Lonestar Resources US (LONE) 10-Q 14 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 10, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Trading Symbol	LONE
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Lonestar Resources US Inc.
Entity Central Index Key	1,661,920
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,637,127

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 2,038	$ 2,538
Accounts receivable
Oil, natural gas liquid and natural gas sales	12,537	12,289
Joint interest owners and others, net	770	794
Related parties	70	162
Derivative financial instruments	385	472
Prepaid expenses and other	1,509	2,365
Total current assets	17,309	18,620
Proved properties	783,356	750,226
Unproved properties	79,091	78,655
Other property and equipment	16,668	15,763
Less accumulated depletion, depreciation, amortization	(274,630)	(259,382)
Net property and equipment	604,485	585,262
Derivative financial instruments	245
Other non-current assets	2,479	2,918
Total assets	624,518	606,800
Current liabilities
Accounts payable	25,466	25,901
Accounts payable -- related parties	321	389
Oil, natural gas liquid and natural gas sales payable	8,714	8,747
Accrued liabilities	20,715	16,583
Derivative financial instruments	19,556	12,336
Total current liabilities	74,772	63,956
Long-term debt	325,759	301,155
Asset retirement obligations	5,723	5,649
Deferred tax liabilities, net	4,891	8,105
Equity warrant liability	560	508
Equity warrant liability -- related parties	1,063	963
Derivative financial instruments	10,782	9,802
Other non-current liabilities	2,668	1,316
Total long-term liabilities	351,446	327,498
Commitments and contingencies (Note 12)
Stockholders' Equity
Series A-1 convertible participating preferred stock, $0.001 par value, 85,857 and 83,968 shares issued and outstanding, respectively
Additional paid-in capital	174,477	174,871
Accumulated deficit	(118,832)	(102,180)
Total stockholders' equity	198,300	215,346
Total liabilities and stockholders' equity	624,518	606,800
Class A Voting Common Stock
Stockholders' Equity
Common stock	142,655	142,655
Total stockholders' equity	$ 142,655	$ 142,655

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Class A Voting Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	24,634,313	24,506,647
Common stock, shares outstanding	24,634,313	24,506,647
Class B Non-Voting Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	5,000	5,000
Common stock, shares issued	2,500	2,500
Common stock, shares outstanding	2,500	2,500
Series A-1 Convertible Participating Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	85,857	83,968
Preferred stock, shares outstanding	85,857	83,968

Consolidated Statements Of Oper

Consolidated Statements Of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Oil sales	$ 33,152	$ 14,489
Natural gas liquid sales	1,734	1,671
Natural gas sales	1,806	1,456
Total revenues	36,692	17,616
Expenses
Lease operating and gas gathering	4,584	2,956
Production and ad valorem taxes	2,166	1,037
Depreciation, depletion and amortization	15,563	12,142
Loss on sale of oil and gas properties		142
General and administrative	3,409	2,670
Other expense	1,568
Total expenses	27,290	18,947
Income (loss) from operations	9,402	(1,331)
Other (expense) income
Interest expense	(9,258)	(5,032)
Unrealized (loss) gain on warrants	(152)	2,270
(Loss) gain on derivative financial instruments	(11,156)	8,746
Loss on extinguishment of debt	(8,619)
Total other (expense) income, net	(29,185)	5,984
(Loss) income before income taxes	(19,783)	4,653
Income tax benefit (expense)	3,131	(1,587)
Net (loss) income	(16,652)	3,066
Preferred stock dividends	(1,889)
Net (loss) income attributable to common stockholders	$ (18,541)	$ 3,066
Net (loss) income per common share
Basic	$ (0.75)	$ 0.14
Diluted	$ (0.75)	$ 0.13
Weighted average common shares outstanding
Basic	24,559,132	21,822,015
Diluted	24,559,132	22,833,615

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Class A Voting Common Stock	Series A-1 Preferred Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2017	$ 215,346	$ 142,655		$ 174,871	$ (102,180)
Beginning balance (in shares) at Dec. 31, 2017		24,506,647	83,968
Payment-in-kind dividends (in shares)			1,889
Issued pursuant to stock-based compensation plan	(610)			(610)
Issued pursuant to stock based compensation plan (in shares)		127,666
Stock-based compensation	216			216
Net loss	(16,652)				(16,652)
Ending balance at Mar. 31, 2018	$ 198,300	$ 142,655		$ 174,477	$ (118,832)
Ending balance (in shares) at Mar. 31, 2018		24,634,313	85,857

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net loss	$ (16,652)	$ 3,066
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Accretion of asset retirement obligations	43	20
Depreciation, depletion and amortization	15,520	12,122
Stock-based compensation	450	178
Share based payments	(610)
Deferred taxes	(3,213)	1,591
Loss (gain) on derivative financial instruments	11,156	(8,746)
Settlements of derivative financial instruments	(3,116)	1,516
Loss on abandoned property and equipment	170
Non-cash interest expense	2,477	581
Unrealized loss (gain) on warrants	152	(2,270)
Changes in operating assets and liabilities:
Accounts receivable	(131)	(2,110)
Prepaid expenses and other assets	(709)	(378)
Accounts payable and accrued expenses	4,310	7,398
Net cash provided by operating activities	9,847	12,968
Cash flows from investing activities
Acquisition of oil and gas properties	(1,605)	(1,563)
Development of oil and gas properties	(31,523)	(19,076)
Purchases of other property and equipment	(1,348)	(13)
Net cash used in investing activities	(34,476)	(20,652)
Cash flows from financing activities
Proceeds from borrowings and related party borrowings	264,565	9,000
Payments on borrowings and related party borrowings	(240,436)	(2,500)
Cost to issue equity		(1,000)
Net cash provided by financing activities	24,129	5,500
Net decrease in cash and cash equivalents	(500)	(2,184)
Cash and cash equivalents, beginning of the period	2,538	6,068
Cash and cash equivalents, end of the period	2,038	3,884
Supplemental information:
Cash paid for taxes	1,147
Cash paid for interest	3,970	912
Non-cash investing and financing activities:
Asset retirement obligation	32	(33)
Increase (decrease) in liabilities for capital expenditures	$ 406	$ (5,561)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 1. Basis of Presentation Organization and Nature of Operations Lonestar Resources US Inc. (“Lonestar”) is an independent oil and natural gas company focused on the development, production and acquisition of unconventional oil, natural gas liquids (“NGLs”) and natural gas properties in the Eagle Ford Shale play in South Texas, primarily through our subsidiary, Lonestar Resources America, Inc. (“LRAI”). Lonestar is a Delaware corporation with our common stock listed and traded on the Nasdaq Global Select Market under symbol “LONE”. Interim Financial Statements The accompanying unaudited condensed consolidated financial statements of Lonestar Resources US Inc., and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017 (the “Form 10-K”). Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “Company” or “Lonestar,” refer to Lonestar Resources US Inc. and its subsidiaries. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end, and the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of our consolidated financial position as of March 31, 2018 and 2017, our consolidated results of operations for the three months ended March 31, 2018 and 2017, and our consolidated cash flows for the three months ended March 31, 2018 and 2017. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on our reported net (loss) income, current assets, current liabilities, total liabilities or stockholders’ equity. Net (Loss) Income per Common Share Basic net (loss) income per common share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average number of common stock outstanding during the period. Diluted net (loss) income per common share is calculated in the same manner but includes the impact of potentially dilutive securities. Potentially dilutive securities consist of warrants, equity compensation awards and preferred equity shares under the as-converted method. The following table is a reconciliation of the weighted average shares used in the basic and diluted net (loss) income per common share calculations for the periods indicated: Three Months Ended March 31, (Unaudited) 2018 2017 Basic weighted average common shares outstanding 24,559,132 21,822,015 Potentially dilutive securities Warrants — 760,000 Restricted stock units — 251,600 Diluted weighted average common shares outstanding 24,559,132 22,833,615 Basic weighted average common shares exclude shares of non-vested restricted stock. As these restricted shares vest, they will be included in the shares outstanding used to calculate basic net (loss) income per common share. The following securities could potentially dilute earnings per share in the future, but were excluded from the computation of diluted net (loss) income per share, as their effect would have been antidilutive: Three Months Ended March 31, (Unaudited) 2018 2017 Preferred stock 14,004,823 — Warrants 760,000 — Stock appreciation rights 690,000 — Restricted stock units 448,709 —

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	Note 2. Recent Accounting Pronouncements Business Combinations . In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”) in order to clarify the definition of a business as it relates to whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Effective January 1, 2018, the Company adopted ASU 2017-01, which will not have a material impact on the Company’s consolidated financial statements. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for the annual period beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. Entities must adopt the standard using a modified retrospective transition and apply the guidance to the earliest comparative period presented, with certain practical expedients that entities may elect to apply. Management is currently assessing the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which created Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). The objective of ASU 2014-09 is greater consistency and comparability across industries by using a five-step model to recognize revenue from customer contracts. Effective January 1, 2018, the Company adopted ASU 2014-09, using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. Under the modified retrospective method, the Company recognizes the cumulative effect of initially applying ASU 2014-09 as an adjustment to the opening balance of accumulated deficit; however, no significant adjustment was required as a result of adopting the new standard. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606. The comparative information has not been restated and continues to be reported under historic accounting standards in effect for those periods. The impact of the adoption of ASU 2014-09 is expected to be immaterial to the Company’s net income on an ongoing basis. See Note 5. Revenue Recognition, for further discussion.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Divestitures	Note 3. Acquisitions and Divestitures New Corporate Headquarters On August 2, 2017, the Company closed on the purchase of an office building in Fort Worth, Texas, with an acquisition price approximating $10 million, to which the Company relocated its corporate operations in February 2018. In light of the relocation, the Company recorded an impairment charge of $1.6 million in Other Expense on the Unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2018, primarily reflecting the remaining future minimum rentals of the lease for the Company’s prior corporate office from the date of relocation to the end of the remaining lease term. Battlecat Acquisition On June 15, 2017, the Company closed an acquisition with Battlecat Oil & Gas, LLC (“Battlecat”) whereby the Company acquired oil and gas properties in the Eagle Ford Shale play in DeWitt, Gonzales and Karnes County, Texas (the “Battlecat Acquisition”). The total purchase consideration of approximately $59.8 million consisted of $55.0 million in cash and 1,184,632 shares of Series B Convertible Preferred Stock, par value $0.001 per share (“Series B Preferred Stock”) at a value of approximately $4.8 million. Allocation of the purchase consideration was as follows: $56.3 million to proved reserves; $2.9 million to unproved reserves and $0.6 million to unevaluated acreage and other assets. Additionally, the Company recorded an asset retirement obligation of approximately $0.2 million, resulting in fair value of net assets acquired of approximately $59.6 million. The Company accounted for the acquisition as a business combination under ASC 805. Acquisition-related costs of approximately $1.5 million were charged to Acquisition Costs in the Consolidated Statements of Operations. The effective date of the acquisition was April 1, 2017. Marquis Acquisition On June 15, 2017, the Company closed an acquisition with SN Marquis LLC (a subsidiary of Sanchez Energy Corporation) (“Marquis”) whereby the Company acquired oil and gas properties in the Eagle Ford Shale play in Fayette, Gonzales and Lavaca County, Texas (the “Marquis Acquisition”). The total purchase consideration of approximately $50.0 million consisted of $44.0 million in cash and 1,500,000 shares of Series B Preferred Stock at a value of approximately $6.0 million. Allocation of the purchase price was as follows: $48.0 million to proved reserves; $0.6 to unproved reserves and $1.4 million to land, building and other assets. Additionally, the Company recorded an asset retirement obligation of approximately $1.9 million, resulting in fair value of net assets acquired of approximately $48.1 million. The Company accounted for the acquisition as a business combination under ASC 805. Acquisition-related costs of approximately $1.2 million were charged to Acquisition Costs in the Consolidated Statements of Operations. The effective date of the acquisition was January 1, 2017. Pro Forma Information (unaudited) Had the Battlecat and Marquis acquisitions both occurred on January 1, 2017, our combined pro forma revenue and net loss for the three months ended March 31, 2017, would have been as follows: Three Months Ended In thousands, except per share data March 31, 2017 Pro forma total revenues $ 31,401 Pro forma net income attributable to common stockholders 5,427 Pro forma net loss per common share, basic $ 0.25 Pro forma net loss per common share, diluted 0.24

Commodity Price Risk Activities

Commodity Price Risk Activities	3 Months Ended
	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Commodity Price Risk Activities	Note 4. Commodity Price Risk Activities The Company enters into certain commodity derivative instruments to mitigate commodity price risk associated with a portion of its future oil, NGL and natural gas production and related cash flows. The oil, NGL and natural gas revenues and cash flows are affected by changes in commodity product prices, which are volatile and cannot be accurately predicted. The objective for holding these commodity derivatives is to protect the operating revenues and cash flows related to a portion of the future oil, NGL and natural gas sales from the risk of significant declines in commodity prices, which helps ensure the Company’s ability to fund the capital budget. Inherent in the Company’s fixed price contracts, are certain business risks, including market risk and credit risk. Market risk is the risk that the price of oil and natural gas will change, either favorably or unfavorably, in response to changing market conditions. Credit risk is the risk of loss from non-performance by the Company’s counterparty to a contract. The Company does not currently require cash collateral from any of its counterparties nor does its counterparties require cash collateral from the Company. At March 31, 2018, the Company had no open physical delivery obligations. The following table summarizes the Company’s commodity derivative contracts as of March 31, 2018: Contract Volume Hedged Weighted Average Price Commodity Type Period (Bbls/MMBtu per day) Swap Floor Ceiling Oil -WTI Swaps April-December 2018 5,134 $53.16 — — Oil -WTI 2-Way Collar April-December 2018 500 — $50.00 $59.45 Oil -WTI Swaps January-December 2019 4,930 51.28 — — Oil -WTI Swaps January-June 2020 3,378 53.02 — — Natural Gas - Henry Hub Swaps April-December 2018 5,000 3.09 — — During May 2018, the Company entered into additional WTI swaps for 253,400 Bbls at a strike prices of $69.15 per Bbl for the period of July through December 2018. The Company has not designated any of the commodity derivatives as hedges under the applicable accounting standards. Consequently, all changes in fair value of these derivatives (realized and unrealized) are included in the Unaudited Condensed Consolidated Statements of Operations. As of March 31, 2018, all of the Company’s economic derivative hedge positions were with large financial institutions, which are not known to the Company to be in default on their derivative positions. The Company is exposed to credit risk to the extent of non-performance by the counterparties in the derivative contracts discussed above; however, the Company does not anticipate non-performance by such counterparties. None of the Company’s derivative instruments contain credit-risk related contingent features.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Disaggregation Of Revenue [Abstract]
Revenue Recognition	Note 5. Revenue Recognition Operating revenues are comprised of sales of crude oil, NGLs and natural gas. Three Months Ended March 31, In thousands (unaudited) 2018 2017 Oil $ 33,152 $ 14,489 NGLs 1,734 1,671 Natural gas 1,806 1,456 Total operating revenues $ 36,692 $ 17,616 Accounting Policies Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The Company recognizes revenue when control has been transferred to the customer, generally at the time commodities reach an agreed-upon delivery point. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated formula, list or fixed price. Typically, the Company sells its products directly to customers generally under agreements with payment terms typically less than 30 days. Oil Revenues The Company’s crude oil sales contracts are generally structured such that Lonestar commits and dedicates for sale a specified volume of oil production from agreed-upon leases to a purchaser. Oil is sold at a contractually-specified index price plus or minus a differential, and title and control of the product generally transfers at the delivery point specified in the contract, at which point related revenue is recognized. For those leases in which Lonestar operates with other working interest owners, the Company recognizes oil revenue proportionate to its entitled share of volumes sold. Currently, all of Lonestar’s oil production comes from the Eagle Ford play in South Texas, and direct sales to four purchasers account for the majority of its oil sales. The Company’s oil purchase contracts are generally written to provide month-to-month terms with a 30-day cancellation notice. Sales of Lonestar’s oil production are typically invoiced monthly based on actual volumes measured at the agreed-upon delivery point and stated contract pricing for the month. NGLs and Natural Gas Revenues The Company’s NGL and natural gas purchase contracts are generally structured such that Lonestar commits and dedicates for sale a specified volume of NGL and/or natural gas production per day from agreed-upon leases to a purchaser. NGLs and natural gas are sold at a percentage of index prices of each component less any stated deductions. Control transfers at the delivery point specified in the contract, which typically is stated as the inlet or tailgate of a plant where the produced NGLs and natural gas are processed for subsequent transportation and consumption. In certain situations, Lonestar takes processed natural gas in-kind from a processing plant for sale under a separate purchase agreement with a different delivery point. The stated delivery point determines whether certain conditioning, treating, transportation and fractionation fees associated with the sold NGLs and natural gas are treated as operating expenses (occurring before the delivery point) or as deductions to revenues (occurring after the delivery point). For those leases in which Lonestar operates with other working interest owners, the Company recognizes NGL and natural gas revenue proportionate to its entitled share of volumes sold. Currently, all of Lonestar’s NGL and natural gas production comes from the Eagle Ford play in South Texas. Sales of Lonestar’s NGL and natural gas production is typically invoiced monthly based on actual volumes at the agreed-upon delivery point and stated contract pricing and allocations for the month. Lonestar uses a third-party broker for its NGL and natural gas marketing. In this capacity, the third-party is responsible for carrying out marketing activities such as submission of nominations, receipt of payments, submission of invoices and negotiation of contracts. In this agreement, Lonestar retains final approval of contracts and is not entitled to sales proceeds from the third-party until they are collected from the related purchasers. Commissions payable to the third-party broker for these services are treated as operating expenses in the financial statements. Production Imbalances The Company follows the sales method of accounting for natural gas imbalances, whereby revenue is recorded based on the Company’s share of volumes sold, regardless of whether the Company has taken its proportional share of volumes produced. A receivable or liability is recognized only to the extent that the Company has an imbalance on a specific property greater than the expected remaining proved reserves. There were no imbalances at March 31, 2018 and 2017. Significant Judgements As noted above, the Company engages in various types of transactions in which midstream entities process its gas and subsequently market resulting NGLs and residue gas to third-party customers on Lonestar’s behalf. These types of transactions require judgement to determine whether Lonestar is the principal or the agent in the contract and, as a result, whether revenues are recorded gross or net. The Company has determined that each unit of product represents a separate performance obligation under the terms of its purchase contracts, and therefore, future volumes are wholly unsatisfied. Therefore, the Company has utilized the practical expedient exempting a Company from disclosure of the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Prior-Period Performance Obligations The Company records revenue in the month production is delivered to the purchaser. As noted above, settlement statements for certain NGL and natural gas sales may not be received for 30 to 60 days after the date production is delivered, and as a result, Lonestar is required to estimate the amount of production that was delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Lonestar has existing internal controls in place for its estimation process, and any identified differences between its revenue estimates and actual revenue received historically have not been significant. For the three months ended March 31, 2018, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. Accounts Receivable and Other Accounts receivable – Oil, natural gas liquid and natural gas sales on our Unaudited Condensed Consolidated Balance Sheets consist of amounts due from purchasers for commodity sales from our Eagle Ford fields. Payments from purchasers are typically due by the last day of the month following the month of delivery. There was no bad debt expense for any period presented, and we do not provide an allowance for uncollectible accounts. The Company’s operations do not result in any contract assets or liabilities on the balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note In accordance with ASC 820, Fair Value Measurements and Disclosures • Level 1 – Quoted prices for identical assets or liabilities in active markets. • Level 2 – Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs derived principally from or corroborated by observable market data by correlation or other means. • Level 3 – Unobservable inputs for the asset or liability. The fair value input hierarchy level to which an asset or liability measurement falls in its entirety is determined based on the lowest level input that is significant to the measurement in its entirety. Non-recurring fair value measurements include certain non-financial assets and liabilities as may be acquired in a business combination and thereby measured at fair value; impaired oil and natural gas property assessments; warrants issued in equity offerings and the initial recognition of asset retirement obligations for which fair value is used. These estimates are derived from historical costs as well as management’s expectation of future cost environments. As there is no corroborating market activity to support the assumptions used, the Company has designated these estimates as Level 3. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, for each fair value hierarchy level: Fair Value Measurements Using In thousands Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2018 (unaudited) Assets Commodity derivatives $ — $ 630 $ — $ 630 Liabilities: Commodity derivatives $ — $ (30,338 ) $ — $ (30,338 ) Warrant — — (1,623 ) (1,623 ) Deferred compensation (107 ) — (442 ) (549 ) Total $ (107 ) $ (29,708 ) $ (2,065 ) $ (31,880 ) December 31, 2017 Assets: Commodity derivatives $ — $ 472 $ — $ 472 Liabilities: Commodity derivatives $ — $ (22,138 ) $ — $ (22,138 ) Warrant — — (1,471 ) (1,471 ) Deferred compensation — — (314 ) (314 ) Total $ — $ (21,666 ) $ (1,785 ) $ (23,451 ) Level 3 Gains and Losses The table below sets forth a summary of changes in the fair value of the Company’s Level 3 liabilities for the three months ended March 31, 2018: In thousands Warrant Deferred Compensation Total Balance as of December 31, 2017 $ (1,471 ) $ (314 ) $ (1,785 ) Unrealized losses (152 ) (128 ) (280 ) Balance as of March 31, 2018 (unaudited) $ (1,623 ) $ (442 ) $ (2,065 ) The derivative asset and liability fair values reported in the consolidated balance sheets are as of the balance sheet date and subsequently change because of changes in commodity prices, market conditions and other factors. The Company typically has numerous hedge positions that span several time periods and often result in both derivative assets and liabilities with the same counterparty, which positions are all offset to a single derivative asset or liability in the consolidated balance sheets, including the deferred premiums associated with its hedge positions. The Company nets the fair values of its derivative assets and liabilities associated with derivative instruments executed with the same counterparty pursuant to ISDA master agreements, which provide for net settlement over the term of the contract and in the event of default or termination of the contract. The book values of cash and cash equivalents, receivables for oil, NGL and natural gas sales, joint interest billings, notes and other receivables, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these instruments. The carrying value of debt approximates fair value since it is subject to a short-term floating interest rate that approximates the rate available to the Company, except for bonds, which are recorded at amortized cost less debt issuance costs. The fair value of the 11.25% Senior Notes (as defined in Note 8 below) approximates $250.0 million as of March 31, 2018, and the notes are considered a Level 3 liability, as they are based on market transactions that occur infrequently as well as internally generated inputs.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2018
Payables And Accruals [Abstract]
Accrued Liabilities	Note 7. Accrued Liabilities Accrued liabilities consisted of the following as of the dates indicated: In thousands March 31, 2018 (unaudited) December 31, 2017 Bonus payable $ 2,851 $ 2,250 Payroll payable 19 18 Accrued interest -- 8.75% Senior Notes — 2,768 Accrued interest -- 11.25% Senior Notes 7,031 — Accrued interest - other 908 1,015 Accrued rent 414 156 Accrued well costs 4,849 8,386 Third party payments for joint interest expenditures 3,076 — Accrued severance, property and franchise taxes 688 115 Accrued federal income tax 441 1,147 Other 438 728 Total accrued liabilities $ 20,715 $ 16,583

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Note 8. Long-Term Debt The following long-term debt obligations were outstanding as of the dates indicated: In thousands March 31, 2018 (unaudited) December 31, 2017 Senior Secured Credit Facility $ 73,000 $ 142,080 8.75% Senior Notes due 2019 — 151,848 11.25% Senior Notes due 2023 250,000 — Mortgage debt 9,053 7,891 Other 285 759 Total long-term debt 332,338 302,578 Unamortized discount (5,344 ) (949 ) Unamortized debt issuance costs (1,235 ) (474 ) Total long-term debt net of debt issuance costs $ 325,759 $ 301,155 Senior Secured Credit Facility In July 2015, LRAI entered into a $500 million Senior Secured Credit Facility with Citibank, N.A., as administrative agent, and other lenders party thereto (as amended, supplemented or modified from time to time, the “Credit Facility”), which has a maturity date of July 29, 2020. As of March 31, 2018, $73.0 million was borrowed under the Credit Facility, and the weighted average interest rate on borrowings under the Credit Facility was 4.84%. The Credit Facility may be used for loans and, subject to a $2.5 million sub-limit, letters of credit, and provides for a commitment fee of 0.375% to 0.5% based on the unused portion of the borrowing base under the Credit Facility. The Company was in compliance with the terms of the Credit Facility as of March 31, 2018. On January 4, 2018, the Company entered into the Limited Waiver, Borrowing Base Redetermination Agreement, and Amendment No. 7 to the Credit Agreement, which included the following provisions: • maintained the borrowing base of $160 million until the next redetermination date, which is scheduled for May 2018; • waived the borrowing base redetermination that would otherwise have occurred in connection with the incurrence of the 11.25% Senior Notes (see below), and • amended certain other provisions of the Credit Facility. Issuance of 11.25% Senior Notes In January 2018, the Company issued $250.0 million of 11.250% senior notes due 2023 (the “11.25% Senior Notes”) to U.S.-based institutional investors. The net proceeds of $244.4 million were used to fully retire the 8.75% Senior Notes (as defined below), which included principal, interest and a prepayment premium of approximately $162.0 million. The remaining net proceeds were used to reduce borrowings under the Credit Facility. The 11.25% Senior Notes mature on January 1, 2023, and bear interest at the rate of 11.25% per year, payable on January 1 and July 1 of each year, beginning July 1, 2018. At any time prior to January 1, 2021, the Company may, on any one or more occasions, redeem up to 35% of the aggregate principal amount of the 11.25% Senior Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 111.25% of the principal amounts redeemed, plus accrued and unpaid interest, provided that at least 65% of the aggregate principal amount of 11.25% Senior Notes originally issued remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering. At any time prior to January 1, 2021, the Company may, on any one or more occasions, redeem all or a part of the 11.25% Senior Notes at a redemption price equal to 100% of the principal amount redeemed, plus a “make-whole” premium as of, and accrued and unpaid interest. On and after January 1, 2021, the Company may redeem the 11.25% Senior Notes, in whole or in part, plus accrued and unpaid interest, at the following redemption prices: 108.438% after January 1, 2021; 105.625% after January 1, 2022; and 100% after July 1, 2022. The indenture contains certain restrictions on the Company’s ability to incur additional debt, pay dividends on the Company’s common stock, make investments, create liens on the Company’s assets, engage in transactions with affiliates, transfer or sell assets, consolidate or merger, or sell substantially all of the Company’s assets. Retirement of 8.75% Senior Notes Using proceeds from the issuance of the 11.25% Senior Notes, as discussed above, the Company fully retired the 8.750% Senior Unsecured Notes due April 15, 2019 (“the 8.75% Senior Notes”). Pursuant to the terms of the indenture, the 8.75% Senior Notes were redeemed at 104.375% of the outstanding principal amount, or approximately $158.5 million, which excludes accrued interest. In connection with this transaction, the Company recognized a $8.6 million loss on extinguishment during the three months ended March 31, 2018.

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders’ Equity	Note 9. Stockholders’ Equity Series A & B Preferred Stock In June 2017, in connection with financing the Battlecat and Marquis Acquisitions, the Company issued 5,400 shares of Series A-1 Convertible Participating Preferred Stock, par value $0.001 per share (the “Series A-1 Preferred Stock”) and 74,600 shares of Series A-2 Convertible Participating Preferred Stock, par value $0.001 per share (the “Series A-2 Preferred Stock” and, together with the Series A-1 Preferred Stock, the “Series A Preferred Stock”), to Chambers Energy Capital (“Chambers”). Also in June 2017, in connection with the Battlecat and Marquis Acquisitions, the Company issued 1,184,632 and 1,500,000 shares of Series B Preferred Stock to Battlecat and Marquis, respectively (see Note 3, Acquisitions and Divestitures). Pursuant to the terms of the Chambers agreement, the Company agreed to use commercially reasonable efforts to hold a stockholder meeting (the “Stockholder Meeting”) to obtain stockholder approval of the issuance of shares of the Company’s Class A voting common stock issuable upon conversion of all shares of Series A-1 Preferred Stock and Series A-2 Preferred Stock (upon their conversion to shares of Series A-1 Preferred Stock) issued or issuable pursuant to the agreement (the “Stockholder Approval”). The Stockholder Meeting was held on November 3, 2017, and Stockholder Approval was obtained. As a result of the Stockholder Approval, all outstanding Series A-2 Preferred Stock was converted to Series A-1 Preferred Stock. Also, on November 3, 2017, in accordance with the terms of the Series B Certificate of Designations, all of the outstanding shares of the Company’s Series B Preferred Stock were converted on a one-for-one basis into shares of the Company’s Class A voting common stock. After the Chambers agreement closing, and for so long as the Approved Holders (as defined) beneficially own at least 10% of the total number of outstanding shares of Class A voting common stock and Class B non-voting common stock (collectively, “Common Stock”) of the Company, on an as-converted basis, or at least 15% of the number of Series A Preferred Stock issued to Chambers, the Company cannot undertake certain actions without the prior consent of holders of a majority of all shares of Common Stock, on an as-converted basis, held by the Approved Holders. Prior to June 15, 2020, Chambers and its affiliates are prohibited from directly or indirectly engaging in any short sales involving the Common Stock or securities convertible into, or exercisable or exchanged for, Common Stock. Without the prior written consent of the board, the Approved Holders are subject to customary standstill restrictions until the earlier of (i) the two-year anniversary of the date the Approved Holders are no longer entitled to designate any director to the Board and (ii) the date the Company fails to fully declare and pay all accrued dividends on either series of the Series A Preferred Stock after there are no PIK Quarters (as defined below) remaining. In connection with the closing and the issuance of shares of Series A Preferred Stock, the Company entered into a registration rights agreement with Chambers (the “Chambers RRA”). Under the Chambers RRA, the Company has agreed to provide to Chambers certain customary demand and piggyback registration rights relating to Chambers’ ownership of Company stock. The Chambers RRA contains customary terms and conditions, including certain customary indemnification obligations. The Series A-1 Preferred Stock ranks senior to Class A voting common stock with respect to dividend rights and rights upon the liquidation, winding-up or dissolution of the Company, and the series initially has a stated value of $1,000 per share. Holders of Series A-1 Preferred Stock are entitled to vote with holders of Class A voting common stock on an as-converted basis. Shares of Series A-1 Preferred Stock are convertible into shares of Class A voting common stock at the option of the holders of such Series A-1 Preferred Stock at a per share rate (the “Conversion Rate”) equal to the Stated Value of such share divided by six, subject to certain adjustments (the “Conversion Price”). The Company has the option to convert Series A-1 Preferred Stock to Class A voting common stock if the volume weighted average price of Class A voting common stock exceeds the following percentages of the Conversion Price for twenty out of thirty consecutive trading days: (i) 200%, if such mandatory conversion occurs prior to June 15, 2019, (ii) 175%, if such mandatory conversion occurs after June 15, 2019 but before June 15, 2020, and (iii) 150%, if such mandatory conversion occurs after June 15, 2020. Holders of Series A Preferred Stock are entitled to cumulative dividends payable quarterly initially at a rate of 9% per annum (the “Dividend Rate”) in cash and, for any 12 quarters (“PIK Quarters”), at the Company’s option, (i) in the form of additional shares of the respective series of Series A Preferred Stock at a per share price equal to $975 or (ii) by increasing Stated Value, in lieu of cash (collectively, the “PIK Option”). After the 12 PIK Quarters, if the Company fails to fully declare and pay dividends in cash, then the Dividend Rate for Series A Preferred Stock will automatically increase by 5.0% per annum for the next succeeding dividend period and then an additional 1.0% for each successive dividend period, up to a maximum Dividend Rate of 20.0% per annum, until the Company pays dividends at such increased rate fully in cash for two consecutive quarters. In addition to dividends rights described above, holders of the Series A Preferred Stock are entitled to receive dividends or distributions declared or paid on Class A voting common stock on an as-converted basis. If on June 15, 2024, the Prevailing Price is less than the Conversion Price then in effect, the Dividend Rate for Series A-1 Preferred Stock will automatically increase to 20.0% per annum, payable only in cash, unless automatically converted as described above. However, the Company, at its option, may instead elect to exchange each share of Series A-1 Preferred Stock for senior unsecured notes of the Company with a two-year maturity, a 9.0% per annum coupon payable semi-annually in cash, and governed by terms substantially similar to the Company’s most recent high yield indenture at that time. After June 15, 2020, the Company may redeem shares of Series A Preferred Stock in cash at a per share amount equal to (i) 110% of the Stated Value, if the redemption occurs prior to June 15, 2021, (ii) 105% of the Stated Value, if the redemption occurs prior to June 15, 2022, and (iii) 100% of the Stated Value, if the redemption occurs after June 15, 2022, in each case, plus any unpaid dividends. For the third and fourth quarters of 2017, the Company elected the PIK Option for the Class A Preferred Stock dividend payment, which resulted in the issuance of 1,991 additional shares of Series A-1 Preferred Stock and 1,977 additional shares of Series A-2 Preferred Stock, which were subsequently converted to shares of Series A-1 Preferred Stock during the fourth quarter of 2017. For the first quarter of 2018, the Company also elected the PIK Option for the Class A Preferred Stock dividend payment, which resulted in the issuance of 1,889 additional shares of Series A-1 Preferred Stock during the three months ended March 31, 2018. Common Stock Issuances On November 3, 2017, as described above, the Company issued 2,684,632 shares of Class A voting common stock on a one-for-one basis in exchange for all of the of the Company’s outstanding Series B Preferred Stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 10. Stock-Based Compensation Restricted Stock Units In February 2017, the Company granted awards of restricted stock units (“RSUs”) covering 612,000 shares to certain of its employees. In August 2017, 100,000 additional units were issued to the Company’s chairman of the board of directors, and in October 2017, 28,409 additional units were issued to the Company’s internal general counsel. The awards vest over a three-year period as follows: 40% on the first anniversary of issuance and 30% on each of the second and third anniversaries of issuance, such that the RSU’s will be fully vested on the third anniversary of issuance. The Company determined the fair value of granted RSUs based on the market price of the Class A voting common stock of the Company on the date of grant. RSUs are paid in Class A voting common stock or cash, at the Company’s option, after the vesting of the applicable RSU. Compensation expense for granted RSUs is recognized over the vesting period. In February 2018, the Company elected to offer cash settlement to all employees for vested RSUs and, as a result of this modification, the RSU awards are classified as a liability on the Company’s balance sheet in accordance with ASC 718, Compensation – Stock Compensation, The following table presents RSUs activity during the three months ended March 31, 2018: Shares Weighted Average Remaining Contractual Term (in years) Non-vested RSUs at December 31, 2017 728,909 2.2 Granted — — Vested (280,200 ) — Forfeited — — Non-vested RSUs at March 31, 2018 448,709 1.9 Stock Appreciation Rights In February 2017, the Company granted awards of stock appreciation rights (“SARs”) covering 700,000 shares to certain of its employees and its non-employee directors. The awards vest over a three-year period as follows: 40% on the first anniversary of issuance and 30% on each of the second and third anniversaries of issuance, such that the SAR’s will be fully vested on the third anniversary of issuance. The SARs will expire five-years after the date of issuance. The exercise price of the SAR is the fair market value of the Company’s Class A voting common stock on the date of the grant. The SAR entitles the holder to receive from the Company, upon exercise of the exercisable portion of the SAR, an amount determined by multiplying the excess of the fair market value of one share on the date of exercise over the exercise price per share by the number of shares with respect to which the SAR is exercised. SARs will be paid in cash or common stock at holder’s election once the SAR is vested, with the provision that the Company possesses sufficient liquidity to allow for cash settlement of the SAR. The SARs are accounted for as a liability on the Unaudited Condensed Consolidated Balance Sheets, which was approximately $442 thousand as of March 31, 2018. The following table presents SARs activity during the three months ended March 31, 2018: Shares Weighted Average Exercise Price Per Share Weighted Remaining Contractual Term (in years) Outstanding at December 31, 2017 690,000 $ 7.20 4.3 SARs vested and exercisable at December 31, 2017 — — — Granted — — — Exercised — — — Expired/forfeited — — — Outstanding at March 31, 2018 690,000 $ 7.20 3.9 SARs vested and exercisable at March 31, 2018 276,000 $ 7.20 3.9 Stock-Based Compensation Expense For the three months ended March 31, 2018 and 2017, the Company recorded stock-based compensation expenses of approximately $450 thousand and $178 thousand, respectively, related to RSUs and SARs. As of March 31, 2018, the total unrecognized stock-based compensation cost to be recognized over the next two years is approximately $3.0 million.

Related Party Activities

Related Party Activities	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Activities	11. Related Party Activities Leucadia In August 2016, LRAI and the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Juneau, as initial purchaser, Leucadia as guarantor of Juneau’s obligations, the other purchasers party thereto and Jefferies, LLC, in its capacity as the collateral agent for the purchasers, relating to the issuance and sale of (i) up to $49.9 million aggregate principal amount of LRAI’s 12% senior secured second lien notes due 2021 (“Second Lien Notes”) and (ii) five-year warrants to purchase up to an aggregate 998,000 shares of the Company’s Class A voting common stock at a price equal to $5.00 per share (the “Warrants”). During 2016, LRAI issued $25.0 million in aggregate principal amount of Second Lien Notes and the Company issued Warrants to purchase 500,000 shares of its Class A voting common stock to Juneau. In December 2016, LRAI repaid to Juneau $21.0 million principal of the Second Lien Notes. In connection with entering into the Purchase Agreement, the Company also entered into a registration rights agreement and an equity commitment agreement. Pursuant to the registration rights agreement, the Company had agreed to register for resale certain Class A voting common stock issued or issuable to Juneau and Leucadia, including those issuable upon exercise of the Warrants. The Form S-3 registration statement was filed with the Securities and Exchange Commission on November 7, 2017, and is effective. EF Realisation In October 2016, the Company entered into a Board Representation Agreement (the “Board Representation Agreement”) with EF Realisation Company Limited (“EF Realisation”). Under the Board Representation Agreement, for as long as EF Realisation, together with its affiliates, beneficially owns 15% or more of the issued and outstanding shares of the Company’s Class A voting common stock, it has the right to nominate up to, but no more than, two directors to serve on the Board and for as long as EF Realisation, together with its affiliates, beneficially owns at least 10% but less than 15% of the Company’s issued and outstanding shares of Class A voting common stock, it has the right to nominate up to, but no more than, one director to serve on the Board. Also in October 2016, the Company entered into a Registration Rights Agreement with EF Realisation, pursuant to which the Company agreed to register for resale Class A voting common stock indirectly owned by EF Realisation. The Form S-3 registration statement was filed with the Securities and Exchange Commission on November 7, 2017 and is effective. The Company has also granted EF Realisation certain piggyback and demand registration rights. Amendment of Registration Rights Agreement In connection with the Battlecat and Marquis acquisitions, in June 2017, the Company entered into (i) a first amendment to the registration rights agreement (the “Leucadia RRA Amendment”) with Leucadia and JETX Energy, LLC (f/k/a Juneau Energy, LLC), which amends the registration rights agreement by and among the same parties, and (ii) a first amendment to registration rights agreement (the “EF RRA Amendment” and, together with the Leucadia RRA Amendment, the “RRA Amendments”) with EF Realisation, which amends the registration rights agreement from October 2016 by and between the same parties. The RRA Amendments set forth the relative priorities, with respect to demand and piggyback registration rights, among each applicable party thereto, Battlecat, Marquis and Chambers under their respective registration rights agreements with the Company. Other Related Party Transactions New Tech Global Ventures, LLC, a company in which Daniel R. Lockwood (a director of the Company) owns a limited partnership interest, has provided field engineering staff and consultancy services for the Company since 2013. The total cost for such services was approximately $184 and $232 thousand for the three months ended March 31, 2018 and 2017, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies In February 2018, the Company signed a rig under contract to drill four wells that commenced in April 2018 and provides for a drilling rate of $20 thousand per day. The early termination fee equals the greater of demobilization costs or $200 thousand, plus $200 thousand for each undrilled well. In March 2018, the Company signed a dedicated fleet contract that provides for hydraulic fracturing and wireline services at variable rates depending on the work performed. The early termination fee equals $133 thousand for each of 15 scheduled wells that is not hydraulically fractured as of the date of termination. The contract expires on December 31, 2018.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying unaudited condensed consolidated financial statements of Lonestar Resources US Inc., and its subsidiaries have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. These financial statements and the notes thereto should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017 (the “Form 10-K”). Unless indicated otherwise or the context requires, the terms “we,” “our,” “us,” “Company” or “Lonestar,” refer to Lonestar Resources US Inc. and its subsidiaries. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end, and the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of our consolidated financial position as of March 31, 2018 and 2017, our consolidated results of operations for the three months ended March 31, 2018 and 2017, and our consolidated cash flows for the three months ended March 31, 2018 and 2017.
Reclassification	Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. Such reclassifications had no impact on our reported net (loss) income, current assets, current liabilities, total liabilities or stockholders’ equity.
Net (Loss) Income per Common Share	Net (Loss) Income per Common Share Basic net (loss) income per common share is computed by dividing the net (loss) income attributable to common stockholders by the weighted average number of common stock outstanding during the period. Diluted net (loss) income per common share is calculated in the same manner but includes the impact of potentially dilutive securities. Potentially dilutive securities consist of warrants, equity compensation awards and preferred equity shares under the as-converted method. The following table is a reconciliation of the weighted average shares used in the basic and diluted net (loss) income per common share calculations for the periods indicated: Three Months Ended March 31, (Unaudited) 2018 2017 Basic weighted average common shares outstanding 24,559,132 21,822,015 Potentially dilutive securities Warrants — 760,000 Restricted stock units — 251,600 Diluted weighted average common shares outstanding 24,559,132 22,833,615 Basic weighted average common shares exclude shares of non-vested restricted stock. As these restricted shares vest, they will be included in the shares outstanding used to calculate basic net (loss) income per common share. The following securities could potentially dilute earnings per share in the future, but were excluded from the computation of diluted net (loss) income per share, as their effect would have been antidilutive: Three Months Ended March 31, (Unaudited) 2018 2017 Preferred stock 14,004,823 — Warrants 760,000 — Stock appreciation rights 690,000 — Restricted stock units 448,709 —
Recent Accounting Pronouncements	Business Combinations . In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”) in order to clarify the definition of a business as it relates to whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Effective January 1, 2018, the Company adopted ASU 2017-01, which will not have a material impact on the Company’s consolidated financial statements. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for the annual period beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. Entities must adopt the standard using a modified retrospective transition and apply the guidance to the earliest comparative period presented, with certain practical expedients that entities may elect to apply. Management is currently assessing the impact the adoption of ASU 2016-02 will have on our consolidated financial statements. Revenue Recognition. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which created Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). The objective of ASU 2014-09 is greater consistency and comparability across industries by using a five-step model to recognize revenue from customer contracts. Effective January 1, 2018, the Company adopted ASU 2014-09, using the modified retrospective method applied to contracts that were not completed as of January 1, 2018. Under the modified retrospective method, the Company recognizes the cumulative effect of initially applying ASU 2014-09 as an adjustment to the opening balance of accumulated deficit; however, no significant adjustment was required as a result of adopting the new standard. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606. The comparative information has not been restated and continues to be reported under historic accounting standards in effect for those periods. The impact of the adoption of ASU 2014-09 is expected to be immaterial to the Company’s net income on an ongoing basis. See Note 5. Revenue Recognition, for further discussion.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of Reconciliation of Weighted Average Shares Used in Basic and Diluted Net (Loss) Income Per Common Share Calculations	The following table is a reconciliation of the weighted average shares used in the basic and diluted net (loss) income per common share calculations for the periods indicated: Three Months Ended March 31, (Unaudited) 2018 2017 Basic weighted average common shares outstanding 24,559,132 21,822,015 Potentially dilutive securities Warrants — 760,000 Restricted stock units — 251,600 Diluted weighted average common shares outstanding 24,559,132 22,833,615
Schedule of Potentially Dilute Earnings Per Share in Future Were Excluded in the Computation of Diluted Net (Loss) Income Per Share as They Were Anti-dilutive	The following securities could potentially dilute earnings per share in the future, but were excluded from the computation of diluted net (loss) income per share, as their effect would have been antidilutive: Three Months Ended March 31, (Unaudited) 2018 2017 Preferred stock 14,004,823 — Warrants 760,000 — Stock appreciation rights 690,000 — Restricted stock units 448,709 —

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Unaudited Pro Forma Operating Results	our combined pro forma revenue and net loss for the three months ended March 31, 2017, would have been as follows: Three Months Ended In thousands, except per share data March 31, 2017 Pro forma total revenues $ 31,401 Pro forma net income attributable to common stockholders 5,427 Pro forma net loss per common share, basic $ 0.25 Pro forma net loss per common share, diluted 0.24

Commodity Price Risk Activiti22

Commodity Price Risk Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivative Contracts	The following table summarizes the Company’s commodity derivative contracts as of March 31, 2018: Contract Volume Hedged Weighted Average Price Commodity Type Period (Bbls/MMBtu per day) Swap Floor Ceiling Oil -WTI Swaps April-December 2018 5,134 $53.16 — — Oil -WTI 2-Way Collar April-December 2018 500 — $50.00 $59.45 Oil -WTI Swaps January-December 2019 4,930 51.28 — — Oil -WTI Swaps January-June 2020 3,378 53.02 — — Natural Gas - Henry Hub Swaps April-December 2018 5,000 3.09 — —

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Disaggregation Of Revenue [Abstract]
Summary of Operating Revenues are Comprised of Sales of Crude Oil, NGLs and Natural Gas	Operating revenues are comprised of sales of crude oil, NGLs and natural gas. Three Months Ended March 31, In thousands (unaudited) 2018 2017 Oil $ 33,152 $ 14,489 NGLs 1,734 1,671 Natural gas 1,806 1,456 Total operating revenues $ 36,692 $ 17,616

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017, for each fair value hierarchy level: Fair Value Measurements Using In thousands Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2018 (unaudited) Assets Commodity derivatives $ — $ 630 $ — $ 630 Liabilities: Commodity derivatives $ — $ (30,338 ) $ — $ (30,338 ) Warrant — — (1,623 ) (1,623 ) Deferred compensation (107 ) — (442 ) (549 ) Total $ (107 ) $ (29,708 ) $ (2,065 ) $ (31,880 ) December 31, 2017 Assets: Commodity derivatives $ — $ 472 $ — $ 472 Liabilities: Commodity derivatives $ — $ (22,138 ) $ — $ (22,138 ) Warrant — — (1,471 ) (1,471 ) Deferred compensation — — (314 ) (314 ) Total $ — $ (21,666 ) $ (1,785 ) $ (23,451 )
Summary of Changes in Fair Value for the Level 3 Liabilities	The table below sets forth a summary of changes in the fair value of the Company’s Level 3 liabilities for the three months ended March 31, 2018: In thousands Warrant Deferred Compensation Total Balance as of December 31, 2017 $ (1,471 ) $ (314 ) $ (1,785 ) Unrealized losses (152 ) (128 ) (280 ) Balance as of March 31, 2018 (unaudited) $ (1,623 ) $ (442 ) $ (2,065 )

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Payables And Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of the dates indicated: In thousands March 31, 2018 (unaudited) December 31, 2017 Bonus payable $ 2,851 $ 2,250 Payroll payable 19 18 Accrued interest -- 8.75% Senior Notes — 2,768 Accrued interest -- 11.25% Senior Notes 7,031 — Accrued interest - other 908 1,015 Accrued rent 414 156 Accrued well costs 4,849 8,386 Third party payments for joint interest expenditures 3,076 — Accrued severance, property and franchise taxes 688 115 Accrued federal income tax 441 1,147 Other 438 728 Total accrued liabilities $ 20,715 $ 16,583

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	The following long-term debt obligations were outstanding as of the dates indicated: In thousands March 31, 2018 (unaudited) December 31, 2017 Senior Secured Credit Facility $ 73,000 $ 142,080 8.75% Senior Notes due 2019 — 151,848 11.25% Senior Notes due 2023 250,000 — Mortgage debt 9,053 7,891 Other 285 759 Total long-term debt 332,338 302,578 Unamortized discount (5,344 ) (949 ) Unamortized debt issuance costs (1,235 ) (474 ) Total long-term debt net of debt issuance costs $ 325,759 $ 301,155

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Outstanding Restricted Stock Units	The following table presents RSUs activity during the three months ended March 31, 2018: Shares Weighted Average Remaining Contractual Term (in years) Non-vested RSUs at December 31, 2017 728,909 2.2 Granted — — Vested (280,200 ) — Forfeited — — Non-vested RSUs at March 31, 2018 448,709 1.9
Schedule of Outstanding Stock Appreciation Rights	The following table presents SARs activity during the three months ended March 31, 2018: Shares Weighted Average Exercise Price Per Share Weighted Remaining Contractual Term (in years) Outstanding at December 31, 2017 690,000 $ 7.20 4.3 SARs vested and exercisable at December 31, 2017 — — — Granted — — — Exercised — — — Expired/forfeited — — — Outstanding at March 31, 2018 690,000 $ 7.20 3.9 SARs vested and exercisable at March 31, 2018 276,000 $ 7.20 3.9

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Reconciliation of Weighted Average Shares Used in Basic and Diluted Net (Loss) Income Per Common Share Calculations (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share Diluted [Line Items]
Basic weighted average common shares outstanding	24,559,132	21,822,015
Diluted weighted average common shares outstanding	24,559,132	22,833,615
Warrant
Earnings Per Share Diluted [Line Items]
Potentially dilutive securities		760,000
Restricted Stock Units
Earnings Per Share Diluted [Line Items]
Potentially dilutive securities		251,600

Basis of Presentation - Sched29

Basis of Presentation - Schedule of Potentially Dilute Earnings Per Share in Future Were Excluded in the Computation of Diluted Net (Loss) Income Per Share as They Were Anti-dilutive (Details)	3 Months Ended
	Mar. 31, 2018shares
Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	14,004,823
Warrant
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	760,000
Stock Appreciation Rights
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	690,000
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	448,709

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 02, 2017	Jun. 15, 2017	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Acquisition of oil and gas properties			$ 1,605	$ 1,563
Battlecat Oil & Gas, LLC
Business Acquisition [Line Items]
Purchase consideration of oil and gas properties		$ 59,800
Acquisition of oil and gas properties		55,000
Purchase consideration paid to acquire proved reserves		56,300
Purchase consideration paid to acquire unproved reserves		2,900
Purchase consideration paid to acquire unevaluated acreage and other assets		600
Asset retirement obligations recorded with the acquisition of properties		200
Fair value of net assets acquired		59,600
Acquisition costs		$ 1,500
Effective date of acquisition		Apr. 1, 2017
SN Marquis LLC
Business Acquisition [Line Items]
Purchase consideration of oil and gas properties		$ 50,000
Acquisition of oil and gas properties		44,000
Purchase consideration paid to acquire proved reserves		48,000
Purchase consideration paid to acquire unproved reserves		600
Purchase consideration paid to acquire unevaluated acreage and other assets		1,400
Asset retirement obligations recorded with the acquisition of properties		1,900
Fair value of net assets acquired		48,100
Acquisition costs		$ 1,200
Effective date of acquisition		Jan. 1, 2017
Series B Convertible Participating Preferred Stock | Battlecat Oil & Gas, LLC
Business Acquisition [Line Items]
Number of shares issued in connection with acquisition		1,184,632
Preferred Stock, par value		$ 0.001
Value of shares issued in connection with acquisition		$ 4,800
Series B Convertible Participating Preferred Stock | SN Marquis LLC
Business Acquisition [Line Items]
Number of shares issued in connection with acquisition		1,500,000
Value of shares issued in connection with acquisition		$ 6,000
Fort Worth, Texas
Business Acquisition [Line Items]
Acquisition price of an office building	$ 10,000
Fort Worth, Texas | Other Expense [Member]
Business Acquisition [Line Items]
Impairment charge			$ 1,600

Acquisitions and Divestitures31

Acquisitions and Divestitures - Pro Forma Revenue Statement (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / shares
Business Combinations [Abstract]
Pro forma total revenues | $	$ 31,401
Pro forma net income attributable to common stockholders | $	$ 5,427
Pro forma net loss per common share, basic | $ / shares	$ 0.25
Pro forma net loss per common share, diluted | $ / shares	$ 0.24

Commodity Price Risk Activiti32

Commodity Price Risk Activities - Additional Information (Details)	May 01, 2018$ / bblbbl	Mar. 31, 2018DeliveryObligation
Derivative [Line Items]
Number of open physical obligations | DeliveryObligation		0
Subsequent Event | Oil -WTI Swaps July-December 2018
Derivative [Line Items]
Total Volume | bbl	253,400
Weighted Average Price - Swap | $ / bbl	69.15

Commodity Price Risk Activiti33

Commodity Price Risk Activities - Schedule of Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2018MMBTU$ / bbl$ / MMBTUbbl
Oil -WTI Swaps April-December 2018
Derivative [Line Items]
Total Volume | bbl	5,134
Weighted Average Price - Swap	53.16
Oil -WTI 2-Way Collar April-December 2018
Derivative [Line Items]
Total Volume | bbl	500
Weighted Average Price - Floor	50
Weighted Average Price - Ceiling	59.45
Oil -WTI Swaps January-December 2019
Derivative [Line Items]
Total Volume | bbl	4,930
Weighted Average Price - Swap	51.28
Oil -WTI Swaps January-June 2020
Derivative [Line Items]
Total Volume | bbl	3,378
Weighted Average Price - Swap	53.02
Natural Gas - Henry Hub Swaps April-December 2018
Derivative [Line Items]
Total Energy | MMBTU	5,000
Weighted Average Price - Swap | $ / MMBTU	3.09

Revenue Recognition - Summary o

Revenue Recognition - Summary of Operating Revenues are Comprised of Sales of Crude Oil, NGLs and Natural Gas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Abstract]
Oil	$ 33,152	$ 14,489
NGLs	1,734	1,671
Natural gas	1,806	1,456
Total revenues	$ 36,692	$ 17,616

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Disaggregation Of Revenue [Abstract]
Bad debt expense	$ 0
Allowance for uncollectible accounts	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant	$ (1,623)	$ (1,471)
Deferred compensation	(549)	(314)
Total	(31,880)	(23,451)
Commodity Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	630	472
Liabilities	(30,338)	(22,138)
Quoted Prices in Active Markets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Deferred compensation	(107)
Total	(107)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	(29,708)	(21,666)
Significant Other Observable Inputs (Level 2) | Commodity Derivatives
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	630	472
Liabilities	(30,338)	(22,138)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Warrant	(1,623)	(1,471)
Deferred compensation	(442)	(314)
Total	$ (2,065)	$ (1,785)

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value for the Level 3 Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ (1,785)
Unrealized losses	(280)
Ending balance	(2,065)
Warrant
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(1,471)
Unrealized losses	(152)
Ending balance	(1,623)
Deferred Compensation
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	(314)
Unrealized losses	(128)
Ending balance	$ (442)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - 11.25% Senior Notes - USD ($) $ in Millions	Mar. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt instrument interest rate	11.25%	11.25%	11.25%
Fair value of senior notes	$ 250

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Bonus payable	$ 2,851	$ 2,250
Payroll payable	19	18
Accrued interest - other	908	1,015
Accrued rent	414	156
Accrued well costs	4,849	8,386
Third party payments for joint interest expenditures	3,076
Accrued severance, property and franchise taxes	688	115
Accrued federal income tax	441	1,147
Other	438	728
Total accrued liabilities	20,715	16,583
8.750% Senior Notes Due April 15, 2019
Debt Instrument [Line Items]
Accrued interest - Senior Notes		$ 2,768
11.25% Senior Notes
Debt Instrument [Line Items]
Accrued interest - Senior Notes	$ 7,031

Accrued Liabilities - Schedul40

Accrued Liabilities - Schedule of Accrued Liabilities Parenthetical (Details)	Mar. 31, 2018	Jan. 31, 2018	Dec. 31, 2017
8.750% Senior Notes Due April 15, 2019
Debt Instrument [Line Items]
Debt instrument interest rate	8.75%	8.75%	8.75%
11.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate	11.25%	11.25%	11.25%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Senior Secured Credit Facility	$ 73,000	$ 142,080
Other	285	759
Total long-term debt	332,338	302,578
Unamortized discount	(5,344)	(949)
Unamortized debt issuance costs	(1,235)	(474)
Total long-term debt net of debt issuance costs	325,759	301,155
8.750% Senior Notes Due April 15, 2019
Debt Instrument [Line Items]
Senior Notes		151,848
11.25% Senior Notes
Debt Instrument [Line Items]
Senior Notes	250,000
Mortgages Debt
Debt Instrument [Line Items]
Mortgage debt	$ 9,053	$ 7,891

Long-Term Debt - Senior Secured

Long-Term Debt - Senior Secured Credit Facility - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2015	Mar. 31, 2018	Jan. 04, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Senior Secured Credit Facility		$ 73,000,000		$ 142,080,000
Senior Secured Credit Facility
Debt Instrument [Line Items]
Senior Secured Credit Facility		$ 73,000,000
Weighted average interest rate on borrowings		4.84%
Senior secured credit facility sub limit		$ 2,500,000
Debt instrument borrowing base			$ 160,000,000
Senior Secured Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
Senior Secured Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
Citibank N A | Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument maturity date	Jul. 29, 2020
LRAI | Citibank N A | Senior Secured Credit Facility
Debt Instrument [Line Items]
Debt instrument face amount	$ 500,000,000

Long-Term Debt - Issuance of 11

Long-Term Debt - Issuance of 11.25% Senior Notes - Additional Information (Details) - USD ($) $ in Millions	Jan. 04, 2018	Jan. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
January 1, 2021
Debt Instrument [Line Items]
Redemption price, percentage	108.438%
January 1, 2022
Debt Instrument [Line Items]
Redemption price, percentage	105.625%
July 1, 2022
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
11.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount		$ 250
Debt instrument interest rate		11.25%	11.25%	11.25%
Senior notes maturity period		2,023
Debt instrument proceeds net		$ 244.4
Debt instrument maturity date	Jan. 1, 2023
Senior notes periodic payment terms	January 1 and July 1 of each year,
Senior notes beginning of first payment	Jul. 1, 2018
Senior notes redemption date	Jan. 1, 2021
Percentage of senior notes redeem from aggregate principal amount	65.00%
Redemption price, percentage	111.25%
Senior notes redemption description	11.25% Senior Notes originally issued remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering.
11.25% Senior Notes | January 1, 2021
Debt Instrument [Line Items]
Percentage of senior notes redeem from aggregate principal amount	100.00%
11.25% Senior Notes | Maximum
Debt Instrument [Line Items]
Percentage of senior notes redeem from aggregate principal amount	35.00%
Senior notes redemption period	180 days
8.750% Senior Notes Due April 15, 2019
Debt Instrument [Line Items]
Debt instrument interest rate		8.75%	8.75%	8.75%
Payment of principal, interest and prepayment premium		$ 162

Long-Term Debt - Retirement of

Long-Term Debt - Retirement of 8.75% Senior Notes - Additional Information (Details) - USD ($) $ in Thousands	Apr. 15, 2016	Mar. 31, 2018
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (8,619)
8.750% Senior Notes Due April 15, 2019 | Unsecured Debt
Debt Instrument [Line Items]
Redemption price, percentage	104.375%
Redemption price, value	$ 158,500
Loss on extinguishment of debt		$ (8,600)

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - $ / shares	Nov. 03, 2017	Jun. 15, 2017	Jun. 30, 2017	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017
Class Of Stock [Line Items]
Minimum percentage of outstanding common stock beneficially own by approved holders			10.00%
Senior Unsecured Notes
Class Of Stock [Line Items]
Unsecured notes, maturity period				2 years
Debt instrument interest rate				9.00%
Series A-1 Convertible Participating Preferred Stock
Class Of Stock [Line Items]
Conversion of Stock Conversion Rate				the Stated Value of such share divided by six
Conversion of stock, threshold trading days			20 days
Conversion of stock, threshold consecutive trading days			30 days
Threshold percentage of conversion price prior to June 15, 2019			200.00%
Threshold percentage of conversion price after June 15, 2019 but before June 15, 2020			175.00%
Threshold percentage of conversion price after June 15, 2020			150.00%
Preferred stock, dividend rate, percentage				20.00%
Stock conversion terms				the Company, at its option, may instead elect to exchange each share of Series A-1 Preferred Stock for senior unsecured notes of the Company with a two-year maturity, a 9.0% per annum coupon payable semi-annually in cash, and governed by terms substantially similar to the Company’s most recent high yield indenture at that time.
Preferred Stock Dividends, Shares				1,889		1,991
Series A-1 Convertible Participating Preferred Stock | Battlecat and Marquis
Class Of Stock [Line Items]
Number of shares issued			5,400
Preferred stock, par value			$ 0.001
Series A-2 Convertible Participating Preferred Stock
Class Of Stock [Line Items]
Preferred Stock Dividends, Shares					1,977
Series A-2 Convertible Participating Preferred Stock | Battlecat and Marquis
Class Of Stock [Line Items]
Preferred stock, par value			$ 0.001
Convertible participating preferred stock, number of shares issued			74,600
Series B Convertible Participating Preferred Stock
Class Of Stock [Line Items]
Preferred stock to common stock conversion basis	one-for-one
Shares issued upon conversion	1
Series B Convertible Participating Preferred Stock | Battlecat Oil & Gas, LLC
Class Of Stock [Line Items]
Number of shares issued in connection with acquisition		1,184,632
Series B Convertible Participating Preferred Stock | SN Marquis LLC
Class Of Stock [Line Items]
Number of shares issued in connection with acquisition		1,500,000
Series A Preferred Stock
Class Of Stock [Line Items]
Minimum percentage of outstanding preferred stock beneficially own by approved holders			15.00%
Preferred stock, dividend rate, percentage				9.00%
Shares issued, price per share				$ 975
Preferred stock, increase in dividend rate for next succeeding dividend period				5.00%
Preferred stock, additional increase in dividend rate for each successive dividend period				1.00%
Series A Preferred Stock | Prior to June 15, 2021
Class Of Stock [Line Items]
Preferred stock redemption percentage				110.00%
Series A Preferred Stock | Prior to June 15, 2022
Class Of Stock [Line Items]
Preferred stock redemption percentage				105.00%
Series A Preferred Stock | After June 15, 2022
Class Of Stock [Line Items]
Preferred stock redemption percentage				100.00%
Series A Preferred Stock | Maximum
Class Of Stock [Line Items]
Preferred stock, dividend rate, percentage				20.00%
Class A Voting Common Stock
Class Of Stock [Line Items]
Number of shares issued	2,684,632
Preferred stock to common stock conversion basis				one-for-one
Preferred stock, liquidation preference per share			$ 1,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Oct. 31, 2017	Aug. 31, 2017	Feb. 28, 2017	Mar. 31, 2018	Mar. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expenses				$ 450	$ 178
Unrecognized stock-based compensation cost				$ 3,000
Unrecognized stock-based compensation cost, recognition period				2 years
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards vesting periods				3 years
Share-based compensation, liability paid				$ 107
Restricted Stock Units (RSUs) | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs or SARs granted			612,000
Restricted Stock Units (RSUs) | Chairman of the Board of Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs or SARs granted		100,000
Restricted Stock Units (RSUs) | Internal General Counsel
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs or SARs granted	28,409
Restricted Stock Units (RSUs) | Vesting on First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award vesting rights, Percentage				40.00%
Restricted Stock Units (RSUs) | Vesting on Second Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award vesting rights, Percentage				30.00%
Restricted Stock Units (RSUs) | Vesting on Third Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award vesting rights, Percentage				30.00%
Stock Appreciation Rights (SARs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs or SARs granted			700,000
Awards vesting periods			3 years
Share-based compensation, liability paid				$ 442
Share-based compensation expiration period			5 years
Stock Appreciation Rights (SARs) | Vesting on First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award vesting rights, Percentage			40.00%
Stock Appreciation Rights (SARs) | Vesting on Second Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award vesting rights, Percentage			30.00%
Stock Appreciation Rights (SARs) | Vesting on Third Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation award vesting rights, Percentage			30.00%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Outstanding Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Non-vested Shares [Roll Forward]
Non-vested RSUs at beginning of period, Shares	728,909
Vested, Shares	(280,200)
Non-vested RSUs at end of period, Shares	448,709	728,909
Nn-vested RSUs, Weighted Average Remaining Contractual Term (in years)	1 year 10 months 25 days	2 years 2 months 12 days

Stock-Based Compensation - Sc48

Stock-Based Compensation - Schedule of Outstanding Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) - $ / shares	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2017	Mar. 31, 2018	Dec. 31, 2017
Outstanding Shares [Roll Forward]
Outstanding at beginning of period, Shares		690,000
Granted, Shares	700,000
Outstanding at end of period, Shares		690,000	690,000
Options vested and exercisable, Shares		276,000
Outstanding at beginning of period, Weighted Average Exercise Price Per Share		$ 7.20
Outstanding at end of period, Weighted Average Exercise Price Per Share		7.20	$ 7.20
Options vested and exercisable, Weighted Average Exercise Price Per Share		$ 7.20
Nn-vested RSUs, Weighted Average Remaining Contractual Term (in years)		3 years 10 months 25 days	4 years 3 months 19 days
Options vested and exercisable, Weighted Average Remaining Contractual Term (in years)		3 years 10 months 25 days

Related Party Activities - Addi

Related Party Activities - Additional Information (Details)	Jan. 03, 2017USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 22, 2016USD ($)shares	Dec. 31, 2016USD ($)shares	Oct. 26, 2016Director	Aug. 02, 2016USD ($)$ / sharesshares
Related Party Transaction [Line Items]
Registration rights agreement description		the Company entered into a Registration Rights Agreement with EF Realisation, pursuant to which the Company agreed to register for resale Class A voting common stock indirectly owned by EF Realisation. The Form S-3 registration statement was filed with the Securities and Exchange Commission on November 7, 2017 and is effective. The Company has also granted EF Realisation certain piggyback and demand registration rights.
Leucadia
Related Party Transaction [Line Items]
Offering fee recorded as reduction to additional paid-in capital	$ 1,000,000
Leucadia | Class A Voting Common Stock
Related Party Transaction [Line Items]
Number of common shares issued | shares				3,478,261
Common shares issued, Value				$ 20,000,000
Leucadia | Maximum | Class A Voting Common Stock
Related Party Transaction [Line Items]
Minimum ownership percentage required to appoint board of directors		50.00%
Leucadia | Securities Purchase Agreement | 12% Senior Secured Second Lien Notes Due 2021
Related Party Transaction [Line Items]
Debt instrument interest rate							12.00%
Common stock price per share | $ / shares							$ 5
Leucadia | Securities Purchase Agreement | 12% Senior Secured Second Lien Notes Due 2021 | Maximum
Related Party Transaction [Line Items]
Debt instrument face amount							$ 49,900,000
Warrants to purchase common stock | shares							998,000
Juneau Energy, LLC | Securities Purchase Agreement
Related Party Transaction [Line Items]
Warrants to purchase common stock | shares					500,000
Juneau Energy, LLC | Securities Purchase Agreement | 12% Senior Secured Second Lien Notes Due 2021
Related Party Transaction [Line Items]
Sale of stock, description of transaction		(i) up to $49.9 million aggregate principal amount of LRAI’s 12% senior secured second lien notes due 2021 (“Second Lien Notes”) and (ii) five-year warrants to purchase up to an aggregate 998,000 shares of the Company’s Class A voting common stock at a price equal to $5.00 per share (the “Warrants”). During 2016, LRAI issued $25.0 million in aggregate principal amount of Second Lien Notes and the Company issued Warrants to purchase 500,000 shares of its Class A voting common stock to Juneau. In December 2016, LRAI repaid to Juneau $21.0 million principal of the Second Lien Notes.
Juneau Energy, LLC | Securities Purchase Agreement | Second Lien Notes
Related Party Transaction [Line Items]
Debt instrument face amount					$ 25,000,000
Repayment of principal second lien notes					$ 21,000,000
EF Realisation | Class A Voting Common Stock | Board Representation Agreement
Related Party Transaction [Line Items]
Minimum ownership percentage on common stock issued and outstanding required for nominating two directors						15.00%
Minimum ownership percentage on common stock issued and outstanding required for nominating one director						10.00%
EF Realisation | Maximum | Class A Voting Common Stock
Related Party Transaction [Line Items]
Number of directors to be nominated | Director						2
EF Realisation | Minimum | Class A Voting Common Stock
Related Party Transaction [Line Items]
Number of directors to be nominated | Director						1
New Tech Global Ventures, LLC
Related Party Transaction [Line Items]
Cost of consultancy services		$ 184,000	$ 232,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2018USD ($)Well	Mar. 31, 2018USD ($)Well
Drilling Rig
Loss Contingencies [Line Items]
Number of wells to be drilled under additional rig contract | Well	4
Operating lease commencing month and year	2018-04
Aggregate drilling rate	$ 20
Drilling rig termination fee description	The early termination fee equals the greater of demobilization costs or $200 thousand, plus $200 thousand for each undrilled well.
Early termination fee amount	$ 200
Early termination fee amount for each undrilled well	$ 200
Hydraulic Fracturing and Wireline Services
Loss Contingencies [Line Items]
Early termination fee amount		$ 133
Number of scheduled wells that is not hydraulically fractured as of termination date | Well		15
Operating lease expiration date		Dec. 31, 2018