Civitas Resources (CIVI) 10-Q 8 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 04, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Bonanza Creek Energy, Inc.	'
Entity Central Index Key	'0001509589	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	41,263,812
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$36,555	$180,582
Accounts receivable:	'	'
Oil and gas sales	80,644	57,485
Joint interest and other	22,141	12,915
Prepaid expenses and other	4,213	1,638
Inventory of oilfield equipment	8,613	10,696
Derivative asset	153	858
Total current assets	152,319	264,174
Property and equipment (successful efforts method), at cost:	'	'
Proved properties	1,576,118	1,257,288
Less: accumulated depreciation, depletion and amortization	-316,943	-224,848
Total proved properties, net	1,259,175	1,032,440
Unproved properties	14,654	45,081
Wells in progress	117,364	110,848
Natural gas plant, net of accumulated depreciation of $7,180 in 2014 and $5,903 in 2013	69,108	71,474
Other property and equipment, net of accumulated depreciation of $4,270 in 2014 and $2,822 in 2013	9,947	7,406
Oil and gas properties held for sale, net of accumulated depreciation, depletion, and amortization of $- in 2014 and $1,463 in 2013 (note 4)	'	360
Total property and equipment, net	1,470,248	1,267,609
Long-term derivative asset	'	293
Other noncurrent assets	24,548	13,859
Total assets	1,647,115	1,545,935
Current liabilities:	'	'
Accounts payable and accrued expenses (note 5)	160,503	121,665
Oil and gas revenue distribution payable	38,289	36,241
Contractual obligation for land acquisition	12,000	12,000
Derivative liability	25,745	5,320
Total current liabilities	236,537	175,226
Long-term liabilities:	'	'
Revolving credit facility	'	'
Senior Notes, net of unamortized premium of $8,233 in 2014 and $8,847 in 2013	508,233	508,847
Contractual obligation for land acquisition	22,414	22,033
Ad valorem taxes	19,058	18,867
Derivative liability	7,724	1,203
Deferred income taxes, net	161,776	152,681
Asset retirement obligations	11,273	11,050
Total liabilities	967,015	889,907
Commitments and contingencies (note 7)	'	'
Stockholders' equity:	'	'
Preferred stock, $.001 par value, 25,000,000 shares authorized, none outstanding	'	'
Common stock, $.001 par value, 225,000,000 shares authorized, 40,400,581 and 40,285,919 issued and outstanding in 2014 and 2013, respectively	40	40
Additional paid-in capital	537,135	527,752
Retained earnings	142,925	128,236
Total stockholders' equity	680,100	656,028
Total liabilities and stockholders' equity	$1,647,115	$1,545,935

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Natural gas plant, accumulated depreciation (in dollars)	$7,180	$5,903
Other property and equipment, accumulated depreciation (in dollars)	4,270	2,822
Oil and gas properties held for sale, accumulated depreciation, depletion, and amortization (note 4) (in dollars)	316,943	224,848
Senior Notes unamortized premium	8,233	8,847
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	40,400,581	40,285,919
Common stock, shares outstanding	40,400,581	40,285,919
Assets held for sale	'	'
Oil and gas properties held for sale, accumulated depreciation, depletion, and amortization (note 4) (in dollars)	$0	$1,463

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating net revenues:	'	'	'	'
Oil and gas sales	$151,682	$84,517	$279,077	$162,825
Operating expenses:	'	'	'	'
Lease operating	18,018	12,898	35,099	24,029
Severance and ad valorem taxes	16,263	5,352	27,013	10,165
Exploration	96	862	1,179	1,424
Depreciation, depletion and amortization	54,117	29,517	95,248	52,880
General and administrative (including $7,353 $2,685, $14,150, and $7,063, respectively, of stock-based compensation)	24,547	13,283	48,261	26,449
Total operating expenses	113,041	61,912	206,800	114,947
Income from operations	38,641	22,605	72,277	47,878
Other income (expense):	'	'	'	'
Derivative gain (loss)	-27,307	7,562	-36,085	2,447
Interest expense	-9,434	-5,870	-18,769	-7,833
Other income (loss)	167	-86	216	50
Total other income (expense)	-36,574	1,606	-54,638	-5,336
Income from continuing operations before taxes	2,067	24,211	17,639	42,542
Income tax expense	-796	-9,328	-6,791	-16,386
Income from continuing operations	1,271	14,883	10,848	26,156
Discontinued operations (note 4):	'	'	'	'
Loss from operations associated with oil and gas properties held for sale	'	-274	-85	-301
Gain (loss) on sale of oil and gas properties	-184	'	6,330	'
Income tax (expense) benefit	71	106	-2,404	116
Gain (loss) from discontinued operations	-113	-168	3,841	-185
Net income	1,158	14,715	14,689	25,971
Comprehensive income	$1,158	$14,715	$14,689	$25,971
Basic and diluted income per share:	'	'	'	'
Income from continuing operations (in dollars per share)	$0.03	$0.37	$0.27	$0.65
Income (loss) from discontinued operations (in dollars per share)	'	($0.01)	$0.09	'
Net income per common share (in dollars per share)	$0.03	$0.36	$0.36	$0.65
Basic weighted-average common shares outstanding	39,758,489	39,335,688	39,655,968	39,294,942
Diluted weighted-average common shares outstanding	39,857,028	39,350,244	39,780,195	39,327,129

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME	'	'	'	'
General and administrative, stock compensation	$7,353	$2,685	$14,150	$7,063

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$14,689	$25,971
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation, depletion and amortization	95,316	53,085
Deferred income taxes	9,095	16,270
Stock-based compensation	14,150	7,063
Amortization of deferred financing costs	1,156	665
Amortization of premium on Senior Notes	-614	'
Accretion of contractual obligation for land acquisition	381	381
Derivative (gain) loss	36,085	-2,447
Gain on sale of oil and gas properties	-6,330	'
Other	-14	'
Changes in current assets and liabilities:	'	'
Accounts receivable	-32,385	-9,343
Prepaid expenses and other assets	-2,575	633
Accounts payable and accrued liabilities	29,114	-1,377
Settlement of asset retirement obligations	-99	-73
Net cash provided by operating activities	157,969	90,828
Cash flows from investing activities:	'	'
Acquisition of oil and gas properties	-3,091	-8,352
Proceeds from sale of oil and gas properties	6,000	'
Exploration and development of oil and gas properties	-275,890	-162,689
Natural gas plant capital expenditures	-271	-3,987
Derivative cash settlements	-8,142	-2,993
(Increase) decrease in restricted cash	-11,280	79
Additions to property and equipment - non oil and gas	-3,989	-2,626
Net cash used in investing activities	-296,663	-180,568
Cash flows from financing activities:	'	'
Proceeds from credit facility	'	33,500
Payments to credit facility	'	-191,500
Proceeds from sale of Senior Notes	'	300,000
Offering costs related to sale of senior subordinated notes	-277	-7,270
Payment of employee tax withholdings in exchange for return of common stock	-4,766	-3,127
Deferred financing costs	-290	-46
Net cash (used in) provided by financing activities	-5,333	131,557
Net change in cash and cash equivalents	-144,027	41,817
Cash and cash equivalents:	'	'
Beginning of period	180,582	4,268
End of period	36,555	46,085
Supplemental cash flow disclosure:	'	'
Cash paid for interest	17,857	2,321
Cash paid for income taxes	100	100
Changes in working capital related to drilling expenditures, natural gas plant expenditures, and property acquisition	$10,920	$7,401

ORGANIZATION_AND_BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2014
ORGANIZATION AND BUSINESS	'
ORGANIZATION AND BUSINESS	'
	NOTE 1 - ORGANIZATION AND BUSINESS
	Bonanza Creek Energy, Inc. (the “Company” or “BCEI”) is engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. Our oil and liquids weighted assets are concentrated primarily in the Wattenberg Field in Colorado (Rocky Mountain region) and the Dorcheat Macedonia Field in Southern Arkansas (Mid-Continent region).

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2014
BASIS OF PRESENTATION	'
BASIS OF PRESENTATION	'
	NOTE 2 - BASIS OF PRESENTATION
	These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. The quarterly financial statements included herein do not necessarily include all of the disclosures as may be required under generally accepted accounting principles for complete financial statements. There has been no material change in the information disclosed in the notes to the consolidated financial statements included in BCEI’s Annual Report on Form 10-K for the year ended December 31, 2013 (“2013 Form 10-K”), except as disclosed herein. These consolidated financial statements include all of the adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations. All such adjustments are of a normal recurring nature only. The results of operations for the quarterly periods are not necessarily indicative of the results to be expected for the full fiscal year. The Company evaluated events subsequent to the balance sheet date of June 30, 2014, through the filing date of this report. Certain prior period amounts are reclassified to conform to the current period presentation, when necessary.
	Principles of Consolidation
	The consolidated balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Bonanza Creek Energy Resources, LLC, Holmes Eastern Company, LLC, Bonanza Creek Energy Upstream LLC, and Bonanza Creek Energy Midstream, LLC. All significant intercompany accounts and transactions have been eliminated.
	Significant Accounting Policies
	The significant accounting policies followed by the Company were set forth in Note 1 to the 2013 Form 10-K and are supplemented by the notes throughout in this report. These unaudited condensed consolidated financial statements should be read in conjunction with the 2013 Form 10-K.
	Recently Issued Accounting Standards
	In April 2014, the Financial Accounting Standards Board issued Update No. 2014-08 — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The update is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2014 and is to be applied prospectively. The Company is currently evaluating the provisions of this guidance and assessing its impact, but does not currently believe it will have a material effect on the Company’s financial statements or disclosures.
	In May 2014, the FASB issued Update No. 2014-09 — Revenue From Contracts With Customers. The update prescribes two acceptable methods and is effective for the annual period beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company’s financial statements and disclosures.
	In June 2014, the FASB issued Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. The guidance relates to the recognition of share-based compensation when an award provides that a performance target can be achieved after the requisite service period. This authoritative accounting guidance may be applied either prospectively or retrospectively and is effective for annual periods and interim periods beginning after December 15, 2015. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company’s financial statements and disclosures.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2014
ACQUISITIONS	'
ACQUISITIONS	'
	NOTE 3 - ACQUISITIONS
	Subsequent to June 30, 2014, the Company acquired approximately 86,000 gross (34,000 net) acres of oil and gas properties, leasehold mineral interests and related assets located in the Wattenberg Field (“Wattenberg Field Acquisition”) from a private operator. The Company paid $174.2 million in cash and issued 853,492 shares of the Company’s common stock valued at $57.47 per share, the market price at the time of closing, for the acquired assets. Proved developed reserve estimates on the acquired properties at the time of closing will not be material. The Wattenberg Field Acquisition had an effective date of June 1, 2014 and closed on July 8, 2014. The Company made an $11,280,000 escrow deposit on May 21, 2014, which is reflected under noncurrent assets within the accompanying condensed consolidated balance sheets (“accompanying balance sheets”) and within the investing section in the accompanying condensed consolidated statements of cash flows (“accompanying statements of cash flows”) for the six month period ended June 30, 2014. The amounts held in escrow were paid to the seller at closing.
	In connection with the Wattenberg Field Acquisition, the Company entered into a Registration Rights Agreement with respect to the shares of common stock issued at closing. Pursuant to the Registration Rights Agreement, and subject to certain terms and conditions, the Company filed a registration statement with the Securities and Exchange Commission (“SEC”) registering the resale from time to time of the shares of common stock issued to the seller at closing.
	On July 31, 2012, the Company acquired leases to approximately 5,600 net acres in the Wattenberg Field from the State of Colorado, State Board of Land Commissioners. The Company paid approximately $12 million at closing, $12 million in July 2013 and $12 million in July 2014. The Company will pay approximately $12 million in July 2015 and July 2016. The future payments were discounted based on our effective borrowing rate to arrive at a purchase price of $57 million. Future payments include imputed interest and are secured by a letter of credit. The letter of credit as of June 30, 2014 and on the filing date of this report was $36 million and $24 million, respectively.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2014
DISCONTINUED OPERATIONS	'
DISCONTINUED OPERATIONS	'
	NOTE 4 - DISCONTINUED OPERATIONS
	During June of 2012, the Company began marketing, with intent to sell, all of its oil and gas properties in California classifying them as assets held for sale. Assets are classified as held for sale when the Company commits to a plan to sell the assets and there is reasonable certainty that the sale will take place within one year. The Company determined that its intent to sell all of its assets in a region qualified as discontinued operations. The Company sold its remaining property during the first quarter of 2014 for approximately $6.0 million and recorded a gain on the sale of oil and gas properties in the amount of $6.3 million. The carrying amounts of the remaining properties included within assets held for sale classified as discontinued operations are presented below.
		As of June 30,		As of December
		2014		31, 2013
		(in thousands)
	Oil and gas properties, successful efforts method:
	Proved properties	$	—	$	1,721
	Unproved properties	—		1
	Wells in progress	—		101
	Total property and equipment	—		1,823
	Less accumulated depreciation, depletion and amortization	—		(1,463		)
	Property and equipment, net	$	—	$	360
	The total revenues, expenses, and income associated with the operation of the oil and gas properties held for sale are presented below.
		Three Months Ended June 30					Six Months Ended June 30
		2014		2013			2014			2013
		(in thousands)
	Net revenues:
	Oil and gas sales	$	—	$	437		$	361		$	875
	Operating expenses:
	Lease operating	—		602			366			905
	Severance and ad valorem taxes	—		1			12			1
	Exploration	—		8			—			65
	Depreciation, depletion and amortization	—		100			68			205
	Total operating expenses	—		711			446			1,176
	Loss from operations associated with oil and gas properties held for sale	$	—	$	(274	)	$	(85	)	$	(301	)

ACCOUNTS_PAYABLE_AND_ACCRUED_E

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	6 Months Ended
	Jun. 30, 2014
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	'
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	'
	NOTE 5 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES
	Accounts payable and accrued expenses contain the following:
		As of June 30,		As of December 31,
		2014		2013
		(in thousands)
	Drilling and completion costs	$	91,891	$	80,971
	Accounts payable trade	27,127		3,288
	Accrued general and administrative cost	11,150		12,720
	Lease operating expenses	3,833		5,440
	Accrued reclamation cost	162		168
	Accrued interest	7,054		7,065
	Accrued oil and gas derivatives	2,665		446
	Production and ad valorem taxes and other	16,621		11,567
	Total accounts payable and accrued expenses	$	160,503	$	121,665

LONGTERM_DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2014
LONG-TERM DEBT	'
LONG-TERM DEBT	'
	NOTE 6 — LONG-TERM DEBT
	The Company’s senior secured revolving Credit Agreement (the “Revolver” or “credit facility”), dated March 29, 2011, as amended, was further amended on May 14, 2014 to increase the credit facility amount from $600 million to $1 billion, to increase the borrowing base from $450 million to $525 million, and to reduce the effective interest rate on future borrowings under the credit facility by 0.25%. The Company elected to limit bank commitments to $400 million while reserving the option to access, at the Company’s request, the full borrowing base prior to the next semi-annual redetermination on November 15, 2014. The Revolver is collateralized by substantially all the Company’s assets and matures on September 15, 2018. As of June 30, 2014 and December 31, 2013, the Company had no outstanding balance under the Revolver with an available borrowing capacity of $489 million and $414 million, respectively, after the reduction of the outstanding letter of credit of $36 million.
	The Revolver restricts, among other items, the payment of dividends, certain additional indebtedness, sale of assets, loans and certain investments and mergers. The Revolver also contains certain financial covenants, which require the maintenance of minimum current and debt coverage ratios. The Company was in compliance with all financial and non-financial covenants as of June 30, 2014 and through the filing date of this report.

COMMITMENTS_AND_CONTINGENT_LIA

COMMITMENTS AND CONTINGENT LIABILITIES:	6 Months Ended
	Jun. 30, 2014
COMMITMENTS AND CONTINGENT LIABILITIES:	'
COMMITMENTS AND CONTINGENT LIABILITIES:	'
	NOTE 7 - COMMITMENTS AND CONTINGENT LIABILITIES
	From time to time, the Company is involved in various commercial and regulatory claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. In accordance with accounting authoritative guidance, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. No claims have been made, nor is the Company aware of any material uninsured liability which the Company may have, as it relates to any environmental cleanup, restoration or the violation of any rules or regulations. As of the date of this filing, there were no material pending or overtly threatened legal actions against the Company of which it is aware.
	Commitments
	There have been no material changes from the commitments disclosed in the 2013 Form 10-K.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2014
STOCK-BASED COMPENSATION	'
STOCK-BASED COMPENSATION	'
	NOTE 8 — STOCK-BASED COMPENSATION
	Restricted Stock under the Long Term Incentive Plan
	The Company grants shares of restricted stock, which represents one share of the Company’s common stock vesting in one-third increments over three years. Shares of restricted stock are valued at the closing price of the Company’s common stock on the grant date and are recognized as general and administrative expense over the vesting period of the award.
	During the six months ended June 30, 2014, the Company granted 219,079 shares of restricted stock under the Company’s Long Term Incentive Program (“LTIP”) to certain employees. The fair value of the issuance was $10.5 million. Total expense recorded for restricted stock for the three month periods ended June 30, 2014 and 2013, was $6.7 million and $2.5 million, respectively, and $13.2 million and $6.8 million for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, unrecognized compensation cost was $19.3 million and will be amortized through 2017.
	During the six months ended June 30, 2014, the Company issued 9,416 shares of restricted common stock under the LTIP to its non-employee directors. Total expense recorded for non-employee directors for the three month periods ended June 30, 2014 and 2013, was $297,000 and $80,000, respectively and $377,000 and $160,000 for the six months ended June 30, 2014 and 2013, respectively. These awards vest approximately one year after issuance.
	A summary of the status and activity of non-vested restricted stock for the six months ended June 30, 2014 is presented below:
		Restricted		Weighted-
		Stock		Average
				Grant-Date
				Fair Value
	Non-vested at beginning of year	836,002		$	25.11
	Granted	228,495		$	48.44
	Vested	(431,893	)	$	25.81
	Forfeited	(13,284	)	$	32.49
	Non-vested at end of quarter	619,320		$	34.36
	Performance Stock Units under the Long Term Incentive Plan
	The Company grants performance stock units (“PSUs”) to certain officers of the Company. The number of shares of the Company’s common stock that may be issued to settle PSUs range from zero to two times the number of PSUs awarded and is determined based on the Company’s performance over a three-year measurement period. The PSUs granted during 2013 vest in their entirety at the end of the measurement period. The PSUs granted during 2014 vest at the end of each annual measurement period during the performance cycle up to two-thirds of the target number of PSUs that are eligible for vesting (such that an amount equal to 200% of the target number may be earned during the performance cycle of three years). The PSUs will be settled in shares following the end of the three-year performance cycle.
	During the six months ended June 30, 2014, the Company granted 63,766 shares of PSUs under the LTIP to certain employees. The fair value of the issuance was $2.7 million. Total expense recorded for PSUs for the three month periods ended June 30, 2014 and 2013 was $392,000 and $103,000, respectively and $567,000 and $107,000 for the six month periods ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there was $3.4 million of total unrecognized compensation expense related to unvested PSUs to be amortized through 2016.
	A summary of the status and activity of PSUs for the six months ended June 30, 2014 is presented below:
		PSU		Weighted-Average
				Grant-Date Fair Value
	Non-vested at beginning of year (1)	40,191		$	32.05
	Granted(1)	63,766		$	42.5
	Vested(1)	—		$	—
	Forfeited(1)	—		$	—
	Non-vested at end of quarter(1)	103,957		$	38.46
	(1)     The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2014
FAIR VALUE MEASUREMENTS	'
FAIR VALUE MEASUREMENTS	'
	NOTE 9 - FAIR VALUE MEASUREMENTS
	The Company follows fair value measurement authoritative guidance for all assets and liabilities measured at fair value, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
	Level 1:                            Quoted prices are available in active markets for identical assets or liabilities
	Level 2:                            Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable
	Level 3:                            Significant inputs to the valuation model are unobservable
	Financial assets and liabilities are to be classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.
	The following tables present the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 and their classification within the fair value hierarchy:
		As of June 30, 2014
		Level 1			Level 2			Level 3
		(in thousands)
	Derivative assets	$	—		$	—		$	153
	Derivative liabilities	$	—		$	12,171		$	21,298
		As of December 31, 2013
		Level 1			Level 2			Level 3
		(in thousands)
	Derivative assets	$	—		$	736		$	415
	Derivative liabilities	$	—		$	1,741		$	4,782
	Derivatives
	Fair value of all derivative instruments are estimated with industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value of money, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. All valuations were compared against counterparty statements to verify the reasonableness of the estimate. The Company’s commodity swaps are validated by observable transactions for the same or similar commodity options using the NYMEX futures index, and are designated as Level 2 within the valuation hierarchy. The Company’s collars, which are designated as Level 3 within the valuation hierarchy, are not validated by observable transactions with respect to volatility. Presently, all of our derivative arrangements are concentrated with five counterparties all of which are lenders under the Company’s Revolver.
	The following table reflects the activity for the commodity derivatives measured at fair value using Level 3 inputs for the three month periods ended June 30, 2014 and 2013.
		For the Three Months Ended						For the Three Months Ended
		June 30, 2014						June 30, 2013
		Derivative			Derivative			Derivative			Derivative
		Asset			Liability			Asset			Liability
		(in thousands)
	Beginning balance	$	145		$	8,162		$	981		2,347
	Net increase (decrease) in fair value (1)	(1,350		)	11,221			1,556			(2,039	)
	Net settlements (1)	1,358			(2,012		)	—			9
	New derivatives	—			3,927			1,808			—
	Transfers in (out) of Level 3	—			—			—			—
	Ending balance	$	153		$	21,298		$	4,345		317
	(1)     Net increase (decrease) in fair value and net settlements are a component of the derivative gain (loss) line item in the accompanying condensed consolidated statements of operations (“accompanying statements of operations”). Cash outflows for a derivative asset are shown as a positive number and a negative number for a derivative liability.
	The following table reflects the activity for the commodity derivatives measured at fair value using Level 3 inputs for the six month periods ended June 30, 2014 and 2013.
		For the Six Months Ended						For the Six Months Ended
		June 30, 2014						June 30, 2013
		Derivative			Derivative			Derivative			Derivative
		Asset			Liability			Asset			Liability
		(in thousands)
	Beginning balance	$	415		$	4,782		$	1,727		1,235
	Net increase (decrease) in fair value (1)	(2,553		)	14,995			(465		)	(1,970	)
	Net settlements (1)	2,237			(2,894		)	—			10
	New derivatives	54			4,415			3,083			1,042
	Transfers in (out) of Level 3	—			—			—			—
	Ending balance	$	153		$	21,298		$	4,345		317
	(1)     Net increase (decrease) in fair value and net settlements are a component of the derivative gain (loss) line item in the accompanying statements of operations. Cash outflows for a derivative asset are shown as a positive number and a negative number for a derivative liability.
	Proved Oil and Gas Properties
	Proved oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs exceed the sum of the undiscounted cash flows. The Company uses Level 3 inputs and the income valuation technique, which converts future amounts to a single present value amount, to measure the fair value of proved properties through an application of discount rates and price forecasts selected by the Company’s management. The calculation of the discount rate is a significant management estimate based on the best information available and estimated to be 10%. Management believes that the discount rate is representative of current market conditions and reflects the following factors: estimate of future cash payments, expectations of possible variations in the amount and/or timing of cash flows, the risk premium, and nonperformance risk. The price forecast is based on the NYMEX strip pricing, adjusted for basis differentials. Future operating costs are also adjusted as deemed appropriate for these estimates. Proved properties classified as held for sale are valued using a market approach, based on an estimated selling price, as evidenced by the most current bid prices received from third parties. If an estimated selling price is not available, the Company utilizes the income valuation technique discussed above. There were no proved properties measured at fair value at June 30, 2014 or December 31, 2013.
	Unproved Oil and Gas Properties
	Unproved oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs may not be recoverable. To measure the fair value of unproved properties, the Company uses Level 3 inputs and the income valuation technique, which takes into account the following significant assumptions: future development plans, risk weighted potential resource recovery, and estimated reserve values. Unproved properties classified as held for sale are valued using a market approach, based on an estimated selling price, as evidenced by the most current bid prices received from third parties. If an estimated selling price is not available, the Company uses the price received for similar acreage in recent transactions by the Company or other market participants in the principal market. There were no unproved properties measured at fair value as of June 30, 2014 or December 31, 2013.
	Asset Retirement Obligation
	The Company utilizes the income valuation technique to determine the fair value of the asset retirement obligation liability at the point of inception by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state, to the undiscounted expected abandonment cash flows. Upon completion of wells and natural gas plants, the Company records an asset retirement obligation at fair value using Level 3 assumptions. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs.  There were no asset retirement obligations measured at fair value at June 30, 2014 or December 31, 2013.
	Long-term Debt
	As of June 30, 2014, the Company had $500 million of outstanding 6.75% Senior Notes (the “6.75 % Senior Notes”).  The 6.75% Senior Notes are recorded at cost net of the unamortized premium on the accompanying balance sheets at $508.2 million and $508.8 million as of June 30, 2014 and December 31, 2013, respectively. The fair value of the Senior Notes as of June 30, 2014 and December 31, 2013 was $537.5 million and $527.5 million, respectively, measured using Level 1 inputs based on a secondary market trading price. The Company’s credit facility, when drawn upon, approximates fair value, as the applicable interest rates are floating.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2014
DERIVATIVES	'
DERIVATIVES	'
	NOTE 10 — DERIVATIVES
	The Company enters into commodity derivative contracts to mitigate a portion of its exposure to potentially adverse market changes in commodity prices and the associated impact on cash flows. All contracts are entered into for other-than-trading purposes. The Company’s derivatives include swaps and collar arrangements for oil and gas and none of the derivative instruments qualify as having hedging relationships.
	As of June 30, 2014, and as of the filing date of this report, the Company had the following derivative commodity contracts in place:
	Settlement	Derivative		Total Volumes		Average			Average			Average		Average		Fair Market
	Period	Instrument		(Bbls/MMBtu		Fixed			Short Floor			Floor		Ceiling		Value of Asset
				per day)		Price			Price			Price		Price		(Liability)
																(in thousands)
	Oil
	3Q 2014	Swap		5,870		$	96.09									$	(4,452	)
	4Q 2014	Swap		6,370		$	95.62									(3,624		)
	1Q 2015	Swap		6,000		$	95.39									(2,204		)
	2Q 2015	Swap		5,000		$	94.21									(1,335		)
	3Q 2015	Swap		2,000		$	93.43									(394		)
	4Q 2015	Swap		2,000		$	93.43									(162		)
	3Q 2014	Collar		4,326								$	86.16	$	96.57	(3,179		)
	4Q 2014	Collar		4,326								$	86.16	$	96.57	(2,602		)
	3Q 2014	3-Way Collar		2,000					$	65		$	87.68	$	99.75	(941		)
	4Q 2014	3-Way Collar		2,000					$	65		$	87.68	$	99.75	(791		)
	1Q 2015	3-Way Collar		6,500					$	68.08		$	84.32	$	95.9	(3,552		)
	2Q 2015	3-Way Collar		5,500					$	67.73		$	84.09	$	95.16	(2,672		)
	3Q 2015	3-Way Collar		6,500					$	68.46		$	84.62	$	95.49	(2,438		)
	4Q 2015	3-Way Collar		6,500					$	68.46		$	84.62	$	95.49	(2,002		)
	1Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(983		)
	2Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(710		)
	3Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(546		)
	4Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(496		)
																$	(33,083	)
	Gas
	3Q 2014	3-Way Collar		30,000					$	3.63		$	4.21	$	4.81	$	57
	4Q 2014	3-Way Collar		30,000					$	3.63		$	4.21	$	4.81	(95		)
	1Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	(290		)
	2Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	88
	3Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	52
	4Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	(45		)
																$	(233	)
	Total															$	(33,316	)
	Derivative Assets and Liabilities Fair Value
	The Company’s commodity derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities.
	The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of June 30, 2014 and December 31, 2013:
		As of June 30, 2014
		Balance Sheet Location		Fair Value
				(in thousands)
	Derivative Assets:
	Commodity contracts	Current assets		$	153
	Commodity contracts	Noncurrent assets		—
	Derivative Liabilities:
	Commodity contracts	Current liabilities		(25,745		)
	Commodity contracts	Long-term liabilities		(7,724		)
	Total net derivative liability			$	(33,316	)
		As of December 31, 2013
		Balance Sheet Location		Fair Value
				(in thousands)
	Derivative Assets:
	Commodity contracts	Current assets		$	858
	Commodity contracts	Noncurrent assets		293
	Derivative Liabilities:
	Commodity contracts	Current liabilities		(5,320		)
	Commodity contracts	Long-term liabilities		(1,203		)
	Total net derivative liability			$	(5,372	)
	The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations:
		For the Three Months						For the Six Months Ended
		Ended June 30,						June 30,
		2014			2013			2014			2013
	(in thousands, except per share amounts)
Derivative cash settlement gain (loss):
Oil contracts	$	(5,894	)	$	(1,593	)	$	(7,594	)	$	(3,244	)
Gas contracts	(21		)	107			(548		)	251
Total derivative cash settlement (loss)(1)	$	(5,915	)	$	(1,486	)	$	(8,142	)	$	(2,993	)
Change in fair value gain (loss)
Oil contracts	$	(21,724	)	$	9,048		$	(27,717	)	$	5,440
Gas contracts	332			—			(226		)	—
Total change in fair value gain (loss)	$	(21,392	)	$	9,048		$	(27,943	)	$	5,440
Total derivative gain (loss)(2)	$	(27,307	)	$	7,562		$	(36,085	)	$	2,447
(1)     Derivative cash settlement gain (loss) is reported in the derivative cash settlements line item on the accompanying statements of cash flows within the net cash used in investing activities.
(2)     Total derivative gain (loss) is reported in the derivative gain (loss) line item on the accompanying statements of cash flows within the net cash provided by operating activities.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2014
EARNINGS PER SHARE	'
EARNINGS PER SHARE	'
	NOTE 11 — EARNINGS PER SHARE
	The Company issues shares of restricted stock entitling the holders to receive non-forfeitable dividends, if and when, the Company were to declare a dividend, before vesting, thus making the awards participating securities. The awards are included in the calculation of earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and unvested participating shareholders.
	The Company issues PSUs, which represent the right to receive, upon settlement of the PSUs after completion of a three-year performance period, a number of shares of the Company’s common stock that range from 0% to 200% of the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the contingency period applicable to such PSUs. Please refer to Note 8 — Stock-Based Compensation, for additional discussion.
	The following table sets forth the calculation of earnings per basic and diluted shares from continuing and discontinued operations for the three and six month periods ended June 30, 2014 and 2013:
		For the Three Months						For the Six Months
		Ended June 30,						Ended June 30,
		2014			2013			2014		2013
		(in thousands, except per share amounts)
	Income from continuing operations:
	Income from continuing operations	$	1,271		$	14,883		$	10,848	$	26,156
	Less: undistributed earnings to unvested restricted stock	23			379			205		614
	Undistributed earnings to common shareholders	1,248			14,504			10,643		25,542
	Basic income per common share from continuing operations	$	0.03		$	0.37		$	0.27	$	0.65
	Diluted income per common share from continuing operations	$	0.03		$	0.37		$	0.27	$	0.65
	Income (loss) from discontinued operations:
	Income (loss) from discontinued operations	$	(113	)	$	(168	)	$	3,841	$	(185	)
	Less: undistributed earnings to unvested restricted stock	2			4			73		4
	Undistributed earnings (loss) to common shareholders	(111		)	(164		)	3,768		(181		)
	Basic income (loss) per common share from discontinued operations	$	—		$	(0.01	)	$	0.09	$	—
	Diluted income (loss) per common share from discontinued operations	$	—		$	(0.01	)	$	0.09	$	—
	Net income:
	Net income	$	1,158		$	14,715		$	14,689	$	25,971
	Less: undistributed earnings to unvested restricted stock	21			375			277		610
	Undistributed earnings to common shareholders	1,137			14,340			14,412		25,361
	Basic net income per common share	$	0.03		$	0.36		$	0.36	$	0.65
	Diluted net income per common share	$	0.03		$	0.36		$	0.36	$	0.65
	Weighted-average shares outstanding - basic	39,758,489			39,335,688			39,655,968		39,294,942
	Add: dilutive effect of contingent PSUs	98,539			14,556			124,227		32,187
	Weighted-average shares outstanding - diluted	39,857,028			39,350,244			39,780,195		39,327,129
	The Company had no anti-dilutive shares for the three and six month periods ended June 30, 2014 and 2013.

INCOME_TAXES

INCOME TAXES:	6 Months Ended
	Jun. 30, 2014
INCOME TAXES:	'
INCOME TAXES:	'
	NOTE 12 - INCOME TAXES
	The Company uses the asset and liability method of accounting for deferred income taxes. Deferred tax assets and liabilities are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the tax rate in effect at that time. During the three and six month periods ended June 30, 2014 and 2013 the effective tax rate was 38.5%.
	The deferred income tax liability for an oil and gas exploration company is dependent on many variables such as estimating the economic lives of depleting oil and gas reserves and commodity prices. Accordingly, the liability is subject to continual recalculation, revision of the numerous estimates required, and may change significantly in the event of such things as major acquisitions, divestitures, product price changes, changes in reserve estimates, changes in reserve lives, and changes in tax rates or tax laws.
	The Company has not taken any uncertain tax positions and has no valuation allowances.

SUBSEQUENT_EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2014
SUBSEQUENT EVENT	'
SUBSEQUENT EVENT	'
	NOTE 13 — SUBSEQUENT EVENT
	On July 15, 2014, the Company issued $300 million aggregate principal amount of 5.75% Senior Notes (the “5.75% Senior Notes”) that mature on February 1, 2023. Interest on the 5.75% Senior Notes began accruing on July 15, 2014, and the Company will pay interest on February 1 and August 1 of each year, beginning on February 1, 2015. The 5.75% Senior Notes are guaranteed on a senior unsecured basis by the Company’s existing and future subsidiaries that incur or guarantee certain indebtedness, including indebtedness under the Revolver. The net proceeds from the sale of the 5.75% Senior Notes were $293.7 million after deductions of $6.3 million of expenses and underwriting discounts and commissions. The net proceeds were used to pay off the Company’s outstanding credit facility balance, that existed after June 30, 2014, and the Company will use the remainder for general corporate purposes, which may include funding its drilling and development program and other capital expenditures.
	At any time prior to August 1, 2017, the Company may redeem up to 35% of the aggregate principal amount of the 5.75% Senior Notes at a redemption price of 105.75% of the principal amount, plus accrued and unpaid interest, with an amount of cash not greater than the net cash proceeds of an equity offering. The Company may redeem all or a part of the 5.75% Senior Notes at any time prior to August 1, 2018 subject to a “make-whole” premium and accrued and unpaid interest. On or after August 1, 2018, the Company may redeem all or a part of the 5.75% Senior Notes at the redemption price of 102.875% for 2018, 101.438% for 2019, and 100.0% for 2020 and thereafter, during the twelve month period beginning on August 1 of each applicable year, plus accrued and unpaid interest.
	As of June 30, 2014, and through the filing date of this report, all of the existing subsidiaries of the Company are guarantors of the 5.75% Senior Notes, and all such subsidiaries are 100% owned by the Company. The guarantees by the subsidiaries are full and unconditional (except for customary release provisions) and constitute joint and several obligations of the subsidiaries. The Company has no independent assets or operations unrelated to its investments in its consolidated subsidiaries. There are no significant restrictions on the Company’s ability or the ability of any subsidiary guarantor to obtain funds from its subsidiaries by such means as a dividend or loan.
	The Company’s Revolver’s borrowing base was decreased to $450 million from $525 million upon the issuance of the 5.75% Senior Notes. As of the date of this filing, the Company had no outstanding balance under the Revolver with an available borrowing capacity of $426 million, after the reduction of the outstanding letter of credit of $24 million and the reduction in the borrowing base from the issuance of the 5.75% Senior Notes.

BASIS_OF_PRESENTATION_Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2014
BASIS OF PRESENTATION	'
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Bonanza Creek Energy Resources, LLC, Holmes Eastern Company, LLC, Bonanza Creek Energy Upstream LLC, and Bonanza Creek Energy Midstream, LLC. All significant intercompany accounts and transactions have been eliminated.
Significant Accounting Policies	'
	Significant Accounting Policies
	The significant accounting policies followed by the Company were set forth in Note 1 to the 2013 Form 10-K and are supplemented by the notes throughout in this report. These unaudited condensed consolidated financial statements should be read in conjunction with the 2013 Form 10-K.
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards
	In April 2014, the Financial Accounting Standards Board issued Update No. 2014-08 — Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The update is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or will have a major effect on an entity’s operations and financial results. This authoritative accounting guidance is effective for interim and annual periods beginning after December 15, 2014 and is to be applied prospectively. The Company is currently evaluating the provisions of this guidance and assessing its impact, but does not currently believe it will have a material effect on the Company’s financial statements or disclosures.
	In May 2014, the FASB issued Update No. 2014-09 — Revenue From Contracts With Customers. The update prescribes two acceptable methods and is effective for the annual period beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company’s financial statements and disclosures.
	In June 2014, the FASB issued Update No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could be Achieved after the Requisite Service Period. The guidance relates to the recognition of share-based compensation when an award provides that a performance target can be achieved after the requisite service period. This authoritative accounting guidance may be applied either prospectively or retrospectively and is effective for annual periods and interim periods beginning after December 15, 2015. The Company is currently evaluating the provisions of this guidance and assessing its impact on the Company’s financial statements and disclosures.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2014
DISCONTINUED OPERATIONS	'
Schedule of the carrying amounts of the remaining properties included within assets held for sale classified as discontinued operations	'
		As of June 30,		As of December
		2014		31, 2013
		(in thousands)
	Oil and gas properties, successful efforts method:
	Proved properties	$	—	$	1,721
	Unproved properties	—		1
	Wells in progress	—		101
	Total property and equipment	—		1,823
	Less accumulated depreciation, depletion and amortization	—		(1,463		)
	Property and equipment, net	$	—	$	360
Schedule of revenues and expenses, and the income associated with the operation of the oil and gas properties held for sale	'
		Three Months Ended June 30					Six Months Ended June 30
		2014		2013			2014			2013
		(in thousands)
	Net revenues:
	Oil and gas sales	$	—	$	437		$	361		$	875
	Operating expenses:
	Lease operating	—		602			366			905
	Severance and ad valorem taxes	—		1			12			1
	Exploration	—		8			—			65
	Depreciation, depletion and amortization	—		100			68			205
	Total operating expenses	—		711			446			1,176
	Loss from operations associated with oil and gas properties held for sale	$	—	$	(274	)	$	(85	)	$	(301	)

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Tables)	6 Months Ended
	Jun. 30, 2014
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	'
Schedule of accounts payable and accrued expenses	'
		As of June 30,		As of December 31,
		2014		2013
		(in thousands)
	Drilling and completion costs	$	91,891	$	80,971
	Accounts payable trade	27,127		3,288
	Accrued general and administrative cost	11,150		12,720
	Lease operating expenses	3,833		5,440
	Accrued reclamation cost	162		168
	Accrued interest	7,054		7,065
	Accrued oil and gas derivatives	2,665		446
	Production and ad valorem taxes and other	16,621		11,567
	Total accounts payable and accrued expenses	$	160,503	$	121,665

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2014
STOCK-BASED COMPENSATION	'
Summary of the status and activity of non-vested restricted stock	'
		Restricted		Weighted-
		Stock		Average
				Grant-Date
				Fair Value
	Non-vested at beginning of year	836,002		$	25.11
	Granted	228,495		$	48.44
	Vested	(431,893	)	$	25.81
	Forfeited	(13,284	)	$	32.49
	Non-vested at end of quarter	619,320		$	34.36
Summary of the status and activity of PSUs	'
		PSU		Weighted-Average
				Grant-Date Fair Value
	Non-vested at beginning of year (1)	40,191		$	32.05
	Granted(1)	63,766		$	42.5
	Vested(1)	—		$	—
	Forfeited(1)	—		$	—
	Non-vested at end of quarter(1)	103,957		$	38.46
	(1)     The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition.

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2014
FAIR VALUE MEASUREMENTS	'
Schedule of financial assets and liabilities at fair value on recurring basis	'
		As of June 30, 2014
		Level 1			Level 2			Level 3
		(in thousands)
	Derivative assets	$	—		$	—		$	153
	Derivative liabilities	$	—		$	12,171		$	21,298
		As of December 31, 2013
		Level 1			Level 2			Level 3
		(in thousands)
	Derivative assets	$	—		$	736		$	415
	Derivative liabilities	$	—		$	1,741		$	4,782
Schedule of activity for commodity derivatives measured at fair value using Level 3 inputs	'
		For the Three Months Ended						For the Three Months Ended
		June 30, 2014						June 30, 2013
		Derivative			Derivative			Derivative			Derivative
		Asset			Liability			Asset			Liability
		(in thousands)
	Beginning balance	$	145		$	8,162		$	981		2,347
	Net increase (decrease) in fair value (1)	(1,350		)	11,221			1,556			(2,039	)
	Net settlements (1)	1,358			(2,012		)	—			9
	New derivatives	—			3,927			1,808			—
	Transfers in (out) of Level 3	—			—			—			—
	Ending balance	$	153		$	21,298		$	4,345		317
	(1)     Net increase (decrease) in fair value and net settlements are a component of the derivative gain (loss) line item in the accompanying condensed consolidated statements of operations (“accompanying statements of operations”). Cash outflows for a derivative asset are shown as a positive number and a negative number for a derivative liability.
		For the Six Months Ended						For the Six Months Ended
		June 30, 2014						June 30, 2013
		Derivative			Derivative			Derivative			Derivative
		Asset			Liability			Asset			Liability
		(in thousands)
	Beginning balance	$	415		$	4,782		$	1,727		1,235
	Net increase (decrease) in fair value (1)	(2,553		)	14,995			(465		)	(1,970	)
	Net settlements (1)	2,237			(2,894		)	—			10
	New derivatives	54			4,415			3,083			1,042
	Transfers in (out) of Level 3	—			—			—			—
	Ending balance	$	153		$	21,298		$	4,345		317
	(1)     Net increase (decrease) in fair value and net settlements are a component of the derivative gain (loss) line item in the accompanying statements of operations. Cash outflows for a derivative asset are shown as a positive number and a negative number for a derivative liability.

DERIVATIVES_Tables

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2014
DERIVATIVES	'
Summary of derivative commodity contracts in place	'
	Settlement	Derivative		Total Volumes		Average			Average			Average		Average		Fair Market
	Period	Instrument		(Bbls/MMBtu		Fixed			Short Floor			Floor		Ceiling		Value of Asset
				per day)		Price			Price			Price		Price		(Liability)
																(in thousands)
	Oil
	3Q 2014	Swap		5,870		$	96.09									$	(4,452	)
	4Q 2014	Swap		6,370		$	95.62									(3,624		)
	1Q 2015	Swap		6,000		$	95.39									(2,204		)
	2Q 2015	Swap		5,000		$	94.21									(1,335		)
	3Q 2015	Swap		2,000		$	93.43									(394		)
	4Q 2015	Swap		2,000		$	93.43									(162		)
	3Q 2014	Collar		4,326								$	86.16	$	96.57	(3,179		)
	4Q 2014	Collar		4,326								$	86.16	$	96.57	(2,602		)
	3Q 2014	3-Way Collar		2,000					$	65		$	87.68	$	99.75	(941		)
	4Q 2014	3-Way Collar		2,000					$	65		$	87.68	$	99.75	(791		)
	1Q 2015	3-Way Collar		6,500					$	68.08		$	84.32	$	95.9	(3,552		)
	2Q 2015	3-Way Collar		5,500					$	67.73		$	84.09	$	95.16	(2,672		)
	3Q 2015	3-Way Collar		6,500					$	68.46		$	84.62	$	95.49	(2,438		)
	4Q 2015	3-Way Collar		6,500					$	68.46		$	84.62	$	95.49	(2,002		)
	1Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(983		)
	2Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(710		)
	3Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(546		)
	4Q 2016	3-Way Collar		5,500					$	70		$	85	$	96.83	(496		)
																$	(33,083	)
	Gas
	3Q 2014	3-Way Collar		30,000					$	3.63		$	4.21	$	4.81	$	57
	4Q 2014	3-Way Collar		30,000					$	3.63		$	4.21	$	4.81	(95		)
	1Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	(290		)
	2Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	88
	3Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	52
	4Q 2015	3-Way Collar		15,000					$	3.5		$	4	$	4.75	(45		)
																$	(233	)
	Total															$	(33,316	)
Summary of all the Company's derivative positions reported on the accompanying balance sheets	'
		As of June 30, 2014
		Balance Sheet Location		Fair Value
				(in thousands)
	Derivative Assets:
	Commodity contracts	Current assets		$	153
	Commodity contracts	Noncurrent assets		—
	Derivative Liabilities:
	Commodity contracts	Current liabilities		(25,745		)
	Commodity contracts	Long-term liabilities		(7,724		)
	Total net derivative liability			$	(33,316	)
		As of December 31, 2013
		Balance Sheet Location		Fair Value
				(in thousands)
	Derivative Assets:
	Commodity contracts	Current assets		$	858
	Commodity contracts	Noncurrent assets		293
	Derivative Liabilities:
	Commodity contracts	Current liabilities		(5,320		)
	Commodity contracts	Long-term liabilities		(1,203		)
	Total net derivative liability			$	(5,372	)
Summary of the components of the derivative gain (loss) presented on the accompanying statements of operations	'
		For the Three Months						For the Six Months Ended
		Ended June 30,						June 30,
		2014			2013			2014			2013
		(in thousands, except per share amounts)
	Derivative cash settlement gain (loss):
	Oil contracts	$	(5,894	)	$	(1,593	)	$	(7,594	)	$	(3,244	)
	Gas contracts	(21		)	107			(548		)	251
	Total derivative cash settlement (loss)(1)	$	(5,915	)	$	(1,486	)	$	(8,142	)	$	(2,993	)
	Change in fair value gain (loss)
	Oil contracts	$	(21,724	)	$	9,048		$	(27,717	)	$	5,440
	Gas contracts	332			—			(226		)	—
	Total change in fair value gain (loss)	$	(21,392	)	$	9,048		$	(27,943	)	$	5,440
	Total derivative gain (loss)(2)	$	(27,307	)	$	7,562		$	(36,085	)	$	2,447
	(1)     Derivative cash settlement gain (loss) is reported in the derivative cash settlements line item on the accompanying statements of cash flows within the net cash used in investing activities.
	(2)     Total derivative gain (loss) is reported in the derivative gain (loss) line item on the accompanying statements of cash flows within the net cash provided by operating activities.

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2014
EARNINGS PER SHARE	'
Schedule of calculation of earnings per basic and diluted shares from continuing and discontinued operations	'
		For the Three Months						For the Six Months
		Ended June 30,						Ended June 30,
		2014			2013			2014		2013
		(in thousands, except per share amounts)
	Income from continuing operations:
	Income from continuing operations	$	1,271		$	14,883		$	10,848	$	26,156
	Less: undistributed earnings to unvested restricted stock	23			379			205		614
	Undistributed earnings to common shareholders	1,248			14,504			10,643		25,542
	Basic income per common share from continuing operations	$	0.03		$	0.37		$	0.27	$	0.65
	Diluted income per common share from continuing operations	$	0.03		$	0.37		$	0.27	$	0.65
	Income (loss) from discontinued operations:
	Income (loss) from discontinued operations	$	(113	)	$	(168	)	$	3,841	$	(185	)
	Less: undistributed earnings to unvested restricted stock	2			4			73		4
	Undistributed earnings (loss) to common shareholders	(111		)	(164		)	3,768		(181		)
	Basic income (loss) per common share from discontinued operations	$	—		$	(0.01	)	$	0.09	$	—
	Diluted income (loss) per common share from discontinued operations	$	—		$	(0.01	)	$	0.09	$	—
	Net income:
	Net income	$	1,158		$	14,715		$	14,689	$	25,971
	Less: undistributed earnings to unvested restricted stock	21			375			277		610
	Undistributed earnings to common shareholders	1,137			14,340			14,412		25,361
	Basic net income per common share	$	0.03		$	0.36		$	0.36	$	0.65
	Diluted net income per common share	$	0.03		$	0.36		$	0.36	$	0.65
	Weighted-average shares outstanding - basic	39,758,489			39,335,688			39,655,968		39,294,942
	Add: dilutive effect of contingent PSUs	98,539			14,556			124,227		32,187
	Weighted-average shares outstanding - diluted	39,857,028			39,350,244			39,780,195		39,327,129

ACQUISITIONS_Details

ACQUISITIONS (Details) (USD $)	0 Months Ended	1 Months Ended					0 Months Ended
	Jul. 31, 2012	Jul. 31, 2014	Jul. 31, 2013	Jun. 30, 2014	Aug. 08, 2014	21-May-14	Jul. 08, 2014
	Acquired leases in Wattenberg field	Acquired leases in Wattenberg field	Acquired leases in Wattenberg field	Acquired leases in Wattenberg field	Acquired leases in Wattenberg field	Wattenberg Field Acquisition	Wattenberg Field Acquisition
	acre				Subsequent event		Subsequent event
							acre
ACQUISITIONS	'	'	'	'	'	'	'
Gross area of acquired properties (in acres)	'	'	'	'	'	'	86,000
Net area of acquired properties (in acres)	5,600	'	'	'	'	'	34,000
Cash paid for acquisition	$12,000,000	$12,000,000	$12,000,000	'	'	'	$174,200,000
Issuance of shares of common stock to acquiree	'	'	'	'	'	'	853,492
Per share value of shares of common stock sold to acquiree (in dollars per share)	'	'	'	'	'	'	$57.47
Escrow deposit	'	'	'	'	'	11,280,000	'
Leases	'	'	'	'	'	'	'
2015	12,000,000	'	'	'	'	'	'
2016	12,000,000	'	'	'	'	'	'
Purchase price	57,000,000	'	'	'	'	'	'
Letter of credit	'	'	'	$36,000,000	$24,000,000	'	'

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	1 Months Ended	3 Months Ended			6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2012	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
DISCONTINUED OPERATIONS	'	'	'	'	'	'	'
Period within which sale of asset takes place to classify it as held for sale	'1 year	'	'	'	'	'	'
ACQUISTIONS AND DIVESTITURES	'	'	'	'	'	'	'
Proceeds from sale of oil and gas properties	'	'	$6,000	'	$6,000	'	'
Gain on sale of oil and gas properties	'	-184	6,300	'	6,330	'	'
Oil and gas properties, successful efforts method:	'	'	'	'	'	'	'
Proved properties	'	1,576,118	'	'	1,576,118	'	1,257,288
Unproved properties	'	14,654	'	'	14,654	'	45,081
Wells in progress	'	117,364	'	'	117,364	'	110,848
Less accumulated depreciation, depletion and amortization	'	-316,943	'	'	-316,943	'	-224,848
Net revenues:	'	'	'	'	'	'	'
Oil and gas sales	'	151,682	'	84,517	279,077	162,825	'
Operating expenses:	'	'	'	'	'	'	'
Lease operating	'	18,018	'	12,898	35,099	24,029	'
Severance and ad valorem taxes	'	16,263	'	5,352	27,013	10,165	'
Exploration	'	96	'	862	1,179	1,424	'
Depreciation, depletion and amortization	'	54,117	'	29,517	95,248	52,880	'
Total operating expenses	'	113,041	'	61,912	206,800	114,947	'
Loss from operations associated with oil and gas properties held for sale	'	'	'	-274	-85	-301	'
Oil and gas properties in California	'	'	'	'	'	'	'
Oil and gas properties, successful efforts method:	'	'	'	'	'	'	'
Proved properties	'	'	'	'	'	'	1,721
Unproved properties	'	'	'	'	'	'	1
Wells in progress	'	'	'	'	'	'	101
Total property and equipment	'	'	'	'	'	'	1,823
Less accumulated depreciation, depletion and amortization	'	'	'	'	'	'	-1,463
Property and equipment, net	'	'	'	'	'	'	360
Net revenues:	'	'	'	'	'	'	'
Oil and gas sales	'	'	'	437	361	875	'
Operating expenses:	'	'	'	'	'	'	'
Lease operating	'	'	'	602	366	905	'
Severance and ad valorem taxes	'	'	'	1	12	1	'
Exploration	'	'	'	8	'	65	'
Depreciation, depletion and amortization	'	'	'	100	68	205	'
Total operating expenses	'	'	'	711	446	1,176	'
Loss from operations associated with oil and gas properties held for sale	'	'	'	($274)	($85)	($301)	'

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Accounts payable and accrued expenses contain the following:	'	'
Drilling and completion costs	$91,891	$80,971
Accounts payable trade	27,127	3,288
Accrued general and administrative cost	11,150	12,720
Lease operating expenses	3,833	5,440
Accrued reclamation cost	162	168
Accrued interest	7,054	7,065
Accrued oil and gas derivatives	2,665	446
Production and ad valorem taxes and other	16,621	11,567
Total accounts payable and accrued expenses	$160,503	$121,665

LONGTERM_DEBT_Details

LONG-TERM DEBT (Details) (Revolver, USD $)	0 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	13-May-14	Dec. 31, 2013
Revolver	'	'	'
LONG-TERM DEBT	'	'	'
Maximum borrowing capacity	$1,000	$600	'
Borrowing base	525	450	'
Reduction in effective interest rate (as a percent)	-0.25%	'	'
Bank commitments	400	'	'
Long-term debt	0	'	0
Remaining borrowing capacity	489	'	414
Letters of credit outstanding	$36	'	$36

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
PSUs	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Performance cycle period	'	'	'3 years	'
PSUs | Minimum	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	0	'
PSUs | Maximum	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	2	'
2011 Long Term Incentive Plan | Restricted shares	'	'	'	'
STOCK-BASED COMPENSATION	'	'	'	'
Ratio of restricted stock to common stock to be released from restrictions upon completion of the vesting period	'	'	1	'
Vesting portion of shares	'	'	0.3333	'
Vesting period	'	'	'3 years	'
Restricted Stock	'	'	'	'
Non-vested at beginning of year (in shares)	'	'	836,002	'
Granted (in shares)	'	'	228,495	'
Vested (in shares)	'	'	-431,893	'
Forfeited (in shares)	'	'	-13,284	'
Non-vested at end of year (in shares)	619,320	'	619,320	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Non-vested at beginning of year (in dollars per share)	'	'	$25.11	'
Granted (in dollars per share)	'	'	$48.44	'
Vested (in dollars per share)	'	'	$25.81	'
Forfeited (in dollars per share)	'	'	$32.49	'
Non-vested at end of year (in dollars per share)	$34.36	'	$34.36	'
2011 Long Term Incentive Plan | Restricted shares | Employees	'	'	'	'
STOCK-BASED COMPENSATION	'	'	'	'
Fair value of shares granted	'	'	$10,500,000	'
Stock-based compensation expense	6,700,000	2,500,000	13,200,000	6,800,000
Unrecognized compensation cost	19,300,000	'	19,300,000	'
Restricted Stock	'	'	'	'
Granted (in shares)	'	'	219,079	'
2011 Long Term Incentive Plan | Restricted shares | Non-employee directors	'	'	'	'
STOCK-BASED COMPENSATION	'	'	'	'
Vesting period	'	'	'1 year	'
Stock-based compensation expense	297,000	80,000	377,000	160,000
Restricted Stock	'	'	'	'
Granted (in shares)	'	'	9,416	'
2011 Long Term Incentive Plan | PSUs	'	'	'	'
Restricted Stock	'	'	'	'
Non-vested at beginning of year (in shares)	'	'	40,191	'
Granted (in shares)	'	'	63,766	'
Non-vested at end of year (in shares)	103,957	'	103,957	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Non-vested at beginning of year (in dollars per share)	'	'	$32.05	'
Granted (in dollars per share)	'	'	$42.50	'
Non-vested at end of year (in dollars per share)	$38.46	'	$38.46	'
2011 Long Term Incentive Plan | PSUs | Minimum	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	0	'
2011 Long Term Incentive Plan | PSUs | Maximum	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	2	'
2011 Long Term Incentive Plan | PSUs | Officers	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Measurement period	'	'	'3 years	'
Vesting percent	'	'	66.67%	'
Performance cycle period	'	'	'3 years	'
2011 Long Term Incentive Plan | PSUs | Officers | Minimum	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	0	'
2011 Long Term Incentive Plan | PSUs | Officers | Maximum	'	'	'	'
Weighted-Average Grant-Date Fair Value	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	2	'
2011 Long Term Incentive Plan | PSUs | Employees	'	'	'	'
STOCK-BASED COMPENSATION	'	'	'	'
Fair value of shares granted	'	'	2,700,000	'
Stock-based compensation expense	392,000	103,000	567,000	107,000
Unrecognized compensation cost	$3,400,000	'	$3,400,000	'
Restricted Stock	'	'	'	'
Granted (in shares)	'	'	63,766	'

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial assets and liabilities accounted for at fair value	'	'
Total number of counterparties in derivative financial instruments	5	'
Recurring | Level 2	'	'
Financial assets and liabilities accounted for at fair value	'	'
Derivative assets	'	$736
Derivative liabilities	12,171	1,741
Recurring | Level 3	'	'
Financial assets and liabilities accounted for at fair value	'	'
Derivative assets	153	415
Derivative liabilities	$21,298	$4,782

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS (Details 2) (Commodity derivatives, USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Commodity derivatives	'	'	'	'
Derivative Asset	'	'	'	'
Beginning asset balance	$145	$981	$415	$1,727
Net increase (decrease) in fair value	-1,350	1,556	-2,553	-465
Net settlements	1,358	'	2,237	'
New derivatives	'	1,808	54	3,083
Ending asset balance	153	4,345	153	4,345
Derivative Liability	'	'	'	'
Beginning liability balance	8,162	2,347	4,782	1,235
Net increase (decrease) in fair value	11,221	-2,039	14,995	-1,970
Net settlements	-2,012	9	-2,894	10
New derivatives	3,927	'	4,415	1,042
Ending liability balance	$21,298	$317	$21,298	$317

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS (Details 3) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Proved Oil and Gas Properties	'	'
Estimated discount rate to measure fair value of proved oil and gas properties (as a percent)	10.00%	'
Proved properties	$1,576,118,000	$1,257,288,000
Unproved properties	14,654,000	45,081,000
Asset retirement obligations	11,273,000	11,050,000
6.75% Senior Notes	'	'
Proved Oil and Gas Properties	'	'
Outstanding amount	500,000,000	'
Long-term debt	508,200,000	508,800,000
Interest rate (as a percent)	6.75%	'
Fair Value	'	'
Proved Oil and Gas Properties	'	'
Proved properties	0	0
Unproved properties	0	0
Asset retirement obligations	0	0
Fair value of Senior Notes	$537,500,000	$527,500,000

DERIVATIVES_Details

DERIVATIVES (Details) (USD $)	Aug. 08, 2014	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
DERIVATIVES	'	'	'
Number of derivative instruments qualified for hedging instruments	'	0	'
Commodity contracts	'	'	'
Derivative contract	'	'	'
Fair Value of Asset (Liability)	($33,316)	($33,316)	($5,372)
Commodity contracts | Oil	'	'	'
Derivative contract	'	'	'
Fair Value of Asset (Liability)	-33,083	-33,083	'
Commodity contracts | Gas contracts	'	'	'
Derivative contract	'	'	'
Fair Value of Asset (Liability)	-233	-233	'
Commodity contracts | Swap | Oil | 3Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	5,870	5,870	'
Average Fixed Price	96.09	96.09	'
Fair Value of Asset (Liability)	-4,452	-4,452	'
Commodity contracts | Swap | Oil | 4Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	6,370	6,370	'
Average Fixed Price	95.62	95.62	'
Fair Value of Asset (Liability)	-3,624	-3,624	'
Commodity contracts | Swap | Oil | 1Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	6,000	6,000	'
Average Fixed Price	95.39	95.39	'
Fair Value of Asset (Liability)	-2,204	-2,204	'
Commodity contracts | Swap | Oil | 2Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	5,000	5,000	'
Average Fixed Price	94.21	94.21	'
Fair Value of Asset (Liability)	-1,335	-1,335	'
Commodity contracts | Swap | Oil | 3Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	2,000	2,000	'
Average Fixed Price	93.43	93.43	'
Fair Value of Asset (Liability)	-394	-394	'
Commodity contracts | Swap | Oil | 4Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	2,000	2,000	'
Average Fixed Price	93.43	93.43	'
Fair Value of Asset (Liability)	-162	-162	'
Commodity contracts | Collar | Oil | 3Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	4,326	4,326	'
Average Floor Price	86.16	86.16	'
Average Ceiling Price	96.57	96.57	'
Fair Value of Asset (Liability)	-3,179	-3,179	'
Commodity contracts | Collar | Oil | 4Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	4,326	4,326	'
Average Floor Price	86.16	86.16	'
Average Ceiling Price	96.57	96.57	'
Fair Value of Asset (Liability)	-2,602	-2,602	'
Commodity contracts | 3-Way Collar | Oil | 3Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	2,000	2,000	'
Average Short Floor Price	65	65	'
Average Floor Price	87.68	87.68	'
Average Ceiling Price	99.75	99.75	'
Fair Value of Asset (Liability)	-941	-941	'
Commodity contracts | 3-Way Collar | Oil | 4Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	2,000	2,000	'
Average Short Floor Price	65	65	'
Average Floor Price	87.68	87.68	'
Average Ceiling Price	99.75	99.75	'
Fair Value of Asset (Liability)	-791	-791	'
Commodity contracts | 3-Way Collar | Oil | 1Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	6,500	6,500	'
Average Short Floor Price	68.08	68.08	'
Average Floor Price	84.32	84.32	'
Average Ceiling Price	95.9	95.9	'
Fair Value of Asset (Liability)	-3,552	-3,552	'
Commodity contracts | 3-Way Collar | Oil | 2Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	5,500	5,500	'
Average Short Floor Price	67.73	67.73	'
Average Floor Price	84.09	84.09	'
Average Ceiling Price	95.16	95.16	'
Fair Value of Asset (Liability)	-2,672	-2,672	'
Commodity contracts | 3-Way Collar | Oil | 3Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	6,500	6,500	'
Average Short Floor Price	68.46	68.46	'
Average Floor Price	84.62	84.62	'
Average Ceiling Price	95.49	95.49	'
Fair Value of Asset (Liability)	-2,438	-2,438	'
Commodity contracts | 3-Way Collar | Oil | 4Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	6,500	6,500	'
Average Short Floor Price	68.46	68.46	'
Average Floor Price	84.62	84.62	'
Average Ceiling Price	95.49	95.49	'
Fair Value of Asset (Liability)	-2,002	-2,002	'
Commodity contracts | 3-Way Collar | Oil | 1Q 2016	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	5,500	5,500	'
Average Short Floor Price	70	70	'
Average Floor Price	85	85	'
Average Ceiling Price	96.83	96.83	'
Fair Value of Asset (Liability)	-983	-983	'
Commodity contracts | 3-Way Collar | Oil | 2Q 2016	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	5,500	5,500	'
Average Short Floor Price	70	70	'
Average Floor Price	85	85	'
Average Ceiling Price	96.83	96.83	'
Fair Value of Asset (Liability)	-710	-710	'
Commodity contracts | 3-Way Collar | Oil | 3Q 2016	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	5,500	5,500	'
Average Short Floor Price	70	70	'
Average Floor Price	85	85	'
Average Ceiling Price	96.83	96.83	'
Fair Value of Asset (Liability)	-546	-546	'
Commodity contracts | 3-Way Collar | Oil | 4Q 2016	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	5,500	5,500	'
Average Short Floor Price	70	70	'
Average Floor Price	85	85	'
Average Ceiling Price	96.83	96.83	'
Fair Value of Asset (Liability)	-496	-496	'
Commodity contracts | 3-Way Collar | Gas contracts | 3Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	30,000	30,000	'
Average Short Floor Price	3.63	3.63	'
Average Floor Price	4.21	4.21	'
Average Ceiling Price	4.81	4.81	'
Fair Value of Asset (Liability)	57	57	'
Commodity contracts | 3-Way Collar | Gas contracts | 4Q 2014	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	30,000	30,000	'
Average Short Floor Price	3.63	3.63	'
Average Floor Price	4.21	4.21	'
Average Ceiling Price	4.81	4.81	'
Fair Value of Asset (Liability)	-95	-95	'
Commodity contracts | 3-Way Collar | Gas contracts | 1Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	15,000	15,000	'
Average Short Floor Price	3.5	3.5	'
Average Floor Price	4	4	'
Average Ceiling Price	4.75	4.75	'
Fair Value of Asset (Liability)	-290	-290	'
Commodity contracts | 3-Way Collar | Gas contracts | 2Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	15,000	15,000	'
Average Short Floor Price	3.5	3.5	'
Average Floor Price	4	4	'
Average Ceiling Price	4.75	4.75	'
Fair Value of Asset (Liability)	88	88	'
Commodity contracts | 3-Way Collar | Gas contracts | 3Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	15,000	15,000	'
Average Short Floor Price	3.5	3.5	'
Average Floor Price	4	4	'
Average Ceiling Price	4.75	4.75	'
Fair Value of Asset (Liability)	52	52	'
Commodity contracts | 3-Way Collar | Gas contracts | 4Q 2015	'	'	'
Derivative contract	'	'	'
Total Volumes (in units per day)	15,000	15,000	'
Average Short Floor Price	3.5	3.5	'
Average Floor Price	4	4	'
Average Ceiling Price	4.75	4.75	'
Fair Value of Asset (Liability)	($45)	($45)	'

DERIVATIVES_Details_2

DERIVATIVES (Details 2) (Commodity contracts, USD $)	Aug. 08, 2014	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivatives measured at fair value	'	'	'
Total net derivative liability	($33,316)	($33,316)	($5,372)
Current assets	'	'	'
Derivatives measured at fair value	'	'	'
Derivative Assets	'	153	858
Noncurrent assets	'	'	'
Derivatives measured at fair value	'	'	'
Derivative Assets	'	'	293
Current liabilities	'	'	'
Derivatives measured at fair value	'	'	'
Derivative Liabilities	'	-25,745	-5,320
Long-term liabilities	'	'	'
Derivatives measured at fair value	'	'	'
Derivative Liabilities	'	($7,724)	($1,203)

DERIVATIVES_Details_3

DERIVATIVES (Details 3) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Components of the derivative gain (loss)	'	'	'	'
Derivative gain (loss)	($27,307)	$7,562	($36,085)	$2,447
Commodity contracts	'	'	'	'
Components of the derivative gain (loss)	'	'	'	'
Derivative cash settlement gain (loss):	-5,915	-1,486	-8,142	-2,993
Change in fair value gain (loss)	-21,392	9,048	-27,943	5,440
Derivative gain (loss)	-27,307	7,562	-36,085	2,447
Commodity contracts | Oil contracts	'	'	'	'
Components of the derivative gain (loss)	'	'	'	'
Derivative cash settlement gain (loss):	-5,894	-1,593	-7,594	-3,244
Change in fair value gain (loss)	-21,724	9,048	-27,717	5,440
Commodity contracts | Gas contracts	'	'	'	'
Components of the derivative gain (loss)	'	'	'	'
Derivative cash settlement gain (loss):	-21	107	-548	251
Change in fair value gain (loss)	$332	'	($226)	'

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income from continuing operations:	'	'	'	'
Income from continuing operations	$1,271	$14,883	$10,848	$26,156
Less: undistributed earnings to unvested restricted stock	23	379	205	614
Undistributed earnings to common shareholders	1,248	14,504	10,643	25,542
Basic income per common share from continuing operations (in dollars per share)	$0.03	$0.37	$0.27	$0.65
Diluted income per common share from continuing operations (in dollars per share)	$0.03	$0.37	$0.27	$0.65
Income (loss) from discontinued operations:	'	'	'	'
Income (loss) from discontinued operations	-113	-168	3,841	-185
Less: undistributed earnings to unvested restricted stock	2	4	73	4
Undistributed earnings (loss) to common shareholders	-111	-164	3,768	-181
Basic income (loss) per common share from discontinued operations (in dollars per share)	'	($0.01)	$0.09	'
Diluted income (loss) per common share from discontinued operations (in dollars per share)	'	($0.01)	$0.09	'
Net income:	'	'	'	'
Net Income	1,158	14,715	14,689	25,971
Less: undistributed earnings to unvested restricted stock	21	375	277	610
Undistributed earnings to common shareholders	$1,137	$14,340	$14,412	$25,361
Basic net income per common share (in dollars per share)	$0.03	$0.36	$0.36	$0.65
Diluted net income per common share (in dollars per share)	$0.03	$0.36	$0.36	$0.65
Weighted-average shares outstanding - basic	39,758,489	39,335,688	39,655,968	39,294,942
Add: dilutive effect of contingent PSUs	98,539	14,556	124,227	32,187
Weighted-average shares outstanding - diluted	39,857,028	39,350,244	39,780,195	39,327,129
Antidilutive shares	0	0	0	0
PSU grants	'	'	'	'
EARNINGS PER SHARE	'	'	'	'
Performance period	'	'	'3 years	'
PSU grants | Minimum	'	'	'	'
EARNINGS PER SHARE	'	'	'	'
Percentage of awards earned during performance cycle	'	'	0	'
PSU grants | Maximum	'	'	'	'
EARNINGS PER SHARE	'	'	'	'
Percentage of awards earned during performance cycle	'	'	2	'

INCOME_TAXES_Details

INCOME TAXES: (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Reconciliation of effective tax rate to expected federal tax rate	'	'	'	'
Effective tax rate (as a percent)	38.50%	38.50%	38.50%	38.50%
Valuation allowances	$0	'	$0	'

SUBSEQUENT_EVENT_Details

SUBSEQUENT EVENT (Details) (USD $)

Jun. 30, 2014

13-May-14

Dec. 31, 2013

Aug. 08, 2014

Jul. 15, 2014

Jul. 15, 2014

Jul. 15, 2014

Jul. 15, 2014

Jul. 15, 2014

Jul. 15, 2014

Jul. 15, 2014

Aug. 08, 2014

In Millions, unless otherwise specified

Revolver

Revolver

Revolver

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Revolver

Revolver

5.75% Senior Notes

5.75% Senior Notes

5.75% Senior Notes

5.75% Senior Notes

5.75% Senior Notes

5.75% Senior Notes

5.75% Senior Notes

Prior to August 1, 2017

Prior to August 1, 2017

2018

2019

2020 and thereafter

Guarantor subsidiaries

Maximum

Subsequent event

'

'

'

'

'

'

'

'

'

'

'

'

Amount of notes issued

'

'

'

'

'

$300

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

5.75%

'

'

'

'

'

'

Net proceeds from sale of notes

'

'

'

'

'

293.7

'

'

'

'

'

'

Expenses and underwriting discounts and commissions

'

'

'

'

'

6.3

'

'

'

'

'

'

Percentage of principal amount redeemed

'

'

'

'

'

'

'

35.00%

'

'

'

'

Redemption price

'

'

'

'

'

'

105.75%

'

102.88%

101.44%

100.00%

'

Ownership percentage in all existing subsidiaries

'

'

'

'

'

'

'

'

'

'

'

100.00%

Borrowing base

525

450

'

'

450

'

'

'

'

'

'

'

Outstanding balance

0

'

0

0

'

'

'

'

'

'

'

'

Remaining borrowing capacity

489

'

414

426

'

'

'

'

'

'

'

'

Letters of credit outstanding

$36

'

$36

$24

'

'

'

'

'

'

'

'