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OIL AND NATURAL GAS PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2020
OIL AND NATURAL GAS PROPERTIES  
Schedule of oil and natural gas properties

Oil and natural gas properties as of December 31, 2020 and 2019 (Successor) consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

Successor

 

    

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

Subject to depletion

 

$

509,274

 

$

420,609

Not subject to depletion:

 

 

 

 

 

 

Exploration and extension wells in progress

 

 

 —

 

 

 —

Other capital costs:

 

 

 

  

 

 

Incurred in 2020

 

 

983

 

 

 —

Incurred in 2019(1)

 

 

74,511

 

 

105,009

Incurred in 2018

 

 

 —

 

 

 —

Incurred in 2017 and prior

 

 

 —

 

 

 —

Total not subject to depletion

 

 

75,494

 

 

105,009

Gross oil and natural gas properties

 

 

584,768

 

 

525,618

Less accumulated depletion

 

 

(295,163)

 

 

(19,474)

Net oil and natural gas properties

 

$

289,605

 

$

506,144

In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value.

Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves

 

 

 

 

 

 

 

 

    

West Texas
Intermediate
(per barrel) (1)

    

Henry Hub
(per MMBtu) (1)

December 31, 2020

 

$

39.54

 

$

1.99

December 31, 2019

 

 

55.85

 

 

2.58

December 31, 2018

 

 

65.56

 

 

3.10

(1)

Unweighted average of the first day of the 12‑months ended spot price, adjusted by lease or field for quality, transportation fees and market differentials.