RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2019

RISK MANAGEMENT [Abstract]

Commodity Contracts

As of December 31, 2019, the Company had entered derivatives with the following terms:

		Weighted Average
Period Covered	Hedged Volume	Fixed Price
Oil (MBbls):
Swaps - January 2020 to December 2020	439.2	$	60.50
Natural Gas (MMBtus):
Swaps - January 2020 to December 2020	11,346.0	$	2.68
Natural Gas Liquids (MBbls):
Swaps - January 2020 to December 2020	111.6	$	20.71

Fair Value of Derivatives

The following table sets forth the fair values and classification of the Company’s outstanding derivatives (in thousands):

					Net Amounts
	Gross		Gross Amounts		of Assets and Liabilities
	Amount of		Offset on the		Presented on the
	Recognized		Consolidated		Consolidated
	Assets and Liabilities		Balance Sheets		Balance Sheets
As of December 31, 2019:
Current derivative asset	$	6,231	$	—	$	6,231
Long-term derivative asset		—		—		—
Total	$	6,231	$	—	$	6,231
As of December 31, 2018:
Current derivative asset	$	18,048	$	(2,596)	$	15,452
Long-term derivative asset		8,565		(66)		8,499
Total	$	26,613	$	(2,662)	$	23,951
Current derivative liability	$	3,761	$	(2,596)	$	1,165
Long-term derivative liability		66		(66)		—
Total	$	3,827	$	(2,662)	$	1,165