SUPPLEMENTAL OIL AND GAS DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Oil and Gas Disclosures [Abstract]

Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]

The capitalized costs as of December 31, 2021 and 2020 were as follows:

	Successor		Successor
	2021		2020
	(In thousands)
Proved properties	$	225,014	$	238,581
Unproved properties (wells in progress)	422		1,591
	225,436		240,172
Accumulated depreciation, depletion, amortization, and impairment	(64,966)		(40,806)
Net capitalized costs	$	160,470	$	199,366

Schedule Of The Oil And Natural Gas Property Costs Not Being Amortized [Table Text Block]

The following table sets forth costs incurred related to our oil and natural gas activities for the periods indicated:

	Successor		Successor		Predecessor
	Year Ended December 31, 2021		Four Months Ended December 31, 2020		Eight Months Ended August 31, 2020
	(In thousands)
Unproved properties acquired	$	522	$	26	$	2,373
Proved properties acquired	—		—		382
Exploration	—		—		—
Development	16,279		3,992		6,440
Asset retirement obligation	478		(1,702)		(29,189)
Total costs incurred	$	17,279	$	2,316	$	(19,994)

Results Of Operations For Producing Activities [Table Text Block]

The results of operations for producing activities are as follows:

	Successor		Successor		Predecessor
	Year Ended December 31, 2021		Four Months Ended December 31, 2020		Eight Months Ended August 31, 2020
	(In thousands)
Revenues	$	223,681	$	55,272	$	96,033
Production costs	(62,443)		(20,510)		(46,633)
Depreciation, depletion, amortization, and impairment	(24,261)		(40,840)		(461,901)
	136,977		(6,078)		(412,501)
Income tax (expense) benefit	168		128		6,698
Results of operations for producing activities (excluding corporate overhead and financing costs)	$	137,145	$	(5,950)	$	(405,803)

Schedule Of Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Table Text Block]

Estimated quantities of proved developed oil, NGLs, and natural gas reserves and changes in net quantities of proved developed and undeveloped oil, NGLs, and natural gas reserves were as follows:

	Oil (MBbls)	NGL (MBbls)	Gas (Mcf)	Total (MBoe)
2020
Proved developed and undeveloped reserves:
Beginning of year	12,196	23,030	220,187	71,924
Revision of previous estimates (1)	(1,909)	(4,477)	(38,901)	(12,870)
Extensions and discoveries	8	13	110	39
Infill reserves in existing proved fields	97	66	452	238
Purchases of minerals in place	62	20	172	112
Production	(2,186)	(3,444)	(37,567)	(11,891)
Sales	(1)	—	(62)	(11)
Net proved reserves at December 31, 2020	8,267	15,208	144,391	47,541
Proved developed reserves, December 31, 2020	8,267	15,208	144,391	47,541
Proved undeveloped reserves, December 31, 2020	—	—	—	—
2021
Proved developed and undeveloped reserves:
Beginning of year	8,267	15,208	144,391	47,541
Revision of previous estimates (2)	2,651	8,723	103,866	28,685
Extensions and discoveries	218	93	961	471
Infill reserves in existing proved fields	713	293	2,158	1,366
Purchases of minerals in place	—	—	—	—
Production	(1,615)	(2,624)	(29,012)	(9,074)
Sales	(1,215)	(169)	(1,725)	(1,672)
Net proved reserves at December 31, 2021	9,019	21,525	220,640	67,317
Proved developed reserves, December 31, 2021	9,019	21,525	220,640	67,317
Proved undeveloped reserves, December 31, 2021	—	—	—	—

_________________________

1.Revisions of previous estimates decreased primarily due to the removal of proved undeveloped reserves due to uncertainty regarding our ability to finance the development of our proved undeveloped reserves over a five-year period and from lower commodity prices.

2.Revisions of previous estimates increased primarily due to changes in the unescalated 12-month average product prices which increased approximately 68% for oil, 136% for NGLs, and 82% for natural gas compared to the December 31, 2020 pricing.

Standardized Measure Of Discounted Future Cash Flows Relating To Proved Reserves Disclosure [Table Text Block]

The standardized measure of discounted future net cash flows (SMOG) was calculated using 12-month average prices and year end costs adjusted for permanent differences that relate to existing proved oil, NGLs, and natural gas reserves. Future income tax expenses consider the Tax Act statutory tax rates. SMOG as of December 31, 2021 and 2020 is as follows:

	Successor		Successor
	2021		2020
	(In thousands)
Future cash flows	$	1,977,529	$	698,685
Future production costs	(835,430)		(416,095)
Future development costs	—		—
Future income tax expenses	(87,117)		(39)
Future net cash flows	1,054,982		282,551
10% annual discount for estimated timing of cash flows	(483,838)		(89,530)
Standardized measure of discounted future net cash flows relating to proved oil, NGLs, and natural gas reserves	$	571,144	$	193,021

Schedule Of Principal Sources Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Table Text Block]

The principal sources of changes in the standardized measure of discounted future net cash flows were as follows:

	2021		2020
	(In thousands)
Sales and transfers of oil and natural gas produced, net of production costs	$	(161,238)	$	(84,163)
Net changes in prices and production costs	334,291		(165,978)
Revisions in quantity estimates and changes in production timing	320,774		(50,979)
Extensions, discoveries, and improved recovery, less related costs	45,019		2,827
Changes in estimated future development costs	—		—
Previously estimated cost incurred during the period	—		—
Purchases of minerals in place	—		852
Sales of minerals in place	(4,161)		(46)
Accretion of discount	19,306		46,203
Net change in income taxes	(87,078)		282
Changes in timing and other	(88,791)		(17,686)
Net change	378,123		(268,688)
Beginning of year	193,021		461,709
End of year	$	571,144	$	193,021