Civitas Resources (CIVI) 10-Q 1 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 27, 2016
Document and Entity Information
Entity Registrant Name	Bonanza Creek Energy, Inc.
Entity Central Index Key	1,509,589
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
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		49,723,220
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 170,171	$ 21,341
Accounts receivable:
Oil and gas sales	27,536	25,322
Joint interest and other	5,595	31,224
Prepaid expenses and other	5,426	4,078
Inventory of oilfield equipment	8,721	8,543
Derivative asset	4,236	29,566
Total current assets	221,685	120,074
Property and equipment (successful efforts method), at cost:
Proved properties	2,518,080	1,618,970
Less: accumulated depreciation, depletion and amortization	(1,644,334)	(943,081)
Total proved properties, net	873,746	675,889
Unproved properties	169,911	185,530
Wells in progress	19,585	51,196
Oil and gas properties and natural gas plant held for sale, net of accumulated depreciation, depletion and amortization of $636,917 in 2015	0	214,922
Other property and equipment, net of accumulated depreciation of $10,760 in 2016 and $9,407 in 2015	8,259	9,729
Total property and equipment, net	1,071,501	1,137,266
Other noncurrent assets	4,980	2,301
Total assets	1,298,166	1,259,641
Current liabilities:
Accounts payable and accrued expenses (note 4)	55,130	96,360
Oil and gas revenue distribution payable	25,638	27,613
Revolving line of credit - current portion (note 5)	273,333	0
Contractual obligation for land acquisition	0	12,000
Senior Notes - current portion (note 5)	793,168	0
Total current liabilities	1,147,269	135,973
Long-term liabilities:
Long-term debt (note 5)	0	871,666
Ad valorem taxes	6,356	17,069
Asset retirement obligations	26,737	14,935
Asset retirement obligations for assets held for sale	0	10,591
Total liabilities	1,180,362	1,050,234
Commitments and contingencies (note 6)
Stockholders’ equity:
Preferred stock, $.001 par value, 25,000,000 shares authorized, none outstanding	0	0
Common stock, $.001 par value, 225,000,000 shares authorized, 49,618,876 and 49,754,408 issued and outstanding in 2016 and 2015, respectively	49	49
Additional paid-in capital	811,497	806,386
Retained deficit	(693,742)	(597,028)
Total stockholders’ equity	117,804	209,407
Total liabilities and stockholders’ equity	$ 1,298,166	$ 1,259,641

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Oil and gas properties held for sale, accumulated depreciation, depletion and amortization (in dollars)		$ 636,917
Other property and equipment, accumulated depreciation (in dollars)	$ 10,760	$ 9,407
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	49,618,876	49,574,408
Common stock, shares outstanding	49,618,876	49,574,408

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating net revenues:
Oil and gas sales	$ 54,530	$ 90,422	$ 98,704	$ 163,498
Operating expenses:
Lease operating expense	10,737	18,169	24,035	35,142
Gas plant and midstream operating expense	3,535	2,726	7,324	5,017
Severance and ad valorem taxes	4,277	4,148	7,431	10,644
Exploration	677	5,748	943	6,246
Depreciation, depletion and amortization	30,927	69,925	57,306	128,929
Impairment of oil and gas properties	0	0	10,000	0
Abandonment and impairment of unproved properties	9,875	14,527	16,781	19,996
General and administrative (including $2,380, $4,359, $5,384 and $7,787, respectively, of stock-based compensation)	13,235	21,602	30,920	38,474
Total operating expenses	73,263	136,845	154,740	244,448
Loss from operations	(18,733)	(46,423)	(56,036)	(80,950)
Other income (expense):
Derivative gain (loss)	(12,923)	(5,478)	(13,930)	13,378
Interest expense	(16,527)	(14,468)	(31,074)	(28,706)
Gain on termination fee (note 3)	0	0	6,000	0
Other gain (loss)	(1,294)	198	(1,674)	148
Total other income (expense)	(30,744)	(19,748)	(40,678)	(15,180)
Loss from operations before taxes	(49,477)	(66,171)	(96,714)	(96,130)
Income tax benefit	0	25,007	0	36,544
Net loss	(49,477)	(41,164)	(96,714)	(59,586)
Comprehensive loss	$ (49,477)	$ (41,164)	$ (96,714)	$ (59,586)
Basic loss per share:
Basic net income (loss) per common share (in dollars per share)	$ (1)	$ (0.83)	$ (1.97)	$ (1.25)
Diluted income (loss) per share:
Diluted net income (loss) per common share (in dollars per share)	$ (1)	$ (0.83)	$ (1.97)	$ (1.25)
Basic weighted-average common shares outstanding (in shares)	49,277	48,923	49,204	46,734
Diluted weighted-average common shares outstanding (in shares)	49,277	48,923	49,204	46,734

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
General and administrative, stock compensation	$ 2,380	$ 4,359	$ 5,384	$ 7,787

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (96,714)	$ (59,586)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	57,306	128,929
Deferred income tax benefit	0	(36,544)
Impairment of oil and gas properties	10,000	0
Abandonment and impairment of unproved properties	16,781	19,996
Dry hole expense	966	5,680
Stock-based compensation	5,384	7,787
Amortization of deferred financing costs and debt premium	2,279	1,226
Accretion of contractual obligation for land acquisition	0	698
Derivative (gain) loss	13,930	(13,378)
Derivative cash settlements	11,401	50,655
Other	(112)	(43)
Changes in current assets and liabilities:
Accounts receivable	23,415	18,319
Prepaid expenses and other assets	(1,348)	(1,348)
Accounts payable and accrued liabilities	(28,457)	(23,054)
Settlement of asset retirement obligations	(75)	(519)
Net cash provided by operating activities	14,756	98,818
Cash flows from investing activities:
Acquisition of oil and gas properties	(816)	(11,914)
Payments of contractual obligation	(12,000)	0
Exploration and development of oil and gas properties	(42,753)	(283,106)
Increase in restricted cash	(2,535)	0
Additions to property and equipment - non oil and gas	39	(649)
Net cash used in investing activities	(58,065)	(295,669)
Cash flows from financing activities:
Proceeds from credit facility	209,000	87,000
Payments to credit facility	(14,667)	(77,000)
Proceeds from sale of common stock	0	209,300
Offering costs related to sale of common stock	0	(6,607)
Offering costs related to sale of Senior Notes	0	(93)
Payment of employee tax withholdings in exchange for the return of common stock	(273)	(2,448)
Deferred restructuring charges	(1,684)	0
Deferred financing costs	(237)	(545)
Net cash provided by financing activities	192,139	209,607
Net change in cash and cash equivalents	148,830	12,756
Cash and cash equivalents:
Beginning of period	21,341	2,584
End of period	170,171	15,340
Supplemental cash flow disclosure:
Cash paid for interest	28,553	27,396
Cash paid for income taxes	0	820
Changes in working capital related to drilling expenditures, natural gas plant expenditures, and property acquisition	$ (25,462)	$ (12,935)

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Bonanza Creek Energy, Inc. (“BCEI” or, together with our consolidated subsidiaries, the “Company”) is engaged primarily in acquiring, developing, exploiting and producing oil and gas properties. The Company's oil and liquids-weighted assets are concentrated primarily in the Wattenberg Field in Colorado and in the Dorcheat Macedonia Field in southern Arkansas.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION These statements have been prepared in accordance with the Securities and Exchange Commission and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information with the condensed consolidated balance sheets (“balance sheets”) and the condensed consolidated statements of cash flows (“statements of cash flows”) as of December 31, 2015 , being derived from audited financial statements. 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (the “ 2015 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 quarter 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, 2016 , and 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 balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Bonanza Creek Energy Resources, LLC, Bonanza Creek Energy Upstream LLC, Bonanza Creek Energy Midstream, LLC, Holmes Eastern Company, LLC and Rocky Mountain Infrastructure, 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 2015 Form 10-K and are supplemented by the notes throughout this report. These unaudited condensed consolidated financial statements should be read in conjunction with the 2015 Form 10-K. Going Concern Uncertainty Since the first quarter of 2016, the Company’s liquidity outlook has deteriorated due to the borrowing base reduction that occurred in May 2016, the inability to sell assets given current market conditions and counterparty concerns about the Company's liquidity and current capital structure, continuation of depressed commodity prices and the possible inability to access the debt and capital markets. In addition, the Company’s senior secured revolving Credit Agreement (the “revolving credit facility”) is subject to scheduled redeterminations of its borrowing base, semi-annually, as early as April and October of each year, based primarily on reserve report values using lender commodity price expectations at such time as well as other factors within the discretion of the lenders that are party to the revolving credit facility. Due to continued low commodity prices, cessation of the Company’s drilling program, commodity price related reserve write-downs and higher regulatory scrutiny on reserve based lending, we currently expect our borrowing base to be further reduced during our fall redetermination process. As a result of these and other factors, the following issues have adversely impacted the Company’s ability to continue as a going concern: • the Company’s ability to comply, in subsequent reporting periods, as early as the third quarter of 2016, with financial covenants and ratios in its revolving credit facility and indentures has been affected by continued low commodity prices. Absent a waiver, amendment or forbearance agreement, failure to meet these covenants and ratios would result in an Event of Default (as defined in the revolving credit agreement) and, to the extent the applicable lenders so elect, an acceleration of the Company’s existing indebtedness, causing such debt of approximately $273.3 million , as of June 30, 2016, to be immediately due and payable. While the Company is currently in compliance, based on the Company’s estimates and expectations for commodity prices in 2016, the Company does not expect to remain in compliance with all of the restrictive covenants contained in its revolving credit facility throughout 2016 unless those requirements are waived or amended. The Company does not currently have adequate liquidity to repay all of its outstanding debt in full if such debt were accelerated; • because the revolving credit facility is effectively fully drawn, any reduction of the borrowing base would require mandatory prepayments to the extent existing indebtedness exceeds the new borrowing base. The Company may not have sufficient cash on hand to be able to make any such mandatory prepayments; • the Company’s ability to make interest payments as they become due and repay indebtedness upon maturities (whether under existing terms or as a result of acceleration) is impacted by the Company’s liquidity. As of June 30, 2016, the Company had a $73.3 million borrowing base deficiency under its revolving credit facility and $170.2 million in cash and cash equivalents; and • the Company has two purchase and transportation agreements to deliver fixed determinable quantities of crude oil. The first agreement went into effect during the second quarter of 2015 for 12,580 barrels per day over an initial five year term. Based on current production estimates, the Company anticipates shortfalls in delivering the minimum volume commitments as early as September 2016. Under the current terms of the contract, the anticipated shortfall in delivering the minimum volume commitments could result in potential deficiency payments of $2.3 million for the remainder of 2016 and an aggregate $44.8 million in deficiency payments for 2017 through April 2020, when the agreement expires. The second agreement is currently scheduled to take effect on the later of November 1, 2016 or the pipeline completion date, for 15,000 barrels per day over an initial seven year term. Based on current production volumes, the Company believes that it will not be able to designate any barrels to this commitment. Under the current terms of the contract, the anticipated shortfall in delivering the minimum volume commitments could result in potential maximum deficiency payments of $4.8 million in 2016, assuming the pipeline is complete by November 1, 2016, and an aggregate $196.4 million in deficiency payments for 2017 through October 2023, when the agreement expires. The actual amount of deficiency payments could vary depending on the outcome of the Company's ability to execute on one or more of its current liquidity strategies. If the Company is unable to obtain a waiver from or otherwise reach an agreement with the lenders under the revolving credit facility and the indebtedness under the revolving credit facility is accelerated, then an Event of Default (as defined in the underlying indentures) under the Company's 6.75% Senior Notes due 2021 (“ 6.75% Senior Notes”) and 5.75% Senior Notes due 2023 (“ 5.75% Senior Notes”), collectively referred to as the “Senior Notes” would occur. If the default continues beyond any applicable cure periods the trustee or the holders of at least 25% in aggregate principal amount of the then outstanding notes, may declare the entire principal under the Senior Notes to be due and payable immediately. Furthermore, the Company has decided to defer making the August 1, 2016 interest payment of approximately $8.6 million on its 5.75% Senior Notes. The indenture governing the 5.75% Senior Notes permit the Company a 30 day grace period to make the interest payment. If the Company fails to make the interest payment within the grace period, or is otherwise unable to obtain a waiver or suitable relief from the holders of these Senior Notes, an Event of Default will result. If the default continues beyond the grace period, the trustee or holders of at least 25% in the aggregate outstanding principal amount, may declare the 5.75% Senior Notes to be due and payable immediately. The revolving credit facility and Senior Notes have cross default clauses, as such, if the 5.75% Senior Notes are deemed in default, the trustee or holders of at least 25% in the aggregate outstanding principal amount of the 6.75% Senior Notes, may declare the 6.75% Senior Notes due and payable immediately. If lenders, and subsequently noteholders, accelerate the Company’s outstanding indebtedness (approximately $1.1 billion as of June 30, 2016), it will become immediately due and payable and the Company will not have sufficient liquidity to repay those amounts. The significant risks and uncertainties described above raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. The Company is currently in discussions with various stakeholders and is considering pursuing a number of actions including: (i) private issuances of equity or equity-linked securities, debt for equity swaps, or any combination thereof; (ii) in- and out-of-court restructuring transactions; (iii) obtaining waivers or amendments from its lenders; and (iv) continuing to minimize its capital expenditures, reduce costs and maximize cash flows from operations. There can be no assurance that sufficient liquidity can be obtained from one or more of these actions or that these actions can be consummated within the period needed. See Note 5 - Long-Term Debt and Note 6 - Commitment and Contingencies for additional details about the Company’s debt and commitments. Recently Issued Accounting Standards On January 1, 2016, the Company adopted FASB Update No. 2015 -03 - Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs and Up date No. 2015-15, Interest - Imputation of Interest - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements on a retrospective basis. These updates require capitalized debt issuance costs, except for those related to revolving credit facilities, to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as an asset. The adoption resulted in a reclassification that reduced other noncurrent assets and senior notes - current portion by $12.6 million as of June 30, 2016 and reduced other noncurrent assets and long-term debt by $13.7 million on the accompanying balance sheets as of December 31, 2015. In January 2016, the FASB issued Update No. 2016-01 – Financial Instruments - Overall to require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This authoritative guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. 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 February 2016, the FASB issued Update No. 2016-02 – Leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This authoritative guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The Company is currently evaluating the provisions of this guidance and assessing its impact in relation to the Company's leases. In March 2016, the FASB issued Update No. 2016-08 – Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the implementation guidance on principal versus agent considerations. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has started reviewing its contracts and is assessing their impact, but does not currently believe this guidance will have a material effect on the Company's financial statements or disclosures. In March 2016, the FASB issued Update No. 2016-09 – Compensation - Stock Compensation . The update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This authoritative guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. 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 April 2016, the FASB issued Update No. 2016-10 – Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, which clarifies identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those two areas. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has started reviewing its contracts and is assessing their impact, but does not currently believe this guidance will have a material effect on the Company's financial statements or disclosures. In May 2016, the FASB issued Update No. 2016-12 – Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients, which identifies certain areas for improvement within Topic 606, which specifies the accounting for revenue from contracts with customers. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has started going through its contracts and is assessing their impact, but does not currently believe this guidance will have a material effect on the Company's financial statements or disclosures.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE Previously, the Company had assets held for sale which consisted of the Company’s ownership interests in Rocky Mountain Infrastructure, LLC (“RMI”) and all assets within the Company's Mid-Continent region. During the current quarter, these assets were placed back in to assets held for use in the proved properties, unproved properties and wells in progress financial statement line items in the accompanying balance sheets, including the corresponding asset retirement obligation liability. The Company recorded $3.0 million of depletion on the RMI assets in the current quarter for the nine months that the assets were classified as held for sale and recorded a $6.0 million gain on termination fee shown in the accompanying statements of operations for the six months ended June 30, 2016. The fair value of the Mid-Continent region was lower than the carrying value of the assets prior to classification as held for sale less any depletion that would have been recognized had the assets continuously been held and used, and therefore, no catch-up depletion was recorded for those assets. The Company has worked diligently to sell the asset packages listed above, but ultimately determined that the Company's current balance sheet does not support the sale of such assets due to current market conditions and liquidity concerns. Further, the Company's collateral value under the revolving credit facility would have been negatively impacted by either asset sale, thus mitigating any cash gained from such sale.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following: As of June 30, As of December 31, 2016 2015 (in thousands) Drilling and completion costs $ 6,997 $ 32,459 Accounts payable trade 880 1,085 Accrued general and administrative cost 6,025 10,643 Lease operating expense 4,116 4,731 Accrued reclamation cost 98 162 Accrued interest 14,473 14,231 Production and ad valorem taxes and other 22,541 33,049 Total accounts payable and accrued expenses $ 55,130 $ 96,360

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following: As of June 30, As of December 31, 2016 2015 (in thousands) Revolving credit facility $ 273,333 $ 79,000 6.75% Senior Notes due 2021 500,000 500,000 Unamortized premium on 6.75% Senior Notes 5,778 6,392 5.75% Senior Notes due 2023 300,000 300,000 Less debt issuance costs - Senior Notes (12,610 ) (13,726 ) Total debt, net 1,066,501 871,666 Less current portion (1) (1,066,501 ) — Total long-term debt $ — $ 871,666 ______________________ (1) Due to anticipated covenant violations, the Company classified the revolving credit facility and Senior Notes as current liabilities as of June 30, 2016 . Please refer to the Going Concern Uncertainty section in Note 2 - Basis of Presentation for additional discussion. Credit Facility The borrowing base under the Company’s senior secured revolving Credit Agreement, dated March 29, 2011, was reduced on May 20, 2016 from $475.0 million to $200.0 million , with the total credit facility size of $1.0 billion remaining unchanged. The borrowing base is redetermined semiannually, as early as April and October of each year. The revolving credit facility is collateralized by substantially all of the Company’s assets and matures on September 15, 2017. As of June 30, 2016 , the Company had $273.3 million outstanding under the revolving credit facility and had a borrowing base deficiency of $73.3 million to be paid back in monthly installments of $14.7 million for a total of six months, with no additional available borrowing capacity. The revolving credit facility restricts, among other items, certain dividend payments, additional indebtedness, asset sales, loans, investments and mergers. The revolving credit facility also contains certain financial covenants, which require the maintenance of certain financial and leverage ratios, as defined by the revolving credit facility. The revolving credit facility contains a ratio of maximum senior secured debt to trailing twelve-month EBITDAX that must not exceed 2.50 to 1.00 and a minimum interest coverage ratio that must exceed 2.50 to 1.00. The maximum senior secured debt ratio is calculated by dividing borrowings under the revolving credit facility, balances drawn under letters of credit, and any outstanding second lien debt divided by trailing twelve-month EBITDAX (defined as earnings before interest expense, income tax expense, depreciation, depletion and amortization expense, and exploration expense and other non-cash charges). The minimum interest coverage ratio is calculated by dividing trailing twelve-month EBITDAX by trailing twelve-month interest expense. The revolving credit facility also contains a minimum current ratio covenant of 1.00 to 1.00. The revolving credit facility agreement states that the current ratio is to exclude the current portion of long-term debt, as such the classification of our long-term debt to current liabilities did not impact the current ratio. The Company was in compliance with all financial and non-financial covenants as of June 30, 2016 , and through the filing date of this report. The Company believes that it will be out of compliance by the end of third quarter 2016. Senior Unsecured Notes The $500.0 million aggregate principal amount of 6.75% Senior Notes that mature on April 15, 2021 and the $300.0 million aggregate principal amount of 5.75% Senior Notes that mature on February 1, 2023 are unsecured senior obligations and rank equal in right of payment with all of the Company’s existing and future unsecured senior debt, and are senior in right of payment to any future subordinated debt. The Senior Notes are jointly and severally guaranteed on a senior unsecured basis by our existing and future domestic subsidiaries that guarantee or are borrowers under our revolving credit facility. The Company is subject to certain covenants under the respective indentures governing the Senior Notes that limit the Company’s ability to incur additional indebtedness, issue preferred stock, and make restricted payments, including certain dividends.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings 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 condensed 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 most likely anticipated 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 filing date of this report, there were no material pending or overtly threatened legal actions against the Company of which it is aware. Commitments As previously disclosed in the 2015 Form 10-K, the Company has two purchase and transportation agreements to deliver fixed determinable quantities of crude oil. The first agreement went into effect during the second quarter of 2015 for 12,580 barrels per day over an initial five year term. Based on current production estimates, the Company anticipates shortfalls in delivering the minimum volume commitments as early as September 2016. Under the current terms of the contract, the anticipated shortfall in delivering the minimum volume commitments could result in potential deficiency payments of $2.3 million for the remainder of 2016 and an aggregate $44.8 million in deficiency payments for 2017 through April 2020, when the agreement expires. The second agreement is currently scheduled to take effect on the later of November 1, 2016 or the pipeline completion date for 15,000 barrels per day over an initial seven year term. Based on current production volumes, the Company believes that it will not be able to designate any barrels to this commitment. Under the current terms of the contract, the anticipated shortfall in delivering the minimum volume commitments could result in potential maximum deficiency payments of $4.8 million in 2016, assuming the pipeline is complete by November 1, 2016, and an aggregate $196.4 million in deficiency payments for 2017 through October 2023, when the agreement expires. The actual amount of deficiency payments could vary depending on the outcome of the Company's ability to execute on one or more of its current liquidity strategies and future drilling. The Company intends to aggressively pursue restructuring these contracts due to continued low commodity prices, the cessation of the Company's drilling program and the Company's current financial condition, which could possibly include altering the volumes, the term of the contracts, and the deficiency fees. The Company expects to have more clarity around its liquidity strategies and restructuring of its purchase and transportation agreements in the third and forth quarters of 2016. 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 $12.0 million at closing and $12.0 million each subsequent year thereafter. During the second quarter of 2016, the Company made the final $12.0 payment, releasing the $12.0 million letter of credit securing future payments. There have been no other material changes from the commitments disclosed in the notes to the Company’s consolidated financial statements included in the 2015 Form 10-K.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Restricted Stock under the Long Term Incentive Plan The Company grants shares of restricted stock to directors, eligible employees and officers under its Long Term Incentive Plan, as amended and restated (“LTIP”). Each share of restricted stock represents one share of the Company’s common stock to be released from restriction upon completion of the vesting period. The awards typically vest in one-third increments over three years. Each share of restricted stock is entitled to a non-forfeitable dividend, if the Company were to declare one, and has the same voting rights as a share of the Company’s common stock. 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. Total expense recorded for restricted stock for the three month periods ended June 30, 2016 and 2015 was $1.8 million and $3.6 million , respectively, and $4.1 million and $6.5 million for the six months ended June 30, 2016 and 2015 , respectively. As of June 30, 2016 , unrecognized compensation cost was $8.3 million and will be amortized through 2018 . A summary of the status and activity of non-vested restricted stock for the six months ended June 30, 2016 is presented below. Restricted Stock Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 731,818 $ 29.47 Granted — $ — Vested (318,974 ) $ 32.73 Forfeited (61,949 ) $ 23.18 Non-vested at end of quarter $ 350,895 $ 27.62 Performance Stock Units under the Long Term Incentive Plan The Company grants performance stock units (“PSUs”) to certain officers under its LTIP. The number of shares of the Company’s common stock that may be issued to settle PSUs ranges from zero to two times the number of PSUs awarded. PSUs are determined at the end of each annual measurement period over the course of the three -year performance cycle in an amount 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 of PSUs may be earned during the performance cycle) although no stock is actually awarded to the participant until the end of the entire three-year performance cycle. Any PSUs that have not vested at the end of the applicable measurement period are forfeited. The performance criterion for the PSUs is based on a comparison of the Company’s total shareholder return (“TSR”) for the measurement period compared with the TSRs of a group of peer companies for the same measurement period. The TSR for the Company and each of the peer companies is determined by dividing (A)(i) the average share price for the last 30 trading days of the applicable measuring period, minus (ii) the average share price for the 30 trading days immediately preceding the beginning of the applicable measuring period, by (B) the average share price for the 30 trading days immediately preceding the beginning of the applicable measuring period. The number of earned shares of our common stock will be calculated based on which quartile our TSR percentage ranks as of the end of the annual measurement period relative to the other companies in the comparator group. The fair value of each PSU is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of PSUs to be earned during the performance period. Compensation expense associated with PSUs is recognized as general and administrative expense over the measurement period. Total expense recorded for PSUs for the three month period ended June 30, 2016 and 2015 was $0.6 million and $0.9 million , respectively, and $1.3 million for the six months ended June 30, 2016 and 2015 , respectively. As of June 30, 2016 , there was $3.2 million of total unrecognized compensation expense related to unvested PSUs to be amortized through 2018 . A summary of the status and activity of PSUs for the six months ended June 30, 2016 is presented below: PSU Weighted-Average Grant-Date Fair Value Non-vested at beginning of year (1) 114,833 $ 35.27 Granted (1) — $ — Vested (1) — $ — Forfeited (1) (6,529 ) $ 36.21 Non-vested at end of quarter (1) 108,304 $ 35.24 ____________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company’s 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. Long Term Incentive Plan Units Subsequent to quarter end, the Company granted 2,921,602 of LTIP units (“units”) that will settle in shares of the Company's common stock upon vesting. The units vest in one-third increments over three years. The units contain a share price cap that incrementally decreases the number of shares of the Company's common stock that will be released upon vesting if the Company's common stock were to exceed the share price cap.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows fair value measurement authoritative guidance, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The authoritative accounting guidance 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. The statement establishes a hierarchy for inputs 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. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. 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 and non-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 and non-financial assets and liabilities that were accounted for at fair value as of June 30, 2016 and December 31, 2015 and their classification within the fair value hierarchy: As of June 30, 2016 Level 1 Level 2 Level 3 (in thousands) Derivative assets (1) $ — $ 4,236 $ — Unproved properties (2) $ — $ — $ 169,911 As of December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Derivative assets (1) $ — $ 29,566 $ — Proved properties (2) $ — $ — $ 811,913 Unproved properties (2) $ — $ — $ 185,530 Asset retirement obligations (3) $ — $ — $ 2,027 ____________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. (2) This represents non-financial assets that are measured at fair value on a nonrecurring basis due to impairments. This is the fair value of the asset base that was subjected to impairment and may not reflect the entire asset balance as presented on the accompanying balance sheets. Please refer to the Proved Oil and Gas Properties and Unproved Oil and Gas Properties sections below for additional discussion. (3) This represents the revision to estimates of the asset retirement obligation, which is a non-financial liability that is measured at fair value on a nonrecurring basis. Please refer to the Asset Retirement Obligation section below for additional discussion. 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. Presently, all of our derivative arrangements are concentrated with three counterparties, all of which are lenders under the Company’s revolving credit facility. 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 risk-adjusted discount rates and price forecasts selected by the Company’s management. The calculation of the risk-adjusted discount rate is a significant management estimate based on the best information available. Management believes that the risk-adjusted discount rate is representative of current market conditions and reflects the following factors: estimates 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 a relevant estimated selling price is not available, the Company utilizes the income valuation technique discussed above. The Company impaired the Mid-Continent region which had a carrying value of $110.0 million to its estimated fair value, based on the latest bid at the time, of $100.0 million and recognized an impairment of $10.0 million during the first quarter of 2016. There were no impairments recorded during the second quarter of 2016. The Company impaired the Mid-Continent region, which had a carrying value of $431.2 million , to its fair value of $110.0 million and recognized an impairment of $321.2 million for the year ended December 31, 2015 . The Company impaired the Rocky Mountain region, which had a carrying value of $1.1 billion , to its fair value of $701.9 million and recognized an impairment of $419.3 million for the year ended December 31, 2015 . 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 fully 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, remaining lease life 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 a relevant 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. Due to leases expiring, the Company impaired non-core acreage in the Wattenberg Field, which had a carrying value of $186.7 million , to its fair value of $169.9 million and recognized an impairment of unproved properties of $16.8 million for the six months ended June 30, 2016 . Due to leases expiring, the Company impaired non-core acreage in the Wattenberg Field, which had a carrying value of $210.3 million , to its fair value of $185.5 million and recognized an impairment of unproved properties for the year ended December 31, 2015 of $24.8 million . The Company also fully impaired the North Park Basin in 2015, due to a change in the Company’s development plan, recognizing an impairment of unproved properties of $8.7 million . 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 as of June 30, 2016 . The Company had $2.0 million of asset retirement obligations recorded at fair value as of December 31, 2015 . Long-term Debt As of June 30, 2016 , the Company had $500.0 million of outstanding 6.75% Senior Notes and $300.0 million of outstanding 5.75% Senior Notes, all of which are unsecured senior obligations. The 6.75% Senior Notes are recorded at cost, plus the unamortized premium, on the accompanying balance sheets at $505.8 million and $506.4 million as of June 30, 2016 and December 31, 2015 , respectively. The fair value of the 6.75% Senior Notes as of June 30, 2016 and December 31, 2015 was $202.8 million and $301.3 million , respectively. The 5.75% Senior Notes are recorded at cost on the accompanying balance sheets at $300.0 million as of June 30, 2016 and December 31, 2015 . The fair value of the 5.75% Senior Notes as of June 30, 2016 and December 31, 2015 was $122.3 million and $163.1 million , respectively. The Senior Notes are measured using Level 1 inputs based on a secondary market trading price. The Company’s revolving credit facility approximates fair value as the applicable interest rates are floating. The outstanding balance under the revolving credit facility as of June 30, 2016 and December 31, 2015 was $273.3 million and $79.0 million , respectively.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	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. The Company’s derivatives include oil swap arrangements and puts, none of which qualify as having hedging relationships for accounting purposes. Effective March 10, 2016, the Company converted its three-way collars into fixed price swaps and puts. As of June 30, 2016 , and as of the filing date of this report, the Company had the following derivative commodity contracts in place: Settlement Period Derivative Instrument Total Volumes (Bbls per day) Average Fixed Price Fair Market Value of Assets (in thousands) Oil 3Q 2016 Swap 2,704 $51.78 $ 449 4Q 2016 Swap 2,303 $52.83 653 3Q 2016 Put 4,733 $51.01 1,435 4Q 2016 Put 4,031 $51.01 1,699 Total $ 4,236 Derivative Assets Fair Value The Company’s commodity derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets. The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 As of December 31, 2015 Balance Sheet Location Fair Value Fair Value (in thousands) (in thousands) Derivative Assets: Commodity contracts Current assets $ 4,236 $ 29,566 Commodity contracts Noncurrent assets — — Derivative Liabilities: Commodity contracts Current liabilities — — Commodity contracts Long-term liabilities — — Total derivative asset $ 4,236 $ 29,566 The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Derivative cash settlement gain: Oil contracts $ 3,893 $ 14,507 $ 11,401 $ 49,298 Gas contracts — 682 — 1,357 Total derivative cash settlement gain (1) $ 3,893 $ 15,189 $ 11,401 $ 50,655 Change in fair value loss $ (16,816 ) $ (20,667 ) $ (25,331 ) $ (37,277 ) Total derivative gain (loss) (1) $ (12,923 ) $ (5,478 ) $ (13,930 ) $ 13,378 _______________________________ (1) Total derivative gain (loss) and the derivative cash settlement gain for the three and six months ended June 30, 2016 and 2015 is reported in the derivative (gain) loss and derivative cash settlements line items 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, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company issues shares of restricted stock entitling the holders to receive non-forfeitable dividends, if and when, the Company was 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 and losses to common shareholders only. The Company issues PSUs, which represent the right to receive, upon settlement of the PSUs, a number of shares of the Company’s common stock that range from zero to two times 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 measurement period applicable to such PSUs. Please refer to Note 7- Stock-Based Compensation for additional discussion. The following table sets forth the calculation of loss per basic and diluted shares for the three and six month periods ended June 30, 2016 and 2015 . Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Net loss $ (49,477 ) $ (41,164 ) $ (96,714 ) $ (59,586 ) Less: undistributed loss to unvested restricted stock — — — — Undistributed loss to common shareholders (49,477 ) (41,164 ) (96,714 ) (59,586 ) Basic net loss per common share $ (1.00 ) $ (0.83 ) $ (1.97 ) $ (1.25 ) Diluted net loss per common share $ (1.00 ) $ (0.83 ) $ (1.97 ) $ (1.25 ) Weighted-average shares outstanding - basic 49,277 48,923 49,204 46,734 Add: dilutive effect of contingent PSUs — — — — Weighted-average shares outstanding - diluted 49,277 48,923 49,204 46,734 The Company was in a net loss position for the three and six months ended June 30, 2016 and 2015 , which made any potentially dilutive shares anti-dilutive. There were no dilutive shares for the three and six months ended June 30, 2016 . There were 80,906 and 106,644 shares that were anti-dilutive for the three and six months ended June 30, 2015. The participating shareholders are not contractually obligated to share in the losses of the Company, and therefore, the entire net loss is allocated to the outstanding common shareholders.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	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, 2016 , the effective tax rate was 0.0% , respectively. During the three and six month periods ended June 30, 2015 , the effective tax rate was 37.8% and 38.0% , respectively. As of December 31, 2015, a full valuation allowance was placed against the net deferred tax assets, which resulted in the Company’s current tax rate differing from the U.S. statutory income tax rate. As of June 30, 2016 , the Company had no unrecognized tax benefits. The Company’s management does not believe that there are any new items or changes in facts or judgments that should impact the Company's tax position taken thus far in 2016 . Given the substantial net operating loss carry forward at the federal level, neither significant interest expense nor penalties charged for any examining agents’ tax adjustments of income tax returns are anticipated, and any such adjustments would likely only adjust our net operating loss carry forward.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Bonanza Creek Energy Resources, LLC, Bonanza Creek Energy Upstream LLC, Bonanza Creek Energy Midstream, LLC, Holmes Eastern Company, LLC and Rocky Mountain Infrastructure, LLC. All significant intercompany accounts and transactions have been eliminated.
Significant Accounting Policies	The significant risks and uncertainties described above raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. The Company is currently in discussions with various stakeholders and is considering pursuing a number of actions including: (i) private issuances of equity or equity-linked securities, debt for equity swaps, or any combination thereof; (ii) in- and out-of-court restructuring transactions; (iii) obtaining waivers or amendments from its lenders; and (iv) continuing to minimize its capital expenditures, reduce costs and maximize cash flows from operations. There can be no assurance that sufficient liquidity can be obtained from one or more of these actions or that these actions can be consummated within the period needed.
Recently Issued Accounting Standards	Recently Issued Accounting Standards On January 1, 2016, the Company adopted FASB Update No. 2015 -03 - Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs and Up date No. 2015-15, Interest - Imputation of Interest - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements on a retrospective basis. These updates require capitalized debt issuance costs, except for those related to revolving credit facilities, to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as an asset. The adoption resulted in a reclassification that reduced other noncurrent assets and senior notes - current portion by $12.6 million as of June 30, 2016 and reduced other noncurrent assets and long-term debt by $13.7 million on the accompanying balance sheets as of December 31, 2015. In January 2016, the FASB issued Update No. 2016-01 – Financial Instruments - Overall to require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This authoritative guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. 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 February 2016, the FASB issued Update No. 2016-02 – Leases to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This authoritative guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. The Company is currently evaluating the provisions of this guidance and assessing its impact in relation to the Company's leases. In March 2016, the FASB issued Update No. 2016-08 – Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which clarifies the implementation guidance on principal versus agent considerations. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has started reviewing its contracts and is assessing their impact, but does not currently believe this guidance will have a material effect on the Company's financial statements or disclosures. In March 2016, the FASB issued Update No. 2016-09 – Compensation - Stock Compensation . The update simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This authoritative guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. 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 April 2016, the FASB issued Update No. 2016-10 – Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, which clarifies identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those two areas. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has started reviewing its contracts and is assessing their impact, but does not currently believe this guidance will have a material effect on the Company's financial statements or disclosures. In May 2016, the FASB issued Update No. 2016-12 – Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients, which identifies certain areas for improvement within Topic 606, which specifies the accounting for revenue from contracts with customers. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company has started going through its contracts and is assessing their impact, but does not currently believe this guidance will have a material effect on the Company's financial statements or disclosures.

ACCOUNTS PAYABLE AND ACCRUED 19

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses contain the following: As of June 30, As of December 31, 2016 2015 (in thousands) Drilling and completion costs $ 6,997 $ 32,459 Accounts payable trade 880 1,085 Accrued general and administrative cost 6,025 10,643 Lease operating expense 4,116 4,731 Accrued reclamation cost 98 162 Accrued interest 14,473 14,231 Production and ad valorem taxes and other 22,541 33,049 Total accounts payable and accrued expenses $ 55,130 $ 96,360

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: As of June 30, As of December 31, 2016 2015 (in thousands) Revolving credit facility $ 273,333 $ 79,000 6.75% Senior Notes due 2021 500,000 500,000 Unamortized premium on 6.75% Senior Notes 5,778 6,392 5.75% Senior Notes due 2023 300,000 300,000 Less debt issuance costs - Senior Notes (12,610 ) (13,726 ) Total debt, net 1,066,501 871,666 Less current portion (1) (1,066,501 ) — Total long-term debt $ — $ 871,666 ______________________ (1) Due to anticipated covenant violations, the Company classified the revolving credit facility and Senior Notes as current liabilities as of June 30, 2016 . Please refer to the Going Concern Uncertainty section in Note 2 - Basis of Presentation for additional discussion.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the status and activity of non-vested restricted stock	A summary of the status and activity of non-vested restricted stock for the six months ended June 30, 2016 is presented below. Restricted Stock Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 731,818 $ 29.47 Granted — $ — Vested (318,974 ) $ 32.73 Forfeited (61,949 ) $ 23.18 Non-vested at end of quarter $ 350,895 $ 27.62
Summary of the status and activity of PSUs	A summary of the status and activity of PSUs for the six months ended June 30, 2016 is presented below: PSU Weighted-Average Grant-Date Fair Value Non-vested at beginning of year (1) 114,833 $ 35.27 Granted (1) — $ — Vested (1) — $ — Forfeited (1) (6,529 ) $ 36.21 Non-vested at end of quarter (1) 108,304 $ 35.24 ____________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company’s 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, 2016
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities at fair value on recurring basis	The following tables present the Company’s financial and non-financial assets and liabilities that were accounted for at fair value as of June 30, 2016 and December 31, 2015 and their classification within the fair value hierarchy: As of June 30, 2016 Level 1 Level 2 Level 3 (in thousands) Derivative assets (1) $ — $ 4,236 $ — Unproved properties (2) $ — $ — $ 169,911 As of December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Derivative assets (1) $ — $ 29,566 $ — Proved properties (2) $ — $ — $ 811,913 Unproved properties (2) $ — $ — $ 185,530 Asset retirement obligations (3) $ — $ — $ 2,027 ____________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. (2) This represents non-financial assets that are measured at fair value on a nonrecurring basis due to impairments. This is the fair value of the asset base that was subjected to impairment and may not reflect the entire asset balance as presented on the accompanying balance sheets. Please refer to the Proved Oil and Gas Properties and Unproved Oil and Gas Properties sections below for additional discussion. (3) This represents the revision to estimates of the asset retirement obligation, which is a non-financial liability that is measured at fair value on a nonrecurring basis. Please refer to the Asset Retirement Obligation section below for additional discussion.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2016
Summary of all the Company's derivative positions reported on the accompanying balance sheets	The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of June 30, 2016 and December 31, 2015 : As of June 30, 2016 As of December 31, 2015 Balance Sheet Location Fair Value Fair Value (in thousands) (in thousands) Derivative Assets: Commodity contracts Current assets $ 4,236 $ 29,566 Commodity contracts Noncurrent assets — — Derivative Liabilities: Commodity contracts Current liabilities — — Commodity contracts Long-term liabilities — — Total derivative asset $ 4,236 $ 29,566
Summary of the components of the derivative gain (loss) presented on the accompanying statements of operations	The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Derivative cash settlement gain: Oil contracts $ 3,893 $ 14,507 $ 11,401 $ 49,298 Gas contracts — 682 — 1,357 Total derivative cash settlement gain (1) $ 3,893 $ 15,189 $ 11,401 $ 50,655 Change in fair value loss $ (16,816 ) $ (20,667 ) $ (25,331 ) $ (37,277 ) Total derivative gain (loss) (1) $ (12,923 ) $ (5,478 ) $ (13,930 ) $ 13,378 _______________________________ (1) Total derivative gain (loss) and the derivative cash settlement gain for the three and six months ended June 30, 2016 and 2015 is reported in the derivative (gain) loss and derivative cash settlements line items on the accompanying statements of cash flows within the net cash provided by operating activities.
Commodity Derivative
Summary of derivative commodity contracts in place	As of June 30, 2016 , and as of the filing date of this report, the Company had the following derivative commodity contracts in place: Settlement Period Derivative Instrument Total Volumes (Bbls per day) Average Fixed Price Fair Market Value of Assets (in thousands) Oil 3Q 2016 Swap 2,704 $51.78 $ 449 4Q 2016 Swap 2,303 $52.83 653 3Q 2016 Put 4,733 $51.01 1,435 4Q 2016 Put 4,031 $51.01 1,699 Total $ 4,236

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of calculation of earnings per basic and diluted shares from continuing and discontinued operations	The following table sets forth the calculation of loss per basic and diluted shares for the three and six month periods ended June 30, 2016 and 2015 . Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Net loss $ (49,477 ) $ (41,164 ) $ (96,714 ) $ (59,586 ) Less: undistributed loss to unvested restricted stock — — — — Undistributed loss to common shareholders (49,477 ) (41,164 ) (96,714 ) (59,586 ) Basic net loss per common share $ (1.00 ) $ (0.83 ) $ (1.97 ) $ (1.25 ) Diluted net loss per common share $ (1.00 ) $ (0.83 ) $ (1.97 ) $ (1.25 ) Weighted-average shares outstanding - basic 49,277 48,923 49,204 46,734 Add: dilutive effect of contingent PSUs — — — — Weighted-average shares outstanding - diluted 49,277 48,923 49,204 46,734

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	Nov. 01, 2016bbl	Aug. 01, 2016USD ($)	Jun. 30, 2015USD ($)bbl	Jun. 30, 2016USD ($)agreement	Dec. 31, 2016USD ($)	Jan. 01, 2017USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Substantial Doubt About Going Concern [Line Items]
Cash and cash equivalents			$ 15,340,000	$ 170,171,000			$ 21,341,000	$ 2,584,000
Number of agreements | agreement				2
Debt default, percent of aggregate principal balance in default				25.00%
Outstanding amount				$ 1,066,501,000			871,666,000
Crude Oil, November 1, 2016
Substantial Doubt About Going Concern [Line Items]
Long-term purchase commitment, aggregate potential deficiency payments				196,400,000
Crude Oil
Substantial Doubt About Going Concern [Line Items]
Long-term purchase commitment, minimum volume required | bbl			12,580
Long-term purchase commitment period			5 years
Scenario, Forecast | Crude Oil, November 1, 2016
Substantial Doubt About Going Concern [Line Items]
Long-term purchase commitment, minimum volume required | bbl	15,000
Long-term purchase commitment period	7 years
Long-term purchase commitment, deficiency payment					$ 4,800,000
Scenario, Forecast | Crude Oil
Substantial Doubt About Going Concern [Line Items]
Long-term purchase commitment, deficiency payment					$ 2,300,000
Long-term purchase commitment, aggregate potential deficiency payments						$ 44,800,000
Revolver
Substantial Doubt About Going Concern [Line Items]
Debt default, debt immediately due and payable				273,333,000
Borrowing base deficiency				73,300,000
Outstanding amount				$ 273,333,000			$ 79,000,000
6.75% Senior Notes
Substantial Doubt About Going Concern [Line Items]
Interest rate (as a percent)				6.75%			6.75%
Outstanding amount				$ 500,000,000
5.75% Senior Notes
Substantial Doubt About Going Concern [Line Items]
Interest rate (as a percent)				5.75%			5.75%
Debt instrument, grace period for interest payment				30 days
Outstanding amount				$ 300,000,000			$ 300,000,000
5.75% Senior Notes | Scenario, Forecast
Substantial Doubt About Going Concern [Line Items]
Debt default, deferred interest payment		$ 8,600,000

BASIS OF PRESENTATION - Recentl

BASIS OF PRESENTATION - Recently Issued Accounting Standards (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Other Noncurrent Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs, net	$ (12.6)	$ (13.7)
Long-term Debt, Current Portion
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs, net	$ 12.6
Long-term Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs, net		$ 13.7

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - Rocky Mountain Infrastructure, LLC Subsidiary and Mid-Continent Region Assets - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depletion	$ 3
Gain on termination fee		$ 6

ACCOUNTS PAYABLE AND ACCRUED 28

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts payable and accrued expenses contain the following:
Drilling and completion costs	$ 6,997	$ 32,459
Accounts payable trade	880	1,085
Accrued general and administrative cost	6,025	10,643
Lease operating expense	4,116	4,731
Accrued reclamation cost	98	162
Accrued interest	14,473	14,231
Production and ad valorem taxes and other	22,541	33,049
Total accounts payable and accrued expenses	$ 55,130	$ 96,360

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
LONG-TERM DEBT
Long-term debt	$ 1,066,501	$ 871,666
Less current portion	(1,066,501)	0
Total long-term debt	0	871,666
6.75% Senior Notes
LONG-TERM DEBT
Long-term debt	500,000
Long term debt - gross	500,000	500,000
Unamortized premium on 6.75% Senior Notes	$ 5,778	$ 6,392
Interest rate (as a percent)	6.75%	6.75%
Total long-term debt	$ 505,800	$ 506,400
5.75% Senior Notes
LONG-TERM DEBT
Long-term debt	300,000	300,000
Long term debt - gross	$ 300,000	$ 300,000
Interest rate (as a percent)	5.75%	5.75%
Senior Notes
LONG-TERM DEBT
Less debt issuance costs - Senior Notes	$ (12,610)	$ (13,726)
Interest rate (as a percent)	6.75%
Revolver
LONG-TERM DEBT
Long-term debt	$ 273,333	$ 79,000

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)	May 20, 2016USD ($)	May 19, 2016USD ($)	Dec. 31, 2015USD ($)
LONG-TERM DEBT
Revolving line of credit - current portion (note 5)	$ 273,333,000	$ 273,333,000			$ 0
Outstanding amount	1,066,501,000	$ 1,066,501,000			$ 871,666,000
Maximum senior secured debt to trailing twelve month EBITDAX covenant		2.50
Minimum trailing twelve month interest to trailing twelve month EBITDAX coverage covenant		2.50
Minimum current ratio covenant		1
6.75% Senior Notes
LONG-TERM DEBT
Outstanding amount	500,000,000	$ 500,000,000
Amount of notes issued	$ 500,000,000	$ 500,000,000
Interest rate (as a percent)	6.75%	6.75%			6.75%
5.75% Senior Notes
LONG-TERM DEBT
Outstanding amount	$ 300,000,000	$ 300,000,000			$ 300,000,000
Amount of notes issued	$ 300,000,000	$ 300,000,000
Interest rate (as a percent)	5.75%	5.75%			5.75%
Revolver
LONG-TERM DEBT
Borrowing base amount			$ 200,000,000	$ 475,000,000
Maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Outstanding amount	273,333,000	273,333,000			$ 79,000,000
Borrowing base deficiency	73,300,000	73,300,000
Monthly installments for repayment of borrowing base deficiency	$ 14,700,000
Period for repayment of borrowing base deficiency	6 months
Remaining borrowing capacity	$ 0	$ 0

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Millions	Nov. 01, 2016bbl	Jul. 31, 2015USD ($)	Jul. 31, 2014USD ($)	Jul. 31, 2013USD ($)	Jul. 31, 2012USD ($)ft²	Jun. 30, 2016USD ($)	Jun. 30, 2015bbl	Jun. 30, 2016USD ($)claimagreement	Dec. 31, 2016USD ($)	Jan. 01, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of Claims | claim								0
Number of agreements | agreement								2
Letter of Credit | Revolver
Long-term Purchase Commitment [Line Items]
Release of letter of credit						$ 12
Wattenberg Field
Long-term Purchase Commitment [Line Items]
Area of land | ft²					5,600
Annual cash payment		$ 12	$ 12	$ 12	$ 12	12
Crude Oil
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, minimum volume required | bbl							12,580
Long-term purchase commitment period							5 years
Crude Oil | Scenario, Forecast
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, deficiency payment									$ 2.3
Long-term purchase commitment, aggregate potential deficiency payments										$ 44.8
Crude Oil, November 1, 2016
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, aggregate potential deficiency payments						$ 196.4		$ 196.4
Crude Oil, November 1, 2016 | Scenario, Forecast
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, minimum volume required | bbl	15,000
Long-term purchase commitment period	7 years
Long-term purchase commitment, deficiency payment									$ 4.8

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 01, 2016shares	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)
PSUs | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company				0
PSUs | Maximum
STOCK-BASED COMPENSATION
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 | shares				1
Vesting portion of shares				0.333
Vesting period				3 years
Stock-based compensation expense | $		$ 1.8	$ 3.6	$ 4.1	$ 6.5
Unrecognized compensation cost | $		8.3		$ 8.3
Granted (in shares) | shares				0
2011 Long Term Incentive Plan | PSUs
STOCK-BASED COMPENSATION
Granted (in shares) | shares				0
2011 Long Term Incentive Plan | PSUs | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company				0
2011 Long Term Incentive Plan | PSUs | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company				2
2011 Long Term Incentive Plan | PSUs | Officers
STOCK-BASED COMPENSATION
Stock-based compensation expense | $		0.6	$ 0.9	$ 1.3	$ 1.3
Unrecognized compensation cost | $		$ 3.2		$ 3.2
Percentage of awards earned during performance cycle				200.00%
Measurement period				3 years
Vesting percent				66.67%
2011 Long Term Incentive Plan | PSUs | Officers | Last trading days in applicable measuring period
STOCK-BASED COMPENSATION
Number of trading days used to measure total shareholder return				30 days
2011 Long Term Incentive Plan | PSUs | Officers | Last trading days immediately preceeding the beginning of the applicable measuring period
STOCK-BASED COMPENSATION
Number of trading days used to measure total shareholder return				30 days
2011 Long Term Incentive Plan | PSUs | Officers | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company				0
2011 Long Term Incentive Plan | PSUs | Officers | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company				2
2011 Long Term Incentive Plan | LTIP Units
STOCK-BASED COMPENSATION
Vesting portion of shares				0.333
2011 Long Term Incentive Plan | LTIP Units | Subsequent Event
STOCK-BASED COMPENSATION
LTIP units granted | shares	2,921,602

STOCK-BASED COMPENSATION SUMMAR

STOCK-BASED COMPENSATION SUMMARY OF STATUS AND ACTIVITY OF NON-VESTED RESTRICTED STOCK (Details) - 2011 Long Term Incentive Plan - Restricted shares	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	731,818
Granted (in shares) | shares	0
Vested (in shares) | shares	(318,974)
Forfeited (in shares) | shares	(61,949)
Non-vested at end of year (in shares) | shares	350,895
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 29.47
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	32.73
Forfeited (in dollars per share) | $ / shares	23.18
Non-vested at end of year (in dollars per share) | $ / shares	$ 27.62

STOCK-BASED COMPENSATION SUMM34

STOCK-BASED COMPENSATION SUMMARY OF STATUS AND ACTIVITY OF PSUS (Details) - 2011 Long Term Incentive Plan - PSUs	6 Months Ended
	Jun. 30, 2016$ / sharesshares
PSUs
Non-vested at beginning of year (in shares) | shares	114,833
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(6,529)
Non-vested at end of year (in shares) | shares	108,304
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 35.27
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	36.21
Non-vested at end of year (in dollars per share) | $ / shares	$ 35.24

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Financial assets and liabilities accounted for at fair value
Proved properties	$ 2,518,080	$ 1,618,970
Unproved properties	169,911	185,530
Asset retirement obligations	26,737	14,935
Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Proved properties		0
Unproved properties	0	0
Asset retirement obligations		0
Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets	4,236	29,566
Proved properties		0
Unproved properties	0	0
Asset retirement obligations		0
Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Proved properties		811,913
Unproved properties	$ 169,911	185,530
Asset retirement obligations		$ 2,027

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)counterparty	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)counterparty	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Derivatives measured at fair value
Total number of counterparties in derivative financial instruments | counterparty	3			3
Proved properties	$ 2,518,080,000			$ 2,518,080,000		$ 1,618,970,000
Unproved properties	169,911,000			169,911,000		185,530,000
Unproved oil and gas property impairments	9,875,000		$ 14,527,000	16,781,000	$ 19,996,000
Asset retirement obligations	26,737,000			26,737,000		14,935,000
Outstanding amount	1,066,501,000			1,066,501,000		871,666,000
Total long-term debt	0			0		871,666,000
Revolver
Derivatives measured at fair value
Outstanding amount	273,333,000			273,333,000		$ 79,000,000
6.75% Senior Notes
Derivatives measured at fair value
Outstanding amount	$ 500,000,000			$ 500,000,000
Interest rate (as a percent)	6.75%			6.75%		6.75%
Total long-term debt	$ 505,800,000			$ 505,800,000		$ 506,400,000
5.75% Senior Notes
Derivatives measured at fair value
Outstanding amount	$ 300,000,000			$ 300,000,000		$ 300,000,000
Interest rate (as a percent)	5.75%			5.75%		5.75%
Level 3
Derivatives measured at fair value
Proved properties						$ 811,913,000
Unproved properties	$ 169,911,000			$ 169,911,000		185,530,000
Asset retirement obligations						2,027,000
Estimate of Fair Value Measurement | 6.75% Senior Notes
Derivatives measured at fair value
Fair value of senior notes	202,800,000			202,800,000		301,300,000
Estimate of Fair Value Measurement | 5.75% Senior Notes
Derivatives measured at fair value
Fair value of senior notes	122,300,000			122,300,000		163,100,000
Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Asset retirement obligations	0			0		2,000,000
Mid-Continent Region
Derivatives measured at fair value
Proved properties		$ 110,000,000				431,200,000
Proved oil and gas property impairments	0	10,000,000				321,200,000
Mid-Continent Region | Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Proved properties		$ 100,000,000				110,000,000
Rocky Mountain Region
Derivatives measured at fair value
Proved properties						1,100,000,000
Proved oil and gas property impairments						419,300,000
Rocky Mountain Region | Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Proved properties						701,900,000
Wattenberg Field
Derivatives measured at fair value
Unproved properties	186,700,000			186,700,000		210,300,000
Unproved oil and gas property impairments				16,800,000		24,800,000
Wattenberg Field | Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Unproved properties	$ 169,900,000			$ 169,900,000		185,500,000
North Park Basin
Derivatives measured at fair value
Unproved oil and gas property impairments						$ 8,700,000

DERIVATIVES - CONTRACTS IN PLAC

DERIVATIVES - CONTRACTS IN PLACE (Details) $ in Thousands	Jun. 30, 2016USD ($)bbl / dderivative$ / bbl	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative instruments qualified for hedging instruments | derivative	0
Commodity Derivative
Derivative contract
Fair Market Value of Assets	$ 4,236	$ 29,566
Not Designated as Hedging Instrument | Commodity Swap - Q3 2016 | Oil
Derivative contract
Total Volumes (in units per day) | bbl / d	2,704
Average fixed price (in USD per barrel or mmbtu) | $ / bbl	51.78
Fair Market Value of Assets	$ 449
Not Designated as Hedging Instrument | Commodity Swap - Q4 2016 | Oil
Derivative contract
Total Volumes (in units per day) | bbl / d	2,303
Average fixed price (in USD per barrel or mmbtu) | $ / bbl	52.83
Fair Market Value of Assets	$ 653
Not Designated as Hedging Instrument | Commodity Put - Q3 2016 | Oil
Derivative contract
Total Volumes (in units per day) | bbl / d	4,733
Average fixed price (in USD per barrel or mmbtu) | $ / bbl	51.01
Fair Market Value of Assets	$ 1,435
Not Designated as Hedging Instrument | Commodity Put - Q4 2016 | Oil
Derivative contract
Total Volumes (in units per day) | bbl / d	4,031
Average fixed price (in USD per barrel or mmbtu) | $ / bbl	51.01
Fair Market Value of Assets	$ 1,699
Not Designated as Hedging Instrument | Commodity Derivative
Derivative contract
Fair Market Value of Assets	$ 4,236

DERIVATIVES - SUMMARY OF DERIVA

DERIVATIVES - SUMMARY OF DERIVATIVE POSITIONS (Details) - Commodity Derivative - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives measured at fair value
Total derivative asset	$ 4,236	$ 29,566
Current assets
Derivatives measured at fair value
Derivative assets	4,236	29,566
Noncurrent assets
Derivatives measured at fair value
Derivative assets	0	0
Current liabilities
Derivatives measured at fair value
Derivative liabilities	0	0
Long-term liabilities
Derivatives measured at fair value
Derivative liabilities	$ 0	$ 0

DERIVATIVES - COMPONENTS OF DER

DERIVATIVES - COMPONENTS OF DERIVATIVE GAINS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Components of the derivative gain (loss)
Derivative gain	$ (12,923)	$ (5,478)	$ (13,930)	$ 13,378
Commodity Derivative
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	3,893	15,189	11,401	50,655
Change in fair value gain (loss)	(16,816)	(20,667)	(25,331)	(37,277)
Derivative gain	(12,923)	(5,478)	(13,930)	13,378
Commodity Derivative | Oil
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	3,893	14,507	11,401	49,298
Commodity Derivative | Natural gas
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	$ 0	$ 682	$ 0	$ 1,357

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares
Net income (loss):
Net loss | $	$ (49,477)	$ (41,164)	$ (96,714)	$ (59,586)
Less: undistributed income (loss) to unvested restricted stock | $	0	0	0	0
Undistributed income (loss) to common shareholders | $	$ (49,477)	$ (41,164)	$ (96,714)	$ (59,586)
Basic net income (loss) per common share (in dollars per share) | $ / shares	$ (1)	$ (0.83)	$ (1.97)	$ (1.25)
Diluted net income (loss) per common share (in dollars per share) | $ / shares	$ (1)	$ (0.83)	$ (1.97)	$ (1.25)
Weighted-average shares outstanding - basic (in shares)	49,277,000	48,923,000	49,204,000	46,734,000
Add: dilutive effect of contingent PSUs (in shares)	0	0	0	0
Weighted-average shares outstanding - diluted (in shares)	49,277,000	48,923,000	49,204,000	46,734,000
Antidilutive securities excluded from EPS calculation (in shares)	0	80,906	0	106,644
PSUs | Minimum
EARNINGS PER SHARE
Percentage of awards earned during performance cycle			0
PSUs | Maximum
EARNINGS PER SHARE
Percentage of awards earned during performance cycle			2

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of effective tax rate to expected federal tax rate
Effective tax rate (as a percent)	0.00%	37.80%	0.00%	38.00%