FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of recurring fair values of assets and liabilities measured at fair value

Recurring Fair Value Measurements

	Fair Value Measurement Classification
	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
	(in thousands)
December 31, 2019
Oil and natural gas derivative instruments:
Oil and natural gas derivative swap contracts	$	-	$	(3,932	)	$	-		$	(3,932	)
Oil and natural gas derivative collar contracts		-		301			-			301
Embedded derivative instruments:
Firm Oil Takeaway and Pricing Agreement net settlement provisions		-		-			(3,238	)		(3,238	)
Total	$	-	$	(3,631	)	$	(3,238	)	$	(6,869	)

Changes in fair value of level three assets and liabilities recurring basis

The following table sets forth a reconciliation of changes in the fair value of the Company’s financial assets and liabilities classified as Level 3 in the fair value hierarchy, except for the commodity derivatives classified as Level 2, as disclosed in Note 9, as of December 31, 2019:

	Firm Takeaway and Pricing Agreement Net Settlement Provisions
	(in thousands)
Balance at January 1, 2020	$	(3,238	)
Change in fair value of derivative liabilities		3,238
Balance at September 30, 2020	$	-

	Firm Takeaway and Pricing Agreement Net Settlement Provisions			Second Lien Term Loan Conversion Features			Total
	(in thousands)
Balance at January 1, 2019	$	—		$	(1,965	)	$	(1,965	)
Fair value of the converted portion of the embedded derivatives associated with the Second Lien Term Loan		—			2,300			2,300
Change in fair value of embedded derivative liabilities		(3,238	)		(335	)		(3,573	)
Balance at December 31, 2019	$	(3,238	)	$	—		$	(3,238	)