Amplify Energy (AMPY) 10-Q 5 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 01, 2019
Document and Entity Information
Entity Registrant Name	Midstates Petroleum Company, Inc.
Entity Central Index Key	0001533924
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		20,415,005
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 4,797	$ 11,341
Accounts receivable:
Oil and gas sales	11,920	22,165
Joint interest billing	2,099	2,474
Other	340	1,374
Commodity derivative contracts	1,659	6,940
Other current assets	1,909	1,684
Total current assets	22,724	45,978
Oil and gas properties, on the basis of full-cost accounting
Proved properties	827,638	809,272
Unproved properties not being amortized	1,912	4,050
Other property and equipment	6,280	6,345
Less accumulated depreciation, depletion, amortization and impairment	(331,904)	(266,198)
Net property and equipment	503,926	553,469
OTHER NONCURRENT ASSETS:
Commodity derivative contracts	108	791
Right-of-use lease assets	4,437
Other noncurrent assets	5,435	5,257
Total other noncurrent assets	9,980	6,048
TOTAL	536,630	605,495
CURRENT LIABILITIES:
Accounts payable	4,061	6,511
Accrued liabilities	20,649	25,521
Commodity derivative contracts	329
Lease liabilities	1,180
Total current liabilities	26,219	32,032
LONG-TERM LIABILITIES:
Asset retirement obligations	8,404	8,087
Commodity derivative contracts		80
Long-term debt	60,559	23,059
Long-term lease liabilities	3,887
Other long-term liabilities		560
Total long-term liabilities	72,850	31,786
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued or outstanding at June 30, 2019 and December 31, 2018
Warrants, 6,979,609 and 6,625,554 warrants outstanding at June 30, 2019 and December 31, 2018	37,329	37,329
Common stock, $0.01 par value, 250,000,000 shares authorized; 20,620,866 shares issued and 20,415,005 shares outstanding at June 30, 2019; 25,520,170 shares issued and 25,345,981 shares outstanding at December 31, 2018	206	255
Treasury stock	(2,723)	(2,455)
Additional paid-in-capital	482,867	531,911
Retained deficit	(80,118)	(25,363)
Total stockholders' equity	437,561	541,677
TOTAL	$ 536,630	$ 605,495

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Warrants outstanding	6,979,609	6,625,554
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common Stock, shares issued (in shares)	20,620,866	25,520,170
Common stock, shares outstanding	20,415,005	25,345,981

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES:
Gains (losses) on commodity derivative contracts-net	$ 2,541,000	$ (11,348,000)	$ (5,191,000)	$ (15,287,000)
Total revenues	25,781,000	42,324,000	47,890,000	91,229,000
EXPENSES:
Lease operating and workover	9,911,000	16,952,000	18,901,000	31,760,000
Gathering and transportation	63,000	67,000	82,000	124,000
Severance and other taxes	1,572,000	2,776,000	3,505,000	5,638,000
Asset retirement accretion	160,000	250,000	317,000	547,000
Depreciation, depletion, and amortization	10,873,000	16,484,000	22,667,000	31,697,000
Impairment in carrying value of oil and gas properties	33,557,000		43,210,000
General and administrative	5,238,000	5,190,000	11,676,000	15,047,000
Advisory fees		850,000		850,000
Total expenses	61,374,000	42,569,000	100,358,000	85,663,000
OPERATING INCOME (LOSS)	(35,593,000)	(245,000)	(52,468,000)	5,566,000
OTHER EXPENSE:
Interest income	4,000	5,000	9,000	24,000
Interest expense-net of amounts capitalized	(1,359,000)	(1,302,000)	(2,296,000)	(3,129,000)
Total other expense	(1,355,000)	(1,297,000)	(2,287,000)	(3,105,000)
INCOME (LOSS) BEFORE TAXES	(36,948,000)	(1,542,000)	(54,755,000)	2,461,000
Income tax expense			0
NET INCOME (LOSS)	(36,948,000)	(1,542,000)	(54,755,000)	2,461,000
Participating securities-non-vested restricted stock				(68,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (36,948,000)	$ (1,542,000)	$ (54,755,000)	$ 2,393,000
Basic and diluted net income (loss) per share attributable to common shareholders	$ (1.80)	$ (0.06)	$ (2.53)	$ 0.09
Basic and diluted weighted average number of common shares outstanding (Note 13)	20,512	25,332	21,668	25,316
Revenue from contracts with customers
REVENUES:
Total revenues	$ 23,240,000	$ 53,672,000	$ 53,081,000	$ 106,516,000
Oil
REVENUES:
Total revenues	14,554,000	34,202,000	30,881,000	66,616,000
Natural gas liquid
REVENUES:
Total revenues	4,976,000	11,893,000	11,192,000	22,931,000
Natural gas
REVENUES:
Total revenues	3,168,000	6,782,000	9,778,000	15,119,000
Other
REVENUES:
Total revenues	$ 542,000	$ 795,000	$ 1,230,000	$ 1,850,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Warrants	Treasury Stock	Additional Paid-in-Capital	Retained Deficit	Total
Balance at Dec. 31, 2017	$ 253	$ 37,329	$ (1,603)	$ 524,755	$ (75,147)	$ 485,587
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1			2,795		2,796
Acquisition of treasury stock			(459)			(459)
Net income (loss)					4,003	4,003
Balance at Mar. 31, 2018	254	37,329	(2,062)	527,550	(71,144)	491,927
Balance at Dec. 31, 2017	253	37,329	(1,603)	524,755	(75,147)	485,587
Increase (Decrease) in Stockholders' Equity
Net income (loss)						2,461
Balance at Jun. 30, 2018	254	37,329	(2,081)	529,175	(72,686)	491,991
Balance at Mar. 31, 2018	254	37,329	(2,062)	527,550	(71,144)	491,927
Increase (Decrease) in Stockholders' Equity
Share-based compensation				1,625		1,625
Acquisition of treasury stock			(19)			(19)
Net income (loss)					(1,542)	(1,542)
Balance at Jun. 30, 2018	254	37,329	(2,081)	529,175	(72,686)	491,991
Balance at Dec. 31, 2018	255	37,329	(2,455)	531,911	(25,363)	541,677
Increase (Decrease) in Stockholders' Equity
Share-based compensation	1			(60)		(59)
Acquisition of treasury stock			(50,262)			(50,262)
Net income (loss)					(17,807)	(17,807)
Retirement of treasury stock	(50)		50,000	(49,950)
Balance at Mar. 31, 2019	206	37,329	(2,717)	481,901	(43,170)	473,549
Balance at Dec. 31, 2018	255	37,329	(2,455)	531,911	(25,363)	541,677
Increase (Decrease) in Stockholders' Equity
Net income (loss)						(54,755)
Balance at Jun. 30, 2019	206	37,329	(2,723)	482,867	(80,118)	437,561
Balance at Mar. 31, 2019	206	37,329	(2,717)	481,901	(43,170)	473,549
Increase (Decrease) in Stockholders' Equity
Share-based compensation				966		966
Acquisition of treasury stock			(6)			(6)
Net income (loss)					(36,948)	(36,948)
Balance at Jun. 30, 2019	$ 206	$ 37,329	$ (2,723)	$ 482,867	$ (80,118)	$ 437,561

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$ (54,755)	$ 2,461
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Losses on commodity derivative contracts-net	$ (2,541)	$ 11,348	5,191	15,287
Net cash received (paid) for commodity derivative contracts not designated as hedging instruments	253	(3,518)	1,022	(3,677)
Asset retirement accretion	160	250	317	547
Depreciation, depletion, and amortization	10,873	16,484	22,667	31,697
Impairment in carrying value of oil and gas properties	33,557		43,210
Share-based compensation, net of amounts capitalized to oil and gas properties			1,880	3,425
Amortization of deferred financing costs			348	216
Change in operating assets and liabilities:
Accounts receivable - oil and gas sales			7,670	1,437
Accounts receivable - JIB and other			1,834	(1,713)
Other current and noncurrent assets			(750)	(754)
Accounts payable			1,487	2,301
Accrued liabilities			(4,803)	(1,921)
Other				(14)
Net cash provided by operating activities			25,318	49,292
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment			(19,094)	(65,843)
Proceeds from the sale of oil and gas properties				54,432
Proceeds from the sale of oil and gas equipment				355
Net cash used in investing activities			(19,094)	(11,056)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of revolving credit facility			(3,000)	(100,000)
Proceeds from revolving credit facility			40,500
Repurchase of restricted stock for tax withholdings			(268)	(478)
Common stock repurchased and retired			(50,000)
Net cash used in financing activities			(12,768)	(100,478)
NET DECREASE IN CASH AND CASH EQUIVALENTS			(6,544)	(62,242)
Cash and cash equivalents, beginning of period			11,341	68,498	$ 68,498
Cash and cash equivalents, end of period	$ 4,797	$ 6,256	4,797	6,256	$ 11,341
SUPPLEMENTAL INFORMATION:
Non-cash transactions - investments in property and equipment accrued - not paid			4,712	23,219
Cash paid for interest, net of capitalized interest of $0.1 million and $0.2 million, respectively			1,885	$ 3,010
Right-of-use assets obtained in exchange for operating lease liabilities			$ 4,857

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Capitalized interest	$ 0.1	$ 0.2

Organization and Business

Organization and Business	6 Months Ended
	Jun. 30, 2019
Organization and Business
Organization and Business	1. Organization and Business Midstates Petroleum Company, Inc. engages in the business of exploring and drilling for, and the production of, oil, natural gas liquids (“NGLs”) and natural gas. Midstates Petroleum Company, Inc. was incorporated pursuant to the laws of the State of Delaware on October 25, 2011 to become a holding company for Midstates Petroleum Company LLC (“Midstates Sub”). The terms “Company,” “we,” “us,” “our,” and similar terms refer to Midstates Petroleum Company, Inc. and its subsidiary. The Company currently conducts oil and gas operations and owns and operates oil and natural gas properties in Oklahoma. The Company operates nearly all of its oil and natural gas properties. The Company’s management evaluates performance based on one reportable segment as all of its operations are located in the United States and, therefore, it maintains one cost center.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, these financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“US GAAP”) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 14, 2019. All intercompany transactions have been eliminated in consolidation. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying unaudited interim condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the unaudited interim condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Definitive Merger Agreement On May 6, 2019, the Company entered into a definitive merger agreement (“Merger Agreement”) pursuant to which Amplify Energy Corp. (“Amplify”) will merge with a subsidiary of the Company in an all-stock merger-of-equals. Under the terms of the Merger Agreement, Amplify stockholders will receive 0.933 shares of newly issued Company common stock for each Amplify share of common stock. The merger is expected to close on August 6, 2019, at which time Amplify and the Company’s stockholders will each own 50% of the outstanding shares of the combined entity. The transaction is subject to the terms and conditions set forth in the Merger Agreement, including holders of a majority of the Company’s stock present at the special meeting having voted in favor of the stock issuance, holders of a majority of Amplify stock having voted in favor of the merger, the waiting period under the U.S. Hart-Scott-Rodino Act having expired or been terminated early, the Company’s stock being issued to Amplify stockholders in connection with the merger being listed on the NYSE and other customary conditions. All such conditions were satisfied as of August 5, 2019. The transactions contemplated by the Merger Agreement will be treated as a “change in control” as of the effective date for purposes of all Parent Benefit Plans (as defined in the Merger Agreement), including the Parent Stock Plans (as defined in the Merger Agreement) and all applicable employment agreements in effect prior to the effective date to which any employee of the Company is a party. The Company has agreed to satisfy promptly all applicable severance, retention and change in control payments and benefits owing to its employees, directors and other service providers under the Parent Benefit Plans. Without limiting the foregoing, (i) with respect to any employee of the Company whose employment is terminated without “cause” (as such term is defined in the applicable Parent Benefit Plan, but also including certain employees who are deemed to be terminated without cause pursuant to the Merger Agreement) on or within one year after the closing of the merger, (A) all Parent Stock Options (as defined in the Merger Agreement) held by such employee shall become fully vested, (B) all Parent RSUs (as defined in the Merger Agreement) held by such employee shall become fully vested and shall be settled promptly upon termination, (C) all Parent PSUs (as defined in the Merger Agreement) that are subject to the achievement of the Company’s specific stock price levels shall be deemed earned at the level specified in the applicable award agreement and shall become vested and settled promptly upon termination, (D) all Parent PSUs that are not described in the foregoing clause (C) shall be deemed earned at the target level of such award and shall become vested and settled promptly upon termination, and (E) all cash amounts pursuant to the “Share Buyback Equalization Program” approved by the board of directors of the Company on December 21, 2018 (the “Equalization Program”) that are owing to such employee(s) shall be paid promptly upon termination, (ii) all Parent RSUs held by members of the board of directors shall become fully vested and shall be settled promptly upon the closing of the merger, and (iii) all cash amounts pursuant to the Equalization Program that are owing to non-employee directors of the Company shall be paid promptly upon the closing of the merger. The Company estimates that between 500,000 and 800,000 unvested stock awards (including stock options) will vest upon closing and between $8.5 million to $11.5 million in severance payments will be made. The number of unvested stock awards and severance payments are estimated and the final amount has not yet been determined. Recent Accounting Pronouncements Adopted During the Period In July 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-11, “ Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivatives and Hedging (Topic 815) ” (“ASU 2017-11”). ASU 2017-11 changes the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. The amendments require entities that present earnings per share (“EPS”) in accordance with Topic 260 to recognize the effect of the down round feature when triggered with the effect treated as a dividend and as a reduction of income available to common shareholders in basic EPS. The new standard is effective for the Company for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-11 did not have a material impact on its financial position, results of operations or cash flows. In June 2018, the FASB issued Accounting Standards Update 2018-07, “ Compensation - Stock Compensation (Topic 718) — Improvements to Nonemployee Share-Based Payment Accounting ” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718 to include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. The new standard is effective for the Company for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018-07 did not have a material impact on its financial position, results of operations or cash flows. In February 2016, the FASB issued Accounting Standards Update 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company adopted ASU 2016-02 using the modified retrospective transition approach. See “ — Note 3. Impact of ASC 842 Adoption” below for further details. Recent Accounting Pronouncements Issued But Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is still performing its evaluation of ASU 2016-13, but does not believe it will have a material impact on its consolidated financial statements at this time.

Impact of ASU 842 Adoption

Impact of ASU 842 Adoption	6 Months Ended
	Jun. 30, 2019
Impact of ASU 842 Adoption
Impact of ASU 842 Adoption	3. Impact of ASC 842 Adoption In February 2016, the FASB issued ASU 2016-02, which establishes a ROU model that requires a lessee to record a ROU asset and lease liability on the balance sheet for all leases with terms longer than 12 months. All leases create an asset and a liability for the lessee and therefore recognition of those lease assets and lease liabilities is required by ASU 2016-02. When measuring lease assets and liabilities, payments to be made for optional extension periods should be included if the lessee is reasonably certain to exercise the option. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 does not impact the accounting or financial presentation of mineral leases and does not apply to leases to explore for or use oil or natural gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained. In January 2018, the FASB issued ASU 2018-01, “ Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842 ” (“ASU 2018-01”). ASU 2018-01 permits an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expired prior to a company’s adoption of ASU 2016-02 and that were not accounted for as leases under previous lease guidance. Additionally, in July 2018, the FASB issued ASU 2018-11, “ Leases (Topic 842): Targeted Improvements ” (“ASU 2018-11”), which included the option to implement the standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings, as opposed to the modified retrospective transition method required when ASU 2016-02 was issued. The new standard was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has analyzed and categorized its contracts to determine if they meet the definition of a lease under ASU 2016-02 and has adopted the new standard using the simplified transition method described in ASU 2018-11 as of January 1, 2019. Consequently, financial information will not be updated, and the disclosures required under the new standard will not be provided for the dates and periods before January 1, 2019. Additionally, the Company has elected the package of practical expedients within ASU 2016-02 that allows an entity to not reassess prior to the effective date (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases or (iii) initial direct costs for any existing leases, but have not elected the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. The Company also elected the practical expedient under ASU 2018-01 and has not evaluated existing or expired land easements not previously accounted for as leases prior to the effective date. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company elected the short-term lease recognition exemption for all leases that qualify. The Company also elected the practical expedient to not separate lease and non-lease components for the majority of classes of underlying assets. Through its implementation process, the Company evaluated each of its lease arrangements and enhanced its systems to track and calculate additional information required upon adoption of this standard. The standard had an impact on the Company’s unaudited interim condensed consolidated balance sheets as of June 30, 2019, with the primary change relating to the recognition of ROU assets and lease liabilities for operating leases. Adoption of the new lease standard had an immaterial impact to the Company’s unaudited interim condensed consolidated statement of operations and cash provided from or used in operating, investing or financing activities in its unaudited interim condensed consolidated statements of cash flows for the periods presented. Further discussion of the Company’s accounting for lease arrangements under ASC 842 is included below. Leases The Company determines if an arrangement is a lease at inception of the arrangement. To the extent that it is determined an arrangement represents a lease, the Company classifies that lease as an operating lease or a finance lease. The Company capitalizes operating and finance leases on its unaudited interim condensed consolidated balance sheets through a ROU asset and a corresponding lease liability. ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating leases are included in ROU lease assets, and lease liabilities in the unaudited interim condensed consolidated balance sheets at June 30, 2019. ROU lease assets and lease liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The ROU lease asset also includes any lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments are recognized on a straight-line basis over the lease term. As of June 30, 2019, the Company had no leases classified as finance leases. Nature of Leases In support of the Company’s operations, it leases certain office space, field offices, office equipment, compressors, other production equipment and fleet vehicles under cancelable and non-cancelable contracts. A more detailed description of material lease types is included below. Corporate and Field Offices The Company enters into long-term contracts to lease corporate and field office space in support of operations. These contracts are generally structured with an initial non-cancelable term of three to five years. To the extent that corporate and field office contracts include renewal options, the Company evaluates whether it is reasonably certain to exercise those options on a contract by contract basis based on expected future office space needs, market rental rates, drilling plans and other factors. The Company has further determined that its current corporate and field office leases represent operating leases. Compressors The Company rents compressors from third-parties in order to facilitate the downstream movement of its production to market. Compressor arrangements are typically structured with a non-cancelable primary term of one to twenty-four months and often continue thereafter on a month-to-month basis subject to termination by either party with thirty-days notice. The Company has concluded that its compressor rental agreements represent operating leases with a lease term that equals the primary non-cancelable contract term. Upon completion of the primary term, both parties have substantive rights to terminate the lease without incurring a significant penalty. As a result, enforceable rights and obligations do not exist under the rental agreement subsequent to the primary term. To the extent that compressor rental arrangements have a primary term of twelve-months or less, the Company has elected to apply the practical expedient for short-term leases. For those short-term compressor contracts, the Company does not apply the lease recognition requirements, and recognizes lease payments related to these arrangements in profit or loss on a straight-line basis over the lease term. Refer to “ Practical Expedients & Accounting Policy Elections ” below for additional detail. Other Production Equipment The Company rents other production equipment from third-party vendors to be used in its production operations. These arrangements are typically structured on a month-to-month basis subject to termination by either party with thirty-days notice. The Company has concluded that it is not reasonably certain of executing the month-to-month renewal options beyond a twelve-month period based on the historical term for which it has used other production equipment, and, therefore, its other equipment agreements represent operating leases with a lease term up to twelve months. The Company has further elected to apply the practical expedient for short-term leases to its other production equipment contracts. Accordingly, it does not apply the lease recognition requirements to these contracts, and recognizes lease payments related to these arrangements in profit or loss on a straight-line basis over the lease term. Refer to “ Practical Expedients & Accounting Policy Elections ” below for additional detail. Fleet Vehicles The Company executes fleet vehicle leases with a third-party vendor in support of its day-to-day drilling and production operations. Its vehicle leases are typically structured with a term of a minimum of 367 days for passenger and light duty vehicles and a minimum of 24 months for commercial vehicles and continue thereafter on a month-to-month basis subject to termination by either party within thirty-days notice. The Company has concluded that its fleet vehicle leases represent operating leases. Significant Judgments Transportation, Gathering and Processing Arrangements The Company is party to a gas purchase, gathering and processing contract in the Mississippian Lime region, which includes certain minimum NGLs volume commitments. To the extent the Company does not deliver natural gas volumes in sufficient quantities to generate, when processed, the minimum levels of recovered NGLs, it would be required to reimburse the counterparty an amount equal to the sum of the monthly shortfall, if any, multiplied by a fee. Decreased drilling activity could result in the inability to meet these commitments in the future. As the Company does not utilize substantially all of the underlying pipeline, gathering system or processing facilities, it has concluded that those underlying assets do not meet the definition of an identified asset. Discount Rate The Company’s leases typically do not provide an implicit rate, and thus, the Company is required to use its incremental borrowing rate in determining the present value of lease payments based on the information available at commencement date. The Company’s incremental borrowing rate reflects the rate of interest that it would pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. In order to determine its incremental borrowing rate, the Company utilizes its current credit rating as well as best available market data, which includes public bond information for publicly traded upstream energy companies with similar credit ratings, to estimate its unsecured borrowing rate and applied adjustments to that rate to account for the effect of collateral. The Company has determined the discount rate as of January 1, 2019, using end of day December 31, 2018, market data. This discount rate will be used at transition to ASC 842 as well as all new leases executed within 2019. The Company intends to update the discount rate annually thereafter on January 1 to be used for all new leases within the year (for example, the discount rate will be updated as of January 1, 2020, to be applied to all new leases in 2020). In the event a material lease is executed within a fiscal year or there have been material changes in the market that would impact the Company’s discount rate, the Company will evaluate whether an intra-year update of the discount rate is required. Practical Expedients & Accounting Policy Elections Certain of the Company’s lease agreements include lease and non-lease components. For all current asset classes with multiple component types, the Company has utilized the practical expedient that exempts an entity from separating lease components from non-lease components. Accordingly, the Company accounts for the lease and non-lease components in an arrangement as a single lease component. In addition, for all asset classes, the Company has made an accounting policy election not to apply the lease recognition requirements to its short-term leases (that is, a lease that, at commencement, has a lease term of 12 months or less, including renewal options expected to be exercised, and does not include an option to purchase the underlying asset that is reasonably certain to be exercised). Accordingly, the Company recognizes lease payments related to its short-term leases in profit or loss on a straight-line basis over the lease term. To the extent that there are variable lease payments, those payments are recognized in profit or loss in the period in which the obligation for those payments is incurred. Refer to “ Nature of Leases ” above for further information regarding those asset classes that include material short-term leases.

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements of Financial Instruments
Fair Value Measurements of Financial Instruments	4. Fair Value Measurements of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis Derivative Instruments Commodity derivative contracts reflected in the unaudited interim condensed consolidated balance sheets are recorded at estimated fair value. At June 30, 2019, all of the Company’s commodity derivative contracts were with four bank counterparties and were classified as Level 2 in the fair value input hierarchy. The fair value of the Company’s commodity derivatives are determined using industry-standard models that consider various assumptions including current market and contractual prices for the underlying instruments, implied volatility, time value, non-performance risk, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument and can be supported by observable data. Derivative instruments listed below are presented gross and include swaps and collars that are carried at fair value. The Company records the net change in the fair value of these positions in gains (losses) on commodity derivative contracts — net in the Company’s unaudited interim condensed consolidated statements of operations. Fair Value Measurements at June 30, 2019 Quoted Prices Significant Other Significant in Active Markets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Derivative Assets: Commodity derivative oil swaps $ — $ 368 $ — $ 368 Commodity derivative gas swaps $ — $ 831 $ — $ 831 Commodity derivative oil collars $ — $ 1,917 $ — $ 1,917 Commodity derivative gas collars $ — $ 460 $ — $ 460 Total assets $ — $ 3,576 $ — $ 3,576 Derivative Liabilities: Commodity derivative oil swaps $ — $ — $ — $ — Commodity derivative gas swaps $ — $ — $ — $ — Commodity derivative oil collars $ — $ (1,883) $ — $ (1,883) Commodity derivative gas collars $ — $ (255) $ — $ (255) Total liabilities $ — $ (2,138) $ — $ (2,138) Fair Value Measurements at December 31, 2018 Quoted Prices Significant Other Significant in Active Markets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Derivative Assets: Commodity derivative oil swaps $ — $ 3,806 $ — $ 3,806 Commodity derivative gas swaps $ — $ 236 $ — $ 236 Commodity derivative oil collars $ — $ 9,306 $ — $ 9,306 Commodity derivative gas collars $ — $ 577 $ — $ 577 Total assets $ — $ 13,925 $ — $ 13,925 Derivative Liabilities: Commodity derivative oil swaps $ — $ — $ — $ — Commodity derivative gas swaps $ — $ (443) $ — $ (443) Commodity derivative oil collars $ — $ (5,199) $ — $ (5,199) Commodity derivative gas collars $ — $ (632) $ — $ (632) Total liabilities $ — $ (6,274) $ — $ (6,274)

Risk Management and Derivative

Risk Management and Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Risk Management and Derivative Instruments
Risk Management and Derivative Instruments	5. Risk Management and Derivative Instruments The Company’s production is exposed to fluctuations in crude oil, NGLs and natural gas prices. The Company believes it is prudent to manage the variability in cash flows by, at times, entering into derivative financial instruments to economically hedge a portion of its crude and natural gas production. The Company utilizes various types of derivative financial instruments, including swaps and collars, to manage fluctuations in cash flows resulting from changes in commodity prices. · Swaps: The Company receives or pays a fixed price for the commodity and pays or receives a floating market price to the counterparty. The fixed-price payment and the floating-price payment are netted, resulting in a net amount due to or from the counterparty. · Three-way collars: A three-way collar contains a fixed floor price (long put), fixed sub-floor price (short put), and a fixed ceiling price (short call). If the market price exceeds the ceiling strike price, the Company receives the ceiling strike price and pays the market price. If the market price is between the ceiling and the floor strike price, no payments are due from either party. If the market price is below the floor price but above the sub-floor price, the Company receives the floor strike price and pays the market price. If the market price is below the sub-floor price, the Company receives the market price plus the difference between the floor and the sub-floor strike prices and pays the market price. These derivative contracts are placed with major financial institutions that the Company believes are minimal credit risks. The crude oil and natural gas reference prices upon which the commodity derivative contracts are based reflect various market indices that management believes correlates with actual prices received by the Company for its crude oil and natural gas production. Inherent in the Company’s portfolio of commodity derivative contracts are certain business risks, including market risk and credit risk. Market risk is the risk that the price of the commodity will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from nonperformance by the Company’s counterparty to a contract. The Company does not require collateral from its counterparties but does attempt to minimize its credit risk associated with derivative instruments by entering into derivative instruments only with counterparties that are large financial institutions, which management believes present minimal credit risk. In addition, to mitigate its risk of loss due to default, the Company has entered into agreements with its counterparties on its derivative instruments that allow the Company to offset its asset position with its liability position in the event of default by the counterparty. Due to the netting arrangements, had the Company’s counterparties failed to perform under existing commodity derivative contracts, the maximum loss at June 30, 2019, would have been $1.4 million. Commodity Derivative Contracts The Company has various oil and natural gas derivative contracts that extend through December 31, 2020, summarized as follows: NYMEX WTI Fixed Swaps Three-Way Collars Weighted Weighted Weighted Hedge Avg Hedge Avg Weighted Avg Position Strike Position Ceiling Avg Floor Sub-Floor (Bbls) Price (Bbls) Price Price Price Quarter Ended: June 30, 2019 57,650 $ 64.69 182,000 $ 63.14 $ 53.75 $ 43.75 September 30, 2019(1) 46,000 $ 62.96 184,000 $ 63.14 $ 53.75 $ 43.75 December 31, 2019(1) 46,000 $ 61.43 184,000 $ 63.14 $ 53.75 $ 43.75 March 31, 2020(1) — $ — 91,000 $ 65.75 $ 50.00 $ 40.00 June 30, 2020(1) — $ — 91,000 $ 65.75 $ 50.00 $ 40.00 September 30, 2020(1) — $ — 92,000 $ 65.75 $ 50.00 $ 40.00 December 31, 2020(1) — $ — 92,000 $ 65.75 $ 50.00 $ 40.00 (1) Positions shown represent open commodity derivative contract positions as of June 30, 2019. NYMEX HENRY HUB Fixed Swaps Three-Way Collars Weighted Weighted Weighted Hedge Weighted Hedge Avg Avg Avg Position Avg Strike Position Ceiling Floor Sub-Floor (MMBtu) Price (MMBtu) Price Price Price Quarter Ended: June 30, 2019 1,365,000 $ 2.75 — $ — $ — $ — September 30, 2019(1) 1,380,000 $ 2.75 — $ — $ — $ — December 31, 2019(1) 465,000 $ 2.75 610,000 $ 3.45 $ 2.65 $ 2.15 March 31, 2020(1) — $ — 900,000 $ 3.45 $ 2.65 $ 2.15 (1) Balance Sheet Presentation The following table summarizes the net fair values of commodity derivative instruments by the appropriate balance sheet classification in the Company’s unaudited interim condensed consolidated balance sheets for the periods presented (in thousands): Type Balance Sheet Location (1) June 30, 2019 December 31, 2018 Oil swaps Derivative financial instruments — current assets $ 368 $ 3,806 Gas swaps Derivative financial instruments — current assets 831 (207) Oil collars Derivative financial instruments — current assets 256 3,316 Gas collars Derivative financial instruments — current assets 204 25 Total derivative financial instruments — current assets $ 1,659 $ 6,940 Oil collars Derivative financial instruments — noncurrent assets $ 108 $ 791 Total derivative financial instruments — noncurrent assets $ 108 $ 791 Oil swaps Derivative financial instruments — current liabilities $ — $ — Gas swaps Derivative financial instruments — current liabilities — — Oil collars Derivative financial instruments — current liabilities (329) — Gas collars Derivative financial instruments — current liabilities — — Total derivative financial instruments — current liabilities $ (329) $ — Oil collars Derivative financial instruments — noncurrent liabilities $ — $ — Gas collars Derivative financial instruments — noncurrent liabilities — (80) Total derivative financial instruments — noncurrent liabilities $ — $ (80) Total derivative fair value at period end $ 1,438 $ 7,651 (1) The fair values of commodity derivative instruments reported in the Company’s unaudited interim condensed consolidated balance sheets are subject to netting arrangements and qualify for net presentation. The following table summarizes the location and fair value amounts of all commodity derivative instruments in the unaudited interim condensed consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited interim condensed consolidated balance sheets for the periods presented (in thousands): June 30, 2019 Net Recognized Not Designated as Gross Recognized Gross Amounts Fair Value ASC 815 Hedges Balance Sheet Location Classification Assets/Liabilities Offset Assets/Liabilities Derivative Assets: Commodity contracts Derivative financial instruments — current $ 2,834 $ (1,175) $ 1,659 Commodity contracts Derivative financial instruments — noncurrent 742 (634) 108 $ 3,576 $ (1,809) $ 1,767 Derivative Liabilities: Commodity contracts Derivative financial instruments — current $ (1,504) $ 1,175 $ (329) Commodity contracts Derivative financial instruments — noncurrent (634) 634 — $ (2,138) $ 1,809 $ (329) December 31, 2018 Net Recognized Not Designated as Gross Recognized Gross Amounts Fair Value ASC 815 Hedges Balance Sheet Location Classification Assets/Liabilities Offset Assets/Liabilities Derivative Assets: Commodity contracts Derivative financial instruments - current $ 11,066 $ (4,126) $ 6,940 Commodity contracts Derivative financial instruments - noncurrent 2,859 (2,068) 791 $ 13,925 $ (6,194) $ 7,731 Derivative Liabilities: Commodity contracts Derivative financial instruments - current $ (4,126) $ 4,126 $ — Commodity contracts Derivative financial instruments - noncurrent (2,148) 2,068 (80) $ (6,274) $ 6,194 $ (80) Gains/Losses on Commodity Derivative Contracts The Company does not designate its commodity derivative contracts as hedging instruments for financial reporting purposes. Accordingly, commodity derivative contracts are marked-to-market each quarter with the change in fair value during the periodic reporting period recognized currently as a gain or loss in gains (losses) on commodity derivative contracts—net within revenues in the unaudited interim condensed consolidated statements of operations. The following table presents net cash received or net cash paid for the settlement of commodity derivative contracts and unrealized net gains or unrealized net losses recorded by the Company related to the change in fair value of the derivative instruments in gains (losses) on commodity derivative contracts—net for the periods presented (in thousands): For the Three Months For the Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Net cash received (paid) for commodity derivative contracts $ 253 $ (3,518) $ 1,022 $ (3,677) Unrealized net gains (losses) 2,288 (7,830) (6,213) (11,610) Gains (losses) on commodity derivative contracts—net $ 2,541 $ (11,348) $ (5,191) $ (15,287) Cash settlements, as presented in the table above, represent realized gains (losses) related to the Company’s derivative instruments. In addition to cash settlements, the Company also recognizes fair value changes on its derivative instruments in each reporting period. The changes in fair value result from new positions and settlements that may occur during each reporting period, as well as the relationships between contract prices and the associated forward curves.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2019
Property and Equipment
Property and Equipment	6. Property and Equipment Property and equipment consisted of the following as of the dates presented: June 30, 2019 December 31, 2018 (in thousands) Oil and gas properties, on the basis of full-cost accounting: Proved properties $ 827,638 $ 809,272 Unproved properties not being amortized 1,912 4,050 Other property and equipment 6,280 6,345 Less accumulated depreciation, depletion, amortization and impairment (331,904) (266,198) Net property and equipment $ 503,926 $ 553,469 Oil and Gas Properties Historically, the Company has capitalized internal costs directly related to exploration and development activities to oil and gas properties. During the six months ended June 30, 2019, the Company did not have significant exploration and development activities and no internal costs were capitalized. The Company capitalized the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Internal costs capitalized to oil and gas properties (1) $ — $ 922 $ — $ 1,817 (1) Inclusive of $0.3 million and $0.5 million of qualifying share-based compensation expense for the three and six months ended June 30, 2018, respectively. The Company accounts for its oil and gas properties under the full cost method. Under the full cost method, proceeds realized from the sale or disposition of oil and gas properties are accounted for as a reduction to capitalized costs unless a significant portion of the Company’s reserve quantities are sold such that it results in a significant alteration of the relationship between capitalized costs and remaining proved reserves, in which case a gain or loss is generally recognized in income. During the six months ended June 30, 2018, the Company signed a purchase and sale agreement for its Anadarko Basin assets for $58.0 million before customary closing or post-closing adjustments. The sale of the Anadarko Basin assets closed on May 31, 2018, and did not result in a significant alteration of the full cost pool and therefore, no gain or loss was recognized when the transaction closed. The Company performs a full-cost ceiling test on a quarterly basis. The test establishes a limit (ceiling) on the book value of the Company’s oil and gas properties. The capitalized costs of oil and gas properties, net of accumulated depreciation, depletion, amortization and impairment (“DD&A”) and the related deferred income taxes, may not exceed this “ceiling.” The ceiling limitation is equal to the sum of: (i) the present value of estimated future net revenues from the projected production of proved oil and gas reserves, excluding future cash outflows associated with settling asset retirement obligations accrued on the balance sheet, calculated using the average oil and natural gas sales price received by the Company as of the first trading day of each month over the preceding twelve months (such prices held constant throughout the life of the properties) and a discount factor of 10%; (ii) the cost of unproved properties excluded from the costs being amortized; (iii) the lower of cost or estimated fair value of unproved properties included in the costs being amortized; and (iv) related income tax effects. If capitalized costs exceed this ceiling, the excess is charged to expense in the accompanying unaudited interim condensed consolidated statements of operations. For the three and six months ended June 30, 2019, capitalized costs exceeded the ceiling and the Company recorded impairments of oil and gas properties of $33.6 million and $43.2 million, respectively. These impairments were primarily the result of low commodity prices, which resulted in a reduction of the discounted present value of the Company’s proved oil and natural gas reserves. No impairment of oil and gas properties was recorded during the three or six months ended June 30, 2018. Depreciation, depletion and amortization is calculated using the Units of Production Method (“UOP”). The UOP calculation multiplies the percentage of total estimated proved reserves produced by the cost of those reserves. The result is to recognize expense at the same pace that the reservoirs are estimated to be depleting. The amortization base in the UOP calculation includes the sum of proved property costs net of accumulated depreciation, depletion, amortization and impairment, estimated future development costs (future costs to access and develop proved reserves) and asset retirement costs that are not already included in oil and gas property, less related salvage value. The following table presents depletion expense related to oil and gas properties for the periods presented: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2019 2018 2019 2018 2019 2018 2019 2018 (in thousands) (per Boe) (in thousands) (per Boe) Depletion expense $ 10,762 $ 15,898 $ 9.85 $ 8.97 $ 22,442 $ 30,520 $ 9.83 $ 8.71 Depreciation on other property and equipment 111 586 0.10 0.33 225 1,177 0.10 0.34 Depreciation, depletion, and amortization $ 10,873 $ 16,484 $ 9.95 $ 9.30 $ 22,667 $ 31,697 $ 9.93 $ 9.05 Oil and gas unproved properties include costs that are not being depleted or amortized. The Company excludes these costs until proved reserves are found, until it is determined that the costs are impaired or until major development projects are placed in service, at which time the costs are moved into oil and natural gas properties subject to amortization. All unproved property costs are reviewed at least annually to determine if impairment has occurred. In addition, impairment assessments are made for interim reporting periods if facts and circumstances exist that suggest impairment may have occurred. During any period in which impairment is indicated, the accumulated costs associated with the impaired property are transferred to proved properties and become part of our depletion base and subject to the full cost ceiling limitation. No impairment of unproved properties was recorded during the three or six months ended June 30, 2019 or 2018. Unproved property was $1.9 million and $4.1 million at June 30, 2019, and December 31, 2018, respectively. Other Property and Equipment Other property and equipment consists of vehicles, furniture and fixtures, and computer hardware and software and are carried at cost. Depreciation is calculated principally using the straight-line method over the estimated useful lives of the assets, which range from two to ten years. Maintenance and repairs are charged to expense as incurred, while renewals and betterments are capitalized.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases
Leases	7. Leases As previously described in “ — Note 3. Impact of ASU 842 Adoption”, the Company leases certain office space, field offices, office equipment, compressors, other production equipment and fleet vehicles under cancelable and non-cancelable leases to support its operations. These leases do not contain material variable payments, residual value guarantees, covenants or other restrictions. Supplemental cash flow information related to the Company’s leases are included in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 309 $ 619 Amortization of right-of-use assets: Operating leases $ 211 $ 419 Balance sheet information related to the Company’s leases are included in the table below (in thousands): June 30, 2019 Operating Leases Right-of-use lease assets 4,437 Total operating lease ROU asset $ 4,437 Lease liabilities $ 1,180 Long-term lease liabilities 3,887 Total operating lease liabilities $ 5,067 Weighted-average remaining lease term 6.52 years As of June 30, 2019, the Company had no finance or operating leases that had not yet commenced.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2019
Accrued Liabilities
Accrued Liabilities	8. Accrued Liabilities The following table presents the components of accrued liabilities as of the dates presented: June 30, 2019 December 31, 2018 (in thousands) Accrued oil and gas capital expenditures $ 4,103 $ 1,534 Accrued revenue and royalty distributions 8,164 13,302 Accrued lease operating and workover expense 3,839 2,843 Accrued interest 68 209 Accrued taxes 935 1,813 Compensation and benefit related accruals 2,872 2,855 Other 668 2,965 Accrued liabilities $ 20,649 $ 25,521

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligations
Asset Retirement Obligations	9. Asset Retirement Obligations Asset Retirement Obligations (“AROs”) represent the estimated future abandonment costs of tangible assets, such as wells, service assets and other facilities. The estimated fair value of the AROs at inception are capitalized as part of the carrying amount of the related long-lived assets. The following table reflects the changes in the Company’s AROs for the periods presented (in thousands): Six Months Ended June 30, 2019 2018 Asset retirement obligations — beginning of period $ 8,087 $ 15,506 Liabilities incurred — 219 Revisions — — Liabilities settled — (1) Liabilities eliminated through asset sales — (8,698) Current period accretion expense 317 547 Asset retirement obligations — end of period $ 8,404 $ 7,573

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt
Debt	10. Debt Reserves-Based Revolving Credit Facility (“RBL”) At June 30, 2019, and December 31, 2018, the Company maintained an RBL with a borrowing base of $170.0 million . During the six months ended June 30, 2019, the Company drew down $37.5 million, net on its RBL. At June 30, 2019 and December 31, 2018, the Company had $60.6 million and $23.1 million, respectively, drawn on the RBL and had outstanding letters of credit obligations totaling $1.9 million. As a result, at June 30, 2019, the Company had $107.5 million of availability on the RBL. The RBL matures on September 30, 2020, and bears interest at LIBOR plus 4.50% per annum, subject to a 1.00% LIBOR floor. At June 30, 2019, the weighted average interest rate, excluding amortization expense of deferred financing costs and commitment fees, was 7.7%. Unamortized debt issuance costs of $0.9 million and $1.2 million associated with the RBL are included in other noncurrent assets on the unaudited interim condensed consolidated balance sheets at June 30, 2019, and December 31, 2018, respectively. In addition to interest expense, the RBL requires the payment of a commitment fee each quarter. The commitment fee is computed at the rate of 0.50% per annum based on the average daily amount by which the borrowing base exceeds outstanding borrowings during each quarter. The RBL, as amended, includes certain financial maintenance covenants that are required to be calculated on a quarterly basis for compliance purposes. These financial maintenance covenants include EBITDA to interest expense for the trailing four fiscal quarters of not less than 2.50:1.00 and a limitation of Total Net Indebtedness (as defined in the RBL) to EBITDA for the trailing four fiscal quarters of not more than 4.00:1.00. On November 15, 2018, the Company entered into a Second Amendment to the RBL (the “Second Amendment”). The Second Amendment provides the Company with the ability to make dividends and distributions, including repurchases of its equity interests in cash, in each case, so long as both before and after giving effect to any such repurchase (i) the Company and its subsidiaries maintain liquidity of at least $50.0 million, (ii) no default or event of default exists under the RBL, (iii) the ratio of total net indebtedness to adjusted EBITDA for the most recent period of four fiscal quarters for which financial statements have been delivered pursuant to the RBL shall not exceed 1.50:1.00 and (iv) all repurchased equity interests of the Company must be immediately retired. In addition, the RBL contains various other covenants that, among other things, may restrict the Company’s ability to: (i) incur additional indebtedness or guarantee indebtedness; (ii) make loans and investments; (iii) pay dividends on capital stock and make other restricted payments, including the prepayment or redemption of other indebtedness; (iv) create or incur certain liens; (v) sell, transfer or otherwise dispose of certain assets; (vi) enter into certain types of transactions with the Company’s affiliates; (vii) acquire, consolidate or merge with another entity upon certain terms and conditions; (viii) sell all or substantially all of the Company’s assets; (ix) prepay, redeem or repurchase certain debt; (x) alter the business the Company conducts and make amendments to the Company’s organizational documents, (xi) enter into certain derivative transactions and (xii) enter into certain marketing agreements and take-or-pay arrangements. During the six months ended June 30, 2019, the Company partially funded the stock buyback by drawing down $39.0 million from its RBL, as noted in “ — Note 11. Equity and Share-Based Compensation” below, with the remainder funded by cash on hand. The Company was in compliance with all debt covenants at June 30, 2019. On April 11, 2019, the Company’s borrowing base was redetermined at the existing amount of $170.0 million. The Company believes the carrying amount of the RBL at June 30, 2019, approximates, its fair value (Level 2) due to the variable nature of the RBL interest rate.

Equity and Share-Based Compensa

Equity and Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Equity and Share-Based Compensation
Equity and Share-Based Compensation	11. Equity and Share‑Based Compensation Common Shares Share Activity The following table summarizes changes in the number of shares of common stock and treasury stock during the six months ended June 30, 2019: Common Treasury Stock Stock(1) Share count as of December 31, 2018 25,520,170 (174,189) Common stock issued 100,696 — Acquisition of treasury stock — (5,031,672) Retirement of treasury stock (5,000,000) 5,000,000 Share count as of June 30, 2019 20,620,866 (205,861) (1) Treasury stock at June 30, 2019, and December 31, 2018, represents the net settlement on vesting of restricted stock necessary to satisfy the minimum statutory tax withholding requirements. On January 14, 2019, the Company announced the commencement of a tender offer (the “Tender Offer”), authorized by the Board of Directors, to repurchase up to 5,000,000 shares of common stock at the offer price of $10.00 per share. On February 14, 2019, the Tender Offer was completed with the purchase of 5,000,000 shares of common stock at a purchase price of $10.00 per share. The 5,000,000 shares repurchased by the Company on February 14, 2019, were subsequently retired. When treasury shares are retired, the excess of the repurchase price over the par value of the shares is allocated to additional paid in capital for amounts up to the original price of the shares at issuance, with any residual excess purchase price allocated to retained earnings. The excess of the repurchase price over the par value of the shares repurchased and subsequently retired on February 14, 2019, was allocated solely to additional paid-in-capital. Warrants On October 21, 2016, the Company issued 4,411,765 Third Lien Notes Warrants to purchase up to an aggregate of 4,411,765 shares of common stock at an initial exercise price of $24.00 per share and 2,213,789 Unsecured Creditor Warrants to purchase up to an aggregate of 2,213,789 shares of common stock at an initial exercise price of $46.00 per share. The Warrants expire on April 21, 2020. The number of shares of common stock for which the Warrants are exercisable, and the exercise price per share of the Warrants are subject to adjustment from time to time upon the occurrence of certain events, including the issuance of common stock as a dividend or distribution to all holders of shares of common stock, a pro-rata repurchase offer of common stock or a subdivision, combination, split, reverse split or reclassification of outstanding common stock into a greater or smaller number of shares of common stock. As a result of the Tender Offer, the outstanding warrants of the Company were adjusted. The exercise price of the Third Lien Notes Warrants were adjusted from $24.00 per share to $22.78 per share and the exercise price of the Unsecured Creditor Warrants were adjusted from $46.00 per share to $43.67 per share. Further, the number of shares eligible to be received upon exercise of each warrant was adjusted by a factor of 1.05. Subsequent to the Tender Offer, the Third Lien Notes Warrants and the Unsecured Creditor Warrants may be exercised for up to an aggregate of 4,647,520 and 2,332,089 shares of common stock, respectively. Share-Based Compensation 2016 Long Term Incentive Plan On October 21, 2016, the Company established the 2016 LTIP and filed a Form S-8 with the SEC, registering 3,513,950 shares for issuance under the terms of the 2016 LTIP to employees, directors and certain other persons (the “Award Shares”). The types of awards that may be granted under the 2016 LTIP include stock options, restricted stock units, restricted stock, performance awards and other forms of awards granted or denominated in shares of common stock of the reorganized Company, as well as certain cash-based awards (the ”Awards”). The terms of each award are as determined by the Compensation Committee of the Board of Directors. Awards that expire, or are canceled, forfeited, exchanged, settled in cash or otherwise terminated, will again be available for future issuance under the 2016 LTIP. At June 30, 2019, 1,768,660 Award Shares remain available for issuance under the terms of the 2016 LTIP. Stock Buyback Equalization Program On December 21, 2018, the Company adopted a stock buyback equalization program that allows holders of the Company’s outstanding equity awards to participate in any tender program or share repurchase program of the Company with their vested and unvested shares applicable to those equity awards. Vested awards that have been elected for participation in the equalization program are settled in a cash payment equal to the cash purchase price paid by the Company in the applicable tender offer or share repurchase program. Unvested or deferred awards that have been elected for participation in an equalization program are realized through a cash settlement of the awards upon the vesting or lapse of the award’s deferral conditions. On January 14, 2019, the Company announced the commencement of the Tender Offer, authorized by the Board of Directors, to repurchase up to 5,000,000 shares of common stock at the offer price of $10.00 per share. On February 14, 2019, the Tender Offer was completed with the purchase of 5,000,000 shares of common stock at a purchase price of $10.00 per share. In conjunction with the Tender Offer, holders of the Company’s restricted stock units participated in the related equalization program, as discussed below. No other outstanding equity awards were eligible for participation in the equalization program. Restricted Stock Units At June 30, 2019, the Company had 353,464 non-vested restricted stock units outstanding to employees and non-employee directors pursuant to the 2016 LTIP, excluding restricted stock units issued to non-employee directors containing a market condition, which are discussed below. During the six months ended June 30, 2019, 161,194 non-vested restricted stock units were issued to employees and non-employee directors. Restricted stock units granted to employees in 2019 under the 2016 LTIP vest in full on March 1, 2021, or upon the occurrence of a change in control, provided the employee has not terminated employment prior to such vesting date. Restricted stock units granted to non-employee directors during 2019 vest on the first to occur of (i) December 31, 2019, (ii) the date the non-employee director ceases to be a director of the Board (other than for cause), (iii) the director’s death, (iv) the director’s disability or (v) a change in control of the Company. The fair value of restricted stock units granted to employees and non-employee directors during 2019 was based on grant date fair value of the Company’s common stock. Compensation expense is recognized ratably over the requisite service period. In conjunction with the Company’s purchase of common stock through the Tender Offer completed on February 14, 2019, holders of the Company’s restricted stock units participated in an equalization program in which 97,995 unvested shares were tendered at the settlement price of $10.00 per unvested share. The Company recorded a liability of $1.0 million for the modified awards during the six months ended June 30, 2019, for the future cash settlement of these tendered shares upon vesting. The following table summarizes the Company’s non-vested restricted stock unit award activity for the six months ended June 30, 2019: Weighted Average Grant Date Restricted Stock Fair Value Non-vested shares outstanding at December 31, 2018 251,522 $ 15.79 Granted 161,194 $ 7.94 Vested(1) (37,258) $ 16.62 Forfeited (21,994) $ 13.70 Non-vested shares outstanding at June 30, 2019 353,464 $ 12.25 (1) Restricted stock units which vested during the six months ended June 30, 2019 were accelerated as a result of a reduction in workforce that occurred during the period. Unrecognized expense as of June 30, 2019, for all outstanding restricted stock units under the 2016 LTIP Plan was $1.7 million and will be recognized over a weighted average period of 0.9 years. Stock Options At June 30, 2019, the Company had 54,365 non-vested options outstanding pursuant to the 2016 LTIP. Stock Option Awards currently outstanding under 2016 LTIP vest ratably over a period of three years: one-sixth will vest on the six-month anniversary of the grant date, an additional one-sixth will vest on the twelve-month anniversary of the grant date, an additional one-third will vest on the twenty-four month anniversary of the grant date and the final one-third will vest on the thirty-six month anniversary of the grant date. Stock Option Awards expire 10 years from the grant date. There were no issuances of stock options during the six months ended June 30, 2019. The following table summarizes the Company’s 2016 LTIP non-vested stock option activity for the six months ended June 30, 2019: Weighted Average Remaining Range of Weighted Average Contractual Options Exercise Prices Exercise Price Term (Years) Stock options outstanding at December 31, 2018 70,102 $ 19.65 7.3 Granted — $ — $ — — Vested(1) (14,889) $ 19.08-19.66 $ 19.56 0.1 Forfeited (848) $ 19.66 $ 19.66 — Stock options outstanding at June 30, 2019 54,365 $ 19.68 7.3 Vested and exercisable at end of period(2) 151,050 $ 19.08-20.97 $ 19.66 5.4 (1) Vested stock options during the six months ended June 30, 2019, were accelerated as a result of a reduction in workforce that occurred during the six months ended June 30, 2019. (2) Vested and exercisable options at June 30, 2019, had no aggregate intrinsic value. Unrecognized expense as of June 30, 2019, for all outstanding stock options under the 2016 LTIP Plan was $0.1 million and will be recognized over a weighted average period of 0.3 years. Non-Employee Director Restricted Stock Units Containing a Market Condition On November 23, 2016, the Company issued restricted stock units to non-employee directors that contain a market vesting condition. These restricted stock units will vest (i) on the first business day following the date on which the trailing 60-day average share price (including any dividends paid) of the Company's common stock is equal to or greater than $30.00 or (ii) upon a change in control (as defined in the 2016 LTIP) of the Company. Additionally, all unvested restricted stock units containing a market vesting condition will be immediately forfeited upon the first to occur of (i) the fifth anniversary of the grant date or (ii) any participant's termination as a director for any reason (except for a termination as part of a change in control of the Company). These restricted stock awards are accounted for as liability awards under FASB Accounting Standards Codification 718 — Stock Compensation (“ASC 718”) as the awards allow for the withholding of taxes at the discretion of the non-employee director. The liability is re-measured, with a corresponding adjustment to earnings, at each fiscal quarter-end during the performance cycle. The derived service period related to these awards ended in November 2017. As such, changes in the fair value of the liability and related compensation expense of these awards are no longer recognized pro-rata over the period for which service has already been provided but rather are compensation cost in the period in which the changes occur. As there are inherent uncertainties related to these factors and the Company’s judgment in applying them to the fair value determinations, there is risk that the recorded compensation may not accurately reflect the amount ultimately earned by the non-employee directors. At June 30, 2019, the Company recorded a $0.1 million liability included within accrued liabilities on the unaudited interim condensed consolidated balance sheets, related to the 50,864 market condition awards outstanding. The weighted-average fair value of the restricted stock units containing a market condition was $0.27 at June 30, 2019. As of June 30, 2019, there was no unrecognized stock-based compensation expense related to market condition awards. Chief Executive Officer ("CEO") Restricted Stock Units Containing a Market Condition On November 1, 2017, the Company issued 135,778 restricted stock units to its CEO that contain a market vesting condition. These restricted stock units will vest, if at all, based on the Company's total stockholder return for the performance period of October 25, 2017, through October 31, 2020. Market conditions under this grant are (i) with respect to 50% of the RSUs granted, the Company's cumulative total shareholder return ("TSR") which is defined as the change in the value of the stock over the performance period with the beginning and ending stock price based on a 20-day average stock price and (ii) with respect to the remaining 50% of the RSUs granted, the percentile rank of the Company's TSR compared to the TSR of the Peer Group over the performance period ("Relative TSR"). To the extent that actual TSR or Relative TSR for the performance period is between specified vesting levels, the portion of the RSUs that shall become vested based on actual and Relative TSR performance shall be determined on a pro-rata basis using straight-line interpolation; provided that the maximum portion of the RSUs that may become vested based on actual cumulative TSR or Relative TSR for the performance period shall not exceed 120% of the awards granted. The RSUs issued to the CEO containing a market condition have a service period of three years. The share-based compensation costs related to the CEO restricted stock units containing a market condition recognized as general and administrative expense by the Company was $0.1 million and $0.2 million for the three and six months ended June 30, 2019. As of June 30, 2019, unrecognized stock-based compensation related to CEO RSUs containing a market condition was $0.7 million and will be recognized over a weighted-average period of 1.3 years. 2018 Performance Stock Units Issued to Certain Members of Executive Management Containing a Market Condition On March 1, 2018, the Company issued 96,305 restricted stock units to certain members of executive management that contain a market vesting condition. These restricted stock units will vest, if at all, based on the Company's total stockholder return for the performance period of January 1, 2018, through December 31, 2020. To the extent that the Relative TSR for the performance period is between specified vesting levels, the portion of the restricted stock units that become vested based on the Relative TSR performance shall be determined on a pro-rata basis using straight-line interpolation; provided that the maximum portion of the restricted stock units that may become vested based on the Relative TSR for the performance period shall not exceed 150% of the awards granted. In addition, if the Relative TSR for the Company is negative over the performance period, vesting of these performance stock units is limited to no more than 100%. If a member of executive management terminates employment prior to vesting, the outstanding award is forfeited. Executive management restricted stock units with a market condition are subject to accelerated vesting in the event the executive’s employment is terminated prior to vesting by the Company without “Cause” or by the participant with “Good Reason” (each, as defined in the 2016 LTIP) or due to the executive’s death or disability. Upon a change in control (as defined in the 2016 LTIP), the compensation committee of the board of directors could (i) accelerate all or a portion of the award, (ii) cancel all of the award and pay cash, stock or combination equal to the change in control price, (iii) provide for the assumption or substitution or continuation by the successor company, (iv) certify to the extent to which the vesting conditions had been achieved prior to the conclusion of the performance period or (v) adjust restricted stock units to reflect the change in control. These restricted stock awards are accounted for as equity awards under ASC 718 as the awards are settled in shares of the Company with no additional settlement options permitted. At the grant date, the Company estimated the fair value of this equity award. The compensation expense of this award each period is recognized by dividing the fair value of the total award by the requisite service period and recording the pro-rata share for the period for which service has already been provided. As there are inherent uncertainties related to these factors and the Company’s judgment in applying them to the fair value determinations, there is risk that the recorded compensation may not accurately reflect the amount ultimately earned by the executives. The restricted stock units issued to executive management containing a market condition have a service period of three years. The share-based compensation costs related to executive management’s restricted stock units containing a market condition recognized as general and administrative expense by the Company was $0.1 million and $0.2 million for the three and six months ended June 30, 2019. As of June 30, 2019, unrecognized stock-based compensation related to executive management’s restricted stock units containing a market condition was $0.7 million and will be recognized over a weighted-average period of 1.5 years. 2019 Performance Stock Units Issued to Certain Members of Executive Management Containing a Market Condition On March 7, 2019, the Company issued 193,921 restricted stock units to certain members of executive management that contain a market vesting condition. These restricted stock units will vest, if at all, when a 60 consecutive trading day volume weighted average price is achieved at any time during the performance period of January 1, 2019, through December 31, 2020. To the extent that the price per common share of stock for the performance period is between specified vesting levels, the portion of the restricted stock units that become vested based on the price per common share of stock shall be determined on a pro-rata basis using straight-line interpolation; provided that the maximum portion of the restricted stock units that may become vested based on the price per common share of stock for the performance period shall not exceed 150% of the awards granted. If a member of executive management terminates employment prior to vesting, the outstanding award is forfeited. Executive management members whose employment is terminated between months 6 and 12 of the performance period without “Cause”, due to the executive’s death or disability, or by the participant with “Good Reason” (each, as defined in the 2016 LTIP) shall forfeit 50% of the restricted stock units. The remaining 50% of the stock units will remain eligible to vest according to the performance vesting schedule above. Executive management members whose employment is terminated without Cause or by the participant for Good Reason between months 12 and 24 of the performance period, will not forfeit restricted stock units, with 100% of the restricted stock units remaining eligible for vesting according to the performance vesting schedule above. Upon a change in control (as defined in the 2016 LTIP), the compensation committee of the board of directors could (1) accelerate all or a portion of the award, (2) cancel all of the award and pay cash, stock or combination equal to the change in control price, (3) provide for the assumption or substitution or continuation by the successor company, (4) certify to the extent to which the vesting conditions had been achieved prior to the conclusion of the performance period or (5) adjust restricted stock units to reflect the change in control. If restricted stock units remain in effect following a change of control effectuated by a sale, merger or business combination and an executive’s employment is terminated without Cause or by the participant with Good Reason, the participant’s right to vest in the restricted stock units is determined by the price determined to have been paid as consideration to the Company for the common share of the Company’s stock in the change of control. If the change of control price is below $9.50 a share of common stock, the restricted stock units of the terminated executive will be forfeited. If the change of control price is above $9.50 a share of common stock, the vesting of the restricted stock units will occur upon termination of the executive, at the vesting percentages specified in the performance vesting schedule above. The termination of an executive without Cause or by the participant with Good Reason within 12 months of a change of control not effectuated by a sale, merger or business combination shall not forfeit restricted stock units, which will vest as described in the performance vesting schedule above. These restricted stock awards are accounted for as equity awards under ASC 718 as the awards are settled in shares of the Company with no additional settlement options permitted. At the grant date, the Company estimated the fair value of this equity award. The compensation expense of this award each period is recognized by dividing the fair value of the total award by the requisite service period and recording the pro-rata share for the period for which service has already been provided. As there are inherent uncertainties related to these factors and the Company’s judgment in applying them to the fair value determinations, there is risk that the recorded compensation may not accurately reflect the amount ultimately earned by the executives. The restricted stock units issued to executive management containing a market condition have a service period of two years. The share-based compensation costs related to executive management’s restricted stock units containing a market condition recognized as general and administrative expense by the Company was $0.2 million and $0.3 million for the three and six months ended June 30, 2019. As of June 30, 2019, unrecognized stock-based compensation related to executive management’s restricted stock units containing a market condition was $1.1 million and will be recognized over a weighted-average period of 1.5 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Taxes
Income Taxes	12. Income Taxes For the six months ended June 30, 2019, the Company recorded no income tax expense or benefit. The significant difference between our effective tax rate and the federal statutory income tax rate of 21% is primarily due to the effect of changes in the Company’s valuation allowance. During the six months ended June 30, 2019, the Company’s valuation allowance increased by $13.8 million from December 31, 2018, bringing the total valuation allowance to $123.4 million at June 30, 2019. A valuation allowance has been recorded as management does not believe that it is more-likely-than-not that its deferred tax assets are realizable. The Company expects to incur a tax loss in the current year due to the flexibility in deducting or capitalizing current year intangible drilling costs; thus no current income taxes are anticipated to be paid.

Income Per Share

Income Per Share	6 Months Ended
	Jun. 30, 2019
Income Per Share
Income Per Share	13. Income Per Share The following table provides a reconciliation of net income attributable to common shareholders and weighted average common shares outstanding for basic and diluted income (loss) per share for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands, except per (in thousands, except per share amounts) share amounts) Net Income (Loss): Net income (loss) $ (36,948) $ (1,542) $ (54,755) $ 2,461 Participating securities—non-vested restricted stock — — — (68) Basic and diluted income (loss) $ (36,948) $ (1,542) $ (54,755) $ 2,393 Common Shares: Common shares outstanding — basic (1) 20,512 25,332 21,668 25,316 Dilutive effect of potential common shares — — — — Common shares outstanding — diluted 20,512 25,332 21,668 25,316 Net Income (Loss) Per Share: Basic $ (1.80) $ (0.06) $ (2.53) $ 0.09 Diluted $ (1.80) $ (0.06) $ (2.53) $ 0.09 Antidilutive stock options (2) 205 500 205 500 Antidilutive warrants (3) 6,980 6,626 6,980 6,626 (1) Weighted-average common shares outstanding for basic and diluted income per share purposes includes 9,407 shares of common stock that, while not issued and outstanding at June 30, 2019 or 2018, respectively, are required by the First Amended Joint Chapter 11 Plan of Reorganization of Midstates Petroleum Company, Inc. and its Debtor Affiliate as filed on September 28, 2016, (the “Plan”) to be issued. Weighted-average common shares outstanding for basic and diluted income per share purposes also includes 79,389 director shares that vested as of June 30, 2019, but final issuance of the vested shares was deferred by the non-employee directors until 2021. (2) Amount represents options to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. (3) Amount represents warrants to purchase common stock that are excluded from the diluted net income per share calculations because of their antidilutive effect.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions
Related Party Transactions	14. Related Party Transactions During 2017, the Company entered into an arrangement with EcoStim Energy Solutions, Inc. (“EcoStim”) for well stimulation and completion services. EcoStim is an affiliate of Fir Tree Inc. who is a holder of the Company’s outstanding common stock. The Company had $2.1 million included in accounts payable in the Company’s unaudited interim condensed consolidated balance sheets at December 31, 2017, to EcoStim that was paid during the six months ended June 30, 2018. No transactions with EcoStim occurred during the six months ended June 30, 2019.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	15. Commitments and Contingencies The Company is involved in various matters incidental to its operations and business that might give rise to a loss contingency. These matters may include legal and regulatory proceedings, commercial disputes, claims from royalty, working interest and surface owners, property damage and personal injury claims and environmental or other matters. In addition, the Company may be subject to customary audits by governmental authorities regarding the payment and reporting of various taxes, governmental royalties and fees as well as compliance with unclaimed property (escheatment) requirements and other laws. Further, other parties with an interest in wells operated by the Company have the ability under various contractual agreements to perform audits of its joint interest billing practices. The Company vigorously defends itself in these matters. If the Company determines that an unfavorable outcome or loss of a particular matter is probable and the amount of loss can be reasonably estimated, it accrues a liability for the contingent obligation. As new information becomes available or as a result of legal or administrative rulings in similar matters or a change in applicable law, the Company’s conclusions regarding the probability of outcomes and the amount of estimated loss, if any, may change. The impact of subsequent changes to the Company’s accruals could have a material effect on its results of operations. As of June 30, 2019, the Company did not have an accrual for loss contingencies. As of December 31, 2018, the Company’s total accrual for all loss contingencies was $1.1 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain disclosures have been condensed or omitted from these financial statements. Accordingly, these financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“US GAAP”) for complete consolidated financial statements, and should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K as filed with the SEC on March 14, 2019. All intercompany transactions have been eliminated in consolidation. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the financial position as of, and the results of operations for, all periods presented. In preparing the accompanying unaudited interim condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the unaudited interim condensed consolidated financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.
Definitive Merger Agreement	Definitive Merger Agreement On May 6, 2019, the Company entered into a definitive merger agreement (“Merger Agreement”) pursuant to which Amplify Energy Corp. (“Amplify”) will merge with a subsidiary of the Company in an all-stock merger-of-equals. Under the terms of the Merger Agreement, Amplify stockholders will receive 0.933 shares of newly issued Company common stock for each Amplify share of common stock. The merger is expected to close on August 6, 2019, at which time Amplify and the Company’s stockholders will each own 50% of the outstanding shares of the combined entity. The transaction is subject to the terms and conditions set forth in the Merger Agreement, including holders of a majority of the Company’s stock present at the special meeting having voted in favor of the stock issuance, holders of a majority of Amplify stock having voted in favor of the merger, the waiting period under the U.S. Hart-Scott-Rodino Act having expired or been terminated early, the Company’s stock being issued to Amplify stockholders in connection with the merger being listed on the NYSE and other customary conditions. All such conditions were satisfied as of August 5, 2019. The transactions contemplated by the Merger Agreement will be treated as a “change in control” as of the effective date for purposes of all Parent Benefit Plans (as defined in the Merger Agreement), including the Parent Stock Plans (as defined in the Merger Agreement) and all applicable employment agreements in effect prior to the effective date to which any employee of the Company is a party. The Company has agreed to satisfy promptly all applicable severance, retention and change in control payments and benefits owing to its employees, directors and other service providers under the Parent Benefit Plans. Without limiting the foregoing, (i) with respect to any employee of the Company whose employment is terminated without “cause” (as such term is defined in the applicable Parent Benefit Plan, but also including certain employees who are deemed to be terminated without cause pursuant to the Merger Agreement) on or within one year after the closing of the merger, (A) all Parent Stock Options (as defined in the Merger Agreement) held by such employee shall become fully vested, (B) all Parent RSUs (as defined in the Merger Agreement) held by such employee shall become fully vested and shall be settled promptly upon termination, (C) all Parent PSUs (as defined in the Merger Agreement) that are subject to the achievement of the Company’s specific stock price levels shall be deemed earned at the level specified in the applicable award agreement and shall become vested and settled promptly upon termination, (D) all Parent PSUs that are not described in the foregoing clause (C) shall be deemed earned at the target level of such award and shall become vested and settled promptly upon termination, and (E) all cash amounts pursuant to the “Share Buyback Equalization Program” approved by the board of directors of the Company on December 21, 2018 (the “Equalization Program”) that are owing to such employee(s) shall be paid promptly upon termination, (ii) all Parent RSUs held by members of the board of directors shall become fully vested and shall be settled promptly upon the closing of the merger, and (iii) all cash amounts pursuant to the Equalization Program that are owing to non-employee directors of the Company shall be paid promptly upon the closing of the merger. The Company estimates that between 500,000 and 800,000 unvested stock awards (including stock options) will vest upon closing and between $8.5 million to $11.5 million in severance payments will be made. The number of unvested stock awards and severance payments are estimated and the final amount has not yet been determined.
Recent Accounting Pronouncements Adopted and Not Yet Adopted During the Period	Recent Accounting Pronouncements Adopted During the Period In July 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-11, “ Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivatives and Hedging (Topic 815) ” (“ASU 2017-11”). ASU 2017-11 changes the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. The amendments require entities that present earnings per share (“EPS”) in accordance with Topic 260 to recognize the effect of the down round feature when triggered with the effect treated as a dividend and as a reduction of income available to common shareholders in basic EPS. The new standard is effective for the Company for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-11 did not have a material impact on its financial position, results of operations or cash flows. In June 2018, the FASB issued Accounting Standards Update 2018-07, “ Compensation - Stock Compensation (Topic 718) — Improvements to Nonemployee Share-Based Payment Accounting ” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718 to include share-based payments issued to non-employees for goods and services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. The new standard is effective for the Company for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of ASU 2018-07 did not have a material impact on its financial position, results of operations or cash flows. In February 2016, the FASB issued Accounting Standards Update 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. The Company adopted ASU 2016-02 using the modified retrospective transition approach. See “ — Note 3. Impact of ASC 842 Adoption” below for further details. Recent Accounting Pronouncements Issued But Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update 2016-13, “ Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including but not limited to trade receivables. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is still performing its evaluation of ASU 2016-13, but does not believe it will have a material impact on its consolidated financial statements at this time.

Fair Value Measurements of Fi_2

Fair Value Measurements of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Measurements of Financial Instruments
Schedule of derivative instruments measured at fair value	Fair Value Measurements at June 30, 2019 Quoted Prices Significant Other Significant in Active Markets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Derivative Assets: Commodity derivative oil swaps $ — $ 368 $ — $ 368 Commodity derivative gas swaps $ — $ 831 $ — $ 831 Commodity derivative oil collars $ — $ 1,917 $ — $ 1,917 Commodity derivative gas collars $ — $ 460 $ — $ 460 Total assets $ — $ 3,576 $ — $ 3,576 Derivative Liabilities: Commodity derivative oil swaps $ — $ — $ — $ — Commodity derivative gas swaps $ — $ — $ — $ — Commodity derivative oil collars $ — $ (1,883) $ — $ (1,883) Commodity derivative gas collars $ — $ (255) $ — $ (255) Total liabilities $ — $ (2,138) $ — $ (2,138) Fair Value Measurements at December 31, 2018 Quoted Prices Significant Other Significant in Active Markets Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total (in thousands) Derivative Assets: Commodity derivative oil swaps $ — $ 3,806 $ — $ 3,806 Commodity derivative gas swaps $ — $ 236 $ — $ 236 Commodity derivative oil collars $ — $ 9,306 $ — $ 9,306 Commodity derivative gas collars $ — $ 577 $ — $ 577 Total assets $ — $ 13,925 $ — $ 13,925 Derivative Liabilities: Commodity derivative oil swaps $ — $ — $ — $ — Commodity derivative gas swaps $ — $ (443) $ — $ (443) Commodity derivative oil collars $ — $ (5,199) $ — $ (5,199) Commodity derivative gas collars $ — $ (632) $ — $ (632) Total liabilities $ — $ (6,274) $ — $ (6,274)

Risk Management and Derivativ_2

Risk Management and Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Risk Management and Derivative Instruments
Schedule of commodity derivative contracts	NYMEX WTI Fixed Swaps Three-Way Collars Weighted Weighted Weighted Hedge Avg Hedge Avg Weighted Avg Position Strike Position Ceiling Avg Floor Sub-Floor (Bbls) Price (Bbls) Price Price Price Quarter Ended: June 30, 2019 57,650 $ 64.69 182,000 $ 63.14 $ 53.75 $ 43.75 September 30, 2019(1) 46,000 $ 62.96 184,000 $ 63.14 $ 53.75 $ 43.75 December 31, 2019(1) 46,000 $ 61.43 184,000 $ 63.14 $ 53.75 $ 43.75 March 31, 2020(1) — $ — 91,000 $ 65.75 $ 50.00 $ 40.00 June 30, 2020(1) — $ — 91,000 $ 65.75 $ 50.00 $ 40.00 September 30, 2020(1) — $ — 92,000 $ 65.75 $ 50.00 $ 40.00 December 31, 2020(1) — $ — 92,000 $ 65.75 $ 50.00 $ 40.00 (1) Positions shown represent open commodity derivative contract positions as of June 30, 2019. NYMEX HENRY HUB Fixed Swaps Three-Way Collars Weighted Weighted Weighted Hedge Weighted Hedge Avg Avg Avg Position Avg Strike Position Ceiling Floor Sub-Floor (MMBtu) Price (MMBtu) Price Price Price Quarter Ended: June 30, 2019 1,365,000 $ 2.75 — $ — $ — $ — September 30, 2019(1) 1,380,000 $ 2.75 — $ — $ — $ — December 31, 2019(1) 465,000 $ 2.75 610,000 $ 3.45 $ 2.65 $ 2.15 March 31, 2020(1) — $ — 900,000 $ 3.45 $ 2.65 $ 2.15 (1)
Summary of net fair values of commodity derivative instruments by the appropriate balance sheet classification in the Company's unaudited interim condensed consolidated balance sheets	The following table summarizes the net fair values of commodity derivative instruments by the appropriate balance sheet classification in the Company’s unaudited interim condensed consolidated balance sheets for the periods presented (in thousands): Type Balance Sheet Location (1) June 30, 2019 December 31, 2018 Oil swaps Derivative financial instruments — current assets $ 368 $ 3,806 Gas swaps Derivative financial instruments — current assets 831 (207) Oil collars Derivative financial instruments — current assets 256 3,316 Gas collars Derivative financial instruments — current assets 204 25 Total derivative financial instruments — current assets $ 1,659 $ 6,940 Oil collars Derivative financial instruments — noncurrent assets $ 108 $ 791 Total derivative financial instruments — noncurrent assets $ 108 $ 791 Oil swaps Derivative financial instruments — current liabilities $ — $ — Gas swaps Derivative financial instruments — current liabilities — — Oil collars Derivative financial instruments — current liabilities (329) — Gas collars Derivative financial instruments — current liabilities — — Total derivative financial instruments — current liabilities $ (329) $ — Oil collars Derivative financial instruments — noncurrent liabilities $ — $ — Gas collars Derivative financial instruments — noncurrent liabilities — (80) Total derivative financial instruments — noncurrent liabilities $ — $ (80) Total derivative fair value at period end $ 1,438 $ 7,651 (1) The fair values of commodity derivative instruments reported in the Company’s unaudited interim condensed consolidated balance sheets are subject to netting arrangements and qualify for net presentation.
Summary of location and fair values amounts of all commodity derivative instruments as well as the gross recognized derivative assets, liabilities and amounts offset in the condensed consolidated balance sheet	The following table summarizes the location and fair value amounts of all commodity derivative instruments in the unaudited interim condensed consolidated balance sheets, as well as the gross recognized derivative assets, liabilities and amounts offset in the unaudited interim condensed consolidated balance sheets for the periods presented (in thousands): June 30, 2019 Net Recognized Not Designated as Gross Recognized Gross Amounts Fair Value ASC 815 Hedges Balance Sheet Location Classification Assets/Liabilities Offset Assets/Liabilities Derivative Assets: Commodity contracts Derivative financial instruments — current $ 2,834 $ (1,175) $ 1,659 Commodity contracts Derivative financial instruments — noncurrent 742 (634) 108 $ 3,576 $ (1,809) $ 1,767 Derivative Liabilities: Commodity contracts Derivative financial instruments — current $ (1,504) $ 1,175 $ (329) Commodity contracts Derivative financial instruments — noncurrent (634) 634 — $ (2,138) $ 1,809 $ (329) December 31, 2018 Net Recognized Not Designated as Gross Recognized Gross Amounts Fair Value ASC 815 Hedges Balance Sheet Location Classification Assets/Liabilities Offset Assets/Liabilities Derivative Assets: Commodity contracts Derivative financial instruments - current $ 11,066 $ (4,126) $ 6,940 Commodity contracts Derivative financial instruments - noncurrent 2,859 (2,068) 791 $ 13,925 $ (6,194) $ 7,731 Derivative Liabilities: Commodity contracts Derivative financial instruments - current $ (4,126) $ 4,126 $ — Commodity contracts Derivative financial instruments - noncurrent (2,148) 2,068 (80) $ (6,274) $ 6,194 $ (80)
Schedule of net cash received for commodity derivative contracts and unrealized net gains or unrealized net losses related to the change in fair value of derivative instruments in gains (losses) on commodity derivative contracts - net for the periods	The following table presents net cash received or net cash paid for the settlement of commodity derivative contracts and unrealized net gains or unrealized net losses recorded by the Company related to the change in fair value of the derivative instruments in gains (losses) on commodity derivative contracts—net for the periods presented (in thousands): For the Three Months For the Six Months Ended June 30, Ended June 30, 2019 2018 2019 2018 Net cash received (paid) for commodity derivative contracts $ 253 $ (3,518) $ 1,022 $ (3,677) Unrealized net gains (losses) 2,288 (7,830) (6,213) (11,610) Gains (losses) on commodity derivative contracts—net $ 2,541 $ (11,348) $ (5,191) $ (15,287)

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property and Equipment
Schedule of property and equipment	June 30, 2019 December 31, 2018 (in thousands) Oil and gas properties, on the basis of full-cost accounting: Proved properties $ 827,638 $ 809,272 Unproved properties not being amortized 1,912 4,050 Other property and equipment 6,280 6,345 Less accumulated depreciation, depletion, amortization and impairment (331,904) (266,198) Net property and equipment $ 503,926 $ 553,469
Schedule of costs incurred in oil and natural gas property acquisition, exploration and development activities	The Company capitalized the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Internal costs capitalized to oil and gas properties (1) $ — $ 922 $ — $ 1,817 (1) Inclusive of $0.3 million and $0.5 million of qualifying share-based compensation expense for the three and six months ended June 30, 2018, respectively.
Schedule of depletion expense related to oil and gas properties	Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2019 2018 2019 2018 2019 2018 2019 2018 (in thousands) (per Boe) (in thousands) (per Boe) Depletion expense $ 10,762 $ 15,898 $ 9.85 $ 8.97 $ 22,442 $ 30,520 $ 9.83 $ 8.71 Depreciation on other property and equipment 111 586 0.10 0.33 225 1,177 0.10 0.34 Depreciation, depletion, and amortization $ 10,873 $ 16,484 $ 9.95 $ 9.30 $ 22,667 $ 31,697 $ 9.93 $ 9.05

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases
Schedule of supplemental cash flow information related to leases	Supplemental cash flow information related to the Company’s leases are included in the table below (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 309 $ 619 Amortization of right-of-use assets: Operating leases $ 211 $ 419
Schedule of balance sheet information related to leases	Balance sheet information related to the Company’s leases are included in the table below (in thousands): June 30, 2019 Operating Leases Right-of-use lease assets 4,437 Total operating lease ROU asset $ 4,437 Lease liabilities $ 1,180 Long-term lease liabilities 3,887 Total operating lease liabilities $ 5,067 Weighted-average remaining lease term 6.52 years

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Accrued Liabilities
Schedule of the components of accrued liabilities	June 30, 2019 December 31, 2018 (in thousands) Accrued oil and gas capital expenditures $ 4,103 $ 1,534 Accrued revenue and royalty distributions 8,164 13,302 Accrued lease operating and workover expense 3,839 2,843 Accrued interest 68 209 Accrued taxes 935 1,813 Compensation and benefit related accruals 2,872 2,855 Other 668 2,965 Accrued liabilities $ 20,649 $ 25,521

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2019
Asset Retirement Obligations
Schedule of change in the AROs	The following table reflects the changes in the Company’s AROs for the periods presented (in thousands): Six Months Ended June 30, 2019 2018 Asset retirement obligations — beginning of period $ 8,087 $ 15,506 Liabilities incurred — 219 Revisions — — Liabilities settled — (1) Liabilities eliminated through asset sales — (8,698) Current period accretion expense 317 547 Asset retirement obligations — end of period $ 8,404 $ 7,573

Equity and Share-Based Compen_2

Equity and Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Equity and Share-Based Compensation
Summary of changes in the number of shares of common stock and treasury stock	Common Treasury Stock Stock(1) Share count as of December 31, 2018 25,520,170 (174,189) Common stock issued 100,696 — Acquisition of treasury stock — (5,031,672) Retirement of treasury stock (5,000,000) 5,000,000 Share count as of June 30, 2019 20,620,866 (205,861) (1) Treasury stock at June 30, 2019, and December 31, 2018, represents the net settlement on vesting of restricted stock necessary to satisfy the minimum statutory tax withholding requirements.
Summary of non-vested restricted stock unit award activity	Weighted Average Grant Date Restricted Stock Fair Value Non-vested shares outstanding at December 31, 2018 251,522 $ 15.79 Granted 161,194 $ 7.94 Vested(1) (37,258) $ 16.62 Forfeited (21,994) $ 13.70 Non-vested shares outstanding at June 30, 2019 353,464 $ 12.25 (1) Restricted stock units which vested during the six months ended June 30, 2019 were accelerated as a result of a reduction in workforce that occurred during the period.
Summary of non-vested stock option activity	Weighted Average Remaining Range of Weighted Average Contractual Options Exercise Prices Exercise Price Term (Years) Stock options outstanding at December 31, 2018 70,102 $ 19.65 7.3 Granted — $ — $ — — Vested(1) (14,889) $ 19.08-19.66 $ 19.56 0.1 Forfeited (848) $ 19.66 $ 19.66 — Stock options outstanding at June 30, 2019 54,365 $ 19.68 7.3 Vested and exercisable at end of period(2) 151,050 $ 19.08-20.97 $ 19.66 5.4 (1) Vested stock options during the six months ended June 30, 2019, were accelerated as a result of a reduction in workforce that occurred during the six months ended June 30, 2019. (2) Vested and exercisable options at June 30, 2019, had no aggregate intrinsic value.

Income Per Share (Tables)

Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Income Per Share
Schedule of reconciliation of net income (loss) attributable to common shareholders and weighted average common shares outstanding for basic and diluted income (loss) per share	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in thousands, except per (in thousands, except per share amounts) share amounts) Net Income (Loss): Net income (loss) $ (36,948) $ (1,542) $ (54,755) $ 2,461 Participating securities—non-vested restricted stock — — — (68) Basic and diluted income (loss) $ (36,948) $ (1,542) $ (54,755) $ 2,393 Common Shares: Common shares outstanding — basic (1) 20,512 25,332 21,668 25,316 Dilutive effect of potential common shares — — — — Common shares outstanding — diluted 20,512 25,332 21,668 25,316 Net Income (Loss) Per Share: Basic $ (1.80) $ (0.06) $ (2.53) $ 0.09 Diluted $ (1.80) $ (0.06) $ (2.53) $ 0.09 Antidilutive stock options (2) 205 500 205 500 Antidilutive warrants (3) 6,980 6,626 6,980 6,626 (1) Weighted-average common shares outstanding for basic and diluted income per share purposes includes 9,407 shares of common stock that, while not issued and outstanding at June 30, 2019 or 2018, respectively, are required by the First Amended Joint Chapter 11 Plan of Reorganization of Midstates Petroleum Company, Inc. and its Debtor Affiliate as filed on September 28, 2016, (the “Plan”) to be issued. Weighted-average common shares outstanding for basic and diluted income per share purposes also includes 79,389 director shares that vested as of June 30, 2019, but final issuance of the vested shares was deferred by the non-employee directors until 2021. (2) Amount represents options to purchase common stock that are excluded from the diluted net earnings per share calculations because of their antidilutive effect. (3) Amount represents warrants to purchase common stock that are excluded from the diluted net income per share calculations because of their antidilutive effect.

Organization and Business (Deta

Organization and Business (Details)	6 Months Ended
	Jun. 30, 2019segmentCenter
Organization and Business
Number of reportable segments | segment	1
Number of cost centers | Center	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	Aug. 06, 2019USD ($)shares	May 06, 2019
Minimum
Acquisition information
Unvested stock awards | shares	500,000
Severance payments | $	$ 8.5
Maximum
Acquisition information
Unvested stock awards | shares	800,000
Severance payments | $	$ 11.5
Amplify
Acquisition information
Number of common stock share for each amplify share		0.933
Ownership percentage of Amplify and Midstates (in percent)	50.00%

Impact of ASU 842 Adoption (Det

Impact of ASU 842 Adoption (Details)	6 Months Ended
	Jun. 30, 2019lease
Leases
Number of finance leases	0
ASU 2016-02
Leases
Package of practical expedients	true
Hindsight of practical expedient	false
Compressors
Leases
Operating lease notice period for termination	30 days
Lease term termination option	true
Other Production Equipment
Leases
Operating lease term	12 months
Operating lease notice period for termination	30 days
Fleet Vehicles
Leases
Operating lease notice period for termination	30 days
Minimum | Corporate and Field Offices
Leases
Operating lease term	3 years
Minimum | Compressors
Leases
Operating lease term	1 month
Minimum | Passenger and light duty vehicles
Leases
Operating lease term	367 days
Minimum | Commercial vehicles
Leases
Operating lease term	24 months
Maximum | Corporate and Field Offices
Leases
Operating lease term	5 years
Maximum | Compressors
Leases
Operating lease term	24 months

Fair Value Measurements of Fi_3

Fair Value Measurements of Financial Instruments (Details) $ in Thousands	Jun. 30, 2019USD ($)Counterparty	Dec. 31, 2018USD ($)
Fair Value Measurements of Financial Instruments
Number of counterparties | Counterparty	4
Recurring | Estimated | Commodity Derivatives
Derivative Assets:
Total assets	$ 3,576	$ 13,925
Derivative Liabilities:
Total liabilities	(2,138)	(6,274)
Recurring | Estimated | Commodity Derivatives | Swaps | Oil
Derivative Assets:
Total assets	368	3,806
Recurring | Estimated | Commodity Derivatives | Swaps | Natural gas
Derivative Assets:
Total assets	831	236
Derivative Liabilities:
Total liabilities		(443)
Recurring | Estimated | Commodity Derivatives | Collars | Oil
Derivative Assets:
Total assets	1,917	9,306
Derivative Liabilities:
Total liabilities	(1,883)	(5,199)
Recurring | Estimated | Commodity Derivatives | Collars | Natural gas
Derivative Assets:
Total assets	460	577
Derivative Liabilities:
Total liabilities	(255)	(632)
Recurring | Significant Other Observable Inputs (Level 2) | Commodity Derivatives
Derivative Assets:
Total assets	3,576	13,925
Derivative Liabilities:
Total liabilities	(2,138)	(6,274)
Recurring | Significant Other Observable Inputs (Level 2) | Commodity Derivatives | Swaps | Oil
Derivative Assets:
Total assets	368	3,806
Recurring | Significant Other Observable Inputs (Level 2) | Commodity Derivatives | Swaps | Natural gas
Derivative Assets:
Total assets	831	236
Derivative Liabilities:
Total liabilities		(443)
Recurring | Significant Other Observable Inputs (Level 2) | Commodity Derivatives | Collars | Oil
Derivative Assets:
Total assets	1,917	9,306
Derivative Liabilities:
Total liabilities	(1,883)	(5,199)
Recurring | Significant Other Observable Inputs (Level 2) | Commodity Derivatives | Collars | Natural gas
Derivative Assets:
Total assets	460	577
Derivative Liabilities:
Total liabilities	$ (255)	$ (632)

Risk Management and Derivativ_3

Risk Management and Derivative Instruments- Hedging (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)MMBTU$ / bbl$ / MMBTUbbl
Risk Management and Derivative Instruments
Derivative contracts, the maximum loss | $	$ 1.4
Designated as Hedging Instrument | NYMEX | WTI | Swap Contract Quarter Ended June 30, 2019
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	57,650
Swap weighted average strike price	64.69
Designated as Hedging Instrument | NYMEX | WTI | Swap Contract Quarter Ended September 30, 2019
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	46,000
Swap weighted average strike price	62.96
Designated as Hedging Instrument | NYMEX | WTI | Swap Contract Quarter Ended December 31, 2019
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	46,000
Swap weighted average strike price	61.43
Designated as Hedging Instrument | NYMEX | WTI | Three Way Collar Contract Quarter Ended June 30, 2019
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	182,000
Weighted average ceiling price	63.14
Weighted average floor price	53.75
Weighted average sub-floor price	43.75
Designated as Hedging Instrument | NYMEX | WTI | Three Way Collar Contract Quarter Ended September 30, 2019
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	184,000
Weighted average ceiling price	63.14
Weighted average floor price	53.75
Weighted average sub-floor price	43.75
Designated as Hedging Instrument | NYMEX | WTI | Three Way Collar Contract Quarter Ended December 31, 2019
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	184,000
Weighted average ceiling price	63.14
Weighted average floor price	53.75
Weighted average sub-floor price	43.75
Designated as Hedging Instrument | NYMEX | WTI | Three Way Collar Contract Quarter Ended March 31, 2020
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	91,000
Weighted average ceiling price	65.75
Weighted average floor price	50
Weighted average sub-floor price	40
Designated as Hedging Instrument | NYMEX | WTI | Three Way Collar Contract Quarter Ended June 30, 2020
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	91,000
Weighted average ceiling price	65.75
Weighted average floor price	50
Weighted average sub-floor price	40
Designated as Hedging Instrument | NYMEX | WTI | Three Way Collar Contract Quarter Ended September 30, 2020
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	92,000
Weighted average ceiling price	65.75
Weighted average floor price	50
Weighted average sub-floor price	40
Designated as Hedging Instrument | NYMEX | WTI | Three Way Collar Contract Quarter Ended December 31, 2020
Risk Management and Derivative Instruments
Hedge position (Bbls) | bbl	92,000
Weighted average ceiling price	65.75
Weighted average floor price	50
Weighted average sub-floor price	40
Designated as Hedging Instrument | NYMEX | HENRY HUB | Swap Contract Quarter Ended June 30, 2019
Risk Management and Derivative Instruments
Hedge position (MMBtu) | MMBTU	1,365,000
Swap weighted average strike price | $ / MMBTU	2.75
Designated as Hedging Instrument | NYMEX | HENRY HUB | Swap Contract Quarter Ended September 30, 2019
Risk Management and Derivative Instruments
Hedge position (MMBtu) | MMBTU	1,380,000
Swap weighted average strike price | $ / MMBTU	2.75
Designated as Hedging Instrument | NYMEX | HENRY HUB | Swap Contract Quarter Ended December 31, 2019
Risk Management and Derivative Instruments
Hedge position (MMBtu) | MMBTU	465,000
Swap weighted average strike price | $ / MMBTU	2.75
Designated as Hedging Instrument | NYMEX | HENRY HUB | Three Way Collar Contract Quarter Ended December 31, 2019
Risk Management and Derivative Instruments
Hedge position (MMBtu) | MMBTU	610,000
Weighted average ceiling price | $ / MMBTU	3.45
Weighted average floor price | $ / MMBTU	2.65
Weighted average sub-floor price | $ / MMBTU	2.15
Designated as Hedging Instrument | NYMEX | HENRY HUB | Three Way Collar Contract Quarter Ended March 31, 2020
Risk Management and Derivative Instruments
Hedge position (MMBtu) | MMBTU	900,000
Weighted average ceiling price | $ / MMBTU	3.45
Weighted average floor price | $ / MMBTU	2.65
Weighted average sub-floor price | $ / MMBTU	2.15

Risk Management and Derivativ_4

Risk Management and Derivative Instruments- Balance Sheet Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Total derivative financial instruments - current liabilities	$ (329)
Total derivative financial instruments - noncurrent liabilities		$ (80)
Commodity Derivatives | Not designated as Hedging Instrument
Total derivative financial instruments - current assets	1,659	6,940
Total derivative financial instruments - noncurrent assets	108	791
Total derivative financial instruments - current liabilities	(329)
Total derivative financial instruments - noncurrent liabilities		(80)
Total derivative fair value at period end	1,438	7,651
Derivative assets:
Gross Recognized Assets	3,576	13,925
Gross Amounts Offset, Assets	(1,809)	(6,194)
Net Recognized Fair Value Assets	1,767	7,731
Derivative liabilities:
Gross Recognized Liabilities	(2,138)	(6,274)
Gross Amounts Offset, Liabilities	1,809	6,194
Net Recognized Fair Value Liabilities	(329)	(80)
Current Assets | Commodity Derivatives | Not designated as Hedging Instrument
Derivative assets:
Gross Recognized Assets	2,834	11,066
Gross Amounts Offset, Assets	(1,175)	(4,126)
Net Recognized Fair Value Assets	1,659	6,940
Current Assets | Commodity Derivatives | Not designated as Hedging Instrument | Swap | Oil
Total derivative financial instruments - current assets	368	3,806
Current Assets | Commodity Derivatives | Not designated as Hedging Instrument | Swap | Natural gas
Total derivative financial instruments - current assets	831	(207)
Current Assets | Commodity Derivatives | Not designated as Hedging Instrument | Collars | Oil
Total derivative financial instruments - current assets	256	3,316
Current Assets | Commodity Derivatives | Not designated as Hedging Instrument | Collars | Natural gas
Total derivative financial instruments - current assets	204	25
Non-Current Assets | Commodity Derivatives | Not designated as Hedging Instrument
Derivative assets:
Gross Recognized Assets	742	2,859
Gross Amounts Offset, Assets	(634)	(2,068)
Net Recognized Fair Value Assets	108	791
Non-Current Assets | Commodity Derivatives | Not designated as Hedging Instrument | Collars | Oil
Total derivative financial instruments - noncurrent assets	108	791
Current Liabilities | Commodity Derivatives | Not designated as Hedging Instrument
Derivative liabilities:
Gross Recognized Liabilities	(1,504)	(4,126)
Gross Amounts Offset, Liabilities	1,175	4,126
Net Recognized Fair Value Liabilities	(329)
Current Liabilities | Commodity Derivatives | Not designated as Hedging Instrument | Collars | Oil
Total derivative financial instruments - current liabilities	(329)
Non-Current Liabilities | Commodity Derivatives | Not designated as Hedging Instrument
Derivative liabilities:
Gross Recognized Liabilities	(634)	(2,148)
Gross Amounts Offset, Liabilities	$ 634	2,068
Net Recognized Fair Value Liabilities		(80)
Non-Current Liabilities | Commodity Derivatives | Not designated as Hedging Instrument | Collars | Natural gas
Total derivative financial instruments - noncurrent liabilities		$ (80)

Risk Management and Derivativ_5

Risk Management and Derivative Instruments - Gain Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Risk Management and Derivative Instruments
Net cash received (paid) for commodity derivative contracts not designated as hedging instruments	$ 253	$ (3,518)	$ 1,022	$ (3,677)
Unrealized net gains (losses)	2,288	(7,830)	(6,213)	(11,610)
Gains (losses) on commodity derivative contracts - net	$ 2,541	$ (11,348)	$ (5,191)	$ (15,287)

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Oil and gas properties, on the basis of full-cost accounting
Proved properties	$ 827,638	$ 809,272
Unproved properties not being amortized	1,912	4,050
Other property and equipment	6,280	6,345
Less accumulated depreciation, depletion, amortization and impairment	(331,904)	(266,198)
Net property and equipment	$ 503,926	$ 553,469

Property and Equipment - Additi

Property and Equipment - Additional information (Details) $ in Thousands	May 31, 2018USD ($)	Jun. 30, 2019USD ($)$ / Boe	Jun. 30, 2018USD ($)$ / Boe	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)$ / Boe	Jun. 30, 2018USD ($)$ / Boe
Other information
Impairment of Oil and Gas Properties		$ 33,557			$ 43,210
Depreciation, Depletion and Amortization		10,873	$ 16,484		22,667	$ 31,697
Oil and Gas
Other information
Qualifying share-based compensation expense			300			500
Internal costs capitalized to oil and gas properties			922		0	1,817
Impairment of Oil and Gas Properties		33,600		$ 0	43,200	0
Depletion expense		10,762	15,898		22,442	30,520
Depreciation on other property and equipment		111	586		225	1,177
Depreciation, Depletion and Amortization		$ 10,873	$ 16,484		$ 22,667	$ 31,697
Depletion expense (per Boe) | $ / Boe		9.85	8.97		9.83	8.71
Depreciation on other property and equipment (per Boe) | $ / Boe		0.10	0.33		0.10	0.34
Depreciation, depletion, and amortization (per Boe) | $ / Boe		9.95	9.30		9.93	9.05
Impairment of Unproved Properties		$ 0	$ 0		$ 0	$ 0
Oil and Gas | Discontinued Operations Disposed of by Sale
Other information
Proceeds from the sale of oil and gas equipment	$ 58,000
Gain or loss recognized on disposal of oil and gas equipment	$ 0
Other Property and Equipment | Minimum
Other information
Estimated useful lives					2 years
Other Property and Equipment | Maximum
Other information
Estimated useful lives					10 years

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Supplemental cash flow information
Cash paid for amounts included in the measurement of lease liabilities of operating cash flows from operating leases	$ 309	$ 619
Amortization of right-of-use assets of operating leases	211	419
Operating Leases
Right-of-use lease assets	4,437	4,437
Total operating lease ROU asset	4,437	4,437
Lease liabilities	1,180	1,180
Long-term lease liabilities	3,887	3,887
Total operating lease liabilities	$ 5,067	$ 5,067
Weighted-average remaining lease term	6 years 6 months 7 days	6 years 6 months 7 days

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accrued Liabilities
Accrued oil and gas capital expenditures	$ 4,103	$ 1,534
Accrued revenue and royalty distributions	8,164	13,302
Accrued lease operating and workover expense	3,839	2,843
Accrued interest	68	209
Accrued taxes	935	1,813
Compensation and benefit related accruals	2,872	2,855
Other	668	2,965
Accrued liabilities	$ 20,649	$ 25,521

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Changes in asset retirement obligations
Asset retirement obligations at beginning of period			$ 8,087	$ 15,506
Liabilities incurred				219
Liabilities settled				(1)
Liabilities eliminated through asset sales				(8,698)
Current period accretion expense	$ 160	$ 250	317	547
Asset retirement obligations at end of period	$ 8,404	$ 7,573	$ 8,404	$ 7,573

Debt (Details)

Debt (Details) $ in Thousands	Nov. 15, 2018USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Apr. 11, 2019USD ($)
Debt
Drawn from facility		$ 40,500
Minimum
Debt
EBITDA to interest expense coverage ratio		2.50
Maximum
Debt
Net indebtedness to EBITDA covenant		4
RBL
Debt
Maximum borrowing capacity		$ 170,000	$ 170,000	$ 170,000
Repayment of debt		37,500
Drawn from facility		60,600	23,100
Current borrowing capacity		$ 107,500
Weighted-average interest rate (as a percent)		7.70%
Unamortized debt issuance costs		$ 900	$ 1,200
Commitment fee (as a percent)		0.50
Net indebtedness to EBITDA covenant	1.50
Liquidity covenant	$ 50,000
RBL | Stock Buyback Equalization Program
Debt
Drawn from facility		$ 39,000
RBL | LIBOR
Debt
Basis rate (as a percent)		4.50%
Floor (as a percent)		1.00%
Letter of Credit
Debt
Letter of credit obligations		$ 1,900

Equity and Share-Based Compen_3

Equity and Share-Based Compensation - Common Shares (Details) - shares	Feb. 14, 2019	Jun. 30, 2019
Common Stock
Changes in number of shares outstanding
Common stock, beginning balance (in shares)		25,520,170
Common stock issued (in shares)		100,696
Retirement of common shares (in shares)		(5,000,000)
Common stock, ending balance (in shares)		20,620,866
Acquisition of treasury stock (in shares)	5,000,000
Retirement of treasury stock (in shares)	5,000,000
Treasury Stock
Changes in number of shares outstanding
Treasury stock, beginning balance (in shares)		(174,189)
Acquisition of treasury stock (in shares)		5,031,672
Retirement of treasury stock (in shares)		5,000,000
Treasury stock, ending balance (in shares)		(205,861)

Equity and Share-Based Compen_4

Equity and Share-Based Compensation - Tender Offer (Details) - Common Stock - $ / shares	Feb. 14, 2019	Jan. 14, 2019
Subsequent Event
Stock repurchase (in shares)		5,000,000
Purchase price per share (in dollars per share)	$ 10	$ 10
Shares repurchased (in shares)	5,000,000
Retirement of treasury stock (in shares)	5,000,000

Equity and Share-Based Compen_5

Equity and Share-Based Compensation - Warrants (Details)	Oct. 21, 2016$ / sharesshares	Feb. 14, 2019$ / sharesshares
Warrants
Warrants
Shares eligible to receive upon exercise of each warrant, Adjustment factor		1.05
Unsecured Note
Warrants
Warrants issued	2,213,789
Warrants to acquire common stock shares (in shares)	2,213,789
Exercise price (in dollars per share) | $ / shares	$ 46
Unsecured Note | Warrants
Warrants
Exercise price (in dollars per share) | $ / shares	$ 46	$ 43.67
Unsecured Note | Warrants | Maximum
Warrants
Warrants to acquire common stock shares (in shares)		2,332,089
Third lien notes
Warrants
Warrants issued	4,411,765
Warrants to acquire common stock shares (in shares)	4,411,765
Exercise price (in dollars per share) | $ / shares	$ 24
Third lien notes | Warrants
Warrants
Exercise price (in dollars per share) | $ / shares	$ 24	$ 22.78
Third lien notes | Warrants | Maximum
Warrants
Warrants to acquire common stock shares (in shares)		4,647,520

Equity and Share-Based Compen_6

Equity and Share-Based Compensation - 2016 Long Term Incentive Plan (Details) - 2016 LTIP - shares	Jun. 30, 2019	Oct. 21, 2016
Share-Based Compensation
Shares available for future distribution (in shares)		3,513,950
Shares authorized (in shares)	1,768,660

Equity and Share-Based Compen_7

Equity and Share-Based Compensation - Stock Buyback Equalization Program (Details) - Common Stock - $ / shares	Feb. 14, 2019	Jan. 14, 2019
Share-Based Compensation
Stock repurchase (in shares)		5,000,000
Purchase price per share (in dollars per share)	$ 10	$ 10
Shares repurchased (in shares)	5,000,000
Stock Buyback Equalization Program
Share-Based Compensation
Stock repurchase (in shares)		5,000,000
Purchase price per share (in dollars per share)	$ 10	$ 10
Shares repurchased (in shares)	5,000,000

Equity and Share-Based Compen_8

Equity and Share-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 14, 2019	Jun. 30, 2019
Restricted Stock
Granted (in shares)		161,194
Non-vested shares outstanding at the end of the period (in shares)		353,464
Restricted Stock Units
Share-Based Compensation
Shares repurchased (in shares)	97,995
Purchase price per share (in dollars per share)	$ 10
Liability for the modified awards for future cash settlement		$ 1
Restricted Stock
Non-vested shares outstanding at the beginning of the period (in shares)		251,522
Granted (in shares)		161,194
Vested (in shares)		(37,258)
Forfeited (in shares)		(21,994)
Non-vested shares outstanding at the end of the period (in shares)		353,464
Weighted Average Grant Date Fair Value
Non-vested shares outstanding at the beginning of the period (in dollars per share)		$ 15.79
Granted (in dollars per share)		7.94
Vested (in dollars per share)		16.62
Forfeited (in dollars per share)		13.70
Non-vested shares outstanding at the end of the period (in dollars per share)		$ 12.25
Restricted Stock Units | 2016 LTIP
Additional information
Unrecognized expense for share-based compensation		$ 1.7
Weighted-average period for over which unrecognized expense will be recognized		10 months 24 days

Equity and Share-Based Compen_9

Equity and Share-Based Compensation - Stock Options (Details) - 2016 LTIP - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
$19.66
Range of Exercise Prices
Exercise price (Lower limit)	$ 19.66
Stock options
Share-Based Compensation
Vesting period (in years)	3 years
Expiration period (in years)	10 years
Options
Stock options outstanding at beginning of period (in shares)	70,102
Forfeited (in shares)	(848)
Stock options outstanding at end of period (in shares)	54,365	70,102
Weighted Average Exercise Price
Stock options outstanding at beginning of period (in dollars per share)	$ 19.65
Forfeited (in dollars per share)	19.66
Stock options outstanding at end of period (in dollars per share)	$ 19.68	$ 19.65
Weighted Average Remaining Contractual Term (Years)
Stock options outstanding at end of period (in years)	7 years 3 months 18 days	7 years 3 months 18 days
Vested and exercisable options, aggregate intrinsic value	$ 0
Additional information
Unrecognized expense for share-based compensation	$ 100
Weighted-average period for over which unrecognized expense will be recognized	3 months 18 days
Options granted during the period	0
Stock options | six-month anniversary of grant date
Share-Based Compensation
Vesting percentage (in percent)	16.67%
Stock options | twelve-month anniversary of the grant
Share-Based Compensation
Vesting percentage (in percent)	16.67%
Stock options | twenty four-month anniversary of the grant date
Share-Based Compensation
Vesting percentage (in percent)	33.33%
Stock options | thirty six month anniversary of the grant date
Share-Based Compensation
Vesting percentage (in percent)	33.33%
Stock options | $19.08-$19.66
Options
Vested (in shares)	(14,889)
Weighted Average Exercise Price
Weighted average vested price of vested options (in dollars per share)	$ 19.56
Weighted Average Remaining Contractual Term (Years)
Vested (in years)	1 month 6 days
Stock options | $19.08 - $20.97
Options
Vested and exercisable at end of period (in shares)	151,050
Weighted Average Exercise Price
Vested and exercisable at end of period (in dollars per share)	$ 19.66
Weighted Average Remaining Contractual Term (Years)
Vested and exercisable at end of period (in years)	5 years 4 months 24 days

Equity and Share-Based Compe_10

Equity and Share-Based Compensation - Non-Employee Director Restricted Stock Units Containing a Market Condition (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 23, 2016	Jun. 30, 2019
Share-Based Compensation
Granted (in shares)		161,194
Awards outstanding (in shares)		353,464
Performance stock units | Director
Share-Based Compensation
Trailing average share price period based on common stock (in days)	60 days
Market Price Hurdle (in dollars per share)	$ 30
Price per Common Share of Stock for the Performance Period		$ 0.27
Unrecognized expense for share-based compensation		$ 0
Performance stock units | Director | Market Condition
Share-Based Compensation
Awards outstanding (in shares)		50,864
Performance stock units | Director | Accrued liabilities
Share-Based Compensation
Liability related to market condition awards		$ 0.1

Equity and Share-Based Compe_11

Equity and Share-Based Compensation - Chief Executive Officer Restricted Stock Units and Performance Stock Units Issued to Certain Members of Executive Management Containing a Market Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 07, 2019	Mar. 01, 2018	Nov. 01, 2017	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Assumptions used
Share-based compensation, net of amounts capitalized to oil and gas properties					$ 1,880	$ 3,425
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)					161,194
Non-vested shares outstanding at the end of the period (in shares)				353,464	353,464
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested shares outstanding at the beginning of the period (in shares)					251,522
Granted (in shares)					161,194
Vested (in shares)					37,258
Forfeited (in shares)					21,994
Non-vested shares outstanding at the end of the period (in shares)				353,464	353,464
Weighted Average Grant Date Fair Value
Non-vested shares outstanding at the beginning of the period (in dollars per share)					$ 15.79
Granted (in dollars per share)					7.94
Vested (in dollars per share)					16.62
Forfeited (in dollars per share)					13.70
Non-vested shares outstanding at the end of the period (in dollars per share)				$ 12.25	$ 12.25
CEO | Performance stock units
Share-Based Compensation
Vesting percent Actual TSR (in percent)			50.00%
Vesting percent Relative TSR (in percent)			50.00%
Days considered for calculation of average stock price			20 days
Assumptions used
Service period (in years)			3 years
Share-based compensation costs recognized				$ 100	$ 200
Unrecognized expense for share-based compensation				700	$ 700
Weighted-average period for over which unrecognized expense will be recognized					1 year 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)			135,778
CEO | Performance stock units | Maximum
Share-Based Compensation
Vesting (in percent)			120.00%
Executive Management | Performance stock units
Assumptions used
Service period (in years)					3 years
Executive Management | Performance stock units | Maximum
Share-Based Compensation
Vesting (in percent)					150.00%
Executive Management | Performance stock units | Minimum
Share-Based Compensation
Vesting (in percent)					100.00%
Executive Management | 2018 Performance Stock Units
Assumptions used
Share-based compensation costs recognized				100	$ 200
Unrecognized expense for share-based compensation				700	$ 700
Weighted-average period for over which unrecognized expense will be recognized					1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)		96,305
Executive Management | 2019 Performance Stock Units
Share-Based Compensation
Consecutive trading day	60 days
Assumptions used
Service period (in years)					2 years
Share-based compensation, net of amounts capitalized to oil and gas properties				200	$ 300
Unrecognized expense for share-based compensation				$ 1,100	$ 1,100
Weighted-average period for over which unrecognized expense will be recognized					1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares)	193,921
Executive Management | 2019 Performance Stock Units | Prior to vesting employment termination between 6 and 12 months of performance period
Share-Based Compensation
Percentage of share forfeited on termination employment					50.00%
Percentage of share remains eligible for vesting on termination employment					50.00%
Executive Management | 2019 Performance Stock Units | Prior to vesting employment termination between 12 and 24 months of performance period
Share-Based Compensation
Percentage of share remains eligible for vesting on termination employment					100.00%
Executive Management | Restricted Stock Units | Maximum
Share-Based Compensation
Change of control price of restricted stock units of the terminated executive will be forfeited					$ 9.50
Executive Management | Restricted Stock Units | Minimum
Share-Based Compensation
Change of control price of restricted stock units of the terminated executive will be Vested					$ 9.50

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Income Taxes
Income tax expense or benefit	$ 0
Reconciliation of income tax expense
Statutory rate	21.00%
Deferred tax assets
Increase in valuation allowance	$ 13,800,000
Less valuation allowance	$ (123,400,000)

Income Per Share (Details)

Income 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
Net income (Loss) Per Share:
Net income (loss)	$ (36,948)	$ (17,807)	$ (1,542)	$ 4,003	$ (54,755)	$ 2,461
Participating securities-non-vested restricted stock						(68)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (36,948)		$ (1,542)		$ (54,755)	$ 2,393
Common shares outstanding - basic (1)	20,512		25,332		21,668	25,316
Common shares outstanding - diluted	20,512		25,332		21,668	25,316
Basic (in dollars per share)	$ (1.80)		$ (0.06)		$ (2.53)	$ 0.09
Diluted (in dollars per share)	$ (1.80)		$ (0.06)		$ (2.53)	$ 0.09
Shares of common stock to be issued by required Plan					9,407	9,407
Directors shares for calculation of earnings per share					79,389
Stock options
Net income (Loss) Per Share:
Antidilutive securities (in shares)	205		500		205	500
Warrants
Net income (Loss) Per Share:
Antidilutive securities (in shares)	6,980		6,626		6,980	6,626

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	Dec. 31, 2017USD ($)
EcoStim
Related Party Transactions
Accounts payable, related party	$ 2.1

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2018USD ($)
Commitments and Contingencies
Loss contingency accrual	$ 1.1