 64,098,309 84,500,414 57,801,098 Net loss per share - diluted: Common shares (diluted) $ (0.09 ) $ (0.53 ) $ (0.43 ) $ (0.40 )
Schedule of antidilutive securities excluded from computation of earnings per share	The Company excluded the following shares from the diluted loss per share calculations above because they were anti-dilutive at June 30, 2019 and 2018 : June 30, 2019 2018 Stock Options 4,462,434 5,501,150 Series C Preferred Stock — 20,312,607 Stock Purchase Warrants 4,402,329 6,710,056 Series E Preferred Stock 24,646,563 — Conversion of term loans — 23,970,219 33,511,326 56,494,032

SUPPLEMENTAL NON-CASH TRANSAC_2

SUPPLEMENTAL NON-CASH TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of cash flow, supplemental disclosures	The following table presents the supplemental disclosure of cash flow information for the six months ended June 30, 2019 and 2018 : Six Months Ended June 30, 2019 2018 (in thousands) Non-cash investing and financing activities excluded from the statement of cash flows: Issued shares of common stock and preferred stock upon extinguishment of debt and modification of Series C Preferred Stock and Series D Preferred Stock $ 141,787 $ — Common stock issued for acquisition of oil and gas properties $ — $ 24,778 Deferred revenue realized upon purchase option exercise $ 11,700 $ — Change in capital expenditures for drilling costs in accrued liabilities $ 1,035 $ 5,859 Accrued cumulative paid in kind dividends on preferred stock $ 11,200 $ 4,117 Change in asset retirement obligations $ 43 $ 66

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of required daily production	Under the terms of the new contract, the Company received more favorable pricing differentials on the crude oil sales contract and the minimum quantities of crude oil required were modified as follows: Date Quantity (Barrels per Day) March 2019 - June 2019 5,000 July 2019 - December 2019 4,000 January 2020 - June 2020 5,000 July 2020 - June 2021 6,000 July 2021 - December 2024 (1) 7,500 (1) Extending to the later of December 2024 or 5 years from the EPIC Crude Oil pipeline in-service date (no later than June 2025).

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total lease liabilities	$ 138
Right of use assets	$ 127
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total lease liabilities		$ 7,500
Right of use assets		$ 7,400

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES - Summary of accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Accrued bonus	$ 1,150	$ 2,300
Accrued drilling costs	3,885	2,849
Drilling advances	3,099	5,001
Accrued production expenses	3,847	2,926
Short-term operating lease liabilities	3,508	1,718
Short-term operating lease liabilities	122
Total accrued liabilities	$ 15,611	$ 14,794

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Millions	2 Months Ended	4 Months Ended	6 Months Ended	12 Months Ended	54 Months Ended
	Feb. 28, 2019$ / bbl	Jun. 30, 2019USD ($)$ / bbl	Jun. 30, 2019USD ($)$ / bbl	Jun. 30, 2020$ / bbl	Dec. 31, 2024$ / bbl	Dec. 31, 2018USD ($)
Disaggregation of Revenue [Line Items]
Crude oil price differential (in dollars per barrel)	5.15	9.25
Tariff fee (in dollars per barrel)			0.75
Receivables from customers | $		$ 8.8	$ 8.8			$ 8.2
Receivables from joint interest partners | $		$ 11.9	$ 11.9			$ 11.4
Forecast
Disaggregation of Revenue [Line Items]
Crude oil price differential (in dollars per barrel)				6.50	4.95

REVENUE - Summary of disaggrega

REVENUE - Summary of disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 21,572	$ 17,483	$ 39,270	$ 31,878
Crude oil
Disaggregation of Revenue [Line Items]
Revenues	19,982		34,683
Crude oil | Short-term contracts
Disaggregation of Revenue [Line Items]
Revenues	1,464		9,851
Crude oil | Long-term contracts
Disaggregation of Revenue [Line Items]
Revenues	18,518		24,832
Natural gas
Disaggregation of Revenue [Line Items]
Revenues	350	1,144	1,876	2,034
Natural gas | Short-term contracts
Disaggregation of Revenue [Line Items]
Revenues	(11)		129
Natural gas | Long-term contracts
Disaggregation of Revenue [Line Items]
Revenues	361		1,747
NGLs
Disaggregation of Revenue [Line Items]
Revenues	1,240	$ 2,085	2,711	$ 3,001
NGLs | Short-term contracts
Disaggregation of Revenue [Line Items]
Revenues	49		122
NGLs | Long-term contracts
Disaggregation of Revenue [Line Items]
Revenues	$ 1,191		$ 2,589

REVENUE - Summary of Company's

REVENUE - Summary of Company's major customers as a percentage of total revenue (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Concentration Risk [Line Items]
Percentage of concentration risk	100.00%	100.00%	100.00%	100.00%
Texican Crude & Hydrocarbon, LLC
Concentration Risk [Line Items]
Percentage of concentration risk	0.00%	86.00%	21.00%	86.00%
ARM Energy Management, LLC
Concentration Risk [Line Items]
Percentage of concentration risk	93.00%	0.00%	69.00%	0.00%
Lucid Energy Delaware, LLC
Concentration Risk [Line Items]
Percentage of concentration risk	7.00%	12.00%	10.00%	10.00%
ETC Field Services LLC
Concentration Risk [Line Items]
Percentage of concentration risk	0.00%	2.00%	0.00%	4.00%

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Extractive Industries [Abstract]
Reserved ceiling value for oil (USD per barrel)	$ 61.39		$ 61.39
Reserved ceiling value for natural gas (USD per MMBtu)	3.02		3.02
Results of operations, impairment of oil and gas properties			11,400,000	$ 11,100,000
Depreciation, depletion, amortization and accretion expense to proved properties	$ 9,200,000	$ 5,800,000	$ 17,342,000	$ 10,400,000

OIL AND NATURAL GAS PROPERTIE_3

OIL AND NATURAL GAS PROPERTIES - Summary of oil and natural gas property costs (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Oil and natural gas properties:
Proved	$ 409,850	$ 358,858
Unproved	156,105	169,863
Total oil and natural gas properties	565,955	528,721
Accumulated depletion, depreciation and amortization	(115,372)	(98,342)
Oil and natural gas properties, net	$ 450,583	$ 430,379

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Acquisitions Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)shares
OneEnergy Partners Operating, LLC
Business Acquisition [Line Items]
Payments for asset acquisition	$ 40
Equity interest issued or issuable (in shares) | shares	6,940,722
Consideration transferred, equity interests issued and issuable	$ 24.9
Purchase price before acquisition costs	64.9
Transaction costs and purchase price adjustments	1.1
VPD Texas, L.P.
Business Acquisition [Line Items]
Transaction costs and purchase price adjustments	0.5
Consideration transferred	11.1
Anadarko
Business Acquisition [Line Items]
Consideration transferred	$ 7.1

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Summary of changes in Company's ARO (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO, beginning of period	$ 2,444	$ 952
Additional liabilities incurred	69	374
Accretion expense	217	85
Liabilities settled	(2)	(87)
Revision in estimates	(24)	1,120
ARO, end of period	2,704	2,444
Less: current portion of ARO	(11)	(11)
ARO, non-current	$ 2,693	$ 2,433

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of recurring fair value measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ (3,371)	$ (841)
Oil and natural gas derivative swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	(4,100)	(2,923)
Oil and natural gas derivative collar contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	729	4,047
Second Lien Term Loan conversion features
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		(1,965)
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Oil and natural gas derivative swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Oil and natural gas derivative collar contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Second Lien Term Loan conversion features
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	(3,371)	1,124
Significant Other Observable Inputs (Level 2) | Oil and natural gas derivative swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	(4,100)	(2,923)
Significant Other Observable Inputs (Level 2) | Oil and natural gas derivative collar contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	729	4,047
Significant Other Observable Inputs (Level 2) | Second Lien Term Loan conversion features
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	0	(1,965)
Significant Unobservable Inputs (Level 3) | Oil and natural gas derivative swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Significant Unobservable Inputs (Level 3) | Oil and natural gas derivative collar contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	$ 0	0
Significant Unobservable Inputs (Level 3) | Second Lien Term Loan conversion features
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements		$ (1,965)

DERIVATIVES - Summary of Compan

DERIVATIVES - Summary of Company's derivatives (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative assets - current	$ 793	$ 2,551
Derivative liabilities - current	(3,130)	(515)
Total derivative liabilities, net	(4,661)	(5,214)
Fair Value, Recurring
Derivative [Line Items]
Derivative assets - current	793	2,551
Derivative assets - non-current	497	1,822
Derivative liabilities - current	(3,130)	(515)
Derivative liabilities - non-current	(1,531)	(4,699)
Total derivative liabilities, net	$ (3,371)	(841)
Fair Value, Recurring | Embedded Derivative Financial Instruments
Derivative [Line Items]
Derivative liabilities - non-current		(2,000)
Fair Value, Recurring | Commodity Contract
Derivative [Line Items]
Derivative liabilities - non-current		$ (2,700)

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative liability	$ 4,661	$ 5,214
Second Lien Term Loan | Term Loan
Derivative [Line Items]
Derivative liability		$ 2,000

DERIVATIVES - Summary of Comp_2

DERIVATIVES - Summary of Company's derivative position (Details)	6 Months Ended
	Jun. 30, 2019bbl$ / bbl
Oil Swaps One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	173
Weighted Average Price ($/Bbl) | $ / bbl	58.80
Oil Swaps Two
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	1,028
Weighted Average Price ($/Bbl) | $ / bbl	56.28
Oil Swaps Three
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	148
Weighted Average Price ($/Bbl) | $ / bbl	54.40
Basis Swaps One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	1,500
Weighted Average Price ($/Bbl) | $ / bbl	(5.62)
Basis Swaps Two
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	1,500
Weighted Average Price ($/Bbl) | $ / bbl	(5.62)
Three Way Collar - Floor Sold Price One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	1,500
Weighted Average Price ($/Bbl) | $ / bbl	45
Three Way Collar - Floor Purchase Price One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	1,500
Weighted Average Price ($/Bbl) | $ / bbl	55
Three Way Collar - Ceiling Sold Price One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	1,500
Weighted Average Price ($/Bbl) | $ / bbl	70.47
Oil Collar - Floor Purchase Price One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	500
Weighted Average Price ($/Bbl) | $ / bbl	50
Oil Collar - Ceiling Sold Price One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	500
Weighted Average Price ($/Bbl) | $ / bbl	58
Oil Collar - Floor Purchase Price Two
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	410
Weighted Average Price ($/Bbl) | $ / bbl	50
Oil Callar - Ceiling Sold Price Two
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	410
Weighted Average Price ($/Bbl) | $ / bbl	64.96
Oil Collar - Floor Purchase Price Three
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	742
Weighted Average Price ($/Bbl) | $ / bbl	50
Oil Collar - Ceiling Sold Price Three
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	742
Weighted Average Price ($/Bbl) | $ / bbl	59.70
Gas Swaps One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	6,771
Weighted Average Price ($/Bbl) | $ / bbl	2.75
Gas Swaps Two
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	5,417
Weighted Average Price ($/Bbl) | $ / bbl	2.58
Gas Swaps Three
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	4,184
Weighted Average Price ($/Bbl) | $ / bbl	2.77
Gas Collar - Floor Purchase Price One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	6,921
Weighted Average Price ($/Bbl) | $ / bbl	2.80
Gas Collar - Ceiling Sold Price One
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	6,921
Weighted Average Price ($/Bbl) | $ / bbl	3.06
Gas Collar - Floor Purchase Price Two
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	2,748
Weighted Average Price ($/Bbl) | $ / bbl	2.55
Gas Collar - Ceiling Sold Price Two
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	2,748
Weighted Average Price ($/Bbl) | $ / bbl	3.07
Gas Collar - Floor Purchase Price Three
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	4,464
Weighted Average Price ($/Bbl) | $ / bbl	2.20
Gas Collar - Ceiling Sold Price Three
Derivative [Line Items]
Notional Volume (Bbls/Day) | bbl	4,464
Weighted Average Price ($/Bbl) | $ / bbl	2.97

DERIVATIVES - Summary of commod

DERIVATIVES - Summary of commodity derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on unsettled derivatives	$ 4,481	$ (2,111)	$ (4,495)	$ (3,242)
Net settlements paid on derivative contracts	(976)	(956)	(2,577)	(1,595)
Net settlements receivable (payable) on derivative contracts	(604)	265	(604)	265
Net gain (loss) on commodity derivatives	$ 2,901	$ (2,802)	$ (7,676)	$ (4,572)

DERIVATIVES - Summary of gross

DERIVATIVES - Summary of gross fair values of derivative instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative assets	$ 4,067	$ 5,976
Gross amounts of offsetting derivative assets in the condensed consolidated balance sheets	(2,777)	(1,603)
Net amounts of offsetting derivative assets presented in the condensed consolidated balance sheets	1,290	4,373
Gross amount of recognized offsetting derivative liabilities	(7,438)	(6,817)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets	2,777	1,603
Total derivative liabilities, net	(4,661)	(5,214)
Current liabilities
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative liabilities	(4,324)	(2,086)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets	1,194	1,571
Total derivative liabilities, net	(3,130)	(515)
Current assets
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative assets	1,987	4,122
Gross amounts of offsetting derivative assets in the condensed consolidated balance sheets	(1,194)	(1,571)
Net amounts of offsetting derivative assets presented in the condensed consolidated balance sheets	793	2,551
Long-term assets
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative assets	2,080	1,854
Gross amounts of offsetting derivative assets in the condensed consolidated balance sheets	(1,583)	(32)
Net amounts of offsetting derivative assets presented in the condensed consolidated balance sheets	497	1,822
Commodity Contract | Long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative liabilities	(3,114)	(2,766)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets	1,583	32
Total derivative liabilities, net	$ (1,531)	(2,734)
Embedded Derivative Financial Instruments | Long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative liabilities		(1,965)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets		0
Total derivative liabilities, net		$ (1,965)

LEASES - Right of use assets an

LEASES - Right of use assets and lease liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Right of use assets - long-term	$ 127
Lease liabilities - current	122
Lease liabilities - long-term	16
Total lease liabilities	138
Drilling Rig Lease
Lessee, Lease, Description [Line Items]
Right of use assets - long-term	(5,400)
Total lease liabilities	$ (5,400)

LEASES - Components of lease co

LEASES - Components of lease costs and other information (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Lease, Cost [Abstract]
Fixed lease costs	$ 1,097	$ 2,836
Short-term lease costs	152	209
Variable lease costs	72	118
Total lease costs	1,321	3,163
Lessee, Lease, Description [Line Items]
Lease cost	$ 1,321	3,163
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases		69
Investing cash flows from operating leases		$ 2,769
Lease term and discount rate
Weighted-average remaining lease term (years)	1 year 7 days	1 year 7 days
Weighted-average discount rate	5.70%	5.70%
General and administrative
Lease, Cost [Abstract]
Total lease costs		$ 205
Lessee, Lease, Description [Line Items]
Lease cost		205
Total lease costs expensed
Lease, Cost [Abstract]
Total lease costs		385
Lessee, Lease, Description [Line Items]
Lease cost		385
Oil sales | Production costs
Lease, Cost [Abstract]
Total lease costs		180
Lessee, Lease, Description [Line Items]
Lease cost		180
Oil and Gas Properties
Lease, Cost [Abstract]
Total lease costs		2,778
Lessee, Lease, Description [Line Items]
Lease cost		$ 2,778

LEASES - Minimum future payment

LEASES - Minimum future payments for long-term operating leases under scope of ASC 842 (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 75
2020	66
2021	0
2022	0
2023	0
After 2023	0
Less: the effects of discounting	(4)
Present value of lease liabilities	$ 137

LEASES - Minimum future payme_2

LEASES - Minimum future payments for long-term operating leases under scope of ASC 840 (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 7,586
2020	66
2021	0
2022	0
2023	0
After 2023	0
Total lease commitment	$ 7,652

LONG-TERM DEBT - Summary of lon

LONG-TERM DEBT - Summary of long-term debt instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Debt Instrument [Line Items]
Total long-term debt	$ 123,000		$ 157,804
Term Loan | 8.25% Second Lien Term Loan, due 2021, net of debt issuance costs and debt discount
Debt Instrument [Line Items]
Total long-term debt	$ 0		82,804
Debt instrument, interest rate, stated percentage	8.25%	8.25%
Revolving Credit Agreement, due April 2021 | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	$ 123,000		$ 75,000

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)	Apr. 26, 2021	Dec. 31, 2019	Sep. 30, 2019	May 06, 2019USD ($)day	Mar. 05, 2019USD ($)day$ / sharesshares	Oct. 10, 2018USD ($)shares	Jan. 30, 2018USD ($)	Apr. 26, 2017USD ($)day$ / shares	Jul. 31, 2019USD ($)	Nov. 30, 2017USD ($)	Sep. 30, 2019	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Jul. 26, 2019USD ($)	Mar. 04, 2019$ / shares
Debt Instrument [Line Items]
Amortization of debt financing costs												$ 138,000	$ 262,000	$ 279,000	$ 881,000
Ratio of total debt to EBITDAX						400.00%
Ratio of current assets to current liabilities						100.00%
Percentage of production required to be maintained												50.00%		50.00%
Minimum period of Swap Agreements maintained														24 months
Cash and cash equivalents												$ 7,011,000		$ 7,011,000		$ 21,137,000
Long-term debt												123,000,000	157,804,000	123,000,000	157,804,000
Gain on extinguishment of debt														7,078,000
Revolving Credit Agreement, due April 2021
Debt Instrument [Line Items]
Agreement term						5 years
Line of credit facility, maximum borrowing capacity						$ 500,000,000
Line of credit facility, borrowing base					$ 125,000,000	$ 95,000,000										$ 108,000,000
Line of credit facility, commitment fee percentage						0.50%
Proceeds from lines of credit														123,000,000
Line of credit facility, remaining borrowing capacity												2,000,000		2,000,000
Ratio of current assets to current liabilities						100.00%
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity												5,000,000		5,000,000
Second Lien Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 125,000,000
Increase in borrowing capacity										$ 25,000,000
Additional borrowing capacity										$ 25,000,000
Debt instrument, interest rate, stated percentage								8.25%
Second Lien Term Loan
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger								150.00%
Second Lien Term Loan | Second Lien Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 80,000,000
Delayed Draw Loans | Second Lien Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 45,000,000
Minimum | Second Lien Term Loan
Debt Instrument [Line Items]
Threshold trading days | day								20
Maximum | Second Lien Term Loan
Debt Instrument [Line Items]
Threshold trading days | day								30
Conversion To Newly Issued Shares | Second Lien Term Loan
Debt Instrument [Line Items]
Conversion percentage of principal amount								70.00%
Conversion price (in dollars per share) | $ / shares								$ 5.50
Conversion To New Term Loan | Second Lien Term Loan
Debt Instrument [Line Items]
Conversion percentage of principal amount								30.00%
Line of Credit | Revolving Credit Agreement, due April 2021
Debt Instrument [Line Items]
Amortization of debt financing costs												100,000		300,000
Ratio of total debt to EBITDAX				300.00%
Basis spread				0.25%
Period of consecutive business days | day				5
Long-term debt												123,000,000	75,000,000	123,000,000	75,000,000
Line of Credit | Minimum | Revolving Credit Agreement, due April 2021
Debt Instrument [Line Items]
Cash and cash equivalents				$ 10,000,000
Other Current Assets | Line of Credit | Revolving Credit Agreement, due April 2021
Debt Instrument [Line Items]
Unamortized debt issuance costs												600,000		600,000
Other Noncurrent Assets | Line of Credit | Revolving Credit Agreement, due April 2021
Debt Instrument [Line Items]
Unamortized debt issuance costs												$ 2,000,000		$ 2,000,000
Series D Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares												39,254		39,254		39,254
Redeemable preferred stock, dividend rate, percentage														8.25%		8.25%
Mezzanine equity, new issues of stock														$ 0
Temporary equity, stated value (in dollars per share) | $ / shares												$ 1,027		$ 1,027		$ 1,021
Series C-2 Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares												25,000		25,000		25,000
Redeemable preferred stock, dividend rate, percentage														9.75%		9.75%
Temporary equity, stated value (in dollars per share) | $ / shares												$ 1,032		$ 1,032		$ 1,024
Series C-1 Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares												100,000		100,000		100,000
Redeemable preferred stock, dividend rate, percentage														9.75%		9.75%
Temporary equity, stated value (in dollars per share) | $ / shares												$ 1,032		$ 1,032		$ 1,093
Series C Preferred Stock
Debt Instrument [Line Items]
Redeemable preferred stock, dividend rate, percentage							9.75%
Mezzanine equity, new issues of stock							$ 100,000,000							$ 0
Series E Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares												60,000		60,000
Redeemable preferred stock, dividend rate, percentage														8.25%
Mezzanine equity, new issues of stock														$ 62,115,000
Temporary equity, stated value (in dollars per share) | $ / shares												$ 1,027		$ 1,027
Series F Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares												55,000		55,000
Redeemable preferred stock, dividend rate, percentage														9.00%
Mezzanine equity, new issues of stock														$ 46,682,000
Temporary equity, stated value (in dollars per share) | $ / shares												$ 1,029		$ 1,029
Second Lien Term Loan | Term Loan
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage												8.25%		8.25%		8.25%
Long-term debt												$ 0	$ 82,804,000	$ 0	$ 82,804,000
Varde Partners | Second Lien Term Loan | Term Loan
Debt Instrument [Line Items]
Repayment of debt						$ 56,300,000
Long-term debt						$ 11,900,000
Private Placement
Debt Instrument [Line Items]
Temporary equity, stated value (in dollars per share) | $ / shares					$ 7
Private Placement | Series C-1 Preferred Stock
Debt Instrument [Line Items]
Redeemable preferred stock, dividend rate, percentage						9.75%
Private Placement | Series E Preferred Stock
Debt Instrument [Line Items]
Temporary equity, stated value (in dollars per share) | $ / shares					$ 1,000													$ 1.88
Private Placement | Second Lien Term Loan | Term Loan | Minimum
Debt Instrument [Line Items]
Threshold trading days | day					20
Private Placement | Second Lien Term Loan | Term Loan | Maximum
Debt Instrument [Line Items]
Threshold trading days | day					30
Private Placement | Varde Partners
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares					9,891,638	5,952,763
Amount canceled in exchange for equity issuance					$ 133,600,000
Mezzanine equity, new issues of stock					$ 18,600,000
Private Placement | Varde Partners | Series D Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares						39,254
Redeemable preferred stock, dividend rate, percentage						8.25%
Private Placement | Varde Partners | Series C-2 Preferred Stock
Debt Instrument [Line Items]
Redeemable preferred stock, dividend rate, percentage						9.75%
Private Placement | Varde Partners | Series C Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares						25,000
Private Placement | Varde Partners | Series E Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares					60,000
Redeemable preferred stock, dividend rate, percentage					8.25%
Mezzanine equity, new issues of stock					$ 60,000,000
Private Placement | Varde Partners | Series C And D Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares					7,750,000
Private Placement | Varde Partners | Series F Preferred Stock
Debt Instrument [Line Items]
Mezzanine equity, shares issued (in shares) | shares					55,000
Redeemable preferred stock, dividend rate, percentage					9.00%
Mezzanine equity, new issues of stock					$ 55,000,000
Forecast
Debt Instrument [Line Items]
Ratio of current assets to current liabilities		100.00%	85.00%
Forecast | Revolving Credit Agreement, due April 2021
Debt Instrument [Line Items]
Ratio of current assets to current liabilities			85.00%
Forecast | Private Placement | Series E Preferred Stock | Maximum
Debt Instrument [Line Items]
Redeemable preferred stock, dividend rate, percentage	9.25%
Forecast | Private Placement | Series F Preferred Stock | Maximum
Debt Instrument [Line Items]
Redeemable preferred stock, dividend rate, percentage	10.00%
Additional Paid-in Capital
Debt Instrument [Line Items]
Gain on extinguishment of debt														$ 7,078,000
Subsequent Event
Debt Instrument [Line Items]
Percentage of production required to be maintained			75.00%								75.00%
Minimum period of Swap Agreements maintained											24 months
Subsequent Event | Revolving Credit Agreement, due April 2021
Debt Instrument [Line Items]
Line of credit facility, borrowing base									$ 115,000,000								$ 115,000,000
Proceeds from lines of credit									$ 105,000,000
Line of credit facility, remaining borrowing capacity																	$ 10,000,000
Percentage of production required to be maintained			75.00%								75.00%

LONG-TERM DEBT - Summary of int

LONG-TERM DEBT - Summary of interest expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt Disclosure [Abstract]
Interest on debt	$ 1,707	$ 1,078	$ 3,147	$ 2,538
Paid-in-kind interest on term loans	0	3,269	1,590	6,437
Amortization of debt financing costs	138	262	279	881
Amortization of discount on term loans	0	3,963	1,657	7,804
Total	$ 1,845	$ 8,572	$ 6,673	$ 17,660

LONG-TERM DEFERRED REVENUE LI_2

LONG-TERM DEFERRED REVENUE LIABILITIES - Narrative (Details) bbl in Thousands, $ in Millions	Mar. 07, 2019USD ($)	Jul. 25, 2018USD ($)	Jul. 31, 2018USD ($)Wellmi	Jun. 30, 2019USD ($)	Mar. 11, 2019USD ($)	Dec. 31, 2018USD ($)bbl	Oct. 01, 2018USD ($)bbl
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
Total purchase price			$ 20
Upfront non-refundable payment	$ 11.7	$ 10
Prefunded drilling bonus		$ 5				$ 2.5	$ 2.5
Crude oil takeaway, number of barrels per day (in barrels) | bbl						40	40
Deferred revenue					$ 2.5

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of related party transactions (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Total:	$ 0	$ 69,820
Varde Partners
Related Party Transaction [Line Items]
The Company acquired oil and natural gas interests from VPD, an affiliate of Värde	0	10,611
Receivable balance outstanding as of June 30, 2019 for operating costs associated with VPD's producing wells	158	0
Revenue payable balance due as of June 30, 2019 for revenue associated with VPD's producing wells	(553)	0
Total:	$ (395)	$ 10,611

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	Jul. 31, 2019agreement
Winkler Lea Transactions | Subsequent Event
Related Party Transaction [Line Items]
Number of agreements	2

PREFERRED STOCK - Narrative (De

PREFERRED STOCK - Narrative (Details) $ / shares in Units, $ in Thousands	Apr. 26, 2021	Dec. 31, 2019	Mar. 05, 2019USD ($)day$ / sharesshares	Mar. 04, 2019$ / sharesshares	Oct. 10, 2018USD ($)$ / sharesshares	Jan. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2018$ / sharesshares
Series C Preferred Stock
Temporary Equity [Line Items]
Issuance of Preferred Stock in extinguishment of debt (in shares)						100,000	0
Redeemable preferred stock, dividend rate, percentage						9.75%
Shares issued (in dollars per share) | $ / shares						$ 1,000
Mezzanine equity, new issues of stock | $						$ 100,000	$ 0
Series C-1 Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage							9.75%	9.75%
Mezzanine equity, shares issued (in shares)							100,000	100,000
Temporary equity, stated value (in dollars per share) | $ / shares							$ 1,032	$ 1,093
Series C-2 Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage							9.75%	9.75%
Mezzanine equity, shares issued (in shares)							25,000	25,000
Temporary equity, stated value (in dollars per share) | $ / shares							$ 1,032	$ 1,024
Series D Preferred Stock
Temporary Equity [Line Items]
Issuance of Preferred Stock in extinguishment of debt (in shares)							0
Redeemable preferred stock, dividend rate, percentage							8.25%	8.25%
Mezzanine equity, new issues of stock | $							$ 0
Mezzanine equity, shares issued (in shares)							39,254	39,254
Temporary equity, stated value (in dollars per share) | $ / shares							$ 1,027	$ 1,021
Series E Preferred Stock
Temporary Equity [Line Items]
Issuance of Preferred Stock in extinguishment of debt (in shares)							60,000
Redeemable preferred stock, dividend rate, percentage							8.25%
Mezzanine equity, new issues of stock | $							$ 62,115
Mezzanine equity, shares issued (in shares)							60,000
Temporary equity, stated value (in dollars per share) | $ / shares							$ 1,027
Series F Preferred Stock
Temporary Equity [Line Items]
Issuance of Preferred Stock in extinguishment of debt (in shares)							55,000
Redeemable preferred stock, dividend rate, percentage							9.00%
Mezzanine equity, new issues of stock | $							$ 46,682
Mezzanine equity, shares issued (in shares)							55,000
Temporary equity, stated value (in dollars per share) | $ / shares							$ 1,029
Private Placement
Temporary Equity [Line Items]
Temporary equity, stated value (in dollars per share) | $ / shares			$ 7
Percentage of conversion price			150.00%
Private Placement | Series C Preferred Stock
Temporary Equity [Line Items]
Percentage of redeemable temporary equity			125.00%
Private Placement | Series C-1 Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage					9.75%
Private Placement | Series E Preferred Stock
Temporary Equity [Line Items]
Temporary equity, stated value (in dollars per share) | $ / shares			$ 1,000	$ 1.88
Conversion price per share (in dollars per share) | $ / shares			$ 2.50
Percentage of outstanding stock, minimum			5.00%
Private Placement | Series F Preferred Stock
Temporary Equity [Line Items]
Percentage of redeemable temporary equity			115.00%
Amount of outstanding shares required to vote | $			$ 13,800
Varde Partners | Private Placement
Temporary Equity [Line Items]
Mezzanine equity, new issues of stock | $			$ 18,600
Mezzanine equity, shares issued (in shares)			9,891,638		5,952,763
Varde Partners | Private Placement | Series C Preferred Stock
Temporary Equity [Line Items]
Mezzanine equity, shares issued (in shares)					25,000
Varde Partners | Private Placement | Series C-2 Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage					9.75%
Stock, stated value (in dollars per share) | $ / shares					$ 1,000
Temporary equity, value, issued | $					$ 25,000
Varde Partners | Private Placement | Series D Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage					8.25%
Mezzanine equity, shares issued (in shares)					39,254
Varde Partners | Private Placement | Series E Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage			8.25%
Mezzanine equity, new issues of stock | $			$ 60,000
Mezzanine equity, shares issued (in shares)			60,000
Varde Partners | Private Placement | Series F Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage			9.00%
Mezzanine equity, new issues of stock | $			$ 55,000
Mezzanine equity, shares issued (in shares)			55,000
Varde Partners | Private Placement | Series C And D Preferred Stock
Temporary Equity [Line Items]
Mezzanine equity, shares issued (in shares)			7,750,000
Conversion of stock, decrease (in shares)			24,000,000	53,500,000
Forecast | Private Placement | Series C Preferred Stock
Temporary Equity [Line Items]
Percentage of redeemable temporary equity		130.00%
Maximum | Forecast | Private Placement | Series E Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage	9.25%
Maximum | Forecast | Private Placement | Series F Preferred Stock
Temporary Equity [Line Items]
Redeemable preferred stock, dividend rate, percentage	10.00%
Preferred Stock, Redemption, Period One | Private Placement | Series E Preferred Stock
Temporary Equity [Line Items]
Percentage of redeemable temporary equity			110.00%
Preferred Stock, Redemption, Period Two | Private Placement | Series E Preferred Stock
Temporary Equity [Line Items]
Percentage of redeemable temporary equity			105.00%
Preferred Stock, Redemption, Period Three | Private Placement | Series E Preferred Stock
Temporary Equity [Line Items]
Percentage of redeemable temporary equity			100.00%
Term Loan | Second Lien Term Loan | Maximum | Private Placement
Temporary Equity [Line Items]
Threshold trading days | day			30
Term Loan | Second Lien Term Loan | Minimum | Private Placement
Temporary Equity [Line Items]
Threshold trading days | day			20

PREFERRED STOCK - Summary of Pr

PREFERRED STOCK - Summary of Preferred Stock (Details) - USD ($) $ in Thousands	Jan. 30, 2018	Jun. 30, 2019
Series C Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)		125,000
Beginning balance		$ 132,296
Change in carrying value due to modification		$ (46,633)
Issuance of Preferred Stock in extinguishment of debt (in shares)	100,000	0
Issuance of Preferred Stock in extinguishment of debt	$ 100,000	$ 0
Paid-in-kind dividends		$ 6,321
Ending balance (in shares)		125,000
Ending balance		$ 91,984
Series D Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)		39,254
Beginning balance		$ 40,729
Change in carrying value due to modification		$ (15,057)
Issuance of Preferred Stock in extinguishment of debt (in shares)		0
Issuance of Preferred Stock in extinguishment of debt		$ 0
Paid-in-kind dividends		$ 1,646
Ending balance (in shares)		39,254
Ending balance		$ 27,318
Series E Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)		0
Beginning balance		$ 0
Change in carrying value due to modification		$ 0
Issuance of Preferred Stock in extinguishment of debt (in shares)		60,000
Issuance of Preferred Stock in extinguishment of debt		$ 62,115
Paid-in-kind dividends		$ 1,616
Ending balance (in shares)		60,000
Ending balance		$ 63,731
Series F Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)		0
Beginning balance		$ 0
Change in carrying value due to modification		$ 0
Issuance of Preferred Stock in extinguishment of debt (in shares)		55,000
Issuance of Preferred Stock in extinguishment of debt		$ 46,682
Paid-in-kind dividends		$ 1,617
Ending balance (in shares)		55,000
Ending balance		$ 48,299

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock
Class of Stock [Line Items]
Common stock issued for conversion of debt (in shares)	17,641,638
Private Placement | Varde Partners
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of warrant activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Warrants
Outstanding beginning (in shares)	5,017,329
Forfeited or expired (in shares)	(615,000)
Outstanding ending (in shares)	4,402,329
Weighted- Average Exercise Price
Outstanding beginning (in dollars per share)	$ 3.83
Forfeited or expired (in dollars per share)	3.63
Outstanding ending (in dollars per share)	$ 3.86

SHARE BASED AND OTHER COMPENS_3

SHARE BASED AND OTHER COMPENSATION - Summary of share-based compensation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expensed	$ 6,001	$ 5,554
Unrecognized share-based compensation costs	$ 3,076	$ 6,123
Weighted average amortization period remaining (in years)
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expensed	$ 349	$ 1,238
Unrecognized share-based compensation costs	$ 216	$ 1,346
Weighted average amortization period remaining (in years)	1 year 3 months 15 days	6 months 22 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expensed	$ 5,652	$ 4,316
Unrecognized share-based compensation costs	$ 2,860	$ 4,777
Weighted average amortization period remaining (in years)	1 year 2 months 9 days	7 months 17 days

SHARE BASED AND OTHER COMPENS_4

SHARE BASED AND OTHER COMPENSATION - Summary of restricted stock grant activity (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Number of Shares
Beginning Outstanding (in shares) | shares	953,584
Granted (in shares) | shares	2,879,431
Vested and issued (in shares) | shares	(1,878,929)
Forfeited or canceled (in shares) | shares	(242,486)
Ending Outstanding (in shares) | shares	1,711,600
Weighted Average Grant Date Price
Beginning Outstanding (in dollars per share) | $ / shares	$ 4.85
Granted (in dollars per share) | $ / shares	1.78
Vested and issued (in dollars per share) | $ / shares	2.25
Forfeited or canceled (in dollars per share) | $ / shares	2.32
Ending Outstanding (in dollars per share) | $ / shares	$ 2.89

SHARE BASED AND OTHER COMPENS_5

SHARE BASED AND OTHER COMPENSATION - Summary of stock option activity (Details) - Stock Options - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Number of Options
Outstanding beginning (in shares)	5,031,578
Exercised (in shares)	0
Forfeited or canceled (in shares)	(704,144)
Outstanding ending (in shares)	4,462,434	5,031,578
Weighted Average Exercise Price
Outstanding beginning (in dollars per share)	$ 3.81
Granted (in dollars per share)	2.17
Exercised (in dollars per share)	0
Forfeited or canceled (in dollars per share)	1.64
Outstanding ending (in dollars per share)	$ 4.11	$ 3.81
Stock Options Outstanding and Exercisable
Stock Options Outstanding and Exercisable, Number of Options Vested/Exercisable (in shares)	4,293,401	5,035,317
Stock Options Outstanding and Exercisable, Weighted Average Remaining Contractual Life (Years)	7 years 6 months	7 years 10 months 24 days

SHARE BASED AND OTHER COMPENS_6

SHARE BASED AND OTHER COMPENSATION - Narrative (Details) - Stock Options	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average exercise price (in dollars per share) | $ / shares	$ 1.47
Expected term	10 years
Expected volatility rate	30.00%
Risk free interest rate	2.67%
Omnibus Incentive Plan 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	135,000

INCOME (LOSS) PER COMMON SHAR_2

INCOME (LOSS) PER COMMON SHARE - Summary of computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ (2,270)	$ (31,208)	$ (24,962)	$ (18,962)
Dividends on preferred stock	(6,375)	(2,465)	(11,200)	(4,117)
Unallocated net income (loss)	(8,645)	(33,673)	(36,162)	(23,079)
Numerator for basic earnings (loss) per share:
Net income (loss) attributable to common stockholders	(8,645)	(33,673)	(36,162)	(23,079)
Net income attributable to preferred stockholders	0	0	0	0
Allocated net income (loss)	$ (8,645)	$ (33,673)	$ (36,162)	$ (23,079)
Denominator for basic loss per share:
Basic weighted average common shares outstanding (in shares)	91,012,030	64,098,309	84,500,414	57,801,098
Basic weighted average common shares outstanding for if-converted participating preferred stock (in shares)	0	0	0	0
Net loss per share:
Basic attributable to common stockholders (in dollars per share)	$ (0.09)	$ (0.53)	$ (0.43)	$ (0.40)
Attributable to if-converted preferred stockholders (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Numerator for diluted loss per share:
Add: interest expense on convertible Second Lien Term Loan	$ 0	$ 0	$ 0	$ 0
Less: gain on fair value change of embedded derivatives associated with Second Lien Term Loan	0	0	0	0
Net loss attributable to common stockholders	$ (8,645)	$ (33,673)	$ (36,162)	$ (23,079)
Denominator for diluted net loss per share:
Dilution effect of if-converted Second Lien Loans (in shares)	0	0	0	0
Diluted weighted average common shares outstanding (in shares)	91,012,030	64,098,309	84,500,414	57,801,098
Common shares (diluted) (in dollars per share)	$ (0.09)	$ (0.53)	$ (0.43)	$ (0.40)

INCOME (LOSS) PER COMMON SHAR_3

INCOME (LOSS) PER COMMON SHARE - Summary of antidilutive securities excluded from computation (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	33,511,326	56,494,032
Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	20,312,607
Series E Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	24,646,563	0
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,462,434	5,501,150
Stock Purchase Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,402,329	6,710,056
Conversion of term loans
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	23,970,219

SUPPLEMENTAL NON-CASH TRANSAC_3

SUPPLEMENTAL NON-CASH TRANSACTIONS - Summary of supplemental disclosure of cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Non-cash investing and financing activities excluded from the statement of cash flows:
Issued shares of common stock and preferred stock upon extinguishment of debt and modification of Series C Preferred Stock and Series D Preferred Stock	$ 141,787	$ 0
Common stock issued for acquisition of oil and gas properties	0	24,778
Deferred revenue realized upon purchase option exercise	11,700	0
Change in capital expenditures for drilling costs in accrued liabilities	1,035	5,859
Accrued cumulative paid in kind dividends on preferred stock	11,200	4,117
Change in asset retirement obligations	$ 43	$ 66

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Jul. 25, 2018
Salt Creek Midstream, LLC
Long-term Purchase Commitment [Line Items]
Agreement period	5 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of required daily production (Details) - Salt Creek Midstream, LLC	Jun. 30, 2019bbl
March 2019 - June 2019
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, number of barrels per day (in barrels)	5,000
July 2019 - December 2019
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, number of barrels per day (in barrels)	4,000
January 2020 - June 2020
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, number of barrels per day (in barrels)	5,000
July 2020 - June 2021
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, number of barrels per day (in barrels)	6,000
July 2021 - December 2024
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, number of barrels per day (in barrels)	7,500

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details)	Dec. 31, 2019	Sep. 30, 2019	Jul. 31, 2019USD ($)aagreementWell	Oct. 10, 2018USD ($)	Jul. 26, 2019USD ($)	Jun. 30, 2019	Mar. 05, 2019USD ($)	Dec. 31, 2018USD ($)
Subsequent Event [Line Items]
Ratio of current assets to current liabilities				100.00%
Percentage of production required to be maintained						50.00%
Subsequent Event
Subsequent Event [Line Items]
Percentage of production required to be maintained		75.00%
Revolving Credit Agreement, due April 2021
Subsequent Event [Line Items]
Line of credit facility, borrowing base				$ 95,000,000			$ 125,000,000	$ 108,000,000
Ratio of current assets to current liabilities				100.00%
Revolving Credit Agreement, due April 2021 | Subsequent Event
Subsequent Event [Line Items]
Line of credit facility, borrowing base			$ 115,000,000		$ 115,000,000
Percentage of production required to be maintained		75.00%
Forecast
Subsequent Event [Line Items]
Ratio of current assets to current liabilities	100.00%	85.00%
Forecast | Revolving Credit Agreement, due April 2021
Subsequent Event [Line Items]
Ratio of current assets to current liabilities		85.00%
Winkler Lea Transactions | Subsequent Event
Subsequent Event [Line Items]
Number of agreements | agreement			2
Proceeds from sale of overriding royalty interests and non-operated working interests			$ 39,000,000
WLR | Subsequent Event
Subsequent Event [Line Items]
Area of land | a			1,446
Percentage of net revenue interests			25.00%
Period of option to repurchase overriding royalty interests			3 years
Period of limitations on ability to transfer overriding royalty interests			3 years
WLWI | Subsequent Event
Subsequent Event [Line Items]
Area of land | a			749
Percent of non-operating working interests			49.00%
Number of wells | Well			5
Period of option to repurchase non-operating working interests			3 years
Period of limitations on ability to transfer non-operating working interests			3 years