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CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Fair values of the net assets and liabilities as of the date of acquisition The following table reflects the fair values of the net assets and liabilities as of the date of acquisition:
(In thousands)
Fair value of net assets:
Proved oil and natural gas properties$325,572  
Asset retirement cost2,680  
Total assets acquired328,252  
Asset retirement obligations(2,680) 
Derivative instruments(9,694) 
Net assets acquired$315,878  
Fair value of consideration paid for net assets:
Cash consideration$175,510  
Issuance of common stock (5.6 million shares at $2.09 per share)
11,708  
Unsecured VEN Bakken Note128,660  
Total fair value of consideration transferred$315,878  
The following table reflects the fair values of the net assets and liabilities as of the date of acquisition:
(In thousands)
Fair value of net assets:
Proved oil and natural gas properties$341,633  
Asset retirement cost939  
Total assets acquired342,572  
Asset retirement obligations(939) 
Net assets acquired$341,633  
Fair value of consideration paid for net assets:
Cash consideration$97,838  
Issuance of common stock (51.5 million shares at $4.29 per share)
220,836  
Contingent consideration22,959  
Total fair value of consideration transferred$341,633  
The following table reflects fair values of the net assets and liabilities as of the date of acquisition:
(In thousands)
Fair value of net assets:
Proved oil and natural gas properties$146,134  
Asset retirement cost$644  
Total assets acquired$146,778  
Asset retirement obligations$(644) 
Net assets acquired$146,134  
Fair value of consideration paid for net assets:
Cash consideration$48,189  
Issuance of common stock (25.8 million shares at $3.44 per share)
$88,592  
Contingent consideration$9,353  
Total fair value of consideration transferred$146,134  
The following table reflects the fair values of the net assets and liabilities as of the date of acquisition:
(In thousands)
Fair value of net assets:
Proved oil and natural gas properties$59,978  
Asset retirement cost154  
Total assets acquired60,132  
Asset retirement obligations(154) 
Net assets acquired$59,978  
Fair value of consideration paid for net assets:
Cash consideration$44,738  
Issuance of common stock (6.0 million shares at $2.54 per share)
15,240  
Total fair value of consideration transferred$59,978  
Summarized unaudited pro forma information The summarized unaudited pro forma information may not be indicative of the results that would have occurred had the Company completed these acquisitions on the dates indicated, or that would be attained in the future.
Year Ended December 31,
(In thousands)20192018
Revenues$500,728  $879,925  
Net Income$(95,812) $144,279  
The summarized unaudited pro forma information may not be indicative of the results that would have occurred had the Company completed these acquisitions on the dates indicated, or that would be attained in the future.
Year Ended December 31,
(In thousands)20182017
Revenues$797,847  $294,862  
Net Income$174,070  $283  
Summary of capitalized costs excluded from depletion The following is a summary of capitalized costs excluded from depletion at December 31, 2019 by year incurred.
 December 31,
(In thousands)201920182017Prior Years
Property Acquisition$6,594  $3,497  $75  $881  
Development—  —  —  —  
Total$6,594  $3,497  $75  $881