Civitas Resources (CIVI) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 07, 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	Sep. 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		49,672,252
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 133,430	$ 21,341
Accounts receivable:
Oil and gas sales	22,167	25,322
Joint interest and other	4,937	31,224
Prepaid expenses and other	5,125	4,078
Inventory of oilfield equipment	8,994	8,543
Derivative asset	2,093	29,566
Total current assets	176,746	120,074
Property and equipment (successful efforts method), at cost:
Proved properties	2,519,695	1,618,970
Less: accumulated depreciation, depletion and amortization	(1,669,662)	(943,081)
Total proved properties, net	850,033	675,889
Unproved properties	162,334	185,530
Wells in progress	20,133	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 (note 3)	0	214,922
Other property and equipment, net of accumulated depreciation of $10,983 in 2016 and $9,407 in 2015	6,789	9,729
Total property and equipment, net	1,039,289	1,137,266
Other noncurrent assets	8,362	2,301
Total assets	1,224,397	1,259,641
Current liabilities:
Accounts payable and accrued expenses (note 4)	55,930	96,360
Oil and gas revenue distribution payable	23,197	27,613
Revolving credit facility - current portion (note 5)	229,333	0
Contractual obligation for land acquisition	0	12,000
Senior Notes - current portion (note 5)	793,410	0
Total current liabilities	1,101,870	135,973
Long-term liabilities:
Long-term debt (note 5)	0	871,666
Ad valorem taxes	10,614	17,069
Asset retirement obligations	27,157	14,935
Asset retirement obligations for assets held for sale	0	10,591
Total liabilities	1,139,641	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, 49,690,054 and 49,754,408 issued and outstanding in 2016 and 2015, respectively	49	49
Additional paid-in capital	813,351	806,386
Retained deficit	(728,644)	(597,028)
Total stockholders’ equity	84,756	209,407
Total liabilities and stockholders’ equity	$ 1,224,397	$ 1,259,641

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 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)	$ 10,983	$ 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	49,690,054	49,574,408
Common stock, shares outstanding	49,690,054	49,574,408

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating net revenues:
Oil and gas sales	$ 49,325	$ 72,149	$ 148,029	$ 235,647
Operating expenses:
Lease operating expense	9,893	17,155	33,928	51,710
Gas plant and midstream operating expense	2,874	3,081	10,198	8,685
Severance and ad valorem taxes	4,100	2,411	11,531	13,055
Exploration	0	6,979	943	13,225
Depreciation, depletion and amortization	27,296	58,635	84,602	187,564
Impairment of oil and gas properties	0	166,780	10,000	166,780
Abandonment and impairment of unproved properties	7,682	1,630	24,463	21,627
Unused commitments	1,688	0	3,460	0
General and administrative (including $1,863, $3,164, $7,249 and $10,951, respectively, of stock-based compensation)	18,671	17,818	49,591	56,292
Total operating expenses	72,204	274,489	228,716	518,938
Loss from operations	(22,879)	(202,340)	(80,687)	(283,291)
Other income (expense):
Derivative gain (loss)	2,206	37,894	(11,724)	51,272
Interest expense	(15,142)	(14,073)	(46,216)	(42,779)
Gain on termination fee (note 3)	0	0	6,000	0
Other income (loss)	913	(2,077)	1,011	(1,929)
Total other income (expense)	(12,023)	21,744	(50,929)	6,564
Loss from operations before taxes	(34,902)	(180,596)	(131,616)	(276,727)
Income tax benefit	0	68,297	0	104,843
Net loss	(34,902)	(112,299)	(131,616)	(171,884)
Comprehensive loss	$ (34,902)	$ (112,299)	$ (131,616)	$ (171,884)
Basic and diluted net loss per common share (in dollars per share)	$ (0.71)	$ (2.25)	$ (2.67)	$ (3.56)
Basic and diluted weighted-average common shares outstanding (in shares)	49,324	48,962	49,244	47,485

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
General and administrative, stock compensation	$ 1,863	$ 3,164	$ 7,249	$ 10,951

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (131,616)	$ (171,884)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	84,602	187,564
Deferred income tax benefit	0	(105,595)
Impairment of oil and gas properties	10,000	166,780
Abandonment and impairment of unproved properties	24,463	21,627
Dry hole expense	905	7,628
Stock-based compensation	7,249	10,951
Amortization of deferred financing costs and debt premium	2,705	1,692
Accretion of contractual obligation for land acquisition	0	814
Derivative (gain) loss	11,724	(51,272)
Derivative cash settlements	15,749	88,372
Other	127	283
Changes in current assets and liabilities:
Accounts receivable	29,442	28,253
Prepaid expenses and other assets	(1,047)	994
Accounts payable and accrued liabilities	(23,252)	(11,905)
Settlement of asset retirement obligations	(473)	(778)
Net cash provided by operating activities	30,578	173,524
Cash flows from investing activities:
Acquisition of oil and gas properties	(919)	(13,602)
Payments of contractual obligation	(12,000)	(12,000)
Exploration and development of oil and gas properties	(47,491)	(361,131)
(Increase) decrease in restricted cash	(7,707)	2,926
Additions to property and equipment - non oil and gas	(106)	(2,390)
Net cash used in investing activities	(68,223)	(386,197)
Cash flows from financing activities:
Proceeds from credit facility	209,000	115,000
Payments to credit facility	(58,667)	(79,000)
Proceeds from sale of common stock	0	209,300
Offering costs related to sale of common stock	0	(6,620)
Offering costs related to sale of Senior Notes	0	(99)
Payment of employee tax withholdings in exchange for the return of common stock	(283)	(2,593)
Deferred financing costs	(316)	(573)
Net cash provided by financing activities	149,734	235,415
Net change in cash and cash equivalents	112,089	22,742
Cash and cash equivalents:
Beginning of period	21,341	2,584
End of period	133,430	25,326
Supplemental cash flow disclosure:
Cash paid for interest	39,235	36,759
Stock issued for litigation settlement	0	326
Cash paid for income taxes	0	820
Changes in working capital related to drilling expenditures	$ (27,952)	$ (9,441)

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Bonanza Creek Energy, Inc. (“BCEI” or, together with its 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	9 Months Ended
	Sep. 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”) 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 September 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 Company's inability to sell assets given current market conditions and counterparty concerns about the Company's liquidity and current capital structure, borrowing base reductions that have occurred during 2016, continuation of depressed commodity prices and the 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. 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 with financial covenants and ratios in its revolving credit facility and indentures has been affected by continued low commodity prices. Among other things, the Company is required under its revolving credit facility to maintain a minimum interest coverage ratio (the “minimum interest coverage ratio”) that must exceed 2.50 to 1.00 . 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 $229.3 million , as of September 30, 2016, to be immediately due and payable. Based on the Company's financial results through the third quarter of 2016, it is no longer in compliance with its minimum interest coverage ratio requirement. The minimum interest coverage ratio is calculated by dividing trailing twelve-month EBITDAX by trailing twelve-month interest expense. If a waiver, amendment or forbearance agreement is not obtained, the applicable credit facility lenders could give notice of acceleration as a result of this non-compliance. 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 borrowing base was redetermined in May 2016 to $200.0 million , the Company was overdrawn by $88.0 million and has been making mandatory monthly repayments of approximately $14.7 million . The borrowing base was further reduced on October 31, 2016 to $150.0 million , which is less than the current amount drawn. Under the terms of the credit agreement, the Company has a 20 -day period from the date of redetermination to inform the bank group of its intended method to cure its deficiency. Please refer to Note 5 - Long-Term Debt for additional discussion on the Company's available options to cure its borrowing base deficiency. Depending on its election to cure the deficiency, the Company may not have sufficient cash on hand to be able to make the mandatory repayments associated with curing the deficiency at the time they are due; • 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 September 30, 2016, the Company had a $29.3 million borrowing base deficiency under its revolving credit facility and $133.4 million in cash and cash equivalents. As a result of the October 31, 2016 redetermination, the Company's borrowing base deficiency is $64.7 million , as of the date of filing; • 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, assuming no future drilling and completion activity, the Company anticipates shortfalls in delivering the minimum volume commitments throughout the remainder of 2016. The Company has incurred $1.5 million in minimum volume commitment deficiency payments as of September 30, 2016. Under the current terms of the contract, the anticipated shortfall in delivering the minimum volume commitments could result in potential deficiency payments of $1.7 million for the remainder of 2016 and an aggregate $44.8 million in deficiency payments for 2017 through April 2020, when the agreement expires. In accordance with an adequate assurance of performance provision contained in the contract, the counterparty withheld $5.0 million from the Company's revenue payment during the third quarter of 2016. This payment is being held in a segregated account and is reflected in the other noncurrent assets line item in the accompanying balance sheets. The second agreement became effective on November 1, 2016 for 15,000 barrels per day over an initial seven year term. Based on current production estimates, assuming no future drilling and completion activity, and not designating any barrels to this commitment until May 2020. Under the current terms of the contract, the anticipated shortfall in delivering the minimum volume commitments could result in potential deficiency payments of $4.8 million in 2016 and an aggregate $165.2 million in deficiency payments for 2017 through October 2023, when the agreement expires. The actual amount of deficiency payments could vary on both contracts depending on the outcome of the Company's ability to renegotiate and execute on one or more of its current liquidity strategies; and • 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 an Event of Default occurs, 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. The Company made the October 15, 2016 interest payment of $17.0 million, which included per diem default interest, on its 6.75% Senior Notes to the indenture trustee within the 30 -day grace period allowed under the governing indenture. The revolving credit facility and Senior Notes have cross default clauses. If lenders, and subsequently noteholders, accelerate the Company’s outstanding indebtedness ( $1.0 billion as of September 30, 2016 ), it will become immediately due and payable. In the event of acceleration, the Company does not have sufficient liquidity to repay those amounts and would have to seek relief through a Chapter 11 Bankruptcy proceeding. Due to covenant violations, the Company classified the revolving credit facility and Senior Notes as current liabilities as of September 30, 2016 . 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, regarding a potential (i) debt for equity exchange or (ii) private secured financing transaction. The Company is also seeking to obtain waivers or amendments from its lenders. 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 $12.1 million as of September 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, but does not currently believe it will have a material effect on the Company’s financial statements or disclosures. 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 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 August 2016, the FASB issued Update No. 2016-15 – Classification of Certain Cash Receipts and Cash Payments, which clarifies the presentation of specific cash receipts and cash payments within the statement of cash flows. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. 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.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Sep. 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 second 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. During the second quarter of 2016, the Company recorded $3.0 million of catch-up depreciation on the RMI assets 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 nine months ended September 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 worked diligently to sell the asset packages listed above, but ultimately determined that current market conditions and liquidity concerns related to the Company's current balance sheet did not support the successful sale of such assets. Further, the Company's collateral value under the revolving credit facility would have been negatively impacted by the Mid-Continent region assets sale, thus negating any cash gained from such sale.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Sep. 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 September 30, As of December 31, 2016 2015 (in thousands) Drilling and completion costs $ 4,507 $ 32,459 Accounts payable trade 985 1,085 Accrued general and administrative cost 6,091 10,643 Lease operating expense 3,313 4,731 Accrued reclamation cost — 162 Accrued interest 18,508 14,231 Production and ad valorem taxes and other 22,526 33,049 Total accounts payable and accrued expenses $ 55,930 $ 96,360

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following: As of September 30, As of December 31, 2016 2015 (in thousands) Revolving credit facility $ 229,333 $ 79,000 6.75% Senior Notes due 2021 500,000 500,000 Unamortized premium on 6.75% Senior Notes 5,472 6,392 5.75% Senior Notes due 2023 300,000 300,000 Less debt issuance costs - Senior Notes (12,062 ) (13,726 ) Total debt, net 1,022,743 871,666 Less current portion (1) (1,022,743 ) — Total long-term debt $ — $ 871,666 ______________________ (1) Due to covenant violations and potential related cross default clauses, the Company classified the revolving credit facility and Senior Notes as current liabilities as of September 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 , and was further reduced from $200.0 million to $150.0 million on October 31, 2016. 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 September 30, 2016 , the Company had $229.3 million outstanding under the revolving credit facility and had a borrowing base deficiency of $29.3 million to be paid back in two remaining monthly installments of $14.7 million , with no additional available borrowing capacity. As of the date of filing, the Company had $214.7 million outstanding under the revolving credit facility and a total borrowing base deficiency, including the deficiency from the October 31, 2016 redetermination, of $64.7 million . The Company has one remaining monthly installment of $14.7 million to cure its May 2016 redetermination borrowing base deficiency. The remaining $50.0 million deficiency resulting from the October 31, 2016 redetermination is intended to be cured in a method elected by the Company as set forth in the credit agreement. Under the terms of the credit agreement, the Company has a 20 -day period from the date of the deficiency notice to inform the bank group of its intended method to cure the deficiency. The Company's options to cure this deficiency are consistent with those available at the time of the May 20, 2016 redetermination, and include: (a) repaying the deficiency amount within 30 days from the deficiency notice date; (b) pledge, within 30 days after the deficiency notice date, additional oil and gas properties acceptable to the lenders, which the lenders deem sufficient in their sole discretion to eliminate the borrowing base deficiency; (c) repay the deficiency amount in six monthly installments equal to one-sixth of the borrowing base deficiency; (d) cure the deficiency through a combination of options (b) and (c) above. As of the date of filing, the Company had not informed the bank group of its intended method to cure its borrowing base deficiency. 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 (defined as earnings before interest expense, income tax expense, depreciation, depletion and amortization expense, and exploration expense and other non-cash charges) 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. 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 the Company's long-term debt to current liabilities did not impact the current ratio. Based on the financial results through the third quarter of 2016, the Company is no longer in compliance with its minimum interest coverage ratio requirement. If a waiver, amendment or forbearance agreement is not obtained, the applicable lenders could give notice of acceleration as a result of this non-compliance. 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 the Company's existing and future domestic subsidiaries that guarantee or are borrowers under its 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	9 Months Ended
	Sep. 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. Under the current terms of the contract, the anticipated shortfall in delivering the minimum volume commitments could result in potential deficiency payments of $1.7 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 future anticipated shortfall assumes current production forecasts that contemplate no future drilling and completion activity. The Company has incurred $1.5 million as of September 30, 2016 in deficiency payments on the minimum volume commitments. The second agreement became effective on November 1, 2016 for 15,000 barrels per day over an initial seven year term. Based on current production volumes with no future drilling activity, and the Company not designating any barrels to this commitment until May 2020, the anticipated shortfall in delivering the minimum volume commitments could result in potential deficiency payments of $4.8 million in 2016 and an aggregate $165.2 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 its current liquidity strategies and future drilling. Due to continued low commodity prices, the suspension of drilling and completion activity, the Company intends to aggressively pursue restructuring the terms of these contracts, which could include among other items, altering the differential pricing and or committed volumes, and the associated deficiency fees for not meeting minimum volume commitments. 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 million payment, which caused release of 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	9 Months Ended
	Sep. 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 September 30, 2016 and 2015 was $1.2 million and $2.5 million , respectively, and $5.3 million and $9.0 million for the nine months ended September 30, 2016 and 2015 , respectively. As of September 30, 2016 , unrecognized compensation cost was $5.5 million and will be amortized through 2018 . A summary of the status and activity of non-vested restricted stock for the nine months ended September 30, 2016 is presented below. Restricted Stock Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 731,818 $ 29.47 Granted 113,044 $ 0.98 Vested (343,349 ) $ 31.14 Forfeited (95,899 ) $ 25.86 Non-vested at end of quarter 405,614 $ 21.11 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 the Company's common stock will be calculated based on which quartile its 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 September 30, 2016 and 2015 was $0.3 million and $0.6 million , respectively, and $1.5 million and $2.0 million for the nine months ended September 30, 2016 and 2015 , respectively. As of September 30, 2016 , there was $1.9 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 nine months ended September 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) (25,780 ) $ 35.34 Non-vested at end of quarter (1) 89,053 $ 35.36 ____________________________ (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 During the third quarter, the Company granted 2,808,558 of LTIP units (“units”) for a total fair value $2.7 million, 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 of $26 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. Total expense recorded for the units for the three and nine month periods ended September 30, 2016 was $0.4 million . As of September 30, 2016 , there was $2.0 million of total unrecognized compensation expense related to unvested units to be amortized through 2019 . A summary of the status and activity of non-vested units for the nine months ended September 30, 2016 is presented below. LTIP Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year — $ — Granted 2,808,558 $ 0.98 Vested — $ — Forfeited (318,663 ) $ 0.98 Non-vested at end of quarter 2,489,895 $ 0.98

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 and their classification within the fair value hierarchy: As of September 30, 2016 Level 1 Level 2 Level 3 (in thousands) Derivative assets (1) $ — $ 2,093 $ — Unproved properties (2) $ — $ — $ 162,202 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 the Company's 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. There were no impairments recorded during the second or third quarters of 2016. The Company impaired the Mid-Continent region which had a carrying value of $110.0 million to its estimated fair value, based on the most recent bid the Company received, at the time it was held for sale of $100.0 million and recognized an impairment of $10.0 million during the first 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 $162.2 million and recognized an impairment of unproved properties of $24.5 million for the nine months ended September 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 September 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 September 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 and net deferred financing costs, on the accompanying balance sheets at $498.3 million and $498.1 million as of September 30, 2016 and December 31, 2015 , respectively. The fair value of the 6.75% Senior Notes as of September 30, 2016 and December 31, 2015 was $233.8 million and $301.3 million , respectively. The 5.75% Senior Notes are recorded at cost, net of deferred financing costs, on the accompanying balance sheets at $295.1 million and $ 294.5 million as of September 30, 2016 and December 31, 2015 , respectively. The fair value of the 5.75% Senior Notes as of September 30, 2016 and December 31, 2015 was $138.6 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 variable. The outstanding balance under the revolving credit facility as of September 30, 2016 and December 31, 2015 was $229.3 million and $79.0 million , respectively.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 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. During the first quarter of 2016, the Company converted its three-way collars into fixed price swaps and puts. As of September 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 4Q 2016 Swap 2,303 $52.83 814 4Q 2016 Put 4,031 $51.01 1,279 Total $ 2,093 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 September 30, 2016 and December 31, 2015 : As of September 30, 2016 As of December 31, 2015 Balance Sheet Location Fair Value Fair Value (in thousands) (in thousands) Derivative Assets: Commodity contracts Current assets $ 2,093 $ 29,566 Commodity contracts Noncurrent assets — — Derivative Liabilities: Commodity contracts Current liabilities — — Commodity contracts Long-term liabilities — — Total derivative asset $ 2,093 $ 29,566 The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Derivative cash settlement gain: Oil contracts $ 4,348 $ 37,027 $ 15,749 $ 86,325 Gas contracts — 690 — 2,047 Total derivative cash settlement gain (1) $ 4,348 $ 37,717 $ 15,749 $ 88,372 Change in fair value gain (loss) $ (2,142 ) $ 177 $ (27,473 ) $ (37,100 ) Total derivative gain (loss) (1) $ 2,206 $ 37,894 $ (11,724 ) $ 51,272 _______________________________ (1) Total derivative gain (loss) and the derivative cash settlement gain for the nine months ended September 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	9 Months Ended
	Sep. 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 participating shareholders and losses to common shareholders only. The Company issues units, which represent the right to receive, upon vesting, shares of the Company's common stock on a one to one basis up to a share price of $26 . In the event the price of the Company's common stock were to exceed $26 , the number of shares distributed would be adjusted downward so that the shares distributed would represent a value equivalent to $26 per share. 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 and units 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 and units. Please refer to Note 7- Stock-Based Compensation for additional discussion regarding these awards. The following table sets forth the calculation of loss per basic and diluted shares for the three and nine month periods ended September 30, 2016 and 2015 . Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Net loss $ (34,902 ) $ (112,299 ) $ (131,616 ) $ (171,884 ) Less: undistributed loss to unvested restricted stock — — — — Undistributed loss to common shareholders (34,902 ) (112,299 ) (131,616 ) (171,884 ) Basic net loss per common share $ (0.71 ) $ (2.25 ) $ (2.67 ) $ (3.56 ) Diluted net loss per common share $ (0.71 ) $ (2.25 ) $ (2.67 ) $ (3.56 ) Weighted-average shares outstanding - basic 49,324 48,962 49,244 47,485 Add: dilutive effect of contingent PSUs — — — — Weighted-average shares outstanding - diluted 49,324 48,962 49,244 47,485 The Company was in a net loss position for the three and nine months ended September 30, 2016 and 2015 , which made any potentially dilutive shares anti-dilutive. There were 425,761 and 569,943 shares that were anti-dilutive for the three and nine months ended September 30, 2016 . There were 156,750 and 265,280 shares that were anti-dilutive for the three and nine months ended September 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	9 Months Ended
	Sep. 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 nine month periods ended September 30, 2016 , the effective tax rate was 0.0% , respectively. During the three and nine month periods ended September 30, 2015 , the effective tax rate was 37.8% and 37.9% , respectively. At 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 September 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 the Company's net operating loss carry forward.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
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”) 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 September 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	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.
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 $12.1 million as of September 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, but does not currently believe it will have a material effect on the Company’s financial statements or disclosures. 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 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 August 2016, the FASB issued Update No. 2016-15 – Classification of Certain Cash Receipts and Cash Payments, which clarifies the presentation of specific cash receipts and cash payments within the statement of cash flows. This authoritative accounting guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. 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.

ACCOUNTS PAYABLE AND ACCRUED 19

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2016
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses contain the following: As of September 30, As of December 31, 2016 2015 (in thousands) Drilling and completion costs $ 4,507 $ 32,459 Accounts payable trade 985 1,085 Accrued general and administrative cost 6,091 10,643 Lease operating expense 3,313 4,731 Accrued reclamation cost — 162 Accrued interest 18,508 14,231 Production and ad valorem taxes and other 22,526 33,049 Total accounts payable and accrued expenses $ 55,930 $ 96,360

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: As of September 30, As of December 31, 2016 2015 (in thousands) Revolving credit facility $ 229,333 $ 79,000 6.75% Senior Notes due 2021 500,000 500,000 Unamortized premium on 6.75% Senior Notes 5,472 6,392 5.75% Senior Notes due 2023 300,000 300,000 Less debt issuance costs - Senior Notes (12,062 ) (13,726 ) Total debt, net 1,022,743 871,666 Less current portion (1) (1,022,743 ) — Total long-term debt $ — $ 871,666 ______________________ (1) Due to covenant violations and potential related cross default clauses, the Company classified the revolving credit facility and Senior Notes as current liabilities as of September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 is presented below. Restricted Stock Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 731,818 $ 29.47 Granted 113,044 $ 0.98 Vested (343,349 ) $ 31.14 Forfeited (95,899 ) $ 25.86 Non-vested at end of quarter 405,614 $ 21.11
Summary of the status and activity of PSUs	A summary of the status and activity of PSUs for the nine months ended September 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) (25,780 ) $ 35.34 Non-vested at end of quarter (1) 89,053 $ 35.36 ____________________________ (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.
Summary of the status and activity of non-vested units	A summary of the status and activity of non-vested units for the nine months ended September 30, 2016 is presented below. LTIP Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year — $ — Granted 2,808,558 $ 0.98 Vested — $ — Forfeited (318,663 ) $ 0.98 Non-vested at end of quarter 2,489,895 $ 0.98

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 and their classification within the fair value hierarchy: As of September 30, 2016 Level 1 Level 2 Level 3 (in thousands) Derivative assets (1) $ — $ 2,093 $ — Unproved properties (2) $ — $ — $ 162,202 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)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 : As of September 30, 2016 As of December 31, 2015 Balance Sheet Location Fair Value Fair Value (in thousands) (in thousands) Derivative Assets: Commodity contracts Current assets $ 2,093 $ 29,566 Commodity contracts Noncurrent assets — — Derivative Liabilities: Commodity contracts Current liabilities — — Commodity contracts Long-term liabilities — — Total derivative asset $ 2,093 $ 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 September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Derivative cash settlement gain: Oil contracts $ 4,348 $ 37,027 $ 15,749 $ 86,325 Gas contracts — 690 — 2,047 Total derivative cash settlement gain (1) $ 4,348 $ 37,717 $ 15,749 $ 88,372 Change in fair value gain (loss) $ (2,142 ) $ 177 $ (27,473 ) $ (37,100 ) Total derivative gain (loss) (1) $ 2,206 $ 37,894 $ (11,724 ) $ 51,272 _______________________________ (1) Total derivative gain (loss) and the derivative cash settlement gain for the nine months ended September 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 September 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 4Q 2016 Swap 2,303 $52.83 814 4Q 2016 Put 4,031 $51.01 1,279 Total $ 2,093

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 nine month periods ended September 30, 2016 and 2015 . Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Net loss $ (34,902 ) $ (112,299 ) $ (131,616 ) $ (171,884 ) Less: undistributed loss to unvested restricted stock — — — — Undistributed loss to common shareholders (34,902 ) (112,299 ) (131,616 ) (171,884 ) Basic net loss per common share $ (0.71 ) $ (2.25 ) $ (2.67 ) $ (3.56 ) Diluted net loss per common share $ (0.71 ) $ (2.25 ) $ (2.67 ) $ (3.56 ) Weighted-average shares outstanding - basic 49,324 48,962 49,244 47,485 Add: dilutive effect of contingent PSUs — — — — Weighted-average shares outstanding - diluted 49,324 48,962 49,244 47,485

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	Nov. 01, 2016bbl	Oct. 31, 2016USD ($)	Oct. 15, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2015bbl	Sep. 30, 2016USD ($)agreement	Dec. 31, 2016USD ($)	Jan. 01, 2017USD ($)	Nov. 09, 2016USD ($)	May 31, 2016USD ($)	May 20, 2016USD ($)	May 19, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Substantial Doubt About Going Concern [Line Items]
Minimum trailing twelve month interest to trailing twelve month EBITDAX coverage covenant						2.50
Cash and cash equivalents				$ 133,430,000		$ 133,430,000							$ 21,341,000	$ 25,326,000	$ 2,584,000
Number of agreements | agreement						2
Debt default, percent of aggregate principal balance in default						25.00%
Outstanding amount				1,022,743,000		$ 1,022,743,000							871,666,000
Crude Oil, November 1, 2016
Substantial Doubt About Going Concern [Line Items]
Long-term purchase commitment, aggregate potential deficiency payments				165,200,000		165,200,000
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
Long-term purchase commitment, deficiency payment						1,500,000
Long-term purchase commitment, funds withheld by counterparty				5,000,000		5,000,000
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							$ 1,700,000
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				229,300,000		229,300,000
Borrowing base amount											$ 200,000,000	$ 475,000,000
Borrowing base deficiency				29,300,000		29,300,000				$ 88,000,000
Monthly installments for repayment of borrowing base deficiency				14,700,000
Outstanding amount				$ 229,333,000		$ 229,333,000							$ 79,000,000
6.75% Senior Notes
Substantial Doubt About Going Concern [Line Items]
Interest rate (as a percent)				6.75%		6.75%							6.75%
5.75% Senior Notes
Substantial Doubt About Going Concern [Line Items]
Interest rate (as a percent)				5.75%		5.75%							5.75%
Debt instrument, grace period for interest payment						30 days
Outstanding amount				$ 295,100,000		$ 295,100,000							$ 294,500,000
Subsequent Event | Revolver
Substantial Doubt About Going Concern [Line Items]
Borrowing base amount		$ 150,000,000
Borrowing base deficiency		64,700,000
Monthly installments for repayment of borrowing base deficiency		$ 14,700,000
Period to cure default		20 days
Outstanding amount									$ 214,700,000
Subsequent Event | 5.75% Senior Notes
Substantial Doubt About Going Concern [Line Items]
Debt default, deferred interest payment			$ 17,000,000

BASIS OF PRESENTATION - Recentl

BASIS OF PRESENTATION - Recently Issued Accounting Standards (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Other Noncurrent Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs, net	$ (12.1)	$ (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 $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
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	Sep. 30, 2016	Dec. 31, 2015
Accounts payable and accrued expenses contain the following:
Drilling and completion costs	$ 4,507	$ 32,459
Accounts payable trade	985	1,085
Accrued general and administrative cost	6,091	10,643
Lease operating expense	3,313	4,731
Accrued reclamation cost	0	162
Accrued interest	18,508	14,231
Production and ad valorem taxes and other	22,526	33,049
Total accounts payable and accrued expenses	$ 55,930	$ 96,360

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
LONG-TERM DEBT
Long-term debt	$ 1,022,743	$ 871,666
Less current portion	(1,022,743)	0
Total long-term debt	0	871,666
6.75% Senior Notes
LONG-TERM DEBT
Long term debt - gross	500,000	500,000
Unamortized premium on 6.75% Senior Notes	$ 5,472	$ 6,392
Interest rate (as a percent)	6.75%	6.75%
Total long-term debt	$ 498,300	$ 498,100
5.75% Senior Notes
LONG-TERM DEBT
Long-term debt	295,100	294,500
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	$ (12,062)	$ (13,726)
Interest rate (as a percent)	6.75%
Revolver
LONG-TERM DEBT
Long-term debt	$ 229,333	$ 79,000

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	Oct. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)	Nov. 09, 2016USD ($)	May 31, 2016USD ($)	May 20, 2016USD ($)	May 19, 2016USD ($)	Dec. 31, 2015USD ($)
LONG-TERM DEBT
Outstanding amount		$ 1,022,743,000	$ 1,022,743,000					$ 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
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		$ 295,100,000	$ 295,100,000					$ 294,500,000
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		229,333,000	229,333,000					$ 79,000,000
Borrowing base deficiency		$ 29,300,000	29,300,000		$ 88,000,000
Period for repayment of borrowing base deficiency		2 years
Monthly installments for repayment of borrowing base deficiency		$ 14,700,000
Remaining borrowing capacity		$ 0	$ 0
Revolver | Subsequent Event
LONG-TERM DEBT
Borrowing base amount	$ 150,000,000
Outstanding amount				$ 214,700,000
Borrowing base deficiency	$ 64,700,000
Period for repayment of borrowing base deficiency	1 year
Monthly installments for repayment of borrowing base deficiency	$ 14,700,000
Borrowing base deficiency after final monthly installment payment	$ 50,000,000
Period to cure default	20 days
Period to repay deficiency amount	30 days
Period to pledge additional collateral	30 days
Period to make monthly installments payments to repay deficiency amount	6 months
Percent of deficiency amount per monthly installment	16.67%

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 ($)	Jun. 30, 2015bbl	Sep. 30, 2016USD ($)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
Long-term purchase commitment, deficiency payment								$ 1.5
Crude Oil | Scenario, Forecast
Long-term Purchase Commitment [Line Items]
Long-term purchase commitment, deficiency payment									$ 1.7
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								$ 165.2
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) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 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			1
Vesting portion of shares			0.333
Vesting period			3 years
Stock-based compensation expense	$ 1.2	$ 2.5	$ 5.3	$ 9
Unrecognized compensation cost	5.5		$ 5.5
Granted (in shares) | shares			113,044
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	0.3	$ 0.6	$ 1.5	$ 2
Unrecognized compensation cost	$ 1.9		$ 1.9
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
Vesting period	3 years
Stock-based compensation expense	$ 0.4		$ 0.4
Unrecognized compensation cost	$ 2		$ 2
Granted (in shares) | shares			2,808,558
LTIP units granted (in shares) | shares	2,808,558
Fair value of LTIP units granted	$ 2.7
Share price cap (in USD per share) | $ / shares	$ 26		$ 26

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	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	731,818
Granted (in shares) | shares	113,044
Vested (in shares) | shares	(343,349)
Forfeited (in shares) | shares	(95,899)
Non-vested at end of year (in shares) | shares	405,614
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	0.98
Vested (in dollars per share) | $ / shares	31.14
Forfeited (in dollars per share) | $ / shares	25.86
Non-vested at end of year (in dollars per share) | $ / shares	$ 21.11

STOCK-BASED COMPENSATION SUMM34

STOCK-BASED COMPENSATION SUMMARY OF STATUS AND ACTIVITY OF PSUS (Details) - 2011 Long Term Incentive Plan - PSUs	9 Months Ended
	Sep. 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	(25,780)
Non-vested at end of year (in shares) | shares	89,053
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	35.34
Non-vested at end of year (in dollars per share) | $ / shares	$ 35.36

STOCK-BASED COMPENSATION SUMM35

STOCK-BASED COMPENSATION SUMMARY OF STATUS AND ACTIVITY OF NON-VESTED UNITS (Details) - 2011 Long Term Incentive Plan - LTIP Units	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Non-vested at beginning of year (in shares) | shares	0
Granted (in shares) | shares	2,808,558
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(318,663)
Non-vested at end of year (in shares) | shares	2,489,895
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	0.98
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0.98
Non-vested at end of year (in dollars per share) | $ / shares	$ 0.98

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financial assets and liabilities accounted for at fair value
Proved properties	$ 2,519,695	$ 1,618,970
Unproved properties	162,334	185,530
Asset retirement obligations	27,157	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	2,093	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	$ 162,202	185,530
Asset retirement obligations		$ 2,027

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)counterparty	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)counterparty	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Derivatives measured at fair value
Total number of counterparties in derivative financial instruments | counterparty	3			3
Proved properties	$ 2,519,695,000			$ 2,519,695,000		$ 1,618,970,000
Proved oil and gas property impairments	0
Unproved properties	162,334,000			162,334,000		185,530,000
Unproved oil and gas property impairments	7,682,000		$ 1,630,000	24,463,000	$ 21,627,000
Asset retirement obligations	27,157,000			27,157,000		14,935,000
Outstanding amount	1,022,743,000			1,022,743,000		871,666,000
Total long-term debt	0			0		871,666,000
Revolver
Derivatives measured at fair value
Outstanding amount	229,333,000			229,333,000		79,000,000
6.75% Senior Notes
Derivatives measured at fair value
Long term debt - gross	$ 500,000,000			$ 500,000,000		$ 500,000,000
Interest rate (as a percent)	6.75%			6.75%		6.75%
Total long-term debt	$ 498,300,000			$ 498,300,000		$ 498,100,000
5.75% Senior Notes
Derivatives measured at fair value
Long term debt - gross	300,000,000			300,000,000		300,000,000
Outstanding amount	$ 295,100,000			$ 295,100,000		$ 294,500,000
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	$ 162,202,000			$ 162,202,000		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	233,800,000			233,800,000		301,300,000
Estimate of Fair Value Measurement | 5.75% Senior Notes
Derivatives measured at fair value
Fair value of senior notes	138,600,000			138,600,000		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		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				24,500,000		24,800,000
Wattenberg Field | Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Unproved properties	$ 162,200,000			$ 162,200,000		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	Sep. 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	$ 2,093	$ 29,566
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	$ 814
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	$ 1,279
Not Designated as Hedging Instrument | Commodity Derivative
Derivative contract
Fair Market Value of Assets	$ 2,093

DERIVATIVES - SUMMARY OF DERIVA

DERIVATIVES - SUMMARY OF DERIVATIVE POSITIONS (Details) - Commodity Derivative - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives measured at fair value
Total derivative asset	$ 2,093	$ 29,566
Current assets
Derivatives measured at fair value
Derivative assets	2,093	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Components of the derivative gain (loss)
Derivative gain	$ 2,206	$ 37,894	$ (11,724)	$ 51,272
Commodity Derivative
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	4,348	37,717	15,749	88,372
Change in fair value gain (loss)	(2,142)	177	(27,473)	(37,100)
Derivative gain	2,206	37,894	(11,724)	51,272
Commodity Derivative | Oil
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	4,348	37,027	15,749	86,325
Commodity Derivative | Natural gas
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	$ 0	$ 690	$ 0	$ 2,047

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares
Net income (loss):
Net loss | $	$ (34,902)	$ (112,299)	$ (131,616)	$ (171,884)
Less: undistributed income (loss) to unvested restricted stock | $	0	0	0	0
Undistributed income (loss) to common shareholders | $	$ (34,902)	$ (112,299)	$ (131,616)	$ (171,884)
Basic net income (loss) per common share (in dollars per share) | $ / shares	$ (0.71)	$ (2.25)	$ (2.67)	$ (3.56)
Diluted net income (loss) per common share (in dollars per share) | $ / shares	$ (0.71)	$ (2.25)	$ (2.67)	$ (3.56)
Weighted-average shares outstanding - basic (in shares)	49,324,000	48,962,000	49,244,000	47,485,000
Add: dilutive effect of contingent PSUs (in shares)	0	0	0	0
Weighted-average shares outstanding - diluted (in shares)	49,324,000	48,962,000	49,244,000	47,485,000
Antidilutive securities excluded from EPS calculation (in shares)	425,761	156,750	569,943	265,280
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
2011 Long Term Incentive Plan | LTIP Units
EARNINGS PER SHARE
Number of shares issued per unit			1
Share price cap (in USD per share) | $ / shares	$ 26		$ 26
2011 Long Term Incentive Plan | PSUs | Minimum
EARNINGS PER SHARE
Percentage of awards earned during performance cycle			0
2011 Long Term Incentive Plan | PSUs | Maximum
EARNINGS PER SHARE
Percentage of awards earned during performance cycle			2

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reconciliation of effective tax rate to expected federal tax rate
Effective tax rate (as a percent)	0.00%	37.80%	0.00%	37.90%