Civitas Resources (CIVI) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 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	Jun. 30, 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	Q2
Entity Common Stock, Shares Outstanding		20,541,070

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 21,989	$ 12,711
Accounts receivable:
Oil and gas sales	38,830	28,549
Joint interest and other	13,926	3,831
Prepaid expenses and other	5,620	6,555
Inventory of oilfield equipment	1,434	1,019
Derivative assets	39	488
Total current assets	81,838	53,153
Property and equipment (successful efforts method):
Proved properties	552,858	555,341
Less: accumulated depreciation, depletion and amortization	(29,703)	(17,032)
Total proved properties, net	523,155	538,309
Unproved properties	179,735	183,843
Wells in progress	52,747	47,224
Oil and gas properties held for sale, net of accumulated depreciation, depletion and amortization of $2,583 in 2018 (note 4)	82,328	0
Other property and equipment, net of accumulated depreciation of $2,722 in 2018 and $2,224 in 2017	4,488	4,706
Total property and equipment, net	842,453	774,082
Long-term derivative assets	0	6
Other noncurrent assets	3,151	3,130
Total assets	927,442	830,371
Current liabilities:
Accounts payable and accrued expenses (note 5)	50,242	62,129
Oil and gas revenue distribution payable	20,355	15,667
Derivative liability	28,416	11,423
Total current liabilities	99,013	89,219
Long-term liabilities:
Credit facility	60,000	0
Ad valorem taxes	19,803	11,584
Long-term derivative liability	4,657	2,972
Asset retirement obligations for oil and gas properties	28,154	38,262
Asset retirement obligations for oil and gas properties held for sale (note 4)	5,386	0
Total liabilities	217,013	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, 20,534,799 and 20,453,549 issued and outstanding in 2018 and 2017, respectively	4,286	4,286
Additional paid-in capital	692,434	689,068
Retained earnings (deficit)	13,709	(5,020)
Total stockholders’ equity	710,429	688,334
Total liabilities and stockholders’ equity	$ 927,442	$ 830,371

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 2,722	$ 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)	20,534,799	20,453,549
Common stock, shares outstanding (in shares)	20,534,799	20,453,549

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	Apr. 28, 2017	Jun. 30, 2017	Jun. 30, 2018	Apr. 28, 2017	Jun. 30, 2018
Operating net revenues:
Oil and gas sales		$ 28,114	$ 71,872		$ 136,064
Operating expenses:
Lease operating expense		6,153	11,316		21,775
Gas plant and midstream operating expense		1,762	3,247		6,860
Gathering, transportation and processing		0	1,660		3,998
Severance and ad valorem taxes		2,408	6,071		11,303
Exploration		359	221		250
Depreciation, depletion and amortization		4,836	9,564		17,072
Abandonment and impairment of unproved properties		0	2,477		4,979
Unused commitments		0			21
General and administrative (including stock-based compensation)		16,139	9,917		19,451
Total operating expenses		31,657	44,473		85,709
Income (loss) from operations		(3,543)	27,399		50,355
Other income (expense):
Derivative loss		0	(22,012)		(30,754)
Interest expense		(195)	(805)		(1,162)
Reorganization items, net (note 2)		0	0		0
Other income (expense)		158	277		290
Total other income (expense)		(37)	(22,540)		(31,626)
Income (loss) from operations before taxes		(3,580)	4,859		18,729
Income tax benefit (expense)		0	0		0
Net income (loss)		(3,580)	4,859		18,729
Comprehensive income (loss)		$ (3,580)	$ 4,859		$ 18,729
Basic net income (loss) per common share (in dollars per share)		$ (0.18)	$ 0.24		$ 0.91
Diluted net income (loss) per common share (in dollars per share)		$ (0.18)	$ 0.24		$ 0.91
Basic weighted-average common shares outstanding (in shares)		20,369	20,488		20,471
Diluted weighted-average common shares outstanding (in shares)		20,369	20,603		20,538
Predecessor
Operating net revenues:
Oil and gas sales	$ 16,030			$ 68,589
Operating expenses:
Lease operating expense	3,203			13,128
Gas plant and midstream operating expense	836			3,541
Gathering, transportation and processing	0			0
Severance and ad valorem taxes	1,352			5,671
Exploration	292			3,699
Depreciation, depletion and amortization	6,853			28,065
Abandonment and impairment of unproved properties	0			0
Unused commitments				993
General and administrative (including stock-based compensation)	2,998			15,092
Total operating expenses	15,534			70,189
Income (loss) from operations	496			(1,600)
Other income (expense):
Derivative loss	0			0
Interest expense	(1,088)			(5,656)
Reorganization items, net (note 2)	97,811			8,808
Other income (expense)	(283)			1,108
Total other income (expense)	96,440			4,260
Income (loss) from operations before taxes	96,936			2,660
Income tax benefit (expense)	0			0
Net income (loss)	96,936			2,660
Comprehensive income (loss)	$ 96,936			$ 2,660
Basic net income (loss) per common share (in dollars per share)	$ 1.88			$ 0.05
Diluted net income (loss) per common share (in dollars per share)	$ 1.85			$ 0.05
Basic weighted-average common shares outstanding (in shares)	49,902			49,559
Diluted weighted-average common shares outstanding (in shares)	50,486			50,971

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	4 Months Ended
	Apr. 28, 2017	Apr. 28, 2017
Predecessor
General and administrative, stock compensation	$ 391	$ 2,116

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 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)		78,109
Restricted stock used for tax withholdings	(794)		(794)
Restricted stock used for tax withholdings (in shares)		(24,050)
Exercise of stock options	968		968
Exercise of stock options (in shares)		27,191
Stock-based compensation	3,192		3,192
Net income	18,729			18,729
Balance at end of period at Jun. 30, 2018	$ 710,429	$ 4,286	$ 692,434	$ 13,709
Shares outstanding, end of period (in shares) at Jun. 30, 2018		20,534,799

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2017	Apr. 28, 2017	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ (3,580)		$ 18,729
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	4,836		17,072
Non-cash reorganization items	0		0
Abandonment and impairment of unproved properties	0		4,979
Well abandonment costs and dry hole expense	64		0
Stock-based compensation	7,949		3,192
Amortization of deferred financing costs and debt premium	0		0
Derivative loss	0		30,754
Derivative cash settlements	0		(11,622)
Other	5		172
Changes in current assets and liabilities:
Accounts receivable	6,420		(20,376)
Prepaid expenses and other assets	270		935
Accounts payable and accrued liabilities	(19,338)		(889)
Settlement of asset retirement obligations	(459)		(797)
Net cash provided by (used in) operating activities	(3,833)		42,149
Cash flows from investing activities:
Acquisition of oil and gas properties	(4,982)		(1,295)
Exploration and development of oil and gas properties	(4,913)		(91,482)
Proceeds from sale of oil and gas properties	0		20
Additions to property and equipment - non oil and gas	(161)		(280)
Net cash used in investing activities	(10,056)		(93,037)
Cash flows from financing activities:
Proceeds from credit facility	0		60,000
Payments to credit facility	0		0
Proceeds from sale of common stock	0		0
Proceeds from exercise of stock options	0		968
Payment of employee tax withholdings in exchange for the return of common stock	(2,080)		(794)
Net cash provided by (used in) financing activities	(2,080)		60,174
Net change in cash, cash equivalents and restricted cash	(15,969)		9,286
Cash, cash equivalents and restricted cash:
Beginning of period	68,406		12,782
End of period	52,437	$ 68,406	22,068
Supplemental cash flow disclosure:
Cash paid for interest	193		906
Cash paid for reorganization items	918		0
Changes in working capital related to drilling expenditures	8,742		$ 1,909
Predecessor
Cash flows from operating activities:
Net income (loss)		2,660
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization		28,065
Non-cash reorganization items		(44,160)
Abandonment and impairment of unproved properties		0
Well abandonment costs and dry hole expense		2,931
Stock-based compensation		2,116
Amortization of deferred financing costs and debt premium		374
Derivative loss		0
Derivative cash settlements		0
Other		18
Changes in current assets and liabilities:
Accounts receivable		(6,640)
Prepaid expenses and other assets		963
Accounts payable and accrued liabilities		(5,880)
Settlement of asset retirement obligations		(331)
Net cash provided by (used in) operating activities		(19,884)
Cash flows from investing activities:
Acquisition of oil and gas properties		(445)
Exploration and development of oil and gas properties		(5,123)
Proceeds from sale of oil and gas properties		0
Additions to property and equipment - non oil and gas		(454)
Net cash used in investing activities		(6,022)
Cash flows from financing activities:
Proceeds from credit facility		0
Payments to credit facility		(191,667)
Proceeds from sale of common stock		207,500
Proceeds from exercise of stock options		0
Payment of employee tax withholdings in exchange for the return of common stock		(427)
Net cash provided by (used in) financing activities		15,406
Net change in cash, cash equivalents and restricted cash		(10,500)
Cash, cash equivalents and restricted cash:
Beginning of period	$ 68,406	78,906
End of period		68,406
Supplemental cash flow disclosure:
Cash paid for interest		3,509
Cash paid for reorganization items		52,968
Changes in working capital related to drilling expenditures		$ 3,360

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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”). Although the Company is no longer a debtor-in-possession, the Company was a debtor-in-possession during a portion of the quarter ended June 30, 2017. 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. 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. References to “Current Successor Quarter” and “Current Successor Period” relate to the three and six months ended June 30, 2018, respectively. References to “Prior Successor Quarter” and “Prior Successor Period” relate to the period of April 29, 2017 through June 30, 2017. References to “Prior Predecessor Quarter” relates to the period of April 1, 2017 through April 28, 2017 and “Prior Predecessor Period” relates to the period of January 1, 2017 through April 28, 2017. Fresh-Start Accounting The Company adopted fresh-start accounting, pursuant to FASB Accounting Standards Codification (“ASC”) 852, Reorganizations , and applied the provisions thereof to its financial statements with no beginning retained earnings or deficit as of the fresh-start reporting date. The cancellation of all existing shares outstanding on the Effective Date and issuance of new shares of the Successor Company caused a related change of control of the Company under ASC 852. Under fresh-start accounting, reorganization value represents the fair value of the Successor Company’s total assets and is intended to approximate the amount a willing buyer would pay for the assets immediately after restructuring. Under application of fresh-start accounting, the Company allocated the reorganization value to its individual assets based on their estimated fair values at the date it applied fresh start accounting. Reorganization Items, Net Subsequent to January 4, 2017, and through the date of emergence, all expenses, gains, and losses directly associated with the reorganization were reported as reorganization items, net in the accompanying condensed consolidated statements of operations and comprehensive income (loss) (“accompanying statements of operations”). The following table summarizes reorganization items (in thousands): Fresh-start related: Gain on settlement of liabilities subject to compromise $ 412,852 Payment on revolving credit facility fees and remaining unaccrued 2016 STIP (1,007 ) Fresh-start valuation adjustments (311,361 ) Total fresh-start reorganization items, net $ 100,484 Prior predecessor quarter professional fees and other (2,673 ) Prior predecessor quarter reorganization items, net 97,811 Prior predecessor period reorganization: Legal and professional fees and expenses (31,662 ) Write-off of debt issuance and premium costs (6,156 ) Make-whole payment on Senior Notes (51,185 ) Total prior predecessor period reorganization items, net $ (89,003 ) Total reorganization items, net $ 8,808 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, 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 Recently Adopted 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 Prior Predecessor Period. 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): Successor As of June 30, 2018 As of December 31, 2017 Cash and cash equivalents $ 21,989 $ 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 $ 22,068 $ 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 and 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 (ASU 2016-02) 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. In January 2018, the FASB issued Update No. 2018-01 Leases (Topic 842) - Land Easement Practical Expedient for Transition to Topic 842, which permits an entity to elect an optional transition practical expedient to not evaluate land easements existing or expiring before the entity’s adoption of ASU 2016-02 and not previously accounted for as leases. Furthermore, in July 2018, the FASB issued Update No. 2018-11 (ASU 2018-11): Leases (Topic 842): Targeted Improvements , which provides for another transition method, in addition to the existing transition method, by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption (i.e. comparative periods presented in the financial statements will continue to be in accordance with current GAAP (Topic 840, Leases)). The standard will be effective for annual and interim periods beginning after December 15, 2018, with earlier application permitted. The Company plans on adopting this guidance on January 1, 2019, using the modified retrospective approach. In the normal course of business, we enter into operating lease agreements to support our exploration and development operations and lease assets such as drilling rigs, field services, well equipment, pipeline capacity, office space and other assets. Although we continue to assess the impact of the standard on our consolidated financial statements, we believe adoption and implementation will result in an increase in assets and liabilities as well as additional disclosures. We do not expect a material impact on our consolidated statement of operations. We have developed and are executing a project plan, which includes contract review and assessment, as well as evaluation of our systems, processes and internal controls. In addition, we plan to implement new lease accounting software. 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 June 30, 2018, and through the filing date of this report.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 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 Successor Periods results is as follows (in thousands): Three Months Ended June 30, 2018 As Unadjusted (1) ASC 606 Adjustments As Reported Operating Revenues: Oil sales $ 60,751 $ — $ 60,751 Natural gas sales 4,244 694 4,938 NGLs sales 5,217 966 6,183 Oil and gas sales $ 70,212 $ 1,660 $ 71,872 Operating expenses: Gathering, transportation and processing $ — $ 1,660 $ 1,660 Net income $ 4,859 $ — $ 4,859 Six Months Ended June 30, 2018 As Unadjusted (1) ASC 606 Adjustments As Reported Operating Revenues: Oil sales $ 112,714 $ — $ 112,714 Natural gas sales 9,362 1,797 11,159 NGLs sales 9,990 2,201 12,191 Oil and gas sales $ 132,066 $ 3,998 $ 136,064 Operating expenses: Gathering, transportation and processing $ — $ 3,998 $ 3,998 Net income $ 18,729 $ — $ 18,729 ____________________ (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 points, 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. 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 June 30, 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 preceding 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 June 30, 2018 and December 31, 2017, our receivables from contracts with customers were $38.8 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2018, the Company had $82.3 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 $5.4 million in the asset retirement obligations for oil and gas properties held for sale in the accompanying balance sheets. There were no other material assets or liabilities associated with the assets held for sale. On August 6, 2018, the Company entered into an agreement to simultaneously close and divest of its assets within its Mid-Continent region for $ 117.0 million , subject to customary purchase price adjustments.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 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): Successor As of June 30, 2018 As of December 31, 2017 Drilling and completion costs $ 23,742 $ 21,833 Accounts payable trade 10,326 6,256 Accrued general and administrative cost 3,111 10,025 Lease operating expense 4,039 5,005 Accrued interest 506 250 Accrued oil and gas hedging 2,325 808 Production and ad valorem taxes and other 6,193 17,952 Total accounts payable and accrued expenses $ 50,242 $ 62,129

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following (in thousands): Successor As of June 30, 2018 As of December 31, 2017 Credit facility $ 60,000 $ — Total long-term debt $ 60,000 $ — 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. Effective May 31, 2018, the credit facility's $191.7 million borrowing base was reaffirmed, at the request of the Company, and certain provisions related to the disposition of assets of the Company to provide the Company with greater flexibility to participate in asset swaps was adjusted. 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 June 30, 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	6 Months Ended
	Jun. 30, 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 $145.5 million as of June 30, 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 June 30, 2018 are presented below (in thousands): NGL Commitments (1) Office Lease Commitments Total 2018 $ 6,664 $ — $ 6,664 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 $ 145,513 $ 4,222 $ 149,735 _______________________________ (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	6 Months Ended
	Jun. 30, 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”), as established by the pre-emergence Board, which allows for the issuance of restricted stock units (“RSUs”), performance stock units (“PSUs”) and options. See below for further discussion of awards granted under the 2017 LTIP. Restricted Stock Units The 2017 LTIP, established by the pre-emergence Board, 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. The Company granted 343,574 RSUs with a fair value of $9.5 million during the Current Successor Period. Total expense recorded for RSUs, inclusive of grants to the members of the Board of Directors, for the Current Successor Period was $2.4 million . As of June 30, 2018 , unrecognized compensation cost was $13.0 million and will be amortized through 2023 . A summary of the status and activity of non-vested restricted stock units for the Current Successor Period is presented below: Restricted Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 261,165 $ 34.93 Granted 343,574 $ 27.56 Vested (78,109 ) $ 34.36 Forfeited (38,073 ) $ 30.88 Non-vested at end of quarter 488,557 $ 30.15 Performance Stock Units The 2017 LTIP, established by the pre-emergence Board, allows for the issuance of PSUs to employees at the sole discretion of the Board of Directors. The number of shares of the Company’s common stock that may be issued to settle PSUs range from zero to two times the number of PSUs awarded. The PSUs vest in their entirety at the end of the three -year performance period. The total number of PSUs granted is evenly split between two performance criterion. The first criterion is based on a comparison of the Company’s absolute and relative total shareholder return (“TSR”) for the performance period compared with the TSRs of a group of peer companies for the same performance period. The second criterion is based on the Company's average annual return on capital employed (“ROCE”) for each year during the three-year performance period. The TSR for the Company and each of the peer companies is determined by dividing (A)(i) the volume-weighted average share price for the last 30 trading days of the performance period, minus (ii) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period, by (B) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period. Compensation expense associated with PSUs is recognized as general and administrative expense over the performance period. The fair value of the PSUs was measured at the grant date with a stochastic process method using a Brownian Motion simulation. A stochastic process is a mathematically defined equation that can create a series of outcomes over time. These outcomes are not deterministic in nature, which means that by iterating the equations multiple times, different results will be obtained for those iterations. In the case of the Company’s PSUs, the Company could not predict with certainty the path its stock price or the stock prices of its peers would take over the performance period. By using a stochastic simulation, the Company created multiple prospective stock pathways, statistically analyzed these simulations, and ultimately made inferences regarding the most likely path the stock price would take. As such, because future stock prices are stochastic, or probabilistic with some direction in nature, the stochastic method, specifically the Brownian Motion Model, was deemed an appropriate method by which to determine the fair value of the portion of the PSUs tied to the TSR. Significant assumptions used in this simulation include the Company’s expected volatility, risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, as well as the volatilities for each of the Company’s peers. During the Current Successor Quarter, the Company granted 59,641 PSUs to certain officers with a fair value of $1.8 million . The Company recognized compensation expense of $0.1 million for the Current Successor Quarter. As of June 30, 2018 , unrecognized compensation cost was $1.7 million and will be amortized through 2020. The following table presents the assumptions used to determine the fair value of the portion of the PSUs tied to TSR that were granted during the Current Successor Quarter: For the Three Months Ended June 30, 2018 Expected term of award (in years) 3 Risk-free interest rate 2.76 % Expected daily volatility 2.6 % A summary of the status and activity of performance stock units for the Current Successor Period is presented below: Performance Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year — $ — Granted (1) 59,641 $ 29.92 Vested — $ — Non-vested at end of quarter (1) 59,641 $ 29.92 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition. Stock Options The 2017 LTIP, established by the pre-emergence Board, allows for 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 Current Successor Quarter. Total expense recorded for stock options for the Current Successor Quarter was $0.7 million . As of June 30, 2018 , unrecognized compensation cost was $1.6 million and will be amortized through 2020 . A summary of the status and activity of non-vested stock options for the Current Successor Period 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 (27,191 ) 34.36 — $ — Forfeited (19,083 ) 34.36 — $ — Outstanding at end of quarter 150,997 $ 34.36 8.5 $ — A summary of additional information related to options outstanding and exercisable as of June 30, 2018 is presented below: Exercise Price Number of Options Outstanding and Exercisable Weighted-Average Remaining Contractual Life (in years) $34.36 50,811 8.3

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 and their classification within the fair value hierarchy (in thousands): As of June 30, 2018 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 39 $ — Derivative liabilities (1) $ — $ 33,073 $ — Unproved properties (2) $ — $ — $ 179,735 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, standard amortization and estimated reserve values. The Company impaired non-core acreage in the Wattenberg Field due to leases expiring, which had a carrying value of $184.7 million , to their fair value of $179.7 million , and recognized an impairment of unproved properties for the Current Successor Period of $5.0 million . Asset Retirement Obligation The Company utilizes the income valuation technique to determine the fair value of the asset retirement obligation liability at the point of inception by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state, to the undiscounted expected abandonment cash flows. Upon completion of wells and natural gas plants, the Company records an asset retirement obligation at fair value using Level 3 assumptions. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. There were no asset retirement obligations measured at fair value as of June 30, 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 June 30, 2018 was $60.0 million .

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 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 (383 ) Additions 226 Accretion expense 912 Sold properties (5,477 ) Ending balance as of June 30, 2018 (1) $ 33,540 ____________________________ (1) Includes $5.4 million of asset retirement obligations associated with assets held for sale.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 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, collar arrangements, and basis swaps for oil and natural gas, and none of the derivative instruments qualifies 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. A cashless collar arrangement establishes a floor and ceiling price on future oil and gas production. When the settlement price is above the ceiling price, the Company pays the difference between the settlement price and the ceiling price. When the settlement price is below the floor price, the Company receives the difference between the settlement price and floor price. A basis swap arrangement guarantees a price differential from a specified delivery point. The Company receives the difference between the price differential and the stated terms, if the price differential is greater than the stated terms. The Company pays the difference between the price differential and the stated terms, if the stated terms are greater than the price differential. As of June 30, 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 Q318 Cashless Collar 2,000 $43.00/$53.50 13,600 $2.75/$3.32 Swap 5,000 $57.87 — — Q418 Cashless Collar 2,000 $43.00/$53.50 12,600 $2.75/$3.35 Swap 5,000 $58.07 — — Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 Swap 5,000 $59.33 — — Q219 Cashless Collar 3,330 $51.81/$64.23 2,505 $2.75/$3.22 Swap 4,500 $58.32 — — Q319 Swap 3,000 $55.00 — — Q419 Swap 3,000 $55.00 — — Subsequent to quarter-end, the Company entered into a natural gas basis swap between NYMEX Henry Hub price and the Colorado Interstate Gas (CIG) Rockies Natural Gas price, the index on which the majority of our natural gas is sold. As of the filing date of this report, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to NYMEX Henry Hub Price per MMBtu Q318 Cashless Collar 2,000 $43.00/$53.50 13,600 $2.75/$3.32 — — Swap 5,000 $57.87 — — — — Basis Swap — — — — 8,354 $0.670 Q418 Cashless Collar 2,000 $43.00/$53.50 12,600 $2.75/$3.35 — — Swap 5,000 $58.07 — — — — Basis Swap — — — — 12,600 $0.670 Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 — — Swap 5,000 $59.33 — — — — Basis Swap — — — — 7,600 $0.665 Q219 Cashless Collar 3,330 $51.81/64.23 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 June 30, 2018 and December 31, 2017 (in thousands): Successor As of June 30, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 39 $ 488 Commodity contracts Noncurrent assets — 6 Derivative Liabilities: Commodity contracts Current liabilities (28,416 ) (11,423 ) Commodity contracts Long-term liabilities (4,657 ) (2,972 ) Total derivative liabilities, net $ (33,034 ) $ (13,901 ) The Company had not entered into any derivative contracts as of June 30, 2017. The following table summarizes the components of the derivative loss presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Derivative cash settlement gain (loss): Oil contracts $ (7,319 ) $ (11,825 ) Gas contracts 9 203 Total derivative cash settlement loss (1) $ (7,310 ) $ (11,622 ) Change in fair value loss $ (14,702 ) $ (19,132 ) Total derivative loss (1) $ (22,012 ) $ (30,754 ) _______________________________ (1) Total derivative loss and total derivative cash settlement loss for the Current Successor Quarter and Current Successor Period 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	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company issues RSUs, which represent the right to receive, upon vesting, one share of the Company's common stock. The number of potentially dilutive shares related to RSUs 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 vesting period. The Company issued PSUs, which represent the right to receive, upon settlement of the PSUs, a number of shares of the Company's common stock that range from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the performance period applicable to such PSUs. 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, PSUs, 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 June 30, 2018 Six Months Ended June 30, 2018 April 29, 2017 through June 30, 2017 Net income (loss) $ 4,859 $ 18,729 $ (3,580 ) Basic net income (loss) per common share $ 0.24 $ 0.91 $ (0.18 ) Diluted net income (loss) per common share $ 0.24 $ 0.91 $ (0.18 ) Weighted-average shares outstanding - basic 20,488 20,471 20,369 Add: dilutive effect of contingent stock awards 115 67 — Weighted-average shares outstanding - diluted 20,603 20,538 20,369 There were 181,762 and 196,435 dilutive shares that were anti-dilutive for the Current Successor Quarter and Current Successor Period, respectively. The Company was in a net loss position for the Prior Successor Quarter, which made any potentially dilutive shares anti-dilutive. There were 717,201 anti-dilutive shares in the Prior Successor Quarter. 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 April 1, 2017 through April 28, 2017 January 1, 2017 through April 28, 2017 Net income $ 96,936 $ 2,660 Less: undistributed income to unvested restricted stock 3,346 120 Undistributed income to common shareholders 93,590 2,540 Basic net income per common share $ 1.88 $ 0.05 Diluted net income per common share $ 1.85 $ 0.05 Weighted-average shares outstanding - basic 49,902 49,559 Add: dilutive effect of contingent stock awards 584 1,412 Weighted-average shares outstanding - diluted 50,486 50,971 There were 188,278 and 258,126 anti-dilutive shares in the Prior Predecessor Quarter and Prior Predecessor Period, respectively. The participating shareholders are not contractually obligated to share in the losses of the Company; therefore, the entire net loss is allocated to the outstanding common shareholders.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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”). Although the Company is no longer a debtor-in-possession, the Company was a debtor-in-possession during a portion of the quarter ended June 30, 2017. 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. 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, 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 Recently Adopted 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 Prior Predecessor Period. 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): Successor As of June 30, 2018 As of December 31, 2017 Cash and cash equivalents $ 21,989 $ 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 $ 22,068 $ 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 and 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 (ASU 2016-02) 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. In January 2018, the FASB issued Update No. 2018-01 Leases (Topic 842) - Land Easement Practical Expedient for Transition to Topic 842, which permits an entity to elect an optional transition practical expedient to not evaluate land easements existing or expiring before the entity’s adoption of ASU 2016-02 and not previously accounted for as leases. Furthermore, in July 2018, the FASB issued Update No. 2018-11 (ASU 2018-11): Leases (Topic 842): Targeted Improvements , which provides for another transition method, in addition to the existing transition method, by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption (i.e. comparative periods presented in the financial statements will continue to be in accordance with current GAAP (Topic 840, Leases)). The standard will be effective for annual and interim periods beginning after December 15, 2018, with earlier application permitted. The Company plans on adopting this guidance on January 1, 2019, using the modified retrospective approach. In the normal course of business, we enter into operating lease agreements to support our exploration and development operations and lease assets such as drilling rigs, field services, well equipment, pipeline capacity, office space and other assets. Although we continue to assess the impact of the standard on our consolidated financial statements, we believe adoption and implementation will result in an increase in assets and liabilities as well as additional disclosures. We do not expect a material impact on our consolidated statement of operations. We have developed and are executing a project plan, which includes contract review and assessment, as well as evaluation of our systems, processes and internal controls. In addition, we plan to implement new lease accounting software. 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 June 30, 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)	6 Months Ended
	Jun. 30, 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): Successor As of June 30, 2018 As of December 31, 2017 Cash and cash equivalents $ 21,989 $ 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 $ 22,068 $ 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): Successor As of June 30, 2018 As of December 31, 2017 Cash and cash equivalents $ 21,989 $ 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 $ 22,068 $ 12,782
Schedule of Reorganization Items	The following table summarizes reorganization items (in thousands): Fresh-start related: Gain on settlement of liabilities subject to compromise $ 412,852 Payment on revolving credit facility fees and remaining unaccrued 2016 STIP (1,007 ) Fresh-start valuation adjustments (311,361 ) Total fresh-start reorganization items, net $ 100,484 Prior predecessor quarter professional fees and other (2,673 ) Prior predecessor quarter reorganization items, net 97,811 Prior predecessor period reorganization: Legal and professional fees and expenses (31,662 ) Write-off of debt issuance and premium costs (6,156 ) Make-whole payment on Senior Notes (51,185 ) Total prior predecessor period reorganization items, net $ (89,003 ) Total reorganization items, net $ 8,808

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Schedule of New Revenue Recognition Standard	The impact of adoption on our Current Successor Periods results is as follows (in thousands): Three Months Ended June 30, 2018 As Unadjusted (1) ASC 606 Adjustments As Reported Operating Revenues: Oil sales $ 60,751 $ — $ 60,751 Natural gas sales 4,244 694 4,938 NGLs sales 5,217 966 6,183 Oil and gas sales $ 70,212 $ 1,660 $ 71,872 Operating expenses: Gathering, transportation and processing $ — $ 1,660 $ 1,660 Net income $ 4,859 $ — $ 4,859 Six Months Ended June 30, 2018 As Unadjusted (1) ASC 606 Adjustments As Reported Operating Revenues: Oil sales $ 112,714 $ — $ 112,714 Natural gas sales 9,362 1,797 11,159 NGLs sales 9,990 2,201 12,191 Oil and gas sales $ 132,066 $ 3,998 $ 136,064 Operating expenses: Gathering, transportation and processing $ — $ 3,998 $ 3,998 Net income $ 18,729 $ — $ 18,729 ____________________ (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)	6 Months Ended
	Jun. 30, 2018
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses contain the following (in thousands): Successor As of June 30, 2018 As of December 31, 2017 Drilling and completion costs $ 23,742 $ 21,833 Accounts payable trade 10,326 6,256 Accrued general and administrative cost 3,111 10,025 Lease operating expense 4,039 5,005 Accrued interest 506 250 Accrued oil and gas hedging 2,325 808 Production and ad valorem taxes and other 6,193 17,952 Total accounts payable and accrued expenses $ 50,242 $ 62,129

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following (in thousands): Successor As of June 30, 2018 As of December 31, 2017 Credit facility $ 60,000 $ — Total long-term debt $ 60,000 $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 are presented below (in thousands): NGL Commitments (1) Office Lease Commitments Total 2018 $ 6,664 $ — $ 6,664 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 $ 145,513 $ 4,222 $ 149,735 _______________________________ (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)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of valuation assumptions, stock options	The following table presents the assumptions used to determine the fair value of the portion of the PSUs tied to TSR that were granted during the Current Successor Quarter: For the Three Months Ended June 30, 2018 Expected term of award (in years) 3 Risk-free interest rate 2.76 % Expected daily volatility 2.6 %
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 Current Successor Period is presented below: Restricted Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 261,165 $ 34.93 Granted 343,574 $ 27.56 Vested (78,109 ) $ 34.36 Forfeited (38,073 ) $ 30.88 Non-vested at end of quarter 488,557 $ 30.15
Summary of the status and activity of non-vested performance stock	A summary of the status and activity of performance stock units for the Current Successor Period is presented below: Performance Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year — $ — Granted (1) 59,641 $ 29.92 Vested — $ — Non-vested at end of quarter (1) 59,641 $ 29.92 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition.
Summary of the status and activity of non-vested Units	A summary of the status and activity of non-vested stock options for the Current Successor Period 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 (27,191 ) 34.36 — $ — Forfeited (19,083 ) 34.36 — $ — Outstanding at end of quarter 150,997 $ 34.36 8.5 $ — A summary of additional information related to options outstanding and exercisable as of June 30, 2018 is presented below: Exercise Price Number of Options Outstanding and Exercisable Weighted-Average Remaining Contractual Life (in years) $34.36 50,811 8.3

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 and their classification within the fair value hierarchy (in thousands): As of June 30, 2018 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 39 $ — Derivative liabilities (1) $ — $ 33,073 $ — Unproved properties (2) $ — $ — $ 179,735 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)	6 Months Ended
	Jun. 30, 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 (383 ) Additions 226 Accretion expense 912 Sold properties (5,477 ) Ending balance as of June 30, 2018 (1) $ 33,540 ____________________________ (1) Includes $5.4 million of asset retirement obligations associated with assets held for sale.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of commodity derivative contracts	As of June 30, 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 Q318 Cashless Collar 2,000 $43.00/$53.50 13,600 $2.75/$3.32 Swap 5,000 $57.87 — — Q418 Cashless Collar 2,000 $43.00/$53.50 12,600 $2.75/$3.35 Swap 5,000 $58.07 — — Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 Swap 5,000 $59.33 — — Q219 Cashless Collar 3,330 $51.81/$64.23 2,505 $2.75/$3.22 Swap 4,500 $58.32 — — Q319 Swap 3,000 $55.00 — — Q419 Swap 3,000 $55.00 — — Subsequent to quarter-end, the Company entered into a natural gas basis swap between NYMEX Henry Hub price and the Colorado Interstate Gas (CIG) Rockies Natural Gas price, the index on which the majority of our natural gas is sold. As of the filing date of this report, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to NYMEX Henry Hub Price per MMBtu Q318 Cashless Collar 2,000 $43.00/$53.50 13,600 $2.75/$3.32 — — Swap 5,000 $57.87 — — — — Basis Swap — — — — 8,354 $0.670 Q418 Cashless Collar 2,000 $43.00/$53.50 12,600 $2.75/$3.35 — — Swap 5,000 $58.07 — — — — Basis Swap — — — — 12,600 $0.670 Q119 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 — — Swap 5,000 $59.33 — — — — Basis Swap — — — — 7,600 $0.665 Q219 Cashless Collar 3,330 $51.81/64.23 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 June 30, 2018 and December 31, 2017 (in thousands): Successor As of June 30, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 39 $ 488 Commodity contracts Noncurrent assets — 6 Derivative Liabilities: Commodity contracts Current liabilities (28,416 ) (11,423 ) Commodity contracts Long-term liabilities (4,657 ) (2,972 ) Total derivative liabilities, net $ (33,034 ) $ (13,901 )
Summary of the components of the derivative gain (loss) presented on the accompanying statements of operations	The following table summarizes the components of the derivative loss presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Derivative cash settlement gain (loss): Oil contracts $ (7,319 ) $ (11,825 ) Gas contracts 9 203 Total derivative cash settlement loss (1) $ (7,310 ) $ (11,622 ) Change in fair value loss $ (14,702 ) $ (19,132 ) Total derivative loss (1) $ (22,012 ) $ (30,754 ) _______________________________ (1) Total derivative loss and total derivative cash settlement loss for the Current Successor Quarter and Current Successor Period 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)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Schedule of calculation of earnings per basic and diluted shares	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 April 1, 2017 through April 28, 2017 January 1, 2017 through April 28, 2017 Net income $ 96,936 $ 2,660 Less: undistributed income to unvested restricted stock 3,346 120 Undistributed income to common shareholders 93,590 2,540 Basic net income per common share $ 1.88 $ 0.05 Diluted net income per common share $ 1.85 $ 0.05 Weighted-average shares outstanding - basic 49,902 49,559 Add: dilutive effect of contingent stock awards 584 1,412 Weighted-average shares outstanding - diluted 50,486 50,971 The RSUs, PSUs, 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 June 30, 2018 Six Months Ended June 30, 2018 April 29, 2017 through June 30, 2017 Net income (loss) $ 4,859 $ 18,729 $ (3,580 ) Basic net income (loss) per common share $ 0.24 $ 0.91 $ (0.18 ) Diluted net income (loss) per common share $ 0.24 $ 0.91 $ (0.18 ) Weighted-average shares outstanding - basic 20,488 20,471 20,369 Add: dilutive effect of contingent stock awards 115 67 — Weighted-average shares outstanding - diluted 20,603 20,538 20,369

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2017	Apr. 28, 2017	Jun. 30, 2018
New Accounting Pronouncements or Changes in Accounting Principle [Line Items]
Reclassification of restricted cash - net cash used in investing activities	$ 10,056		$ 93,037
Predecessor
New Accounting Pronouncements or Changes in Accounting Principle [Line Items]
Reclassification of restricted cash - net cash used in investing activities		$ 6,022
Accounting Standards Update 2016-18 | Predecessor
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	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Apr. 28, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 21,989	$ 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	$ 22,068	$ 12,782	$ 52,437	$ 68,406

BASIS OF PRESENTATION - Reorgan

BASIS OF PRESENTATION - Reorganization Items (Details) $ in Thousands	Apr. 28, 2017USD ($)
Accounting Policies [Abstract]
Gain on settlement of liabilities subject to compromise	$ 412,852
Payment on revolving credit facility fees and remaining unaccrued 2016 STIP	(1,007)
Fresh-start valuation adjustments	(311,361)
Total fresh-start reorganization items, net	100,484
Prior predecessor quarter professional fees and other	(2,673)
Prior predecessor quarter reorganization items, net	97,811
Legal and professional fees and expenses	(31,662)
Write-off of debt issuance and premium costs	(6,156)
Make-whole payment on Senior Notes	(51,185)
Total prior predecessor period reorganization items, net	(89,003)
Total reorganization items, net	$ 8,808

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales	$ 28,114	$ 71,872	$ 136,064
Gathering, transportation and processing	0	1,660	3,998
Net income	$ (3,580)	4,859	18,729
Receivables from contracts with customers		38,830	38,830	$ 28,549
As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		70,212	132,066
Gathering, transportation and processing		0	0
Net income		4,859
Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		1,660	3,998
Gathering, transportation and processing		1,660	3,998
Net income		0	0
Oil sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		60,751	112,714
Oil sales | As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		60,751	112,714
Oil sales | Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		0	0
Natural gas sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		4,938	11,159
Natural gas sales | As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		4,244	9,362
Natural gas sales | Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		694	1,797
NGLs sales
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		6,183	12,191
NGLs sales | As Unadjusted
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		5,217	9,990
NGLs sales | Accounting Standards Update 2014-09 | ASC 606 Adjustments
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Oil and gas sales		$ 966	$ 2,201

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Aug. 06, 2018	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Assets, held-for-sale		$ 82,328	$ 0
Asset retirement obligations for oil and gas properties		33,540	38,262
Oil and gas properties held for sale, accumulated depreciation, depletion and amortization		2,583	0
Asset retirement obligations for oil and gas properties held for sale		5,386	0
North Park Basin Region
Property, Plant and Equipment [Line Items]
Assets, held-for-sale			5,400
Held-for-sale
Property, Plant and Equipment [Line Items]
Asset retirement obligations for oil and gas properties		$ 5,400
Held-for-sale | North Park Basin Region
Property, Plant and Equipment [Line Items]
Asset retirement obligations for oil and gas properties			$ 5,400
Subsequent Event
Property, Plant and Equipment [Line Items]
Proceeds from divestiture of businesses	$ 117,000

ACCOUNTS PAYABLE AND ACCRUED 37

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts payable and accrued expenses contain the following:
Drilling and completion costs	$ 23,742	$ 21,833
Accounts payable trade	10,326	6,256
Accrued general and administrative cost	3,111	10,025
Lease operating expense	4,039	5,005
Accrued interest	506	250
Accrued oil and gas hedging	2,325	808
Production and ad valorem taxes and other	6,193	17,952
Total accounts payable and accrued expenses	$ 50,242	$ 62,129

LONG-TERM DEBT - SCHEDULE OF DE

LONG-TERM DEBT - SCHEDULE OF DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total long-term debt	$ 60,000	$ 0
Revolver
Debt Instrument [Line Items]
Credit facility	$ 60,000	$ 0

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details) $ in Millions	6 Months Ended
	Jun. 30, 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	6 Months Ended	12 Months Ended
	Jun. 30, 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	$ 6,664
Minimum compliance term	7 years
Optional extended term	3 years
Minimum differential fee	$ 149,735
Crude Oil
Long-term Purchase Commitment [Line Items]
Average minimum purchase commitment, volume required (in bbl) | bbl									0
Minimum differential fee	145,500
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 CONTINGENCIES41

COMMITMENTS AND CONTINGENCIES - NGL PURCHASE AGREEMENT (Details) $ in Thousands	Jun. 30, 2018USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,018	$ 6,664
2,019	23,400
2,020	29,284
2,021	30,214
2,022	29,725
2023 and thereafter	30,448
Total	149,735
Office Lease Commitments
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,018	0
2,019	1,224
2,020	1,335
2,021	1,423
2,022	240
2023 and thereafter	0
Total	4,222
NGLs sales
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,018	6,664
2,019	22,176
2,020	27,949
2,021	28,791
2,022	29,485
2023 and thereafter	30,448
Total	$ 145,513

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)shares	Jun. 30, 2018USD ($)shares	Dec. 31, 2017
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 7,949	$ 2,184	$ 3,192
LTIP | Restricted shares
STOCK-BASED COMPENSATION
Vesting period			3 years
Restricted stock granted (in shares) | shares			343,574
Stock-based compensation expense			$ 2,400
Unrecognized compensation cost		$ 13,000	$ 13,000
Vesting portion of shares			33.30%
LTIP | Performance Shares
STOCK-BASED COMPENSATION
Vesting period			3 years
Restricted stock granted (in shares) | shares		59,641	59,641
LTIP | Employee Stock Option
STOCK-BASED COMPENSATION
Vesting period			3 years
Stock-based compensation expense			$ 700
Granted (shares) | shares			0
Unrecognized compensation cost, options		$ 1,600	$ 1,600
Non-executive Officers | LTIP | Restricted shares
STOCK-BASED COMPENSATION
Restricted stock granted (in shares) | shares			343,574
Fair value of shares granted			$ 9,500
Non-executive Officers | LTIP | Performance Shares
STOCK-BASED COMPENSATION
Fair value of shares granted		1,800
Stock-based compensation expense		100
Unrecognized compensation cost		$ 1,700	$ 1,700
Number of trading days			30 days
Minimum | Performance Shares
STOCK-BASED COMPENSATION
Target payout in shares of common stock				0
Minimum | Non-executive Officers | LTIP | Performance Shares
STOCK-BASED COMPENSATION
Target payout in shares of common stock			0
Maximum | Performance Shares
STOCK-BASED COMPENSATION
Target payout in shares of common stock				2
Maximum | Non-executive Officers | LTIP | Performance Shares
STOCK-BASED COMPENSATION
Target payout in shares of common stock			2

STOCK-BASED COMPENSATION - ACTI

STOCK-BASED COMPENSATION - ACTIVITY OF NON-VESTED STOCK, OTHER THAN OPTIONS (Details) - LTIP - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Restricted shares
Restricted Stock
Non-vested at beginning of year (in shares)		261,165
Granted (in shares)		343,574
Vested (in shares)		(78,109)
Forfeited (in shares)		(38,073)
Non-vested at end of year (in shares)	488,557	488,557
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share)		$ 34.93
Granted (in dollars per share)		27.56
Vested (in dollars per share)		34.36
Forfeited (in dollars per share)		30.88
Non-vested at end of year (in dollars per share)	$ 30.15	$ 30.15
Performance Shares
Restricted Stock
Non-vested at beginning of year (in shares)		0
Granted (in shares)	59,641	59,641
Vested (in shares)		0
Non-vested at end of year (in shares)	59,641	59,641
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share)		$ 0
Granted (in dollars per share)		29.92
Vested (in dollars per share)		0
Non-vested at end of year (in dollars per share)	$ 29.92	$ 29.92

STOCK-BASED COMPENSATION - VALU

STOCK-BASED COMPENSATION - VALUATION ASSUMPTIONS (Details) - LTIP - Performance Shares	3 Months Ended
	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	3 years
Risk-free interest rate	2.76%
Expected daily volatility	2.60%

STOCK-BASED COMPENSATION - AC45

STOCK-BASED COMPENSATION - ACTIVITY OF STOCK OPTIONS (Details) - LTIP - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Stock Options
Outstanding at beginning of period (shares)	197,271
Granted (shares)	0
Exercised (shares)	(27,191)
Forfeited (shares)	(19,083)
Outstanding at end of period (shares)	150,997	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)	34.36
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)
Weighted Average Remaining Contractual Term (in years)	8 years 6 months	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)	50,811
Weighted-Average Remaining Contractual Life (in years)	8 years 3 months 22 days

FAIR VALUE MEASUREMENTS - HIERA

FAIR VALUE MEASUREMENTS - HIERARCHY (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financial assets and liabilities accounted for at fair value
Unproved properties	$ 179,735	$ 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	39	494
Derivative liabilities	33,073	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	$ 179,735
Asset retirement obligations		$ 8,481

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Derivatives measured at fair value
Unproved properties		$ 179,735,000	$ 179,735,000	$ 183,843,000
Abandonment and impairment of unproved properties	$ 0	2,477,000	4,979,000
Asset retirement obligations for oil and gas properties		33,540,000	33,540,000	38,262,000
Revolver
Derivatives measured at fair value
Credit facility		60,000,000	60,000,000	0
Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Unproved properties		179,735,000	179,735,000
Asset retirement obligations for oil and gas properties		0	0	$ 8,500,000
Wattenberg Field
Derivatives measured at fair value
Unproved properties		$ 184,700,000	184,700,000
Wattenberg Field | Estimate of Fair Value Measurement
Derivatives measured at fair value
Abandonment and impairment of unproved properties			$ 5,000,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 38,262
Liabilities settled	(383)
Additions	226
Accretion expense	912
Sold properties	(5,477)
Balance at end of period	$ 33,540
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	$ 5,400

DERIVATIVES - COMMODITY DERIVAT

DERIVATIVES - COMMODITY DERIVATIVE CONTRACTS (Details) - Scenario, Forecast	3 Months Ended
	Dec. 31, 2019$ / bblbbl	Sep. 30, 2019$ / MMBTU$ / bblbbl	Jun. 30, 2019MMBTU$ / MMBTU$ / bblbbl	Mar. 31, 2019MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2018MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2018MMBTU$ / MMBTU$ / bblbbl
Crude Oil | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl			3,330	2,000	2,000	2,000
Crude Oil | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)			51.81	43	43	43
Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)			64.23	54.53	53.50	53.50
Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl	3,000	3,000	4,500	5,000	5,000	5,000
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	55	55	58.32	59.33	58.07	57.87
Natural gas sales | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			2,505	7,600	12,600	13,600
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
Natural gas sales | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU			3.22	3.22	3.35	3.32
Subsequent Event | Crude Oil | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl			3,330	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)			51.81	43	43	43
Subsequent Event | Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)			64.23	54.53	53.50	53.50
Subsequent Event | Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl	3,000	3,000	4,500	5,000	5,000	5,000
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	55	55	58.32	59.33	58.07	57.87
Subsequent Event | Natural gas sales | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			2,505	7,600	12,600	13,600
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
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	3.35	3.32
Subsequent Event | Natural gas sales | Basis Swap
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU				0.665	0.670	0.670
Natural Gas, notional amount (in MMBtu per day) | MMBTU				7,600	12,600	8,354

DERIVATIVES - DERIVATIVE ASSETS

DERIVATIVES - DERIVATIVE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivative Assets:
Current assets	$ 39	$ 488
Noncurrent assets	0	6
Derivative Liabilities:
Current liabilities	(28,416)	(11,423)
Long-term liabilities	(4,657)	(2,972)
Total derivative liabilities, net	$ (33,034)	$ (13,901)

DERIVATIVES - DERIVATIVE LOSS (

DERIVATIVES - DERIVATIVE LOSS (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018
Components of the derivative loss
Total derivative loss	$ 0	$ (22,012)	$ (30,754)
Commodity derivative
Components of the derivative loss
Derivative cash settlement gain (loss)		(7,310)	(11,622)
Change in fair value loss		(14,702)	(19,132)
Total derivative loss		(22,012)	(30,754)
Commodity derivative | Oil contracts
Components of the derivative loss
Derivative cash settlement gain (loss)		(7,319)	(11,825)
Commodity derivative | Gas contracts
Components of the derivative loss
Derivative cash settlement gain (loss)		$ 9	$ 203

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended	12 Months Ended
	Apr. 28, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Apr. 28, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2017
EARNINGS PER SHARE
Antidilutive securities excluded from EPS calculation (in shares)	188,278	717,201	181,762	258,126	196,435
Net income (loss):
Net income (loss) | $		$ (3,580)	$ 4,859		$ 18,729
Basic net income (loss) per common share (in dollars per share) | $ / shares		$ (0.18)	$ 0.24		$ 0.91
Diluted net income (loss) per common share (in dollars per share) | $ / shares		$ (0.18)	$ 0.24		$ 0.91
Weighted-average shares outstanding - basic (in shares)		20,369,000	20,488,000		20,471,000
Add: dilutive effect of contingent stock awards (in shares)		0	115,000		67,000
Weighted-average shares outstanding - diluted (in shares)		20,369,000	20,603,000		20,538,000
Performance Shares | Minimum
EARNINGS PER SHARE
Target payout in shares of common stock						0
Performance Shares | Maximum
EARNINGS PER SHARE
Target payout in shares of common stock						2
Predecessor
Net income (loss):
Net income (loss) | $	$ 96,936			$ 2,660
Less: undistributed income to unvested restricted stock | $	3,346			120
Undistributed income to common shareholders | $	$ 93,590			$ 2,540
Basic net income (loss) per common share (in dollars per share) | $ / shares	$ 1.88			$ 0.05
Diluted net income (loss) per common share (in dollars per share) | $ / shares	$ 1.85			$ 0.05
Weighted-average shares outstanding - basic (in shares)	49,902,000			49,559,000
Add: dilutive effect of contingent stock awards (in shares)	584,000			1,412,000
Weighted-average shares outstanding - diluted (in shares)	50,486,000			50,971,000

INCOME TAXES (Details)

INCOME TAXES (Details)	Jun. 30, 2018USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0