Civitas Resources (CIVI) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Document and Entity Information
Entity Registrant Name	Bonanza Creek Energy, Inc.
Entity Central Index Key	0001509589
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		20,624,454

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 32,695	$ 12,916
Accounts receivable:
Oil and gas sales	47,281	31,799
Joint interest and other	25,858	47,577
Prepaid expenses and other	5,073	4,633
Inventory of oilfield equipment	2,484	3,478
Derivative assets	6,400	34,408
Total current assets	119,791	134,811
Property and equipment (successful efforts method):
Proved properties	782,323	719,198
Less: accumulated depreciation, depletion and amortization	(67,886)	(52,842)
Total proved properties, net	714,437	666,356
Unproved properties	154,599	154,352
Wells in progress	73,993	93,617
Other property and equipment, net of accumulated depreciation of $2,701 in 2019 and $2,546 in 2018	3,570	3,649
Total property and equipment, net	946,599	917,974
Long-term derivative assets	0	3,864
Right-of-use assets (note 3)	31,999	0
Other noncurrent assets	4,998	4,885
Total assets	1,103,387	1,061,534
Current liabilities:
Accounts payable and accrued expenses (note 4)	56,021	79,390
Oil and gas revenue distribution payable	31,314	19,903
Current portion of right-of-use liability (note 3)	8,429	0
Derivative liability	4,889	183
Total current liabilities	100,653	99,476
Long-term liabilities:
Credit facility (note 5)	65,000	50,000
Right-of-use liability (note 3)	24,359	0
Ad valorem taxes	25,850	18,740
Long-term derivative liability	0	0
Asset retirement obligations for oil and gas properties	29,378	29,405
Total liabilities	245,240	197,621
Commitments and contingencies (note 6)
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, 20,558,591 and 20,543,940 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	4,286	4,286
Additional paid-in capital	697,688	696,461
Retained earnings	156,173	163,166
Total stockholders’ equity	858,147	863,913
Total liabilities and stockholders’ equity	$ 1,103,387	$ 1,061,534

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 2,701	$ 2,546
Oil and gas properties held for sale, accumulated depreciation, depletion and amortization	$ 0	$ 2,583
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)	20,558,591	20,453,549
Common stock, shares outstanding (in shares)	20,558,591	20,453,549

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating net revenues:
Oil and gas sales	$ 72,594	$ 64,193
Operating expenses:
Lease operating expense	5,426	10,459
Severance and ad valorem taxes	4,248	5,233
Exploration	97	29
Depreciation, depletion, and amortization	15,759	7,508
Abandonment and impairment of unproved properties	879	2,502
Unused commitments	0	21
General and administrative expense (including $1,380 and $1,008, respectively, of stock-based compensation)	10,278	9,533
Total operating expenses	43,030	41,236
Income from operations	29,564	22,957
Other income (expense):
Derivative loss	(36,544)	(8,742)
Interest expense	(1,151)	(357)
Gain on sale of properties	1,126	0
Other income	12	12
Total other expense	(36,557)	(9,087)
Income (loss) from operations before taxes	(6,993)	13,870
Income tax benefit (expense)	0	0
Net income (loss)	(6,993)	13,870
Comprehensive income (loss)	$ (6,993)	$ 13,870
Basic net income (loss) per common share (in dollars per share)	$ (0.34)	$ 0.68
Diluted net income (loss) per common share (in dollars per share)	$ (0.34)	$ 0.68
Basic weighted-average common shares outstanding (in shares)	20,557	20,454
Diluted weighted-average common shares outstanding (in shares)	20,557	20,470
Gas plant and midstream operating expense
Operating expenses:
Operating expenses	$ 2,321	$ 3,613
Gathering, transportation, and processing
Operating expenses:
Operating expenses	$ 4,022	$ 2,338

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
General and administrative, stock compensation	$ 1,380	$ 1,008

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)
Balance at beginning of period at Dec. 31, 2017	$ 688,334	$ 4,286	$ 689,068	$ (5,020)
Shares outstanding, beginning of period (in shares) at Dec. 31, 2017		20,453,549
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued	0
Restricted common stock issued (in shares)		107
Restricted stock used for tax withholdings	0
Restricted stock used for tax withholdings (in shares)		(37)
Stock-based compensation	1,008		1,008
Net loss	13,870			13,870
Balance at end of period at Mar. 31, 2018	703,212	$ 4,286	690,076	8,850
Shares outstanding, end of period (in shares) at Mar. 31, 2018		20,453,619
Balance at beginning of period at Dec. 31, 2018	863,913	$ 4,286	696,461	163,166
Shares outstanding, beginning of period (in shares) at Dec. 31, 2018		20,543,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued	0
Restricted common stock issued (in shares)		20,687
Restricted stock used for tax withholdings	(153)		(153)
Restricted stock used for tax withholdings (in shares)		(6,036)
Stock-based compensation	1,380		1,380
Net loss	(6,993)			(6,993)
Balance at end of period at Mar. 31, 2019	$ 858,147	$ 4,286	$ 697,688	$ 156,173
Shares outstanding, end of period (in shares) at Mar. 31, 2019		20,558,591

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (6,993)	$ 13,870
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	15,759	7,508
Abandonment and impairment of unproved properties	879	2,502
Well abandonment costs and dry hole expense	62	0
Stock-based compensation	1,380	1,008
Amortization of deferred financing costs	125	0
Derivative loss	36,544	8,742
Derivative cash settlements	936	(4,312)
Gain on sale of oil and gas properties	(1,126)	0
Other	(900)	172
Changes in current assets and liabilities:
Accounts receivable	6,237	(15,758)
Prepaid expenses and other assets	(440)	3,402
Accounts payable and accrued liabilities	(10,150)	(566)
Settlement of asset retirement obligations	(592)	(665)
Net cash provided by operating activities	41,721	15,903
Cash flows from investing activities:
Acquisition of oil and gas properties	(1,362)	(98)
Exploration and development of oil and gas properties	(36,503)	(37,664)
Proceeds from sale of oil and gas properties	1,153	20
Additions to property and equipment - non oil and gas	(76)	(103)
Net cash used in investing activities	(36,788)	(37,845)
Cash flows from financing activities:
Payment of employee tax withholdings in exchange for the return of common stock	(153)	0
Net cash provided by financing activities	14,847	15,000
Net change in cash, cash equivalents, and restricted cash	19,780	(6,942)
Cash, cash equivalents, and restricted cash:
Beginning of period	13,002	12,782
End of period	32,782	5,840
Supplemental cash flow disclosure:
Cash paid for interest	661	262
Changes in working capital related to drilling expenditures	(5,710)	14,250
Cash paid for amounts included in the measurement of lease liabilities	2,032	0
Current Credit Facility
Cash flows from financing activities:
Proceeds from Credit Facility	15,000	0
Prior Credit Facility
Cash flows from financing activities:
Proceeds from Credit Facility	$ 0	$ 15,000

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2019
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, extracting, and producing oil and gas properties. The Company’s assets and operations are concentrated in the rural portions of the Wattenberg Field in Colorado.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
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. The financial information as of December 31, 2018, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 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 2018 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports. Principles of Consolidation The balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, 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. Revenue Recognition 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. As further described in Note 6 - Commitments and Contingencies , one contract with NGL Crude Logistics, LLP (“NGL”, known as the “NGL agreement”) has an additional aspect of variable consideration related to the minimum volume commitments (“MVCs”) as specified in the agreement. On an on-going basis, the Company performs an analysis of expected risk adjusted production applicable to the NGL agreement based on approved production plans to determine if liquidated damages to NGL are probable. As of March 31, 2019, 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. 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. 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 accompanying condensed consolidated statements of operations (“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. Under our product sales contracts, we invoice customers once our performance obligations have been satisfied, at which point payment is unconditional. Accordingly, our product sales contracts do not give rise to contract assets or liabilities under this guidance. At March 31, 2019 and December 31, 2018, our receivables from contracts with customers were $47.3 million and $31.8 million , respectively. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended March 31, 2019 2018 Operating Revenues: Oil sales $ 60,790 $ 51,963 Natural gas sales 7,456 6,221 NGL sales 4,348 6,009 Oil and gas sales $ 72,594 $ 64,193 Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sum to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of March 31, 2019 2018 Cash and cash equivalents $ 32,695 $ 5,761 Restricted cash included in other noncurrent assets 87 79 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 32,782 $ 5,840 Restricted cash consists of funds for road maintenance and repairs. Accounting Pronouncements Recently Adopted and Issued In February 2016, the FASB issued Update No. 2016-02 - Leases (ASC 842) to increase transparency and comparability among organizations by recognizing right-of-use assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Each lease that is recognized in the balance sheet will be classified as either finance or operating requiring certain quantitative and qualitative disclosures. Leases acquired to explore the development of oil and natural gas resources are not within the scope of this guidance. The new standard was adopted using optional transition approach at the date of initial application on January 1, 2019. Please refer to Note 3 - Leases for additional disclosure. In August 2018, the FASB issued Update No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of this update is to improve the effectiveness of fair value measurement disclosures. This update is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The standard will only impact the Company's disclosures. There are no other accounting standards applicable to the Company that would have a material effect on the Company’s financial statements and disclosures that have been issued but not yet adopted by the Company as of March 31, 2019, and through the filing date of this report.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
LEASES	LEASES On January 1, 2019, the Company adopted ASC 842 using the optional transition approach prescribed in Updated No 2018-11 - Lease (Topic 842), Targeted Improvements . Under this approach, results for reporting periods beginning January 1, 2019, are presented in accordance with ASC 842, while prior period amounts are reported in accordance with ASC 840 - Leases . The Company recognized $32.8 million and $33.6 million in right-of-use assets and liabilities, respectively, on January 1, 2019, representing minimum payment obligations associated with compressors, vehicles, office space, and other field and corporate equipment with contractual durations in excess of one year. There was no cumulative-effect adjustment to retained earnings upon adoption of the new standard. ASC 842 provided certain practical expedients, of which, the Company elected to account for lease and non-lease components in its contracts as a single lease component for all asset classes, to adopt the land easement practical expedient, which allows the Company to apply ASC 842 prospectively to new or modified land easements beginning January 1, 2019, and to not apply the recognition requirements of ASC 842 to leases with a lease term of twelve months or less. The Company's leasing activities as a lessor are negligible. During the three months ended March 31, 2019, the Company incurred $1.2 million in new right-of-use assets and liabilities. The Company’s right-of-use assets and liabilities are recognized at their discounted present value on the balance sheet at $32.0 million and $32.8 million as of March 31, 2019, respectively. All leases recognized on the Company's balance sheet are classified as operating leases, which include leases related to the asset classes reflected in the table below (in thousands): Right-of-use Asset Right-of-use Liability Field equipment (1) $ 28,466 $ 28,466 Corporate leases 2,993 3,782 Vehicles 540 540 Total $ 31,999 $ 32,788 ____________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment. The lease amounts disclosed are presented on a gross basis. A portion of these costs may have been or will be billed to other working interest owners, and the Company's net share of these costs once paid are included in property and equipment, lease operating expenses, or general and administrative expenses, as applicable. The Company recognizes lease expense on a straight-line basis excluding short-term and variable lease payments which are recognized as incurred. Short-term lease cost represents payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Short-term leases include drilling rigs and other equipment. Drilling rig contracts are structured based on an allotted number of wells to be drilled consecutively at a daily operating rate. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component. The following table summarizes the components of the Company's gross operating lease costs incurred during the three months ended March 31, 2019 (in thousands): Amount Operating lease cost (1) $ 2,350 Short-term lease cost 1,822 Variable lease cost (2) 20 Sublease income (3) (87 ) Total lease cost $ 4,105 ____________________________ (1) Includes office rent expense of $0.3 million . (2) Variable lease cost represents differences between minimum lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company subleased a portion of its office space for the remainder of the office lease term. The Company does not have any leases with an implicit interest rate that can be readily determined. As a result, the Company used the incremental borrowing rate, based on the Current Credit Facility benchmark rate, adjusted for facility utilization and lease term, to calculate the respective discount rates. Please refer to Note 5 - Long-term Debt for additional information. The Company's weighted-average lease term and discount rate used during the three months ended March 31, 2019 are as follows: Three Months Ended March 31, 2019 Weighted-average lease term (years) 3.88 Weighted-average discount rate 4.33 % Minimum future commitments by year for the Company's long-term operating leases as of March 31, 2019 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Amount Remainder of 2019 $ 7,276 2020 9,389 2021 8,678 2022 7,254 2023 2,932 Thereafter 39 Total lease payments $ 35,568 Less: imputed interest (2,780 ) Total lease liability $ 32,788

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following (in thousands): As of March 31, 2019 As of December 31, 2018 Accrued drilling and completion costs $ 27,892 $ 33,602 Accounts payable trade 2,233 11,532 Accrued general and administrative expense 1,725 12,728 Accrued lease operating expense 3,297 2,183 Accrued interest 605 241 Accrued oil and gas hedging 380 — Accrued production and ad valorem taxes and other 19,889 19,104 Total accounts payable and accrued expenses $ 56,021 $ 79,390

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Current Credit Facility On December 7, 2018, the Company entered into a reserve-based revolving facility, as the borrower, with JPMorgan Chase Bank, N.A., as the administrative agent, and a syndicate of financial institutions, as lenders (the “Current Credit Facility”). The Current Credit Facility has an aggregate original commitment amount of $750.0 million and matures on December 7, 2023. The initial borrowing base is $350.0 million , and the first scheduled borrowing base redetermination is to occur in May 2019, with subsequent semi-annual redeterminations thereafter. Borrowings under the Current Credit Facility bear interest at a per annum rate equal to, at the option of the Company, either (i) a London InterBank Offered Rate (“LIBOR”), subject to a 0% LIBOR floor plus a margin of 1.75% to 2.75% , based on the utilization of the Current Credit Facility (the “Eurodollar Rate”) or (ii) a fluctuating interest rate per annum equal to the greatest of (a) the rate of interest publicly announced by JPMorgan Chase Bank, N.A. as its prime rate, (b) the rate of interest published by the Federal Reserve Bank of New York as the federal funds effective rate, (c) the rate of interest published by the Federal Reserve Bank of New York as the overnight bank funding rate and (d) a LIBOR offered rate for a one month interest period, subject to a 0% LIBOR floor plus a margin of 0.75% to 1.75% , based on the utilization of the Current Credit Facility (the “Reference Rate”). Interest on borrowings that bear interest at the Eurodollar Rate shall be payable on the last day of the applicable interest period selected by the Company, which shall be one, two, three, or six months, and interest on borrowings that bear interest at the Reference Rate shall be payable quarterly in arrears. The Current Credit Facility is guaranteed by all wholly-owned subsidiaries of the Company (each, a “Guarantor” and, together with the Company, the “Credit Parties”), and is secured by first priority security interests on substantially all assets of each Credit Party, subject to customary exceptions. The Current Credit Facility contains customary representations and affirmative covenants. The Current Credit Facility also contains customary negative covenants, which, among other things, and subject to certain exceptions, include restrictions on (i) liens, (ii) indebtedness, guarantees and other obligations, (iii) restrictions in agreements on liens and distributions, (iv) mergers or consolidations, (v) asset sales, (vi) restricted payments, (vii) investments, (viii) affiliate transactions, (ix) change of business, (x) foreign operations or subsidiaries, (xi) name changes, (xii) use of proceeds, letters of credit, (xiii) gas imbalances, (xiv) hedging transactions, (xv) additional subsidiaries, (xvi) changes in fiscal year or fiscal quarter, (xvii) operating leases, (xviii) prepayments of certain debt and other obligations, (xix) sales or discounts of receivables, and (xx) dividend payments. The Credit Parties are subject to certain financial covenants under the Current Credit Facility, including, without limitation, tested on the last day of each fiscal quarter, (i) a maximum ratio of the Company’s consolidated indebtedness (subject to certain exclusions) to earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash charges (“EBITDAX”) of 4.00 to 1.00 and (ii) a current ratio, as defined in the agreement, inclusive of the unused Commitments then available to be borrowed, to not be less than 1.00 to 1.00 . The Company was in compliance with all covenants as of March 31, 2019, and through the filing date of this report. The Company had $65.0 million and $50.0 million outstanding on the Current Credit Facility as of March 31, 2019 and December 31, 2018, respectively. In connection with the Current Credit Facility, the Company capitalized a total of $2.5 million in deferred financing costs, of which $1.8 million and $0.5 million of the total post amortization net capitalized amounts are presented within other noncurrent assets and prepaid expenses and other line items, respectively, in the accompanying condensed consolidated balance sheets (“balance sheets”) as of March 31, 2019. Prior Credit Facility Upon emergence from bankruptcy, the Company entered into a revolving credit facility, as the borrower, with KeyBank National Association, as the administrative agent, and certain lenders party thereto (the “Prior Credit Facility”). The borrowing base was $191.7 million and had a maturity date of March 31, 2021. The Prior Credit Facility stated the Company's leverage ratio of indebtedness to EBITDAX was not to exceed 3.50 to 1.00 , the minimum current ratio must be 1.00 to 1.00 , and the minimum interest coverage ratio of trailing twelve-month EBITDAX to trailing twelve-month interest expense must be 2.50 to 1.00 as of the end of the respective fiscal quarter. During the period the Prior Credit Facility was outstanding, the Company was in compliance with all covenants. The Prior Credit Facility provided for interest rates plus an applicable margin to be determined based on LIBOR or a base rate, at the Company’s election. LIBOR borrowings bore interest at LIBOR, plus a margin of 3.00% to 4.00% depending on the utilization level, and the base rate borrowings bore interest at the Reference Rate, as defined in the Prior Credit Facility, plus a margin of 2.00% to 3.00% depending on the utilization level. This Prior Credit Facility was terminated and settled in full as of December 7, 2018.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
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 its 2018 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. The COC further set forth compliance requirements and criteria for continued operations. The Company adopted procedures and processes to address the monitoring, reporting, and control of air emissions. In order to be in compliance, the Company has incurred approximately $1.3 million during 2017 through 2018 and anticipates spending approximately $3.0 million during 2019 through 2022. The COC can be terminated after four years with a showing of substantial compliance and CDPHE approval. In February 2019, the Company was sent a notice of intent to sue (“NOI”) letter by WildEarth Guardians (“WEG”), an environmental non-governmental organization, alleging failure to obtain required permits under the federal Clean Air Act before constructing and operating well production facilities in the ozone non-attainment area around the Denver Metropolitan and North Front Range of Colorado, among other things. The Company is one of seven operators in the Wattenberg Field to receive such an NOI letter from WEG, and these letters appear to challenge long-established federal and state regulations and policies for permitting the construction and initial operation of upstream oil and gas production facilities in Colorado and elsewhere under the Clean Air Act and state counterpart statutes. On May 3, 2019, WEG filed a lawsuit against the Company and the other six operators who received the NOI, alleging claims consistent with those contained in the NOI letters. Because the allegations made in the lawsuit are based on novel and unprecedented interpretations of complex federal and state air quality laws and regulations, it is not possible for the Company to determine at this time whether the allegations have merit but the Company will vigorously defend against such allegations and will coordinate as much as possible with state and federal permitting authorities to maintain the validity of its current and future air permits for such facilities. 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 gross volume commitments, which are set in six-month periods beginning in January 2018. During 2018, the average minimum gross volume commitment was approximately 10,100 barrels per day, and the minimum gross volume commitment increased by approximately 41% from 2018 to 2019 and will increase approximately 3% each year thereafter for the remainder of the contract, to a maximum of approximately 16,000 gross barrels per day. The aggregate financial commitment fee over the remaining term, based on the minimum gross volume commitment schedule (as defined in the agreement) and the applicable differential fee, is $127.7 million as of March 31, 2019 . 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. The annual minimum commitment payments under the NGL agreement for the next five years as of March 31, 2019 are presented below (in thousands): NGL Gross Commitments(1) 2019 11,026 2020 27,949 2021 28,791 2022 29,485 2023 30,448 2024 and thereafter — Total $ 127,699 _______________________________ (1) The above calculation is based on the minimum gross 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 2018 Form 10-K. Refer to Note 3 - Leases , for lease commitments.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
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 of Directors, which allows for the issuance of restricted stock units (“RSUs”), performance stock units (“PSUs”), and options. Upon emergence from bankruptcy, the Company reserved 2,467,430 shares of the new common stock for issuance under the 2017 LTIP. See below for further discussion of awards granted under the 2017 LTIP. Restricted Stock Units The 2017 LTIP allows for the issuance of RSUs to members of the Board of Directors (the “Board”) and employees of the Company at the discretion of the Board. Each RSU represents one share of the Company's common stock to be released from restriction upon completion of the vesting period. The awards typically vest in one-third increments over three years. The RSUs are valued at the grant date share price and are recognized as general and administrative expense over the vesting period of the award. There were no RSUs granted during the three months ended March 31, 2019 . Total expense recorded for RSUs, inclusive of grants to the members of the Board, for the three months ended March 31, 2019 was $1.1 million . As of March 31, 2019 , unrecognized compensation cost for RSUs was $9.1 million and will be amortized through 2023 . A summary of the status and activity of non-vested restricted stock units is presented below: Restricted Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 480,835 $ 30.83 Granted — $ — Vested (18,089 ) $ 33.40 Forfeited (1,073 ) $ 28.66 Non-vested at end of quarter 461,673 $ 30.73 Cash flows resulting from excess tax benefits are to be classified as part of cash flows from financing activities. Excess tax benefits are realized tax benefits from tax deductions for vested restricted stock in excess of the deferred tax asset attributable to stock compensation costs for such restricted stock. The Company recorded no excess tax benefits for the periods presented. Performance Stock Units The 2017 LTIP allows for the issuance of PSUs to employees at the sole discretion of the Board. 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 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. 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. 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. There were no PSUs granted during the three months ended March 31, 2019 . Total compensation recorded for PSUs for the three months ended March 31, 2019 was $0.1 million . As of March 31, 2019 , unrecognized compensation costs for PSUs was $1.0 million and will be amortized through 2020. A summary of the status and activity of performance stock units is presented below: Performance Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 53,689 $ 29.92 Granted (1) — $ — Vested (1) (2,598 ) $ 29.92 Forfeited (1) — $ — Non-vested at end of quarter (1) 51,091 $ 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 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 is recognized as general and administrative expense over the vesting period of the award. There were no stock options granted during the three months ended March 31, 2019 . Total expense recorded for stock options for the three months ended March 31, 2019 was $0.2 million . As of March 31, 2019 , unrecognized compensation cost for stock options was $0.7 million and will be amortized through 2020 . Stock options are valued using a Black-Scholes Model where expected volatility is based on an average historical volatility of a peer group selected by management over a period consistent with the expected life assumption on the grant date, the risk-free rate of return is based on the U.S. Treasury constant maturity yield on the grant date with a remaining term equal to the expected term of the awards, and the Company’s expected life of stock option awards is derived from the midpoint of the average vesting time and contractual term of the awards. A summary of the status and activity of non-vested stock options 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 132,809 $ 34.36 6.7 $ — Granted — — — $ — Exercised — — — $ — Forfeited (25,470 ) $ 34.36 — $ — Outstanding at end of quarter 107,339 $ 34.36 7.96 $ — Number of options outstanding and exercisable 36,674 $ 34.36 7.74 $ —

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2019
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 and their classification within the fair value hierarchy (in thousands): As of March 31, 2019 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 6,400 $ — Derivative liabilities (1) $ — $ 4,889 $ — As of December 31, 2018 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 38,272 $ — Derivative liabilities (1) $ — $ 183 $ — Asset retirement obligations (2) $ — $ — $ 1,490 ____________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. (2) Represents the revision to estimates of the asset retirement obligation, which is a non-financial liability that is measured at fair value on a nonrecurring basis. Please refer to the Asset Retirement Obligation section below for additional discussion. Derivatives Fair value of all derivative instruments are estimated with industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value of money, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. All valuations were compared against counterparty statements to verify the reasonableness of the estimate. The Company’s commodity swaps and collars were validated by observable transactions for the same or similar commodity options using the NYMEX futures index, and were designated as Level 2 within the valuation hierarchy. 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. During the three months ended March 31, 2019, the Company incurred its standard annual amortization of $0.9 million on its emergence leases that were not held by production as disclosed in the abandonment and impairment of unproved properties line item in the accompanying statements of operations. Asset Retirement Obligation The Company utilizes the income valuation technique to determine the fair value of the asset retirement obligation liability at the point of inception by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state, to the undiscounted expected abandonment cash flows. Upon completion of wells and natural gas plants, the Company records an asset retirement obligation at fair value using Level 3 assumptions. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. There were no asset retirement obligations measured at fair value as of March 31, 2019 . The Company had $1.5 million of asset retirement obligations recorded at fair value as of December 31, 2018 . Long-term Debt The Company's Current Credit Facility approximates fair value as the applicable interest rates are floating. The Company had $65.0 million and $50.0 million outstanding under the Current Credit Facility as of March 31, 2019 and December 31, 2018, respectively.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2019
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, 2018 $ 29,405 Liabilities settled (563 ) Additions 79 Accretion expense 457 Ending balance as of March 31, 2019 $ 29,378

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company enters into commodity derivative contracts to mitigate a portion of its exposure to potentially adverse market changes in commodity prices and the associated impact on cash flows. All contracts are entered into for other-than-trading purposes. The Company’s derivatives include swaps and collars 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. In the event that the settlement price is between the ceiling and the floor, no payment or receipt occurs. 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 March 31, 2019 , 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. Price per MMBtu 2Q19 Cashless Collar 6,330 $54.51/$68.74 2,505 $2.75/$3.22 — — Swap 3,500 $57.84 — — 19,203 $2.15 3Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 $59.92 — — 22,500 $2.13 4Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 $59.92 — — 22,500 $2.13 1Q20 Cashless Collar 3,000 $55.00/$62.00 — — — — Swap 3,000 $63.48 — — 2,500 $2.40 2Q20 Cashless Collar 1,000 $55.00/$62.00 — — — — 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. Price per MMBtu 2Q19 Cashless Collar 6,330 $54.51/$68.74 2,505 $2.75/$3.22 — — Swap 3,500 $57.84 — — 19,203 $2.15 3Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 59.92 — — 22,500 $2.13 4Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 $59.92 — — 22,500 $2.13 1Q20 Cashless Collar 5,000 $55.00/$62.88 — — — — Swap 3,000 $63.48 — — 2,500 $2.40 2Q20 Cashless Collar 5,000 $55.00/$63.33 — — — — 3Q20 Cashless Collar 2,000 $55.00/$63.14 — — — — 4Q20 Cashless Collar 2,000 $55.00/$63.14 — — — — Derivative Assets and Liabilities 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 for the periods below (in thousands): As of March 31, 2019 As of December 31, 2018 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 6,400 $ 34,408 Commodity contracts Noncurrent assets — 3,864 Derivative Liabilities: Commodity contracts Current liabilities (4,889 ) (183 ) Commodity contracts Long-term liabilities — — Total derivative assets, net $ 1,511 $ 38,089 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 March 31, 2019 2018 Derivative cash settlement gain (loss): Oil contracts $ 2,078 $ (4,506 ) Gas contracts (1,142 ) 194 Total derivative cash settlement gain (loss) (1) $ 936 $ (4,312 ) Change in fair value liability (37,480 ) (4,430 ) Total derivative loss (1) $ (36,544 ) $ (8,742 ) _______________________________ (1) Total derivative loss and total derivative cash settlement gain (loss) for the three months ended March 31, 2019 and 2018 are reported in the derivative loss line item and derivative cash settlements line item in the accompanying statements of cash flows, within cash flows from operating activities.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
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 issues PSUs, which represent the right to receive, upon settlement of the PSUs, a number of shares of the Company's common stock that range from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the 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 7 - 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 uses the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income (loss) $ (6,993 ) $ 13,870 Basic net income (loss) per common share $ (0.34 ) $ 0.68 Diluted net income (loss) per common share $ (0.34 ) $ 0.68 Weighted-average shares outstanding - basic 20,557 20,454 Add: dilutive effect of contingent stock awards — 16 Weighted-average shares outstanding - diluted 20,557 20,470 There were 173,252 and 259,924 shares which were anti-dilutive for the three months ended March 31, 2019 and 2018, respectively. The Company was in a net loss position for the three months ended March 31, 2019, which made all potentially dilutive shares anti-dilutive. The exercise price of the Company's warrants was in excess of the Company's stock price; therefore, they were excluded from the earnings per share calculation.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company has fully implemented 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. The Company uses the asset and liability method of accounting for deferred income taxes. Deferred tax assets and liabilities are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the tax rate in effect at that time. There is a full valuation allowance on the Company's net deferred tax asset causing the Company’s current rate to differ from the U.S. statutory income tax rate. As of March 31, 2019 , 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 2019 .

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2019
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. The financial information as of December 31, 2018, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018 (“2018 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 2018 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports.
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, 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.
Revenue Recognition	Revenue Recognition 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. As further described in Note 6 - Commitments and Contingencies , one contract with NGL Crude Logistics, LLP (“NGL”, known as the “NGL agreement”) has an additional aspect of variable consideration related to the minimum volume commitments (“MVCs”) as specified in the agreement. On an on-going basis, the Company performs an analysis of expected risk adjusted production applicable to the NGL agreement based on approved production plans to determine if liquidated damages to NGL are probable. As of March 31, 2019, 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. 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. 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 accompanying condensed consolidated statements of operations (“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. 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.
Accounting Pronouncements Recently Adopted	Accounting Pronouncements Recently Adopted and Issued In February 2016, the FASB issued Update No. 2016-02 - Leases (ASC 842) to increase transparency and comparability among organizations by recognizing right-of-use assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Each lease that is recognized in the balance sheet will be classified as either finance or operating requiring certain quantitative and qualitative disclosures. Leases acquired to explore the development of oil and natural gas resources are not within the scope of this guidance. The new standard was adopted using optional transition approach at the date of initial application on January 1, 2019. Please refer to Note 3 - Leases for additional disclosure. In August 2018, the FASB issued Update No. 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The objective of this update is to improve the effectiveness of fair value measurement disclosures. This update is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. The standard will only impact the Company's disclosures. There are no other accounting standards applicable to the Company that would have a material effect on the Company’s financial statements and disclosures that have been issued but not yet adopted by the Company as of March 31, 2019, and through the filing date of this report.
Fair Value Measurements	The Company follows fair value measurement authoritative guidance, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The statement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable Financial and non-financial assets and liabilities are to be classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Disaggregation of Revenue	Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended March 31, 2019 2018 Operating Revenues: Oil sales $ 60,790 $ 51,963 Natural gas sales 7,456 6,221 NGL sales 4,348 6,009 Oil and gas sales $ 72,594 $ 64,193
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sum to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of March 31, 2019 2018 Cash and cash equivalents $ 32,695 $ 5,761 Restricted cash included in other noncurrent assets 87 79 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 32,782 $ 5,840
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sum to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of March 31, 2019 2018 Cash and cash equivalents $ 32,695 $ 5,761 Restricted cash included in other noncurrent assets 87 79 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 32,782 $ 5,840

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Balance Sheet Information	The Company's weighted-average lease term and discount rate used during the three months ended March 31, 2019 are as follows: Three Months Ended March 31, 2019 Weighted-average lease term (years) 3.88 Weighted-average discount rate 4.33 % All leases recognized on the Company's balance sheet are classified as operating leases, which include leases related to the asset classes reflected in the table below (in thousands): Right-of-use Asset Right-of-use Liability Field equipment (1) $ 28,466 $ 28,466 Corporate leases 2,993 3,782 Vehicles 540 540 Total $ 31,999 $ 32,788 ____________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment.
Lease Cost	The following table summarizes the components of the Company's gross operating lease costs incurred during the three months ended March 31, 2019 (in thousands): Amount Operating lease cost (1) $ 2,350 Short-term lease cost 1,822 Variable lease cost (2) 20 Sublease income (3) (87 ) Total lease cost $ 4,105 ____________________________ (1) Includes office rent expense of $0.3 million . (2) Variable lease cost represents differences between minimum lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company subleased a portion of its office space for the remainder of the office lease term.
Operating Lease Maturities	Minimum future commitments by year for the Company's long-term operating leases as of March 31, 2019 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Amount Remainder of 2019 $ 7,276 2020 9,389 2021 8,678 2022 7,254 2023 2,932 Thereafter 39 Total lease payments $ 35,568 Less: imputed interest (2,780 ) Total lease liability $ 32,788

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses contain the following (in thousands): As of March 31, 2019 As of December 31, 2018 Accrued drilling and completion costs $ 27,892 $ 33,602 Accounts payable trade 2,233 11,532 Accrued general and administrative expense 1,725 12,728 Accrued lease operating expense 3,297 2,183 Accrued interest 605 241 Accrued oil and gas hedging 380 — Accrued production and ad valorem taxes and other 19,889 19,104 Total accounts payable and accrued expenses $ 56,021 $ 79,390

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Long-term Purchase Commitment	The annual minimum commitment payments under the NGL agreement for the next five years as of March 31, 2019 are presented below (in thousands): NGL Gross Commitments(1) 2019 11,026 2020 27,949 2021 28,791 2022 29,485 2023 30,448 2024 and thereafter — Total $ 127,699 _______________________________ (1) The above calculation is based on the minimum gross volume commitment schedule (as defined in the NGL agreement) and applicable differential fees.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the status and activity of non-vested restricted stock	A summary of the status and activity of non-vested restricted stock units is presented below: Restricted Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 480,835 $ 30.83 Granted — $ — Vested (18,089 ) $ 33.40 Forfeited (1,073 ) $ 28.66 Non-vested at end of quarter 461,673 $ 30.73
Summary of the status and activity of non-vested performance stock	A summary of the status and activity of performance stock units is presented below: Performance Stock Units Weighted- Average Grant-Date Fair Value Non-vested at beginning of year 53,689 $ 29.92 Granted (1) — $ — Vested (1) (2,598 ) $ 29.92 Forfeited (1) — $ — Non-vested at end of quarter (1) 51,091 $ 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 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 132,809 $ 34.36 6.7 $ — Granted — — — $ — Exercised — — — $ — Forfeited (25,470 ) $ 34.36 — $ — Outstanding at end of quarter 107,339 $ 34.36 7.96 $ — Number of options outstanding and exercisable 36,674 $ 34.36 7.74 $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
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 and their classification within the fair value hierarchy (in thousands): As of March 31, 2019 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 6,400 $ — Derivative liabilities (1) $ — $ 4,889 $ — As of December 31, 2018 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 38,272 $ — Derivative liabilities (1) $ — $ 183 $ — Asset retirement obligations (2) $ — $ — $ 1,490 ____________________________ (1) This represents a financial asset or liability that is measured at fair value on a recurring basis. (2) Represents the revision to estimates of the asset retirement obligation, which is a non-financial liability that is measured at fair value on a nonrecurring basis. Please refer to the Asset Retirement Obligation section below for additional discussion.

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2018 $ 29,405 Liabilities settled (563 ) Additions 79 Accretion expense 457 Ending balance as of March 31, 2019 $ 29,378

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of commodity derivative contracts	As of March 31, 2019 , 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. Price per MMBtu 2Q19 Cashless Collar 6,330 $54.51/$68.74 2,505 $2.75/$3.22 — — Swap 3,500 $57.84 — — 19,203 $2.15 3Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 $59.92 — — 22,500 $2.13 4Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 $59.92 — — 22,500 $2.13 1Q20 Cashless Collar 3,000 $55.00/$62.00 — — — — Swap 3,000 $63.48 — — 2,500 $2.40 2Q20 Cashless Collar 1,000 $55.00/$62.00 — — — — 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. Price per MMBtu 2Q19 Cashless Collar 6,330 $54.51/$68.74 2,505 $2.75/$3.22 — — Swap 3,500 $57.84 — — 19,203 $2.15 3Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 59.92 — — 22,500 $2.13 4Q19 Cashless Collar 4,000 $58.13/$75.54 — — — — Swap 5,000 $59.92 — — 22,500 $2.13 1Q20 Cashless Collar 5,000 $55.00/$62.88 — — — — Swap 3,000 $63.48 — — 2,500 $2.40 2Q20 Cashless Collar 5,000 $55.00/$63.33 — — — — 3Q20 Cashless Collar 2,000 $55.00/$63.14 — — — — 4Q20 Cashless Collar 2,000 $55.00/$63.14 — — — —
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 for the periods below (in thousands): As of March 31, 2019 As of December 31, 2018 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 6,400 $ 34,408 Commodity contracts Noncurrent assets — 3,864 Derivative Liabilities: Commodity contracts Current liabilities (4,889 ) (183 ) Commodity contracts Long-term liabilities — — Total derivative assets, net $ 1,511 $ 38,089
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 March 31, 2019 2018 Derivative cash settlement gain (loss): Oil contracts $ 2,078 $ (4,506 ) Gas contracts (1,142 ) 194 Total derivative cash settlement gain (loss) (1) $ 936 $ (4,312 ) Change in fair value liability (37,480 ) (4,430 ) Total derivative loss (1) $ (36,544 ) $ (8,742 ) _______________________________ (1) Total derivative loss and total derivative cash settlement gain (loss) for the three months ended March 31, 2019 and 2018 are reported in the derivative loss line item and derivative cash settlements line item in the accompanying statements of cash flows, within cash flows from operating activities.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of calculation of earnings per basic and diluted shares	The RSUs, PSUs, stock options, and warrants of the Company are all non-participating securities, and therefore, the Company uses the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Three Months Ended March 31, 2019 2018 Net income (loss) $ (6,993 ) $ 13,870 Basic net income (loss) per common share $ (0.34 ) $ 0.68 Diluted net income (loss) per common share $ (0.34 ) $ 0.68 Weighted-average shares outstanding - basic 20,557 20,454 Add: dilutive effect of contingent stock awards — 16 Weighted-average shares outstanding - diluted 20,557 20,470

BASIS OF PRESENTATION - Disaggr

BASIS OF PRESENTATION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 72,594	$ 64,193
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	60,790	51,963
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	7,456	6,221
NGLs sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 4,348	$ 6,009

BASIS OF PRESENTATION - Restric

BASIS OF PRESENTATION - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 32,695	$ 12,916	$ 5,761
Restricted cash included in other noncurrent assets	87		79
Total cash, cash equivalents and restricted cash as shown in the statements of cash flows	$ 32,782	$ 13,002	$ 5,840	$ 12,782

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Receivables from contracts with customers	$ 47,281	$ 31,799

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use Asset	$ 31,999,000		$ 0
Operating lease liability	32,788,000
Right-of-use asset increase	1,200,000
Lease liability increase	$ 1,200,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use Asset		$ 32,800,000
Operating lease liability		33,600,000
Cumulative impact to retained earnings		$ 0

LEASES - Assets and Liabilities

LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	$ 31,999	$ 0
Right-of-use Liability	32,788
Field equipment
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	28,466
Right-of-use Liability	28,466
Corporate leases
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	2,993
Right-of-use Liability	3,782
Vehicles
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	540
Right-of-use Liability	$ 540

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 2,350
Short-term lease cost	1,822
Variable lease cost	20
Sublease income	(87)
Total lease cost	4,105
Office rent expense	$ 300

LEASES - Weighted Average Infor

LEASES - Weighted Average Information (Details)	Mar. 31, 2019
Leases [Abstract]
Weighted-average lease term (years)	3 years 10 months 17 days
Weighted-average discount rate	4.33%

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 7,276
2020	9,389
2021	8,678
2022	7,254
2023	2,932
Thereafter	39
Total lease payments	35,568
Less: imputed interest	(2,780)
Total lease liability	$ 32,788

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts payable and accrued expenses contain the following:
Accrued drilling and completion costs	$ 27,892	$ 33,602
Accounts payable trade	2,233	11,532
Accrued general and administrative expense	1,725	12,728
Accrued lease operating expense	3,297	2,183
Accrued interest	605	241
Accrued oil and gas hedging	380	0
Accrued production and ad valorem taxes and other	19,889	19,104
Total accounts payable and accrued expenses	$ 56,021	$ 79,390

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2018USD ($)
Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread		3.00%
Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread		2.00%
Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread		4.00%
Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread		3.00%
Revolver
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 750,000,000
Borrowing base	350,000,000	$ 191,700,000
Outstanding under credit facility	65,000,000		$ 50,000,000
Debt Issuance Costs, Net	$ 2,500,000
Maximum senior secured debt to EBITDAX covenant	4	3.50
Minimum current ratio covenant	1	1
Minimum trailing twelve month interest to trailing twelve month EBITDAX coverage covenant		2.50
Revolver | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread	0.00%
Revolver | Minimum | Reference Rate [Member]
Debt Instrument [Line Items]
Basis spread	0.75%
Revolver | Minimum | Eurodollar [Member]
Debt Instrument [Line Items]
Basis spread	1.75%
Revolver | Maximum | Reference Rate [Member]
Debt Instrument [Line Items]
Basis spread	1.75%
Revolver | Maximum | Eurodollar [Member]
Debt Instrument [Line Items]
Basis spread	2.75%
Noncurrent Assets [Member] | Revolver
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 1,800,000
Prepaid Expenses and Other Current Assets [Member] | Revolver
Debt Instrument [Line Items]
Debt Issuance Costs, Net	$ 500,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) $ in Millions	3 Months Ended	12 Months Ended								24 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018bbl	Dec. 31, 2017bbl	Dec. 31, 2018USD ($)
Long-term Purchase Commitment [Line Items]
Minimum compliance term	7 years
Optional extended term	3 years
Crude Oil
Long-term Purchase Commitment [Line Items]
Average minimum purchase commitment, volume required (in bbl) | bbl								10,100	0
Maximum volume requirement | bbl								16,000
Minimum differential fee	$ 127.7
Scenario, Forecast | Crude Oil
Long-term Purchase Commitment [Line Items]
Purchase commitment, volume required annual increase		3.00%	3.00%	3.00%	3.00%	3.00%	41.00%
CDPHE
Long-term Purchase Commitment [Line Items]
COC costs incurred										$ 1.3
Anticipated costs in 2019 through 2022	$ 3
Minimum compliance term	4 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - NGL PURCHASE AGREEMENT (Details) - NGLs sales $ in Thousands	Mar. 31, 2019USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2019	$ 11,026
2020	27,949
2021	28,791
2022	29,485
2023	30,448
2024 and thereafter	0
Total	$ 127,699

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)	Apr. 28, 2017shares
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 1,380	$ 1,008
LTIP
STOCK-BASED COMPENSATION
Common Stock, Capital Shares Reserved for Future Issuance | shares			2,467,430
LTIP | Restricted shares
STOCK-BASED COMPENSATION
Vesting period	3 years
Restricted stock granted (in shares) | shares	0
Stock-based compensation expense	$ 1,100
Unrecognized compensation cost	$ 9,100
Vesting portion of shares	33.30%
LTIP | Performance Shares
STOCK-BASED COMPENSATION
Vesting period	3 years
Restricted stock granted (in shares) | shares	0
LTIP | Employee Stock Option
STOCK-BASED COMPENSATION
Vesting period	3 years
Stock-based compensation expense	$ 200
Granted (shares) | shares	0
Unrecognized compensation cost, options	$ 700
Non-executive Officers | LTIP | Performance Shares
STOCK-BASED COMPENSATION
Stock-based compensation expense	100
Unrecognized compensation cost	$ 1,000
Number of trading days	30 days
Minimum | Non-executive Officers | LTIP | Performance Shares
STOCK-BASED COMPENSATION
Target payout in shares of common stock	0
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	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Restricted shares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	480,835
Granted (in shares) | shares	0
Vested (in shares) | shares	(18,089)
Forfeited (in shares) | shares	(1,073)
Non-vested at end of year (in shares) | shares	461,673
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 30.83
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	33.40
Forfeited (in dollars per share) | $ / shares	28.66
Non-vested at end of year (in dollars per share) | $ / shares	$ 30.73
Performance Shares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	53,689
Granted (in shares) | shares	0
Vested (in shares) | shares	(2,598)
Forfeited (in shares) | shares	0
Non-vested at end of year (in shares) | shares	51,091
Weighted-Average Grant-Date Fair Value
Non-vested at beginning of year (in dollars per share) | $ / shares	$ 29.92
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	29.92
Forfeited (in dollars per share) | $ / shares	0
Non-vested at end of year (in dollars per share) | $ / shares	$ 29.92

STOCK-BASED COMPENSATION - AC_2

STOCK-BASED COMPENSATION - ACTIVITY OF STOCK OPTIONS (Details) - LTIP - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Stock Options
Outstanding at beginning of period (shares)	132,809
Granted (shares)	0
Exercised (shares)	0
Forfeited (shares)	(25,470)
Outstanding at end of period (shares)	107,339	132,809
Number of options outstanding and exercisable (shares)	36,674
Weighted- Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 34.36
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	34.36
Outstanding at end of period (in dollars per share)	34.36	$ 34.36
Number of options outstanding and exercisable (in dollars per share)	$ 34.36
Weighted-Average Remaining Contractual Term (in years)
Weighted Average Remaining Contractual Term (in years)	7 years 11 months 16 days	6 years 8 months 12 days
Weighted-Average Remaining Contractual Life (in years)	7 years 8 months 27 days
Outstanding, Aggregate Intrinsic Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - HIERA

FAIR VALUE MEASUREMENTS - HIERARCHY (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Asset retirement obligations		0
Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets	6,400	38,272
Derivative liabilities	4,889	183
Asset retirement obligations		0
Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Derivative liabilities	$ 0	0
Asset retirement obligations		$ 1,490

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Derivatives measured at fair value
Asset retirement obligations for oil and gas properties	$ 29,378,000	$ 29,405,000
Revolver
Derivatives measured at fair value
Credit facility	65,000,000	50,000,000
Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Asset retirement obligations for oil and gas properties	0	$ 1,500,000
Wattenberg Field | Estimate of Fair Value Measurement
Derivatives measured at fair value
Abandonment and impairment of unproved properties	$ 900,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 29,405
Liabilities settled	(563)
Additions	79
Accretion expense	457
Balance at end of period	$ 29,378
Risk Free Interest Rate | Minimum
Asset Retirement Obligations [Line Items]
Credit-adjusted risk-free rate	0.05
Risk Free Interest Rate | Maximum
Asset Retirement Obligations [Line Items]
Credit-adjusted risk-free rate	0.07

DERIVATIVES - COMMODITY DERIVAT

DERIVATIVES - COMMODITY DERIVATIVE CONTRACTS (Details) - Scenario, Forecast	3 Months Ended
	Dec. 31, 2020$ / bblbbl	Sep. 30, 2020$ / bblbbl	Jun. 30, 2020$ / bblbbl	Mar. 31, 2020MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2019MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2019MMBTU$ / MMBTU$ / bblbbl	Jun. 30, 2019MMBTU$ / MMBTU$ / bblbbl
Crude Oil | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl					4,000	4,000	6,330
Crude Oil | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / bbl			55	55	58.13	58.13	54.51
Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / bbl			62	62	75.54	75.54	68.74
Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl			1,000	3,000	5,000	5,000	3,500
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / bbl				63.48	59.92	59.92	57.84
Natural gas sales | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU							2,505
Natural gas sales | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU							2.75
Natural gas sales | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU							3.22
Natural Gas (CIG) | Swap
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU				2.40	2.13	2.13	2.15
Natural Gas, notional amount (in MMBtu per day) | MMBTU				2,500	22,500	22,500	19,203
Subsequent Event | Crude Oil | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl	2,000	2,000	5,000	5,000	4,000	4,000	6,330
Subsequent Event | Crude Oil | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / bbl	55	55	55	55	58.13	58.13	54.51
Subsequent Event | Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / bbl	63.14	63.14	63.33	62.88	75.54	75.54	68.74
Subsequent Event | Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl				3,000	5,000	5,000	3,500
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / bbl				63.48	59.92	59.92	57.84
Subsequent Event | Natural gas sales | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU							2,505
Subsequent Event | Natural gas sales | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU							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
Subsequent Event | Natural Gas (CIG) | Swap
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU				2.40	2.13	2.13	2.15
Natural Gas, notional amount (in MMBtu per day) | MMBTU				2,500	22,500	22,500	19,203

DERIVATIVES - DERIVATIVE ASSETS

DERIVATIVES - DERIVATIVE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Derivative Assets:
Current assets	$ 6,400	$ 34,408
Noncurrent assets	0	3,864
Derivative Liabilities:
Current liabilities	(4,889)	(183)
Long-term liabilities	0	0
Total derivative assets, net	$ 1,511	$ 38,089

DERIVATIVES - DERIVATIVE LOSS (

DERIVATIVES - DERIVATIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Components of the derivative loss
Total derivative loss	$ (36,544)	$ (8,742)
Commodity derivative
Components of the derivative loss
Derivative cash settlement gain (loss)	936	(4,312)
Change in fair value liability	(37,480)	(4,430)
Total derivative loss	(36,544)	(8,742)
Commodity derivative | Oil contracts
Components of the derivative loss
Derivative cash settlement gain (loss)	2,078	(4,506)
Commodity derivative | Gas contracts
Components of the derivative loss
Derivative cash settlement gain (loss)	$ (1,142)	$ 194

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from EPS calculation (in shares)	173,252	259,924
Net income (loss):
Net income	$ (6,993)	$ 13,870
Basic net income (loss) per common share (in dollars per share)	$ (0.34)	$ 0.68
Diluted net income (loss) per common share (in dollars per share)	$ (0.34)	$ 0.68
Weighted-average shares outstanding - basic (in shares)	20,557,000	20,454,000
Add: dilutive effect of contingent stock awards (in shares)	0	16,000
Weighted-average shares outstanding - diluted (in shares)	20,557,000	20,470,000

INCOME TAXES (Details)

INCOME TAXES (Details)	Mar. 31, 2019USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0