Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Subsequent Events [Table Text Block]

Subsequent Events. We have evaluated subsequent events requiring potential accrual or disclosure in our condensed consolidated financial statements.

Through May 4, 2020, the Company entered into additional derivative contracts. The following tables summarize the weighted-average prices as well as future production volumes for our future derivative contracts entered into after March 31, 2020:



Natural Gas Derivative Contracts (NYMEX Henry Hub Settlements)	Total Volumes (MMBtu)	Weighted-Average Price		Weighted-Average Collar Floor Price		Weighted-Average Collar Call Price
Swap Contracts
2020 Contracts
4Q20	775,000	$	2.69

2021 Contracts
1Q21	2,250,000	$	2.74
2Q21	195,000	$	2.59
3Q21	165,000	$	2.65
4Q21	150,000	$	2.71

Collar Contracts
2020 Contracts
4Q20	310,000			$	2.60	$	3.06

2021 Contracts
1Q21	1,800,000			$	2.60	$	3.14

2022 Contracts
1Q22	3,150,000			$	2.50	$	3.26



Oil Derivative Swaps (New York Mercantile Exchange (“NYMEX”) West Texas Intermediate (“WTI”) Settlements)	Total Volumes (Bbls)		Weighted-Average Price
2020 Contracts
2Q20 ⁽¹⁾	(93,450	)	$	17.69

2022 Contracts
1Q22	45,000		$	38.55

(1) WTI swap contract purchase to reduce the Company's total derivative position and bring in line with expected production.

Property and Equipment

The “Property and Equipment” balances on the accompanying condensed consolidated balance sheets are summarized for presentation purposes. The following is a detailed breakout of our “Property and Equipment” balances (in thousands):



	March 31, 2020			December 31, 2019
Property and Equipment
Proved oil and gas properties	$	1,251,110		$	1,201,296
Unproved oil and gas properties	42,249			41,201
Furniture, fixtures and other equipment	5,094			5,220
Less – Accumulated depreciation, depletion, amortization & impairment	(499,759		)	(380,728		)
Property and Equipment, Net	$	798,694		$	866,989

Disaggregation of Revenue [Table Text Block]

The following table provides information regarding our oil and gas sales, by product, reported on the Statements of Operations for the three months ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
Oil, natural gas and NGLs sales:
Oil	$	18,050	$	14,607
Natural gas	31,472		51,304
NGLs	3,855		6,154
Total	$	53,377	$	72,064

Accounts Payable and Accrued Liabilities

The “Accounts payable and accrued liabilities” balances on the accompanying condensed consolidated balance sheets are summarized below (in thousands):



	March 31, 2020		December 31, 2019
Trade accounts payable	$	27,409	$	26,121
Accrued operating expenses	3,388		3,873
Accrued compensation costs	1,865		4,601
Asset retirement obligations – current portion	387		392
Accrued non-income based taxes	2,042		1,413
Accrued corporate and legal fees	247		109
Other payables	821		2,834
Total accounts payable and accrued liabilities	$	36,159	$	39,343

Oil Basis Contracts
(Argus Cushing (WTI) and Magellan East Houston)

Total Volumes (Bbls)

Weighted-Average Price