REVENUE (Tables)

12 Months Ended

Dec. 31, 2019

REVENUE [Abstract]

Schedule of Topic 606 Impact

The following table summarizes the impact of adopting Topic 606 on the consolidated financial statements (in thousands):

	Without		Impact of
	Adoption of		Change in
	Topic 606		Accounting Policy		As Reported
Successor
For the Year Ended December 31, 2019:
Oil, natural gas and natural gas liquids revenues	$	112,868	$	(449)	$	112,419
Lease operating expenses	$	78,247	$	(449)	$	77,798
For the Seven Months Ended December 31, 2018:
Oil, natural gas and natural gas liquids revenues	$	134,232	$	2,937	$	137,169
Lease operating expenses	$	61,163	$	2,937	$	64,100
Predecessor
For the Five Months Ended May 31, 2018:
Oil, natural gas and natural gas liquids revenues	$	108,253	$	2,054	$	110,307
Lease operating expenses	$	43,318	$	2,054	$	45,372

Schedule of Revenue Disaggregated by Product and Service

The following table disaggregates revenue by significant product and service type (in thousands):

	Successor				Predecessor
			Seven Months		Five Months
	Year Ended		Ended		Ended
	December 31, 2019		December 31, 2018		May 31, 2018
Oil	$	32,004	$	41,411	$	42,460
Natural gas (1)		60,035		63,460		40,951
Natural gas liquids (1) (2)		20,380		32,298		26,896
Oil, natural gas and natural gas liquids revenues (2)		112,419		137,169		110,307
Transportation and marketing–related revenues		1,401		1,431		724
Total revenues (2)	$	113,820	$	138,600	$	111,031

_____________

(1)The Company recognizes wet gas revenues, which are recorded net of transportation, gathering and processing expenses, partially as natural gas revenues and partially as natural gas liquids revenues based on the end products after processing occurs. For the year ended December 31, 2019, wet gas revenues were $4.4 million which were recognized as $1.5 million of natural gas revenues and $2.9 million of natural gas liquids revenues. For the Successor period of the seven months ended December 31, 2018, wet gas revenues were $13.4 million which were recognized as $4.4 million of natural gas revenues and $9.0 million of natural gas liquids revenues. For the Predecessor period of the five months ended May 31, 2018, wet gas revenues were $8.4 million which were recognized as $3.2 million of natural gas revenues and $5.2 million of natural gas liquids revenues.

(2)Includes a royalty adjustment of $5.0 million during the seven months ended December 31, 2018. Excluding this royalty adjustment, revenues from natural gas liquids would have been $37.3 million; oil, natural gas and natural gas liquids revenues would have been $142.2 million; and total revenues would have been $143.6 million for the seven months ended December 31, 2018. See Note 14for additional information.