Civitas Resources (CIVI) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
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, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		20,496,700

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 5,761	$ 12,711
Accounts receivable:
Oil and gas sales	37,781	28,549
Joint interest and other	10,357	3,831
Prepaid expenses and other	3,153	6,555
Inventory of oilfield equipment	1,308	1,019
Derivative assets	126	488
Total current assets	58,486	53,153
Property and equipment (successful efforts method):
Proved properties	495,141	555,341
Less: accumulated depreciation, depletion and amortization	(21,401)	(17,032)
Total proved properties, net	473,740	538,309
Unproved properties	181,193	183,843
Wells in progress	68,735	47,224
Oil and gas properties held for sale, net of accumulated depreciation, depletion and amortization of $2,583 in 2018 (note 4)	82,504	0
Other property and equipment, net of accumulated depreciation of $2,482 in 2018 and $2,224 in 2017	4,551	4,706
Total property and equipment, net	810,723	774,082
Long-term derivative assets	56	6
Other noncurrent assets	3,142	3,130
Total assets	872,407	830,371
Current liabilities:
Accounts payable and accrued expenses (note 5)	69,148	62,129
Oil and gas revenue distribution payable	18,481	15,667
Derivative liability	15,427	11,423
Total current liabilities	103,056	89,219
Long-term liabilities:
Credit facility	15,000	0
Ad valorem taxes	15,435	11,584
Long-term derivative liability	3,086	2,972
Asset retirement obligations for oil and gas properties	26,939	38,262
Asset retirement obligations for oil and gas properties held for sale (note 4)	5,679	0
Total liabilities	169,195	142,037
Commitments and contingencies (note 7)
Stockholders’ equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding	0	0
Common stock, $.01 par value, 225,000,000 shares authorized, 20,453,619 and 20,453,549 issued and outstanding in 2018 and 2017, respectively	4,286	4,286
Additional paid-in capital	690,076	689,068
Retained earnings (deficit)	8,850	(5,020)
Total stockholders’ equity	703,212	688,334
Total liabilities and stockholders’ equity	$ 872,407	$ 830,371

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 2,482	$ 2,224
Oil and gas properties held for sale, accumulated depreciation, depletion and amortization	$ 2,583	$ 0
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
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)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	20,453,619	20,453,549
Common stock, shares outstanding (in shares)	20,453,619	20,453,549

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating net revenues:
Oil and gas sales	$ 64,193
Operating expenses:
Lease operating expense	10,459
Gas plant and midstream operating expense	3,613
Gathering, transportation and processing	2,338
Severance and ad valorem taxes	5,233
Exploration	29
Depreciation, depletion and amortization	7,508
Abandonment and impairment of unproved properties	2,502
Unused commitments	21
General and administrative (including $1,008 and $1,725, respectively, of stock-based compensation)	9,533
Total operating expenses	41,236
Income (loss) from operations	22,957
Other income (expense):
Derivative loss	(8,742)
Interest expense	(357)
Reorganization items, net (note 2)	0
Other income	12
Total other expense	(9,087)
Income (loss) from operations before taxes	13,870
Income tax benefit (expense)	0
Net income (loss)	13,870
Comprehensive income (loss)	$ 13,870
Basic net income (loss) per common share (in dollars per share)	$ 0.68
Diluted net income (loss) per common share (in dollars per share)	$ 0.68
Basic weighted-average common shares outstanding (in shares)	20,454
Diluted weighted-average common shares outstanding (in shares)	20,470
Predecessor
Operating net revenues:
Oil and gas sales		$ 52,559
Operating expenses:
Lease operating expense		9,925
Gas plant and midstream operating expense		2,705
Gathering, transportation and processing		0
Severance and ad valorem taxes		4,319
Exploration		3,407
Depreciation, depletion and amortization		21,212
Abandonment and impairment of unproved properties		0
Unused commitments		993
General and administrative (including $1,008 and $1,725, respectively, of stock-based compensation)		12,094
Total operating expenses		54,655
Income (loss) from operations		(2,096)
Other income (expense):
Derivative loss		0
Interest expense		(4,568)
Reorganization items, net (note 2)		(89,003)
Other income		1,391
Total other expense		(92,180)
Income (loss) from operations before taxes		(94,276)
Income tax benefit (expense)		0
Net income (loss)		(94,276)
Comprehensive income (loss)		$ (94,276)
Basic net income (loss) per common share (in dollars per share)		$ (1.91)
Diluted net income (loss) per common share (in dollars per share)		$ (1.91)
Basic weighted-average common shares outstanding (in shares)		49,452
Diluted weighted-average common shares outstanding (in shares)		49,452

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Predecessor
General and administrative, stock compensation	$ 1,725

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)
Balance at beginning of period at Dec. 31, 2017	$ 688,334	$ 4,286	$ 689,068	$ (5,020)
Shares outstanding, beginning of period (in shares) at Dec. 31, 2017		20,453,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued	0
Restricted common stock issued (in shares)		107
Restricted stock used for tax withholdings	0
Restricted stock used for tax withholdings (in shares)		(37)
Stock-based compensation	1,008		1,008
Net Income	13,870			13,870
Balance at end of period at Mar. 31, 2018	$ 703,212	$ 4,286	$ 690,076	$ 8,850
Shares outstanding, end of period (in shares) at Mar. 31, 2018		20,453,619

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ 13,870
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	7,508
Non-cash reorganization items	0
Abandonment and impairment of unproved properties	2,502
Well abandonment costs and dry hole expense	0
Stock-based compensation	1,008
Derivative loss	8,742
Derivative cash settlements	(4,312)
Other	172
Changes in current assets and liabilities:
Accounts receivable	(15,758)
Prepaid expenses and other assets	3,402
Accounts payable and accrued liabilities	(566)
Settlement of asset retirement obligations	(665)
Net cash provided by operating activities	15,903
Cash flows from investing activities:
Acquisition of oil and gas properties	(98)
Exploration and development of oil and gas properties	(37,664)
Proceeds from sale of oil and gas properties	20
Additions to property and equipment - non oil and gas	(103)
Net cash used in investing activities	(37,845)
Cash flows from financing activities:
Proceeds from credit facility	15,000
Payment of employee tax withholdings in exchange for the return of common stock	0
Net cash provided by (used in) financing activities	15,000
Net change in cash, cash equivalents and restricted cash	(6,942)
Cash, cash equivalents and restricted cash:
Beginning of period	12,782
End of period	5,840
Supplemental cash flow disclosure:
Cash paid for interest	262
Changes in working capital related to drilling expenditures	$ 14,250
Predecessor
Cash flows from operating activities:
Net income (loss)		$ (94,276)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		21,212
Non-cash reorganization items		57,341
Abandonment and impairment of unproved properties		0
Well abandonment costs and dry hole expense		2,701
Stock-based compensation		1,725
Derivative loss		0
Derivative cash settlements		0
Other		383
Changes in current assets and liabilities:
Accounts receivable		(3,814)
Prepaid expenses and other assets		(536)
Accounts payable and accrued liabilities		31,092
Settlement of asset retirement obligations		(176)
Net cash provided by operating activities		15,652
Cash flows from investing activities:
Acquisition of oil and gas properties		(439)
Exploration and development of oil and gas properties		(3,425)
Proceeds from sale of oil and gas properties		0
Additions to property and equipment - non oil and gas		(201)
Net cash used in investing activities		(4,065)
Cash flows from financing activities:
Proceeds from credit facility		0
Payment of employee tax withholdings in exchange for the return of common stock		(335)
Net cash provided by (used in) financing activities		(335)
Net change in cash, cash equivalents and restricted cash		11,252
Cash, cash equivalents and restricted cash:
Beginning of period		80,747
End of period		91,999
Supplemental cash flow disclosure:
Cash paid for interest		3,484
Changes in working capital related to drilling expenditures		$ 4,404

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Bonanza Creek Energy, Inc. (“BCEI” or, together with our consolidated subsidiaries, the “Company”) is engaged primarily in acquiring, developing, exploiting and producing oil and gas properties. The Company's assets and operations are 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, 2018
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments as necessary for a fair presentation of our financial position and results of operations. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. As described below, however, prior financial statements are not comparable to our interim financial statements due to the adoption of fresh-start accounting. The financial information as of December 31, 2017, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the consolidated financial statements and related notes included in our 2017 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports. 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 (the “Effective Date”). Upon emergence from bankruptcy, the Company adopted fresh-start accounting and became a new entity for financial reporting purposes. As a result of the application of fresh-start accounting and the effects of the implementation of the Plan, the Company’s condensed consolidated financial statements after April 28, 2017 are not comparable with the financial statements on or prior to April 28, 2017. The Company's condensed consolidated financial statements and related footnotes are presented with a black line division which delineates the lack of comparability between amounts presented after April 28, 2017 and dates prior thereto. Subsequent to January 4, 2017 and through the date of emergence, all expenses, gains and losses directly associated with the reorganization are reported as reorganization items, net totaling $89.0 million in the accompanying condensed consolidated statements of operations and comprehensive income (loss) (“accompanying statements of operations”) for the three months ended March 31, 2017. The $89.0 million consists of a $51.2 million make-whole payment on the Senior Notes, $31.7 million in legal and professional fees and the write-off of $6.1 million of debt issuance and premium costs on the Senior Notes. References to “Successor” or “Successor Company” relate to the financial position and results of operations of the reorganized Company subsequent to April 28, 2017. References to “Predecessor” or “Predecessor Company” relate to the financial position and results of operations of the Company on or prior to April 28, 2017. 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. Use of Estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Accounting Pronouncements Adopted in the Current Period In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”) for the recognition of revenue from contracts with customers. Several additional related updates have been issued since that point. In summary, revenue recognition would occur upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The guidance also requires enhanced financial statement disclosures over revenue recognition and provisions regarding future revenues and expenses under a gross-versus-net presentation. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. We adopted the new standard on January 1, 2018 and its adoption did not have a significant impact on our financial statements. Please refer to Note 3 - Revenue Recognition for additional discussion. In January 2016, the FASB issued Update No. 2016-01 - Financial Instruments - Overall to require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This authoritative guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted the new standard on January 1, 2018 and its adoption did not have a material impact on our financial statements and 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. Early adoption is permitted. We adopted the new standard on January 1, 2018 and its adoption did not have a material impact on our statements of cash flows and related 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 by including them with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on 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. We adopted the new standard on January 1, 2018 and the prior period has been adjusted to conform to the current period presentation, which resulted in an increase in cash used in investing activities of $0.1 million for the three months ended March 31, 2017. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sums to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (in thousands): As of March 31, 2018 As of December 31, 2017 Cash and cash equivalents $ 5,761 $ 12,711 Restricted cash included in other noncurrent assets 79 71 Total cash, cash equivalents and restricted cash as shown in the statements of cash flows $ 5,840 $ 12,782 Restricted cash consists of funds for road maintenance and repairs. In January 2017, the FASB issued U pdate 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. We adopted this new standard on January 1, 2018 and will apply it 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) . We adopted this new standard on January 1, 2018 and its adoption did not have a material impact on our financial statements and disclosures. In May 2017, the FASB issued Update No. 2017-09 (ASU 2017-09) Compensation - Stock Compensation (Topic 718) . The purpose of this update is to provide clarity as to which modifications of awards require modification accounting under Topic 718, whereas previously issued guidance frequently resulted in varying interpretations and a diversity of practice. An entity should employ modification accounting unless the following are met: (1) the fair value of the award is the same immediately before and after the award is modified; (2) the vesting conditions are the same under both the modified award and the original award; and (3) the classification of the modified award is the same as the original award, either equity or liability. Regardless of whether modification accounting is utilized, award disclosure requirements under Topic 718 remain unchanged. This guidance will be effective for annual or any interim periods beginning after December 15, 2017. We adopted the new standard on the effective date of January 1, 2018 and its adoption did not have a material impact on our financial statements and disclosures. Recently Issued Accounting Standards 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. There are no other accounting standards applicable to the Company that would have a material effect on the Company's financial statements and disclosures that have been issued but not yet adopted by the Company as of March 31, 2018, and through the filing date of this report.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION On January 1, 2018, the Company adopted ASC 606, using the modified retrospective approach. Results for reporting periods beginning January 1, 2018, are presented in accordance with ASC 606, while prior period amounts are reported in accordance with ASC 605 - Revenue Recognition . The impact of adoption on our current period results is as follows (in thousands): Three Months Ended March 31, 2018 As Unadjusted (1) ASC 606 Adjustments As Reported Operating Revenues: Oil sales $ 51,963 $ — $ 51,963 Natural gas sales 5,119 1,102 6,221 NGLs sales 4,773 1,236 6,009 Oil and gas sales 61,855 2,338 64,193 Operating expenses: Gathering, transportation and processing — 2,338 2,338 Total operating expenses 38,898 — 41,236 Net income $ 13,870 $ — $ 13,870 ____________________ (1) This column excludes the impact of ASC 606 and is consistent with the presentation prior to January 1, 2018. Revenue from Contracts with Customers Sales of oil, natural gas and natural gas liquids (“NGLs”) are recognized when performance obligations are satisfied at the point control of the product is transferred to the customer. Virtually all of our contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies. Performance Obligations Oil sales Under our oil sales contracts we sell oil production at the wellhead, or other contractually agreed-upon delivery point, and collect an agreed-upon index price, net of pricing differentials. In this scenario, we recognize revenue when control transfers to the purchaser at the wellhead, or other contractually agreed-upon delivery point, at the net contracted price received. Natural gas and NGLs Sales Under our natural gas processing contracts, we deliver natural gas to an agreed upon delivery point. The delivery points are specified within each contract and the transfer of control varies between the inlet and outlet of the midstream processing facility. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs and residue gas. For the contracts where we maintain control through the outlet of the midstream processing facility, we recognize revenue on a gross basis, with gathering, transportation and processing fees presented as an expense in our consolidated statements of operations. Alternatively, for those contracts where the Company relinquishes control at the inlet of the midstream processing facility, the Company recognizes natural gas and NGLs revenues based on the contracted amount of the proceeds received from the midstream processing entity and, as a result, we recognize revenue on a net basis. Working interest partners The Company and its working interest partners have entered into joint operating agreements which govern the marketing and selling of the working interest partner's share of oil, natural gas and NGLs interests. When selling oil, natural gas and NGLs on behalf of working interest owners, the Company is acting as an agent and thus reports the revenue on a net basis. Transaction price As noted above, the transaction price is generally tied to a market index, net of adjustments or price differentials, with the variable consideration being the estimation process and related accruals; however, any identified differences between our revenue estimates and actual revenue received historically have not been significant. As further described in Note 7 - Commitments and Contingencies , one contract with NGL Crude Logistics, LLP (“NGL”, known as the “NGL agreement”) has an additional aspect of variable consideration related to the minimum volume commitments (“MVCs”) as specified in the agreement. On an on-going basis, the Company performs an analysis of expected risk adjusted production applicable to the NGL agreement based on approved production plans to determine if liquidated damages to NGL are probable. As of March 31, 2018, the Company believes that the volumes delivered to NGL will be in excess of the MVCs required then and for the upcoming approved production plan. As a result of this analysis, to date, no variable consideration related to potential liquidated damages has been considered in the transaction price for the NGL agreement. Transaction price allocated to remaining performance obligations Under our sales contracts, each unit of product represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and the transaction price for remaining performance obligations is determined in accordance with the above section during the period in which the performance obligation is satisfied. For our product sales that have a contract term of one year or less, we applied the practical expedient under the guidance, which states that a Company is not required to disclose the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. Contract balances Under our product sales contracts, we invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our product sales contracts do not give rise to contract assets or liabilities under this guidance. At March 31, 2018 and December 31, 2017, our receivables from contracts with customers were $37.8 million and $28.5 million , respectively. Prior-period performance obligations We record revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas and NGLs sales may not be received for 30 to 60 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. We record the differences between our estimates and the actual amounts received for product sales in the month in which payment is received from the purchaser. We have existing internal controls for our revenue estimation process and related accruals, and any identified differences between our revenue estimates and actual revenue received historically have not been significant. For the period from January 1, 2018 through March 31, 2018, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE During the first quarter of 2018, the Company established a plan to sell all of the Company's assets within its Mid-Continent region and North Park Basin, at which point they were deemed held for sale. The Company sold its North Park Basin on March 9, 2018 for minimal net proceeds and full release of all current and future obligations resulting in a minimal net loss. As of December 31, 2017, the assets within the Company's North Park Basin represented $5.4 million , net of accumulated depreciation, depletion and amortization and a corresponding asset retirement obligation liability of approximately $5.4 million . As of March 31, 2018, the Company had $82.5 million of oil and gas properties held for sale, net of $2.6 million accumulated depreciation, depletion and amortization as presented in the accompanying condensed consolidated balance sheets (“accompanying balance sheets”). These properties consist of all assets within the Company's Mid-Continent region. There is a corresponding asset retirement obligation liability of approximately $5.7 million in the asset retirement obligations for oil and gas properties held for sale in the accompanying balance sheets. There were no other assets or liabilities associated with the assets held for sale.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following (in thousands): As of March 31, 2018 As of December 31, 2017 Drilling and completion costs $ 36,083 $ 21,833 Accounts payable trade 5,240 6,256 Accrued general and administrative cost 2,922 10,025 Lease operating expense 3,927 5,005 Accrued interest 345 250 Accrued oil and gas hedging 1,561 808 Production and ad valorem taxes and other 19,070 17,952 Total accounts payable and accrued expenses $ 69,148 $ 62,129

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following (in thousands): As of March 31, 2018 As of December 31, 2017 Credit facility $ 15,000 $ — Total long-term debt $ 15,000 $ — Credit Facility Upon emergence from bankruptcy, 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 “credit facility”). The 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 May 2018. The revolving credit facility matures on March 31, 2021. The credit facility restricts, among other items, certain dividend payments, additional indebtedness, purchase of margin stock, asset sales, loans, investments and mergers. The credit facility also contains certain financial covenants, which require the maintenance of certain financial and leverage ratios, as defined by the credit facility. The credit facility states that the Company's leverage ratio of indebtedness to earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense and other non-cash charges (“EBITDAX”) is not to exceed 3.50 to 1.00 . The Company must maintain a minimum current ratio of 1.00 to 1.00 and a minimum interest coverage ratio of trailing twelve-month EBITDAX to trailing twelve-month interest expense of 2.50 to 1.00 as of the end of the respective fiscal quarter. As of March 31, 2018, and through the filing date of this report, the Company was in compliance with all financial and non-financial covenants of the credit facility. The credit facility provides for interest rates plus an applicable margin to be determined based on London Interbank Offered Rate (“LIBOR”) or a base rate, at the Company’s election. LIBOR borrowings bear interest at LIBOR, plus a margin of 3.00% to 4.00% depending on the utilization level, and the base rate borrowings bear interest at the “Reference Rate,” as defined in the credit facility, plus a margin of 2.00% to 3.00% depending on the utilization level.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various commercial and regulatory claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its condensed consolidated financial statements. In accordance with accounting authoritative guidance, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the most likely anticipated outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. No claims have been made, nor is the Company aware of any material uninsured liability which the Company may have, as it relates to any environmental cleanup, restoration or the violation of any rules or regulations. As of the filing date of this report, there were no material pending or overtly threatened legal actions against the Company of which it is aware. As previously described in our 2017 Form 10-K, the Company and the Colorado Department of Public Health and Environment (“CDPHE”) agreed to a Compliance Order on Consent (the “COC”) resolving the matters addressed by a compliance advisory issued to the Company for certain storage tank facilities located in the Wattenberg Field with respect to applicable air quality regulations. Pursuant to the terms of the COC, the Company paid an administrative penalty of $0.2 million in 2017. The Company must also adopt procedures and processes to address the monitoring, reporting, and control of air emissions. The COC further sets forth compliance requirements and criteria for continued operations and contains provisions regarding record-keeping, modifications to the COC, circumstances under which the COC may terminate with respect to certain wells and facilities, and the sale or transfer of operational or ownership interests covered by the COC. In order to be in compliance, the Company incurred $0.7 million in 2017, and currently anticipates spending $3.5 million in 2018, and $3.1 million for 2019 through 2022. The COC can be terminated after four years with a showing of substantial compliance and CDPHE approval. Commitments The purchase agreement to deliver fixed determinable quantities of crude oil to NGL became effective on April 28, 2017. The terms of the NGL agreement includes defined volume commitments over an initial seven-year term. Under the terms of the NGL 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 were 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 the minimum volume commitment increases by approximately 41% from 2018 to 2019 and approximately 3% each year thereafter for the remainder of the contract, to a maximum of approximately 16,000 barrels per day. The aggregate financial commitment fee over the remaining term, based on the minimum volume commitment schedule (as defined in the agreement) and the applicable differential fee, is $151.0 million as of March 31, 2018 . Upon notifying NGL at least twelve months prior to the expiration date of the NGL agreement, the Company may elect to extend the term of the NGL agreement for up to three additional years. On April 29, 2017, the Company entered into a new office lease agreement to rent office facilities. The lease is non-cancelable and expires in February 2022. The annual minimum commitment payments under the NGL agreement and the office lease for the next five years as of March 31, 2018 are presented below (in thousands): NGL Commitments (1) Office Lease Commitments Total 2018 $ 12,172 $ 751 $ 12,923 2019 22,176 1,224 23,400 2020 27,949 1,335 29,284 2021 28,791 1,423 30,214 2022 29,485 240 29,725 2023 and thereafter 30,448 — 30,448 Total $ 151,021 $ 4,973 $ 155,994 _______________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the NGL agreement) and applicable differential fees. There have been no other material changes from the commitments disclosed in the notes to the Company’s consolidated financial statements included in our 2017 Form 10-K.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2017 Long Term Incentive Plan Upon emergence from bankruptcy, the Company adopted a new Long Term Incentive Plan (the “2017 LTIP”) and issued new grants to employees consisting of options with a ten -year term and strike price of $34.36 and restricted stock units (“RSUs”). These awards vest over a three -year period in equal installments on each anniversary of the grant date. See below for further discussion of awards under the 2017 LTIP. Restricted Stock Units The 2017 LTIP allows for the issuance of RSUs to members of the Board of Directors and employees of the Company at the discretion of the Board of Directors. Each RSU represents one share of the Company's common stock to be released from restriction upon completion of the vesting period. The awards typically vest in one-third increments over three years. The RSUs are valued at the grant date share price and are recognized as general and administrative expense over the vesting period of the award. There were no RSUs granted during the three months ended March 31, 2018 . Total expense recorded for RSUs, inclusive of grants to the members of the Board of Directors, for the three months ended March 31, 2018 was $0.7 million . As of March 31, 2018 , unrecognized compensation cost was $6.3 million and will be amortized through 2020 . A summary of the status and activity of non-vested restricted stock units for the three months ended March 31, 2018 is presented below: Restricted Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 261,165 $ 34.93 Granted — $ — Vested (107 ) $ 34.36 Forfeited (2,138 ) $ 34.36 Non-vested at end of quarter 258,920 $ 34.93 Stock Options The 2017 LTIP allows the issuance of stock options to the Company's employees at the sole discretion of the Board of Directors. Options expire ten years from the grant date unless otherwise determined by the Board of Directors. Compensation expense on the stock options are recognized as general and administrative expense over the vesting period of the award. There were no stock options granted during the three months ended March 31, 2018 . Total expense recorded for stock options for the three months ended March 31, 2018 was $0.3 million . As of March 31, 2018 , unrecognized compensation cost was $2.4 million and will be amortized through 2020 . A summary of the status and activity of non-vested stock options for the three months ended March 31, 2018 is presented below: Stock Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of year 197,271 $ 34.36 9.3 $ — Granted — — — $ — Exercised — — — — Forfeited (2,138 ) 34.36 9.3 $ — Outstanding at end of quarter 195,133 $ 34.36 8.6 $ — A summary of additional information related to options outstanding and exercisable as of March 31, 2018 is presented below: Exercise Price Number of Options Outstanding and Exercisable Weighted-Average Remaining Contractual Life (in days) $34.36 107 69

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows fair value measurement authoritative guidance, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The statement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable Financial and non-financial assets and liabilities are to be classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables present the Company's financial and non-financial assets and liabilities that were accounted for at fair value as of March 31, 2018 and December 31, 2017 and their classification within the fair value hierarchy (in thousands): As of March 31, 2018 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 182 $ — Derivative liabilities (1) $ — $ 18,513 $ — Unproved properties (2) $ — $ — $ 181,193 As of December 31, 2017 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 494 $ — Derivative liabilities (1) $ — $ 14,395 $ — Asset retirement obligations (3) $ — $ — $ 8,481 ____________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis (2) Represents non-financial assets that are measured at fair value on a nonrecurring basis. Please refer to the Unproved Oil and Gas Properties sections below for additional discussion. (3) 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. 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. The Company impaired non-core acreage in the Wattenberg Field due to leases expiring, which had a carrying value of $183.7 million to their fair value of $181.2 million , and recognized an impairment of unproved properties for the three months ended March 31, 2018 of $2.5 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, 2018 . The Company had $8.5 million of asset retirement obligations recorded at fair value as of December 31, 2017 . Long-term Debt The Company's credit facility approximates fair value as the applicable interest rates are floating. The outstanding balance under the credit facility as of March 31, 2018 was $15.0 million .

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2018
Asset Retirement Obligation [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The Company recognizes an estimated liability for future costs to abandon its oil and gas properties. The fair value of the asset retirement obligation is recorded as a liability when incurred, which is typically at the time the asset is acquired or placed in service. There is a corresponding increase to the carrying value of the asset which is included in the proved properties line item in the accompanying balance sheets. The Company depletes the amount added to proved properties and recognizes expense in connection with accretion of the discounted liability over the remaining estimated economic lives of the properties. The Company’s estimated asset retirement obligation liability is based on historical experience in abandoning wells, estimated economic lives, estimated costs to abandon the wells and regulatory requirements. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred, which ranges from 5% to 7% . A roll-forward of the Company's asset retirement obligation is as follows (in thousands): Beginning balance as of December 31, 2017 $ 38,262 Liabilities settled (665 ) Additions 44 Accretion expense 454 Sold properties (5,477 ) Ending balance as of March 31, 2018 (1) $ 32,618 ____________________________ (1) Includes $5.7 million of asset retirement obligations associated with assets held for sale.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company enters into commodity derivative contracts to mitigate a portion of its exposure to potentially adverse market changes in commodity prices and the associated impact on cash flows. All contracts are entered into for other-than-trading purposes. The Company’s derivatives include swaps and collar arrangements for oil and natural gas, and none of the derivative instruments qualify as having hedging relationships. In a typical commodity swap agreement, if the agreed upon published third-party index price is lower than the swap fixed price, the Company receives the difference between the index price and the agreed upon swap fixed price. If the index price is higher than the swap fixed price, the Company pays the difference. As of March 31, 2018 , the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu Q218 Cashless Collar 2,000 $42.00/$52.50 5,600 $2.75/$3.43 Swap 3,500 $54.26 — — Q318 Cashless Collar 2,000 $43.00/$53.50 5,600 $2.75/$3.43 Swap 4,000 $56.65 — — Q418 Cashless Collar 2,000 $43.00/$53.50 5,600 $2.75/$3.43 Swap 4,000 $56.90 — — Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 Swap 2,000 $56.32 — — Q219 Cashless Collar 1,330 $44.01/$54.79 2,505 $2.75/$3.22 Swap 2,500 $56.98 — — Q319 Swap 2,000 52.50 — — Q419 Swap 2,000 52.50 — — As of the filing date of this report, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu Q218 Cashless Collar 2,000 $42.00/$52.50 6,259 $2.75/$3.38 Swap 3,835 $55.03 — — Q318 Cashless Collar 2,000 $43.00/$53.50 7,600 $2.75/$3.31 Swap 5,000 $57.87 — — Q418 Cashless Collar 2,000 $43.00/$53.50 6,600 $2.75/$3.37 Swap 5,000 $58.07 — — Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 Swap 4,000 $58.16 — — Q219 Cashless Collar 1,330 $44.01/$54.79 2,505 $2.75/$3.22 Swap 4,500 $58.32 — — Q319 Swap 3,000 55.00 — — Q419 Swap 3,000 55.00 — — Derivative Assets Fair Value The Company’s commodity derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities. The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of March 31, 2018 and December 31, 2017 (in thousands): As of March 31, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 126 $ 488 Commodity contracts Noncurrent assets 56 6 Derivative Liabilities: Commodity contracts Current liabilities (15,427 ) (11,423 ) Commodity contracts Long-term liabilities (3,086 ) (2,972 ) Total derivative liabilities, net $ (18,331 ) $ (13,901 ) The following tables summarizes the components of the derivative loss presented on the accompanying statements of operations for the periods below (in thousands): Successor Predecessor Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Derivative cash settlement gain (loss): Oil contracts $ (4,506 ) $ — Gas contracts 194 — Total derivative cash settlement loss (1) $ (4,312 ) $ — Change in fair value loss (4,430 ) $ — Total derivative loss (1) $ (8,742 ) $ — _______________________________ (1) Total derivative loss and total derivative cash settlement loss for the three months ended March 31, 2018 are reported in the derivative loss line item and derivative cash settlements line item in the accompanying condensed consolidated statements of cash flows, within cash flows from operating activities.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company issued restricted stock units, which represent the right to receive, upon vesting, one share of the Company's common stock. The Company issued stock options and warrants, which both represent the right to purchase the Company's common stock at a specified price. The number of potentially dilutive shares related to the stock options is based on the number of shares, if any, that would be exercised at the end of the respective reporting period, assuming that date was the end of such stock options' term. The number of potentially dilutive shares related to the warrants is based on the number of shares, if any, that would be exercisable at the end of the respective reporting period. Please refer to Note 8 - Stock-Based Compensation for additional discussion. The RSUs, stock options and warrants of the Company are all non-participating securities, and therefore, the Company used the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Successor Three Months Ended March 31, 2018 Net income $ 13,870 Basic net income per common share $ 0.68 Diluted net income per common share $ 0.68 Weighted-average shares outstanding - basic 20,454 Add: dilutive effect of contingent stock awards 16 Weighted-average shares outstanding - diluted 20,470 There were 259,924 dilutive shares that were anti-dilutive for the three months ended March 31, 2018. The Predecessor Company issued shares of restricted stock, which entitled the holders to receive non-forfeitable dividends, if and when the Predecessor 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 allocates losses to common shareholders only. The Predecessor Company issued performance stock units (“PSUs”), which represented the right to receive, upon settlement of the PSUs, a number of shares of the Predecessor 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. The Predecessor Company issued restricted stock, which are participating securities, and PSUs, and therefore, the Company used the two-class method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Predecessor Three Months Ended March 31, 2017 Net loss $ (94,276 ) Less: undistributed loss to unvested restricted stock — Undistributed loss to common shareholders (94,276 ) Basic net loss per common share $ (1.91 ) Diluted net loss per common share $ (1.91 ) Weighted-average shares outstanding - basic 49,452 Add: dilutive effect of contingent PSUs — Weighted-average shares outstanding - diluted 49,452 The Company was in a net loss position for the three months ended March 31, 2017, which made any potentially dilutive shares anti-dilutive. There were 278,414 dilutive shares that were anti-dilutive for the three months ended March 31, 2017. 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, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES On December 22, 2017, the U.S. Congress enacted the Tax Cuts and Jobs Act, which made significant changes to U.S. federal income tax law, including a reduction in the federal corporate tax rate to 21%, effective January 1, 2018. In accordance with U.S. GAAP, we recognized the effect of the rate change on deferred tax assets and liabilities as of December 31, 2017. 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. There is a full valuation allowance on the Company's net deferred tax asset causing the Company’s current rate to differ from the U.S. statutory income tax rate. As of March 31, 2018 , 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 2018 .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments as necessary for a fair presentation of our financial position and results of operations. Interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. As described below, however, prior financial statements are not comparable to our interim financial statements due to the adoption of fresh-start accounting. The financial information as of December 31, 2017, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Form 10-K”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the consolidated financial statements and related notes included in our 2017 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports. 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 (the “Effective Date”). Upon emergence from bankruptcy, the Company adopted fresh-start accounting and became a new entity for financial reporting purposes. As a result of the application of fresh-start accounting and the effects of the implementation of the Plan, the Company’s condensed consolidated financial statements after April 28, 2017 are not comparable with the financial statements on or prior to April 28, 2017. The Company's condensed consolidated financial statements and related footnotes are presented with a black line division which delineates the lack of comparability between amounts presented after April 28, 2017 and dates prior thereto. Subsequent to January 4, 2017 and through the date of emergence, all expenses, gains and losses directly associated with the reorganization are reported as reorganization items, net totaling $89.0 million in the accompanying condensed consolidated statements of operations and comprehensive income (loss) (“accompanying statements of operations”) for the three months ended March 31, 2017. The $89.0 million consists of a $51.2 million make-whole payment on the Senior Notes, $31.7 million in legal and professional fees and the write-off of $6.1 million of debt issuance and premium costs on the Senior Notes. References to “Successor” or “Successor Company” relate to the financial position and results of operations of the reorganized Company subsequent to April 28, 2017. References to “Predecessor” or “Predecessor Company” relate to the financial position and results of operations of the Company on or prior to April 28, 2017.
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.
Use of Estimates	Use of Estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recently Issued Accounting Standards	Accounting Pronouncements Adopted in the Current Period In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASC 606”) for the recognition of revenue from contracts with customers. Several additional related updates have been issued since that point. In summary, revenue recognition would occur upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The guidance also requires enhanced financial statement disclosures over revenue recognition and provisions regarding future revenues and expenses under a gross-versus-net presentation. The standard is required to be adopted using either the full retrospective approach, with all prior periods presented adjusted, or the modified retrospective approach, with a cumulative adjustment to retained earnings on the opening balance sheet. The standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. We adopted the new standard on January 1, 2018 and its adoption did not have a significant impact on our financial statements. Please refer to Note 3 - Revenue Recognition for additional discussion. In January 2016, the FASB issued Update No. 2016-01 - Financial Instruments - Overall to require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. This authoritative guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted the new standard on January 1, 2018 and its adoption did not have a material impact on our financial statements and 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. Early adoption is permitted. We adopted the new standard on January 1, 2018 and its adoption did not have a material impact on our statements of cash flows and related 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 by including them with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on 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. We adopted the new standard on January 1, 2018 and the prior period has been adjusted to conform to the current period presentation, which resulted in an increase in cash used in investing activities of $0.1 million for the three months ended March 31, 2017. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sums to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (in thousands): As of March 31, 2018 As of December 31, 2017 Cash and cash equivalents $ 5,761 $ 12,711 Restricted cash included in other noncurrent assets 79 71 Total cash, cash equivalents and restricted cash as shown in the statements of cash flows $ 5,840 $ 12,782 Restricted cash consists of funds for road maintenance and repairs. In January 2017, the FASB issued U pdate 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. We adopted this new standard on January 1, 2018 and will apply it 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) . We adopted this new standard on January 1, 2018 and its adoption did not have a material impact on our financial statements and disclosures. In May 2017, the FASB issued Update No. 2017-09 (ASU 2017-09) Compensation - Stock Compensation (Topic 718) . The purpose of this update is to provide clarity as to which modifications of awards require modification accounting under Topic 718, whereas previously issued guidance frequently resulted in varying interpretations and a diversity of practice. An entity should employ modification accounting unless the following are met: (1) the fair value of the award is the same immediately before and after the award is modified; (2) the vesting conditions are the same under both the modified award and the original award; and (3) the classification of the modified award is the same as the original award, either equity or liability. Regardless of whether modification accounting is utilized, award disclosure requirements under Topic 718 remain unchanged. This guidance will be effective for annual or any interim periods beginning after December 15, 2017. We adopted the new standard on the effective date of January 1, 2018 and its adoption did not have a material impact on our financial statements and disclosures. Recently Issued Accounting Standards 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. There are no other accounting standards applicable to the Company that would have a material effect on the Company's financial statements and disclosures that have been issued but not yet adopted by the Company as of March 31, 2018, and through the filing date of this report.
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.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sums to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (in thousands): As of March 31, 2018 As of December 31, 2017 Cash and cash equivalents $ 5,761 $ 12,711 Restricted cash included in other noncurrent assets 79 71 Total cash, cash equivalents and restricted cash as shown in the statements of cash flows $ 5,840 $ 12,782
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sums to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (in thousands): As of March 31, 2018 As of December 31, 2017 Cash and cash equivalents $ 5,761 $ 12,711 Restricted cash included in other noncurrent assets 79 71 Total cash, cash equivalents and restricted cash as shown in the statements of cash flows $ 5,840 $ 12,782

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of New Revenue Recognition Standard	The impact of adoption on our current period results is as follows (in thousands): Three Months Ended March 31, 2018 As Unadjusted (1) ASC 606 Adjustments As Reported Operating Revenues: Oil sales $ 51,963 $ — $ 51,963 Natural gas sales 5,119 1,102 6,221 NGLs sales 4,773 1,236 6,009 Oil and gas sales 61,855 2,338 64,193 Operating expenses: Gathering, transportation and processing — 2,338 2,338 Total operating expenses 38,898 — 41,236 Net income $ 13,870 $ — $ 13,870 ____________________ (1) This column excludes the impact of ASC 606 and is consistent with the presentation prior to January 1, 2018.

ACCOUNTS PAYABLE AND ACCRUED 24

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2018
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses contain the following (in thousands): As of March 31, 2018 As of December 31, 2017 Drilling and completion costs $ 36,083 $ 21,833 Accounts payable trade 5,240 6,256 Accrued general and administrative cost 2,922 10,025 Lease operating expense 3,927 5,005 Accrued interest 345 250 Accrued oil and gas hedging 1,561 808 Production and ad valorem taxes and other 19,070 17,952 Total accounts payable and accrued expenses $ 69,148 $ 62,129

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following (in thousands): As of March 31, 2018 As of December 31, 2017 Credit facility $ 15,000 $ — Total long-term debt $ 15,000 $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Long-term Purchase Commitment	The annual minimum commitment payments under the NGL agreement and the office lease for the next five years as of March 31, 2018 are presented below (in thousands): NGL Commitments (1) Office Lease Commitments Total 2018 $ 12,172 $ 751 $ 12,923 2019 22,176 1,224 23,400 2020 27,949 1,335 29,284 2021 28,791 1,423 30,214 2022 29,485 240 29,725 2023 and thereafter 30,448 — 30,448 Total $ 151,021 $ 4,973 $ 155,994 _______________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the NGL agreement) and applicable differential fees.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2018
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 units for the three months ended March 31, 2018 is presented below: Restricted Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 261,165 $ 34.93 Granted — $ — Vested (107 ) $ 34.36 Forfeited (2,138 ) $ 34.36 Non-vested at end of quarter 258,920 $ 34.93
Summary of the status and activity of non-vested Units	A summary of the status and activity of non-vested stock options for the three months ended March 31, 2018 is presented below: Stock Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at beginning of year 197,271 $ 34.36 9.3 $ — Granted — — — $ — Exercised — — — — Forfeited (2,138 ) 34.36 9.3 $ — Outstanding at end of quarter 195,133 $ 34.36 8.6 $ — A summary of additional information related to options outstanding and exercisable as of March 31, 2018 is presented below: Exercise Price Number of Options Outstanding and Exercisable Weighted-Average Remaining Contractual Life (in days) $34.36 107 69

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities at fair value on recurring basis	The following tables present the Company's financial and non-financial assets and liabilities that were accounted for at fair value as of March 31, 2018 and December 31, 2017 and their classification within the fair value hierarchy (in thousands): As of March 31, 2018 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 182 $ — Derivative liabilities (1) $ — $ 18,513 $ — Unproved properties (2) $ — $ — $ 181,193 As of December 31, 2017 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 494 $ — Derivative liabilities (1) $ — $ 14,395 $ — Asset retirement obligations (3) $ — $ — $ 8,481 ____________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis (2) Represents non-financial assets that are measured at fair value on a nonrecurring basis. Please refer to the Unproved Oil and Gas Properties sections below for additional discussion. (3) 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.

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Asset Retirement Obligation [Abstract]
Schedule of Asset Retirement Obligations	A roll-forward of the Company's asset retirement obligation is as follows (in thousands): Beginning balance as of December 31, 2017 $ 38,262 Liabilities settled (665 ) Additions 44 Accretion expense 454 Sold properties (5,477 ) Ending balance as of March 31, 2018 (1) $ 32,618 ____________________________ (1) Includes $5.7 million of asset retirement obligations associated with assets held for sale.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of commodity derivative contracts	As of March 31, 2018 , the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu Q218 Cashless Collar 2,000 $42.00/$52.50 5,600 $2.75/$3.43 Swap 3,500 $54.26 — — Q318 Cashless Collar 2,000 $43.00/$53.50 5,600 $2.75/$3.43 Swap 4,000 $56.65 — — Q418 Cashless Collar 2,000 $43.00/$53.50 5,600 $2.75/$3.43 Swap 4,000 $56.90 — — Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 Swap 2,000 $56.32 — — Q219 Cashless Collar 1,330 $44.01/$54.79 2,505 $2.75/$3.22 Swap 2,500 $56.98 — — Q319 Swap 2,000 52.50 — — Q419 Swap 2,000 52.50 — — As of the filing date of this report, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu Q218 Cashless Collar 2,000 $42.00/$52.50 6,259 $2.75/$3.38 Swap 3,835 $55.03 — — Q318 Cashless Collar 2,000 $43.00/$53.50 7,600 $2.75/$3.31 Swap 5,000 $57.87 — — Q418 Cashless Collar 2,000 $43.00/$53.50 6,600 $2.75/$3.37 Swap 5,000 $58.07 — — Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 Swap 4,000 $58.16 — — Q219 Cashless Collar 1,330 $44.01/$54.79 2,505 $2.75/$3.22 Swap 4,500 $58.32 — — Q319 Swap 3,000 55.00 — — Q419 Swap 3,000 55.00 — —
Schedule of derivatives and balance sheet location	The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of March 31, 2018 and December 31, 2017 (in thousands): As of March 31, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 126 $ 488 Commodity contracts Noncurrent assets 56 6 Derivative Liabilities: Commodity contracts Current liabilities (15,427 ) (11,423 ) Commodity contracts Long-term liabilities (3,086 ) (2,972 ) Total derivative liabilities, net $ (18,331 ) $ (13,901 )
Summary of the components of the derivative gain (loss) presented on the accompanying statements of operations	The following tables summarizes the components of the derivative loss presented on the accompanying statements of operations for the periods below (in thousands): Successor Predecessor Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Derivative cash settlement gain (loss): Oil contracts $ (4,506 ) $ — Gas contracts 194 — Total derivative cash settlement loss (1) $ (4,312 ) $ — Change in fair value loss (4,430 ) $ — Total derivative loss (1) $ (8,742 ) $ — _______________________________ (1) Total derivative loss and total derivative cash settlement loss for the three months ended March 31, 2018 are reported in the derivative loss line item and derivative cash settlements line item in the accompanying condensed consolidated statements of cash flows, within cash flows from operating activities.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of calculation of earnings per basic and diluted shares from continuing and discontinued operations	The RSUs, stock options and warrants of the Company are all non-participating securities, and therefore, the Company used the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Successor Three Months Ended March 31, 2018 Net income $ 13,870 Basic net income per common share $ 0.68 Diluted net income per common share $ 0.68 Weighted-average shares outstanding - basic 20,454 Add: dilutive effect of contingent stock awards 16 Weighted-average shares outstanding - diluted 20,470 The Predecessor Company issued restricted stock, which are participating securities, and PSUs, and therefore, the Company used the two-class method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Predecessor Three Months Ended March 31, 2017 Net loss $ (94,276 ) Less: undistributed loss to unvested restricted stock — Undistributed loss to common shareholders (94,276 ) Basic net loss per common share $ (1.91 ) Diluted net loss per common share $ (1.91 ) Weighted-average shares outstanding - basic 49,452 Add: dilutive effect of contingent PSUs — Weighted-average shares outstanding - diluted 49,452

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2017
New Accounting Pronouncements or Changes in Accounting Principle [Line Items]
Reorganization items	$ 0
Reclassification of restricted cash - net cash used in investing activities	$ 37,845
Predecessor
New Accounting Pronouncements or Changes in Accounting Principle [Line Items]
Reorganization items		$ 89,003
Legal and professional fees and expenses		31,700
Write-off of debt issuance and premium costs			$ 6,100
Reclassification of restricted cash - net cash used in investing activities		4,065
Senior Notes | Predecessor
New Accounting Pronouncements or Changes in Accounting Principle [Line Items]
Payments on Senior Notes		51,200	$ 51,200
Accounting Standards Update 2016-18
New Accounting Pronouncements or Changes in Accounting Principle [Line Items]
Reclassification of restricted cash - net cash used in investing activities		$ 100

BASIS OF PRESENTATION - Restric

BASIS OF PRESENTATION - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 5,761	$ 12,711
Restricted cash included in other noncurrent assets	79	71
Total cash, cash equivalents and restricted cash as shown in the statements of cash flows	$ 5,840	$ 12,782

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	$ 64,193
Gathering, transportation and processing	2,338
Total operating expenses	41,236
Net income	13,870
Receivables from contracts with customers	37,781	$ 28,549
As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	61,855
Gathering, transportation and processing	0
Total operating expenses	38,898
Net income	13,870
Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	2,338
Gathering, transportation and processing	2,338
Total operating expenses	0
Net income	0
Oil sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	51,963
Oil sales | As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	51,963
Oil sales | Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	0
Natural gas sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	6,221
Natural gas sales | As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	5,119
Natural gas sales | Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	1,102
NGLs sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	6,009
NGLs sales | As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	4,773
NGLs sales | Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	$ 1,236

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Oil and gas properties held for sale, accumulated depreciation, depletion and amortization	$ 2,583	$ 0
Oil and gas properties held for sale, net of accumulated depreciation, depletion and amortization of $2,583 in 2018 (note 4)	82,504	0
Asset retirement obligations for oil and gas properties	32,618	38,262
Asset retirement obligations for oil and gas properties held for sale	5,679	0
North Park Basin Region
Property, Plant and Equipment [Line Items]
Oil and gas properties held for sale, net of accumulated depreciation, depletion and amortization of $2,583 in 2018 (note 4)		5,400
Held-for-sale
Property, Plant and Equipment [Line Items]
Asset retirement obligations for oil and gas properties	$ 5,700
Held-for-sale | North Park Basin Region
Property, Plant and Equipment [Line Items]
Asset retirement obligations for oil and gas properties		$ 5,400

ACCOUNTS PAYABLE AND ACCRUED 36

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts payable and accrued expenses contain the following:
Drilling and completion costs	$ 36,083	$ 21,833
Accounts payable trade	5,240	6,256
Accrued general and administrative cost	2,922	10,025
Lease operating expense	3,927	5,005
Accrued interest	345	250
Accrued oil and gas hedging	1,561	808
Production and ad valorem taxes and other	19,070	17,952
Total accounts payable and accrued expenses	$ 69,148	$ 62,129

LONG-TERM DEBT - SCHEDULE OF DE

LONG-TERM DEBT - SCHEDULE OF DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total long-term debt	$ 15,000	$ 0
Revolver
Debt Instrument [Line Items]
Credit facility	$ 15,000	$ 0

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread	3.00%
Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread	2.00%
Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread	4.00%
Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread	3.00%
Revolver
Debt Instrument [Line Items]
Borrowing base	$ 191.7
Maximum senior secured debt to EBITDAX covenant	3.50
Minimum current ratio covenant	1
Minimum trailing twelve month interest to trailing twelve month EBITDAX coverage covenant	2.50

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018bbl	Dec. 31, 2017USD ($)bbl
Long-term Purchase Commitment [Line Items]
Anticipated costs in 2018	$ 12,923
Minimum compliance term	7 years
Optional extended term	3 years
Minimum differential fee	$ 155,994
Crude Oil
Long-term Purchase Commitment [Line Items]
Average minimum purchase commitment, volume required (in bbl) | bbl									0
Minimum differential fee	151,000
Scenario, Forecast | Crude Oil
Long-term Purchase Commitment [Line Items]
Average minimum purchase commitment, volume required (in bbl) | bbl								10,100
Purchase commitment, volume required annual increase		3.00%	3.00%	3.00%	3.00%	3.00%	41.00%
Maximum volume requirement | bbl								16,000
CDPHE
Long-term Purchase Commitment [Line Items]
Administrative penalty paid									$ 200
COC costs incurred									$ 700
Anticipated costs in 2018	3,500
Anticipated costs in 2019 through 2022	$ 3,100
Minimum compliance term	4 years

COMMITMENTS AND CONTINGENCIES40

COMMITMENTS AND CONTINGENCIES - NGL PURCHASE AGREEMENT (Details) $ in Thousands	Mar. 31, 2018USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,018	$ 12,923
2,019	23,400
2,020	29,284
2,021	30,214
2,022	29,725
2023 and thereafter	30,448
Total	155,994
Office Lease Commitments
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,018	751
2,019	1,224
2,020	1,335
2,021	1,423
2,022	240
2023 and thereafter	0
Total	4,973
NGLs sales
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,018	12,172
2,019	22,176
2,020	27,949
2,021	28,791
2,022	29,485
2023 and thereafter	30,448
Total	$ 151,021

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 1,008
LTIP | Restricted shares
STOCK-BASED COMPENSATION
Restricted stock granted (in shares) | shares	0
Stock-based compensation expense	$ 700
Unrecognized compensation cost, RSUs	$ 6,300
Vesting Period	3 years
Vesting portion of shares	33.30%
LTIP | Employee Stock Option
STOCK-BASED COMPENSATION
Award expiration period	10 years
Stock-based compensation expense	$ 300
Exercise price (in dollars per share) | $ / shares	$ 34.36
Vesting Period	3 years
Granted (shares) | shares	0
Unrecognized compensation cost, options	$ 2,400

STOCK-BASED COMPENSATION - ACTI

STOCK-BASED COMPENSATION - ACTIVITY OF NON-VESTED RESTRICTED STOCK (Details) - LTIP - Restricted shares	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	261,165
Granted (in shares) | shares	0
Vested (in shares) | shares	(107)
Forfeited (in shares) | shares	(2,138)
Non-vested at end of year (in shares) | shares	258,920
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 34.93
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	34.36
Forfeited (in dollars per share) | $ / shares	34.36
Non-vested at end of year (in dollars per share) | $ / shares	$ 34.93

STOCK-BASED COMPENSATION - AC43

STOCK-BASED COMPENSATION - ACTIVITY OF STOCK OPTIONS (Details) - LTIP - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Stock Options
Outstanding at beginning of period (shares)	197,271
Granted (shares)	0
Exercised (shares)	0
Forfeited (shares)	(2,138)
Outstanding at end of period (shares)	195,133	197,271
Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 34.36
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	34.36
Outstanding at end of period (in dollars per share)	$ 34.36	$ 34.36
Weighted-Average Remaining Contractual Term (in years)
Forfeited (in years)	9 years 3 months 26 days
Weighted Average Remaining Contractual Term (in years)	8 years 7 months 17 days	9 years 3 months 26 days
Outstanding, Aggregate Intrinsic Value	$ 0	$ 0
Exercise Price (in dollars per share)	$ 34.36
Number of Options Outstanding and Exercisable (in shares)	107
Weighted-Average Remaining Contractual Life (in days)	69 days

FAIR VALUE MEASUREMENTS - HIERA

FAIR VALUE MEASUREMENTS - HIERARCHY (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial assets and liabilities accounted for at fair value
Unproved properties	$ 181,193	$ 183,843
Estimate of Fair Value Measurement | Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Derivative liabilities	0	0
Unproved properties	0
Asset retirement obligations		0
Estimate of Fair Value Measurement | Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets	182	494
Derivative liabilities	18,513	14,395
Unproved properties	0
Asset retirement obligations		0
Estimate of Fair Value Measurement | Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Derivative liabilities	0	0
Unproved properties	$ 181,193
Asset retirement obligations		$ 8,481

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Derivatives measured at fair value
Unproved properties	$ 181,193,000	$ 183,843,000
Abandonment and impairment of unproved properties	2,502,000
Asset retirement obligations for oil and gas properties	32,618,000	38,262,000
Revolver
Derivatives measured at fair value
Credit facility	15,000,000	0
Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Unproved properties	181,193,000
Asset retirement obligations for oil and gas properties	0	$ 8,500,000
Wattenberg Field
Derivatives measured at fair value
Unproved properties	183,700,000
Wattenberg Field | Estimate of Fair Value Measurement
Derivatives measured at fair value
Abandonment and impairment of unproved properties	$ 2,500,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 38,262
Liabilities settled	(665)
Additions	44
Accretion expense	454
Sold properties	(5,477)
Balance at end of period	$ 32,618
Minimum
Asset Retirement Obligations [Line Items]
Credit-adjusted risk-free rate	5.00%
Maximum
Asset Retirement Obligations [Line Items]
Credit-adjusted risk-free rate	7.00%
Held-for-sale
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at end of period	$ 5,700

DERIVATIVES - NARRATIVE (Detail

DERIVATIVES - NARRATIVE (Details)	Mar. 31, 2018derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative instruments qualified as hedging	0

DERIVATIVES - COMMODITY DERIVAT

DERIVATIVES - COMMODITY DERIVATIVE CONTRACTS (Details) - Scenario, Forecast	3 Months Ended
	Dec. 31, 2019$ / bblbbl	Sep. 30, 2019$ / bblbbl	Jun. 30, 2019MMBTU$ / MMBTU$ / bblbbl	Mar. 31, 2019MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2018MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2018MMBTU$ / MMBTU$ / bblbbl	Jun. 30, 2018MMBTU$ / MMBTU$ / bblbbl
Crude Oil | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl			1,330	2,000	2,000	2,000	2,000
Crude Oil | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)			44.01	43	43	43	42
Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)			54.79	54.53	53.50	53.50	52.50
Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl	2,000	2,000	2,500	2,000	4,000	4,000	3,500
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	52.50	52.50	56.98	56.32	56.90	56.65	54.26
Natural gas sales | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			2,505	7,600	5,600	5,600	5,600
Natural gas sales | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU			2.75	2.75	2.75	2.75	2.75
Natural gas sales | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU			3.22	3.22	3.43	3.43	3.43
Subsequent Event | Crude Oil | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl			1,330	2,000	2,000	2,000	2,000
Subsequent Event | Crude Oil | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)			44.01	43	43	43	42
Subsequent Event | Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)			54.79	54.53	53.50	53.50	52.50
Subsequent Event | Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl	3,000	3,000	4,500	4,000	5,000	5,000	3,835
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	55	55	58.32	58.16	58.07	57.87	55.03
Subsequent Event | Natural gas sales | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			2,505	7,600	6,600	7,600	6,259
Subsequent Event | Natural gas sales | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU			2.75	2.75	2.75	2.75	2.75
Subsequent Event | Natural gas sales | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU			3.22	3.22	3.37	3.31	3.38

DERIVATIVES - DERIVATIVE ASSETS

DERIVATIVES - DERIVATIVE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative Assets:
Current assets	$ 126	$ 488
Noncurrent assets	56	6
Derivative Liabilities:
Current liabilities	(15,427)	(11,423)
Long-term liabilities	(3,086)	(2,972)
Total derivative liabilities, net	$ (18,331)	$ (13,901)

DERIVATIVES - DERIVATIVE LOSS (

DERIVATIVES - DERIVATIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Components of the derivative loss
Total derivative loss	$ (8,742)
Commodity derivative
Components of the derivative loss
Derivative cash settlement gain (loss)	(4,312)
Change in fair value loss	(4,430)
Total derivative loss	(8,742)
Commodity derivative | Oil contracts
Components of the derivative loss
Derivative cash settlement gain (loss)	(4,506)
Commodity derivative | Gas contracts
Components of the derivative loss
Derivative cash settlement gain (loss)	$ 194
Predecessor
Components of the derivative loss
Total derivative loss		$ 0
Predecessor | Commodity derivative
Components of the derivative loss
Derivative cash settlement gain (loss)		0
Change in fair value loss		0
Total derivative loss		0
Predecessor | Commodity derivative | Oil contracts
Components of the derivative loss
Derivative cash settlement gain (loss)		0
Predecessor | Commodity derivative | Gas contracts
Components of the derivative loss
Derivative cash settlement gain (loss)		$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2017
EARNINGS PER SHARE
Antidilutive securities excluded from EPS calculation (in shares)	259,924	278,414
Net income (loss):
Net income (loss) | $	$ 13,870
Basic net income (loss) per common share (in dollars per share) | $ / shares	$ 0.68
Diluted net income (loss) per common share (in dollars per share) | $ / shares	$ 0.68
Weighted-average shares outstanding - basic (in shares)	20,454,000
Add: dilutive effect of contingent stock awards (in shares)	16,000
Weighted-average shares outstanding - diluted (in shares)	20,470,000
Predecessor
Net income (loss):
Net income (loss) | $		$ (94,276)
Less: undistributed loss to unvested restricted stock | $		0
Undistributed loss to common shareholders | $		$ (94,276)
Basic net income (loss) per common share (in dollars per share) | $ / shares		$ (1.91)
Diluted net income (loss) per common share (in dollars per share) | $ / shares		$ (1.91)
Weighted-average shares outstanding - basic (in shares)		49,452,000
Add: dilutive effect of contingent stock awards (in shares)		0
Weighted-average shares outstanding - diluted (in shares)		49,452,000
Performance Shares | Minimum
EARNINGS PER SHARE
Target payout for PSUs in shares of common stock			0
Performance Shares | Maximum
EARNINGS PER SHARE
Target payout for PSUs in shares of common stock			2

INCOME TAXES (Details)

INCOME TAXES (Details)	Mar. 31, 2018USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0