LIQUIDITY AND GOING CONCERN	12 Months Ended
Dec. 31, 2019
Liquidity Disclosure [Abstract]
LIQUIDITY AND GOING CONCERN	These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business for the twelve-month period following the date of issuance of these consolidated financial statements. As such, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amount, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. As of December 31, 2019, we were fully drawn against the borrowing base under our Revolving Credit Agreement (as defined in Note 11 - Long-Term Debt), with $115.0 million of indebtedness outstanding under our Revolving Credit Agreement. As provided for in the Seventh Amendment to our Revolving Credit Agreement and as a result of a decrease in commodity prices, on January 17, 2020, the borrowing base was decreased to $90.0 million. As a result of the January 17, 2020 redetermination of the borrowing base, a borrowing base deficiency in the amount of $25.0 million (the “Borrowing Base Deficiency”) was created under the Revolving Credit Agreement. The Borrowing Base Deficiency constitutes the difference between the principal amount of borrowings currently outstanding under the Revolving Credit Agreement ($115.0 million) and the borrowing base as so redetermined ($90.0 million). On February 28, 2020, we paid $17.3 million towards the Borrowing Base Deficiency. Pursuant to the Fourteenth Amendment to the Revolving Credit Agreement, the remaining payment of $7.8 million is due June 5, 2020. The Company is seeking additional funding and considering certain strategic transactions to enable it to pay the remaining Borrowing Base Deficiency amount of $7.8 million. Unless funding or additional transactions are completed, the Company will not be able to pay the remaining Borrowing Base Deficiency. There is no assurance that such transactions will occur or that the bank group will agree to further deficiency payment extensions. If the Company is unable to repay the remaining borrowing base deficiency as and when required under the Revolving Credit Agreement, an event of default would occur under the Revolving Credit Agreement. Our next borrowing base redetermination is scheduled to occur on or about June 5, 2020. If the borrowing base is further reduced by the lenders in connection with this redetermination, we will be required to repay borrowings in excess of the borrowing base or eliminate the borrowing base deficiency by pledging additional oil and natural gas properties to secure our obligations under the Revolving Credit Agreement. Under the Revolving Credit Agreement, we have the option to affect such repayment either in full within 30 days after the redetermination or in monthly installments over a six-month period after the redetermination. We have experienced losses and negative cash flows from operations and working capital deficiencies. Additionally, our liquidity and operating forecasts have been negatively impacted by the recent decrease in commodity prices, which impacts our ability to comply with debt covenants under our Revolving Credit Agreement. The commodity prices have fallen significantly since the beginning of 2020, due in part to failed OPEC negotiations as well as concerns about the COVID-19 pandemic, which has significantly decreased worldwide demand for oil and natural gas. Our Revolving Credit Agreement contains financial covenants that require the Company to maintain a ratio of Total Debt to EBITDAX (each as defined in the Revolving Credit Agreement) (the “Leverage Ratio”) of not more than 4.00 to 1.00 and a ratio of Current Assets to Current Liabilities (each as defined in the Revolving Credit Agreement) (the “Current Ratio”) of not less than 1.00 to 1.00 as of the last day of each fiscal quarter thereafter. See Note 11-Long-term Debt for additional information regarding the financial covenants under our Revolving Credit Agreement. As of December 31, 2019, the Company was not in compliance with the Leverage Ratio and Current Ratio covenants under the Revolving Credit Agreement. Pursuant to the Twelfth Amendment (as defined in Note 11 - Long-Term Debt), the Company obtained a waiver from the requisite lenders of its compliance with the Leverage Ratio and Current Ratio covenants, among other waivers of default, as of December 31, 2019. As of March 31, 2020, the Company was not in compliance with the Leverage Ratio and Current Ratio covenants. Pursuant to the Fourteenth Amendment (as defined in Note 11 - Long-Term Debt), the Company obtained a waiver from the requisite lenders of its compliance with the Leverage Ratio and Current Ratio covenants as of March 31, 2020. If we are not able to pay or defer the $7.8 million Borrowing Base Deficiency due on June 5, 2020 or do not maintain compliance with our debt covenants, the obligations of the Company under the Revolving Credit Agreement may be accelerated, which would have a material adverse effect on our business. The Company does not expect to be in compliance with debt covenants in future periods without additional sources of liquidity or future amendments to the Revolving Credit Agreement. Fluctuations in oil and natural gas prices have a material impact on our financial position, results of operations, cash flows and quantities of oil, natural gas and NGL reserves that may be economically produced. Historically, oil and natural gas prices have been volatile, and may be subject to wide fluctuations in the future. If continued depressed prices persist, the Company will continue to experience operating losses, negative cash flows from operating activities, and negative working capital. In order to improve our leverage position and current ratio to meet the financial covenants under the Revolving Credit Agreement, we are currently pursuing or considering a number of actions, which in certain cases may require the consent of current lenders and stockholders. In November 2019, our board of directors formed a committee of independent directors (the “Special Committee”) tasked with reviewing and evaluating strategic alternatives that may enhance the value of the Company, including alternatives that may be available to identify and access further sources of liquidity through financing alternatives or deleveraging transactions. The Special Committee hired financial and legal advisors to advise the Special Committee on these matters. The Special Committee continues to explore financing alternatives and deleveraging transactions. We are also addressing operational matters such as adjusting our capital budget and improving cash flows from operations by continuing to reduce costs and intend to continue to pursue and consider other strategic alternatives. There can be no assurance that we will be able to implement any of these plans successfully, or that such plans, if executed, will result in the ability to pay borrowing base deficiencies, generate sufficient liquidity to continue as a going concern or comply with our Revolving Credit Agreement covenants. The factors discussed above raise substantial doubt about our ability to continue as a going concern within twelve-month period following the date of issuance of these consolidated financial statements.

These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business for the twelve-month period following the date of issuance of these consolidated financial statements. As such, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amount, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.

As of December 31, 2019, we were fully drawn against the borrowing base under our Revolving Credit Agreement (as defined in Note 11 - Long-Term Debt), with $115.0 million of indebtedness outstanding under our Revolving Credit Agreement. As provided for in the Seventh Amendment to our Revolving Credit Agreement and as a result of a decrease in commodity prices, on January 17, 2020, the borrowing base was decreased to $90.0 million.

As a result of the January 17, 2020 redetermination of the borrowing base, a borrowing base deficiency in the amount of $25.0 million (the “Borrowing Base Deficiency”) was created under the Revolving Credit Agreement. The Borrowing Base Deficiency constitutes the difference between the principal amount of borrowings currently outstanding under the Revolving Credit Agreement ($115.0 million) and the borrowing base as so redetermined ($90.0 million). On February 28, 2020, we paid $17.3 million towards the Borrowing Base Deficiency. Pursuant to the Fourteenth Amendment to the Revolving Credit Agreement, the remaining payment of $7.8 million is due June 5, 2020.

The Company is seeking additional funding and considering certain strategic transactions to enable it to pay the remaining Borrowing Base Deficiency amount of $7.8 million. Unless funding or additional transactions are completed, the Company will not be able to pay the remaining Borrowing Base Deficiency. There is no assurance that such transactions will occur or that the bank group will agree to further deficiency payment extensions. If the Company is unable to repay the remaining borrowing base deficiency as and when required under the Revolving Credit Agreement, an event of default would occur under the Revolving Credit Agreement.

Our next borrowing base redetermination is scheduled to occur on or about June 5, 2020. If the borrowing base is further reduced by the lenders in connection with this redetermination, we will be required to repay borrowings in excess of the borrowing base or eliminate the borrowing base deficiency by pledging additional oil and natural gas properties to secure our obligations under the Revolving Credit Agreement. Under the Revolving Credit Agreement, we have the option to affect such repayment either in full within 30 days after the redetermination or in monthly installments over a six-month period after the redetermination.

We have experienced losses and negative cash flows from operations and working capital deficiencies. Additionally, our liquidity and operating forecasts have been negatively impacted by the recent decrease in commodity prices, which impacts our ability to comply with debt covenants under our Revolving Credit Agreement. The commodity prices have fallen significantly since the beginning of 2020, due in part to failed OPEC negotiations as well as concerns about the COVID-19 pandemic, which has significantly decreased worldwide demand for oil and natural gas. Our Revolving Credit Agreement contains financial covenants that require the Company to maintain a ratio of Total Debt to EBITDAX (each as defined in the Revolving Credit Agreement) (the “Leverage Ratio”) of not more than 4.00 to 1.00 and a ratio of Current Assets to Current Liabilities (each as defined in the Revolving Credit Agreement) (the “Current Ratio”) of not less than 1.00 to 1.00 as of the last day of each fiscal quarter thereafter. See Note 11-Long-term Debt for additional information regarding the financial covenants under our Revolving Credit Agreement. As of December 31, 2019, the Company was not in compliance with the Leverage Ratio and Current Ratio covenants under the Revolving Credit Agreement. Pursuant to the Twelfth Amendment (as defined in Note 11 - Long-Term Debt), the Company obtained a waiver from the requisite lenders of its compliance with the Leverage Ratio and Current Ratio covenants, among other waivers of default, as of December 31, 2019.

As of March 31, 2020, the Company was not in compliance with the Leverage Ratio and Current Ratio covenants. Pursuant to the Fourteenth Amendment (as defined in Note 11 - Long-Term Debt), the Company obtained a waiver from the requisite lenders of its compliance with the Leverage Ratio and Current Ratio covenants as of March 31, 2020. If we are not able to pay or defer the $7.8 million Borrowing Base Deficiency due on June 5, 2020 or do not maintain compliance with our debt covenants, the obligations of the Company under the Revolving Credit Agreement may be accelerated, which would have a material adverse effect on our business. The Company does not expect to be in compliance with debt covenants in future periods without additional sources of liquidity or future amendments to the Revolving Credit Agreement.

Fluctuations in oil and natural gas prices have a material impact on our financial position, results of operations, cash flows and quantities of oil, natural gas and NGL reserves that may be economically produced. Historically, oil and natural gas prices have been volatile, and may be subject to wide fluctuations in the future. If continued depressed prices persist, the Company will continue to experience operating losses, negative cash flows from operating activities, and negative working capital.

In order to improve our leverage position and current ratio to meet the financial covenants under the Revolving Credit Agreement, we are currently pursuing or considering a number of actions, which in certain cases may require the consent of current lenders and stockholders. In November 2019, our board of directors formed a committee of independent directors (the “Special Committee”) tasked with reviewing and evaluating strategic alternatives that may enhance the value of the Company, including alternatives that may be available to identify and access further sources of liquidity through financing alternatives or deleveraging transactions. The Special Committee hired financial and legal advisors to advise the Special Committee on these matters.

The Special Committee continues to explore financing alternatives and deleveraging transactions. We are also addressing operational matters such as adjusting our capital budget and improving cash flows from operations by continuing to reduce costs and intend to continue to pursue and consider other strategic alternatives.

There can be no assurance that we will be able to implement any of these plans successfully, or that such plans, if executed, will result in the ability to pay borrowing base deficiencies, generate sufficient liquidity to continue as a going concern or comply with our Revolving Credit Agreement covenants. The factors discussed above raise substantial doubt about our ability to continue as a going concern within twelve-month period following the date of issuance of these consolidated financial statements.