SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Accounting Policies [Abstract] |
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| Capitalized costs related to the exploration and development of crude oil and natural gas properties |
Capitalized costs are summarized as follows for the years ended December 31, 2020, 2019 and 2018, respectively:
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December 31, |
| (In thousands) |
2020 |
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2019 |
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2018 |
| Capitalized Certain Payroll and Other Internal Costs |
$ |
1,159 |
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$ |
995 |
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$ |
882 |
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| Capitalized Interest Costs |
556 |
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|
644 |
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|
147 |
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| Total |
$ |
1,716 |
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$ |
1,638 |
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$ |
1,029 |
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The costs incurred in crude oil and natural gas acquisition, exploration and development activities are highlighted in the table below.
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December 31, |
| (In thousands) |
2020 |
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2019 |
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2018 |
| Costs Incurred for the Year: |
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| Proved Property Acquisition and Other |
$ |
50,345 |
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$ |
375,145 |
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$ |
582,697 |
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| Unproved Property Acquisition |
770 |
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9,540 |
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4,903 |
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| Development |
162,797 |
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369,233 |
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260,945 |
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| Total |
$ |
213,912 |
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$ |
753,918 |
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$ |
848,545 |
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December 31, |
| (In thousands) |
2020 |
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2019 |
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2018 |
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Prior Years |
| Property Acquisition |
$ |
308 |
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$ |
4,302 |
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$ |
4,487 |
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$ |
934 |
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| Development |
— |
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—
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— |
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— |
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| Total |
$ |
308 |
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$ |
4,302 |
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$ |
4,487 |
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$ |
934 |
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| Depletion and depletion per BOE sold |
The following table presents depletion and depletion per BOE sold of the Company’s proved oil and natural gas properties for the periods presented:
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Year Ended December 31, |
| (In thousands) |
2020 |
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2019 |
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2018 |
| Depletion of Proved Oil and Natural Gas Properties |
$ |
160,643 |
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$ |
209,050 |
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$ |
118,974 |
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| Depletion per BOE Sold |
$ |
13.27 |
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$ |
14.84 |
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$ |
12.75 |
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| Supplemental cash flow information |
The following reflects the Company’s supplemental cash flow information for the years ended December 31, 2020, 2019 and 2018 :
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December 31, |
| (In thousands) |
2020 |
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2019 |
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2018 |
| Supplemental Cash Items: |
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| Cash Paid During the Period for Interest |
$ |
55,109 |
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$ |
78,596 |
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$ |
78,865 |
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| Non-cash Operating Activities: |
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| Contingent Consideration Settlements in Excess of Acquisition-date Liabilities |
— |
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21,349 |
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— |
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| Non-cash Investing Activities: |
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| Oil and Natural Gas Properties Included in Accounts Payable and Accrued Liabilities |
88,564 |
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161,743 |
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129,452 |
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| Capitalized Asset Retirement Obligations |
710 |
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4,042 |
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2,854 |
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| Contingent Consideration |
324 |
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— |
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32,312 |
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| Compensation Capitalized on Oil and Gas Properties |
495 |
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|
412 |
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369 |
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| Issuance of Common Stock - Acquisitions of Oil and Natural Gas Properties |
1,537 |
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11,708 |
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— |
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| Issuance of Unsecured VEN Bakken Note |
— |
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128,660 |
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— |
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| Non-cash Financing Activities: |
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Issuance of 8.50% Second Lien Notes due 2023 |
— |
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— |
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344,279 |
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| Issuance of Common Stock - fair value at issuance date |
— |
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— |
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326,783 |
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Issuance of Preferred Stock in Exchange for 8.5% Second Lien Notes due 2023 |
81,212 |
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75,000 |
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— |
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| Debt Exchange Derivative Liability - fair value at issuance date |
— |
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— |
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19,354 |
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Issuance of 8.50% Second Lien Notes due 2023 - PIK Interest |
— |
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3,480 |
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— |
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| Issuance of Common Stock for 2L Notes Repurchase |
37,169 |
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— |
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— |
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| Issuance of Common Stock for Preferred Stock Exchange |
1,113 |
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— |
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— |
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| Debt Exchange Derivative Liability Settlements |
— |
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15,749 |
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— |
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| Contingent Consideration Settlements |
— |
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17,822 |
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— |
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8.00% Unsecured Senior Notes due 2020 - carrying value |
— |
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— |
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(590,041) |
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