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INCOME TAXES
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
As of June 30, 2023, the Company maintained a full valuation allowance against its net deferred tax assets. The Company continually reviews the adequacy of the valuation allowance and intends to continue maintaining a full valuation allowance on its net deferred tax assets until there is sufficient evidence to support the reversal of all or a portion of the allowance. Should the Company’s assessment change in a future period, it may release all or a portion of the valuation allowance, which would result in a deferred tax benefit in the period of adjustment. The Company will recognize the tax gain on the Alta Mesa Transaction under the installment method of accounting. This method will result in a deferral of a portion of the tax gain until the year in which the remaining proceeds are received.
For the three months ended June 30, 2023, the Company did not record income tax benefit on loss before tax of $4.89 million. For the six months ended June 30, 2023, the Company did not record income tax on income before taxes of $109.38 million. As of June 30, 2023, the Company estimates that approximately $8.37 million of Net Operating Loss carryforwards will be utilized during the 2023 tax year. For the three and six months ended June 30, 2022, the Company did not record an income tax benefit on a loss before taxes of $18.06 million and $32.79 million, respectively. The effective tax rate was 0% for each of the three and six months ended June 30, 2023 and 2022, which was a result of the full valuation allowance on net deferred tax assets.