Lonestar Resources US (LONE) 10-Q 10 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 09, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-37670
Entity Registrant Name	Lonestar Resources US Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0874035
Entity Address, Address Line One	111 Boland Street
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76107
City Area Code	817
Local Phone Number	921-1889
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	LONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,107,081
Entity Central Index Key	0001661920
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 18,788	$ 17,474
Restricted cash	2,157	8,972
Accounts receivable
Oil, natural gas liquid and natural gas sales	18,838	11,635
Joint interest owners and others, net	1,418	4,076
Derivative financial instruments	0	1,703
Prepaid expenses and other	1,710	1,118
Total current assets	42,911	44,978
Oil and gas properties, using the successful efforts method of accounting
Proved properties	352,788	314,685
Unproved properties	33,808	34,929
Other property and equipment	19,692	19,680
Less accumulated depreciation, depletion and amortization	(12,982)	(2,056)
Property and equipment, net	393,306	367,238
Accounts receivable	6,256	6,053
Derivative financial instruments	0	395
Other non-current assets	4,232	4,651
Total assets	446,705	423,315
Current liabilities
Accounts payable	10,929	7,651
Oil, natural gas liquid and natural gas sales payable	22,953	18,760
Accrued liabilities	15,594	15,983
Derivative financial instruments	43,539	7,938
Current maturities of long-term debt	22,157	20,000
Total current liabilities	115,172	70,332
Long-term liabilities
Long-term debt	243,199	255,328
Asset retirement obligations	3,707	4,573
Derivative financial instruments	15,539	835
Total long-term liabilities	262,445	260,736
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, $0.001 par value, 90,000,000 shares authorized, 10,107,081 and 10,000,149 shares issued and outstanding, respectively	10	10
Additional paid-in capital	93,933	92,953
Accumulated deficit	(24,855)	(716)
Total stockholders’ equity	69,088	92,247
Total liabilities and stockholders’ equity	$ 446,705	$ 423,315

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	90,000,000	90,000,000
Common stock, shares issued (in shares)	10,107,081	10,000,149
Common stock, shares outstanding (in shares)	10,107,081	10,000,149

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Revenues	$ 46,027	$ 17,220	$ 85,838	$ 54,250
Expenses
Lease operating	3,933	4,028	8,379	11,667
Production and ad valorem taxes	2,497	1,721	4,917	4,091
Depreciation, depletion and amortization	5,860	16,575	11,169	40,929
Loss on sale and disposal of oil and gas properties	0	1,254	0	1,254
Impairment of oil and gas properties	0	0	0	199,908
General and administrative	5,962	5,981	9,939	8,856
Other (income) expense	(143)	58	(138)	(139)
Total expenses	19,629	30,492	37,328	269,591
Income (loss) from operations	26,398	(13,272)	48,510	(215,341)
Other (expense) income
Interest expense	(4,323)	(10,512)	(8,430)	(22,122)
Change in fair value of warrants	0	0	0	363
(Loss) gain on derivative financial instruments	(39,892)	(21,141)	(64,059)	80,029
Total other (expense) income	(44,215)	(31,653)	(72,489)	58,270
Loss before income taxes	(17,817)	(44,925)	(23,979)	(157,071)
Income tax benefit (expense)	0	4,332	(160)	5,687
Net loss	(17,817)	(40,593)	(24,139)	(151,384)
Preferred stock dividends	0	(2,308)	0	(4,566)
Net loss income attributable to common stockholders	$ (17,817)	$ (42,901)	$ (24,139)	$ (155,950)
Net loss per common share
Basic (in dollars per share)	$ (1.77)	$ (1.70)	$ (2.40)	$ (6.20)
Diluted (in dollars per share)	$ (1.77)	$ (1.70)	$ (2.40)	$ (6.20)
Weighted average common shares outstanding
Basic (in shares)	10,092,980	25,307,714	10,046,821	25,154,151
Diluted (in shares)	10,092,980	25,307,714	10,046,821	25,154,151
Oil sales
Revenues
Revenues	$ 36,369	$ 11,976	$ 64,234	$ 41,986
Natural gas liquid sales
Revenues
Revenues	4,940	1,762	9,239	4,362
Natural gas sales
Revenues
Revenues	4,718	3,482	12,365	7,902
Gas gathering, processing and transportation
Expenses
Cost of goods and services sold	$ 1,520	$ 875	$ 3,062	$ 3,025

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Common StockCommon Stock	Preferred stockSeries A-1 Preferred Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019			24,945,594	100,328
Beginning balance at Dec. 31, 2019	$ 120,887		$ 142,655		$ 175,738	$ (197,506)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payment-in-kind dividends (in shares)				2,257
Stock-based compensation (in shares)			308,435
Stock-based compensation	240				240
Net income (loss)	(110,791)					(110,791)
Ending balance (in shares) at Mar. 31, 2020			25,254,029	102,585
Ending balance at Mar. 31, 2020	10,336		$ 142,655		175,978	(308,297)
Beginning balance (in shares) at Dec. 31, 2019			24,945,594	100,328
Beginning balance at Dec. 31, 2019	120,887		$ 142,655		175,738	(197,506)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(151,384)
Ending balance (in shares) at Jun. 30, 2020			25,312,211	104,893
Ending balance at Jun. 30, 2020	(30,229)		$ 142,655		176,006	(348,890)
Beginning balance (in shares) at Mar. 31, 2020			25,254,029	102,585
Beginning balance at Mar. 31, 2020	10,336		$ 142,655		175,978	(308,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Payment-in-kind dividends (in shares)				2,308
Stock-based compensation (in shares)			58,182
Stock-based compensation	28				28
Net income (loss)	(40,593)					(40,593)
Ending balance (in shares) at Jun. 30, 2020			25,312,211	104,893
Ending balance at Jun. 30, 2020	(30,229)		$ 142,655		176,006	(348,890)
Beginning balance (in shares) at Dec. 31, 2020		10,000,149
Beginning balance at Dec. 31, 2020	92,247	$ 10			92,953	(716)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6,322)					(6,322)
Ending balance (in shares) at Mar. 31, 2021		10,000,149
Ending balance at Mar. 31, 2021	85,925	$ 10			92,953	(7,038)
Beginning balance (in shares) at Dec. 31, 2020		10,000,149
Beginning balance at Dec. 31, 2020	92,247	$ 10			92,953	(716)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(24,139)
Ending balance (in shares) at Jun. 30, 2021		10,107,081
Ending balance at Jun. 30, 2021	69,088	$ 10			93,933	(24,855)
Beginning balance (in shares) at Mar. 31, 2021		10,000,149
Beginning balance at Mar. 31, 2021	85,925	$ 10			92,953	(7,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		106,932
Stock-based compensation	980				980
Net income (loss)	(17,817)					(17,817)
Ending balance (in shares) at Jun. 30, 2021		10,107,081
Ending balance at Jun. 30, 2021	$ 69,088	$ 10			$ 93,933	$ (24,855)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (24,139)	$ (151,384)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	11,169	40,929
Stock-based compensation	1,088	(1,998)
Deferred taxes	0	(931)
Loss (gain) on derivative financial instruments	64,059	(80,029)
Settlements of derivative financial instruments	(12,398)	23,998
Impairment of oil and gas properties	0	199,908
Loss on disposal of property and equipment	0	83
Loss on sale of oil and gas properties	0	1,254
Non-cash interest expense	941	1,374
Change in fair value of warrants	0	(363)
Changes in operating assets and liabilities:
Accounts receivable	(5,001)	(189)
Prepaid expenses and other assets	(703)	(897)
Accounts payable and accrued expenses	(7,619)	(1,344)
Net cash provided by operating activities	27,397	30,411
Cash flows from investing activities
Acquisition of oil and gas properties	(1,612)	(1,714)
Development of oil and gas properties	(21,489)	(72,824)
Proceeds from sale of oil and gas properties	337	2,837
Purchases of other property and equipment	(13)	(636)
Net cash used in investing activities	(22,777)	(72,337)
Cash flows from financing activities
Proceeds from borrowings	0	48,157
Payments on borrowings	(10,121)	(8,109)
Net cash (used in) provided by financing activities	(10,121)	40,048
Net decrease in cash, cash equivalents and restricted cash	(5,501)	(1,878)
Cash, cash equivalents and restricted cash, beginning of the period	26,446	3,137
Cash, cash equivalents and restricted cash, end of the period	20,945	1,259
Supplemental information:
Cash paid for interest	7,496	21,036
Non-cash investing and financing activities:
Change in asset retirement obligation	(945)	24
Change in liabilities for capital expenditures	$ 15,326	$ (16,809)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Organization and Nature of Operations Lonestar Resources US Inc. (“Lonestar” or the “Company”) is an independent oil and natural gas company focused on the exploration, development and production of unconventional oil, natural gas liquids and natural gas in the Eagle Ford Shale play in South Texas. Interim Financial Statements The accompanying unaudited condensed consolidated financial statements (“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 (“GAAP”) 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, 2020 filed on March 31, 2021, as supplemented by our amendment on Form 10-K/A filed with the SEC on April 30, 2021 (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. 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 June 30, 2021 and our consolidated results of operations for the three and six months ended June 30, 2021 and June 30, 2020. Emergence from Voluntary Reorganization Under Chapter 11 of the Bankruptcy Code On September 30, 2020 (the “Petition Date”), Lonestar Resources US Inc. and 21 of its directly and indirectly owned subsidiaries (collectively, the “Debtors”), filed voluntary petitions (“Bankruptcy Petitions”) for relief under Chapter 11 (“Chapter 11”) of the U.S. Bankruptcy Code (“Bankruptcy Code”) in the U.S. Bankruptcy Court for the Southern District of Texas (“Bankruptcy Court”). The Debtors’ Chapter 11 cases were administered jointly under the caption In re Lonestar Resources US Inc., et al., Case No. 20-34805 (collectively, the “Chapter 11 Proceedings”). During the pendency of the Chapter 11 Proceedings, the Debtors in the Chapter 11 Proceedings, operated their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. On November 12, 2020, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the chapter 11 plan of reorganization (the “Plan”) and approving the Disclosure Statement. The Company emerged from bankruptcy and went effective with its Plan on November 30, 2020 (the “Effective Date”). In January 2021, the Successor’s (as defined below) new common stock commenced trading on the OTCQX Best Market under the ticker symbol “LONE”. Comparability of Financial Statements to Prior Periods The Company applied Fresh Start Accounting on the Effective Date. Accordingly, the Company’s Unaudited Condensed Consolidated Financial Statements and Notes to Unaudited Condensed Consolidated Financial Statements after November 30, 2020, are not comparable to the Unaudited Condensed Consolidated Financial Statements and Notes to Unaudited Condensed Consolidated Financial Statements through that date. To facilitate financial statement presentations, we refer to the reorganized company in these Condensed Consolidated Financial Statements and Notes as the “Successor,” which is effectively a new reporting entity for financial reporting purposes, for periods subsequent to November 30, 2020, and the “Predecessor” for periods prior to and including November 30, 2020. In connection with our reorganization, the Company experienced a change in control as the outstanding common and preferred shares of the Predecessor were canceled and substantially all of the Successor’s new common stock was issued to the Predecessor’s bondholders. Furthermore, our Unaudited Condensed Consolidated Financial Statements and Notes to Unaudited Condensed Consolidated Financial Statements have been presented with a “black line” division to delineate, where applicable, the lack of comparability between the Predecessor and Successor. Accordingly, our results of operations, financial position and cash flows for the Successor periods are not comparable. Reclassifications Certain prior-period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on the Company’s reported total revenues, expenses, net loss, current assets, total assets, current liabilities, total liabilities or stockholders’ equity. Cash, Cash Equivalents and Restricted Cash The Company considers all highly-liquid investments to be cash equivalents if they have maturities of three months or less when purchased. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the Unaudited Condensed Consolidated Balance Sheets to “Cash, cash equivalents and restricted cash at the end of the period” as reported within the Unaudited Condensed Consolidated Statements of Cash Flows: Successor Predecessor In thousands June 30, 2021 June 30, 2020 Cash and cash equivalents $ 18,788 $ 1,259 Restricted cash, current 2,157 — Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Consolidated Statements of Cash Flows $ 20,945 $ 1,259 Restricted cash, current in the table above represents funds reserved to cover the balance of the PPP (as defined below) loan until the Successor receives the final loan forgiveness determination from the Small Business Administration (“SBA”), in accordance with SBA guidance, or until the PPP loan is repaid. COVID-19 During the first half and through early-August 2021, the oil and natural gas industry has experienced continued improvement in commodity prices as compared to the same period in 2020, primarily resulting from (i) improvements in oil demand as the impact from COVID-19 has begun to abate (although, as of early-August 2021, the COVID-19 Delta variant was showing significant spread globally causing uncertainty regarding future economic impacts) and (ii) actions taken by the Organization of Petroleum Exporting Countries, Russia and certain other oil-exporting countries (“OPEC+”) to reduce the worldwide supply of oil through coordinated production cuts. As a result, West Texas Intermediate (“WTI”) oil prices have increased from $48.52 per barrel at December 31, 2020 to as high as $73.95 per barrel in late-July 2021. Prices for natural gas and NGLs were also much higher during the first half and through early-August 2021 than they were for the same period in 2020. While oil prices have continued to improve in 2021, the general outlook for the oil and natural gas industry for the remainder of the year remains uncertain, and the Company can provide no assurances as to when or to what extent economic disruptions resulting from COVID-19 and the corresponding decreases in oil demand may impact the Company. CARES Act On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) to provide certain taxpayer relief as a result of the COVID-19 pandemic. The CARES Act included several favorable provisions that impacted income taxes, primarily the modified rules on the deductibility of business interest expense for 2019 and 2020, a five-year carryback period for net operating losses generated after 2017 and before 2021, and the acceleration of refundable alternative minimum tax credits. The CARES Act did not materially impact the Predecessor’s or Successor’s effective tax rates for the three and six months ended June 30, 2020 and 2021, respectively. The Company applied for, and received, a loan under the Paycheck Protection Program (“PPP”) during the second quarter of 2020 in the amount of $2.2 million. The application for this loan required the Company to, in good faith, certify that the current economic uncertainty made the loan request necessary to support the ongoing operations of the Company. This certification further required the Company to take into account our current business activity and our ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental to the business. The receipt of this loan, and the forgiveness of the loan, is dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on our future adherence to the forgiveness criteria. The PPP loan bears interest of 1% and, if not forgiven, has a maturity date of May 8, 2022. Prior to emergence from Chapter 11, the Predecessor applied for loan forgiveness and placed cash equal to the outstanding principal balance of the PPP loan in escrow pending the final forgiveness determination by the SBA, in accordance with SBA guidelines. To date, forgiveness has not been received. The PPP Loan is subject to any new guidance and new requirements released by the Department of the Treasury who has indicated that all companies that have received funds in excess of $2.0 million will be subject to a government (SBA) audit to further ensure PPP loans are limited to eligible borrowers in need. Impairment of Long-Lived Assets The carrying value of long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When it is determined that the estimated future net cash flows of an asset will not be sufficient to recover its carrying amount, an impairment loss must be recorded to reduce the carrying amount to its estimated fair value. Judgments and assumptions are inherent in management’s estimate of undiscounted future cash flows and an asset’s fair value. These judgments and assumptions include such matters as the estimation of oil and gas reserve quantities, risks associated with the different categories of oil and gas reserves, the timing of development and production, expected future commodity prices, capital expenditures, production costs, and appropriate discount rates. The Company evaluates impairment of proved and unproved oil and gas properties on a region basis. On this basis, certain regions may be impaired because they are not expected to recover their entire carrying value from future net cash flows. As a result of this evaluation, the Predecessor recorded impairment of oil and gas properties of $199.9 million for the three months ended March 31, 2020, of which $199.0 million was proved and $0.9 million was unproved. The impairment was the result of removing development of proved undeveloped reserves (“PUDs”) and probable reserves from future net cash flows as the Predecessor could not assure that they would be developed going forward in light of continued depressed commodity prices and uncertainty regarding the Predecessor’s liquidity situation at the time. Upon emergence from bankruptcy, the Company adopted fresh start accounting which resulted in its long-lived assets being recorded at their estimated fair value at the Effective Date. There were no material changes to the key cash flow assumptions and no triggering events since December 31, 2020; therefore, no impairment was identified in the three or six months ended June 30, 2021. Net Loss per Common Share Prior to the Effective Date, the Predecessor company used the two-class method to compute earnings per common share as its Class A Participating Preferred Stock (the “Preferred Stock”) was considered a participating security. Under the two-class method, losses are allocated only to those securities that have a contractual obligation to share in the losses of the Company. The Preferred Stock was not obligated to absorb Company losses and accordingly was not allocated losses. Net income attributable to common stockholders is allocated between common stock and participating securities based on the weighted average number of common shares and participating securities outstanding for the period. Upon the Effective Date, the Preferred Stock was extinguished and the two-class method is no longer necessary to compute earnings per share for the Successor. Basic earnings per share is computed by dividing the allocated net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed similarly except that the denominator is increased to include dilutive potential common shares. Potential common shares for the Predecessor consisted of warrants, equity compensation awards and preferred stock, while potential common shares for the Successor consist of warrants. In certain circumstances adjustment to the numerator is also required for changes in income or loss resulting from the potential common shares. 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 earnings per share. For the periods presented, there were no differences between the basic and diluted weighted average common shares. The following securities were excluded from the computation of diluted net loss per share, as their effect would have been antidilutive: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Preferred stock — 17,101,727 — 16,913,597 Warrants 1,111,110 760,000 1,111,110 760,000 Stock appreciation rights — 1,010,000 — 1,010,000 Restricted stock units 475,953 970,866 239,291 1,369,164 Recent Accounting Pronouncements Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and to provide more consistent application to improve the comparability of financial statements. The amendments in this ASU were effective starting January 1, 2021 for the Company. Financial Instruments — Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022 for Smaller Reporting Companies, which the Company currently is classified as, and interim periods within those fiscal years, and early adoption is permitted. Entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 is currently not expected to have a material effect on the Company’s Unaudited Condensed Consolidated Financial Statements. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions to ease financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) or another reference rate to alternative reference rates. The amendments in this ASU were effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. Currently, the Company’s Successor Credit Agreements (as defined below) are the Company’s only contracts that makes reference to a LIBOR rate and the agreements outline the specific procedures that will be undertaken once an appropriate alternative benchmark is identified. The Company does not expect this guidance to have a significant impact on its Unaudited Condensed Consolidated Financial Statements and related footnote disclosures.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Commodity Derivative Instruments Lonestar 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 entering into 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. Inherent in Lonestar’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. As of June 30, 2021, the Company had no open physical delivery obligations. The following table summarizes Lonestar’s commodity derivative contracts as of June 30, 2021: Contract Volumes Weighted Commodity Type Period Range (1) (Bbls/Mcf per day) Average Price Oil - WTI Swaps July - Dec 2021 $42.20 - $54.55 5,525 $ 46.33 Oil - WTI Swaps Jan - Dec 2022 $44.83 - $51.44 3,062 47.03 Oil - WTI Swaps Jan - Dec 2023 $52.00 - $56.15 2,362 54.25 Natural Gas - Henry Hub Swaps July - Dec 2021 $2.93 - $3.05 13,550 2.98 Natural Gas - Henry Hub Swaps Jan - Dec 2022 $2.70 - $3.14 6,233 2.77 (1) Ranges presented for fixed-price swaps and basis swaps represent the lowest and highest fixed prices of all open contracts for the period presented. During July 2021, the Company entered into additional Henry Hub natural gas swaps of 1,070,000 Mcf (8,770 Mcf per day) for the period of September 2021 through December 2021 at an average strike price of $4.02 per Mcf, Henry Hub natural gas swaps of 2,737,500 Mcf (7,500 Mcf per day) for the period of January 2022 through December 2022 at an average strike price of $3.38 per Mcf and Henry Hub natural gas swaps of 1,582,500 Mcf (8,743 Mcf per day) for the period of January 2023 through June 2023 at an average strike price of $3.02 per Mcf. As of June 30, 2021, 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	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Operating revenues are comprised of sales of crude oil, NGLs and natural gas. 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 based on a market index. Typically, the Company sells its products directly to customers generally under agreements with payment terms less than 30 days. The following table summarizes our revenues by product type for the three and six months ended June 30, 2021 and 2020: In thousands Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Oil $ 36,369 $ 11,976 $ 64,234 $ 41,986 NGLs 4,940 1,762 9,239 4,362 Natural gas 4,718 3,482 12,365 7,902 Total revenues $ 46,027 $ 17,220 $ 85,838 $ 54,250 As of June 30, 2021 and December 31, 2020 the accounts receivable balance representing amounts due or billable under the terms of contracts with purchasers was $18.8 million and $11.6 million, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. Accounting Standards Codification (“ASC”) 820 prioritizes the inputs used in measuring fair value into the following fair value hierarchy: • 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. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, for each fair value hierarchy level: Fair Value Measurements Using In thousands Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total June 30, 2021 Liabilities: Derivative financial instruments $ — $ (59,078) $ — $ (59,078) Stock-based compensation (108) (108) Total $ (108) $ (59,078) $ — $ (59,186) December 31, 2020 Assets: Derivative financial instruments $ — $ 2,098 $ — $ 2,098 Liabilities: Derivative financial instruments — (8,773) — (8,773) Total $ — $ (6,675) $ — $ (6,675) Assets and liabilities measured at fair value on a nonrecurring basis 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 debt or 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. Other fair value measurements The book values of cash and cash equivalents, accounts receivable and accounts payable 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.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following as of the dates indicated: In thousands June 30, 2021 December 31, 2020 Bonus payable $ 1,231 $ 1,363 Accrued well costs 9,160 1,752 Third-party payments for joint-interest expenditures 1,017 5,178 Accrued professional fees (success fees) — 4,710 Ad valorem payable 2,307 869 Other 1,879 2,111 Total accrued liabilities $ 15,594 $ 15,983

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following long-term debt obligations were outstanding as of the dates indicated: In thousands June 30, 2021 December 31, 2020 Senior Secured Credit Facility $ 209,600 $ 209,600 Second-Out Term Loan 45,000 55,000 Mortgage debt 8,596 8,712 PPP loan 2,157 2,157 Other 249 261 Total long-term debt 265,602 275,730 Less unamortized discount (246) (402) Total, net of unamortized discount 265,356 275,328 Less current obligations (22,157) (20,000) Long-term debt $ 243,199 $ 255,328 Successor Senior Secured Credit Agreements On the Effective Date, the Successor, through its subsidiary Lonestar Resources America Inc., entered into a new first-out senior secured revolving credit facility with Citibank, N.A., as administrative agent, and the other lenders from time to time party thereto (the “Successor Credit Facility”) and a second-out senior secured term loan credit facility (the “Successor Term Loan Facility” and, together with the Successor Credit Facility, the “Successor Credit Agreements”) by amending and restating the Company’s existing credit agreement (as so amended and restated, the “Predecessor Credit Facility”). The Successor Credit Facility provides for revolving loans in an aggregate amount of up to $225 million, subject to borrowing base capacity. Letters of credit are available up to the lesser of (a) $2.5 million and (b) the aggregate unused amount of commitments under the Successor Credit Facility then in effect. On the Effective Date, Lonestar Resources America Inc. borrowed $60.0 million in term loans under the Successor Term Loan Facility. The Successor Credit Agreements will mature on November 30, 2023. The term loans under the Successor Term Loan Facility amortize on a quarterly basis in an amount equal to $5.0 million, payable on the last day of March, June, September and December of each year. The Successor’s obligations under the Successor Credit Agreements are guaranteed by all of the Successor’s direct and indirect subsidiaries (subject to certain permitted exceptions) and will be secured by a lien on substantially all of the Successor’s, Lonestar Resources America Inc.’s and the guarantors’ assets (subject to certain exceptions). Borrowings and letters of credit under the Successor Credit Facility are limited by borrowing base calculations set forth therein. The initial borrowing base is $225 million, subject to redetermination. The borrowing base will be redetermined semiannually on or around May 1 and November 1 of each year, with one interim “wildcard” redetermination available between scheduled redeterminations. The first wildcard redetermination occurred on February 1, 2021, which reaffirmed the initial borrowing base of $225 million and the May 1 redetermination was completed in August 2021, which also reaffirmed the $225 million borrowing base. The Successor Credit Agreements contain customary covenants, including, but not limited to, restrictions on the Successor’s ability and that of its subsidiaries to merge and consolidate with other companies, incur indebtedness, grant liens or security interests on assets, make acquisitions, loans, advances or investments, pay dividends, sell or otherwise transfer assets, or enter into transactions with affiliates. The Successor Credit Facility contains certain financial performance covenants including the following: •A Consolidated Total Debt to Consolidated EBITDAX covenant, with such ratio not to exceed 3.5 times; and •A requirement to maintain a current ratio (i.e., Consolidated Current Assets to Consolidated Current Liabilities) of at least 0.95 times for the three months ended December 31, 2020 and 1.0 times each fiscal quarter thereafter. The current ratio excludes current derivative assets and liabilities, as well as the current amounts due under the Successor Term Loan Facility, from the ratio. Borrowings under the Successor Credit Agreements bear interest at a floating rate at the Successor’s option, which can be either an adjusted Eurodollar rate (the Adjusted LIBOR, subject to a 1% floor) plus an applicable margin of 4.50% per annum or a base rate determined under the Successor Credit Facility (the “ABR”, subject to a 2% floor) plus an applicable margin of 3.50% per annum. The weighted average interest rate on borrowings under the Successor Credit Agreements was 5.5% for the three and six months ended June 30, 2021. The undrawn portion of the aggregate lender commitments under the Successor Credit Facility is subject to a commitment fee of 1.0%. As of June 30, 2021, the Successor was in compliance with all debt covenants under the Successor Credit Facilities. First Amendment Effective August 6, 2021, the Company entered into the First Amendment and Borrowing Base Agreement (the “First Amendment”), which reaffirmed the $225 million borrowing base for the Successor Credit Facility pursuant to the scheduled May 1 redetermination and amended certain required swap agreements. Predecessor Senior Secured Bank Credit Facility From July 2015 through November 30, 2020, the Predecessor maintained a senior secured revolving credit facility with Citibank, N.A., as administrative agent, and other lenders party thereto. All of the Predecessor Credit Facility was refinanced by the Successor Credit Agreements on the Effective Date. Extinguishment of Predecessor 11.25% Senior Notes

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Registration Rights Agreement On the Effective Date, the Successor entered into a registration rights agreement (the “Registration Rights Agreement”) with certain parties who received certain shares of New Common Stock on the Effective Date (the “Holders”). The Registration Rights Agreement provides resale registration rights for the Holders’ registrable securities of the Successor. Pursuant to the Registration Rights Agreement, Holders have customary underwritten offering and piggyback registration rights, subject to the limitations set forth in the Registration Rights Agreement. Under their underwritten offering registration rights, Holders have the right to demand the Successor to effectuate the distribution of any or all of its Registrable Securities by means of an underwritten offering pursuant to an effective registration statement; provided, however, that the expected gross offering price is equal to or greater than $50.0 million in the aggregate. The Successor is not obligated to effect an underwritten demand notice upon certain circumstances, including within 180 days of closing an underwritten offering. Under their piggyback registration rights, if at any time the Successor proposes to undertake a registered offering of New Common Stock for its own account, the Successor must give at least five These registration rights are subject to certain conditions and limitations, including the right of the underwriters to limit the number of shares to be included in an offering and the Successor’s right to delay or withdraw a registration statement under certain circumstances. The Successor will generally pay all registration expenses in connection with its obligations under the Registration Rights Agreement, regardless of whether a registration statement is filed or becomes effective. The registration rights granted in the Registration Rights Agreement are subject to customary indemnification and contribution provisions, as well as customary restrictions such as blackout periods and, if an underwritten offering is contemplated, limitations on the number of shares to be included in the underwritten offering that may be imposed by the managing underwriter. Warrant Agreements On the Effective Date, pursuant to the terms of the Plan, the Successor entered into a Tranche 1 Warrant Agreement (the “Tranche 1 Warrant Agreement”) and issued warrants (the “Tranche 1 Warrants”) to holders of Allowed Prepetition RBL Claims (as defined in the Plan) or their permitted designees, as applicable, to purchase up to an aggregate of 555,555 shares of common stock in the Successor, par value $0.001 (the “New Common Stock”), at an exercise price of $0.001 per share of New Common Stock, subject to adjustment. The Tranche 1 Warrants may only be exercised at any time after the equity value of the Successor, as calculated pursuant to the Tranche 1 Warrant Agreement, shall have been greater than $100 million (“Valuation Condition”) and expire on November 30, 2023 (the “Expiration Date”). On the Effective Date, pursuant to the terms of the Plan, the Company entered into a Tranche 2 Warrant Agreement (the “Tranche 2 Warrant Agreement” and, together with the Tranche 1 Warrant Agreement, the “Warrant Agreements”) and issued warrants (the “Tranche 2 Warrants” and, together with the Tranche 1 Warrants, the “Warrants”) to holders of Allowed Prepetition RBL Claims or their permitted designees, as applicable, to purchase up to an aggregate of 555,555 shares of the New Common Stock, at an exercise price of $0.001 per share of New Common Stock, subject to adjustment. The Tranche 2 Warrants may be exercised after the first anniversary of the issuance of the Successor Term Loan Facility if it shall not have been paid in full and if, after the first anniversary date, the Valuation Condition has been met. The Tranche 2 Warrants expire upon the Expiration Date. All warrants are considered freestanding equity-classified instruments due to their detachable and separately exercisable features. Accordingly, the warrants are presented as a component of Stockholders’ Equity in accordance with ASC 815-40-25.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Management Incentive Plan In connection with the Company's emergence from bankruptcy, the Plan provided for the adoption of a management incentive plan. On April 31, 2021, the Lonestar Resources US Inc. 2021 Management Incentive Plan (the “MIP”) was approved and adopted by the Company’s board of directors. The aggregate number of the Company’s common shares reserved for issuance under the MIP is equal to 966,184 shares, which are available for issuance pursuant to awards granted to officers, other employees, directors and other service providers. The MIP provides for, among other things, the grant of incentive stock options, non-statutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents, other stock-based awards, cash awards, or any combination of the foregoing. As of June 30, 2021,awards covering 691,500 shares of the Company’s stock are outstanding under the MIP and 274,684 shares are available for future grants under the MIP, all of which could be issued in the form of restricted stock units. The incentive compensation program is administered by the Compensation Committee of the Company's Board of Directors. Restricted Stock Units On April 13, 2021, service-based restricted stock unit awards (“RSUs”) were granted to certain employees and directors under the MIP. One-third of the RSUs granted to employees vested and were immediately settled on the grant date, and the remaining unvested RSUs will vest in equal annual installments December 31, 2021, December 31, 2022, and December 31, 2023, subject to such employee’s continued employment with the Company on each applicable vesting date. One-half of the RSUs granted to directors vested and were immediately settled on the date of grant, and the remaining unvested RSUs will vest on December 31, 2021, subject to such director’s continued service on the Company’s board of directors through such vesting date. Shares of the Company’s common stock to be delivered to participants upon settlement are expected to be made available from authorized but unissued shares reserved under the MIP, however, the RSUs held by directors are eligible for settlement in cash at such directors’ discretion. As a result, RSUs granted to directors are accounted for as a liability on the Company's unaudited condensed consolidated balance sheet. As of June 30, 2021, there was $1.7 million of unrecognized compensation expense related to the Company’s RSUs held by employees. This unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.5 years. For the three months ended June 30, 2021, the Company recognized $1.3 million, of stock-based compensation expense for the RSUs. The liability for directors' unvested RSUs on the accompanying consolidated balance sheet as of June 30, 2021 was $0.1 million. A summary of the status of the Company's service-based RSU grants issued, and the changes during the six months ended June 30, 2021 is presented below: Shares Weighted Average Fair Value per Share Nonvested at December 31, 2020 — $ — Granted 387,750 7.29 Vested (143,250) 7.29 Forfeited — — Nonvested at June 30, 2021 244,500 10.28 Performance-Based RSUs In April 2021, performance-based restricted stock unit awards (“PSUs”) were granted to certain employees under the MIP. The PSUs are eligible to vest in equal annual installments on December 31, 2021, December 31, 2022, and December 31, 2023 (each installment, a “Tranche”), subject to such employee’s continued employment with the Company on each applicable vesting date. Whether the PSUs vest and become settled on each applicable vesting date depends on the achievement of certain performance criteria determined by the Company’s board of directors, which is set within 90 days of the applicable fiscal year with respect to each Tranche. The performance criteria determined by the Company’s board of directors is typically related to the Company’s performance for the preceding fiscal year against several key performance indicators, including free cash flow and spending metrics, as well as discretionary factors. Shares of the Company’s common stock to be delivered to participants upon settlement are expected to be made available from authorized but unissued shares reserved under the MIP. As of June 30, 2021, there was $2.2 million of unrecognized compensation expense related to the Successor’s non-vested PSUs. This unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.6 years. For the three months ended June 30, 2021, the Company recognized $0.1 million, of stock-based compensation expense for the PSUs. PSUs are valued using a Monte Carlo simulation. Expected volatilities utilized in the model were estimated using historical volatility of the Predecessor stock over a look-back term generally equivalent to the expected life of the award from the grant date. A range of assumptions used in the Monte Carlo simulation valuation approach is as follows: Six Months Ended June 30, 2021 Weighted-average fair value of PSUs granted $ 7.29 Risk-free interest rate 0.21 % Expected life 3.6 Expected volatility 125 % Dividend yield — A summary of the status of the non-vested PSUs during the six months ended June 30, 2021 is as follows: Shares Weighted Average Fair Value per Share Non-vested at December 31, 2020 — $ — Granted 303,750 7.29 Vested — — Forfeited — — Non-vested at June 30, 2021 303,750 $ 10.28

Related Party Activities

Related Party Activities	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Activities	Related-Party ActivitiesNew Tech Global Ventures, LLC, and New Tech Global Environmental, LLC, companies in which a director of the Predecessor owns a limited partnership interest, have provided field engineering staff and consultancy services for the Company since 2013. The total cost for such services was approximately $0.5 million and $1.0 million for the three and six months ended June 30, 2020 (Predecessor). On the Effective Date, the director resigned from the Company’s Board.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, Lonestar is subject to legal proceedings and claims that arise in the ordinary course of business. Like other crude oil and gas producers and marketers, the Company’s operations are subject to extensive and rapidly changing federal and state environmental, health and safety, and other laws and regulations governing air emissions, wastewater discharges and solid and hazardous waste management activities. The Company is not aware of any pending or overtly threatened legal action against it that could have a material impact on its business. Gonzales County AMI In February 2020, the Company announced that it had entered into a Joint Development Agreement (the “JDA”) in Gonzales County with one of the largest producers in the Eagle Ford which encompass an Area of Mutual Interest (the “AMI”) totaling approximately 15,000 acres. The agreement calls for Lonestar to operate a minimum of three to four Eagle Ford Shale wells annually on behalf of the two companies through 2022 that are intended to hold-by-production approximately 6,000 gross acres within the AMI. The agreement gives Lonestar’s partner the option to participate in each well with a 50% working interest or to participate via a carried working interest that ranges from approximately 9 to 17%, depending on location.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Penn Virginia Merger On July 12, 2021, Penn Virginia Corporation (“Penn Virginia”) and the Company announced that they entered into a definitive merger agreement, (the “Merger Agreement”), pursuant to which Penn Virginia will acquire the Company in an all-stock transaction. Under the terms of the Merger Agreement, the Company’s shareholders will receive 0.51 shares of Penn Virginia for each of the Company’s shares. The transaction is expected to close in the second half of 2021, subject to the satisfaction of customary closing conditions, including obtaining the requisite shareholder and regulatory approvals. The transaction has been unanimously approved by the Boards of Directors of both companies. Consummation of the merger is subject to satisfaction of customary conditions. The Merger Agreement contains certain termination rights for both the Company and Penn Virginia, including, among others, if the merger is not completed by November 26, 2021. On a termination of the Merger Agreement under certain circumstances, Penn Virginia may be required to pay the Company a termination fee of $6 million, or the Company may be required to pay Penn Virginia a termination fee of $3 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified to conform to the current period presentation. Such reclassifications had no impact on the Company’s reported total revenues, expenses, net loss, current assets, total assets, current liabilities, total liabilities or stockholders’ equity.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashThe Company considers all highly-liquid investments to be cash equivalents if they have maturities of three months or less when purchased.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The carrying value of long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When it is determined that the estimated future net cash flows of an asset will not be sufficient to recover its carrying amount, an impairment loss must be recorded to reduce the carrying amount to its estimated fair value. Judgments and assumptions are inherent in management’s estimate of undiscounted future cash flows and an asset’s fair value. These judgments and assumptions include such matters as the estimation of oil and gas reserve quantities, risks associated with the different categories of oil and gas reserves, the timing of development and production, expected future commodity prices, capital expenditures, production costs, and appropriate discount rates. The Company evaluates impairment of proved and unproved oil and gas properties on a region basis. On this basis, certain regions may be impaired because they are not expected to recover their entire carrying value from future net cash flows. As a result of this evaluation, the Predecessor recorded impairment of oil and gas properties of $199.9 million for the three months ended March 31, 2020, of which $199.0 million was proved and $0.9 million was unproved. The impairment was the result of removing development of proved undeveloped reserves (“PUDs”) and probable reserves from future net cash flows as the Predecessor could not assure that they would be developed going forward in light of continued depressed commodity prices and uncertainty regarding the Predecessor’s liquidity situation at the time. Upon emergence from bankruptcy, the Company adopted fresh start accounting which resulted in its long-lived assets being recorded at their estimated fair value at the Effective Date. There were no material changes to the key cash flow assumptions and no triggering events since December 31, 2020; therefore, no impairment was identified in the three or six months ended June 30, 2021.
Net Income (Loss) per Common Share	Net Loss per Common Share Prior to the Effective Date, the Predecessor company used the two-class method to compute earnings per common share as its Class A Participating Preferred Stock (the “Preferred Stock”) was considered a participating security. Under the two-class method, losses are allocated only to those securities that have a contractual obligation to share in the losses of the Company. The Preferred Stock was not obligated to absorb Company losses and accordingly was not allocated losses. Net income attributable to common stockholders is allocated between common stock and participating securities based on the weighted average number of common shares and participating securities outstanding for the period. Upon the Effective Date, the Preferred Stock was extinguished and the two-class method is no longer necessary to compute earnings per share for the Successor. Basic earnings per share is computed by dividing the allocated net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share is computed similarly except that the denominator is increased to include dilutive potential common shares. Potential common shares for the Predecessor consisted of warrants, equity compensation awards and preferred stock, while potential common shares for the Successor consist of warrants. In certain circumstances adjustment to the numerator is also required for changes in income or loss resulting from the potential common shares. 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 earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Income Taxes. In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes (“ASU 2019-12”). The objective of ASU 2019-12 is to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and to provide more consistent application to improve the comparability of financial statements. The amendments in this ASU were effective starting January 1, 2021 for the Company. Financial Instruments — Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires the use of a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022 for Smaller Reporting Companies, which the Company currently is classified as, and interim periods within those fiscal years, and early adoption is permitted. Entities must adopt the amendment using a modified retrospective approach to the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 is currently not expected to have a material effect on the Company’s Unaudited Condensed Consolidated Financial Statements. Reference Rate Reform. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions to ease financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (“LIBOR”) or another reference rate to alternative reference rates. The amendments in this ASU were effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. Currently, the Company’s Successor Credit Agreements (as defined below) are the Company’s only contracts that makes reference to a LIBOR rate and the agreements outline the specific procedures that will be undertaken once an appropriate alternative benchmark is identified. The Company does not expect this guidance to have a significant impact on its Unaudited Condensed Consolidated Financial Statements and related footnote disclosures.
Fair Value Measurements	Fair Value Measurements Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company’s own market assumptions, which are used if observable inputs are not reasonably available without undue cost and effort. Accounting Standards Codification (“ASC”) 820 prioritizes the inputs used in measuring fair value into the following fair value hierarchy: • 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

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the Unaudited Condensed Consolidated Balance Sheets to “Cash, cash equivalents and restricted cash at the end of the period” as reported within the Unaudited Condensed Consolidated Statements of Cash Flows: Successor Predecessor In thousands June 30, 2021 June 30, 2020 Cash and cash equivalents $ 18,788 $ 1,259 Restricted cash, current 2,157 — Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Consolidated Statements of Cash Flows $ 20,945 $ 1,259
Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported within the Unaudited Condensed Consolidated Balance Sheets to “Cash, cash equivalents and restricted cash at the end of the period” as reported within the Unaudited Condensed Consolidated Statements of Cash Flows: Successor Predecessor In thousands June 30, 2021 June 30, 2020 Cash and cash equivalents $ 18,788 $ 1,259 Restricted cash, current 2,157 — Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Consolidated Statements of Cash Flows $ 20,945 $ 1,259
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 were excluded from the computation of diluted net loss per share, as their effect would have been antidilutive: Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Preferred stock — 17,101,727 — 16,913,597 Warrants 1,111,110 760,000 1,111,110 760,000 Stock appreciation rights — 1,010,000 — 1,010,000 Restricted stock units 475,953 970,866 239,291 1,369,164

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivative Contracts	The following table summarizes Lonestar’s commodity derivative contracts as of June 30, 2021: Contract Volumes Weighted Commodity Type Period Range (1) (Bbls/Mcf per day) Average Price Oil - WTI Swaps July - Dec 2021 $42.20 - $54.55 5,525 $ 46.33 Oil - WTI Swaps Jan - Dec 2022 $44.83 - $51.44 3,062 47.03 Oil - WTI Swaps Jan - Dec 2023 $52.00 - $56.15 2,362 54.25 Natural Gas - Henry Hub Swaps July - Dec 2021 $2.93 - $3.05 13,550 2.98 Natural Gas - Henry Hub Swaps Jan - Dec 2022 $2.70 - $3.14 6,233 2.77 (1) Ranges presented for fixed-price swaps and basis swaps represent the lowest and highest fixed prices of all open contracts for the period presented.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Contract with Customer, Asset and Liability	The following table summarizes our revenues by product type for the three and six months ended June 30, 2021 and 2020: In thousands Successor Predecessor Successor Predecessor Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Oil $ 36,369 $ 11,976 $ 64,234 $ 41,986 NGLs 4,940 1,762 9,239 4,362 Natural gas 4,718 3,482 12,365 7,902 Total revenues $ 46,027 $ 17,220 $ 85,838 $ 54,250

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020, for each fair value hierarchy level: Fair Value Measurements Using In thousands Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total June 30, 2021 Liabilities: Derivative financial instruments $ — $ (59,078) $ — $ (59,078) Stock-based compensation (108) (108) Total $ (108) $ (59,078) $ — $ (59,186) December 31, 2020 Assets: Derivative financial instruments $ — $ 2,098 $ — $ 2,098 Liabilities: Derivative financial instruments — (8,773) — (8,773) Total $ — $ (6,675) $ — $ (6,675)

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following as of the dates indicated: In thousands June 30, 2021 December 31, 2020 Bonus payable $ 1,231 $ 1,363 Accrued well costs 9,160 1,752 Third-party payments for joint-interest expenditures 1,017 5,178 Accrued professional fees (success fees) — 4,710 Ad valorem payable 2,307 869 Other 1,879 2,111 Total accrued liabilities $ 15,594 $ 15,983

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	The following long-term debt obligations were outstanding as of the dates indicated: In thousands June 30, 2021 December 31, 2020 Senior Secured Credit Facility $ 209,600 $ 209,600 Second-Out Term Loan 45,000 55,000 Mortgage debt 8,596 8,712 PPP loan 2,157 2,157 Other 249 261 Total long-term debt 265,602 275,730 Less unamortized discount (246) (402) Total, net of unamortized discount 265,356 275,328 Less current obligations (22,157) (20,000) Long-term debt $ 243,199 $ 255,328

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Outstanding Restricted Stock Units	A summary of the status of the Company's service-based RSU grants issued, and the changes during the six months ended June 30, 2021 is presented below: Shares Weighted Average Fair Value per Share Nonvested at December 31, 2020 — $ — Granted 387,750 7.29 Vested (143,250) 7.29 Forfeited — — Nonvested at June 30, 2021 244,500 10.28 A summary of the status of the non-vested PSUs during the six months ended June 30, 2021 is as follows: Shares Weighted Average Fair Value per Share Non-vested at December 31, 2020 — $ — Granted 303,750 7.29 Vested — — Forfeited — — Non-vested at June 30, 2021 303,750 $ 10.28
Schedule of Share-based Payment Award, Performance-Based Restricted Stock Units, Valuation Assumptions	A range of assumptions used in the Monte Carlo simulation valuation approach is as follows: Six Months Ended June 30, 2021 Weighted-average fair value of PSUs granted $ 7.29 Risk-free interest rate 0.21 % Expected life 3.6 Expected volatility 125 % Dividend yield —

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Cash and cash equivalents	$ 18,788	$ 17,474	$ 1,259
Restricted cash, current	2,157	8,972	0
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Consolidated Statements of Cash Flows	$ 20,945	$ 26,446	$ 1,259	$ 3,137

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of oil and gas properties	$ 0	$ 0	$ 199,900	$ 0	$ 199,908
PPP loan | PPP loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from issuance of unsecured debt		$ 2,200
Debt instrument interest rate (as a percent)		1.00%			1.00%
Proved oil And gas properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of oil and gas properties			199,000
Unproved oil and gas properties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of oil and gas properties			$ 900

Basis of Presentation - Sched_2

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) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	17,101,727	0	16,913,597
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,111,110	760,000	1,111,110	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 (in shares)	0	1,010,000	0	1,010,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	475,953	970,866	239,291	1,369,164

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Schedule of Commodity Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2021Mcf / d$ / bbl
Oil W T I Swaps July To December 2021
Derivative [Line Items]
Weighted average price - floor	42.20
Weighted average price - ceiling	54.55
Volumes | Mcf / d	5,525
Weighted average price - swap	46.33
Oil W T I Swaps January To December 2022
Derivative [Line Items]
Weighted average price - floor	44.83
Weighted average price - ceiling	51.44
Volumes | Mcf / d	3,062
Weighted average price - swap	47.03
Oil W T I Swaps January To December 2023
Derivative [Line Items]
Weighted average price - floor	52
Weighted average price - ceiling	56.15
Volumes | Mcf / d	2,362
Weighted average price - swap	54.25
Natural Gas Henry Hub Swaps July To December 2021
Derivative [Line Items]
Weighted average price - floor	2.93
Weighted average price - ceiling	3.05
Volumes | Mcf / d	13,550
Weighted average price - swap	2.98
Natural Gas Henry Hub Swaps January To December 2022
Derivative [Line Items]
Weighted average price - floor	2.70
Weighted average price - ceiling	3.14
Volumes | Mcf / d	6,233
Weighted average price - swap	2.77

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Details)	1 Months Ended	6 Months Ended
	Jul. 31, 2021Mcf / d$ / McfMcf	Jun. 30, 2021Mcf / ddeliveryobligation$ / bbl
Derivative [Line Items]
Number of open physical obligations | deliveryobligation		0
Natural Gas Henry Hub Swaps September To December 2021 | Subsequent Event
Derivative [Line Items]
Total volume | Mcf	1,070,000
Derivative contracts, aggregate volume daily rate	8,770
Weighted average price - swap | $ / Mcf	4.02
Natural Gas Henry Hub Swaps January To December 2022
Derivative [Line Items]
Derivative contracts, aggregate volume daily rate		6,233
Weighted average price - swap | $ / bbl		2.77
Natural Gas Henry Hub Swaps January To December 2022 | Subsequent Event
Derivative [Line Items]
Total volume | Mcf	2,737,500
Derivative contracts, aggregate volume daily rate	7,500
Weighted average price - swap | $ / Mcf	3.38
Natural Gas Henry Hub Swaps January To June 2023 | Subsequent Event
Derivative [Line Items]
Total volume | Mcf	1,582,500
Derivative contracts, aggregate volume daily rate	8,743
Weighted average price - swap | $ / Mcf	3.02

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Abstract]
Oil, natural gas liquid and natural gas sales	$ 18,838	$ 11,635

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by product type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue from External Customer [Line Items]
Revenues	$ 46,027	$ 17,220	$ 85,838	$ 54,250
Oil sales
Revenue from External Customer [Line Items]
Revenues	36,369	11,976	64,234	41,986
Natural gas liquid sales
Revenue from External Customer [Line Items]
Revenues	4,940	1,762	9,239	4,362
Natural gas sales
Revenue from External Customer [Line Items]
Revenues	$ 4,718	$ 3,482	$ 12,365	$ 7,902

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock-based compensation	$ (108)
Total	(59,186)	$ (6,675)
Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		2,098
Derivative financial instruments	(59,078)	(8,773)
Quoted Prices in Active Markets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock-based compensation	(108)
Total	(108)	0
Quoted Prices in Active Markets (Level 1) | Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Derivative financial instruments	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock-based compensation
Total	(59,078)	(6,675)
Significant Other Observable Inputs (Level 2) | Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		2,098
Derivative financial instruments	(59,078)	(8,773)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stock-based compensation
Total	0	0
Significant Unobservable Inputs (Level 3) | Derivative financial instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		0
Derivative financial instruments	$ 0	$ 0

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Bonus payable	$ 1,231	$ 1,363
Accrued well costs	9,160	1,752
Third-party payments for joint-interest expenditures	1,017	5,178
Accrued professional fees (success fees)	0	4,710
Ad valorem payable	2,307	869
Other	1,879	2,111
Total accrued liabilities	$ 15,594	$ 15,983

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 265,602	$ 275,730
Less unamortized discount	(246)	(402)
Total, net of unamortized discount	265,356	275,328
Less current obligations	(22,157)	(20,000)
Long-term debt	243,199	255,328
Mortgage debt
Debt Instrument [Line Items]
Long-term debt	8,596	8,712
Other
Debt Instrument [Line Items]
Long-term debt	249	261
Senior Secured Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt	209,600	209,600
Second-Out Term Loan | Secured Debt
Debt Instrument [Line Items]
Long-term debt	45,000	55,000
PPP loan | PPP loan
Debt Instrument [Line Items]
Long-term debt	$ 2,157	$ 2,157

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	Nov. 30, 2020USD ($)	Aug. 06, 2021USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020
Successor Senior Secured Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate	5.50%
Commitment fee percentage	1.00%
Successor Senior Secured Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable rate floor	1.00%
Variable rate	4.50%
Successor Senior Secured Credit Facility | Base Rate
Debt Instrument [Line Items]
Variable rate floor	2.00%
Variable rate	3.50%
Second-Out Senior Secured Term Loan
Debt Instrument [Line Items]
Debt instrument face amount	$ 60,000,000
Line of Credit | Successor Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	225,000,000		$ 225,000,000
Periodic payment, principal	$ 5,000,000
Maximum total debt to consolidated EBITDA	3.5
Minimum current ratio			1	0.95
Line of Credit | Successor Senior Secured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 225,000,000
Line of Credit | Successor Senior Secured Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,500,000
Senior Notes | 11.25% Senior Notes
Debt Instrument [Line Items]
Debt instrument interest rate (as a percent)	11.25%

Stockholders_ Equity - Addition

Stockholders’ Equity - Additional Information (Details) - USD ($)	Nov. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Registration rights minimum offering price trigger	$ 50,000,000
Registration rights threshold period	180 days
Registration rights notice period	5 days
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Tranche 1 Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)	555,555
Warrants exercise price per share (in dollars per share)	$ 0.001
Warrants valuation condiation minimum equity value	$ 100,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Shares issued, price per share (in dollars per share)		$ 555,555
Preferred stock, increase in dividend rate for next succeeding dividend period		0.10%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Apr. 30, 2021
Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	274,684	274,684	966,184
Number of shares outstanding	691,500	691,500
Non-Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1.7	$ 1.7
Unrecognized stock-based compensation cost, recognition period	2 years 6 months
Stock-based compensation expenses	$ 1.3
Stock-based compensation liability	0.1	0.1
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 2.2	$ 2.2
Unrecognized stock-based compensation cost, recognition period	3 years 7 months 6 days
Stock-based compensation expenses	$ 0.1
Performance criteria period		90 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Outstanding Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Non-Performance-Based Restricted Stock Units
Shares
Non-vested RSUs at beginning of period (in shares) | shares	0
Granted (in shares) | shares	387,750
Vested (in shares) | shares	(143,250)
Forfeited (in shares) | shares	0
Non-vested RSUs at end of period (in shares) | shares	244,500
Weighted Average Fair Value per Share
Non-vested, beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	7.29
Vested (in dollars per share) | $ / shares	7.29
Forfeited (in dollars per share) | $ / shares	0
Non-vested, ending balance (in dollars per share) | $ / shares	$ 10.28
Performance-Based Restricted Stock Units
Shares
Non-vested RSUs at beginning of period (in shares) | shares	0
Granted (in shares) | shares	303,750
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested RSUs at end of period (in shares) | shares	303,750
Weighted Average Fair Value per Share
Non-vested, beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	7.29
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Non-vested, ending balance (in dollars per share) | $ / shares	$ 10.28

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions (Details) - Performance-Based Restricted Stock Units	6 Months Ended
	Jun. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value, granted in period (in dollars per share)	$ 7.29
Risk-free interest rate	0.21%
Expected life	3 years 7 months 6 days
Expected volatility	125.00%
Dividend yield	0.00%

Related Party Activities - Addi

Related Party Activities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
New Tech Global Ventures LLC
Related Party Transaction [Line Items]
Cost of consultancy services	$ 0.5	$ 1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - One Of Largest Producers In The Eagle Ford a in Thousands	1 Months Ended
	Feb. 29, 2020awell
Other Commitments [Line Items]
Oil and gas agreement, area of mutual interest | a	15
Oil and gas agreement, hold-by-production area | a	6
Oil and gas agreement, working interest	50.00%
Minimum
Other Commitments [Line Items]
Number of wells to be operated | well	3
Oil and gas agreement, carried working interest	9.00%
Maximum
Other Commitments [Line Items]
Number of wells to be operated | well	4
Oil and gas agreement, carried working interest	17.00%

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - Forecast - USD ($) $ in Millions	Nov. 26, 2021	Dec. 31, 2021
Penn Virginia
Subsequent Event [Line Items]
Termination fee	$ 6
Penn Virginia
Subsequent Event [Line Items]
Consideration transferred, entity shares issued per acquiree share		0.51
Termination fee	$ 3