Lilis Energy (LLEX) 10-Q 2 Jul 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Jul. 02, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	LILIS ENERGY, INC.
Entity Central Index Key	0001437557
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-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 (in shares)		95,122,430

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 9,290	$ 3,753
Accounts receivable, net of allowance of $448 and $448, respectively	8,908	18,146
Derivative instruments	12,860	427
Prepaid expenses and other current assets	4,444	4,438
Total current assets	35,502	26,764
Property and equipment:
Oil and natural gas properties, full cost method of accounting, net	207,966	228,855
Other property and equipment, net	389	421
Total property and equipment, net	208,355	229,276
Right-of-use assets	2,037	1,722
Other assets	5,038	837
Total assets	250,932	258,599
Current liabilities:
Current portion of long-term debt	97,750	115,000
Accounts payable	24,827	24,834
Accrued liabilities and other	10,810	13,972
Revenue payable	10,910	11,442
Derivative instruments	8,630	5,044
Total current liabilities	152,927	170,292
Asset retirement obligations	3,490	3,423
Long-term derivative instruments and other non-current liabilities	14,364	3,762
Long-term deferred revenue and other long-term liabilities	73,655	73,749
Total liabilities	244,436	251,226
Commitments and Contingencies - Note 19
Stockholders’ equity (deficit):
Common stock, $0.0001 par value per share, 150,000,000 shares authorized 95,384,194 and 91,584,460 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	10	9
Additional paid-in capital	336,236	342,382
Treasury stock, 253,598 shares at cost	(997)	(997)
Accumulated deficit	(581,456)	(579,552)
Total stockholders’ deficit	(246,207)	(238,158)
Total liabilities, mezzanine equity and stockholders’ deficit	250,932	258,599
Series C-1 Preferred Stock
Current liabilities:
Mezzanine equity:	83,379	80,446
Series C-2 Preferred Stock
Current liabilities:
Mezzanine equity:	19,544	18,857
Series D Preferred Stock
Current liabilities:
Mezzanine equity:	29,978	29,082
Series E Preferred Stock
Current liabilities:
Mezzanine equity:	67,609	66,285
Series F Preferred Stock
Current liabilities:
Mezzanine equity:	$ 52,193	$ 50,861

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Allowance related to accounts receivable	$ 448		$ 448
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)	95,384,194		91,584,460
Common stock, shares outstanding (in shares)	95,384,194		91,584,460
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)	$ 1,233		$ 1,203
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)	$ 1,155		$ 1,128
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)	$ 1,130		$ 1,107
Series E 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)	60,000		60,000
Mezzanine equity, shares outstanding (in shares)	60,000		60,000
Mezzanine equity, stated value (in dollars per share)	$ 1,092		$ 1,069
Series F Preferred Stock
Redeemable preferred stock, dividend rate, percentage	9.00%		9.00%
Mezzanine equity, shares authorized (in shares)	10,000,000		10,000,000
Mezzanine equity, shares issued (in shares)	55,000		55,000
Mezzanine equity, shares outstanding (in shares)	55,000		55,000
Mezzanine equity, stated value (in dollars per share)	$ 1,100		$ 1,076

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Revenues	$ 12,770	$ 17,697
Operating expenses:
Production taxes	613	906
General and administrative	5,826	9,679
Depreciation, depletion, amortization and accretion	3,292	8,153
Total operating expenses	14,754	24,680
Operating loss	(1,984)	(6,983)
Other income (expense):
Gain (loss) from commodity derivatives	21,198	(10,577)
Change in fair value of financial instruments	(17,363)	(335)
Interest expense	(3,802)	(4,828)
Other income	47	31
Total other income (expense)	80	(15,709)
Net loss before income taxes	(1,904)	(22,692)
Income tax expense	0	0
Net loss	(1,904)	(22,692)
Paid-in-kind dividends on preferred stock	(7,172)	(4,825)
Net loss attributable to common stockholders	$ (9,076)	$ (27,517)
Net loss per common share-basic and diluted:
Basic (in dollars per share)	$ (0.10)	$ (0.35)
Diluted (in dollars per share)	$ (0.10)	$ (0.35)
Weighted average common shares outstanding:
Basic (in shares)	94,148,261	77,916,448
Diluted (in shares)	94,148,261	77,916,448
Oil sales
Revenues:
Revenues	$ 12,362	$ 14,701
Operating expenses:
Costs of goods and services sold	4,696	4,764
Natural gas sales
Revenues:
Revenues	189	1,526
Natural gas liquid sales
Revenues:
Revenues	219	1,470
Gathering, processing and transportation
Operating expenses:
Costs of goods and services sold	$ 327	$ 1,178

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Treasury Shares	Accumulated Deficit
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 (in shares)		2,379,431
Stock-based compensation	3,645		3,645
Common stock withheld for taxes on stock-based compensation (in shares)		(165,183)
Common stock withheld for taxes on stock-based compensation	(320)		(320)
Common stock issued for extinguishment 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
Dividends on preferred stock	(4,825)		(4,825)
Net loss	(22,692)				(22,692)
Ending balance (in shares) at Mar. 31, 2019		91,037,902		(253,598)
Ending balance at Mar. 31, 2019	29,208	$ 9	360,319	$ (997)	(330,123)
Beginning balance (in shares) at Dec. 31, 2019		91,584,460		(253,598)
Beginning balance at Dec. 31, 2019	(238,158)	$ 9	342,382	$ (997)	(579,552)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		3,931,834
Stock-based compensation	1,064	$ 1	1,063
Common stock withheld for taxes on stock-based compensation (in shares)		(132,100)
Common stock withheld for taxes on stock-based compensation	(37)		(37)
Gain on extinguishment of debt			7,100
Dividends on preferred stock	(7,172)		(7,172)
Net loss	(1,904)				(1,904)
Ending balance (in shares) at Mar. 31, 2020		95,384,194		(253,598)
Ending balance at Mar. 31, 2020	$ (246,207)	$ 10	$ 336,236	$ (997)	$ (581,456)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (1,904)	$ (22,692)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation	1,063	3,645
Amortization of debt issuance cost and accretion of debt discount	708	1,797
Payable in-kind interest	0	1,590
Loss (gain) from commodity derivatives, net	(21,198)	10,577
Net settlements paid on commodity derivatives	(198)	(843)
Change in fair value of financial instruments	17,363	335
Depreciation, depletion, amortization and accretion	3,292	8,153
Other	(77)	0
Changes in operating assets and liabilities:
Accounts receivable	9,039	1,258
Prepaid expenses and other assets	(382)	(423)
Accounts payable and accrued liabilities	(686)	(16,395)
Proceeds from options associated with future midstream services	0	2,500
Net cash provided by (used in) operating activities	7,020	(10,498)
Cash flows from investing activities:
Proceeds from the sale of unproved oil and natural gas properties	24,063	336
Capital expenditures	(8,008)	(29,045)
Net cash provided by (used in) investing activities	16,055	(28,709)
Cash flows from financing activities:
Proceeds from revolving credit agreement	0	30,000
Repayment of revolving credit agreement	(17,250)	0
Debt issuance costs	(251)	(382)
Payment for tax withholding on stock-based compensation	(37)	(320)
Net cash provided by (used in) financing activities	(17,538)	29,298
Net increase (decrease) in cash and cash equivalents	5,537	(9,909)
Cash and cash equivalents at beginning of period	3,753	21,137
Cash and cash equivalents at end of period	9,290	11,228
Supplemental disclosure:
Cash paid for interest	$ 1,502	$ 1,441

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	NOTE 1 - ORGANIZATION Lilis Energy, Inc., a Nevada corporation, 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. Unless otherwise specified or the context otherwise requires, all references in these notes to “we”, “our”, “Lilis” or the “Company” are to Lilis Energy, Inc. and its consolidated subsidiaries.

CHAPTER 11 FILING, LIQUIDITY AN

CHAPTER 11 FILING, LIQUIDITY AND GOING CONCERN	3 Months Ended
	Mar. 31, 2020
Liquidity Disclosure [Abstract]
CHAPTER 11 FILING, LIQUIDITY AND GOING CONCERN	NOTE 2 - CHAPTER 11 FILING, LIQUIDITY AND GOING CONCERN Voluntary Petitions under Chapter 11 of the Bankruptcy Code On June 28, 2020 (the “Petition Date”), Lilis Energy, Inc. and its consolidated subsidiaries Brushy Resources, Inc., ImPetro Operating LLC, ImPetro Resources, LLC, Lilis Operating Company, LLC and Hurricane Resources LLC (collectively, the “Debtors”) filed voluntary petitions seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) commencing cases for relief under Chapter 11 of the Bankruptcy Code (the “Chapter 11 Cases”). The Chapter 11 Cases are being jointly administered under the caption In re Lilis Energy, Inc., et al., Case No. 20-33274. We are currently operating our business as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court, in accordance with the applicable provisions of the Bankruptcy Code. To maintain and continue uninterrupted ordinary course operations during the bankruptcy proceedings, the Debtors filed a variety of “first day” motions seeking approval from the Bankruptcy Court for various forms of customary relief designed to minimize the effect of bankruptcy on the Debtors’ operations, customers and employees. On June 29, 2020, the Bankruptcy Court entered orders approving all requested “first day” relief. As a result, we are able to conduct normal business activities and pay all associated obligations for the period following our bankruptcy filing and (subject to caps applicable to payments of certain pre-petition obligations) pre-petition employee wages and benefits, pre-petition amounts owed to certain lienholders and critical vendors and funds belonging to third parties, including royalty interest and working interest holders and partners. During the pendency of the Chapter 11 Cases, all transactions outside the ordinary course of our business require the prior approval of the Bankruptcy Court. On June 28, 2020, the Debtors entered into a restructuring support agreement (the “RSA”) with (i) the lenders under our Revolving Credit Facility (other than Värde) (each as defined below) (the "Consenting RBL Lenders") and (ii) certain investment funds and entities affiliated with Värde Partners, Inc. (collectively, “Värde”) which collectively own all of our outstanding preferred stock and a subordinated participation in that certain Second Amended and Restated Senior Secured Revolving Credit Agreement dated as of October 10, 2018 (as amended, the “Revolving Credit Agreement” and the loan facility, the “Revolving Credit Facility”), by and among Lilis Energy, Inc., as borrower, the other Debtors, as guarantors, BMO Harris Bank, N.A., as administrative agent (the “Administrative Agent”), and the lenders party thereto (“RBL Lenders”), for the purpose of supporting (a) the implementation of restructuring transactions, including a chapter 11 plan of reorganization with terms consistent with those set forth in the RSA (the “Plan”), (b) an initial debtor-in-possession credit agreement (the "Initial DIP Credit Agreement") and related initial DIP credit facility (the “Initial DIP Facility”), (c) the terms of a replacement debtor-in-possession credit agreement (the “Replacement DIP Facility”) and replacement DIP credit facility (the “Replacement DIP Credit Agreement”) and (d) the form of an equity commitment letter contemplating an equity investment by one or more Värde entities in the event that Värde elects in its sole discretion to provide such a commitment to fund the Plan on or before August 17, 2020. If on or prior to August 17, 2020, (i) Värde has not funded the Replacement DIP Facility with sufficient cash such that the lenders’ claims under the Initial DIP Facility have not been repaid in full with proceeds from the Replacement DIP Facility and (ii) Värde has not made a commitment to make the Värde Equity Investment (which, if elected, will be funded on the effective date of the plan of reorganization contemplated by the RSA (the “Plan”)), the Debtors will pursue a sale of substantially all their assets pursuant to bidding procedures agreed to in the RSA to close on or before the 135 th day following the Petition Date. See Note 11 - Indebtedness for additional details about the Initial DIP Credit Agreement and Initial DIP Facility. Below is a summary of the treatment that the stakeholders of the Company would receive under the Plan contemplated in the RSA: • each lender under the Revolving Credit Agreement that is unaffiliated with Värde (each, a “Non-Affiliate RBL Lender”) will receive its pro rata share of (i) $9.2 million in cash plus all accrued and unpaid interest as of the Petition Date (estimated to be $0.7 million), and (ii) participations in $55 million of new loans under the Exit Facility as described below; • Värde, on account of claims held by its affiliates as lenders under the Revolving Credit Agreement and, if applicable, its claims under the Replacement DIP Facility, will receive an aggregate of 100% of the new common stock of the reorganized Lilis, and the treatment of the Company’s outstanding preferred stock, all of which is currently held by Värde, remains undecided and will be agreed on by Värde, the Company and the required Consenting RBL Lenders on or prior to the date the Replacement DIP Facility closes; • the treatment of allowed general unsecured claims will be determined no later than August 17, 2020, which treatment must be acceptable to Värde in consultation with the Administrative Agent, and as a condition to the effectiveness of the Plan (subject to certain exceptions provided in the RSA), the allowed general unsecured claims and allowed priority, other secured, and priority tax claims, other than claims held by Värde and its affiliates, must not exceed a total amount to be acceptable to Värde upon receipt of reasonably acceptable diligence at the time of signing the equity commitment letter providing for the Värde Equity Investment; and • each outstanding share of the Company’s common stock, share-based awards and warrants will be canceled for no consideration. The Plan contemplated in the RSA is contingent upon, among other things, Värde’s election in its sole discretion, on or before August 17, 2020, to provide (i) an agreed commitment (which, if elected, will be funded on the effective date of the Plan) to buy the common stock of the reorganized Lilis for $55.0 million in cash less any funding provided by Värde under the Replacement DIP Facility (but excluding any amount of interest or fees paid-in-kind and capitalized thereunder), and (ii) certain Värde funds to provide for a Replacement DIP Facility. The Consenting RBL Lenders and Värde have the right to terminate the RSA, and their support for the restructuring contemplated by the RSA (the “Restructuring”), for customary reasons, including, among others, the failure to timely achieve any of the milestones for the progress of the Chapter 11 Cases that are in the RSA, which include the dates by which the Debtors are required to, among other things, obtain certain court orders and consummate the Restructuring. There can be no assurance that the Debtors will confirm and consummate the Plan as contemplated by the RSA or complete an alternative plan of reorganization. For the duration of our Chapter 11 Cases, our operations and our ability to develop and execute a business plan are subject to risks and uncertainties associated with bankruptcy. Initial DIP Facility, Replacement DIP Facility and Exit Facility. The RSA contemplates that, upon the interim approval of the Bankruptcy Court, the Debtors, as borrower and guarantors, the Consenting RBL Lenders (in that capacity, “Initial DIP Lenders”) and the Administrative Agent would enter into a Senior Secured Super-Priority Debtor-in-Possession Credit Agreement (the “Initial DIP Credit Agreement”), under which the Initial DIP Lenders would provide a superpriority senior secured debtor-in-possession credit facility providing for an aggregate principal amount of (i) $15.0 million of new money revolving commitments, of which up to $5.0 million would be available upon entry of an interim order, with the remainder available upon entry of a final order, plus (ii) a tranche of roll-up term loans to refinance $15.0 million of the outstanding loans under the Revolving Credit Facility, including $1.5 million pre-petition bridge loans that the Non-Affiliate RBL Lenders advanced to the Company on June 17, 2020, of which $1.5 million of roll-up term loans would be incurred upon entry of an interim order, with the remaining $13.5 million to be incurred upon entry of a final order. On June 29, 2020, the Bankruptcy Court entered an order (the “Interim DIP Order”) granting interim approval of the Initial DIP Facility, thereby permitting the Company to incur up to $5.0 million new money loans on an interim basis. The Initial DIP Credit Agreement was entered into on June 30, 2020. A final hearing on the Initial DIP Facility and Initial DIP Credit Agreement is scheduled for August 18, 2020. Subject to approval by the Bankruptcy Court, the proceeds of the Initial DIP Facility will be used to pay fees, expenses and other expenditures of the Debtors to be set forth in rolling budgets prepared as part of the Chapter 11 Cases, subject to approval by the Initial DIP Lenders. Closing the Initial DIP Facility is contingent on the satisfaction of customary conditions, including receipt of a final order by the Bankruptcy Court approving the Initial DIP Facility and the Initial DIP Credit Agreement. The RSA further contemplates that Värde may elect, in its sole discretion and on or prior to August 17, 2020, to provide the Debtors with a Replacement DIP Facility or the Värde Equity Investment or both. Among other things, Värde’s notification to the Administrative Agent or Debtors of its intention not to provide the Replacement DIP Facility or the Värde Equity Investment will constitute a termination event for the RSA. If Värde elects to provide a Replacement DIP Facility, the RSA contemplates that the Replacement DIP Facility will consist of a senior secured superpriority debtor-in-possession term loan facility providing for $20 million new money loans. The proceeds of the Replacement DIP Facility will be used to refinance in full the outstanding obligations under the Initial DIP Facility, including accrued and unpaid interest and the fees and expenses of the DIP Lenders, and pay fees, expenses and other expenditures of the Debtors during the Chapter 11 Cases. Upon the Debtors’ emergence from the Chapter 11 Cases and to the extent any claims under the Replacement DIP Facility have not otherwise been repaid, each holder of an allowed claim under the Replacement DIP Facility will receive its pro rata share of a certain percentage of the new common stock of the reorganized Lilis (subject to dilution from the Värde Equity Investment, if applicable) such that Värde and its affiliates will collectively own 100% of the outstanding common stock of the reorganized Lilis on account of its claims under the Revolving Credit Facility and the Replacement DIP Facility. In addition, Värde may elect, in its sole discretion and on or prior to August 17, 2020, to purchase, upon the Debtors’ emergence from the Chapter 11 Cases, 100% of the common stock of the reorganized Lilis in exchange for $55.0 million in cash (less any funding provided by Värde pursuant to the Replacement DIP Facility (but excluding any amount of interest or fees paid-in-kind and capitalized thereunder)) (the “Värde Equity Investment”). The proceeds of the Värde Equity Investment will be used to repay a portion of the claims of the Non-Affiliate RBL Lenders under the Revolving Credit Facility on the effective date, to fund other distributions under the Plan, and to fund the working capital of the reorganized Debtors. Pursuant to the RSA, on the effective date of the Plan, the Consenting RBL Lenders will provide a revolving credit facility to the reorganized Debtors in a principal amount of $55.0 million , with a 36 -month term to maturity and a 9 -month borrowing base redetermination holiday (the “Exit Facility”). The proceeds of the Exit Facility will be used to repay a portion of the Non-Affiliate RBL Lenders’ claims under the Revolving Credit Facility. Acceleration of Our Existing Debt and Automatic Stay Due to Chapter 11 Filing As of March 31, 2020 , we had $97.8 million of indebtedness outstanding, and the borrowing base under our Revolving Credit Agreement was $90.0 million , resulting in a borrowing base deficiency of $7.8 million . Pursuant to the Fourteenth Amendment to the Revolving Credit Agreement, the remaining payment of $7.8 million was due June 5, 2020, which the Company did not pay. On June 5, 2020, the Debtors, the Administrative Agent, and certain lenders entered into a Limited Forbearance Agreement to the Revolving Credit Agreement (the “Forbearance Agreement”). Pursuant to the Forbearance Agreement, the Administrative Agent and the Majority Lenders agreed to refrain from exercising certain of their rights and remedies under the Revolving Credit Agreement and related documents arising solely as a result of the occurrence or continuance of certain specified defaults and events of default under the Revolving Credit Agreement (the “Specified Defaults”) during the Forbearance Period (as defined below). The Specified Defaults include the Company’s failure to make the borrowing base deficiency payment due June 5, 2020, deliver certain financial statements when due, failure to comply with requirements related to the status of trade payables and related liens and failure to maintain the leverage ratio and asset coverage ratio required by the Revolving Credit Agreement as of the fiscal quarter ended March 31, 2020. The “Forbearance Period” commenced on the date of the Forbearance Agreement and expired at 6:00 p.m., Central time, on June 26, 2020. In anticipation of a potential filing of the Chapter 11 Cases, the Company did not make the borrowing base deficiency payment. The Forbearance Agreement also deferred the scheduled spring redetermination of the borrowing base under the Revolving Credit Agreement from on or about June 5, 2020 to on or about June 26, 2020. The Forbearance Agreement permitted the lenders under the Revolving Credit Agreement, or the RBL Lenders, in their capacity as counterparties to the Company’s commodity swap agreements to unwind and liquidate such swap arrangements during the Forbearance Period and to apply any net proceeds to pay down the outstanding obligations under the Revolving Credit Agreement. The swap positions of such lenders were liquidated on June 9, 2020, for net proceeds of approximately $9.3 million , which was applied to reduce the outstanding obligations of the Company under the Revolving Credit Agreement. On June 17, 2020, certain of the RBL Lenders permitted the Company to borrow $1.5 million under the Revolving Credit Agreement. As of the filing of the Chapter 11 Cases, the remaining outstanding principal on our Revolving Credit Agreement was $89.9 million , including $25.7 million of such principal held by an affiliate of Värde which was subordinated to the indebtedness of the other RBL Lenders under the Revolving Credit Agreement. Our remaining derivative contracts with counterparties that were not our RBL Lenders are governed by master agreements which generally specify that a default under any of our indebtedness as well as any bankruptcy filing is an event of default which may result in early termination of the derivative contracts. As a result of our debt defaults and our bankruptcy petition, we are currently in default under these remaining derivative contracts. We anticipate that our remaining outstanding derivative contracts may be terminated in conjunction with our bankruptcy proceedings. We have received notices from the four remaining counterparties that they intend to terminate their master agreements with us. Furthermore, since we are in default on our indebtedness and have a bankruptcy filing, we will no longer be able to represent that we comply with the credit default or bankruptcy covenants under our derivative master agreements and thus may not be able to enter into new hedging transactions. The commencement of a voluntary proceeding in bankruptcy constitutes an immediate event of default under the Revolving Credit Agreement, resulting in the automatic and immediate acceleration of all of the Company’s outstanding debt. The Company has classified all of its outstanding debt as a current liability on its condensed consolidated balance sheet as of March 31, 2020. Subject to certain exceptions, under the Bankruptcy Code, the filing of the bankruptcy petitions on the Petition Date automatically enjoined, or stayed, the continuation of most judicial or administrative proceedings or the filing of other actions against the Debtors or their property to recover, collect or secure a claim arising prior to the Petition Date. Creditors are stayed from taking any actions against the Debtors as a result of debt defaults, subject to certain limited exceptions permitted by the Bankruptcy Code Ability to Continue as a Going Concern We have experienced losses and working capital deficiencies, and at times in the past, negative cash flows from operations. Additionally, our liquidity and operating forecasts have been negatively impacted by the recent decrease in commodity prices and resulting temporary shut-in of wells, which has negatively impacted our ability to comply with debt covenants under our Revolving Credit Agreement. Commodity price volatility, as well as concerns about the COVID-19 pandemic, which has significantly decreased worldwide demand for oil and natural gas. Our Revolving Credit Agreement contains financial covenants that require the Company to maintain a ratio of total debt to EBITDAX (the “Leverage Ratio”) of not more than 4.00 to 1.00 and a ratio of current assets to current liabilities (the “Current Ratio”) of not less than 1.00 to 1.00 as of the last day of each fiscal quarter. See Note 11-Indebtedness for additional information regarding the financial covenants under our Revolving Credit Agreement. As of March 31, 2020, the Company was not in compliance with the Leverage Ratio and Current Ratio covenants under the Revolving Credit Agreement. Pursuant to the Fourteenth Amendment (as defined in Note 11 - Indebtedness ), the Company obtained a waiver from the requisite lenders of its non-compliance with the Leverage Ratio and Current Ratio covenants, among other waivers of default, as of March 31, 2020. Pursuant to the Forbearance Agreement, the administrative agent and the majority lenders agreed to refrain from exercising certain of their rights and remedies under the Revolving Credit Agreement and related documents, during the Forbearance Period as described above, that arose solely as a result of the Company’s breach of the Leverage Ratio and Current Ratio covenants, the Company’s failure to pay remaining borrowing base deficiency and certain other defaults or events of default. Fluctuations in oil and natural gas prices have a material impact on our financial position, results of operations, cash flows and quantities of oil, natural gas and NGL reserves that may be economically produced. Historically, oil and natural gas prices have been volatile, and may be subject to wide fluctuations in the future. If continued depressed prices persist, the Company will continue to experience impairment of oil and natural gas properties, operating losses, negative cash flows from operating activities, and negative working capital. We face uncertainty regarding the adequacy of our liquidity and capital resources and have extremely limited access to additional financing. The Interim DIP Order entered by the Bankruptcy Court on June 29, 2020 approved the Initial DIP Facility on an interim basis, thereby allowing us to borrow up to $5.0 million under the Initial DIP Facility. Our ability to borrow the additional $10.0 million new money loans under the Initial DIP Facility is contingent on the satisfaction of the conditions specified in the Initial DIP Credit Agreement, including receipt of a final order by the Bankruptcy Court approving the Initial DIP Facility and the Initial DIP Credit Agreement. In addition to the cash requirement necessary to fund ongoing operations, we have incurred significant professional fees and other costs in connection with preparation for the Chapter 11 Cases and expect that we will continue to incur significant professional fees, costs and other expenses throughout our Chapter 11 Cases. As part of the Chapter 11 Cases, the Company entered into the RSA described above. The Company’s operations and its ability to develop and execute its business plan are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The outcome of the Chapter 11 Cases is subject to a high degree of uncertainty and is dependent upon factors that are outside of the Company’s control, including actions of the Bankruptcy Court and the Company’s creditors. There can be no assurance that the Company will confirm and consummate a Plan as contemplated by the RSA or complete another plan of reorganization with respect to the Chapter 11 Cases. As a result, the Company has concluded these matters raise substantial doubt about the Company’s ability to continue as a going concern for a twelve-month period following the date of issuance of these consolidated financial statements. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business for the twelve-month period following the date of issuance of these consolidated financial statements. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amount, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. COVID-19 On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency due to the COVID-19 outbreak, which originated in Wuhan, China, and the risks to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. In addition, in March 2020, members of OPEC failed to agree on production levels which has caused increased supply and led to a substantial decrease in oil prices and an increasingly volatile market. The oil price war ended with a deal to cut global petroleum output but did not go far enough to offset the impact of COVID-19 on demand. If depressed pricing continues for an extended period it will lead to i) reductions in availability under any reserve-based lending arrangements we may enter into, ii) reductions in reserves, and iii) additional impairment of proved and unproved oil and gas properties. We also expect disclosures of supplemental oil and gas information to be impacted by price declines. In response to recent commodity prices and our efforts to strengthen our capital through reducing operating costs, during April 2020 the Company elected to shut-in 12 wells which were identified as uneconomic as a result of the continued decline in commodity prices in 2020 and 19 additional wells were identified for short term shut-in through May and June. The 19 wells identified for short term shut-in are naturally flowing wells and have been brought back online. In June 2020, the Company also laid off a significant number of employees to further reduce general and administrative costs. The full impact of the COVID-19 outbreak and the oversupply of oil and resulting decrease in oil prices continues to evolve as of the date of these financial statements. As such, it is uncertain as to the full magnitude that they will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the global situation on its financial condition, liquidity, operations, suppliers, industry, and workforce. Given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, the Company is not able to estimate the effects of the COVID-19 outbreak on its results of operations, financial condition, or liquidity for fiscal year 2020. These matters could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown, which the Company expects would impair the Company’s asset values, including reserve estimates. Further, consumer demand has decreased since the spread of the outbreak and new travel restrictions placed by governments in an effort to curtail the spread of the coronavirus. Although the Company cannot estimate the length or gravity of the impacts of these events at this time, if the pandemic and/or decreased oil prices continue, they will have a material adverse effect on the Company’s results of future operations, financial position, and liquidity in fiscal year 2020.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES Principles of Consolidation and Presentation The accompanying 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. Use of Estimates The accompanying consolidated financial statements are prepared in conformity with GAAP which requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and the quantities and values of proved oil, natural gas and natural gas liquid (“NGL”) reserves used in calculating depletion and assessing impairment of its oil and natural gas properties. The most significant estimates pertain to the evaluation of unproved properties for impairment, proved oil and natural gas reserves and related cash flow estimates used in the depletion and impairment of oil and natural gas properties; the timing and amount of transfers of our unevaluated properties into our amortizable full cost pool; the fair value of embedded derivatives and commodity derivative contracts, accrued oil and natural gas revenues and expenses, valuation of options and warrants, and common stock; and the allocation of general and administrative expenses. Actual results could differ significantly from these estimates. Reclassification Certain amounts on the condensed consolidated statements of changes in stockholders' equity (deficit) have been conformed to the March 31, 2020 presentation. Coronavirus Aid, Relief, and Economic Security Act On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (the “CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by COVID-19. The company was not eligible for these loans. The CARES Act has not had a significant impact on our financial condition, results of operations, or liquidity. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which modifies the fair value disclosure requirements based on application of the disclosure framework. The provisions removed or amended certain disclosures and in some cases, the ASU requires additional disclosures. The standard is effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company has adopted ASU 2018-13 and did not have a material impact on its consolidated financial statements or disclosures. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary accounting relief for contract modifications to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to a new alternative reference rate. Interest on borrowings under the Company's revolving credit facility is calculated based upon LIBOR. ASU 2020-04 can be applied as of the beginning of the interim period that includes March 12, 2020 or any date thereafter. ASU 2020-04 will generally no longer be available to apply after December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. 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, 2023, with early adoption permitted, and shall be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. The Company is evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements. Accrued Liabilities and Other At March 31, 2020 and December 31, 2019 , the Company’s accrued liabilities consisted of the following: March 31, 2020 December 31, 2019 (In thousands) Accrued drilling, completion and facilities costs $ 2,163 $ 5,021 Drilling advances 1,372 1,328 Accrued production expenses 2,037 3,326 Other accrued liabilities 4,409 3,885 Short-term operating lease liabilities 829 412 $ 10,810 $ 13,972

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES	3 Months Ended
	Mar. 31, 2020
Extractive Industries [Abstract]
OIL AND NATURAL GAS PROPERTIES	NOTE 4 - OIL AND NATURAL GAS PROPERTIES The following table sets forth a summary of oil and natural gas property costs (net of divestitures) at March 31, 2020 and December 31, 2019 : March 31, December 31, 2020 2019 (In thousands) Oil and natural gas properties: Proved $ 484,433 $ 478,569 Unproved 86,028 109,590 Total oil and natural gas properties 570,461 588,159 Accumulated depletion, depreciation, amortization and impairment (362,495 ) (359,304 ) Oil and natural gas properties, net $ 207,966 $ 228,855 On February 28, 2020, the Company closed on the sale of approximately 1,185 undeveloped net acres in Lea County, New Mexico, for net cash proceeds of approximately $24.1 million, subject to customary purchase price adjustments. During the three months ended March 31, 2020 and 2019 , $1.3 million and $5.8 million, respectively, of unproved property costs were transferred to proved properties due to the uncertainty that the Company will have access to necessary funding to either extend the leases expiring through the first quarter of 2021 or begin drilling before their expiration dates. The reclassification for the 2019 period was the result of defective titles and lease expirations. During the three months ended March 31, 2020, leases holding 805 net acres in Reeves County and 593 net acres in Winkler County expired which were previously impaired. Depreciation, depletion and amortization expense related to proved properties was approximately $3.3 million and $8.1 million, respectively for the three months ended March 31, 2020 and 2019 .

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
	Mar. 31, 2020
Business Combinations and Divestitures [Abstract]
ACQUISITIONS AND DIVESTITURES	NOTE 5 - ACQUISITIONS AND DIVESTITURES Divestitures During 2020 On February 28, 2020, the Company closed on the sale of approximately 1,185 undeveloped net acres in Lea County, New Mexico, for net cash proceeds of approximately $24.1 million, subject to customary purchase price adjustments (the “Marlin Disposition”). The proceeds were used to satisfy a substantial portion of the then-existing borrowing base deficiency, $17.3 million .

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	NOTE 6 - 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 three months ended March 31, 2020 and for the year ended December 31, 2019 : March 31, 2020 December 31, 2019 (In thousands) ARO, beginning of period $ 3,423 $ 2,444 Additional liabilities incurred 5 186 Accretion expense 62 433 Liabilities settled — (78 ) Revision in estimates — 438 ARO, non-current $ 3,490 $ 3,423

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	NOTE 7 - 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 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 through May 8, 2020, the Company’s crude oil was sold under a single long-term contract. The purchaser’s commitment had a quantity-based minimum set forth in the contract, measured in barrels per day, with the minimum quantity commitment increasing at periodic intervals over the life of the contract to coincide with the Company’s expected growth in production. Pursuant to the long-term contract, pricing was 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 was effective from March 1, 2019 through June 30, 2019, which decreased to $6.50 per barrel for the period of July 1, 2019 through May 8, 2020. 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 charged a tariff fee of $0.75 as a deduction from the received price (see Note 12 - Long-Term Deferred Revenue Liabilities and Other Long-Term Liabilities ). Effective May 9, 2020, the Company’s crude oil is sold under a single month-to-month contract. The purchaser’s commitment includes all quantities of crude oil from the leases covered by the contract, with no quantity-based restrictions or variable terms. Pricing is based on posted indexes for crude oil of similar quality, less a reduction equal to $4.60 per barrel. 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 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 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 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 March 31, 2020 and 2019 . Contract balances and prior period performance obligations The Company is entitled to payment from purchasers once its performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional, and the Company records these invoiced amounts as accounts receivable in its condensed consolidated balance sheets. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not received from third parties, the expected sales volumes and prices for those properties are estimated and also recorded as accounts receivable in the accompanying consolidated balance sheets. In this scenario, payment is unconditional, as the Company has satisfied its performance obligations through delivery of the relevant product. As a result, the Company has concluded that its product sales do not give rise to contract assets or liabilities. The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain oil, natural gas and NGL sales may not be received for 30 to 60 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production that was delivered to the customer and the price that will be received for the sale of the product. Additionally, to the extent actual volumes and prices of oil, natural gas and NGLs are unavailable for a given reporting period because of timing or information not received from third-party purchasers, the expected sales volumes and prices for those barrels of oil, cubic feet of gas and gallons of NGL are also estimated. The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The Company has existing internal controls in place for its estimation process, and any identified differences between its revenue estimates and actual revenue received historically have not been significant. Significant judgments The Company engages in various types of transactions in which midstream entities process its gas and subsequently market resulting NGLs and residue gas to third-party customers on the Company’s behalf per gas purchase contracts. These types of transactions require judgment to determine whether the Company is the principal or the agent in the contract and, as a result, whether revenues are recorded gross or net. The Company maintains control of the natural gas and NGLs during processing and considers itself the principal in these arrangements. Practical expedients A significant number of the Company’s product sales are short-term in nature with contract term of one year or less. For those contracts, the Company utilizes the practical expedient that exempts the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For the Company’s product sales that have contract terms less than one year, the Company utilizes the practical expedient in the new revenue standard that states that it is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under these sales contracts, each unit of product represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. The following table disaggregates the Company’s revenue by contract type ( in thousands ) for the three months ended March 31, 2020 : Short-term contracts Long-term contracts Total Crude oil $ — $ 12,362 $ 12,362 Natural gas 47 142 189 NGLs 54 165 219 Customer Credit Risk Our principal exposure to credit risk is through receivables from the sale of our oil and natural gas production of approximately $3.9 million and $9.1 million at March 31, 2020 and December 31 2019 , respectively, and through actual and accrued receivables from our joint interest partners of approximately $3.9 million and $9.5 million at March 31, 2020 and December 31, 2019 , 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 months ended March 31, 2020 and 2019, the Company’s major customers as a percentage of total revenue consisted of the following: Three Months Ended March 31, 2020 2019 ARM Energy Management, LLC 96 % 37 % Lucid Energy Delaware, LLC 3 % 13 % Other below 10% 1 % 2 % Texican Crude & Hydrocarbon, LLC — % 48 % 100 % 100 %

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8 - 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 March 31, 2020 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ 8,959 $ — $ 8,959 Oil and natural gas derivative collar contracts — 7,201 — 7,201 Embedded derivative instruments: Net settlement provisions under ARM sales agreement — — (20,601 ) (20,601 ) Total $ — $ 16,160 $ (20,601 ) $ (4,441 ) As of December 31, 2019 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (3,932 ) $ — $ (3,932 ) Oil and natural gas derivative collar contracts — 301 — 301 Embedded derivative instruments: Net settlement provisions under ARM sales agreement — — (3,238 ) (3,238 ) Total $ — $ (3,631 ) $ (3,238 ) $ (6,869 ) Derivative assets and liabilities include unsettled amounts related to commodity derivative positions, including swaps and collars, as of March 31, 2020 and December 31, 2019 . 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. In addition, derivative liabilities as of March 31, 2020 include an embedded derivative associated with the ARM sales agreement (see Note 19 - Commitments and Contingencies ). The Company recognized a derivative liability of $20.6 million as of March 31, 2020 and an unrealized loss of $17.4 million for the three months ended March 31, 2020 . This embedded derivative has fewer observable inputs from objective sources and are therefore measured using Level 3 inputs. The fair value of the net settlement provisions under the agreement was determined based on certain assumptions including (1) forward pricing for crude oil basis differentials, (ii) future LIBOR rates and (iii) the Company’s implied credit rating. The following table sets forth a reconciliation of changes in the fair value of the Company’s financial assets and liabilities classified as Level 3 in the fair value hierarchy, except for the commodity derivatives classified as Level 2, as disclosed in Note 9 , as of March 31, 2020 and 2019 : Firm Takeaway and Pricing Agreement Net Settlement Provisions (in thousands) Balance at January 1, 2020 $ (3,238 ) Change in fair value of embedded derivative liabilities (17,363 ) Balance at March 31, 2020 $ (20,601 ) Firm Takeaway and Pricing Agreement Net Settlement Provisions Second Lien Term Loan Conversion Features Total (in thousands) Balance at January 1, 2019 $ — $ (1,965 ) $ (1,965 ) Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan — 2,300 2,300 Change in fair value of embedded derivative liabilities (3,238 ) (335 ) (3,573 ) Balance at December 31, 2019 $ (3,238 ) $ — $ (3,238 )

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	NOTE 9 - DERIVATIVES The Company’s derivative instruments as of March 31, 2020 and December 31, 2019 , include the following: March 31, 2020 December 31, 2019 (In thousands) Derivative assets (liabilities): Derivative assets - current $ 12,860 $ 427 Derivative assets - non-current (1) 4,469 187 Derivative liabilities - current (3) (8,630 ) (5,044 ) Derivative liabilities - non-current (2) (3) (13,140 ) (2,439 ) Total derivative liabilities, net $ (4,441 ) $ (6,869 ) (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) The ARM sales agreement includes an embedded derivative. As of March 31, 2020 , the embedded derivative is included as current liabilities and non-current liabilities of $7.5 million and $13.1 million, respectively. As of December 31, 2019 , the embedded derivative is included as current liabilities and non-current liabilities of $0.8 million and $2.4 million, respectively. Embedded Derivatives As discussed in Note 19 - Commitments and Contingencies , the ARM sales agreement contains minimum quantity commitments. Should the Company be unable to meet those minimum commitments, the agreement contains a two way make whole provision that allows for net settlement. The net settlement feature for remaining future minimum commitment volumes are considered embedded derivatives that are recorded, with changes in fair value included in the Company’s consolidated statement of operations. As of March 31, 2020, the derivative liability associated with the ARM sales agreement was approximately $20.6 million with $7.5 million recorded in current derivative instruments and $13.1 million recorded in long-term derivative instruments on the Company’s consolidated balance sheets. As of December 31, 2019, the derivative liability associated with the ARM sales agreement was approximately $3.2 million with $0.8 million recorded in current derivative instruments and $2.4 million recorded in long-term derivative instruments on the Company’s consolidated balance sheets. On May 8, 2020, the Company terminated this agreement with ARM. 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 11 - Indebtedness ). 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 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. As a result of the commencement of the Chapter 11 Cases, our ability to enter into derivatives is limited. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of certain subsequent events affecting the Company’s commodity derivative contracts. The following table presents the Company’s derivative position for the production periods indicated as of March 31, 2020 : Description Notional Volume (Bbls/d) Production Period Weighted Average Price ($/Bbl) Oil Positions Oil Swaps 992 April 2020 - December 2020 $ 56.21 Oil Swaps 370 January 2021 - December 2021 $ 53.07 Basis Swaps (1) 1,500 April 2020 - December 2020 $ (5.62 ) 3 Way Collar Floor sold price (put) 182 April 2020 - December 2020 $ 40.00 3 Way Collar Floor purchase price (put) 182 April 2020 - December 2020 $ 50.00 3 Way Collar Ceiling sold price (call) 182 April 2020 - December 2020 $ 59.60 3 Way Collar Floor sold price (put) 80 January 2021 - December 2021 $ 37.50 3 Way Collar Floor purchase price (put) 80 January 2021 - December 2021 $ 47.50 3 Way Collar Ceiling sold price (call) 80 January 2021 - December 2021 $ 59.30 Oil Collar Floor purchase price (put) 466 April 2020 - December 2020 $ 49.48 Oil Collar Ceiling sold price (call) 466 April 2020 - December 2020 $ 63.81 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 5,881 April 2020 - December 2020 $ 2.57 Gas Swaps 4,184 January 2021 - March 2021 $ 2.77 3 Way Collar Floor sold price (put) 434 April 2020 - December 2020 $ 1.60 3 Way Collar Floor purchase price (put) 434 April 2020 - December 2020 $ 2.10 3 Way Collar Ceiling sold price (call) 434 April 2020 - December 2020 $ 3.00 3 Way Collar Floor sold price (put) 133 January 2021 - December 2021 $ 1.65 3 Way Collar Floor purchase price (put) 133 January 2021 - December 2021 $ 2.15 3 Way Collar Ceiling sold price (call) 133 January 2021 - December 2021 $ 3.05 Gas Collar Floor purchase price (put) 1,081 April 2020 - December 2020 $ 2.20 Gas Collar Ceiling sold price (call) 1,081 April 2020 - December 2020 $ 3.08 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 March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands) Unrealized gain (loss) on unsettled derivatives $ 19,993 $ (8,976 ) Net settlements paid on derivative contracts (198 ) (842 ) Net settlements receivable (payable) on derivative contracts 1,403 (759 ) Net gain (loss) on commodity derivatives $ 21,198 $ (10,577 ) The following information summarizes the gross fair values of derivative instruments, presenting the impact of offsetting the derivative assets and liabilities on the Company’s consolidated balance sheets as of March 31, 2020 and as of December 31, 2019 : As of March 31, 2020 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Offsetting Commodity Derivative Assets: Current assets $ 12,931 $ (71 ) $ 12,860 Long-term assets 4,469 — 4,469 Total assets $ 17,400 $ (71 ) $ 17,329 Offsetting Derivative Liabilities: Current commodity derivative liabilities $ (1,240 ) $ 71 $ (1,169 ) Current embedded derivative liabilities (7,461 ) — (7,461 ) Long-term embedded derivative liabilities (13,140 ) — (13,140 ) Total liabilities $ (21,841 ) $ 71 $ (21,770 ) As of December 31, 2019 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Offsetting Commodity Derivative Assets: Current asset $ 1,009 $ (582 ) $ 427 Long-term asset 359 (172 ) 187 Total asset $ 1,368 $ (754 ) $ 614 Offsetting Derivative Liabilities: Current commodity derivative liabilities $ (4,827 ) $ 582 $ (4,245 ) Current embedded derivative liabilities (799 ) — (799 ) Long-term commodity derivative liabilities (172 ) 172 — Long-term embedded derivative liabilities (2,439 ) — (2,439 ) Total liability $ (8,237 ) $ 754 $ (7,483 )

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	NOTE 10 - 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, 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 or contains a lease at inception of the contract and records the resulting operating lease asset on the consolidated balance sheets as an asset, with offsetting liabilities recorded as a liability. 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 March 31, 2020 , the Company does not have any financing leases. On the Petition Date, the Debtors filed a motion with the Bankruptcy Court to reject certain unexpired office leases. A hearing on the motion remains pending. The Company’s ROU assets and operating lease liabilities were included in the consolidated balance sheets as follows (in thousands): March 31, 2020 December 31, 2019 Right of use assets: Right of use assets - long-term (1) $ 2,037 $ 1,722 Lease liabilities: Lease liabilities - current (2) $ 829 $ 412 Lease liabilities - long-term (3) 1,224 1,323 Total lease liabilities $ 2,053 $ 1,735 (1) Right of use assets - long-term are included in other assets on the consolidated balance sheets. (2) Lease liabilities - current are included in accrued liabilities and other on the consolidated balance sheets. (3) Lease liabilities - long-term are included in long-term derivatives instruments and other non-current liabilities on the consolidated balance sheets. During the first quarter of 2020, the Company entered into six new equipment leases resulting in lease liabilities and ROU assets of $0.5 million . Lease costs represent the straight line lease expense of ROU assets, short-term leases, and variable lease costs. The components of lease cost were classified as follows (in thousands): Three Months Ended March 31, 2020 Fixed lease costs $ 265 Short-term lease costs 218 Variable lease costs 84 Sublease income (22 ) Total lease costs $ 545 Lease Cost included in the Consolidated Financial Statements Three Months Ended March 31, 2020 Production costs 370 General and administrative 175 Total lease costs expensed 545 Sublease income (22 ) Total lease costs $ 545 During the three months ended March 31, 2020 , 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 $ 262 Investing cash flows from operating leases $ — As of March 31, 2020 , 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) 3.53 Weighted-average discount rate 5.31 % As of March 31, 2020 , minimum future payments, including imputed interest, for long-term operating leases under the scope of ASC Topic 842, “Leases”, were as follows (in thousands): Year Amount 2020 $ 780 2021 425 2022 353 2023 379 2024 315 Total 2,252 Less: the effects of discounting (199 ) Present value of lease liabilities $ 2,053

INDEBTEDNESS

INDEBTEDNESS	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
INDEBTEDNESS	NOTE 11 - INDEBTEDNESS March 31, December 31, 2020 2019 (In thousands) Revolving Credit Agreement, due October 2023 $ 97,750 $ 115,000 Total long-term debt $ 97,750 $ 115,000 Less: current portion (97,750 ) (115,000 ) Total long-term debt, net of current portion $ — $ — Revolving Credit Agreement On October 10, 2018, the Company 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”), the Administrative Agent, and the lenders party thereto (as amended, the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a senior secured reserves based revolving credit facility with a borrowing base of $115.0 million as of December 31, 2019. The borrowing base is subject to semiannual re-determinations in May and November of each year. As provided for in the Seventh Amendment and as a result of a decrease in commodity prices, the borrowing base was decreased to $90.0 million on January 17, 2020. The reduction in the borrowing base resulted in a borrowing base deficiency as of January 17, 2020, of $25.0 million . We have made scheduled repayments of $17.3 million and the remaining $7.8 million was due on June 5, 2020, which the Company did not pay. On June 5, 2020, the Company, the Guarantors, the Administrative Agent and certain lenders entered into the Forbearance Agreement. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of the terms of the Forbearance Agreement and the related subsequent events concerning the indebtedness under the Revolving Credit Agreement. On the Petition Date, the Debtors filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court commencing cases for relief under Chapter 11 of the Bankruptcy Code. Under the Plan contemplated by the RSA, each Non-Affiliate RBL Lender will receive its pro rata share of (i) $9.2 million in cash plus all accrued and unpaid interest as of the Petition Date (estimated to be $0.7 million), and (ii) participations in $55 million of new loans under the Exit Facility. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of the terms of the Chapter 11 Cases, the RSA and the Plan and the impact of the Chapter 11 Cases on the outstanding debt under our Revolving Credit Agreement. 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 March 31, 2020 , outstanding borrowings under the Revolving Credit Agreement were $97.8 million , resulting in a borrowing base deficiency of $7.8 million . The Revolving Credit Agreement also provides for issuance of letters of credit in an aggregate amount of up to $5.0 million . As of March 31, 2020 and December 31, 2019, indebtedness outstanding under our Revolving Credit Agreement, was classified as current liability due to uncertainty of the Company’s ability to meet debt covenants over the next twelve months and the lender's ability to call the debt in the event of a default. As of the Petition Date, the remaining outstanding principal on our Revolving Credit Agreement was $89.9 million , including $25.7 million of such principal held by an affiliate of Värde which was subordinated to the indebtedness of the other bank lenders under the Revolving Credit Agreement. As a result of the filing of the Chapter 11 Cases, all indebtedness under the Revolving Credit Agreement was automatically accelerated and became due and payable. 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 months ended March 31, 2020 and 2019, the Company amortized debt issuance costs associated with the Revolving Credit Agreement of $0.7 million and $0.1 million , respectively. As of March 31, 2020 , the Company had $2.1 million of unamortized deferred financing costs in other current assets. As of December 31, 2019, the Company had $2.6 million of unamortized deferred financing costs in other current assets. 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 (the “Leverage Ratio”) of not more than 4.00 to 1.00 and a ratio of current assets to current liabilities (the “Current Ratio”) of not less than 1.00 to 1.00 as of the last day of each fiscal quarter. As of March 31, 2020, the Company was not in compliance with the Leverage Ratio and Current Ratio covenants. Pursuant to the Fourteenth Amendment, the Company obtained a waiver from the requisite lenders of its compliance with the Leverage Ratio and Current Ratio covenants as of March 31, 2020. As the Company is not expecting to be able to meet future covenants without obtaining additional sources of liquidity and as a result of the filing of the Chapter 11 cases, the outstanding amount on our Revolving Credit Agreement as of March 31, 2020 has been classified as current. Pursuant to the Forbearance Agreement, the Administrative Agent and the requisite lenders under the Revolving Credit Agreement agreed to refrain from exercising certain of their rights and remedies under the Revolving Credit Agreement and related documents during the Forbearance Period that arose solely as a result of the Company’s breach of the Leverage Ratio and Current Ratio covenants, the Company’s failure to pay remaining borrowing base deficiency and certain other defaults or events of default. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern , for additional information. The Revolving Credit Agreement also provides for the Company to have and maintain swap agreements in respect of crude oil and natural gas, on not less than 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 reserves report, for a period through at least 24 months after the end of each applicable quarter. For further information on our hedges, see Note 9 - Derivatives . Pursuant to the Twelfth Amendment, the Company obtained a waiver from the requisite lenders of the requirement to comply with certain hedging obligations set forth in the Revolving Credit Agreement until the quarter ending June 30, 2020. Subject to certain exceptions, under the Bankruptcy Code, the commencement of the Chapter 11 Cases automatically enjoined, or stayed, the continuation of most judicial or administrative proceedings or the filing of other actions against the Debtors or their property to recover, collect or secure a claim arising prior to the Petition Date. Creditors are stayed from taking any actions against the Debtors as a result of debt defaults, subject to certain limited exceptions permitted by the Bankruptcy Code. There can be no assurances that the Administrative Agent and the RBL lenders will consensually agree to a restructuring of the Revolving Credit Agreement. Any proposed non-consensual restructuring of the Revolving Credit Agreement could result in substantial delay in emergence from bankruptcy and there can be no assurances that the Bankruptcy Court would approve such proposed non-consensual restructuring. Prior to the Forbearance Agreement entered into on June 5, 2020 and the filing of the Chapter 11 Cases on June 28, 2020, subsequent to December 31, 2019, and through the date of this quarterly report, the Company entered into various amendments to the Revolving Credit Agreement which included: • a borrowing base redetermination as of January 14, 2020 resulting in the borrowing base reduced to $90 million and a borrowing base deficiency in the amount of $25 million under the Revolving Credit Agreement, required to be paid in four equal monthly installments; • various amendments to extend the installment payments required as a result of the borrowing base deficiency; • waived the requirement under the Revolving Credit Agreement that the Company comply with a leverage ratio and a current ratio, in each case, as of December 31, 2019, and March 31, 2020, and granted certain other waivers, including the requirement to comply with certain hedging obligations set forth in the Revolving Credit Agreement until June 30, 2020; • an extension of an additional 45 days for the Company to provide its audited annual financial statements for the fiscal year ended December 31, 2019, and waived the requirement that such financial statements be delivered without a “going concern” or like qualification or exception; and • defer the timing of the scheduled spring redetermination of the borrowing base under the Revolving Credit Agreement from on or about May 1, 2020 to on or about June 5, 2020 (which was further extended to on or about June 26, 2020 pursuant to the Forbearance Agreement). Second Lien Credit Agreement On March 5, 2019, the Company entered into a transaction agreement (the “2019 Transaction Agreement”) by and among the Company and the Värde Parties pursuant to 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 14 - 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 14 - 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 indebtedness consists solely of borrowings under the Revolving Credit Agreement and, subject to the Bankruptcy Court’s approval, the DIP credit facility. 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. Debtor-in-Possession Credit Agreement On June 30, 2020, Lilis Energy, Inc., as borrower, and the other Debtors as guarantors, entered into a Senior Secured Super-Priority Debtor-in-Possession Credit Agreement, or the DIP Credit Agreement among the Debtors, the Non-Affiliate RBL Lenders, and the Administrative Agent. Under the Initial DIP Facility, the Initial DIP Lenders agreed to provide a superpriority senior secured debtor-in-possession credit facility providing for an aggregate principal amount of (i) $15.0 million of new money revolving commitments, of which up to $5.0 million became available upon entry of the Interim DIP Order, with the remainder to become available on a final basis, plus (ii) a tranche of roll-up term loans to refinance $15.0 million of the outstanding loans under the Revolving Credit Facility, including $1.5 million pre-petition bridge loans that the Non-Affiliate RBL Lenders advanced to the Company on June 17, 2020, of which $1.5 million of roll-up term loans were incurred upon entry of the Interim DIP Order, with the remaining $13.5 million to be incurred upon entry of a final order. On June 29, 2020, the Bankruptcy Court entered the Interim DIP Order granting interim approval of the Initial DIP Facility, thereby permitting the Debtors to incur up to $5.0 million new money loans on an interim basis. A final hearing on the Initial DIP Facility and Initial DIP Credit Agreement is scheduled for August 18, 2020. Subject to approval by the Bankruptcy Court, the proceeds of the Initial DIP Facility will be used to pay fees, expenses and other expenditures of the Company RSA Parties to be set forth in rolling budgets prepared as part of the Chapter 11 Cases, subject to approval by the Initial DIP Lenders. Closing the Initial DIP Facility is contingent on the satisfaction of customary conditions, including receipt of a final order by the Bankruptcy Court approving the Initial DIP Facility and the Initial DIP Credit Agreement. Borrowings under the Initial DIP Facility 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. Borrowings under the Initial DIP Facility mature on the earliest of (i) November 30, 2020, (ii) the effective date of an approved plan of reorganization and (iii) the date on which the Debtors consummate a sale of all or substantially all of their assets pursuant to Section 363 of Chapter 11 of the Bankruptcy Code or otherwise. The Initial DIP Credit Agreement contains events of default customary for debtor-in-possession financings, including events related to the Chapter 11 proceedings, the occurrence of which could cause the acceleration of the Debtors’ obligation to repay borrowings outstanding under the Initial DIP Facility. The Debtors’ obligations under the Initial DIP Credit Agreement are secured by a security interest in, and lien on, substantially all present and after-acquired property (whether tangible, intangible, real, personal or mixed) of the Debtors, including a superpriority priming lien on the property of the Debtors that secure their obligations under the Revolving Credit Facility. Interest Expense The components of interest expense are as follows for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Interest on debt $ 1,501 $ 1,441 Net revenue payments on financing arrangement 1,594 — Paid-in-kind interest on term loans — 1,590 Amortization of debt financing costs 707 140 Amortization of discount on term loans — 1,657 Total $ 3,802 $ 4,828

LONG-TERM DEFERRED REVENUE LIAB

LONG-TERM DEFERRED REVENUE LIABILITIES AND OTHER LONG-TERM LIABILITIES	3 Months Ended
	Mar. 31, 2020
Long-term Deferred Revenue Liabilities and Other Long-term Liabilities [Abstract]
LONG-TERM DEFERRED REVENUE LIABILITIES AND OTHER LONG-TERM LIABILITIES	NOTE 12 - LONG-TERM DEFERRED REVENUE LIABILITIES AND OTHER LONG-TERM LIABILITIES March 31, December 31, 2020 2019 (in thousands) Long-term deferred revenue liabilities $ 36,826 $ 36,920 Long-term deferred proceeds, WLR agreement 13,061 13,061 Long-term deferred proceeds, WLWI agreement 23,768 23,768 Total long-term deferred revenue liabilities and other long-term liabilities $ 73,655 $ 73,749 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 (“Salt Creek”). 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 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. 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 7 - 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. For the three months ended March 31, 2020, the Company has recognized, in income ratably as the crude oil is sold, $0.1 million . Crude Oil Gathering Agreement and Option Agreement On May 21, 2018, the Company entered into a crude oil gathering agreement and option agreement with Salt Creek. The crude oil gathering agreement (the “Gathering Agreement”) enables Salt Creek 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. The Gathering Agreement has a term of 12 years that automatically renews on a year to year basis until terminated by either party. On May 6, 2020, the Company delivered a notice to Salt Creek pursuant to which the Company terminated the Gathering Agreement in its entirety. Salt Creek and the Company also entered into an option agreement (the “Option Agreement”) whereby the Company granted an option to Salt Creek 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. See Note 19 - Commitments and Contingencies for a description of certain litigation concerning the Gathering Agreement, Salt Creek and ARM. Asset Disposition Accounted for as a Financing Arrangement As a result of certain repurchase rights contained in the agreements with affiliates of Värde for the sale of overriding royalty interests to Winkler Lea Royalty L.P. ("WLR") and the sale of working interests to Winkler Lea Working Interest L.P. ("WLWI"), entered into in July 2019, the agreements do not meet the criteria for a sale and were accounted for as a financing arrangement under ASC 470 - Debt . The net proceeds of the transaction of $39.0 million were included in long-term deferred revenue and other long-term liabilities on the Company’s consolidated balance sheets as of March 31, 2020 and December 2019. As a result of the transaction, the net revenue payments of $1.6 million for the three months ended March 31, 2020 , are included in interest expense on the Company’s consolidated statements of operations. Under the working interest agreement with WLWI, the Company did not meet the schedule to bring the 4th and 5th wells to production, which was due to occur at the end of June. WLWI may be entitled to liquidated damages under the agreement, subject to any rights and defenses the Company may have.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 13 - RELATED PARTY TRANSACTIONS As of March 31, 2020 and December 31, 2019 , the Company was engaged in the following transactions with certain related parties: As of March 31, As of December 31, Related Party Transactions 2020 2019 (In thousands) Värde Partners, Inc. (1) Payable due for revenue associated with VPD's net proportionate share of production revenue $ — $ (157 ) Receivable balance outstanding for operating costs in excess of production revenue associated with VPD's proportionate share of producing wells 73 — Payable to WLWI for net proportionate share of production revenue (1,235 ) (526 ) Payable to WLR for net proportionate share of production revenue (187 ) (161 ) Asset disposition to WLWI accounted for as a financing arrangement (see footnote 12) (23,768 ) (23,768 ) Asset disposition to WLR accounted for as a financing arrangement (see footnote 12) (13,060 ) (13,060 ) Total: $ (38,177 ) $ (37,672 ) (1) Värde is a major stockholder of the Company, and as of April 21, 2020, became a lender under out Revolving Credit Agreement (see Note 11 - Indebtedness ). Värde Parties are holders of preferred shares outstanding (see Note 14 - Preferred Stock ). On April 21, 2020, Värde Investment Partners, L.P., an affiliate of Värde Partners, Inc., became a lender under our Revolving Credit Agreement by acquiring, from a prior lender, loans and commitments under the Revolving Credit Agreement in the principal amount of approximately $25.7 million . The loans and commitments acquired by Värde Investment Partners, L.P. are subject to certain subordination provisions set forth in the Revolving Credit Agreement, as amended by the Fourteenth Amendment thereto dated April 21, 2020. For additional information regarding our Revolving Credit Agreement, as amended (see Note 11 - Indebtedness ). Under two agreements entered into with WLR and a non-operated working interest in newly developed assets to WLWI. For the three months ended March 31, 2020 , WLR’s proportionate share of revenue of $0.2 million, and WLWI's net revenue (revenue less production costs) of $1.4 million are both included in interest expense on the Company’s condensed consolidated statements of operations. Certain investment funds and entities affiliated with Värde Partners, Inc. are parties to the RSA. See Note 2 - Voluntary Petitions under Chapter 11 of the Bankruptcy Code for further information about the terms of the RSA and the transactions contemplated thereby.

PREFERRED STOCK

PREFERRED STOCK	3 Months Ended
	Mar. 31, 2020
Temporary Equity Disclosure [Abstract]
PREFERRED STOCK	NOTE 14 - PREFERRED STOCK As of March 31, 2020 , 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 on March 5, 2019, 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, 2020 125,000 $ 99,303 39,254 $ 29,082 60,000 $ 66,285 55,000 $ 50,861 Paid-in-kind dividends — 3,620 — 896 — 1,324 — 1,332 Balance, March 31, 2020 125,000 $ 102,923 39,254 $ 29,978 60,000 $ 67,609 55,000 $ 52,193 See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of the terms of the RSA and the impact of the Chapter 11 Cases on the preferred stock of the Company. On June 29, 2020, the Bankruptcy Court entered an interim order establishing certain procedures and restrictions with respect to the direct or indirect purchase, disposition or other transfer of the Company’s preferred stock and common stock by holders of its preferred stock and certain substantial holders of its common stock.

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY (DEFICIT)	NOTE 15 - STOCKHOLDERS' EQUITY (DEFICIT) Issuance of Common Stock On January 31, 2020 , the Company issued 4,431,817 shares of the Company’s common stock, with a fair value of $1.0 million at the time of issuance, to the board of directors for payment of annual board of directors fees. Under the Plan contemplated by the RSA entered into on June 28, 2020, each outstanding share of the Company’s common stock will be canceled for no consideration. The Company believes it is unlikely that the holders of shares of its common stock will receive any consideration for their shares under any plan approved by the Bankruptcy Court, irrespective of whether such plan contemplates terms consistent with or similar to those agreed upon in the RSA. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of the terms of the Chapter 11 Cases. On June 29, 2020, the Bankruptcy Court entered an interim order establishing certain procedures and restrictions with respect to the direct or indirect purchase, disposition or other transfer of the Company’s preferred stock and common stock by holders of its preferred stock and certain substantial holders of its common stock. Warrants The following table provides a summary of warrant activity as of March 31, 2020 : Warrants Weighted- Average Exercise Price Outstanding at January 1, 2020 2,754,062 3.83 Forfeited or expired (174,642 ) 2.81 Outstanding at March 31, 2020 2,579,420 $ 4.50 Outstanding warrants of 2,579,420 at March 31, 2020 will expire in 2022. The Company expects that the outstanding warrants will be cancelled for no consideration in the Chapter 11 Cases. The Company has the following potentially dilutive securities outstanding which were excluded from the diluted loss per share calculations because they were anti-dilutive at March 31, 2020 and 2019 : March 31, 2020 2019 Stock Options 3,456,025 4,499,100 Stock Purchase Warrants 2,579,420 4,402,329 Series E Preferred Stock 26,197,270 18,623,868 32,232,715 27,525,297

SHARE BASED AND OTHER COMPENSAT

SHARE BASED AND OTHER COMPENSATION	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
SHARE BASED AND OTHER COMPENSATION	NOTE 16 - SHARE BASED AND OTHER COMPENSATION For the three months ended March 31, 2020 and 2019 , the Company's share-based compensation consisted of the following (dollars in thousands) : Three Months Ended March 31, 2020 2019 Stock Options Restricted Stock Total Stock Options Restricted Stock Total Share based compensation expensed $ (4 ) $ 1,067 $ 1,063 $ 391 $ 3,254 $ 3,645 Unrecognized share-based compensation costs $ 53 $ 617 $ 670 $ 294 $ 5,057 $ 5,351 Weighted average amortization period remaining (in years) 0.92 0.70 0.32 0.73 Restricted Stock A summary of restricted stock grant activity pursuant to the 2012 Plan and the 2016 Plan for the three months ended March 31, 2020 , is presented below: Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2020 1,402,175 $ 1.26 Granted 4,431,817 $ 0.22 Vested and issued (4,575,402 ) $ 2.39 Forfeited or canceled (1) (632,083 ) $ 2.94 Outstanding at March 31, 2020 626,507 $ 1.26 (1) Forfeitures are accounted for as and when incurred. Under the Plan contemplated by the RSA, each outstanding share of restricted stock that has been vested and issued will be canceled for no consideration. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of the terms of the Chapter 11 Cases. Stock Options A summary of stock option activity pursuant to the 2016 Plan for the three months ended March 31, 2020 , is presented below: Number of Options Weighted Average Exercise Price Number of Options Vested/ Exercisable Weighted Average Remaining Contractual Life (Years) Outstanding at January 1, 2020 3,588,350 $ 4.05 3,487,792 7.2 Forfeited or canceled (1) (132,325 ) $ 3.14 Outstanding at March 31, 2020 3,456,025 $ 4.05 3,416,093 7.2 (1) Forfeitures are accounted for as and when incurred. The Company expects that the outstanding stock options will be cancelled for no consideration in the Chapter 11 Cases.

SUPPLEMENTAL NON-CASH TRANSACTI

SUPPLEMENTAL NON-CASH TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL NON-CASH TRANSACTIONS	NOTE 17 - SUPPLEMENTAL NON-CASH TRANSACTIONS The following table presents the supplemental disclosure of cash flow information for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (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 Deferred revenue realized upon purchase option exercise — 11,700 Change in capital expenditures for drilling costs in accrued liabilities (2,849 ) 6,211 Accrued cumulative paid in kind dividends on preferred stock 7,172 4,824 Change in asset retirement obligations 5 47

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 18 - SEGMENT INFORMATION Operating segments are defined as components of an entity that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and are regularly evaluated by the chief operating decision maker for the purposes of allocating resources and assessing performance. The Company currently has only one reportable operating segment, which is oil and natural gas development, exploration and production, for which the Company has a single management team that allocates capital resources to maximize profitability and measures financial performance as a single entity.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19 - COMMITMENTS AND CONTINGENCIES ARM Sales Agreement On August 2, 2018, the Company executed a five -year agreement with SCM Crude, LLC, an affiliate of Salt Creek, 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 five -year agreement between the Company and ARM, a related company to Salt Creek. 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 pricing differentials on the crude oil sales contract subject to minimum quantities of crude oil to be delivered 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 (February 2025). Further, ARM has agreed to purchase crude from the Company based upon Magellan East Houston pricing with a fixed “differential basis”. The agreement does not met the criteria for the “normal purchase normal sales” exception under ASC 815, “Derivatives and Hedging”, as the Company did not meet the minimum quantities deliverable under the contract at certain times in the past and net settlement occurred. See Note 9 - Derivatives to our condensed consolidated financial statements for additional information. On May 8, 2020, the Company terminated this agreement with ARM. Environmental and Governmental Regulation As of March 31, 2020 , 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 March 31, 2020 , 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. However, the Bankruptcy Code provides an automatic stay of the proceedings listed above, as well as other claims and actions that were or could have been brought prior to the filing of the Chapter 11 Cases. 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, other than the following: ARM Energy Management, LLC, SCM Crude, LLC and Salt Creek Midstream, LLC v. Lilis Energy, Inc. , Cause No. 2020-28573 in the 333rd Judicial District Court, Harris County, Texas. On May 8, 2020, ARM, SCM Crude, LLC and Salt Creek (together with SCM Crude, LLC, “SCM”) filed suit against the Company asserting a claim by SCM for alleged breach of the Gathering Agreement, a claim by ARM for alleged breach of that certain Firm Sales Contract dated March 11, 2019, by and between the Company and ARM (the “Firm Sales Contract”), and claims for a declaratory judgment that the “Commencement Date” under the Gathering Agreement occurred no later than January 1, 2020, and that Lilis incurred certain obligations related to dedication of certain wells to payment of gathering fees under the Gathering Agreement as of that date, and for specific performance of the Gathering Agreement. On May 6, 2020, the Company terminated the Gathering Agreement in its entirety on the basis that, among other things, SCM failed to timely build and properly equip a crude pipeline gathering system by the date specified in the Gathering Agreement. In connection with the termination of the Gathering Agreement, the Company declared force majeure on May 6, 2020 and suspended deliveries of crude oil under that certain Firm Sales Contract dated March 11, 2019, by and between the Company and ARM (the “Firm Sales Contract”). The Company also demanded adequate assurances from ARM under the Firm Sales Contract due to ARM’s alleged pattern of taking unpermitted deductions and failing to pay for certain amounts of crude oil. When ARM failed to post adequate assurances, the Company subsequently terminated the Firm Sales Contract on May 8, 2020. SCM and ARM argued that, among other things, the Company wrongfully terminated (i) the Gathering Agreement based on the Company’s claim that SCM failed to timely build and properly equip a crude pipeline gathering system and (ii) the Firm Sales Agreement based on the Company’s claim that ARM failed to provide adequate assurance of performance. On May 13, 2020, SCM filed a verified application for a temporary restraining order and temporary injunction. That same day, the court entered a temporary restraining order, enjoining the Company from: (i) executing, negotiating, promising, pledging, encumbering, or otherwise burdening, conveying, or transferring SCM’s gathering rights under the Gathering Agreement with respect to certain dedicated areas; (ii) marketing or soliciting bids, tenders, or proposals for the gathering rights under the Gathering Agreement with respect to certain dedicated areas, and (iii) in any way altering, impairing, or infringing the parties’ rights under the Gathering Agreement. The court also ordered that SCM post a bond for the temporary restraining order in the amount of $50,000 , and set the temporary injunction hearing for May 26, 2020. On May 22, 2020, the Company filed a response arguing that the Company had properly exercised its right to terminate the Gathering Agreement and that SCM had failed to meet the standard for injunctive relief. The Company also filed an answer and counterclaim seeking a declaratory judgment that the Gathering Agreement and Firm Sales Contract have been properly terminated and are of no force and effect, and for damages. On May 26, 2020, the court held a hearing on SCM’s request for temporary injunctive relief. By order dated May 28, 2020, the court denied SCM’s request for temporary injunctive relief, finding that SCM had failed to demonstrate the lack of an adequate remedy at law. On June 9, 2020, SCM filed a motion to reconsider their application for a temporary injunction. On June 10, 2020, the Company filed its response to SCM’s motion to reconsider, arguing that reconsideration is not warranted, and that SCM continues to fail to demonstrate that it lacks an adequate remedy at law. The court set a hearing on SCM’s motion to reconsider for June 22, 2020, which was subsequently rescheduled for June 29, 2020. The Company has filed two motions for summary judgment, one seeking a declaration that the Gathering Agreement was properly terminated by Lilis and one seeking summary judgment that the Firm Sales Contract was properly terminated by Lilis. A hearing to consider the two motions has not been scheduled. In connection with the filing of the Chapter 11 Cases, the Company removed the case to the bankruptcy court. Liens As of the most recent date available, statutory mechanic's and materialman’s liens which remain unpaid in the amount of $12.0 million have been filed against the related assets.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 20 - SUBSEQUENT EVENTS On May 6, 2020, the Company terminated the Gathering Agreement in its entirety. Additionally, in connection with the termination of the Gathering Agreement, the Company declared force majeure and suspended deliveries of crude oil under the Firm Sales Contract between the Company and ARM, then subsequently terminated the Firm Sales Contract on or about May 8, 2020. On May 8, 2020, ARM, SCM Crude and Salt Creek filed a petition asserting claims against the Company with respect to its termination of certain midstream and marketing arrangements. See Note 19 - Commitments and Contingencies for more information concerning these matters. On June 5, 2020, Lilis Energy, Inc., the Guarantors, the Administrative Agent and certain lenders entered into the Forbearance Agreement. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of the terms of the Forbearance Agreement and the related subsequent events concerning the indebtedness under the Revolving Credit Agreement. Pursuant to the RSA dated June 28, 2020, the Debtors filed voluntary petitions on that same date as debtors seeking relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court commencing the Chapter 11 Cases. The Debtors’ Chapter 11 proceedings are being jointly administered under the caption In re Lilis Energy, Inc., et al. , Case No. 20-33274. See Note 2 - Chapter 11 Filing, Liquidity and Going Concern for a description of the terms of the RSA, the Chapter 11 Cases and the related subsequent events concerning the indebtedness under the revolving Credit Agreement and its derivative contracts and the impact of the Chapter 11 Cases on such indebtedness, certain derivative contracts and business and operations of the Company. To maintain and continue uninterrupted ordinary course operations during the bankruptcy proceedings, the Debtors filed a variety of “first day” motions seeking approval from the Bankruptcy Court for various forms of customary relief designed to minimize the effect of bankruptcy on the Debtors’ operations, customers and employees. On June 29, 2020, the Bankruptcy Court entered orders approving all requested “first day” relief. On June 30, 2020, the Company entered into the Initial DIP Credit Agreement among Lilis Energy, Inc., as borrower, the other Debtors, as guarantors, the Non-Affiliate RBL Lenders (also referred to as the Initial DIP Lenders), and the Administrative Agent. See Note 11 - Indebtedness for a description of the terms of the Initial DIP Credit Agreement and the Initial DIP Credit Facility. On June 29, 2020, the Company received notification from the NYSE American LLC (the “NYSE American”) that the staff of NYSE Regulation, Inc. (“NYSE Regulation”) had determined to commence proceedings to delist the Common Stock from the NYSE American. Trading of shares of the Company’s common stock on the NYSE American was suspended effective June 29, 2020. The Company’s common stock began to be quoted on the OTC Pink marketplace on June 30, 2020 under the symbol “LLEXQ”.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation and Presentation	Principles of Consolidation and Presentation The accompanying 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.
Use of Estimates	Use of Estimates The accompanying consolidated financial statements are prepared in conformity with GAAP which requires the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting period; and the quantities and values of proved oil, natural gas and natural gas liquid (“NGL”) reserves used in calculating depletion and assessing impairment of its oil and natural gas properties. The most significant estimates pertain to the evaluation of unproved properties for impairment, proved oil and natural gas reserves and related cash flow estimates used in the depletion and impairment of oil and natural gas properties; the timing and amount of transfers of our unevaluated properties into our amortizable full cost pool; the fair value of embedded derivatives and commodity derivative contracts, accrued oil and natural gas revenues and expenses, valuation of options and warrants, and common stock; and the allocation of general and 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 August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which modifies the fair value disclosure requirements based on application of the disclosure framework. The provisions removed or amended certain disclosures and in some cases, the ASU requires additional disclosures. The standard is effective for the Company for fiscal years, and interim periods within those years, beginning after December 15, 2019. The Company has adopted ASU 2018-13 and did not have a material impact on its consolidated financial statements or disclosures. Accounting Standards Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary accounting relief for contract modifications to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to a new alternative reference rate. Interest on borrowings under the Company's revolving credit facility is calculated based upon LIBOR. ASU 2020-04 can be applied as of the beginning of the interim period that includes March 12, 2020 or any date thereafter. ASU 2020-04 will generally no longer be available to apply after December 31, 2022. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. 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, 2023, with early adoption permitted, and shall be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. The Company is evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of accrued liabilities	At March 31, 2020 and December 31, 2019 , the Company’s accrued liabilities consisted of the following: March 31, 2020 December 31, 2019 (In thousands) Accrued drilling, completion and facilities costs $ 2,163 $ 5,021 Drilling advances 1,372 1,328 Accrued production expenses 2,037 3,326 Other accrued liabilities 4,409 3,885 Short-term operating lease liabilities 829 412 $ 10,810 $ 13,972

OIL AND NATURAL GAS PROPERTIES

OIL AND NATURAL GAS PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 : March 31, December 31, 2020 2019 (In thousands) Oil and natural gas properties: Proved $ 484,433 $ 478,569 Unproved 86,028 109,590 Total oil and natural gas properties 570,461 588,159 Accumulated depletion, depreciation, amortization and impairment (362,495 ) (359,304 ) Oil and natural gas properties, net $ 207,966 $ 228,855 On February 28, 2020, the Company closed on the sale of approximately 1,185 undeveloped net acres in Lea County, New Mexico, for net cash proceeds of approximately $24.1 million, subject to customary purchase price adjustments.

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Schedule of asset retirement obligations	The following table summarizes the changes in the Company’s ARO for the three months ended March 31, 2020 and for the year ended December 31, 2019 : March 31, 2020 December 31, 2019 (In thousands) ARO, beginning of period $ 3,423 $ 2,444 Additional liabilities incurred 5 186 Accretion expense 62 433 Liabilities settled — (78 ) Revision in estimates — 438 ARO, non-current $ 3,490 $ 3,423

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 : Short-term contracts Long-term contracts Total Crude oil $ — $ 12,362 $ 12,362 Natural gas 47 142 189 NGLs 54 165 219
Company's major customers as a percentage of total revenue	During the three months ended March 31, 2020 and 2019, the Company’s major customers as a percentage of total revenue consisted of the following: Three Months Ended March 31, 2020 2019 ARM Energy Management, LLC 96 % 37 % Lucid Energy Delaware, LLC 3 % 13 % Other below 10% 1 % 2 % Texican Crude & Hydrocarbon, LLC — % 48 % 100 % 100 %

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ 8,959 $ — $ 8,959 Oil and natural gas derivative collar contracts — 7,201 — 7,201 Embedded derivative instruments: Net settlement provisions under ARM sales agreement — — (20,601 ) (20,601 ) Total $ — $ 16,160 $ (20,601 ) $ (4,441 ) As of December 31, 2019 Oil and natural gas derivative instruments: Oil and natural gas derivative swap contracts $ — $ (3,932 ) $ — $ (3,932 ) Oil and natural gas derivative collar contracts — 301 — 301 Embedded derivative instruments: Net settlement provisions under ARM sales agreement — — (3,238 ) (3,238 ) Total $ — $ (3,631 ) $ (3,238 ) $ (6,869 )
Changes in fair value of level three assets and liabilities recurring basis	The following table sets forth a reconciliation of changes in the fair value of the Company’s financial assets and liabilities classified as Level 3 in the fair value hierarchy, except for the commodity derivatives classified as Level 2, as disclosed in Note 9 , as of March 31, 2020 and 2019 : Firm Takeaway and Pricing Agreement Net Settlement Provisions (in thousands) Balance at January 1, 2020 $ (3,238 ) Change in fair value of embedded derivative liabilities (17,363 ) Balance at March 31, 2020 $ (20,601 ) Firm Takeaway and Pricing Agreement Net Settlement Provisions Second Lien Term Loan Conversion Features Total (in thousands) Balance at January 1, 2019 $ — $ (1,965 ) $ (1,965 ) Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan — 2,300 2,300 Change in fair value of embedded derivative liabilities (3,238 ) (335 ) (3,573 ) Balance at December 31, 2019 $ (3,238 ) $ — $ (3,238 )

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 : Description Notional Volume (Bbls/d) Production Period Weighted Average Price ($/Bbl) Oil Positions Oil Swaps 992 April 2020 - December 2020 $ 56.21 Oil Swaps 370 January 2021 - December 2021 $ 53.07 Basis Swaps (1) 1,500 April 2020 - December 2020 $ (5.62 ) 3 Way Collar Floor sold price (put) 182 April 2020 - December 2020 $ 40.00 3 Way Collar Floor purchase price (put) 182 April 2020 - December 2020 $ 50.00 3 Way Collar Ceiling sold price (call) 182 April 2020 - December 2020 $ 59.60 3 Way Collar Floor sold price (put) 80 January 2021 - December 2021 $ 37.50 3 Way Collar Floor purchase price (put) 80 January 2021 - December 2021 $ 47.50 3 Way Collar Ceiling sold price (call) 80 January 2021 - December 2021 $ 59.30 Oil Collar Floor purchase price (put) 466 April 2020 - December 2020 $ 49.48 Oil Collar Ceiling sold price (call) 466 April 2020 - December 2020 $ 63.81 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 5,881 April 2020 - December 2020 $ 2.57 Gas Swaps 4,184 January 2021 - March 2021 $ 2.77 3 Way Collar Floor sold price (put) 434 April 2020 - December 2020 $ 1.60 3 Way Collar Floor purchase price (put) 434 April 2020 - December 2020 $ 2.10 3 Way Collar Ceiling sold price (call) 434 April 2020 - December 2020 $ 3.00 3 Way Collar Floor sold price (put) 133 January 2021 - December 2021 $ 1.65 3 Way Collar Floor purchase price (put) 133 January 2021 - December 2021 $ 2.15 3 Way Collar Ceiling sold price (call) 133 January 2021 - December 2021 $ 3.05 Gas Collar Floor purchase price (put) 1,081 April 2020 - December 2020 $ 2.20 Gas Collar Ceiling sold price (call) 1,081 April 2020 - December 2020 $ 3.08 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 March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (in thousands) Unrealized gain (loss) on unsettled derivatives $ 19,993 $ (8,976 ) Net settlements paid on derivative contracts (198 ) (842 ) Net settlements receivable (payable) on derivative contracts 1,403 (759 ) Net gain (loss) on commodity derivatives $ 21,198 $ (10,577 ) The following information summarizes the gross fair values of derivative instruments, presenting the impact of offsetting the derivative assets and liabilities on the Company’s consolidated balance sheets as of March 31, 2020 and as of December 31, 2019 : As of March 31, 2020 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Offsetting Commodity Derivative Assets: Current assets $ 12,931 $ (71 ) $ 12,860 Long-term assets 4,469 — 4,469 Total assets $ 17,400 $ (71 ) $ 17,329 Offsetting Derivative Liabilities: Current commodity derivative liabilities $ (1,240 ) $ 71 $ (1,169 ) Current embedded derivative liabilities (7,461 ) — (7,461 ) Long-term embedded derivative liabilities (13,140 ) — (13,140 ) Total liabilities $ (21,841 ) $ 71 $ (21,770 ) As of December 31, 2019 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts Presented in the Consolidated Balance Sheets (In thousands) Offsetting Commodity Derivative Assets: Current asset $ 1,009 $ (582 ) $ 427 Long-term asset 359 (172 ) 187 Total asset $ 1,368 $ (754 ) $ 614 Offsetting Derivative Liabilities: Current commodity derivative liabilities $ (4,827 ) $ 582 $ (4,245 ) Current embedded derivative liabilities (799 ) — (799 ) Long-term commodity derivative liabilities (172 ) 172 — Long-term embedded derivative liabilities (2,439 ) — (2,439 ) Total liability $ (8,237 ) $ 754 $ (7,483 ) The Company’s derivative instruments as of March 31, 2020 and December 31, 2019 , include the following: March 31, 2020 December 31, 2019 (In thousands) Derivative assets (liabilities): Derivative assets - current $ 12,860 $ 427 Derivative assets - non-current (1) 4,469 187 Derivative liabilities - current (3) (8,630 ) (5,044 ) Derivative liabilities - non-current (2) (3) (13,140 ) (2,439 ) Total derivative liabilities, net $ (4,441 ) $ (6,869 ) (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) The ARM sales agreement includes an embedded derivative. As of March 31, 2020 , the embedded derivative is included as current liabilities and non-current liabilities of $7.5 million and $13.1 million, respectively. As of December 31, 2019 , the embedded derivative is included as current liabilities and non-current liabilities of $0.8 million and $2.4 million, respectively.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Right of use assets and lease liabilities	The Company’s ROU assets and operating lease liabilities were included in the consolidated balance sheets as follows (in thousands): March 31, 2020 December 31, 2019 Right of use assets: Right of use assets - long-term (1) $ 2,037 $ 1,722 Lease liabilities: Lease liabilities - current (2) $ 829 $ 412 Lease liabilities - long-term (3) 1,224 1,323 Total lease liabilities $ 2,053 $ 1,735 (1) Right of use assets - long-term are included in other assets on the consolidated balance sheets. (2) Lease liabilities - current are included in accrued liabilities and other on the consolidated balance sheets. (3) Lease liabilities - long-term are included in long-term derivatives instruments and other non-current liabilities on the consolidated balance sheets.
Components of lease costs and other information	The components of lease cost were classified as follows (in thousands): Three Months Ended March 31, 2020 Fixed lease costs $ 265 Short-term lease costs 218 Variable lease costs 84 Sublease income (22 ) Total lease costs $ 545 Lease Cost included in the Consolidated Financial Statements Three Months Ended March 31, 2020 Production costs 370 General and administrative 175 Total lease costs expensed 545 Sublease income (22 ) Total lease costs $ 545 During the three months ended March 31, 2020 , 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 $ 262 Investing cash flows from operating leases $ — As of March 31, 2020 , 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) 3.53 Weighted-average discount rate 5.31 %
Minimum future payments for long-term operating leases under scope of ASC 842	As of March 31, 2020 , minimum future payments, including imputed interest, for long-term operating leases under the scope of ASC Topic 842, “Leases”, were as follows (in thousands): Year Amount 2020 $ 780 2021 425 2022 353 2023 379 2024 315 Total 2,252 Less: the effects of discounting (199 ) Present value of lease liabilities $ 2,053

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	March 31, December 31, 2020 2019 (In thousands) Revolving Credit Agreement, due October 2023 $ 97,750 $ 115,000 Total long-term debt $ 97,750 $ 115,000 Less: current portion (97,750 ) (115,000 ) Total long-term debt, net of current portion $ — $ —
Schedule of interest expense	The components of interest expense are as follows for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Interest on debt $ 1,501 $ 1,441 Net revenue payments on financing arrangement 1,594 — Paid-in-kind interest on term loans — 1,590 Amortization of debt financing costs 707 140 Amortization of discount on term loans — 1,657 Total $ 3,802 $ 4,828

LONG-TERM DEFERRED REVENUE LI_2

LONG-TERM DEFERRED REVENUE LIABILITIES AND OTHER LONG-TERM LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Long-term Deferred Revenue Liabilities and Other Long-term Liabilities [Abstract]
Schedule of long-term deferred revenue liabilities and other long-term liabilities	March 31, December 31, 2020 2019 (in thousands) Long-term deferred revenue liabilities $ 36,826 $ 36,920 Long-term deferred proceeds, WLR agreement 13,061 13,061 Long-term deferred proceeds, WLWI agreement 23,768 23,768 Total long-term deferred revenue liabilities and other long-term liabilities $ 73,655 $ 73,749

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of related party transactions	March 31, 2020 and December 31, 2019 , the Company was engaged in the following transactions with certain related parties: As of March 31, As of December 31, Related Party Transactions 2020 2019 (In thousands) Värde Partners, Inc. (1) Payable due for revenue associated with VPD's net proportionate share of production revenue $ — $ (157 ) Receivable balance outstanding for operating costs in excess of production revenue associated with VPD's proportionate share of producing wells 73 — Payable to WLWI for net proportionate share of production revenue (1,235 ) (526 ) Payable to WLR for net proportionate share of production revenue (187 ) (161 ) Asset disposition to WLWI accounted for as a financing arrangement (see footnote 12) (23,768 ) (23,768 ) Asset disposition to WLR accounted for as a financing arrangement (see footnote 12) (13,060 ) (13,060 ) Total: $ (38,177 ) $ (37,672 ) (1) Värde is a major stockholder of the Company, and as of April 21, 2020, became a lender under out Revolving Credit Agreement (see Note 11 - Indebtedness ). Värde Parties are holders of preferred shares outstanding (see Note 14 - Preferred Stock ).

PREFERRED STOCK (Tables)

PREFERRED STOCK (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 125,000 $ 99,303 39,254 $ 29,082 60,000 $ 66,285 55,000 $ 50,861 Paid-in-kind dividends — 3,620 — 896 — 1,324 — 1,332 Balance, March 31, 2020 125,000 $ 102,923 39,254 $ 29,978 60,000 $ 67,609 55,000 $ 52,193

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT) (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Summary of warrant activity and outstanding warrants	The following table provides a summary of warrant activity as of March 31, 2020 : Warrants Weighted- Average Exercise Price Outstanding at January 1, 2020 2,754,062 3.83 Forfeited or expired (174,642 ) 2.81 Outstanding at March 31, 2020 2,579,420 $ 4.50 Outstanding warrants of 2,579,420 at March 31, 2020 will expire in 2022. The Company expects that the outstanding warrants will be cancelled for no consideration in the Chapter 11 Cases.
Schedule of antidilutive securities excluded from computation of diluted loss per share	The Company has the following potentially dilutive securities outstanding which were excluded from the diluted loss per share calculations because they were anti-dilutive at March 31, 2020 and 2019 : March 31, 2020 2019 Stock Options 3,456,025 4,499,100 Stock Purchase Warrants 2,579,420 4,402,329 Series E Preferred Stock 26,197,270 18,623,868 32,232,715 27,525,297

SHARE BASED AND OTHER COMPENS_2

SHARE BASED AND OTHER COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of share-based compensation, activity	the three months ended March 31, 2020 and 2019 , the Company's share-based compensation consisted of the following (dollars in thousands) : Three Months Ended March 31, 2020 2019 Stock Options Restricted Stock Total Stock Options Restricted Stock Total Share based compensation expensed $ (4 ) $ 1,067 $ 1,063 $ 391 $ 3,254 $ 3,645 Unrecognized share-based compensation costs $ 53 $ 617 $ 670 $ 294 $ 5,057 $ 5,351 Weighted average amortization period remaining (in years) 0.92 0.70 0.32 0.73
Schedule of share-based compensation, restricted stock units award activity	A summary of restricted stock grant activity pursuant to the 2012 Plan and the 2016 Plan for the three months ended March 31, 2020 , is presented below: Number of Shares Weighted Average Grant Date Price Outstanding at January 1, 2020 1,402,175 $ 1.26 Granted 4,431,817 $ 0.22 Vested and issued (4,575,402 ) $ 2.39 Forfeited or canceled (1) (632,083 ) $ 2.94 Outstanding at March 31, 2020 626,507 $ 1.26 (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 three months ended March 31, 2020 , is presented below: Number of Options Weighted Average Exercise Price Number of Options Vested/ Exercisable Weighted Average Remaining Contractual Life (Years) Outstanding at January 1, 2020 3,588,350 $ 4.05 3,487,792 7.2 Forfeited or canceled (1) (132,325 ) $ 3.14 Outstanding at March 31, 2020 3,456,025 $ 4.05 3,416,093 7.2 (1) Forfeitures are accounted for as and when incurred.

SUPPLEMENTAL NON-CASH TRANSAC_2

SUPPLEMENTAL NON-CASH TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of cash flow, supplemental disclosures	The following table presents the supplemental disclosure of cash flow information for the three months ended March 31, 2020 and 2019 : Three Months Ended March 31, 2020 2019 (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 Deferred revenue realized upon purchase option exercise — 11,700 Change in capital expenditures for drilling costs in accrued liabilities (2,849 ) 6,211 Accrued cumulative paid in kind dividends on preferred stock 7,172 4,824 Change in asset retirement obligations 5 47

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of required daily production	Under the terms of the new contract, the Company received pricing differentials on the crude oil sales contract subject to minimum quantities of crude oil to be delivered 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 (February 2025).

CHAPTER 11 FILING, LIQUIDITY _2

CHAPTER 11 FILING, LIQUIDITY AND GOING CONCERN (Details)

Jun. 28, 2020USD ($)

Jun. 17, 2020USD ($)

Jun. 09, 2020USD ($)

Oct. 10, 2018USD ($)

Apr. 30, 2020well

Jun. 30, 2020well

Jul. 02, 2020USD ($)counterparty

Jun. 29, 2020USD ($)

Jun. 05, 2020USD ($)

Mar. 31, 2020USD ($)

Jan. 17, 2020USD ($)

Dec. 31, 2019USD ($)

Line of Credit Facility [Line Items]

Long-term debt

$ 97,750,000

$ 115,000,000

Subsequent Event

Line of Credit Facility [Line Items]

Commencement period, bid process for sale of assets

135 days

Amount of prepetition obligations to be settled in cash

$ 9,200,000

Accrued and unpaid interest

700,000

Amount of participations in new loans

$ 55,000,000

Percentage of new common stock to be received

100.00%

Plan of reorganization, equity securities issued or to be issued, value

$ 55,000,000

Proceeds from liquidation of swap positions

$ 9,300,000

Number of remaining counterparties, notices received | counterparty

4

COVID-19 | Subsequent Event

Line of Credit Facility [Line Items]

Number of wells shut-in | well

12

19

Term Loan | Subsequent Event | Replacement DIP Facility

Line of Credit Facility [Line Items]

Amount arranged

20,000,000

Term Loan | Subsequent Event | Initial DIP Credit Agreement | Initial DIP Facility

Line of Credit Facility [Line Items]

Amount arranged

15,000,000

Interim Basis Term Loan | Subsequent Event | Initial DIP Credit Agreement | Initial DIP Facility

Line of Credit Facility [Line Items]

Remaining amount arranged

$ 10,000,000

Amount arranged

5,000,000

$ 5,000,000

Roll-up Loans | Subsequent Event | Initial DIP Credit Agreement | Initial DIP Facility

Line of Credit Facility [Line Items]

Amount arranged, to be incurred upon final order

13,500,000

Amount arranged

15,000,000

Line of Credit | Revolving Credit Agreement | Revolving Credit Agreement, due October 2023

Line of Credit Facility [Line Items]

Long-term debt

97,750,000

Line of credit facility, borrowing base

$ 115,000,000

90,000,000

$ 90,000,000

Borrowing base deficiency

$ 7,800,000

$ 25,000,000

Ratio of total debt to EBITDAX (not more than)

400.00%

Ratio of current assets to current liabilities (not less than)

100.00%

Line of Credit | Subsequent Event | Revolving Credit Agreement | Revolving Credit Agreement, due October 2023

Line of Credit Facility [Line Items]

Long-term debt

89,900,000

Borrowing base deficiency

$ 7,800,000

Proceeds from lines of credit

$ 1,500,000

Line of Credit | Subsequent Event | Initial DIP Credit Agreement | Initial DIP Facility

Line of Credit Facility [Line Items]

Amount arranged

1,500,000

Line of Credit | Subsequent Event | Exit Facility | Revolving Credit Agreement, due October 2023

Line of Credit Facility [Line Items]

Amount arranged

$ 55,000,000

Term of arrangement

36 months

Borrowing base remediation holiday period

9 months

Bridge Loan | Subsequent Event | Initial DIP Credit Agreement | Initial DIP Facility

Line of Credit Facility [Line Items]

Amount arranged

$ 1,500,000

$ 1,500,000

Affiliate of Varde | Line of Credit | Subsequent Event | Revolving Credit Agreement | Revolving Credit Agreement, due October 2023

Line of Credit Facility [Line Items]

Long-term debt

$ 25,700,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES - Summary of accrued liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accrued drilling, completion and facilities costs	$ 2,163	$ 5,021
Drilling advances	1,372	1,328
Accrued production expenses	2,037	3,326
Other accrued liabilities	4,409	3,885
Short-term operating lease liabilities	829	412
Total accrued liabilities	$ 10,810	$ 13,972

OIL AND NATURAL GAS PROPERTIE_2

OIL AND NATURAL GAS PROPERTIES - Summary of oil and natural gas property costs (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Oil and natural gas properties:
Proved	$ 484,433	$ 478,569
Unproved	86,028	109,590
Total oil and natural gas properties	570,461	588,159
Accumulated depletion, depreciation, amortization and impairment	(362,495)	(359,304)
Oil and natural gas properties, net	$ 207,966	$ 228,855

OIL AND NATURAL GAS PROPERTIE_3

OIL AND NATURAL GAS PROPERTIES - Narrative (Details) $ in Millions	Feb. 28, 2020USD ($)a	Mar. 31, 2020USD ($)a	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Purchase and sale agreement, number of undeveloped net acres sold (in acres) | a	1,185
Proceeds from sale of land held-for-investment | $	$ 24.1
Unproved oil and gas property transferred to prove undeveloped | $		$ 1.3	$ 5.8
Depreciation, depletion, amortization and accretion | $		$ 3.3	$ 8.1
Reeves County
Lessee, Lease, Description [Line Items]
Lessee, operating lease, area of real estate property, expired, previously impaired | a		805
Winkler County
Lessee, Lease, Description [Line Items]
Lessee, operating lease, area of real estate property, expired, previously impaired | a		593

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) $ in Millions	Feb. 28, 2020USD ($)a
Line of Credit Facility [Line Items]
Purchase and sale agreement, number of undeveloped net acres sold (in acres) | a	1,185
Proceeds from sale of land held-for-investment	$ 24.1
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Borrowing base deficiency	$ 17.3

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Summary of changes in Company's ARO (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
ARO, beginning of period	$ 3,423	$ 2,444
Additional liabilities incurred	5	186
Accretion expense	62	433
Liabilities settled	0	(78)
Revision in estimates	0	438
ARO, end of period	$ 3,490	$ 3,423

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) $ in Millions	May 09, 2020$ / bbl	Feb. 28, 2019$ / bbl	Mar. 31, 2020USD ($)$ / bbl	Jun. 30, 2019$ / bbl	Jun. 30, 2020$ / bbl	Dec. 31, 2019USD ($)
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, description of timing			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 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 price differential (in dollars per barrel)		5.15		9.25
Tariff fee (in dollars per barrel)			0.75
Receivables from customers | $			$ 3.9			$ 9.1
Receivables from joint interest partners | $			$ 3.9			$ 9.5
Forecast
Disaggregation of Revenue [Line Items]
Crude oil price differential (in dollars per barrel)					6.50
Crude oil
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, description of timing			The Company recognizes crude oil revenue when control passes to the purchaser.
Natural Gas and NGLs
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, description of timing			The Company recognizes revenue for natural gas and NGLs when control passes at the tailgate of the processing plant.
Minimum
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, settlement statement delivery period			30 days
Maximum
Disaggregation of Revenue [Line Items]
Revenue, performance obligation, settlement statement delivery period			60 days
Subsequent Event
Disaggregation of Revenue [Line Items]
Crude oil price differential (in dollars per barrel)	4.60

REVENUE - Summary of disaggrega

REVENUE - Summary of disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 12,770	$ 17,697
Crude oil
Disaggregation of Revenue [Line Items]
Revenues	12,362
Crude oil | Short-term contracts
Disaggregation of Revenue [Line Items]
Revenues	0
Crude oil | Long-term contracts
Disaggregation of Revenue [Line Items]
Revenues	12,362
Natural gas
Disaggregation of Revenue [Line Items]
Revenues	189	1,526
Natural gas | Short-term contracts
Disaggregation of Revenue [Line Items]
Revenues	47
Natural gas | Long-term contracts
Disaggregation of Revenue [Line Items]
Revenues	142
NGLs
Disaggregation of Revenue [Line Items]
Revenues	219	$ 1,470
NGLs | Short-term contracts
Disaggregation of Revenue [Line Items]
Revenues	54
NGLs | Long-term contracts
Disaggregation of Revenue [Line Items]
Revenues	$ 165

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
	Mar. 31, 2020	Mar. 31, 2019
Concentration Risk [Line Items]
Percentage of concentration risk	100.00%	100.00%
ARM Energy Management, LLC
Concentration Risk [Line Items]
Percentage of concentration risk	96.00%	37.00%
Lucid Energy Delaware, LLC
Concentration Risk [Line Items]
Percentage of concentration risk	3.00%	13.00%
Texican Crude & Hydrocarbon, LLC
Concentration Risk [Line Items]
Percentage of concentration risk	1.00%	2.00%
Lucid Energy Delaware, LLC
Concentration Risk [Line Items]
Percentage of concentration risk	0.00%	48.00%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of recurring fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ (4,441)	$ (6,869)
Oil and natural gas derivative swap contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	8,959	(3,932)
Oil and natural gas derivative collar contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	7,201	301
Net settlement provisions under ARM sales agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	(20,601)	(3,238)
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) | Net settlement provisions under ARM sales agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	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	16,160	(3,631)
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	8,959	(3,932)
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	7,201	301
Significant Other Observable Inputs (Level 2) | Net settlement provisions under ARM sales agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total recurring fair value measurements	(20,601)	(3,238)
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) | Net settlement provisions under ARM sales agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Recurring fair value measurements	$ (20,601)	$ (3,238)

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 21,770	$ 7,483
ARM Sales Agreement | Embedded Derivative Financial Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	20,600
Unrealized loss on derivatives	$ 17,400

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Reconciliation of changes in the fair value of the Company's Level 3 financial assets and liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ (3,238)	$ (1,965)
Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan		2,300
Change in fair value of embedded derivatives and derivative liabilities		(3,573)
Balance, ending		(3,238)
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	0	(1,965)
Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan		2,300
Change in fair value of embedded derivatives and derivative liabilities		(335)
Balance, ending		0
Firm Takeaway and Pricing Agreement Net Settlement Provisions
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	(3,238)
Change in fair value of embedded derivatives and derivative liabilities	(17,363)
Balance, ending	(20,601)	(3,238)
Net settlement provisions under ARM sales agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ (3,238)	0
Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan		0
Change in fair value of embedded derivatives and derivative liabilities		(3,238)
Balance, ending		$ (3,238)

DERIVATIVES - Summary of Compan

DERIVATIVES - Summary of Company's derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative assets - current	$ 12,860	$ 427
Derivative liabilities - current	(8,630)	(5,044)
Total derivative liabilities, net	(21,770)	(7,483)
Fair Value, Recurring
Derivative [Line Items]
Derivative assets - current	12,860	427
Derivative assets - non-current	4,469	187
Derivative liabilities - current	(8,630)	(5,044)
Derivative liabilities - non-current	(13,140)	(2,439)
Total derivative liabilities, net	(4,441)	(6,869)
ARM Sales Agreement | Embedded Derivative Financial Instruments
Derivative [Line Items]
Total derivative liabilities, net	(20,600)
ARM Sales Agreement | Fair Value, Recurring | Embedded Derivative Financial Instruments
Derivative [Line Items]
Derivative liabilities - current	(7,500)	(800)
Derivative liabilities - non-current	$ (13,100)	$ (2,400)

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative liability	$ 21,770	$ 7,483
Derivative liability, current	8,630	5,044
ARM Sales Agreement
Derivative [Line Items]
Derivative liability	3,200
Derivative liability, current	800
Derivative liability, noncurrent	2,400
Fair Value, Recurring
Derivative [Line Items]
Derivative liability	4,441	6,869
Derivative liability, current	8,630	5,044
Derivative liability, noncurrent	13,140	2,439
Embedded Derivative Financial Instruments | ARM Sales Agreement
Derivative [Line Items]
Derivative liability	20,600
Embedded Derivative Financial Instruments | ARM Sales Agreement | Fair Value, Recurring
Derivative [Line Items]
Derivative liability, current	7,500	800
Derivative liability, noncurrent	13,100	$ 2,400
Embedded Derivative Financial Instruments | ARM Sales Agreement | Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | ARM Sales Agreement
Derivative [Line Items]
Derivative liability	$ (20,600)

DERIVATIVES - Summary of Comp_2

DERIVATIVES - Summary of Company's derivative position (Details)	3 Months Ended
	Mar. 31, 2020bblMMBTU$ / MMBTU$ / bbl
Oil Swaps One
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	992
Weighted Average Price (in dollars per barrel) | $ / bbl	56.21
Oil Swaps Two
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	370
Weighted Average Price (in dollars per barrel) | $ / bbl	53.07
Basis Swaps
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	1,500
Weighted Average Price (in dollars per barrel) | $ / bbl	5.62
Three Way Collar - Floor Sold Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	182
Weighted Average Price (in dollars per barrel) | $ / bbl	40
Three Way Collar - Floor Purchase Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	182
Weighted Average Price (in dollars per barrel) | $ / bbl	50
Three Way Collar - Ceiling Sold Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	182
Weighted Average Price (in dollars per barrel) | $ / bbl	59.60
Three Way Collar - Floor Sold Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	80
Weighted Average Price (in dollars per barrel) | $ / bbl	37.50
Three Way Collar - Floor Purchase Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	80
Weighted Average Price (in dollars per barrel) | $ / bbl	47.50
Three Way Collar - Ceiling Sold Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	80
Weighted Average Price (in dollars per barrel) | $ / bbl	59.30
Oil Collar - Floor Purchase Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	466
Weighted Average Price (in dollars per barrel) | $ / bbl	49.48
Oil Collar - Ceiling Sold Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	466
Weighted Average Price (in dollars per barrel) | $ / bbl	63.81
Oil Collar - Floor Purchase Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	742
Weighted Average Price (in dollars per barrel) | $ / bbl	50
Oil Callar - Ceiling Sold Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | bbl	742
Weighted Average Price (in dollars per barrel) | $ / bbl	59.70
Gas Swaps One
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	5,881
Weighted Average Price (in dollars per barrel) | $ / MMBTU	2.57
Gas Swaps Two
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	4,184
Weighted Average Price (in dollars per barrel) | $ / MMBTU	2.77
Three Way Collar - Floor Sold Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	434
Weighted Average Price (in dollars per barrel) | $ / MMBTU	1.60
Three Way Collar - Floor Purchase Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	434
Weighted Average Price (in dollars per barrel) | $ / MMBTU	2.10
Three Way Collar - Ceiling Sold Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	434
Weighted Average Price (in dollars per barrel) | $ / MMBTU	3
Three Way Collar - Floor Sold Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	133
Weighted Average Price (in dollars per barrel) | $ / MMBTU	1.65
Three Way Collar - Floor Purchase Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	133
Weighted Average Price (in dollars per barrel) | $ / MMBTU	2.15
Three Way Collar - Ceiling Sold Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	133
Weighted Average Price (in dollars per barrel) | $ / MMBTU	3.05
Gas Collar - Floor Purchase Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	1,081
Weighted Average Price (in dollars per barrel) | $ / MMBTU	2.20
Gas Collar - Ceiling Sold Price One
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	1,081
Weighted Average Price (in dollars per barrel) | $ / MMBTU	3.08
Gas Collar - Floor Purchase Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	4,464
Weighted Average Price (in dollars per barrel) | $ / MMBTU	2.20
Gas Collar - Ceiling Sold Price Two
Derivative [Line Items]
Notional Volume (in barrels per day) | MMBTU	4,464
Weighted Average Price (in dollars per barrel) | $ / MMBTU	2.97

DERIVATIVES - Summary of commod

DERIVATIVES - Summary of commodity derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain (loss) on unsettled derivatives	$ 19,993	$ (8,976)
Net settlements paid on derivative contracts	(198)	(842)
Net settlements receivable (payable) on derivative contracts	1,403	(759)
Net gain (loss) on commodity derivatives	$ 21,198	$ (10,577)

DERIVATIVES - Summary of gross

DERIVATIVES - Summary of gross fair values of derivative instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative assets	$ 17,400	$ 1,368
Gross amounts of offsetting derivative assets in the condensed consolidated balance sheets	(71)	(754)
Net amounts of offsetting derivative assets presented in the condensed consolidated balance sheets	17,329	614
Gross amount of recognized offsetting derivative liabilities	(21,841)	(8,237)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets	71	754
Total derivative liabilities, net	(21,770)	(7,483)
Current assets
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative assets	12,931	1,009
Gross amounts of offsetting derivative assets in the condensed consolidated balance sheets	(71)	(582)
Net amounts of offsetting derivative assets presented in the condensed consolidated balance sheets	12,860	427
Long-term assets
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative assets	4,469	359
Gross amounts of offsetting derivative assets in the condensed consolidated balance sheets	0	(172)
Net amounts of offsetting derivative assets presented in the condensed consolidated balance sheets	4,469	187
Commodity Contract | Current commodity derivative liabilities
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative liabilities	(1,240)	(4,827)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets	71	582
Total derivative liabilities, net	(1,169)	(4,245)
Commodity Contract | Long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative liabilities		(172)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets		172
Total derivative liabilities, net		0
Embedded Derivative Financial Instruments | Current commodity derivative liabilities
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative liabilities	(7,461)	(799)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets	0	0
Total derivative liabilities, net	(7,461)	(799)
Embedded Derivative Financial Instruments | Long-term liabilities
Derivatives, Fair Value [Line Items]
Gross amount of recognized offsetting derivative liabilities	(13,140)	(2,439)
Gross amounts of offsetting derivative liabilities in the condensed consolidated balance sheets	0	0
Total derivative liabilities, net	$ (13,140)	$ (2,439)

LEASES - Right of use assets an

LEASES - Right of use assets and lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right of use assets - long-term	$ 2,037	$ 1,722
Lease liabilities - current	829	412
Lease liabilities - long-term	1,224	1,323
Total lease liabilities	$ 2,053	$ 1,735

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)lease	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, liability	$ 2,053	$ 1,735
Right-of-use assets	$ 2,037	$ 1,722
Equipment Leases
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of leases entered into | lease	6
Operating lease, liability	$ 500
Right-of-use assets	$ 500

LEASES - Components of lease co

LEASES - Components of lease costs and other information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Lease, Cost [Abstract]
Fixed lease costs	$ 265
Short-term lease costs	218
Variable lease costs	84
Sublease income	(22)
Total lease costs	545
Lessee, Lease, Description [Line Items]
Total lease costs	545
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	262
Investing cash flows from operating leases	$ 0
Lease term and discount rate
Weighted-average remaining lease term (years)	3 years 6 months 11 days
Weighted-average discount rate	5.31%
General and administrative
Lease, Cost [Abstract]
Total lease costs	$ 175
Lessee, Lease, Description [Line Items]
Total lease costs	175
Total lease costs expensed
Lease, Cost [Abstract]
Total lease costs	545
Lessee, Lease, Description [Line Items]
Total lease costs	545
Sublease income
Lease, Cost [Abstract]
Total lease costs	22
Lessee, Lease, Description [Line Items]
Total lease costs	22
Oil sales | Production costs
Lease, Cost [Abstract]
Total lease costs	370
Lessee, Lease, Description [Line Items]
Total lease costs	$ 370

LEASES - Minimum future payment

LEASES - Minimum future payments for long-term operating leases under scope of ASC 842 (Details) $ in Thousands	Mar. 31, 2020USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 780
2021	425
2022	353
2023	379
2024	315
Total	2,252
Less: the effects of discounting	(199)
Present value of lease liabilities	$ 2,053

INDEBTEDNESS - Summary of long-

INDEBTEDNESS - Summary of long-term debt instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total long-term debt	$ 97,750	$ 115,000
Less: current portion	(97,750)	(115,000)
Total long-term debt, net of current portion	$ 0	0
Revolving Credit Agreement, due October 2023 | Line of Credit
Debt Instrument [Line Items]
Total long-term debt		$ 115,000

INDEBTEDNESS - Revolving credit

INDEBTEDNESS - Revolving credit agreement (Details)	Mar. 30, 2020	Oct. 10, 2018USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Jul. 02, 2020USD ($)	Jun. 29, 2020USD ($)	Jun. 28, 2020USD ($)	Jun. 05, 2020USD ($)	Jan. 17, 2020USD ($)installment	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Repayments of lines of credit			$ 17,250,000	$ 0
Long-term debt			97,750,000							$ 115,000,000
Amortization of debt financing costs			707,000	140,000
Subsequent Event
Debt Instrument [Line Items]
Amount of prepetition obligations to be settled in cash							$ 9,200,000
Accrued and unpaid interest							700,000
Amount of participations in new loans							$ 55,000,000
Line of Credit | Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Agreement term		5 years
Line of credit facility, maximum borrowing capacity		$ 500,000,000
Line of credit facility, borrowing base		$ 115,000,000	90,000,000						$ 90,000,000
Borrowing base deficiency			7,800,000						$ 25,000,000
Line of credit facility, commitment fee percentage		0.50%
Long-term debt			97,750,000
Amortization of debt financing costs			$ 707,000	$ 140,000
Ratio of total debt to EBITDAX (not more than)		400.00%
Ratio of current assets to current liabilities (not less than)		100.00%
Percentage of production required to be maintained (not less than)			75.00%
Minimum period of swap agreements maintained			24 months
Covenant, borrowing base deficiency, number of equal monthly installments (in installments) | installment									4
Extension term	45 days
Line of Credit | Revolving Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 5,000,000
Line of Credit | Other Current Assets | Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 2,100,000							$ 2,600,000
Line of Credit | Subsequent Event | Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing base deficiency								$ 7,800,000
Repayments of lines of credit					$ 17,300,000
Long-term debt						$ 89,900,000
Line of Credit | Affiliate of Varde | Subsequent Event | Revolving Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt						$ 25,700,000

INDEBTEDNESS - Second lien cred

INDEBTEDNESS - Second lien credit agreement (Details) $ / shares in Units, $ in Thousands	Mar. 05, 2019USD ($)seriesshares	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019$ / sharesshares	Mar. 04, 2019$ / shares
Line of Credit Facility [Line Items]
Gain on extinguishment of debt			$ 7,078
Private Placement | Varde Partners, Inc.
Line of Credit Facility [Line Items]
Number of new series of preferred stock | series	2
Amount canceled in exchange for equity issuance	$ 133,600
Mezzanine equity, shares issued (in shares) | shares	9,891,638
Mezzanine equity, new issues of stock	$ 18,600
Series F Preferred Stock
Line of Credit Facility [Line Items]
Mezzanine equity, shares issued (in shares) | shares		55,000		55,000
Redeemable preferred stock, dividend rate, percentage		9.00%		9.00%
Mezzanine equity, stated value (in dollars per share) | $ / shares		$ 1,100		$ 1,076
Series F Preferred Stock | Private Placement | Varde Partners, Inc.
Line of Credit Facility [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
Series E Preferred Stock
Line of Credit Facility [Line Items]
Mezzanine equity, shares issued (in shares) | shares		60,000		60,000
Redeemable preferred stock, dividend rate, percentage		8.25%		8.25%
Mezzanine equity, stated value (in dollars per share) | $ / shares		$ 1,092		$ 1,069
Series E Preferred Stock | Private Placement
Line of Credit Facility [Line Items]
Mezzanine equity, stated value (in dollars per share) | $ / shares					$ 1.88
Series E Preferred Stock | Private Placement | Varde Partners, Inc.
Line of Credit Facility [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
Additional Paid-In Capital
Line of Credit Facility [Line Items]
Gain on extinguishment of debt		$ 7,100	$ 7,078

INDEBTEDNESS - Summary of inter

INDEBTEDNESS - Summary of interest expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Disclosure [Abstract]
Interest on debt	$ 1,501	$ 1,441
Net revenue payments on financing arrangement	1,594	0
Paid-in-kind interest on term loans	0	1,590
Amortization of debt financing costs	707	140
Amortization of discount on term loans	0	1,657
Total	$ 3,802	$ 4,828

INDEBTEDNESS - Debtor-in-posses

INDEBTEDNESS - Debtor-in-possession credit agreement (Details) - Subsequent Event - Initial DIP Credit Agreement - Initial DIP Facility - USD ($)	Jun. 29, 2020	Jun. 28, 2020	Jun. 17, 2020
Interim Basis Term Loan
Line of Credit Facility [Line Items]
Amount arranged	$ 5,000,000	$ 5,000,000
Roll-up Loans
Line of Credit Facility [Line Items]
Amount arranged		15,000,000
Amount arranged, to be incurred upon final order		13,500,000
Bridge Loan
Line of Credit Facility [Line Items]
Amount arranged		1,500,000	$ 1,500,000
Line of Credit
Line of Credit Facility [Line Items]
Amount arranged		1,500,000
Term Loan
Line of Credit Facility [Line Items]
Amount arranged		$ 15,000,000

LONG-TERM DEFERRED REVENUE LI_3

LONG-TERM DEFERRED REVENUE LIABILITIES AND OTHER LONG-TERM LIABILITIES - Schedule of Deferred Revenue Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Long-term Purchase Commitment [Line Items]
Long-term deferred revenue liabilities	$ 36,826	$ 36,920
Total long-term deferred revenue liabilities and other long-term liabilities	73,655	73,749
WLR
Long-term Purchase Commitment [Line Items]
Long-term deferred revenue liabilities	13,061	13,061
WLWI
Long-term Purchase Commitment [Line Items]
Long-term deferred revenue liabilities	$ 23,768	$ 23,768

LONG-TERM DEFERRED REVENUE LI_4

LONG-TERM DEFERRED REVENUE LIABILITIES AND OTHER LONG-TERM LIABILITIES - Narrative (Details) $ in Thousands	Jul. 31, 2019USD ($)	May 21, 2018USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 11, 2019USD ($)bbl	Jul. 31, 2018wellmi
Long-term Purchase Commitment [Line Items]
Deferred revenue		$ 35,000
Deferred revenue recognized			$ 0	$ 11,700
Contract with customer, term		12 years
Salt Creek Midstream Water, LLC
Long-term Purchase Commitment [Line Items]
Number of miles of pipeline (in miles) | mi						14
Number of wells (in wells) | well						1
Prefunded drilling bonus					$ 2,500
Crude oil takeaway, target number of barrels per day (in barrels per day) | bbl					40,000
Deferred revenue					$ 2,500
Deferred revenue recognized			100
Winkler Lea Transactions
Long-term Purchase Commitment [Line Items]
Proceeds from sale of overriding royalty interests and non-operated working interests	$ 39,000
Net revenue payments on financing arrangement			$ 1,594

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of related party transactions (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)well	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Total	$ (38,177)	$ (37,672)
Varde Partners, Inc.
Related Party Transaction [Line Items]
Number of wells operated (in wells) | well	2
Payable for net proportionate share of production revenue	$ 0	(157)
Receivable balance outstanding for operating costs in excess of production revenue associated with VPD's proportionate share of producing wells	73	0
WLWI
Related Party Transaction [Line Items]
Payable for net proportionate share of production revenue	(1,235)	(526)
WLR
Related Party Transaction [Line Items]
Payable for net proportionate share of production revenue	(187)	(161)
Asset disposition accounted for as a financing arrangement | WLWI
Related Party Transaction [Line Items]
Total	(23,768)	(23,768)
Asset disposition accounted for as a financing arrangement | WLR
Related Party Transaction [Line Items]
Total	$ (13,060)	$ (13,060)

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)agreement	Apr. 21, 2020USD ($)
Winkler Lea Transactions
Related Party Transaction [Line Items]
Number of agreements | agreement	2
WLR
Related Party Transaction [Line Items]
Purchase and sale agreement, proportionate share of production included in interest expense	$ 0.2
WLWI
Related Party Transaction [Line Items]
Purchase and sale agreement, proportionate share of production included in interest expense	$ 1.4
Subsequent Event | Revolving Credit Facility | Varde Partners, Inc. | Värde Investment Partners, L.P.
Related Party Transaction [Line Items]
Principal amount counterparty became lender to		$ 25.7

PREFERRED STOCK - Summary of Pr

PREFERRED STOCK - Summary of Preferred Stock (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)shares
Series C Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares) | shares	125,000
Beginning balance	$ 99,303
Paid-in-kind dividends	$ 3,620
Ending balance (in shares) | shares	125,000
Ending balance	$ 102,923
Series D Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares) | shares	39,254
Beginning balance	$ 29,082
Paid-in-kind dividends	$ 896
Ending balance (in shares) | shares	39,254
Ending balance	$ 29,978
Series E Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares) | shares	60,000
Beginning balance	$ 66,285
Paid-in-kind dividends	$ 1,324
Ending balance (in shares) | shares	60,000
Ending balance	$ 67,609
Series F Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares) | shares	55,000
Beginning balance	$ 50,861
Paid-in-kind dividends	$ 1,332
Ending balance (in shares) | shares	55,000
Ending balance	$ 52,193

STOCKHOLDERS' EQUITY (DEFICIT_2

STOCKHOLDERS' EQUITY (DEFICIT) - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Mar. 31, 2019	Mar. 31, 2020
Class of Stock [Line Items]
Common stock issued, value		$ 32,990
Outstanding warrants to expire in 2022 (in shares)			2,579,420
Common Shares
Class of Stock [Line Items]
Common stock issued (in shares)		17,641,638
Common stock issued, value		$ 2
Board of Directors | Common Shares
Class of Stock [Line Items]
Common stock issued (in shares)	4,431,817
Common stock issued, value	$ 1,000

STOCKHOLDERS' EQUITY (DEFICIT_3

STOCKHOLDERS' EQUITY (DEFICIT) - Summary of warrant activity (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Weighted- Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 3.83
Forfeited or expired (in dollars per share) | $ / shares	2.81
Outstanding ending balance (in dollars per share) | $ / shares	$ 4.50
Warrant
Warrants
Outstanding beginning balance (in shares) | shares	2,754,062
Forfeited or expired (in shares) | shares	(174,642)
Outstanding ending balance (in shares) | shares	2,579,420

STOCKHOLDERS' EQUITY (DEFICIT_4

STOCKHOLDERS' EQUITY (DEFICIT) - Schedule of antidilutive securities excluded from computation of diluted loss per share (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	32,232,715	27,525,297
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,456,025	4,499,100
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)	2,579,420	4,402,329
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)	26,197,270	18,623,868

SHARE BASED AND OTHER COMPENS_3

SHARE BASED AND OTHER COMPENSATION - Summary of share-based compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expensed	$ 1,063	$ 3,645
Unrecognized share-based compensation costs	670	5,351
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expensed	(4)	391
Unrecognized share-based compensation costs	$ 53	$ 294
Weighted average amortization period remaining (in years)	11 months 1 day	3 months 26 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expensed	$ 1,067	$ 3,254
Unrecognized share-based compensation costs	$ 617	$ 5,057
Weighted average amortization period remaining (in years)	8 months 12 days	8 months 23 days

SHARE BASED AND OTHER COMPENS_4

SHARE BASED AND OTHER COMPENSATION - Summary of restricted stock grant activity (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Shares
Outstanding beginning balance (in shares) | shares	1,402,175
Granted (in shares) | shares	4,431,817
Vested and issued (in shares) | shares	(4,575,402)
Forfeited or canceled (in shares) | shares	(632,083)
Outstanding ending balance (in shares) | shares	626,507
Weighted Average Grant Date Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 1.26
Granted (in dollars per share) | $ / shares	0.22
Vested and issued (in dollars per share) | $ / shares	2.39
Forfeited or canceled (in dollars per share) | $ / shares	2.94
Outstanding ending balance (in dollars per share) | $ / shares	$ 1.26

SHARE BASED AND OTHER COMPENS_5

SHARE BASED AND OTHER COMPENSATION - Summary of stock option activity (Details) - Omnibus Incentive Plan 2016 - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Number of Options
Outstanding beginning balance (in shares)	3,588,350
Forfeited or canceled (in shares)	(132,325)
Outstanding ending balance (in shares)	3,456,025
Weighted Average Exercise Price
Outstanding beginning (in dollars per share)	$ 4.05
Forfeited or canceled (in dollars per share)	3.14
Outstanding ending (in dollars per share)	$ 4.05
Stock Options Outstanding and Exercisable
Number of options vested/exercisable (in shares)	3,416,093		3,487,792
Weighted average remaining contractual life (Years)	7 years 2 months 12 days	7 years 2 months 12 days

SUPPLEMENTAL NON-CASH TRANSAC_3

SUPPLEMENTAL NON-CASH TRANSACTIONS - Summary of supplemental disclosure of cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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	$ 0	$ 141,787
Deferred revenue realized upon purchase option exercise	0	11,700
Change in capital expenditures for drilling costs in accrued liabilities	(2,849)	6,211
Accrued cumulative paid in kind dividends on preferred stock	7,172	4,824
Change in asset retirement obligations	$ 5	$ 47

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Mar. 11, 2019	Aug. 02, 2018	Jul. 02, 2020USD ($)motion	May 13, 2020USD ($)
Salt Creek Midstream, LLC
Long-term Purchase Commitment [Line Items]
Agreement period		5 years
ARM Energy Management, LLC
Long-term Purchase Commitment [Line Items]
Agreement period	5 years
Subsequent Event | Statutory Mechanic's And Materialman’s Liens
Long-term Purchase Commitment [Line Items]
Other commitment | $			$ 12,000,000
Legal Proceedings | ARM Energy Management, LLC, SCM Crude, LLC and Salt Creek Midstream, LLC v. Lilis Energy, Inc. | Pending Litigation | Subsequent Event
Long-term Purchase Commitment [Line Items]
Number of motions for summary judgment			2
Number of motions for summary judgment, gathering agreement properly terminated			1
Number of motions for summary judgment, sales contract properly terminated			1
SCM | Legal Proceedings | ARM Energy Management, LLC, SCM Crude, LLC and Salt Creek Midstream, LLC v. Lilis Energy, Inc. | Pending Litigation | Subsequent Event
Long-term Purchase Commitment [Line Items]
Temporary restraining order, bond posted | $				$ 50,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of required daily production (Details) - ARM Energy Management, LLC	Mar. 31, 2020bbl
March 2019 - June 2019
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, target number of barrels per day (in barrels per day)	5,000
July 2019 - December 2019
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, target number of barrels per day (in barrels per day)	4,000
January 2020 - June 2020
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, target number of barrels per day (in barrels per day)	5,000
July 2020 - June 2021
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, target number of barrels per day (in barrels per day)	6,000
July 2021 - December 2024
Long-term Purchase Commitment [Line Items]
Crude oil takeaway, target number of barrels per day (in barrels per day)	7,500