Civitas Resources (CIVI) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
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	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		20,346,295
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 91,935	$ 80,565
Accounts receivable:
Oil and gas sales	22,085	14,479
Joint interest and other	2,992	6,784
Prepaid expenses and other	6,451	5,915
Inventory of oilfield equipment	4,050	4,685
Total current assets	127,513	112,428
Property and equipment (successful efforts method), at cost:
Proved properties	2,529,599	2,525,587
Less: accumulated depreciation, depletion and amortization	(1,714,424)	(1,694,483)
Total proved properties, net	815,175	831,104
Unproved properties	163,790	163,369
Wells in progress	20,000	18,250
Other property and equipment, net of accumulated depreciation of $11,668 in 2017 and $11,206 in 2016	5,950	6,245
Total property and equipment, net	1,004,915	1,018,968
Other noncurrent assets	2,737	3,082
Total assets	1,135,165	1,134,478
Current liabilities:
Accounts payable and accrued expenses (note 4)	71,111	61,328
Oil and gas revenue distribution payable	24,788	23,773
Revolving credit facility - current portion (note 5)	191,667	191,667
Senior Notes - current portion (note 5)	0	793,698
Total current liabilities	287,566	1,070,466
Liabilities subject to compromise (note 3)	873,292	0
Long-term liabilities:
Ad valorem taxes	16,694	14,118
Asset retirement obligations for oil and gas properties	31,438	30,833
Total liabilities	1,208,990	1,115,417
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, 49,958,746 and 49,660,683 issued and outstanding in 2017 and 2016, respectively	49	49
Additional paid-in capital	816,380	814,990
Retained deficit	(890,254)	(795,978)
Total stockholders’ equity (deficit)	(73,825)	19,061
Total liabilities and stockholders’ equity	$ 1,135,165	$ 1,134,478

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation (in dollars)	$ 11,668	$ 11,206
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	49,958,746	49,660,683
Common stock, shares outstanding (in shares)	49,958,746	49,660,683

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating net revenues:
Oil and gas sales	$ 52,559,000	$ 44,174,000
Operating expenses:
Lease operating expense	9,925,000	13,298,000
Gas plant and midstream operating expense	2,705,000	3,789,000
Severance and ad valorem taxes	4,319,000	3,154,000
Exploration	3,407,000	266,000
Depreciation, depletion and amortization	21,212,000	26,379,000
Impairment of oil and gas properties	0	10,000,000
Abandonment and impairment of unproved properties	0	6,906,000
Unused commitments	993,000	0
General and administrative (including $1,725 and $3,004, respectively, of stock-based compensation)	12,094,000	17,685,000
Total operating expenses	54,655,000	81,477,000
Loss from operations	(2,096,000)	(37,303,000)
Other income (expense):
Derivative loss	0	(1,007,000)
Interest expense	(4,568,000)	(14,547,000)
Reorganization items, net (note 3)	(89,003,000)	0
Gain on termination fee (note 2)	0	6,000,000
Other income (loss)	1,391,000	(380,000)
Total other expense	(92,180,000)	(9,934,000)
Loss from operations before taxes	(94,276,000)	(47,237,000)
Income tax benefit (expense)	0	0
Net loss	(94,276,000)	(47,237,000)
Comprehensive loss	$ (94,276,000)	$ (47,237,000)
Basic net loss per common share
Basic net loss per common share (in dollars per share)	$ (1.91)	$ (0.96)
Diluted net loss per common share
Diluted net loss per common share (in dollars per share)	$ (1.91)	$ (0.96)
Basic weighted-average common shares outstanding (in shares)	49,452	49,131
Diluted weighted-average common shares outstanding (in shares)	49,452	49,131

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
General and administrative, stock compensation	$ 1,725	$ 3,004

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (94,276,000)	$ (47,237,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	21,212,000	26,379,000
Non-cash reorganization items	57,341,000	0
Impairment of oil and gas properties	0	10,000,000
Abandonment and impairment of unproved properties	0	6,906,000
Well abandonment costs and dry hole expense	2,701,000	232,000
Stock-based compensation	1,725,000	3,004,000
Amortization of deferred financing costs and debt premium	0	608,000
Derivative loss	0	1,007,000
Derivative cash settlements	0	7,508,000
Other	383,000	(116,000)
Changes in current assets and liabilities:
Accounts receivable	(3,814,000)	23,044,000
Prepaid expenses and other assets	(536,000)	(1,622,000)
Accounts payable and accrued liabilities	31,092,000	(3,141,000)
Settlement of asset retirement obligations	(176,000)	(41,000)
Net cash provided by operating activities	15,652,000	26,531,000
Cash flows from investing activities:
Acquisition of oil and gas properties	(439,000)	(532,000)
Exploration and development of oil and gas properties	(3,425,000)	(34,872,000)
(Increase) decrease in restricted cash	118,000	(2,533,000)
(Additions) deletions to property and equipment - non oil and gas	(201,000)	47,000
Net cash used in investing activities	(3,947,000)	(37,890,000)
Cash flows from financing activities:
Proceeds from credit facility	0	209,000,000
Payment of employee tax withholdings in exchange for the return of common stock	(335,000)	(229,000)
Deferred financing costs	0	(154,000)
Net cash (used in) provided by financing activities	(335,000)	208,617,000
Net change in cash and cash equivalents	11,370,000	197,258,000
Cash and cash equivalents:
Beginning of period	80,565,000	21,341,000
End of period	91,935,000	218,599,000
Supplemental cash flow disclosure:
Cash paid for interest	3,484,000	9,500,000
Changes in working capital related to drilling expenditures	$ 4,404,000	$ (14,214,000)

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Bonanza Creek Energy, Inc. (“BCEI” or, together with our consolidated subsidiaries, the “Company”) is engaged primarily in acquiring, developing, exploiting and producing oil and gas properties. As of March 31, 2017 , the Company's assets and operations were concentrated primarily in the Wattenberg Field in Colorado and in the Dorcheat Macedonia Field in southern Arkansas.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION These statements have been prepared in accordance with the Securities and Exchange Commission and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information with the condensed consolidated balance sheets (“balance sheets”) and the condensed consolidated statements of cash flows (“statements of cash flows”) as of and for the period ended December 31, 2016 , 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. With the exception of information in this report related to our emergence from Chapter 11, 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, 2016 (the “ 2016 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 March 31, 2017 , and through the filing date of this report. 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. Rocky Mountain Infrastructure, LLC The Company’s wholly owned subsidiary, Bonanza Creek Energy Operating Company, LLC, formed a wholly owned subsidiary, Rocky Mountain Infrastructure, LLC (“RMI”), to hold gathering systems, central production facilities and related infrastructure that service the Wattenberg Field. Assets Held for Sale The Company had its ownership interests in RMI and all assets within the Mid-Continent region as held for sale at March 31, 2016 . Upon the termination of the purchase and sale agreement of its RMI interest, the Company received $6.0 million as shown in the gain on termination fee line item in the accompanying statements of operations. During the three months ended March 31, 2016 , the Company recorded an impairment of oil and gas properties of $10.0 million based on the latest received bid at the time for its Mid-Continent assets. The Company moved these assets back into held for use during the second quarter of 2016 . Significant Accounting Policies The significant accounting policies followed by the Company were set forth in Note 1 to the 2016 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 2016 Form 10-K. Going Concern Presumption Our unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets, and the satisfaction of liabilities and other commitments in the normal course of business. As discussed in further detail in Note 3 - Chapter 11 Proceedings below, we have been operating as a debtor-in-possession since January 4, 2017. These financial statements were not prepared on a liquidation basis but rather relevant guidance under GAAP was applied with respect to the accounting and financial statement disclosures for entities that have filed petitions with the bankruptcy court and expect to reorganize as going concerns in preparing these statements and notes. This guidance requires that, for periods subsequent to our bankruptcy filing on January 4, 2017, or post-petition periods, certain transactions and events that are directly related to our ongoing reorganization be distinguished from our normal business operations. The guidance further calls for pre-petition obligations that are not fully secured and that have at least a possibility of not being repaid at the full claim amount be shown as a liability subject to compromise within the accompanying balance sheets. In addition, certain expenses, realized losses and provisions that are realized or incurred in the bankruptcy proceedings are to be included in the reorganization items, net line item on the condensed consolidated statements of operations and comprehensive loss (“statements of operations”). The non-cash portion of the reorganization items are to be shown in the statements of cash flows in the operating section and the cash portion can be shown in the statements of cash flows or in the notes to the financial statements, as elected by the Company. The Company's Plan was confirmed on April 7, 2017, and the Company emerged from bankruptcy on April 28, 2017, (the “Effective Date”). Recently Issued Accounting Standards Effective January 1, 2017, the Company adopted Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ Update ”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting . The objective of this update is to simplify the current guidance for stock compensation. The areas for simplification involve 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 update is effective for the annual periods beginning after December 15, 2016, and interim periods within those annual periods. As of March 31, 2017, the Company did not have excess tax benefits associated with its stock compensation, and therefore, there was no tax impact upon adoption of this standard. In addition, the employee taxes paid on the statement of cash flows when shares were withheld for taxes have already been classified as a financing activity, therefore, there was no cash flow statement impact upon adoption of this standard. This standard allowed Company's to elect to account for forfeitures as they occurred or estimate the number of awards that will vest. The Company elected to account for forfeitures as they occur, resulting in a minimal impact upon adoption of this standard. In January 2017, the FASB issued Update No. 2017-01 , Business Combinations (Topic 805): Clarifying the Definition of a Business . This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is to be applied using a prospective method and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company will apply this guidance to any future acquisitions or disposals of assets or business. In February 2017, the FASB issued Update No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . This update is meant to clarify existing guidance and to add guidance for partial sales of nonfinancial assets. This guidance is to be applied using a full retrospective method or a modified retrospective method as outlined in the guidance and is effective at the same time as Update 2014-09 , Revenue from Contracts with Customers (Topic 606) , which 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 potential impact on the Company’s financial statements and disclosures. In November 2016, the FASB issued Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This update clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance is to be applied using a retrospective method and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company has evaluated the provisions of this guidance and has determined that it will not 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 has evaluated the provisions of this guidance and has determined that it will not 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 has begun the identification process of all leases and is evaluating the provisions of this guidance and assessing its impact, but does not currently believe it will have a material effect on the Company’s financial statements or disclosures. In May 2014, the FASB issued Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) for the recognition of revenue from contracts with customers. Several additional related updates have been issued. The Company has initiated discussions with a third-party consultant to help evaluate the provisions of each of these standards, analyze their impact on the Company’s contract portfolio, review current accounting policies and practices to identify potential differences that would result from applying the requirements of these standards to the Company’s revenue contracts, and assess their potential impact on the Company’s financial statements and disclosures. The Company currently plans to apply the modified retrospective method upon adoption and plans to adopt the guidance on the effective date of January 1, 2018.

CHAPTER 11 PROCEEDINGS (Notes)

CHAPTER 11 PROCEEDINGS (Notes)	3 Months Ended
	Mar. 31, 2017
Reorganizations [Abstract]
CHAPTER 11 PROCEEDINGS	CHAPTER 11 PROCEEDINGS On December 23, 2016, Bonanza Creek Energy, Inc. and its subsidiaries entered into a Restructuring Support Agreement (the “RSA”) with (i) holders of approximately 51% in aggregate principal amount of the Company's 5.75% Senior Notes due 2023 (“ 5.75% Senior Notes”) and 6.75% Senior Notes due 2021 (“ 6.75% Senior Notes”), collectively (the “Senior Notes”) and (ii) NGL Energy Partners, LP and NGL Crude Logistics, LLC. On January 4, 2017, the Company and certain of its subsidiaries (collectively with the Company, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions,” and the cases commenced thereby, the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to pursue the Debtors’ Joint Prepackaged Plan of Reorganization Under Chapter 11 of the Bankruptcy Code (as proposed, the “Plan”). The Bankruptcy Court granted the Debtors' motion seeking to administer all of the Debtors' Chapter 11 Cases jointly under the caption In re Bonanza Creek Energy, Inc., et al (Case No. 17-10015). The Debtors received bankruptcy court confirmation of their Plan on April 7, 2017, and emerged from bankruptcy on April 28, 2017. Although the Company is no longer a debtor-in-possession, the Company was a debtor-in-possession during a portion of the quarter ended March 31, 2017 . As such, certain aspects of the bankruptcy proceedings of the Company and related matters are described below in order to provide context and explain part of our financial condition and results of operations for the period presented. Effect of Bankruptcy Proceedings During the bankruptcy proceedings, the Company conducted normal business activities and was authorized to pay and has paid pre-petition employee wages and benefits, pre-petition amounts owed to certain lienholders and critical vendors, pre-petition amounts owed to pipeline owners that transport the Company's production, and funds belonging to third parties, including royalty and working interest owners. In addition, subject to specific exceptions under the Bankruptcy Code, the Chapter 11 filings automatically stayed most judicial or administrative actions against the Company and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. As a result, we did not record interest expense on the Company’s Senior Notes from January 6, 2017, the conversion date, through March 31, 2017 . For that period, contractual interest on the Senior Notes totaled $12.0 million . Plan of Reorganization The Plan contemplated that we continue our day-to-day operations substantially as currently conducted and that all of our commercial and operational contracts remain in effect in accordance with their terms preserving the rights of all parties. The significant elements of the Plan on the Effective Date were as follows: • The Senior Notes and existing common shares of the Company (“Existing Common Shares”) will be canceled, and the reorganized Company will issue (i) new common shares (the “New Common Shares”), (ii) three year warrants (the “Warrants”) entitling their holders upon exercise thereof, on a pro rata basis, to 7.5% of the total outstanding New Common Shares at a per share price of $71.23 per Warrant, and (iii) rights (the “Subscription Rights”) to acquire the New Common Shares offered in connection with the Rights Offering (“Rights Offering Equity”), each of which will be distributed as set forth below; • The RBL Credit Facility Secured Claims (as defined in the Plan) are allowed claims for all purposes under the Plan. Each holder of an Allowed RBL Credit Facility Secured Claim shall be entitled to receive, in full and final satisfaction of its allowed RBL Credit Facility Secured Claim, (a) payment in full in cash of such claim and (b) such holder’s ratable share of participation in the Exit RBL Facility (as defined in the Plan); • Holders of allowed general unsecured claims against Bonanza Creek Energy, Inc. shall be entitled to receive their ratable share of: (a) 29.4% of the New Common Shares, subject to dilution by the Rights Offering Equity, the Management Incentive Plan (as defined in the Plan) (“MIP”) and the Warrants and (b) 37.8% of the Subscription Rights; • Holders of allowed general unsecured claims against Bonanza Creek Energy Operating Company, LLC, shall receive their ratable share of 17.6% of the New Common Shares subject to dilution by the Rights Offering Equity, the Management Incentive Plan and the Warrants. • Holders of allowed general unsecured claims against Debtors other than Bonanza Creek Energy, Inc. and Bonanza Creek Operating Company, LLC, shall receive their ratable share of: (a) 48.5% of the New Common Shares, subject to dilution by the Rights Offering Equity, the Management Incentive Plan and the Warrants and (b) 62.2% of the Subscription Rights; • Holders of Existing Common Shares shall neither receive any distributions nor retain any property on account thereof pursuant to the Plan. Notwithstanding the foregoing, on or as soon as reasonably practicable after the Effective Date, holders of Existing Common Shares shall receive, in exchange for the releases by such holders of the Released Parties (as defined in the Plan), their ratable share of (i) 4.5% of the New Common Shares, subject to dilution by the Rights Offering Equity, the Management Incentive Plan and the Warrants and (ii) the Warrants (the “Settlement Consideration”); provided, however, that any holder of Existing Common Shares that opts not to grant the voluntary releases contained in section 11.8 of the Plan shall not be entitled to receive its ratable share of the Settlement Consideration; • Holders of allowed Administrative Expense Claims, Priority Tax Claims, Other Priority Claims, and Unsecured Trade Claims (each as defined in the Plan) shall be entitled to payment in full in cash or other treatment that will render such claim unimpaired under section 1124 of the Bankruptcy Code; • Holders of allowed Other Secured Claims (as defined in the Plan) shall be entitled to payment in full in cash; reinstatement of the legal, equitable and contractual rights of the holder of such claim; a distribution of the proceeds of the sale or disposition of the collateral securing such claim, in each case, solely to the extent of the value of the holder’s secured interest in such collateral; return of collateral securing such claim; or other treatment that will render such claim unimpaired under section 1124 of the Bankruptcy Code. The Senior Notes aggregate principal amount of $800 million , plus $14.9 million of accrued and unpaid pre-petition interest and $51.2 million of prepayment premiums, all shown as liabilities subject to compromise on the accompanying balance sheets, will be settled for 96.1% of the of the Company's New Common Stock. In accordance with the Plan, on the Effective Date, we issued an aggregate of 19,543,211 or 96.1% shares of New Common Stock to holders of the Senior Notes and 803,083 or 3.9% shares of New Common Stock to holders of our Existing Common Stock, of which 1.75% is for the ad hoc equity committee settlement in exchange for $7.5 million , on terms equivalent to those of the Rights Offering Equity. The MIP is comprised of 10% of the Company's New Common Stock on a fully-diluted basis. Approximately 37% of the MIP was allocated to employees upon emergence. This emergence grant consisted of (i) 50% in the form of options with a 10-year term and strike price of $34.36 and (ii) 50% in the form of restricted stock units; and in each case shall vest one-third on each of the first three anniversaries of the Effective Date. The remaining 63% of the MIP will be allocated to employees at the sole discretion of the new board of directors. The Company's backstop commitment agreement called for each backstop party to backstop the Rights Offering Shares of the New Common Stock of the reorganized company upon emergence from Chapter 11 for an aggregate purchase price of $200.0 million . In exchange for providing the backstop commitments, the Company has agreed to pay the backstop parties, a fee in an amount equal to six percent of the aggregate amount of the backstop commitments payable in New Common Shares issued at the same price as the Rights Offering Equity, and to reimburse the administrative expenses incurred by the backstop parties in connection with the backstop commitment agreement. The backstop commitment was confirmed as part of the Plan and cash transferred on the Effective Date. New Directors In accordance with the Plan, the post-emergence Company's board of directors is made up of seven individuals, two of which are existing board members, Richard J. Carty and Jeffrey E. Wojahn, and five new board members consisting of Paul Keglevic, Brian Steck, Thomas B. Tyree, Jr., Jack E. Vaughn, and Scott D. Vogel. Executory Contracts Subject to certain exceptions, under the Bankruptcy Code, the Company and the Chapter 11 Subsidiaries may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and fulfillment of certain other conditions. The Company rejected one unexpired office lease and is currently in negotiations for a replacement office lease with the same Company. There was no claim filed against the Company for the rejected lease, as such, there was no accrual recorded. As confirmed in the Plan, the Company entered into a termination and release of the purchase agreement with Silo Energy, LLC (“Silo”) and terminated the prior purchase agreement with NGL Crude Logistics, LLC (“NGL”) and entered into a new purchase agreement with NGL. Please refer to Note 6 - Commitments and Contingencies for additional discussion. The remaining portion of the Silo settlement was accrued for as of December 31, 2016, and was reclassified to liabilities subject to compromise on the the accompanying balance sheets as of March 31, 2017 . The new NGL agreement does not have a settlement payment, as such, there is no liability to be accrued. Liabilities Subject To Compromise Our financial statements include amounts classified as liabilities subject to compromise, which is pre-petition obligations that are not fully secured and that have at least a possibility of not being repaid at the full claim amount. The Company had an all trade motion, allowing us to freely pay pre-petition liabilities and the one contract that was rejected had no associated claim filed. The following table summarizes the components of liabilities subject to compromise included on our balance sheets as of March 31, 2017 : As of March 31, 2017 (in thousands) Senior Notes $ 800,000 Accrued interest on Senior Notes (pre-petition) 14,879 Make-whole payment on Senior Notes 51,185 Silo contract settlement accrual 7,228 Total liabilities subject to compromise $ 873,292 Reorganization Items, Net Reorganization items represent amounts incurred subsequent to the bankruptcy filing as a direct result of the Chapter 11 filing. The following table summarizes the components included in the reorganization items, net line item within the statements of operations for the three months ended March 31, 2017 : For the Three Months Ended March 31, 2017 (in thousands) Legal and professional fees and expenses (1) $ 31,662 Write-off of debt issuance and premium costs (2) 6,156 Make-whole payment on Senior Notes (2) 51,185 Total reorganization items, net $ 89,003 ___________________________________________ (1) This balance is comprised of $2.5 million in cash payments with the remaining balance being accrued for in the accounts payable and accrued expenses line item in the accompanying balance sheets. (2) This balance is non-cash. Subsequent Event In connection with the emergence from the Chapter 11 cases, we have determined that we will qualify for fresh-start accounting because (i) the holders of existing voting shares of the Company prior to its emergence received less than 50% of the voting shares of the Company's outstanding shares following its emergence from bankruptcy and (ii) the reorganization value of our assets immediately prior to confirmation of the plan of reorganization was less than the post-petition liabilities and allowed claims. Upon adoption of fresh-start accounting, our assets and liabilities will be recorded at their fair value as of the Effective Date. The fair values of our assets and liabilities as of that date may differ materially from the recorded values of our assets and liabilities as reflected in our historical consolidated financial statements. In addition, our adoption of fresh-start accounting may materially affect our results of operations following the fresh-start reporting dates, as we will have a new basis in our assets and liabilities. Consequently, our historical financial statements are not reliable indicators of our financial condition and results of operations for any period after we adopt fresh-start accounting. We are in the process of evaluating the impact of the fresh-start accounting on our consolidated financial statements. We cannot currently estimate the financial effect of the Company’s emergence from bankruptcy on our financial statements, although we expect to record material adjustments related to our Plan and also for the application of fresh-start accounting guidance upon emergence. Subsequent to March 31, 2017 , as a result of our emergence from Chapter 11, the Company paid $31.7 million in professional fees. In addition, as outlined in the Plan, the Company paid $191.7 million in principal and $2.1 million in accrued interest and fees on its existing revolving credit facility.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following: As of March 31, As of December 31, 2017 2016 (in thousands) Drilling and completion costs $ 6,819 $ 2,415 Accounts payable trade 2,708 1,140 Accrued general and administrative cost (1) 34,103 17,539 Lease operating expense 2,802 2,895 Accrued interest (2) 40 14,209 Silo contract settlement accrual (3) — 7,228 Production and ad valorem taxes and other 24,639 15,902 Total accounts payable and accrued expenses $ 71,111 $ 61,328 ________________________________ (1) Includes $29.2 million of legal and professional fees related to the Company's restructuring. (2) Pre-petition accrued interest on the Senior Notes in the amount of $14.9 million was reclassified to liabilities subject to compromise. (3) The silo contract settlement accrual of $7.2 million was reclassified to liabilities subject to compromise.

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The Chapter 11 filing of the Company and the Chapter 11 Subsidiaries constituted an event of default with respect to our existing debt obligations. As a result, the Company's Senior Notes and revolving credit facility became immediately due and payable, but any efforts to enforce such payment obligations were automatically stayed as a result of the Chapter 11 filing. On April 28, 2017, upon the Company's emergence from bankruptcy, the Senior Notes were exchanged for 96.1% of the New Common Stock of the reorganized entity. Please refer to Note 3 - Chapter 11 Proceedings for additional discussion. Long-term debt consisted of the following: As of March 31, As of December 31, March 31, 2017 (2) December 31, 2016 (1) (in thousands) Revolving credit facility $ 191,667 $ 191,667 6.75% Senior Notes due 2021 500,000 500,000 Unamortized premium on 6.75% Senior Notes — 5,165 5.75% Senior Notes due 2023 300,000 300,000 Less debt issuance costs - Senior Notes — (11,467 ) Total debt, net 991,667 985,365 Less current portion (191,667 ) (985,365 ) Liabilities subject to compromise (800,000 ) — Total long-term debt $ — $ — _____________________________________ (1) Due to covenant violations, the Company classified the revolving credit facility and Senior Notes as current liabilities on the accompanying balance sheets. (2) Due to filing Chapter 11, the Company classified the revolving credit facility as a current liability and its Senior Notes as liabilities subject to compromise on the accompanying balance sheets. Credit Facility The revolving credit facility, dated March 29, 2011, as amended, with a syndication of banks, provides for a total credit facility size of $1.0 billion . The revolving credit facility provides for interest rates plus an applicable margin to be determined based on LIBOR or a base rate, at the Company’s election. LIBOR borrowings bear interest at LIBOR plus 1.50% to 2.50% depending on the utilization level, and the base rate borrowings bear interest at the “Bank Prime Rate,” as defined in the revolving credit facility, plus 0.50% to 1.50% . The applicable lenders under the revolving credit facility deemed the Company in default due to a covenant violation on November 14, 2016 causing the then outstanding balance under the revolving credit facility to bear interest at the Bank Prime Rate plus the applicable utilization margin and 2% penalty fee. During the bankruptcy proceedings the Company paid interest on the revolving credit facility in the normal course. The borrowing base on the revolving credit facility upon entering bankruptcy and throughout the bankruptcy proceedings was $150.0 million . As of March 31, 2017, the Company had $191.7 million outstanding under the revolving credit facility and had a borrowing base deficiency of $41.7 million to be paid back in monthly installments, with no available borrowing capacity. The Company filed for bankruptcy on January 4, 2017, granting the Company a stay from making any further deficiency payments. As of the Effective Date, all principal and accrued interest and fees on the revolving credit facility was paid in full. 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. The Company is no longer in compliance with its minimum interest coverage or maximum debt ratio requirements thus allowing the applicable lenders to give notice of acceleration as a result of this non-compliance. The Company had not received a notice of acceleration prior to filing for Chapter 11. New Revolving Credit Facility On the Effective Date, April 28, 2017, the existing revolving credit facility was terminated and paid in full, and the Company entered into a new revolving credit facility, as the borrower, with KeyBank National Association, as the administrative agent, and certain lenders party thereto. The new borrowing base of $191.7 million is redetermined semiannually, as early as April and October of each year, with the first redetermination set to occur in April of 2018. The new revolving credit facility matures on March 31, 2021. The new revolving credit facility restricts, among other items, certain dividend payments, additional indebtedness, asset sales, loans, investments and mergers. The new 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 new credit facility states that beginning with the fiscal quarter ending September 30, 2017, and each following fiscal quarter through the maturity of the new revolving credit facility, the Company's leverage ratio of indebtedness to EBITDAX is not to exceed 3.50 to 1.00 . Beginning also with the fiscal quarter ending September 30, 2017, and each following fiscal quarter, the Company must maintain a minimum current ratio of 1.00 to 1.00 and a minimum interest coverage ratio of 2.50 to 1.00 as of the end of the respective fiscal quarter. The new revolving credit facility also requires the Company maintain a minimum asset coverage ratio of 1.35 to 1.00 as of the fiscal quarters ending September 30, 2017 and December 31, 2017. The minimum asset coverage ratio is only applicable until the first redetermination in April of 2018. The new revolving credit facility provides for interest rates plus an applicable margin to be determined based on LIBOR or a base rate, at the Company’s election. LIBOR borrowings bear interest at LIBOR, subject to a 0% LIBOR floor, plus a margin of 3.00% to 4.00% depending on the utilization level, and the base rate borrowings bear interest at the “Bank Prime Rate,” as defined in the new revolving credit facility, plus a margin of 2.00% to 3.00% depending on utilization level. Senior Unsecured Notes The $500.0 million aggregate principal amount of 6.75% Senior Notes that mature on April 15, 2021 and the $300.0 million aggregate principal amount of 5.75% Senior Notes that mature on February 1, 2023 are unsecured senior obligations and rank equal in right of payment with all of the Company’s existing and future unsecured senior debt, and are senior in right of payment to any future subordinated debt. The Senior Notes are jointly and severally guaranteed on a senior unsecured basis by our existing and future domestic subsidiaries that guarantee our borrowers under our revolving credit facility. The Company is subject to certain covenants under the respective indentures governing the Senior Notes that limit the Company’s ability to incur additional indebtedness, issue preferred stock, and make restricted payments, including certain dividends. For the three months ended March 31, 2017 the aggregate principal and accrued pre-petition interest on the Senior Notes was classified under liabilities subject to compromise in the accompanying balance sheet. On the Effective Date, the obligations of the Company and the Chapter 11 Subsidiaries with respect to the Senior Notes were canceled. The Company suspended accruing interest on its Senior Notes upon the conversion date, January 6, 2017. For that period, contractual interest on the Senior Notes totaled $12.0 million . Please refer to Note 3 - Chapter 11 Proceedings for additional discussion about the Company's bankruptcy proceedings.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
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. Other than matters disclosed in the Company's 2016 Annual Report on Form 10-K, 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 Upon emergence from bankruptcy, the new purchase agreement to deliver fixed determinable quantities of crude oil with NGL, became effective and the original purchase agreement with NGL was canceled. The terms of the new agreement consists of defined volume commitments over an initial seven-year term. Under terms of the agreement, the Company will be required to make periodic deficiency payments for any shortfalls in delivering minimum volume commitments, which are set in six-month periods beginning in January 2018. There are no minimum volume commitments for the year ending December 31, 2017. During 2018, the average minimum volume commitment will be approximately 10,100 barrels per day and increase thereafter, to a maximum of approximately 16,000 barrels per day. The aggregate financial commitment fee over the seven year term, based on the minimum volume commitment schedule (as defined in the agreement) and the minimum differential fee, is $154.5 million as of March 31, 2017. Upon notifying NGL at least twelve months prior to the expiration date of the agreement, the Company may elect to extend the term of the agreement for up to three additional years. In October 2014, the Company entered into a purchase agreement to deliver fixed determinable quantities of crude oil with Silo. This agreement went into effect during the second quarter of 2015 for 12,580 barrels per day over an initial five-year term. While the volume commitment may be met with Company volumes or third-party volumes, delegated by the Company, the Company will be required to make periodic deficiency payments for any shortfalls in delivering the minimum volume commitments. As confirmed in the Plan, the Company terminated its purchase agreement with Silo on February 1, 2017, and entered into a settlement agreement pursuant to which Silo received a $21.0 million cash payment. The settlement allowed Silo (i) to retain the $5.0 million adequate assurance deposit it currently maintains, (ii) to retain the Company's $8.7 million crude oil revenue receivable due to the Company for December 2016 production, and (iii) to receive an additional cash payment of $7.2 million on the Effective Date and is part of the liabilities subject to compromise line item in the accompanying balance sheets. The $21.0 million settlement expense was reflected in the Company's 2016 Form 10-K. The annual minimum commitment payments on the NGL purchase agreement for the next five years as if March 31, 2017 are presented below: Commitments (in thousands) 2017 $ — 2018 15,692 2019 22,176 2020 27,949 2021 28,791 2022 and thereafter 59,933 Total $ 154,541 _______________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the agreement) and minimum differential fee. There are no purchase commitments post emergence, except for the NGL agreement, as discussed above. There have been no other material changes from the commitments disclosed in the notes to the Company’s consolidated financial statements included in the 2016 Form 10-K.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2017
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 3 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 March 31, 2017 and 2016 was $1.0 million and $2.3 million , respectively. As of March 31, 2017 , there was $2.6 million of total unrecognized compensation cost related to unvested restricted stock to be amortized through 2018 . Upon emergence from bankruptcy, these unvested awards were canceled. A summary of the status and activity of non-vested restricted stock for the three months ended March 31, 2017 is presented below. Restricted Stock Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 368,887 $ 19.45 Granted — $ — Vested (107,499 ) $ 32.00 Forfeited (4,365 ) $ 30.01 Non-vested at end of quarter 257,023 $ 14.02 Performance Stock Units under the Long Term Incentive Plan The Company grants performance stock units (“PSUs”) to certain officers under its LTIP. The number of shares of the Company’s common stock that may be issued to settle PSUs ranges from zero to two times the number of PSUs awarded. PSUs are determined at the end of each annual measurement period over the course of the three -year performance cycle in an amount up to two-thirds of the target number of PSUs that are eligible for vesting (such that an amount equal to 200% of the target number of PSUs may be earned during the performance cycle) although no stock is actually awarded to the participant until the end of the entire three-year performance cycle. Any PSUs that have not vested at the end of the applicable measurement period are forfeited. The performance criterion for the PSUs is based on a comparison of the Company’s total shareholder return (“TSR”) for the measurement period compared with the TSRs of a group of peer companies for the same measurement period. The TSR for the Company and each of the peer companies is determined by dividing (A)(i) the average share price for the last 30 trading days of the applicable measuring period, minus (ii) the average share price for the 30 trading days immediately preceding the beginning of the applicable measuring period, by (B) the average share price for the 30 trading days immediately preceding the beginning of the applicable measuring period. The number of earned shares of our common stock will be calculated based on which quartile our TSR percentage ranks as of the end of the annual measurement period relative to the other companies in the comparator group. The fair value of each PSU is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of PSUs to be earned during the performance period. Compensation expense associated with PSUs is recognized as general and administrative expense over the measurement period. Total expense recorded for PSUs for the three months ended March 31, 2017 and 2016 was $0.3 million and $0.7 million , respectively. As of March 31, 2017 , there was $0.8 million of total unrecognized compensation expense related to unvested PSUs to be amortized through 2017 . Upon emergence from bankruptcy, these unvested PSUs were canceled. A summary of the status and activity of PSUs for the three months ended March 31, 2017 is presented below. PSU Weighted-Average Grant-Date Fair Value Non-vested at beginning of year (1) 21,538 $ 33.31 Granted (1) — $ — Vested (1) — $ — Forfeited (1) — $ — Non-vested at end of quarter (1) 21,538 $ 33.31 ____________________________ (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 The Company grants LTIP units (“Units”) that will settle in shares of the Company's common stock upon vesting. The Units vest in one-third increments over three years. The Units contain a share price cap 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 months ended March 31, 2017 was $0.4 million . As of March 31, 2017 , there was $1.2 million of total unrecognized compensation expense related to unvested Units to be amortized through 2019. Upon emergence from bankruptcy, these unvested Units were canceled. A summary of the status and activity of non-vested Units for the three months ended March 31, 2017 is presented below. LTIP Units Weighted-Average Non-vested at beginning of year 2,443,402 $ 0.99 Granted — $ — Vested (724,700 ) $ 0.98 Forfeited (116,128 ) $ 0.98 Non-vested at end of quarter 1,602,574 $ 0.99

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2017
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 Company did not have any financial or non-financial assets and liabilities recorded at fair value as of March 31, 2017 . The following table presents the Company’s financial and non-financial assets and liabilities that were accounted for at fair value as of December 31, 2016 and their classification within the fair value hierarchy: As of December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Unproved properties (1) $ — $ — $ 162,682 Asset retirement obligations (2) $ — $ — $ 3,145 ____________________________ (1) 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 does not reflect the entire asset balance as presented on the accompanying balance sheets. Please refer to the Unproved Oil and Gas Properties sections below for additional discussion. (2) 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. 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. Depending on the availability of data, the Company uses Level 3 inputs and either 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, or the market valuation approach. 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 Company's internal budgeting model derived from the NYMEX strip pricing, adjusted for management estimates and 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 proved property impairments during the three months ended March 31, 2017 . The Company impaired its oil and gas properties in the Mid-Continent region which had a carrying value of $110.0 million to its fair value of $100.0 million and recognized an impairment of $10.0 million for the year ended December 31, 2016 . 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. There were no unproved oil and gas property impairments during the three months ended March 31, 2017 . The Company impaired non-core acreage in the Wattenberg Field due to leases expiring, which had a carrying value of $187.4 million to their fair value of $162.7 million and recognized an impairment of unproved properties for the year ended December 31, 2016 of $24.7 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 March 31, 2017 . The Company had $3.1 million of asset retirement obligations recorded at fair value as of December 31, 2016 . Long-term Debt As of March 31, 2017 , the Company had $500.0 million of outstanding 6.75% Senior Notes and $300.0 million of outstanding 5.75% Senior Notes. The 6.75% Senior Notes are recorded at cost, plus the unamortized premium net of deferred financing costs, on the accompanying balance sheets at $500.0 million and $498.4 million as of March 31, 2017 and December 31, 2016 , respectively. The fair value of the 6.75% Senior Notes as of March 31, 2017 and December 31, 2016 was $402.5 million and $371.9 million , respectively. The 5.75% Senior Notes are recorded at cost net of deferred financing costs, on the accompanying balance sheets at $300.0 million and $295.3 million as of March 31, 2017 and December 31, 2016 , respectively. The fair value of the 5.75% Senior Notes as of March 31, 2017 and December 31, 2016 was $241.3 million and $222.0 million , respectively. The Senior Notes are measured using Level 1 inputs based on a secondary market trading price. The Company’s revolving credit facility approximates fair value as the applicable interest rates are floating. The outstanding balance under the revolving credit facility as of March 31, 2017 and December 31, 2016 was $191.7 million .

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES Due to the Company being in default on its revolving credit facility, all of the Company's derivative contracts were terminated during the fourth quarter of 2016 . The following table summarizes the components of the derivative loss presented on the accompanying statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands) Derivative cash settlement gain: Oil contracts $ — $ 7,508 Gas contracts — — Total derivative cash settlement gain (1) $ — $ 7,508 Change in fair value loss $ — $ (8,515 ) Total derivative loss (1) $ — $ (1,007 ) _______________________________ (1) Total derivative loss and the derivative cash settlement gain for the three months ended March 31, 2016 is reported in the derivative loss line item and derivative cash settlements line item on the accompanying statements of cash flows within the net cash provided by operating activities.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company issues shares of restricted stock entitling the holders to receive non-forfeitable dividends, if and when, the Company was to declare a dividend, before vesting, thus making the awards participating securities. The awards are included in the calculation of earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and unvested participating shareholders and losses to common shareholders only. The Company issues PSUs, which represent the right to receive, upon settlement of the PSUs, a number of shares of the Company’s common stock that range from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the measurement period applicable to such PSUs. Please refer to Note 7 - Stock-Based Compensation for additional discussion. The following table sets forth the calculation of loss per basic and diluted shares for the three month periods ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 2016 (in thousands, except per share amounts) Net loss $ (94,276 ) $ (47,237 ) Less: undistributed loss to unvested restricted stock — — Undistributed loss to common shareholders (94,276 ) (47,237 ) Basic net loss per common share $ (1.91 ) $ (0.96 ) Diluted net loss per common share $ (1.91 ) $ (0.96 ) Weighted-average shares outstanding - basic 49,452 49,131 Add: dilutive effect of contingent PSUs — — Weighted-average shares outstanding - diluted 49,452 49,131 The Company was in a net loss position for the three months ended March 31, 2017 and 2016 , which made any potentially dilutive shares anti-dilutive. There were 278,714 dilutive shares that were anti-dilutive for the three months ended March 31, 2017 and no dilutive shares for the three months ended March 31, 2016. 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	3 Months Ended
	Mar. 31, 2017
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 month periods ended March 31, 2017 and 2016 , the effective tax rate was zero percent. As of December 31, 2015, and thereafter, a full valuation allowance was placed against the net deferred tax assets causing the Company’s current rate to differ from the U.S. statutory income tax rate. As of March 31, 2017 , 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 would impact the Company's tax position taken thus far in 2017 . As described in Note 3 - Chapter 11 Proceedings above, elements of the Plan include that our Senior Notes will be exchanged for New Common Stock. Absent an exception, a debtor recognizes cancellation of indebtedness income (“CODI”) upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The Internal Revenue Service Code of 1986, as amended (“IRC”), provides that a debtor in a Chapter 11 bankruptcy case may exclude CODI from taxable income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is determined based on the fair market value of the consideration received by the creditors in settlement of outstanding indebtedness. Upon emergence from Chapter 11 bankruptcy proceedings, the CODI may reduce some or all of the amount of prior tax attributes, which can include net operating losses, capital losses, alternative minimum tax credits and tax basis in assets. The actual reduction in tax attributes does not occur until January 1, 2018. The IRC provides an annual limitation with respect to the ability of a corporation to utilize its tax attributes, as well as certain built-in-losses, against any future taxable income in the event of a change in ownership. Emergence from Chapter 11 bankruptcy proceedings may result in a change in ownership for purposes of the IRC. However, the IRC provides alternatives for taxpayers in Chapter 11 bankruptcy proceedings that may or may not result in an annual limitation. We are in the process of determining which alternatives are most beneficial to us.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Bonanza Creek Energy Resources, LLC, Bonanza Creek Energy Upstream LLC, Bonanza Creek Energy Midstream, LLC, Holmes Eastern Company, LLC and Rocky Mountain Infrastructure, LLC. All significant intercompany accounts and transactions have been eliminated.
Basis of Presentation and Significant Accounting Policies	BASIS OF PRESENTATION These statements have been prepared in accordance with the Securities and Exchange Commission and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information with the condensed consolidated balance sheets (“balance sheets”) and the condensed consolidated statements of cash flows (“statements of cash flows”) as of and for the period ended December 31, 2016 , 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. With the exception of information in this report related to our emergence from Chapter 11, 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, 2016 (the “ 2016 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 March 31, 2017 , and through the filing date of this report. Significant Accounting Policies The significant accounting policies followed by the Company were set forth in Note 1 to the 2016 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 2016 Form 10-K.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Effective January 1, 2017, the Company adopted Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ Update ”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting . The objective of this update is to simplify the current guidance for stock compensation. The areas for simplification involve 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 update is effective for the annual periods beginning after December 15, 2016, and interim periods within those annual periods. As of March 31, 2017, the Company did not have excess tax benefits associated with its stock compensation, and therefore, there was no tax impact upon adoption of this standard. In addition, the employee taxes paid on the statement of cash flows when shares were withheld for taxes have already been classified as a financing activity, therefore, there was no cash flow statement impact upon adoption of this standard. This standard allowed Company's to elect to account for forfeitures as they occurred or estimate the number of awards that will vest. The Company elected to account for forfeitures as they occur, resulting in a minimal impact upon adoption of this standard. In January 2017, the FASB issued Update No. 2017-01 , Business Combinations (Topic 805): Clarifying the Definition of a Business . This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is to be applied using a prospective method and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company will apply this guidance to any future acquisitions or disposals of assets or business. In February 2017, the FASB issued Update No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . This update is meant to clarify existing guidance and to add guidance for partial sales of nonfinancial assets. This guidance is to be applied using a full retrospective method or a modified retrospective method as outlined in the guidance and is effective at the same time as Update 2014-09 , Revenue from Contracts with Customers (Topic 606) , which 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 potential impact on the Company’s financial statements and disclosures. In November 2016, the FASB issued Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This update clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance is to be applied using a retrospective method and is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted. The Company has evaluated the provisions of this guidance and has determined that it will not 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 has evaluated the provisions of this guidance and has determined that it will not 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 has begun the identification process of all leases and is evaluating the provisions of this guidance and assessing its impact, but does not currently believe it will have a material effect on the Company’s financial statements or disclosures. In May 2014, the FASB issued Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) for the recognition of revenue from contracts with customers. Several additional related updates have been issued. The Company has initiated discussions with a third-party consultant to help evaluate the provisions of each of these standards, analyze their impact on the Company’s contract portfolio, review current accounting policies and practices to identify potential differences that would result from applying the requirements of these standards to the Company’s revenue contracts, and assess their potential impact on the Company’s financial statements and disclosures. The Company currently plans to apply the modified retrospective method upon adoption and plans to adopt the guidance on the effective date of January 1, 2018.
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.

CHAPTER 11 PROCEEDINGS (Tables)

CHAPTER 11 PROCEEDINGS (Tables)	3 Months Ended
	Mar. 31, 2017
Reorganizations [Abstract]
Schedule of Liabilities Subject to Compromise	The following table summarizes the components of liabilities subject to compromise included on our balance sheets as of March 31, 2017 : As of March 31, 2017 (in thousands) Senior Notes $ 800,000 Accrued interest on Senior Notes (pre-petition) 14,879 Make-whole payment on Senior Notes 51,185 Silo contract settlement accrual 7,228 Total liabilities subject to compromise $ 873,292
Schedule of Reorganization Items	Reorganization items represent amounts incurred subsequent to the bankruptcy filing as a direct result of the Chapter 11 filing. The following table summarizes the components included in the reorganization items, net line item within the statements of operations for the three months ended March 31, 2017 : For the Three Months Ended March 31, 2017 (in thousands) Legal and professional fees and expenses (1) $ 31,662 Write-off of debt issuance and premium costs (2) 6,156 Make-whole payment on Senior Notes (2) 51,185 Total reorganization items, net $ 89,003 ___________________________________________ (1) This balance is comprised of $2.5 million in cash payments with the remaining balance being accrued for in the accounts payable and accrued expenses line item in the accompanying balance sheets. (2) This balance is non-cash.

ACCOUNTS PAYABLE AND ACCRUED 20

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses contain the following: As of March 31, As of December 31, 2017 2016 (in thousands) Drilling and completion costs $ 6,819 $ 2,415 Accounts payable trade 2,708 1,140 Accrued general and administrative cost (1) 34,103 17,539 Lease operating expense 2,802 2,895 Accrued interest (2) 40 14,209 Silo contract settlement accrual (3) — 7,228 Production and ad valorem taxes and other 24,639 15,902 Total accounts payable and accrued expenses $ 71,111 $ 61,328 ________________________________ (1) Includes $29.2 million of legal and professional fees related to the Company's restructuring. (2) Pre-petition accrued interest on the Senior Notes in the amount of $14.9 million was reclassified to liabilities subject to compromise. (3) The silo contract settlement accrual of $7.2 million was reclassified to liabilities subject

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: As of March 31, As of December 31, March 31, 2017 (2) December 31, 2016 (1) (in thousands) Revolving credit facility $ 191,667 $ 191,667 6.75% Senior Notes due 2021 500,000 500,000 Unamortized premium on 6.75% Senior Notes — 5,165 5.75% Senior Notes due 2023 300,000 300,000 Less debt issuance costs - Senior Notes — (11,467 ) Total debt, net 991,667 985,365 Less current portion (191,667 ) (985,365 ) Liabilities subject to compromise (800,000 ) — Total long-term debt $ — $ — _____________________________________ (1) Due to covenant violations, the Company classified the revolving credit facility and Senior Notes as current liabilities on the accompanying balance sheets. (2) Due to filing Chapter 11, the Company classified the revolving credit facility as a current liability and its Senior Notes as liabilities subject to compromise on the accompanying balance sheets.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Long-term Purchase Commitment	The annual minimum commitment payments on the NGL purchase agreement for the next five years as if March 31, 2017 are presented below: Commitments (in thousands) 2017 $ — 2018 15,692 2019 22,176 2020 27,949 2021 28,791 2022 and thereafter 59,933 Total $ 154,541 _______________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the agreement) and minimum differential fee.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 is presented below. Restricted Stock Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 368,887 $ 19.45 Granted — $ — Vested (107,499 ) $ 32.00 Forfeited (4,365 ) $ 30.01 Non-vested at end of quarter 257,023 $ 14.02
Summary of the status and activity of PSUs	A summary of the status and activity of PSUs for the three months ended March 31, 2017 is presented below. PSU Weighted-Average Grant-Date Fair Value Non-vested at beginning of year (1) 21,538 $ 33.31 Granted (1) — $ — Vested (1) — $ — Forfeited (1) — $ — Non-vested at end of quarter (1) 21,538 $ 33.31 ____________________________ (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 three months ended March 31, 2017 is presented below. LTIP Units Weighted-Average Non-vested at beginning of year 2,443,402 $ 0.99 Granted — $ — Vested (724,700 ) $ 0.98 Forfeited (116,128 ) $ 0.98 Non-vested at end of quarter 1,602,574 $ 0.99

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities at fair value on recurring basis	he following table presents the Company’s financial and non-financial assets and liabilities that were accounted for at fair value as of December 31, 2016 and their classification within the fair value hierarchy: As of December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Unproved properties (1) $ — $ — $ 162,682 Asset retirement obligations (2) $ — $ — $ 3,145 ____________________________ (1) 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 does not reflect the entire asset balance as presented on the accompanying balance sheets. Please refer to the Unproved Oil and Gas Properties sections below for additional discussion. (2) 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)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 loss presented on the accompanying statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands) Derivative cash settlement gain: Oil contracts $ — $ 7,508 Gas contracts — — Total derivative cash settlement gain (1) $ — $ 7,508 Change in fair value loss $ — $ (8,515 ) Total derivative loss (1) $ — $ (1,007 ) _______________________________ (1) Total derivative loss and the derivative cash settlement gain for the three months ended March 31, 2016 is reported in the derivative loss line item and derivative cash settlements line item on the accompanying statements of cash flows within the net cash provided by operating activities.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
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 month periods ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 2016 (in thousands, except per share amounts) Net loss $ (94,276 ) $ (47,237 ) Less: undistributed loss to unvested restricted stock — — Undistributed loss to common shareholders (94,276 ) (47,237 ) Basic net loss per common share $ (1.91 ) $ (0.96 ) Diluted net loss per common share $ (1.91 ) $ (0.96 ) Weighted-average shares outstanding - basic 49,452 49,131 Add: dilutive effect of contingent PSUs — — Weighted-average shares outstanding - diluted 49,452 49,131

BASIS OF PRESENTATION Narrative

BASIS OF PRESENTATION Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on termination fee	$ 0	$ 6,000,000
Impairment of oil and gas properties	0	10,000,000
Rocky Mountain Infrastructure, LLC Subsidiary and Mid-Continent Region Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on termination fee		6,000,000
Mid-Continent Region
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Write-down to fair value	$ 0		$ 10,000,000
Impairment of oil and gas properties		$ 10,000,000

CHAPTER 11 PROCEEDINGS (Details

CHAPTER 11 PROCEEDINGS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Dec. 23, 2016
Debt Instrument [Line Items]
Holders percentage under settlement agreement			51.00%
5.75% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.75%	5.75%	5.75%
6.75% Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	6.75%	6.75%	6.75%
Contractual interest on senior notes	$ 12

CHAPTER 11 PROCEEDINGS Plan of

CHAPTER 11 PROCEEDINGS Plan of Reorganization (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 28, 2017	Mar. 14, 2017	Mar. 31, 2017	Dec. 31, 2016
Fresh-Start Adjustment [Line Items]
Term or warrants		3 years
Percentage of total outstanding shares held by warrant holders		7.50%
Price per warrant (in dollars per share)		$ 71.23
Percentage of common stock to be issued to holders of allowed general unsecured claims		29.40%
Percentage of subscription rights to be issued to holders of allowed general unsecured claims		37.80%
Percentage of outstanding shares held by pre-reorganization stockholders		4.50%
Senior notes			$ 800,000	$ 0
Accrued and unpaid pre-petition interest			14,879
Prepayment premiums			$ 51,185
Subsequent Event
Fresh-Start Adjustment [Line Items]
Shares issued to holders of senior debt (in shares)	19,543,211
Percentage of shares issued to holders of senior debt	96.10%
Shares issued to holders of existing common stock (in shares)	803,083
Price of shares issued to holders of existing common stock (in dollars per share)	3.90%
Percentage of common stock reserved for ad hoc equity committee	1.75%
Proceeds from issuance of common stock to ad hoc equity committee	$ 7,500
Rights offering amount	$ 200,000
Backstop fee, percentage	6.00%
Subsequent Event | Management Incentive Plan [Member]
Fresh-Start Adjustment [Line Items]
Plan of Reorganization, Percent of Shares Reserved For Board Issuance to Management for Compensation	10.00%
Percentage of shares issued to employees upon emergence	37.00%
Percentage of options issued to employees upon emergence	50.00%
Options, contractual term	10 years
Strike price of options (in dollars per share)	$ 34.36
Percentage of restricted stock issued to employees upon emergence	50.00%
Vesting percent	33.33%
Percentage of remaining shares to be allocated to employees	63.00%
Bonanza Creek Operating [Member]
Fresh-Start Adjustment [Line Items]
Percentage of common stock to be issued to holders of allowed general unsecured claims		17.60%
Debtors Other Than Bonanza and Bonanza Creek Operating [Member]
Fresh-Start Adjustment [Line Items]
Percentage of common stock to be issued to holders of allowed general unsecured claims		48.50%
Percentage of subscription rights to be issued to holders of allowed general unsecured claims		62.20%

CHAPTER 11 PROCEEDINGS Liabilit

CHAPTER 11 PROCEEDINGS Liabilities Subject to Compromise (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Liabilities Subject to Compromise [Abstract]
Senior Notes	$ 800,000	$ 0
Accrued interest on Senior Notes (pre-petition)	14,879
Make-whole payment on Senior Notes	51,185
Silo contract settlement accrual	7,228
Total liabilities subject to compromise	$ 873,292	$ 0

CHAPTER 11 PROCEEDINGS Reorgani

CHAPTER 11 PROCEEDINGS Reorganization Items, Net (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Reorganizations [Abstract]
Legal and professional fees and expenses	$ 31,662
Write-off of debt issuance and premium costs	6,156
Make-whole payment on Senior Notes	51,185
Total reorganization items, net	89,003
Cash payments for legal and advisory professional fees	$ 2,500

CHAPTER 11 PROCEEDINGS Subseque

CHAPTER 11 PROCEEDINGS Subsequent Event (Details) - USD ($) $ in Thousands	Apr. 28, 2017	Apr. 01, 2017	Mar. 31, 2017
Subsequent Event [Line Items]
Legal and professional fees and expenses			$ 31,662
Subsequent Event
Subsequent Event [Line Items]
Existing Shareholders, Percentage of Voting Shares Upon Emergence, Percent	50.00%
Legal and professional fees and expenses		$ 31,700
Subsequent Event | Revolver
Subsequent Event [Line Items]
Debt Instrument, Periodic Payment, Principal		191,700
Debt Instrument, Periodic Payment, Interest		$ 2,100

ACCOUNTS PAYABLE AND ACCRUED 33

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts payable and accrued expenses contain the following:
Drilling and completion costs	$ 6,819	$ 2,415
Accounts payable trade	2,708	1,140
Accrued general and administrative cost(1)	34,103	17,539
Lease operating expense	2,802	2,895
Accrued interest	40	14,209
Silo contract settlement accrual	0	7,228
Production and ad valorem taxes and other	24,639	15,902
Total accounts payable and accrued expenses	71,111	$ 61,328
Legal and professional fees and expenses	29,200
Accrued interest on Senior Notes (pre-petition)	14,879
Silo contract settlement accrual	$ 7,228

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Dec. 23, 2016
Debt Instrument [Line Items]
Long-term debt	$ 991,667	$ 985,365
Less current portion	(191,667)	(985,365)
Liabilities subject to compromise	(800,000)	0
Total long-term debt	0	0
6.75% Senior Notes
Debt Instrument [Line Items]
Long term debt - gross	500,000	500,000
Unamortized premium on 6.75% Senior Notes	0	5,165
Long-term debt	500,000
Total long-term debt	$ 500,000	$ 498,400
Interest rate (as a percent)	6.75%	6.75%	6.75%
5.75% Senior Notes
Debt Instrument [Line Items]
Long term debt - gross	$ 300,000	$ 300,000
Long-term debt	$ 300,000	$ 295,300
Interest rate (as a percent)	5.75%	5.75%	5.75%
Senior Notes, 6.75 Percent and 5.75 Percent [Member]
Debt Instrument [Line Items]
Less debt issuance costs - Senior Notes	$ 0	$ (11,467)
Revolver
Debt Instrument [Line Items]
Long-term debt	$ 191,667	$ 191,667

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	Apr. 28, 2017USD ($)	Nov. 14, 2016	Mar. 29, 2011USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 23, 2016
Debt Instrument [Line Items]
Outstanding amount				$ 191,667,000	$ 191,667,000	$ 191,667,000
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
Debt Instrument [Line Items]
Amount of notes issued				$ 500,000,000	$ 500,000,000
Interest rate (as a percent)				6.75%	6.75%	6.75%	6.75%
Contractual interest on senior notes				$ 12,000,000
5.75% Senior Notes
Debt Instrument [Line Items]
Amount of notes issued				$ 300,000,000	$ 300,000,000
Interest rate (as a percent)				5.75%	5.75%	5.75%	5.75%
Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,000,000,000
Penalty fee, percentage		2.00%
Borrowing base amount				$ 150,000,000	$ 150,000,000
Outstanding amount				191,700,000	191,700,000
Borrowing base deficiency				41,700,000	41,700,000
Remaining borrowing capacity				$ 0	$ 0
Revolver | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread			1.50%
Revolver | Minimum | Prime Rate
Debt Instrument [Line Items]
Basis spread			0.50%
Revolver | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread			2.50%
Revolver | Maximum | Prime Rate
Debt Instrument [Line Items]
Basis spread			1.50%
Subsequent Event
Debt Instrument [Line Items]
Percentage of shares exchanged	96.10%
Subsequent Event | LIBOR
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%
Subsequent Event | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread	3.00%
Subsequent Event | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread	2.00%
Subsequent Event | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread	4.00%
Subsequent Event | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread	3.00%
Subsequent Event | Revolver
Debt Instrument [Line Items]
Outstanding amount	$ 191,700,000
Maximum senior secured debt to trailing twelve month EBITDAX covenant	3.50
Minimum trailing twelve month interest to trailing twelve month EBITDAX coverage covenant	2.50
Minimum current ratio covenant	1
Minimum asset coverage ratio	1.35

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2015bbl	Dec. 31, 2018bbl	Dec. 31, 2017bbl	Apr. 28, 2017USD ($)	Mar. 14, 2017USD ($)	Dec. 31, 2016USD ($)
Long-term Purchase Commitment [Line Items]
Minimum volume commitment | bbl		12,580
Financial commitment term	7 years
Optional extended term	3 years
Silo contract settlement accrual	$ 7,228
Silo contract settlement accrual	$ 0						$ 7,228
Crude Oil
Long-term Purchase Commitment [Line Items]
Financial commitment term	5 years
Minimum differential fee	$ 154,500
Amount paid to settle claims						$ 21,000
Scenario, Forecast | Crude Oil
Long-term Purchase Commitment [Line Items]
Minimum volume commitment | bbl			10,100	0
Maximum volume requirement | bbl			16,000
Subsequent Event
Long-term Purchase Commitment [Line Items]
Silo contract settlement accrual					$ 7,200
Assurance Deposit | Crude Oil
Long-term Purchase Commitment [Line Items]
Amount paid to settle claims						5,000
Oil And Gas Revenue Receivable | Crude Oil
Long-term Purchase Commitment [Line Items]
Amount paid to settle claims						$ 8,700

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES NGL Purchase Agreement (Details) - NGL $ in Thousands	Mar. 31, 2017USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,017	$ 0
2,018	15,692
2,019	22,176
2,020	27,949
2,021	28,791
2022 and thereafter	59,933
Total	$ 154,541

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)
PSUs | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	0
PSUs | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	2
2011 Long Term Incentive Plan | Restricted shares
STOCK-BASED COMPENSATION
Ratio of restricted stock to common stock to be released from restrictions upon completion of the vesting period | shares	1
Vesting portion of shares	0.333
Vesting period	3 years
Stock-based compensation expense	$ 1	$ 2.3
Unrecognized compensation cost	$ 2.6
Granted (in shares) | shares	0
2011 Long Term Incentive Plan | PSUs
STOCK-BASED COMPENSATION
Granted (in shares) | shares	0
2011 Long Term Incentive Plan | PSUs | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	0
2011 Long Term Incentive Plan | PSUs | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	2
2011 Long Term Incentive Plan | PSUs | Officers
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 0.3	$ 0.7
Unrecognized compensation cost	$ 0.8
Measurement period	3 years
Percentage of awards earned during performance cycle	200.00%
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 | Stock Compensation Plan
STOCK-BASED COMPENSATION
Vesting period	3 years
Stock-based compensation expense	$ 0.4
Unrecognized compensation cost	$ 1.2
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Price Per Share | $ / shares	$ 26
Granted (in shares) | shares	0

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	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	368,887
Granted (in shares) | shares	0
Vested (in shares) | shares	(107,499)
Forfeited (in shares) | shares	(4,365)
Non-vested at end of year (in shares) | shares	257,023
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 19.45
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	32
Forfeited (in dollars per share) | $ / shares	30.01
Non-vested at end of year (in dollars per share) | $ / shares	$ 14.02

STOCK-BASED COMPENSATION SUMM40

STOCK-BASED COMPENSATION SUMMARY OF STATUS AND ACTIVITY OF PSUS (Details) - 2011 Long Term Incentive Plan - PSUs	3 Months Ended
	Mar. 31, 2017$ / sharesshares
PSUs
Non-vested at beginning of year (in shares) | shares	21,538
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested at end of year (in shares) | shares	21,538
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 33.31
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Non-vested at end of year (in dollars per share) | $ / shares	$ 33.31

STOCK-BASED COMPENSATION SUMM41

STOCK-BASED COMPENSATION SUMMARY OF STATUS AND ACTIVITY OF LONG-TERM INCENTIVE PLAN UNITS (Details) - 2011 Long Term Incentive Plan - Stock Compensation Plan	3 Months Ended
	Mar. 31, 2017$ / sharesshares
STOCK-BASED COMPENSATION
Vesting period	3 years
LTIP Units
Non-vested at beginning of year (in shares) | shares	2,443,402
Granted (in shares) | shares	0
Vested (in shares) | shares	(724,700)
Forfeited (in shares) | shares	(116,128)
Non-vested at end of year (in shares) | shares	1,602,574
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 0.99
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0.98
Forfeited (in dollars per share) | $ / shares	0.98
Non-vested at end of year (in dollars per share) | $ / shares	$ 0.99

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financial assets and liabilities accounted for at fair value
Proved properties	$ 2,529,599	$ 2,525,587
Unproved properties	163,790	163,369
Asset retirement obligations for oil and gas properties	$ 31,438	30,833
Level 1
Financial assets and liabilities accounted for at fair value
Unproved properties		0
Asset retirement obligations for oil and gas properties		0
Level 2
Financial assets and liabilities accounted for at fair value
Unproved properties		0
Asset retirement obligations for oil and gas properties		0
Level 3
Financial assets and liabilities accounted for at fair value
Unproved properties		162,682
Asset retirement obligations for oil and gas properties		$ 3,145

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 23, 2016
Derivatives measured at fair value
Proved properties	$ 2,529,599,000		$ 2,525,587,000
Unproved properties	163,790,000		163,369,000
Unproved oil and gas property impairments	0	$ 6,906,000
Asset retirement obligations for oil and gas properties	31,438,000		30,833,000
Outstanding amount	991,667,000		985,365,000
Total long-term debt	0		0
Revolver
Derivatives measured at fair value
Outstanding amount	191,667,000		$ 191,667,000
6.75% Senior Notes
Derivatives measured at fair value
Outstanding amount	$ 500,000,000
Interest rate (as a percent)	6.75%		6.75%		6.75%
Total long-term debt	$ 500,000,000		$ 498,400,000
5.75% Senior Notes
Derivatives measured at fair value
Outstanding amount	$ 300,000,000		$ 295,300,000
Interest rate (as a percent)	5.75%		5.75%		5.75%
Level 3
Derivatives measured at fair value
Unproved properties			$ 162,682,000
Asset retirement obligations for oil and gas properties			3,145,000
Estimate of Fair Value Measurement | 6.75% Senior Notes
Derivatives measured at fair value
Fair value of senior notes	$ 402,500,000		371,900,000
Estimate of Fair Value Measurement | 5.75% Senior Notes
Derivatives measured at fair value
Fair value of senior notes	241,300,000		222,000,000
Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Asset retirement obligations for oil and gas properties	0		3,100,000
Mid-Continent Region
Derivatives measured at fair value
Proved properties			110,000,000
Write-down to fair value	$ 0		10,000,000
Mid-Continent Region | Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Proved properties			100,000,000
Wattenberg Field
Derivatives measured at fair value
Unproved properties			187,400,000
Unproved oil and gas property impairments				$ 24,700,000
Wattenberg Field | Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Unproved properties			$ 162,700,000

DERIVATIVES - COMPONENTS OF DER

DERIVATIVES - COMPONENTS OF DERIVATIVE GAINS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Components of the derivative gain (loss)
Derivative gain	$ 0	$ (1,007)
Commodity derivative
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	0	7,508
Change in fair value gain (loss)	0	(8,515)
Derivative gain	0	(1,007)
Commodity derivative | Oil
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	0	7,508
Commodity derivative | Natural gas
Components of the derivative gain (loss)
Derivative cash settlement gain (loss)	$ 0	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)$ / sharesshares
Net income (loss):
Net loss | $	$ (94,276)	$ (47,237)
Less: undistributed income (loss) to unvested restricted stock | $	0	0
Undistributed income (loss) to common shareholders | $	$ (94,276)	$ (47,237)
Basic net loss per common share (in dollars per share) | $ / shares	$ (1.91)	$ (0.96)
Diluted net loss per common share (in dollars per share) | $ / shares	$ (1.91)	$ (0.96)
Weighted-average shares outstanding - basic (in shares)	49,452,000	49,131,000
Add: dilutive effect of contingent PSUs	0	0
Weighted-average shares outstanding - diluted (in shares)	49,452,000	49,131,000
Antidilutive securities excluded from EPS calculation	278,714	0
PSUs | Minimum
EARNINGS PER SHARE
Percentage of awards earned during performance cycle	0
PSUs | Maximum
EARNINGS PER SHARE
Percentage of awards earned during performance cycle	2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of effective tax rate to expected federal tax rate
Effective tax rate (as a percent)	0.00%	0.00%
Unrecognized tax benefits	$ 0