OIL AND NATURAL GAS PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2019

OIL AND NATURAL GAS PROPERTIES

Schedule of oil and natural gas properties

Oil and natural gas properties as of December 31, 2019 (Successor) and 2018 (Predecessor) consisted of the following (in thousands):

	Successor		Predecessor
	December 31, 2019		December 31, 2018
Subject to depletion	$	420,609	$	1,470,509
Not subject to depletion:
Exploration and extension wells in progress		—		23,536
Other capital costs:
Incurred in 2019(1)		105,009		—
Incurred in 2018		—		310,113
Incurred in 2017		—		638,269
Incurred in 2016 and prior		—		—
Total not subject to depletion		105,009		971,918
Gross oil and natural gas properties		525,618		2,442,427
Less accumulated depletion		(19,474)		(639,951)
Net oil and natural gas properties	$	506,144	$	1,802,476

In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value.

Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves

	West Texas Intermediate (per barrel) (1)		Henry Hub (per MMBtu) (1)
December 31, 2019	$	55.85	$	2.578
December 31, 2018		65.56		3.100
December 31, 2017		51.34		2.976

⁽¹⁾ Unweighted average of the first day of the 12‑months ended spot price, adjusted by lease or field for quality, transportation fees and market differentials.