Warren Resources (WRES) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	6-May-15
Document and Entity Information
Entity Registrant Name	WARREN RESOURCES INC
Entity Central Index Key	892986
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		81,199,562
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current Assets
Cash and cash equivalents	$2,960	$1,703
Accounts receivable-trade	16,308	20,025
Restricted investments in U.S. Treasury Bonds-available for sale, at fair value	146	142
Derivative financial instruments	3,968	4,005
Other current assets	2,902	1,245
Total current assets	26,284	27,120
Other Assets
Oil and gas properties-at cost, based on full cost method of accounting, net of accumulated depreciation, depletion and amortization and impairment (includes unproved properties excluded from amortization of $207,799 and $204,626 as of March 31, 2015 and December 31, 2014)	657,292	753,496
Property and equipment-at cost, net	19,512	19,622
Restricted investments in U.S. Treasury Bonds-available for sale, at fair value	1,313	1,280
Deferred debt offering costs, net	13,428	13,942
Other assets	3,001	3,220
Total other assets	694,546	791,560
Total assets	720,830	818,680
Current Liabilities
Current maturities of debentures and other long-term liabilities	381	381
Accounts payable and accruals	41,336	57,389
Total current liabilities	41,717	57,770
Long-Term Liabilities
Revolving loan credit facility	153,748	134,749
Other long-term liabilities, less current portion	36,633	36,084
Senior notes and debentures, less current portion and discount	297,656	297,525
Total long-term liabilities	488,037	468,358
Commitments and Contingencies
Stockholders' Equity
8% convertible preferred stock-$.0001 par value; authorized, 10,000,000 shares; issued and outstanding 10,703 shares in 2015 and 2014 (aggregate liquidation preference $128 in 2015 and 2014)	128	128
Common stock - $.0001 par value; authorized, 200,000,000 shares; issued 81,135,849 shares in 2015 and 80,754,225 shares in 2014	8	8
Additional paid-in-capital	513,627	512,843
Accumulated deficit	-322,914	-220,643
Accumulated other comprehensive income, net of applicable income taxes of $134 in 2015 and $141 in 2014	227	216
Total stockholders' equity	191,076	292,552
Total liabilities and stockholders' equity	$720,830	$818,680

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS
Oil and gas properties, unproved properties excluded from amortization (in dollars)	$207,799	$204,626
8% convertible preferred stock, par value (in dollars per share)	$0.00	$0.00
8% convertible preferred stock, authorized shares	10,000,000
8% convertible preferred stock, issued shares	10,703	10,703
8% convertible preferred stock, outstanding shares	10,703	10,703
8% convertible preferred stock, aggregate liquidation preference (in dollars)	128	128
Preferred stock dividend rate (as a percent)	8.00%	8.00%
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, authorized shares	200,000,000	200,000,000
Common stock, issued shares	81,135,849	80,754,225
Accumulated other comprehensive income, applicable income taxes (in dollars)	$134	$141

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating revenues
Oil and gas sales	$24,590	$32,879
Transportation revenue	1,188	1,323
Total revenues	25,778	34,202
Operating expenses
Lease operating expenses and taxes	12,508	9,502
Depreciation, depletion and amortization	17,191	10,354
Impairment	91,375
Transportation expenses	577	565
General and administrative	5,019	3,966
Total operating expenses	126,670	24,387
Income (loss) from operations	-100,892	9,815
Other income (expense)
Interest and other income	17	134
Interest expense	-5,234	-754
Loss on contingent consideration	-130
Gain (loss) on derivative financial instruments	3,960	-993
Total other income (expense)	-1,387	-1,613
Income (loss) before taxes	-102,279	8,202
Deferred income tax benefit	-8	-8
Net income (loss)	-102,271	8,210
Less dividends and accretion on preferred shares	3	3
Net income (loss) applicable to common stockholders	($102,274)	$8,207
Earnings (loss) per share-Basic (in dollars per share)	($1.26)	$0.11
Earnings (loss) per share-Diluted (in dollars per share)	($1.26)	$0.11
Weighted average common shares outstanding-Basic (in shares)	80,869,169	73,104,129
Weighted average common shares outstanding-Diluted (in shares)	80,869,169	73,215,840

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	($102,271)	$8,210
Other comprehensive income (loss)
Gain (loss) on investments available for sale	-11	11
Comprehensive income (loss)	($102,282)	$8,221

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	($102,271)	$8,210
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Accretion of discount on available- for- sale debt securities	-17	-16
Accretion of discount on senior notes	131
Amortization of deferred offering costs	515	56
Depreciation, depletion, amortization and impairment	108,566	10,354
Change in fair value of derivative financial instruments	37	-807
Stock option expense	1,079	532
Deferred tax (benefit)	-8	-8
Change in assets and liabilities:
Decrease (increase) in accounts receivable-trade	3,717	8,413
Decrease in other assets	-1,439	-2,228
Decrease in accounts payable and accruals	-4,030	-8,817
Decrease in other long-term liabilities	-288	-198
Net cash provided by operating activities	5,992	15,491
Cash flows from investing activities:
Purchase, exploration and development of oil and gas properties	-22,992	-10,902
Purchase of property and equipment	-451	-446
Net cash used in investing activities	-23,443	-11,348
Cash flows from financing activities:
Proceeds from Credit Facility	19,000
Payments on debt and debentures		-14,000
Payments on taxes of vested restricted stock and proceeds from the exercise of options	-292	71
Net cash provided by (used in) financing activities	18,708	-13,929
Net increase (decrease) in cash and cash equivalents	1,257	-9,786
Cash and cash equivalents at beginning of period	1,703	11,620
Cash and cash equivalents at end of period	2,960	1,834
Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	11,432	711
Noncash investing and financing activities
Accrued preferred stock dividend	$3	$3

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2015
ORGANIZATION
ORGANIZATION
	NOTE A—ORGANIZATION
	Warren Resources, Inc. (the “Company” or “Warren”), was originally formed on June 12, 1990 for the purpose of acquiring and developing oil and gas properties. The Company is incorporated under the laws of the state of Maryland. The Company’s properties are primarily located in California, Pennsylvania, and Wyoming.
	The accompanying unaudited financial statements and related notes present the Company’s consolidated financial position as of March 31, 2015 and December 31, 2014, the consolidated results of operations for the three months ended March 31, 2015 and 2014, the consolidated statements of comprehensive income (loss) for the three months ended March 31, 2015 and 2014 and consolidated cash flows for the three months ended March 31, 2015 and 2014. The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. The accounting policies followed by the Company are set forth in Note A to the Company’s financial statements included in Form 10-K for the year ended December 31, 2014. These interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements presented in the Company’s 2014 Annual Report on Form 10-K.

STOCK_BASED_COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION
	NOTE B—STOCK BASED COMPENSATION
	Stock Options
	Compensation expense related to stock options and restricted stock awards recognized in operating results (general and administrative expenses) was approximately $1.1 million and $0.5 million for the three months ended March 31, 2015 and March 31, 2014, respectively.
	The following assumptions were used to value stock options calculated using the Black-Scholes options pricing model:
		Three months ended March 31,
		2015		2014
	Dividend yield	0	%	0	%
	Expected volatility	60.71	%	52.9	%
	Risk-free interest rate	1.9	%	1.0	%
	Expected life	3.5 years		3.5 years
				Weighted		Weighted
				Average		Average	Aggregate
		Number		Exercise		Remaining	Intrinsic Value
		of Options		Price		Term (in years)	(in thousands)
	Outstanding at December 31, 2014	1,987,159		$	4.37
	Granted	1,728,400		1.11
	Exercised	—		—
	Forfeited or expired	(97,433	)	3.17
	Outstanding at March 31, 2015	3,618,126		$	2.85	4.25	$	—
	Exercisable at March 31, 2015	488,478		$	3.88	2.68	$	—
	The total intrinsic value of options exercised during the three months ended March 31, 2015 and 2014 were approximately $0 and $0.9 million respectively.
	As of March 31, 2015 total unrecognized stock-based compensation expense related to non-vested stock options was approximately $3.3 million, which we expect to recognize over a weighted average period of 2.7 years.
	Restricted Shares
	Restricted share activity for the three months ended March 31, 2015 was as follows:
		Shares		Weighted
				Average
				Fair Value
	Outstanding at December 31, 2014	689,370		$	2.87
	Granted	521,322		1.11
	Vested	(599,241	)	1.6
	Forfeited	—		—
	Outstanding at March 31, 2015	611,451		$	2.61
	Restricted stock awards for executive officers and employees generally vest ratably over three years. Fair value of our restricted shares is based on our closing stock price on the date of grant.  As of March 31, 2015, total unrecognized stock-based compensation expense related to non-vested restricted shares was $1.3 million, which is expected to be recognized over a weighted average period of approximately 2.0 years.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2015
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY
	NOTE C—STOCKHOLDERS’ EQUITY
	The preferred stock pays an 8% cumulative dividend which is treated as a deduction of additional paid in capital, due to insufficient retained earnings. The holders of the preferred stock are not entitled to vote except as defined by the agreement or as provided by applicable law.  The preferred stock may be voluntarily converted, at the election of the holder, into common stock of the Company based on a conversion rate of one share of preferred stock for 0.50 shares of common stock. The accrual of the dividend is deducted from earnings in the calculation of earnings attributable to common stockholders.
	Additionally, holders of the preferred stock can elect to require the Company to redeem their preferred stock at a redemption price equal to the liquidation value of $12.00 per share, plus accrued but unpaid dividends, if any, (“Redemption Price”).  Upon the receipt of a redemption election, the Company, at its option, shall either: (1) pay the holder cash in the amount equal to the Redemption Price or (2) issue to the holder shares of common stock in an amount equal to 125% of the redemption price and any accrued and unpaid dividends, based on the weighted average closing “bid” price of the Company’s common stock for the thirty trading days immediately preceding the date of the written redemption election by the holder up to a maximum of 1.5 shares of common stock for each one share of preferred stock redeemed. The Company has accreted the carrying value of its preferred stock to its redemption price using the effective interest method with changes recorded to additional paid in capital. The accretion of preferred stock results in a reduction of earnings applicable to common stockholders.
	Notwithstanding the forgoing, if the closing “bid” price of the Company’s publicly traded common stock as reported by the NASDAQ stock market, or any exchange on which the shares of common stock are traded, exceeds 133% of the conversion price then in effect for the convertible preferred shares for at least 10 days during any 30-day trading period, the Company has the right to redeem in whole or in part the convertible preferred stock at a redemption price of $12 per share (plus any accrued unpaid dividends) or convert the convertible preferred shares (plus any accrued unpaid dividends) into common stock at the then applicable conversion rate.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2015
EARNINGS PER SHARE
EARNINGS PER SHARE
	NOTE D—EARNINGS PER SHARE
	Basic earnings (loss) per share is computed by dividing net earnings (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is based on the assumption that stock options are converted into common shares using the treasury stock method and convertible bonds and preferred stock are converted using the if-converted method. Conversion is not assumed if the results are anti-dilutive.  Potential common shares for the three months ended March 31, 2015 and 2014 of 38,072 and 38,072, respectively, relating to convertible bonds and preferred stock were excluded from the computation of diluted earnings per share because they are anti-dilutive. Potential common shares of 4,267,649 and 2,635,977 relating to stock options and restricted stock were excluded from the computation of diluted earnings per share for the three months ended March 31, 2015 and 2014, respectively, because they are anti-dilutive. At March 31, 2015 the convertible bonds may be converted from the date of issuance until maturity at 100% of principal amount into common stock of the Company at a price of $50.  The preferred stock may be converted at the discretion of the holder or upon meeting certain conditions at the discretion of the Company (see Note C).
	Basic and diluted net earnings (loss) per share are computed based on the following information:
		Three Months			Three Months
		Ended			Ended
		March 31,			March 31,
		2015			2014
		(in thousands, except for per
		share data)
	Net earnings (loss) applicable to common shareholders	$	(102,274	)	$	8,207
	Weighted average shares outstanding — basic	80,869,169			73,104,129
	Effect of dilutive securities — restricted stock	—			—
	Effect of dilutive securities — stock options	—			111,711
	Weighted average shares outstanding - diluted	80,869,169			73,215,840
	Basic net earnings (loss) per share	$	(1.26	)	$	0.11
	Diluted net earnings (loss) per share	$	(1.26	)	$	0.11

LONGTERM_LIABILITIES

LONG-TERM LIABILITIES	3 Months Ended
	Mar. 31, 2015
LONG-TERM LIABILITIES
LONG-TERM LIABILITIES
	NOTE E—LONG-TERM LIABILITIES
	Long-term liabilities consisted of the following for the balance sheets dated:
		March 31,			December 31,
		2015			2014
		(in thousands)
	Line of Credit	$	153,748		$	134,749
	Convertible Debentures	1,636			1,636
	Senior Notes	300,000			300,000
	Discount on Senior Notes	(3,816		)	(3,947		)
	Contingent Earn-Out	6,660			6,530
	Asset retirement obligations	30,190			29,771
		488,418			468,739
	Less current portion	381			381
	Long-term portion	$	488,037		$	468,358
	On August 11, 2014, the Company entered into a five-year $750,000,000 Third Amended and Restated Credit Agreement with Bank of Montreal, as Administrative Agent, and the other lenders party thereto (the “Amended Credit Facility”), which provides for an initial borrowing base of $225 million. The Credit Facility matures on August 11, 2019, is secured by substantially all of Warren’s oil and gas assets, and is guaranteed by the significant wholly-owned subsidiaries of the Company.
	The borrowing base is subject to semi-annual redeterminations in April and October of each year, based on the value of the Company’s proved oil and natural gas reserves in accordance with the lenders’ customary procedures and practices.  Both the Company and the lenders have the right to request one additional redetermination each year.  The Company had approximately $153.7 million outstanding on its borrowings under the Amended Credit Facility as of March 31, 2015.
	The Company is subject to various covenants required by the Credit Facility, including the maintenance of the following financial ratios: (1) a minimum current ratio of not less than 1.0 to 1.0 (including the unused borrowing base and excluding unrealized gains and losses on derivative financial instruments), and (2) a minimum annualized consolidated EBITDAX (as defined in the Credit Facility) to net interest expense of not less than 2.5 to 1.0.
	Depending on the level of borrowing base usage, the annual interest rate on each loan under the Credit Facility will be, at the Company’s option, either: (a) a “LIBOR Loan”, which has an interest rate equal to the sum of the LIBOR rate plus the applicable “LIBOR Margin” that ranges from 1.75% to 2.75%, or (b) a “Base Rate Loan”, which has an interest rate equal to the sum of the “Base Rate”, calculated to be the highest of: (i) the Agent’s prime rate of interest announced from time to time; (ii) the Federal Funds rate most recently determined by the Agent plus 0.50%; or (iii) the one month LIBOR rate plus 1.00%, plus an applicable “Base Rate Margin” that ranges from 0.75% to 1.75%.  During the three months ended March 31, 2015, the Company incurred $1.0 million of interest expense under the Amended Credit Facility of which approximately $177,000 was accrued as of March 31, 2015. The weighted average interest rate as of March 31, 2015 was 2.43% and the Company was in compliance with all covenants during this period.
	If the Company fails to satisfy its Credit Facility covenants, it would be an event of default. Under such event of default and upon notice, all borrowings would become immediately due and payable to the lenders. See “Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations — Liquidity and Capital Resources” for further discussion.
	Convertible Debentures
	The convertible debentures may be converted from the date of issuance until maturity at 100% of principal amount into common stock of the Company at a conversion price of $50. Each year the holders of the convertible debentures may tender to the Company up to 10% of the aggregate debentures issued and outstanding. During the three months ended March 31, 2015, there were no debenture redemptions.
	9% Senior Notes due 2022
	To finance the acquisition of the Marcellus Assets (See Note L) in 2014, the Company issued the 9% senior notes in a private offering at a price equal to 98.617% due to mature on August 1, 2022 (the “Senior Notes”).  Interest is payable on the Senior Notes semi-annually in arrears at a rate of 9.000% per annum on each February 1 and August 1.  At March 31, 2015, the face amount of the Senior Notes was $300 million and the market value was approximately $177 million.
	We may redeem, at specified redemption prices, some or all of the Senior Notes at any time on or after August 1, 2017.  We may also redeem up to 35% of the Senior Notes using the proceeds of certain equity offerings completed before August 1, 2017.  If we sell certain of our assets or experience certain kinds of changes in control, we may be required to offer to purchase the Senior Notes from the holders.  The Senior Notes will be fully, unconditionally and jointly and severally guaranteed on a senior unsecured basis by certain of our existing subsidiaries and will be fully, unconditionally and jointly and severally guaranteed on a senior unsecured basis by our future domestic subsidiaries, subject to certain exceptions.
	In connection with the issuance of the Senior Notes, we entered into a registration rights agreement, pursuant to which we agreed to conduct a registered exchange offer for the Senior Notes or cause to become effective a shelf registration statement providing for the resale of the Senior Notes. In connection with the exchange offer, the Company is required to (a) file an exchange offer registration statement and use its reasonable best efforts to cause such registration statement for the Senior Notes to become effective, (b) promptly following the effectiveness of such registration statement, offer to exchange new registered notes having terms substantially identical to the Senior Notes for outstanding Senior Notes, and (c) keep the registered exchange offer open for not less than 20 business days after the date the exchange offer commences. If we fail to comply with certain obligations under the registration rights agreement, including if the exchange offer is not completed within 360 days after August 11, 2014 or if the shelf registration statement is not declared effective in a timely manner, we will be required to pay additional interest to the holders of the Senior Notes in any amount equal to 1% per year on the principal amount of the Senior Notes.

ASSET_RETIREMENT_OBLIGATION

ASSET RETIREMENT OBLIGATION	3 Months Ended
	Mar. 31, 2015
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION
	NOTE F—ASSET RETIREMENT OBLIGATION
	The estimated fair value of the future costs associated with dismantlement, abandonment and restoration of oil and gas properties is recorded generally upon acquisition or completion of a well. The net estimated costs are discounted to present values using a risk adjusted rate over the estimated economic life of the oil and gas properties. Such costs are capitalized as part of the related asset. The asset is depleted on the units-of-production method. The associated liability is classified in other long-term liabilities, net of current portion, in the accompanying Consolidated Balance Sheets. The liability is periodically adjusted to reflect (1) new liabilities incurred, (2) liabilities settled during the period, (3) accretion expense, and (4) revisions to estimated future cash flow requirements. The accretion expense is recorded as a component of depreciation, depletion and amortization. The Company has cash held in escrow with a fair market value of $2.8 million that is legally restricted for potential plugging and abandonment liability in the Wilmington field which is recorded in other assets in the Consolidated Balance Sheets. A reconciliation of the Company’s asset retirement obligations is as follows:
		March 31, 2015
		(in thousands)
	Balance at beginning of period	$	29,771
	Liabilities incurred in current period	9
	Liabilities settled in current period	(288		)
	Accretion expense	698
	Balance at end of period	$	30,190

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
CONTINGENCIES
CONTINGENCIES
	NOTE G—CONTINGENCIES
	We are party to a variety of legal, administrative, regulatory and government proceedings, claims and inquiries arising in the normal course of business.  Although we cannot predict the outcome of these proceedings with certainty, we do not currently expect these matters to have a material adverse effect on our consolidated financial position or results of operations.
	There have been no significant changes with respect to the legal matters disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
	NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS
	The estimated fair values of financial instruments recognized in the Consolidated Balance Sheets or disclosed within these Notes to Consolidated Financial Statements have been determined using available market information, information from unrelated third party financial institutions and appropriate valuation methodologies, primarily discounted projected cash flows. However, considerable judgment is required when interpreting market information and other data to develop estimates of fair value.
	Short-term Assets and Liabilities. The fair values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their carrying values because of their short-term nature.
	U.S. Treasury Bonds - Trading and Available-For-Sale Securities.  The fair values are based upon quoted market prices for those or similar investments and are reported on the Consolidated Balance Sheets at fair value.
	Collateral Security Agreement Account (included in other non-current assets). The balance sheet carrying amount approximates fair value, as it earns a market rate.
	Convertible Debentures. Fair values of fixed rate convertible debentures were calculated using interest rates in effect as of period end for similar instruments with the other terms unchanged.
	Other Long-Term Liabilities.  The carrying amount approximates fair value due to the current rates offered to the Company for long-term liabilities of the same remaining maturities.
	Line of Credit. The carrying amount approximates fair value due to the current rates offered to the Company for lines of credit.
	Derivatives. The fair values are based upon observable inputs based on market data obtained from independent sources and are considered Level 2 inputs (quoted prices for similar assets, liabilities (adjusted) and market-corroborated inputs) and are reported on the Consolidated Balance Sheets at fair value.
	9.000% Senior Notes. The fair value is based upon quoted market prices for those or similar investments and are reported on the Consolidated Balance Sheets at face value, net of discount.
	Contingent Earn-Out. The fair value is based on the present value of the amount discounted back at the cost of capital.
		March 31, 2015				December 31, 2014
		Fair		Carrying		Fair		Carrying
		value		amount		value		amount
		(in thousands)
	Financial assets
	Collateral security account	$	2,812	$	2,812	$	3,165	$	3,165
	Financial liabilities
	Fixed rate debentures	$	3,100	$	1,636	$	3,035	$	1,636
	Line of credit	153,748		153,748		134,749		134,749
	Senior Notes	177,000		296,184		195,000		296,053
	Contingent Earn-Out	6,660		6,660		6,530		6,530
	FAIR VALUE MEASUREMENTS:
	Fair value as defined by authoritative literature is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three level hierarchy for measuring fair value. The literature requires fair value measurements be classified and disclosed in one of the following categories:
	Level 1:  Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access at the measurement date.
	Level 2:  Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 include non-exchange traded derivatives such as over-the-counter forwards and swaps.
	Level 3:  Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability.
	The following tables present for each hierarchy level our assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis.
	March 31, 2015
		Level 1		Level 2		Level 3		Total
		(in thousands)
	Assets
	Restricted investments in US Treasury Bonds — available for sale, at fair value	$	1,459	$	—	$	—	$	1,459
	Commodity derivatives	—		3,968		—		3,968
	December 31, 2014
		Level 1		Level 2		Level 3		Total
		(in thousands)
	Assets
	Restricted investments in US Treasury Bonds — available for sale, at fair value	$	1,422	$	—	$	—	$	1,422
	Commodity derivatives	—		$	4,005	—		$	4,005

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS
	NOTE I — DERIVATIVE FINANCIAL INSTRUMENTS
	To minimize the effect of a downturn in oil and gas prices and protect our profitability and the economics of our development plans, we enter into crude oil and natural gas hedge contracts. The terms of contracts depend on various factors, including management’s view of future crude oil and natural gas prices. This price hedging program is designed to moderate the effects of a crude oil and natural gas price downturn while allowing us to participate in some commodity price increases. Management regularly monitors the crude oil and natural gas markets and our financial commitments to determine if, when, and at what level some form of crude oil and/or natural gas hedging and/or basis adjustments or other price protection is appropriate. However, we may use a variety of derivative instruments in the future to hedge. The Company has not designated these derivatives as hedges for accounting purposes.
	The Company routinely enters into derivative contracts with a variety of counterparties, typically resulting in individual derivative instruments with both fair value asset and liability positions. The Company nets the fair values of derivative instruments executed with the same counterparty pursuant to ISDA master agreements, which mitigate the credit risk of the Company’s derivative instruments by providing for net settlement over the term of the contract and in the event of default or termination of the contract.
	The following table summarizes the open financial derivative positions, as of March 31, 2015, related to oil and gas production. The Company will receive prices as noted in the table below and will pay a counterparty market price based on the NYMEX (for natural gas production) or WTI (for oil production) index price, settled monthly.
	Product	Type		Contract Period		Volume		Price per
								Mcf or Bbl
	NYMEX Oil	Swap		04/01/15- 09/30/15		1,300 Bbl/d		$	50.00
	NYMEX Oil	Swap		04/01/15- 09/30/15		400 Bbl/d		$	57.07
	NYMEX Oil	Collar		10/01/15- 03/31/16		500 Bbl/d		$	50.00- 64.55
	NYMEX Gas	Swap		04/01/15- 12/31/15		3,000 MMBtu/d		$	4.18
	NYMEX Gas	Swap		04/01/15- 06/30/15		3,000 MMBtu/d		$	4.02
	NYMEX Gas	Swap		04/01/15- 10/31/15		10,000 MMBtu/d		$	3.20
	NYMEX Gas	Swap		04/01/15- 10/31/15		10,000 MMBtu/d		$	3.16
	NYMEX Gas	Swap		04/01/15- 12/31/15		15,000 MMBtu/d		$	2.94
	NYMEX Gas	Swap		04/01/15- 03/31/16		5,000 MMBtu/d		$	3.05
	NYMEX Gas	Swap		04/01/15- 06/30/15		10,000 MMBtu/d		$	2.97
	The tables below summarize the amount of gains (losses) recognized in income from derivative instruments not designated as hedging instruments under authoritative guidance.
	Derivatives not designated as	For the Three Months
	Hedging Instrument under	Ended March 31,
	authoritative guidance	2015			2014
	(in thousands)
	Realized cash settlements on hedges	$	3,997		$	(1,800	)
	Mark-to-market gain (loss) on hedges	(37		)	807
	Total	$	3,960		$	(993	)
	The table below reflects the line item in our Consolidated Balance Sheet where the fair value of our net derivatives, are included.
	March 31, 2015
		Derivative Assets
	(in thousands)	Balance Sheet		Fair Value
		Location
	Commodity—Natural Gas	Current		$	3,766
	Commodity—Oil	Current		202
	Total derivatives not designated as hedging instruments			$	3,968
	December 31, 2014
		Derivative Assets
	(in thousands)	Balance Sheet		Fair Value
		Location
	Commodity—Natural Gas	current		$	3,611
	Commodity—Oil	current		394
	Total derivatives not designated as hedging instruments			$	4,005
	Derivatives Credit Risk
	The Company does not require collateral or other security from counterparties to support derivative instruments. However, the agreements with those counterparties typically contain netting provisions such that if a default occurs, the non-defaulting party can offset the amount payable to the defaulting party under the derivative contract with the amount due from the defaulting party. As a result of the netting provisions the Company’s maximum amount of loss due to credit risk is limited to the net amounts due to and from the counterparties under the derivative contracts.
	As of March 31, 2015, the counterparty to the Company’s commodity derivative contracts consisted of a financial institution which is also a lender under the Company’s Senior Credit Agreement and share in the collateral supporting the Agreement. The Company is not generally required to post additional collateral under derivative agreements.
	The Company’s derivative agreements contain provisions that require cross defaults and acceleration of those instruments to any material debt. If the Company were to default on any of its material debt agreements, it would be a violation of these provisions, and the counterparties to the derivative instruments could request immediate payment on derivative instruments that are in a net liability position at that time

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2015
INCOME TAXES
INCOME TAXES
	NOTE J — INCOME TAXES
	The Company’s effective tax rate differs from the federal statutory tax rate due to changes in the valuation allowance on the Company’s net deferred tax asset.

RECENTLY_ISSUED_ACCOUNTING_STA

RECENTLY ISSUED ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2015
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS
	NOTE K — RECENTLY ISSUED ACCOUNTING STANDARDS
	In April 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that is intended to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU will be applied retrospectively as of the date of adoption and is effective for fiscal years beginning after December 15, 2015, and interim periods within those years (early adoption permitted). The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements and related disclosures.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2015
ACQUISITIONS
ACQUISITIONS
	NOTE L — ACQUISITIONS
	Marcellus Assets
	On August 11, 2014, we acquired essentially all of the Marcellus Assets of Citrus Energy Corporation (‘‘Citrus’’) and two other working interest owners in exchange for approximately 6.7 million shares of our common stock valued at $41.4 million and cash consideration of $312.5 million, subject to certain post-closing adjustments and certain closing conditions (the ‘‘Citrus Acquisition’’). The Citrus Acquisition will provide us a new area of operations in the Marcellus Shale in Pennsylvania. The Acquisition of Marcellus Assets was accounted for as a business combination in accordance with Accounting Standards Codification (ASC) No. 805, Business Combinations (ASC 805) which, among other things, requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. The purchase price of the Marcellus Assets (in thousands):
		2014
	Cash consideration	$	312,500
	Fair value of warren equity common shares	41,400
	Closing adjustments	(7,828		)
	Fair value of earn-out provision	6,340
	Fair value of farm-out provision	3,410
	Total purchase price	$	355,822
	In connection with the Citrus acquisition, a contingent consideration payment was included as part of the purchase and sale agreement with a maximum payout of $8.5 million, based upon proved reserves and price differential factors. The fair value of this consideration is based on a 90% probability of achieving the full payout discounted to present value.
	The following table presents the initial purchase price allocation of the Marcellus Asset, based on the fair values of assets acquired and liabilities assumed (in thousands):
		2014
	Proved oil and gas properties	$	171,070
	Unproved oil and gas properties	184,752
	Total purchase price	$	355,822
	Pro Forma Impact of Acquisitions (Unaudited)
	The following unaudited pro forma combined results of operations are provided for the three months ended March 31, 2014 as though the Acquisition of the Marcellus Assets had occurred prior to that date.  The pro forma combined results of operations for the three months ended March 31, 2014 have been prepared by adjusting the historical results of the Company to include the historical results of the Marcellus Assets. These supplemental pro forma results of operations are provided for illustrative purposes only and do not purport to be indicative of the actual results that would have been achieved by the combined company for the period presented or that may be achieved by the combined company in the future. The pro forma results of operations do not include any cost savings or other synergies that resulted, or may result, from the Citrus Acquisition.
	Future results may vary significantly from the results reflected in this unaudited pro forma financial information because of future events and transactions, as well as other factors.
	The Company’s historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the Citrus Acquisition that were factually supportable. Adjustments and assumptions made for this pro forma calculation are consistent with those used in the Company’s pro forma information previously filed with the SEC.
		For the Three Months
		Ended March 31,
	(in thousands)	2014
	Revenues	$	62,559
	Income (loss) from Operations	24,510
	Net income (loss)	$	7,742
	Diluted net income (loss) per share	$	0.10

CAPITALIZED_INTEREST

CAPITALIZED INTEREST	3 Months Ended
	Mar. 31, 2015
CAPITALIZED INTEREST
	NOTE M —CAPITALIZED INTEREST
	The Company capitalizes interest on qualifying assets, which include investments in undeveloped oil and natural gas properties and exploration and development projects for which depletion expense is not currently recognized, and for which exploration or development activities are in progress. The capitalized interest is determined by multiplying the Company’s interest rate on specific borrowing costs, adjusted to include of amortization of bond discount and issuance costs, related to the Senior Notes used to purchase the Marcellus Assets, by the qualifying costs incurred that are excluded from the full cost pool. However, the amount of capitalized interest cannot exceed the amount of gross interest expense incurred in any given period. The capitalized interest amounts are recorded as additions to unevaluated oil and natural gas properties on the unaudited condensed consolidated balance sheets. As the costs excluded are transferred to the full cost pool, the associated capitalized interest is also transferred to the full cost pool.  Interest of $3.2 million relating to the Senior Notes was capitalized during the three months ended March 31, 2015.

STOCK_BASED_COMPENSATION_Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2015
STOCK BASED COMPENSATION
Schedule of assumptions used to value stock options calculated using the Black-Scholes options pricing model
		Three months ended March 31,
		2015		2014
	Dividend yield	0	%	0	%
	Expected volatility	60.71	%	52.9	%
	Risk-free interest rate	1.9	%	1.0	%
	Expected life	3.5 years		3.5 years
Schedule of options issued to employees and changes during the years
				Weighted		Weighted
				Average		Average	Aggregate
		Number		Exercise		Remaining	Intrinsic Value
		of Options		Price		Term (in years)	(in thousands)
	Outstanding at December 31, 2014	1,987,159		$	4.37
	Granted	1,728,400		1.11
	Exercised	—		—
	Forfeited or expired	(97,433	)	3.17
	Outstanding at March 31, 2015	3,618,126		$	2.85	4.25	$	—
	Exercisable at March 31, 2015	488,478		$	3.88	2.68	$	—
Schedule of restricted share activity
		Shares		Weighted
				Average
				Fair Value
	Outstanding at December 31, 2014	689,370		$	2.87
	Granted	521,322		1.11
	Vested	(599,241	)	1.6
	Forfeited	—		—
	Outstanding at March 31, 2015	611,451		$	2.61

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
EARNINGS PER SHARE
Schedule of computation of basic and diluted net earnings (loss) per share
		Three Months			Three Months
		Ended			Ended
		March 31,			March 31,
		2015			2014
		(in thousands, except for per
		share data)
	Net earnings (loss) applicable to common shareholders	$	(102,274	)	$	8,207
	Weighted average shares outstanding — basic	80,869,169			73,104,129
	Effect of dilutive securities — restricted stock	—			—
	Effect of dilutive securities — stock options	—			111,711
	Weighted average shares outstanding - diluted	80,869,169			73,215,840
	Basic net earnings (loss) per share	$	(1.26	)	$	0.11
	Diluted net earnings (loss) per share	$	(1.26	)	$	0.11

LONGTERM_LIABILITIES_Tables

LONG-TERM LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2015
LONG-TERM LIABILITIES
Schedule of long-term liabilities, excluding derivative financial instruments
		March 31,			December 31,
		2015			2014
		(in thousands)
	Line of Credit	$	153,748		$	134,749
	Convertible Debentures	1,636			1,636
	Senior Notes	300,000			300,000
	Discount on Senior Notes	(3,816		)	(3,947		)
	Contingent Earn-Out	6,660			6,530
	Asset retirement obligations	30,190			29,771
		488,418			468,739
	Less current portion	381			381
	Long-term portion	$	488,037		$	468,358

ASSET_RETIREMENT_OBLIGATION_Ta

ASSET RETIREMENT OBLIGATION (Tables)	3 Months Ended
	Mar. 31, 2015
ASSET RETIREMENT OBLIGATION
Schedule of reconciliation of the Company's asset retirement obligations
		March 31, 2015
		(in thousands)
	Balance at beginning of period	$	29,771
	Liabilities incurred in current period	9
	Liabilities settled in current period	(288		)
	Accretion expense	698
	Balance at end of period	$	30,190

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of carrying amount and estimated fair value of financial instruments
		March 31, 2015				December 31, 2014
		Fair		Carrying		Fair		Carrying
		value		amount		value		amount
		(in thousands)
	Financial assets
	Collateral security account	$	2,812	$	2,812	$	3,165	$	3,165
	Financial liabilities
	Fixed rate debentures	$	3,100	$	1,636	$	3,035	$	1,636
	Line of credit	153,748		153,748		134,749		134,749
	Senior Notes	177,000		296,184		195,000		296,053
	Contingent Earn-Out	6,660		6,660		6,530		6,530
Schedule of assets and liabilities, including both current and non-current portions, measured at fair value on a recurring basis
	March 31, 2015
		Level 1		Level 2		Level 3		Total
		(in thousands)
	Assets
	Restricted investments in US Treasury Bonds — available for sale, at fair value	$	1,459	$	—	$	—	$	1,459
	Commodity derivatives	—		3,968		—		3,968
	December 31, 2014
		Level 1		Level 2		Level 3		Total
		(in thousands)
	Assets
	Restricted investments in US Treasury Bonds — available for sale, at fair value	$	1,422	$	—	$	—	$	1,422
	Commodity derivatives	—		$	4,005	—		$	4,005

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
DERIVATIVE FINANCIAL INSTRUMENTS
Summary of open financial derivative positions related to oil and gas production
	The following table summarizes the open financial derivative positions, as of March 31, 2015, related to oil and gas production. The Company will receive prices as noted in the table below and will pay a counterparty market price based on the NYMEX (for natural gas production) or WTI (for oil production) index price, settled monthly.
	Product	Type		Contract Period		Volume		Price per
								Mcf or Bbl
	NYMEX Oil	Swap		04/01/15- 09/30/15		1,300 Bbl/d		$	50.00
	NYMEX Oil	Swap		04/01/15- 09/30/15		400 Bbl/d		$	57.07
	NYMEX Oil	Collar		10/01/15- 03/31/16		500 Bbl/d		$	50.00- 64.55
	NYMEX Gas	Swap		04/01/15- 12/31/15		3,000 MMBtu/d		$	4.18
	NYMEX Gas	Swap		04/01/15- 06/30/15		3,000 MMBtu/d		$	4.02
	NYMEX Gas	Swap		04/01/15- 10/31/15		10,000 MMBtu/d		$	3.20
	NYMEX Gas	Swap		04/01/15- 10/31/15		10,000 MMBtu/d		$	3.16
	NYMEX Gas	Swap		04/01/15- 12/31/15		15,000 MMBtu/d		$	2.94
	NYMEX Gas	Swap		04/01/15- 03/31/16		5,000 MMBtu/d		$	3.05
	NYMEX Gas	Swap		04/01/15- 06/30/15		10,000 MMBtu/d		$	2.97
Summary of amount of gains (losses) recognized in income from derivative instruments not designated as hedging instruments
	Derivatives not designated as	For the Three Months
	Hedging Instrument under	Ended March 31,
	authoritative guidance	2015			2014
	(in thousands)
	Realized cash settlements on hedges	$	3,997		$	(1,800	)
	Mark-to-market gain (loss) on hedges	(37		)	807
	Total	$	3,960		$	(993	)
Schedule of fair value and balance sheet location of net derivatives
	March 31, 2015
		Derivative Assets
	(in thousands)	Balance Sheet		Fair Value
		Location
	Commodity—Natural Gas	Current		$	3,766
	Commodity—Oil	Current		202
	Total derivatives not designated as hedging instruments			$	3,968
	December 31, 2014
		Derivative Assets
	(in thousands)	Balance Sheet		Fair Value
		Location
	Commodity—Natural Gas	current		$	3,611
	Commodity—Oil	current		394
	Total derivatives not designated as hedging instruments			$	4,005

ACQUISITIONS_Tables

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2015
ACQUISITIONS
Schedule of business acquisition purchase price	The purchase price of the Marcellus Assets (in thousands):
		2014
	Cash consideration	$	312,500
	Fair value of warren equity common shares	41,400
	Closing adjustments	(7,828		)
	Fair value of earn-out provision	6,340
	Fair value of farm-out provision	3,410
	Total purchase price	$	355,822
Schedule of initial purchase price allocation of the acquisition
	The following table presents the initial purchase price allocation of the Marcellus Asset, based on the fair values of assets acquired and liabilities assumed (in thousands):
		2014
	Proved oil and gas properties	$	171,070
	Unproved oil and gas properties	184,752
	Total purchase price	$	355,822
Summary of unaudited pro forma financial information
		For the Three Months
		Ended March 31,
	(in thousands)	2014
	Revenues	$	62,559
	Income (loss) from Operations	24,510
	Net income (loss)	$	7,742
	Diluted net income (loss) per share	$	0.10

STOCK_BASED_COMPENSATION_Detai

STOCK BASED COMPENSATION (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Stockholders' equity
Compensation expense related to stock options and restricted stock awards	$1.10	$0.50
Stock options
Weighted-average assumptions used to value stock options
Dividend yield (as a percent)	0.00%	0.00%
Weighted average volatility (as a percent)	60.71%	52.90%
Risk-free interest rate (as a percent)	1.90%	1.00%
Expected life	3 years 6 months	3 years 6 months
Number of Options
Outstanding at the beginning of the period (in shares)	1,987,159
Granted (in shares)	1,728,400
Forfeited or expired (in shares)	-97,433
Outstanding at the end of the period (in shares)	3,618,126
Exercisable at the end of the period (in shares)	488,478
Weighted Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$4.37
Granted (in dollars per share)	$1.11
Forfeited or expired (in dollars per share)	$3.17
Outstanding at the end of the period (in dollars per share)	$2.85
Exercisable at the end of the period (in dollars per share)	$3.88
Weighted Average Remaining Term (in years)
Outstanding at the end of the period	4 years 3 months
Exercisable at the end of the period	2 years 8 months 5 days
Additional disclosures
Total intrinsic value of options exercised	0	0.9
Total unrecognized stock-based compensation expense	3.3
Weighted Average Fair Value
Weighted average period over which unrecognized compensation cost is expected to be recognized	2 years 8 months 12 days
Restricted Shares
Shares
Outstanding at the beginning of the period (in shares)	689,370
Granted (in shares)	521,322
Vested (in shares)	-599,241
Outstanding at the end of the period (in shares)	611,451
Weighted Average Fair Value
Outstanding at the beginning of the period (in dollars per share)	$2.87
Granted (in dollars per share)	$1.11
Vested (in dollars per share)	$1.60
Outstanding at the end of the period (in dollars per share)	$2.61
Vesting period	3 years
Total unrecognized stock-based compensation expense	$1.30
Weighted average period over which unrecognized compensation cost is expected to be recognized	2 years

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
STOCKHOLDERS' EQUITY
Cumulative dividend on preferred stock (as a percent)	8.00%	8.00%
Number of common shares into which one share of preferred stock is to be converted	0.5
Shares to be issued as percentage of redemption price and any accrued and unpaid dividends	125.00%
Number of trading days considered for calculating the weighted average closing bid price at which preferred stock will be redeemed	30 days
Maximum number of shares of common stock that the company, at its option, can issue for each one share of preferred stock redeemed	1.5
Percentage of conversion price that the entity's common stock must exceed to give the entity the right to redeem	133.00%
Minimum number of days within 30-day trading period in which the closing price of the entity's common stock must exceed the conversion price	10 days
Number of trading days during which the closing bid price of the entity's common stock must exceed the conversion price	30 days
Preferred stock
Redemption price (in dollars per share)	$12
Preferred stock
Preferred stock
Redemption price (in dollars per share)	$12

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Basic and diluted net earnings per share
Net earnings (loss) applicable to common shareholders	($102,274)	$8,207
Weighted average shares outstanding - basic	80,869,169	73,104,129
Effect of dilutive securities - stock options		111,711
Weighted average shares outstanding - diluted	80,869,169	73,215,840
Basic net earnings (loss) per share (in dollars per share)	($1.26)	$0.11
Diluted net earnings (loss) per share (in dollars per share)	($1.26)	$0.11
Convertible bonds and preferred stock
Earnings per share
Anti-dilutive securities (in shares)	38,072	38,072
Stock options and restricted stock
Earnings per share
Anti-dilutive securities (in shares)	4,267,649	2,635,977
Secured Convertible Debentures
Earnings per share
Percentage of principal amount at which debentures may be converted from the date of issuance until maturity into common stock	100.00%
Conversion price (in dollars per share)	$50

LONGTERM_LIABILITIES_Details

LONG-TERM LIABILITIES (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Aug. 11, 2014	Aug. 01, 2017	Dec. 31, 2014
LONG-TERM LIABILITIES
Line of Credit	$153,748,000			$134,749,000
Convertible Debentures	1,636,000			1,636,000
Senior Notes	300,000,000			300,000,000
Discount on Senior Notes	-3,816,000			-3,947,000
Contingent Earn-Out	6,660,000			6,530,000
Asset retirement obligations	30,190,000			29,771,000
Total long-term liabilities	488,418,000			468,739,000
Less current portion	381,000			381,000
Long-term portion	488,037,000			468,358,000
Long-term liabilities
Amount of bond redemptions	0
Line of Credit
Long-term liabilities
Term of credit facility		5 years
Maximum borrowing capacity		750,000,000
Initial borrowing base.		225,000,000
Number of additional redetermination rights in each year	1
Weighted average interest rate (as a percent)	2.43%
Interest expense	1,000,000
Interest accrued, approximate	177,000
Line of Credit | Base Rate
Long-term liabilities
Variable rate basis	Base Rate
Line of Credit | Prime rate
Long-term liabilities
Variable rate basis	Prime Rate
Line of Credit | One month LIBOR
Long-term liabilities
Variable rate basis	one month LIBOR
Additional margin (as a percent)	1.00%
Line of Credit | Federal Funds rate
Long-term liabilities
Variable rate basis	Federal Funds
Additional margin (as a percent)	0.50%
Line of Credit | LIBOR
Long-term liabilities
Variable rate basis	LIBOR
Line of Credit | Minimum
Long-term liabilities
Current ratio	1
Annualized consolidated EBITDAX to net interest expense ratio	2.5
Line of Credit | Minimum | One month LIBOR
Long-term liabilities
Base Rate Margin (as a percent)	0.75%
Line of Credit | Minimum | LIBOR
Long-term liabilities
Margin (as a percent)	1.75%
Line of Credit | Maximum | One month LIBOR
Long-term liabilities
Base Rate Margin (as a percent)	1.75%
Line of Credit | Maximum | LIBOR
Long-term liabilities
Margin (as a percent)	2.75%
Secured Convertible Debentures
Long-term liabilities
Percentage of principal amount at which debentures may be converted from the date of issuance until maturity into common stock	100.00%
Conversion price (in dollars per share)	$50
Secured Convertible Debentures | Maximum
Long-term liabilities
Percentage of principal amount at which debentures may be converted from the date of issuance until maturity into common stock	10.00%
Senior Note
Long-term liabilities
Percentage on initial purchase price		98.62%
Interest rate (as a percent)	9.00%
Additional interest rate (percent)	1.00%
Senior notes, face amount	300,000,000
Senior note, market value	$177,000,000
Senior Note | Minimum
Long-term liabilities
Duration of registered exchange offer left open	20 days
Senior Note | Maximum
Long-term liabilities
Duration of exchange offer to be completed after August 11, 2014	360 days
Percentage of redemption price initial borrowing base			35.00%

ASSET_RETIREMENT_OBLIGATION_De

ASSET RETIREMENT OBLIGATION (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
ASSET RETIREMENT OBLIGATION
Fair market value of cash held in escrow that is legally restricted for potential plugging and abandonment liability	$2,800,000
Reconciliation of asset retirement obligations
Balance at beginning of period	29,771,000
Liabilities incurred in current period	9,000
Liabilities settled in current period	-288,000
Accretion expense	698,000
Balance at end of period	$30,190,000

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair value
Financial assets
Collateral security account	$2,812	$3,165
Financial liabilities
Fixed rate debentures	3,100	3,035
Line of credit	153,748	134,749
Senior notes	177,000	195,000
Contingent Earn-Out	6,660	6,530
Carrying amount
Financial assets
Collateral security account	2,812	3,165
Financial liabilities
Fixed rate debentures	1,636	1,636
Line of credit	153,748	134,749
Senior notes	296,184	296,053
Contingent Earn-Out	$6,660	$6,530

FAIR_VALUE_OF_FINANCIAL_INSTRU3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) (Recurring, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Level 1
Assets
Restricted investments in US Treasury Bonds - available for sale, at fair value	$1,459	$1,422
Level 2
Assets
Commodity derivatives	3,968	4,005
Fair value
Assets
Restricted investments in US Treasury Bonds - available for sale, at fair value	1,459	1,422
Commodity derivatives	$3,968	$4,005

DERIVATIVE_FINANCIAL_INSTRUMEN2

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (Commodity derivatives)	Mar. 31, 2015
Oil | Swap | 04/01/15 - 09/30/15
Derivative financial instruments
Volume in BBl or MMBtu per day	1,300
Price per Mcf or Bbl	50
Oil | Swap | 04/01/15 - 09/30/15 period two
Derivative financial instruments
Volume in BBl or MMBtu per day	400
Price per Mcf or Bbl	57.07
Oil | Collar | 10/01/15 - 03/31/16
Derivative financial instruments
Volume in BBl or MMBtu per day	500
Oil | Collar | 10/01/15 - 03/31/16 | Minimum
Derivative financial instruments
Price per Mcf or Bbl	50
Oil | Collar | 10/01/15 - 03/31/16 | Maximum
Derivative financial instruments
Price per Mcf or Bbl	64.55
Natural Gas | Swap | 04/01/15 - 12/31/15
Derivative financial instruments
Volume in BBl or MMBtu per day	3,000
Price per Mcf or Bbl	4.18
Natural Gas | Swap | 04/01/15 - 06/30/15
Derivative financial instruments
Volume in BBl or MMBtu per day	3,000
Price per Mcf or Bbl	4.02
Natural Gas | Swap | 04/01/15 - 10/31/15
Derivative financial instruments
Volume in BBl or MMBtu per day	10,000
Price per Mcf or Bbl	3.2
Natural Gas | Swap | 04/01/15 - 10/31/15 period two
Derivative financial instruments
Volume in BBl or MMBtu per day	10,000
Price per Mcf or Bbl	3.16
Natural Gas | Swap | 04/01/15 - 12/31/15 period two
Derivative financial instruments
Volume in BBl or MMBtu per day	15,000
Price per Mcf or Bbl	2.94
Natural Gas | Swap | 04/01/15 - 03/31/16
Derivative financial instruments
Volume in BBl or MMBtu per day	5,000
Price per Mcf or Bbl	3.05
Natural Gas | Swap | 04/01/15 - 06/30/15 period two
Derivative financial instruments
Volume in BBl or MMBtu per day	10,000
Price per Mcf or Bbl	2.97

DERIVATIVE_FINANCIAL_INSTRUMEN3

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Amount of gains (losses) recognized in income from derivative instruments not designated as hedging instruments
Total	$3,960	($993)
Commodity derivatives | Not designated as hedging instruments
Amount of gains (losses) recognized in income from derivative instruments not designated as hedging instruments
Realized cash settlements on hedges	3,997	-1,800
Mark-to-market gain (loss) on hedges	-37	807
Total	$3,960	($993)

DERIVATIVE_FINANCIAL_INSTRUMEN4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified	item
Fair value of net derivatives
Derivative Assets, current	$3,968	$4,005
Derivative's Credit risk
Number of counterparties to the commodity derivative contracts	1
Commodity derivatives | Not designated as hedging instruments
Fair value of net derivatives
Derivative Assets	3,968	4,005
Commodity derivatives | Not designated as hedging instruments | Natural Gas
Fair value of net derivatives
Derivative Assets, current	3,766	3,611
Commodity derivatives | Not designated as hedging instruments | Oil
Fair value of net derivatives
Derivative Assets, current	$202	$394

ACQUISITIONS_Details

ACQUISITIONS (Details) (Marcellus Assets, USD $)	0 Months Ended	3 Months Ended
Share data in Millions, except Per Share data, unless otherwise specified	Aug. 11, 2014	Mar. 31, 2014	Dec. 31, 2014	Aug. 11, 2014
	item
Marcellus Assets
ACQUISITIONS
Number of other working interest owners	2
Number of shares exchanged	6.7
Common stock issued	$41,400,000
Purchase price
Cash consideration	312,500,000
Fair value of warren equity common shares	41,400,000
Closing adjustments	-7,828,000
Fair value of earn-out provision	6,340,000
Fair value of farm-out provision	3,410,000
Total purchase price	355,822,000
Maximum payout included as part of the purchase and sale agreement	8,500,000			8,500,000
Probability percentage of achieving the full payout	90.00%			90.00%
Fair values of the assets acquired and liabilities assumed
Proved oil and gas properties			171,070,000
Unproved oil and gas properties			184,752,000
Total purchase price			355,822,000
Unaudited Pro Forma Condensed Combined Financial Information
Revenues		62,559,000
Income (loss) from Operations		24,510,000
Net income (loss)		$7,742,000
Diluted net income (loss) per share		$0.10

CAPTILIZED_INTEREST_Details

CAPTILIZED INTEREST (Details) (Senior Note, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Senior Note
Interest Costs Capitalized	$3.20