Civitas Resources (CIVI) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
Cover page.
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Address, Address Line One	410 17th Street,
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Incorporation, State or Country Code	DE
Trading Symbol	BCEI
Entity Registrant Name	Bonanza Creek Energy, Inc.
Entity Central Index Key	0001509589
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-35371
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	Q2
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		20,633,837
Entity Tax Identification Number	61-1630631
Entity Address, Postal Zip Code	80202
Security Exchange Name	NYSE
City Area Code	720
Local Phone Number	440-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 9,149	$ 12,916
Accounts receivable:
Oil and gas sales	40,341	31,799
Joint interest and other	23,946	47,577
Prepaid expenses and other	5,336	4,633
Inventory of oilfield equipment	2,946	3,478
Derivative assets (note 10)	11,116	34,408
Total current assets	92,834	134,811
Property and equipment (successful efforts method):
Proved properties	802,452	719,198
Less: accumulated depreciation, depletion and amortization	(86,265)	(52,842)
Total proved properties, net	716,187	666,356
Unproved properties	155,882	154,352
Wells in progress	133,364	93,617
Other property and equipment, net of accumulated depreciation of $2,853 in 2019 and $2,546 in 2018	3,490	3,649
Total property and equipment, net	1,008,923	917,974
Long-term derivative assets (note 10)	1,176	3,864
Right-of-use assets (note 3)	38,623	0
Other noncurrent assets	3,782	4,885
Total assets	1,145,338	1,061,534
Current liabilities:
Accounts payable and accrued expenses (note 4)	45,087	79,390
Oil and gas revenue distribution payable	30,262	19,903
Current portion of lease liability (note 3)	10,593	0
Derivative liability (note 10)	2,066	183
Total current liabilities	88,008	99,476
Long-term liabilities:
Lease liability (note 3)	28,792	0
Ad valorem taxes	34,370	18,740
Asset retirement obligations for oil and gas properties (note 9)	29,162	29,405
Total liabilities	245,332	197,621
Commitments and contingencies (note 6)	0	0
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, 20,632,999 and 20,543,940 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	4,285	4,286
Additional paid-in capital	698,526	696,461
Retained earnings	197,195	163,166
Total stockholders’ equity	900,006	863,913
Total liabilities and stockholders’ equity	$ 1,145,338	$ 1,061,534

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 2,853	$ 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)	20,632,999	20,543,940
Common stock, shares outstanding (in shares)	20,632,999	20,543,940

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating net revenues:
Oil and gas sales	$ 85,783	$ 71,872	$ 158,377	$ 136,064
Operating expenses:
Lease operating expense	6,390	11,316	11,816	21,775
Severance and ad valorem taxes	7,711	6,071	11,959	11,303
Exploration	408	221	505	250
Depreciation, depletion, and amortization	18,898	9,564	34,657	17,072
Abandonment and impairment of unproved properties	878	2,477	1,757	4,979
Unused commitments	0	0	0	21
General and administrative expense (including $1,768, $2,184, $3,148, and $3,192, respectively, of stock-based compensation)	9,803	9,917	20,081	19,451
Total operating expenses	51,128	44,473	94,158	85,709
Income from operations	34,655	27,399	64,219	50,355
Other income (expense):
Derivative gain (loss)	8,173	(22,012)	(28,371)	(30,754)
Interest expense	(385)	(805)	(1,536)	(1,162)
Loss on sale of properties, net	(1,432)	0	(306)	0
Other income	11	277	23	290
Total other income (expense)	6,367	(22,540)	(30,190)	(31,626)
Income from operations before taxes	41,022	4,859	34,029	18,729
Income tax benefit (expense)	0	0	0	0
Net income	41,022	4,859	34,029	18,729
Comprehensive income	$ 41,022	$ 4,859	$ 34,029	$ 18,729
Basic net income per common share (in dollars per share)	$ 1.99	$ 0.24	$ 1.65	$ 0.91
Diluted net income per common share (in dollars per share)	$ 1.99	$ 0.24	$ 1.65	$ 0.91
Basic weighted-average common shares outstanding (in shares)	20,618	20,488	20,588	20,471
Diluted weighted-average common shares outstanding (in shares)	20,664	20,603	20,630	20,538
Gas plant and midstream operating expense
Operating expenses:
Operating expenses	$ 2,709	$ 3,247	$ 5,030	$ 6,860
Gathering, transportation, and processing
Operating expenses:
Operating expenses	$ 4,331	$ 1,660	$ 8,353	$ 3,998

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
General and administrative, stock compensation	$ 1,768	$ 2,184	$ 3,148	$ 3,192

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
Stock used for tax withholdings	0		0
Stock used for tax withholdings (in shares)		(37)
Stock-based compensation	1,008		1,008
Net income	13,870			13,870
Balance at end of period at Mar. 31, 2018	703,212	$ 4,286	690,076	8,850
Shares outstanding, end of period (in shares) at Mar. 31, 2018		20,453,619
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]
Net income	18,729
Balance at end of period at Jun. 30, 2018	710,429	$ 4,286	692,434	13,709
Shares outstanding, end of period (in shares) at Jun. 30, 2018		20,534,799
Balance at beginning of period at Mar. 31, 2018	703,212	$ 4,286	690,076	8,850
Shares outstanding, beginning of period (in shares) at Mar. 31, 2018		20,453,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued	0
Restricted common stock issued (in shares)		78,002
Stock used for tax withholdings	(794)		(794)
Stock used for tax withholdings (in shares)		24,013
Exercise of stock options	968		968
Exercise of stock options (in shares)		27,191
Stock-based compensation	2,184		2,184
Net income	4,859			4,859
Balance at end of period at Jun. 30, 2018	710,429	$ 4,286	692,434	13,709
Shares outstanding, end of period (in shares) at Jun. 30, 2018		20,534,799
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
Stock used for tax withholdings	(153)		(153)
Stock used for tax withholdings (in shares)		6,036
Stock-based compensation	1,380		1,380
Net income	(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
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]
Net income	34,029
Balance at end of period at Jun. 30, 2019	900,006	$ 4,285	698,526	197,195
Shares outstanding, end of period (in shares) at Jun. 30, 2019		20,632,999
Balance at beginning of period at Mar. 31, 2019	858,147	$ 4,286	697,688	156,173
Shares outstanding, beginning of period (in shares) at Mar. 31, 2019		20,558,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued	0
Restricted common stock issued (in shares)		110,553
Stock used for tax withholdings	(931)	$ (1)	(930)
Stock used for tax withholdings (in shares)		(36,145)
Stock-based compensation	1,768		1,768
Net income	41,022			41,022
Balance at end of period at Jun. 30, 2019	$ 900,006	$ 4,285	$ 698,526	$ 197,195
Shares outstanding, end of period (in shares) at Jun. 30, 2019		20,632,999

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Severance and Ad Valorem Tax Refund	$ 352	$ 0
Cash flows from operating activities:
Net income	34,029	18,729
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	34,657	17,072
Abandonment and impairment of unproved properties	1,757	4,979
Well abandonment costs and dry hole expense	62	0
Stock-based compensation	3,148	3,192
Amortization of deferred financing costs	248	0
Derivative loss	28,371	30,754
Derivative cash settlements	393	(11,622)
Loss on sale of properties, net	306	0
Other	(901)	172
Changes in current assets and liabilities:
Accounts receivable	15,089	(20,376)
Prepaid expenses and other assets	(703)	935
Accounts payable and accrued liabilities	(10,833)	(889)
Settlement of asset retirement obligations	(1,175)	(797)
Net cash provided by operating activities	104,448	42,149
Cash flows from investing activities:
Acquisition of oil and gas properties	(11,738)	(1,295)
Exploration and development of oil and gas properties	(111,398)	(91,482)
Proceeds from sale of oil and gas properties	1,153	20
Additions to property and equipment - non oil and gas	(148)	(280)
Net cash used in investing activities	(122,131)	(93,037)
Cash flows from financing activities:
Proceeds from exercise of stock options	0	968
Payment of employee tax withholdings in exchange for the return of common stock	(1,083)	(794)
Net cash provided by financing activities	13,917	60,174
Net change in cash, cash equivalents, and restricted cash	(3,766)	9,286
Cash, cash equivalents, and restricted cash:
Beginning of period	13,002	12,782
End of period	9,236	22,068
Supplemental cash flow disclosure:
Cash paid for interest, net of capitalization	1,190	906
Changes in working capital related to drilling expenditures	(8,763)	1,909
Cash paid for amounts included in the measurement of lease liabilities	4,366	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	$ 60,000

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 and comprehensive income (“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 June 30, 2019 and December 31, 2018 , our receivables from contracts with customers were $40.3 million and $31.8 million , respectively. Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating Revenues: Crude oil sales $ 75,016 $ 60,751 $ 135,806 $ 112,714 Natural gas sales 6,507 $ 4,938 13,964 11,159 Natural gas liquids sales 4,260 6,183 8,607 12,191 Oil and gas sales $ 85,783 $ 71,872 $ 158,377 $ 136,064 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 June 30, 2019 2018 Cash and cash equivalents $ 9,149 $ 21,989 Restricted cash included in other noncurrent assets 87 79 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 9,236 $ 22,068 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 lease 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 the optional transition approach at the date of initial application on January 1, 2019. Please refer to Note 3 - Leases for additional disclosure. In June 2016, the FASB issued Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The update changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. The amended standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted, and shall be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. Historically, the Company's credit losses on oil and natural gas sales receivables and joint interest receivables have not been significant, and the Company does not believe the adoption of this standard will have a material impact on its consolidated financial statements. 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 form of 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 June 30, 2019 , and through the filing date of this report.

LEASES

LEASES	6 Months Ended
	Jun. 30, 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 lease 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 (i) to account for lease and non-lease components in its contracts as a single lease component for all asset classes, (ii) 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 (iii) 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 and six months ended June 30, 2019 , the Company incurred $8.9 million and $10.1 million , respectively, in new right-of-use assets and lease liabilities. The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet at $38.6 million and $39.4 million as of June 30, 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 Lease Liability Field equipment (1) $ 34,712 $ 34,712 Corporate leases 2,987 3,749 Vehicles 924 924 Total $ 38,623 $ 39,385 ____________________________ (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 proved properties, other 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 and six months ended June 30, 2019 (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) $ 2,686 $ 5,036 Short-term lease cost 2,000 3,822 Variable lease cost (2) 109 129 Sublease income (3) (87 ) (174 ) Total lease cost $ 4,708 $ 8,813 ____________________________ (1) Includes office rent expense of $0.3 million and $0.5 million for the three and six months ended June 30, 2019 , respectively. (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 and six months ended June 30, 2019 are as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Weighted-average lease term (years) 3.8 3.8 Weighted-average discount rate 4.33 % 4.33 % Minimum future commitments by year for the Company's long-term operating leases as of June 30, 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 $ 6,081 2020 11,831 2021 10,659 2022 8,911 2023 4,477 Thereafter 690 Total lease payments 42,649 Less: imputed interest (3,264 ) Total lease liability $ 39,385 Future minimum lease payments related to the Company’s operating leases as of December 31, 2018 are presented below (in thousands): Amount 2019 $ 1,256 2020 1,351 2021 1,401 2022 234 2023 — 2024 and thereafter — Total $ 4,242

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 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 June 30, 2019 As of December 31, 2018 Accrued drilling and completion costs $ 24,839 $ 33,602 Accounts payable trade 6,593 11,532 Accrued general and administrative expense 2,726 12,728 Accrued lease operating expense 2,700 2,183 Accrued interest 587 241 Accrued oil and gas hedging 45 — Accrued production and ad valorem taxes and other 7,597 19,104 Total accounts payable and accrued expenses $ 45,087 $ 79,390

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 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 , an initial borrowing base of $350.0 million , and matures on December 7, 2023. The Current Credit Facility borrowing base is redetermined on a semi-annual basis, with the most recent being concluded on May 16, 2019 resulting in an increase in the borrowing base to $375.0 million ; however, the Company chose to hold the aggregate elected commitments at $350.0 million . The next scheduled redetermination is set to occur in November 2019. 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, or (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 Company's Current Credit Facility approximates fair value as the applicable interest rates are floating. 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 June 30, 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 June 30, 2019 and December 31, 2018 , respectively. As of the date of filing, the Company had $80.0 million outstanding on its Current Credit Facility. In connection with the Current Credit Facility, the Company capitalized a total of $2.5 million in deferred financing costs, of which $1.7 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 June 30, 2019 and December 31, 2018, respectively. 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 had to be 1.00 to 1.00 , and the minimum interest coverage ratio of trailing twelve-month EBITDAX to trailing twelve-month interest expense had to 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	6 Months Ended
	Jun. 30, 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 GAAP, 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 $1.6 million from 2017 through June 30, 2019 and expects to incur an immaterial amount of maintenance during the remainder of 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 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 $88.5 million as of June 30, 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 June 30, 2019 are presented below (in thousands): NGL Gross Commitments(1) 2019 $ 10,043 2020 22,487 2021 21,278 2022 21,790 2023 12,946 2024 and thereafter — Total $ 88,544 _______________________________ (1) The above calculation is based on the minimum gross volume commitment schedule (as defined in the NGL agreement) and applicable differential fees. Since the commencement of the NGL agreement and through the remainder of term of the agreement, the Company has not and does not expect to incur any deficiency payments. 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

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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. During the six months ended June 30, 2019 , the Company granted 251,000 RSUs with a fair value of $5.7 million . Total compensation expense recorded for RSUs, inclusive of grants to the members of the Board, for the three and six months ended June 30, 2019 was $1.3 million and $2.4 million , respectively. As of June 30, 2019 , unrecognized compensation expense for RSUs was $13.4 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 251,000 $ 22.76 Vested (128,642 ) $ 23.50 Forfeited (5,090 ) $ 33.22 Non-vested at end of quarter 598,103 $ 26.99 Cash flows resulting from excess tax benefits are to be classified as part of cash flows from operating 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. During the six months ended June 30, 2019 , the Company granted 102,379 PSUs to certain officers with a fair value of $2.3 million . Total compensation expense recorded for PSUs for the three and six months ended June 30, 2019 was $0.3 million and $0.4 million , respectively. As of June 30, 2019 , unrecognized compensation costs for PSUs was $3.0 million and will be amortized through 2021 . 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 (1) 53,689 $ 29.92 Granted (1) 102,379 $ 22.15 Vested (1) (2,598 ) $ 23.55 Forfeited (1) — $ — Non-vested at end of quarter (1) 153,470 $ 24.74 ___________________________ (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 six months ended June 30, 2019 . Total expense recorded for stock options for the three and six months ended June 30, 2019 was $0.1 million and $0.3 million , respectively. As of June 30, 2019 , unrecognized compensation cost for stock options was $0.5 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 (27,018 ) $ 34.36 — $ — Outstanding at end of quarter 105,791 $ 34.36 7.8 $ — Number of options outstanding and exercisable 70,524 $ 34.36 7.8 $ —

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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. 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 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 June 30, 2019 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 12,292 $ — Derivative liabilities (1) $ — $ 2,066 $ — 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. 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, the Company records an asset retirement obligation at fair value using Level 3 assumptions. Given the unobservable nature of the inputs, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. There were no asset retirement obligations measured at fair value as of June 30, 2019 . The Company had $1.5 million of asset retirement obligations recorded at fair value as of December 31, 2018 .

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 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): Amount Beginning balance as of December 31, 2018 $ 29,405 Liabilities settled (1,145 ) Additions 79 Accretion expense 823 Ending balance as of June 30, 2019 $ 29,162

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 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, puts, 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 put gives the owner the right to sell the underlying commodity at a set price over the term of the contract. If the index settlement price is higher than the put fixed price, the put will expire worthless. If the settlement price is lower than the put fixed price, the Company will exercise the put and receive the difference between the settlement price and the put fixed price. 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 June 30, 2019 , the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu 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 — — 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. Basis Differential to CIG Price per MMBtu MMBtu/day Weighted Avg. Price per MMBtu 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 5,000 $0.60 2,500 $2.40 2Q20 Cashless Collar 6,000 $55.00/$62.45 — — — — Swap — — 5,000 $0.60 — — 3Q20 Cashless Collar 3,000 $55.00/$61.42 — — — — Swap — — 5,000 $0.60 — — 4Q20 Cashless Collar 3,000 $55.00/$61.42 — — — — Swap — — 5,000 $0.60 — — 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 June 30, 2019 As of December 31, 2018 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 11,116 $ 34,408 Commodity contracts Noncurrent assets 1,176 3,864 Derivative Liabilities: Commodity contracts Current liabilities (2,066 ) (183 ) Commodity contracts Long-term liabilities — — Total derivative assets, net $ 10,226 $ 38,089 The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended June 30, Six months ended June 30, 2019 2018 2019 2018 Derivative cash settlement gain (loss): Oil contracts $ (984 ) $ (7,319 ) $ 1,094 $ (11,825 ) Gas contracts 441 9 (701 ) 203 Total derivative cash settlement gain (loss) (1) $ (543 ) $ (7,310 ) $ 393 $ (11,622 ) Change in fair value liability 8,716 (14,702 ) (28,764 ) (19,132 ) Total derivative gain (loss) (1) $ 8,173 $ (22,012 ) $ (28,371 ) $ (30,754 ) _______________________________ (1) Total derivative gain (loss) and total derivative cash settlement gain (loss) for the three and six months ended June 30, 2019 and 2018

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 41,022 $ 4,859 $ 34,029 $ 18,729 Basic net income per common share $ 1.99 $ 0.24 $ 1.65 $ 0.91 Diluted net income per common share $ 1.99 $ 0.24 $ 1.65 $ 0.91 Weighted-average shares outstanding - basic 20,618 20,488 20,588 20,471 Add: dilutive effect of unvested stock awards 46 115 42 67 Weighted-average shares outstanding - diluted 20,664 20,603 20,630 20,538 There were 329,755 and 181,762 shares that were anti-dilutive for the three months ended June 30, 2019 and 2018 , respectively, and 160,770 and 196,435 shares that were anti-dilutive for the six months ended June 30, 2019 and 2018 , respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 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 and comprehensive income (“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.
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 lease 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 the optional transition approach at the date of initial application on January 1, 2019. Please refer to Note 3 - Leases for additional disclosure. In June 2016, the FASB issued Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The update changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. The amended standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted, and shall be applied using a modified retrospective approach resulting in a cumulative effect adjustment to retained earnings upon adoption. Historically, the Company's credit losses on oil and natural gas sales receivables and joint interest receivables have not been significant, and the Company does not believe the adoption of this standard will have a material impact on its consolidated financial statements. 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 form of 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 June 30, 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. 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

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Disaggregation of Revenue	Revenue attributable to each of our identified revenue streams is disaggregated below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Operating Revenues: Crude oil sales $ 75,016 $ 60,751 $ 135,806 $ 112,714 Natural gas sales 6,507 $ 4,938 13,964 11,159 Natural gas liquids sales 4,260 6,183 8,607 12,191 Oil and gas sales $ 85,783 $ 71,872 $ 158,377 $ 136,064
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 June 30, 2019 2018 Cash and cash equivalents $ 9,149 $ 21,989 Restricted cash included in other noncurrent assets 87 79 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 9,236 $ 22,068
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 June 30, 2019 2018 Cash and cash equivalents $ 9,149 $ 21,989 Restricted cash included in other noncurrent assets 87 79 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 9,236 $ 22,068

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Balance Sheet Information	The Company's weighted-average lease term and discount rate used during the three and six months ended June 30, 2019 are as follows: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Weighted-average lease term (years) 3.8 3.8 Weighted-average discount rate 4.33 % 4.33 % Right-of-use Asset Lease Liability Field equipment (1) $ 34,712 $ 34,712 Corporate leases 2,987 3,749 Vehicles 924 924 Total $ 38,623 $ 39,385 ____________________________ (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 and six months ended June 30, 2019 (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) $ 2,686 $ 5,036 Short-term lease cost 2,000 3,822 Variable lease cost (2) 109 129 Sublease income (3) (87 ) (174 ) Total lease cost $ 4,708 $ 8,813 ____________________________ (1) Includes office rent expense of $0.3 million and $0.5 million for the three and six months ended June 30, 2019 , respectively. (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 June 30, 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 $ 6,081 2020 11,831 2021 10,659 2022 8,911 2023 4,477 Thereafter 690 Total lease payments 42,649 Less: imputed interest (3,264 ) Total lease liability $ 39,385
Future Minimum Rental Payments	Future minimum lease payments related to the Company’s operating leases as of December 31, 2018 are presented below (in thousands): Amount 2019 $ 1,256 2020 1,351 2021 1,401 2022 234 2023 — 2024 and thereafter — Total $ 4,242

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2019
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses contain the following (in thousands): As of June 30, 2019 As of December 31, 2018 Accrued drilling and completion costs $ 24,839 $ 33,602 Accounts payable trade 6,593 11,532 Accrued general and administrative expense 2,726 12,728 Accrued lease operating expense 2,700 2,183 Accrued interest 587 241 Accrued oil and gas hedging 45 — Accrued production and ad valorem taxes and other 7,597 19,104 Total accounts payable and accrued expenses $ 45,087 $ 79,390

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 are presented below (in thousands): NGL Gross Commitments(1) 2019 $ 10,043 2020 22,487 2021 21,278 2022 21,790 2023 12,946 2024 and thereafter — Total $ 88,544 _______________________________ (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)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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 251,000 $ 22.76 Vested (128,642 ) $ 23.50 Forfeited (5,090 ) $ 33.22 Non-vested at end of quarter 598,103 $ 26.99
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 (1) 53,689 $ 29.92 Granted (1) 102,379 $ 22.15 Vested (1) (2,598 ) $ 23.55 Forfeited (1) — $ — Non-vested at end of quarter (1) 153,470 $ 24.74 ___________________________ (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 (27,018 ) $ 34.36 — $ — Outstanding at end of quarter 105,791 $ 34.36 7.8 $ — Number of options outstanding and exercisable 70,524 $ 34.36 7.8 $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 Level 1 Level 2 Level 3 Derivative assets (1) $ — $ 12,292 $ — Derivative liabilities (1) $ — $ 2,066 $ — 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)	6 Months Ended
	Jun. 30, 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): Amount Beginning balance as of December 31, 2018 $ 29,405 Liabilities settled (1,145 ) Additions 79 Accretion expense 823 Ending balance as of June 30, 2019 $ 29,162

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of commodity derivative contracts	As of June 30, 2019 , the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu 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 — — 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. Basis Differential to CIG Price per MMBtu MMBtu/day Weighted Avg. Price per MMBtu 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 5,000 $0.60 2,500 $2.40 2Q20 Cashless Collar 6,000 $55.00/$62.45 — — — — Swap — — 5,000 $0.60 — — 3Q20 Cashless Collar 3,000 $55.00/$61.42 — — — — Swap — — 5,000 $0.60 — — 4Q20 Cashless Collar 3,000 $55.00/$61.42 — — — — Swap — — 5,000 $0.60 — —
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 June 30, 2019 As of December 31, 2018 Balance Sheet Location Fair Value Fair Value Derivative Assets: Commodity contracts Current assets $ 11,116 $ 34,408 Commodity contracts Noncurrent assets 1,176 3,864 Derivative Liabilities: Commodity contracts Current liabilities (2,066 ) (183 ) Commodity contracts Long-term liabilities — — Total derivative assets, net $ 10,226 $ 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 gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended June 30, Six months ended June 30, 2019 2018 2019 2018 Derivative cash settlement gain (loss): Oil contracts $ (984 ) $ (7,319 ) $ 1,094 $ (11,825 ) Gas contracts 441 9 (701 ) 203 Total derivative cash settlement gain (loss) (1) $ (543 ) $ (7,310 ) $ 393 $ (11,622 ) Change in fair value liability 8,716 (14,702 ) (28,764 ) (19,132 ) Total derivative gain (loss) (1) $ 8,173 $ (22,012 ) $ (28,371 ) $ (30,754 ) _______________________________ (1) Total derivative gain (loss) and total derivative cash settlement gain (loss) for the three and six months ended June 30, 2019 and 2018

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of calculation of earnings per basic and diluted shares	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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net income $ 41,022 $ 4,859 $ 34,029 $ 18,729 Basic net income per common share $ 1.99 $ 0.24 $ 1.65 $ 0.91 Diluted net income per common share $ 1.99 $ 0.24 $ 1.65 $ 0.91 Weighted-average shares outstanding - basic 20,618 20,488 20,588 20,471 Add: dilutive effect of unvested stock awards 46 115 42 67 Weighted-average shares outstanding - diluted 20,664 20,603 20,630 20,538

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Receivables from contracts with customers	$ 40,341	$ 31,799

BASIS OF PRESENTATION - Disaggr

BASIS OF PRESENTATION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 85,783	$ 71,872	$ 158,377	$ 136,064
Oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	75,016	60,751	135,806	112,714
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	6,507	4,938	13,964	11,159
NGLs sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 4,260	$ 6,183	$ 8,607	$ 12,191

BASIS OF PRESENTATION - Restric

BASIS OF PRESENTATION - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,149	$ 12,916	$ 21,989
Restricted cash included in other noncurrent assets	87		79
Total cash, cash equivalents and restricted cash as shown in the statements of cash flows	$ 9,236	$ 13,002	$ 22,068	$ 12,782

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use Asset	$ 38,623,000	$ 38,623,000		$ 0
Operating lease liability	39,385,000	39,385,000
Right-of-use asset increase	8,900,000	10,100,000
Lease liability increase	$ 8,900,000	$ 10,100,000
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	Jun. 30, 2019	Dec. 31, 2018
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	$ 38,623	$ 0
Lease Liability	39,385
Field equipment
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	34,712
Lease Liability	34,712
Corporate leases
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	2,987
Lease Liability	3,749
Vehicles
Property Subject to or Available for Operating Lease [Line Items]
Right-of-use Asset	924
Lease Liability	$ 924

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 2,686	$ 5,036
Short-term lease cost	2,000	3,822
Variable lease cost	109	129
Sublease income	(87)	(174)
Total lease cost	4,708	8,813
Office rent expense	$ 300	$ 500

LEASES - Weighted Average Infor

LEASES - Weighted Average Information (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted-average lease term (years)	3 years 9 months 18 days
Weighted-average discount rate	4.33%

LEASES - Lease Maturities (Deta

LEASES - Lease Maturities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Remainder of 2019	$ 6,081
2020	11,831
2021	10,659
2022	8,911
2023	4,477
Thereafter	690
Total lease payments	42,649
Less: imputed interest	(3,264)
Total lease liability	$ 39,385

LEASES - Operating Lease Maturi

LEASES - Operating Lease Maturities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 1,256
2020	1,351
2021	1,401
2022	234
2023	0
2024 and thereafter	0
Total	$ 4,242

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts payable and accrued expenses contain the following:
Accrued drilling and completion costs	$ 24,839	$ 33,602
Accounts payable trade	6,593	11,532
Accrued general and administrative expense	2,726	12,728
Accrued lease operating expense	2,700	2,183
Accrued interest	587	241
Accrued oil and gas hedging	45	0
Accrued production and ad valorem taxes and other	7,597	19,104
Total accounts payable and accrued expenses	$ 45,087	$ 79,390

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2017USD ($)	Aug. 07, 2019USD ($)	May 23, 2019USD ($)	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]
Maximum borrowing capacity	$ 750,000,000
Borrowing base	$ 350,000,000	$ 191,700,000		$ 375,000,000
Maximum senior secured debt to EBITDAX covenant	4	3.50
Minimum current ratio covenant	1	1
Credit facility	$ 65,000,000				$ 50,000,000
Deferred financing costs	$ 2,500,000
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%
Prepaid Expenses and Other Current Assets | Revolver
Debt Instrument [Line Items]
Deferred financing costs	$ 1,700,000				$ 500,000
Subsequent Event | Revolver
Debt Instrument [Line Items]
Credit facility			$ 80,000,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) $ in Millions	6 Months Ended	12 Months Ended								30 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018bbl	Dec. 31, 2017bbl	Jun. 30, 2019USD ($)
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 | $	$ 88.5									$ 88.5
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 | $										$ 1.6
Minimum compliance term	4 years

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - NGL PURCHASE AGREEMENT (Details) - NGLs sales $ in Thousands	Jun. 30, 2019USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2019	$ 10,043
2020	22,487
2021	21,278
2022	21,790
2023	12,946
2024 and thereafter	0
Total	$ 88,544

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 28, 2017
STOCK-BASED COMPENSATION
Stock-based compensation expense	$ 1,768	$ 2,184	$ 3,148	$ 3,192
LTIP
STOCK-BASED COMPENSATION
Shares reserved for future issuance (in shares)					2,467,430
LTIP | Restricted shares
STOCK-BASED COMPENSATION
Vesting period			3 years
Restricted stock granted (in shares)			251,000
Fair value of shares granted			$ 5,700
Stock-based compensation expense	1,300		2,400
Unrecognized compensation cost	13,400		$ 13,400
Vesting portion of shares			33.30%
LTIP | Performance Shares
STOCK-BASED COMPENSATION
Vesting period			3 years
Restricted stock granted (in shares)			102,379
Fair value of shares granted			$ 2,300
Stock-based compensation expense	300		400
Unrecognized compensation cost	3,000		$ 3,000
LTIP | Employee Stock Option
STOCK-BASED COMPENSATION
Vesting period			3 years
Stock-based compensation expense	100		$ 300
Granted (shares)			0
Unrecognized compensation cost, options	$ 500		$ 500
Non-executive Officers | LTIP | Performance Shares
STOCK-BASED COMPENSATION
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	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Restricted shares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	480,835
Granted (in shares) | shares	251,000
Vested (in shares) | shares	(128,642)
Forfeited (in shares) | shares	(5,090)
Non-vested at end of year (in shares) | shares	598,103
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	22.76
Vested (in dollars per share) | $ / shares	23.50
Forfeited (in dollars per share) | $ / shares	33.22
Non-vested at end of year (in dollars per share) | $ / shares	$ 26.99
Performance Shares
Restricted Stock
Non-vested at beginning of year (in shares) | shares	53,689
Granted (in shares) | shares	102,379
Vested (in shares) | shares	(2,598)
Forfeited (in shares) | shares	0
Non-vested at end of year (in shares) | shares	153,470
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	22.15
Vested (in dollars per share) | $ / shares	23.55
Forfeited (in dollars per share) | $ / shares	0
Non-vested at end of year (in dollars per share) | $ / shares	$ 24.74

STOCK-BASED COMPENSATION - AC_2

STOCK-BASED COMPENSATION - ACTIVITY OF STOCK OPTIONS (Details) - LTIP - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Stock Options
Outstanding at beginning of period (shares)	132,809
Granted (shares)	0
Exercised (shares)	0
Forfeited (shares)	(27,018)
Outstanding at end of period (shares)	105,791	132,809
Number of options outstanding and exercisable (shares)	70,524
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 9 months 18 days	6 years 8 months 12 days
Weighted-Average Remaining Contractual Life (in years)	7 years 9 months 18 days
Outstanding, Aggregate Intrinsic Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - HIERA

FAIR VALUE MEASUREMENTS - HIERARCHY (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Jun. 30, 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	12,292	38,272
Derivative liabilities	2,066	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 ($)	Jun. 30, 2019	Dec. 31, 2018
Derivatives measured at fair value
Asset retirement obligations for oil and gas properties	$ 29,162,000	$ 29,405,000
Estimate of Fair Value Measurement | Level 3
Derivatives measured at fair value
Asset retirement obligations for oil and gas properties	$ 0	$ 1,500,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 29,405
Liabilities settled	(1,145)
Additions	79
Accretion expense	823
Balance at end of period	$ 29,162
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, 2020MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2020MMBTU$ / MMBTU$ / bblbbl	Jun. 30, 2020MMBTU$ / MMBTU$ / bblbbl	Mar. 31, 2020MMBTU$ / MMBTU$ / bblbbl	Dec. 31, 2019MMBTU$ / MMBTU$ / bblbbl	Sep. 30, 2019MMBTU$ / MMBTU$ / bblbbl
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
Crude Oil | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	55	55	55	55	58.13	58.13
Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	63.14	63.14	63.33	62.88	75.54	75.54
Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl				3,000	5,000	5,000
Weighted Average Price (in dollars per barrel and MMBtu, respectively)				63.48	59.92	59.92
Natural Gas (CIG) | Swap
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU				2.40	2.13	2.13
Natural Gas, notional amount (in MMBtu per day) | MMBTU				2,500	22,500	22,500
Subsequent Event | Crude Oil | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl	3,000	3,000	6,000	5,000	4,000	4,000
Subsequent Event | Crude Oil | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	55	55	55	55	58.13	58.13
Subsequent Event | Crude Oil | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively)	61.42	61.42	62.45	62.88	75.54	75.54
Subsequent Event | Crude Oil | Swap
Derivative [Line Items]
Crude Oil, notional amount (in barrels per day) | bbl				3,000	5,000	5,000
Weighted Average Price (in dollars per barrel and MMBtu, respectively)				63.48	59.92	59.92
Subsequent Event | Natural Gas (CIG Basis) | Swap
Derivative [Line Items]
Weighted Average Price (in dollars per barrel and MMBtu, respectively) | $ / MMBTU	0.60	0.60	0.60	0.60
Natural Gas, notional amount (in MMBtu per day) | MMBTU	5,000	5,000	5,000	5,000
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
Natural Gas, notional amount (in MMBtu per day) | MMBTU				2,500	22,500	22,500

DERIVATIVES - DERIVATIVE ASSETS

DERIVATIVES - DERIVATIVE ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative Assets:
Current assets	$ 11,116	$ 34,408
Noncurrent assets	1,176	3,864
Derivative Liabilities:
Current liabilities	(2,066)	(183)
Long-term liabilities	0	0
Total derivative assets, net	$ 10,226	$ 38,089

DERIVATIVES - DERIVATIVE LOSS (

DERIVATIVES - DERIVATIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Components of the derivative loss
Total derivative gain (loss)	$ 8,173	$ (22,012)	$ (28,371)	$ (30,754)
Commodity derivative
Components of the derivative loss
Derivative cash settlement gain (loss)	(543)	(7,310)	393	(11,622)
Change in fair value liability	8,716	(14,702)	(28,764)	(19,132)
Total derivative gain (loss)	8,173	(22,012)	(28,371)	(30,754)
Commodity derivative | Oil contracts
Components of the derivative loss
Derivative cash settlement gain (loss)	(984)	(7,319)	1,094	(11,825)
Commodity derivative | Gas contracts
Components of the derivative loss
Derivative cash settlement gain (loss)	$ 441	$ 9	$ (701)	$ 203

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Antidilutive securities excluded from EPS calculation (in shares)	329,755		181,762		160,770	196,435
Net income (loss):
Net income	$ 41,022	$ (6,993)	$ 4,859	$ 13,870	$ 34,029	$ 18,729
Basic net income per common share (in dollars per share)	$ 1.99		$ 0.24		$ 1.65	$ 0.91
Diluted net income per common share (in dollars per share)	$ 1.99		$ 0.24		$ 1.65	$ 0.91
Weighted-average shares outstanding - basic (in shares)	20,618,000		20,488,000		20,588,000	20,471,000
Add: dilutive effect of contingent stock awards (in shares)	46,000		115,000		42,000	67,000
Weighted-average shares outstanding - diluted (in shares)	20,664,000		20,603,000		20,630,000	20,538,000

INCOME TAXES (Details)

INCOME TAXES (Details)	Jun. 30, 2019USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0