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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 12, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	CRK
Entity Registrant Name	COMSTOCK RESOURCES INC
Entity Central Index Key	0000023194
Current Fiscal Year End Date	--12-31
Entity File Number	001-03262
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-1667468
Entity Address, Address Line One	5300 Town and Country Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Frisco
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75034
City Area Code	972
Local Phone Number	668-8800
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		190,017,482
Title of 12(b) Security	Common Stock, par value $0.50 (per share)
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and Cash Equivalents	$ 53,243	$ 23,193
Accounts Receivable:
Oil and gas sales	97,750	87,611
Joint interest operations	23,282	9,175
From affiliates	13,635
Derivative Financial Instruments	62,277	15,401
Income Taxes Receivable	5,109	10,218
Other Current Assets	13,102	13,829
Total current assets	268,398	159,427
Oil and gas properties, successful efforts method:
Proved	3,863,841	1,682,164
Unproved	421,239	191,929
Other	6,768	4,442
Accumulated depreciation, depletion and amortization	(374,838)	(210,556)
Net property and equipment	3,917,010	1,667,979
Goodwill	335,897	350,214
Income Taxes Receivable	5,109	10,218
Derivative Financial Instruments	21,983
Operating Lease Right-of-Use Assets	3,909
Other Assets	3	2
Total Assets	4,552,309	2,187,840
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable	231,707	138,767
Accrued Expenses	155,756	68,086
Operating Leases	1,997
Total current liabilities	389,460	206,853
Long-term Debt	2,508,074	1,244,363
Deferred Income Taxes	188,218	161,917
Long-term Operating Leases	1,912
Reserve for Future Abandonment Costs	11,095	5,136
Other Noncurrent Liabilities	8,352
Total liabilities	3,107,111	1,618,269
Commitments and Contingencies
Stockholders' Equity:
Common stock — $0.50 par, 400,000,000 and 155,000,000 shares authorized, 185,524,301 and 105,871,064 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	92,762	52,936
Additional paid-in capital	879,669	452,513
Accumulated earnings	97,767	64,122
Total stockholders' equity	1,070,198	569,571
Total liabilities and stockholders' equity	4,552,309	$ 2,187,840
Series A 10% Convertible Preferred Stock
Mezzanine Equity:
Preferred Stock	200,000
Series B 10% Convertible Preferred Stock
Mezzanine Equity:
Preferred Stock	$ 175,000

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, shares authorized	5,000,000
Preferred stock, shares issued	385,000
Preferred stock, shares outstanding	385,000
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	400,000,000	155,000,000
Common stock, shares issued	185,524,301	105,871,064
Common stock, shares outstanding	185,524,301	105,871,064
Series A 10% Convertible Preferred Stock
Preferred stock, shares issued	210,000
Preferred stock, shares outstanding	210,000
Preferred stock, dividend rate	10.00%
Series B 10% Convertible Preferred Stock
Preferred stock, shares issued	175,000
Preferred stock, shares outstanding	175,000
Preferred stock, dividend rate	10.00%

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Aug. 13, 2018	Sep. 30, 2019
Revenues:
Total oil and gas sales	$ 32,588	$ 70,123	$ 224,444	$ 166,630	$ 479,441
Operating expenses:
Production taxes	707	4,051	6,966	3,659	18,732
Gathering and transportation	3,109	3,450	23,414	11,841	41,346
Lease operating	3,418	7,016	29,111	21,139	58,448
Exploration			241		241
Depreciation, depletion and amortization	14,082	17,820	80,247	68,032	164,684
General and administrative	3,044	3,303	8,105	15,699	22,760
Loss (gain) on sale of oil and gas properties		(98)		35,438	25
Total operating expenses	24,360	35,542	148,084	155,808	306,236
Operating income	8,228	34,581	76,360	10,822	173,205
Other income (expenses):
Gain (loss) from derivative financial instruments	(83)	(2,015)	24,858	881	31,945
Other income	284	42	92	677	340
Transaction costs	(2,549)		(39,657)	(2,866)	(41,100)
Interest expense	(22,140)	(14,845)	(51,015)	(101,203)	(107,434)
Total other income (expenses)	(24,488)	(16,818)	(65,722)	(102,511)	(116,249)
Income (loss) before income taxes	(16,260)	17,763	10,638	(91,689)	56,956
Provision for income taxes	(605)	(3,940)	(3,847)	(1,065)	(15,183)
Net income (loss)	(16,865)	13,823	6,791	(92,754)	41,773
Preferred stock dividends			(8,128)		(8,128)
Net income (loss) available to common stockholders	$ (16,865)	$ 13,823	$ (1,337)	$ (92,754)	$ 33,645
Net income (loss) per share:
Basic and diluted	$ (1.09)	$ 0.13	$ (0.01)	$ (6.08)	$ 0.26
Weighted average shares outstanding:
Basic	15,468	105,448	171,487	15,262	127,709
Diluted	15,468	105,463	171,487	15,262	127,709
Natural Gas Sales
Revenues:
Total oil and gas sales	$ 32,089	$ 36,393	$ 193,506	$ 147,897	$ 375,589
Oil Sales
Revenues:
Total oil and gas sales	$ 499	$ 33,730	$ 30,938	$ 18,733	$ 103,852

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock Warrants	Additional Paid-in Capital	Accumulated Earnings (Deficit)
Beginning Balance at Dec. 31, 2017	$ (369,272)	$ 7,714	$ 3,557	$ 546,696	$ (927,239)
Beginning Balance, Shares at Dec. 31, 2017		15,428,000
Stock-based compensation	1,601	$ 261		1,340
Stock-based compensation, Shares		523,000
Income tax withholdings related to equity awards	(365)	$ (26)		(339)
Income tax withholdings related to equity awards, Shares		(53,000)
Common stock warrants exercised		$ 130	(2,228)	2,098
Common stock warrants exercised, Shares		260,000
Net income (loss)	(41,886)				(41,886)
Ending Balance at Mar. 31, 2018	(409,922)	$ 8,079	1,329	549,795	(969,125)
Ending Balance, Shares at Mar. 31, 2018		16,158,000
Beginning Balance at Dec. 31, 2017	(369,272)	$ 7,714	3,557	546,696	(927,239)
Beginning Balance, Shares at Dec. 31, 2017		15,428,000
Net income (loss)	(92,754)
Ending Balance at Aug. 13, 2018	(458,454)	$ 8,189	310	553,040	(1,019,993)
Ending Balance, Shares at Aug. 13, 2018		16,379,000
Beginning Balance at Dec. 31, 2017	$ (369,272)	$ 7,714	3,557	546,696	(927,239)
Beginning Balance, Shares at Dec. 31, 2017		15,428,000
Common stock warrants exercised, Shares	246,793
Ending Balance at Sep. 30, 2018	$ 521,111	$ 52,940		454,348	13,823
Ending Balance, Shares at Sep. 30, 2018		105,879,000
Beginning Balance at Mar. 31, 2018	(409,922)	$ 8,079	1,329	549,795	(969,125)
Beginning Balance, Shares at Mar. 31, 2018		16,158,000
Stock-based compensation	1,508			1,508
Income tax withholdings related to equity awards	(4)			(4)
Common stock warrants exercised		$ 52	(888)	836
Common stock warrants exercised, Shares		103,000
Net income (loss)	(34,003)				(34,003)
Ending Balance at Jun. 30, 2018	(442,421)	$ 8,131	441	552,135	(1,003,128)
Ending Balance, Shares at Jun. 30, 2018		16,261,000
Stock-based compensation	803	$ 50		753
Stock-based compensation, Shares		100,000
Common stock warrants exercised		$ 7	(131)	124
Common stock warrants exercised, Shares		16,000
Common stock issued for debt conversions	29	$ 1		28
Common stock issued for debt conversion, Shares		2,000
Net income (loss)	(16,865)				(16,865)
Ending Balance at Aug. 13, 2018	(458,454)	$ 8,189	310	553,040	(1,019,993)
Ending Balance, Shares at Aug. 13, 2018		16,379,000
Beginning Balance at Jun. 30, 2018	(442,421)	$ 8,131	441	552,135	(1,003,128)
Beginning Balance, Shares at Jun. 30, 2018		16,261,000
Ending Balance at Sep. 30, 2018	521,111	$ 52,940		454,348	13,823
Ending Balance, Shares at Sep. 30, 2018		105,879,000
Successor common stock, Value	140,531	$ 8,189	310	132,032
Successor common stock, Shares		16,379,000
Beginning Balance at Aug. 13, 2018	(458,454)	$ 8,189	310	553,040	(1,019,993)
Beginning Balance, Shares at Aug. 13, 2018		16,379,000
Vesting of equity awards	8,826	$ 514		8,312
Vesting of equity awards, Shares		1,029,000
Stock-based compensation	329	$ 211		118
Stock-based compensation, Shares		423,000
Income tax withholdings related to equity awards	(4,695)	$ (272)		(4,423)
Income tax withholdings related to equity awards, Shares		(547,000)
Jones contribution	362,692	$ 44,286		318,406
Jones contribution, Shares		88,571,000
Stock issuance costs	(395)			(395)
Common stock warrants exercised and expired		$ 12	$ (310)	298
Common stock warrants exercised and expired, Shares		24,000
Net income (loss)	13,823				13,823
Ending Balance at Sep. 30, 2018	521,111	$ 52,940		454,348	13,823
Ending Balance, Shares at Sep. 30, 2018		105,879,000
Beginning Balance at Dec. 31, 2018	569,571	$ 52,936		452,513	64,122
Beginning Balance, Shares at Dec. 31, 2018		105,871,000
Stock-based compensation	648	$ (2)		650
Stock-based compensation, Shares		(3,000)
Net income (loss)	13,575				13,575
Ending Balance at Mar. 31, 2019	583,794	$ 52,934		453,163	77,697
Ending Balance, Shares at Mar. 31, 2019		105,868,000
Beginning Balance at Dec. 31, 2018	569,571	$ 52,936		452,513	64,122
Beginning Balance, Shares at Dec. 31, 2018		105,871,000
Net income (loss)	41,773
Ending Balance at Sep. 30, 2019	1,070,198	$ 92,762		879,669	97,767
Ending Balance, Shares at Sep. 30, 2019		185,524,000
Beginning Balance at Mar. 31, 2019	583,794	$ 52,934		453,163	77,697
Beginning Balance, Shares at Mar. 31, 2019		105,868,000
Stock-based compensation	623	$ 37		586
Stock-based compensation, Shares		74,000
Net income (loss)	21,407				21,407
Ending Balance at Jun. 30, 2019	605,824	$ 52,971		453,749	99,104
Ending Balance, Shares at Jun. 30, 2019		105,942,000
Issuance of stock	467,808	$ 39,416		428,392
Issuance of stock, Shares		78,833,000
Stock-based compensation	1,088	$ 391		697
Stock-based compensation, Shares		780,000
Income tax withholdings related to equity awards	(167)	$ (16)		(151)
Income tax withholdings related to equity awards, Shares		(31,000)
Jones contribution adjustment	(1,969)			(1,969)
Equity issuance costs	(1,049)			(1,049)
Net income (loss)	6,791				6,791
Payment of preferred dividends	(8,128)				(8,128)
Ending Balance at Sep. 30, 2019	$ 1,070,198	$ 92,762		$ 879,669	$ 97,767
Ending Balance, Shares at Sep. 30, 2019		185,524,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	2 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2018	Aug. 13, 2018	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 13,823	$ (92,754)	$ 41,773
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	3,883	1,052	15,205
Loss (gain) on sale of oil and gas properties	(98)	35,438	25
Depreciation, depletion and amortization	17,820	68,032	164,684
(Gain) loss on derivative financial instruments	2,015	(881)	(31,945)
Cash settlements of derivative financial instruments	191	2,842	33,382
Amortization of debt discount and issuance costs	822	29,457	9,206
Interest paid in-kind		25,004
Stock-based compensation	329	3,912	2,359
Decrease (increase) in accounts receivable	(44,884)	2,834	48,404
Decrease (increase) in other current assets	(1,326)	337	7,137
(Decrease) increase in accounts payable and accrued expenses	11,034	10,462	(7,424)
Net cash provided by operating activities	3,609	85,735	282,806
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(59,017)	(150,106)	(308,742)
Acquisition of Covey Park Energy LLC, net of cash acquired			(693,869)
Prepaid drilling costs	(4,768)	(3,692)	9,319
Proceeds from sale of oil and gas properties	13,739	103,593	390
Net cash used for investing activities	(50,046)	(50,205)	(992,902)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under bank credit facility	450,000	865,577	887,000
Repayments	(1,291,352)	(49,679)	(72,000)
Repayments of Covey Park Energy LLC outstanding borrowings and preferred equity			(533,390)
Issuance of common stock			300,000
Issuance of Series B Convertible Preferred Stock			175,000
Preferred stock dividends paid			(8,128)
Jones contribution	36,365
Debt and stock issuance costs	(6,288)	(18,127)	(8,169)
Income taxes related to equity awards	(4,695)	(369)	(167)
Net cash provided by (used in) financing activities	(815,970)	797,402	740,146
Net increase (decrease) in cash and cash equivalents	(862,407)	832,932	30,050
Cash and cash equivalents, beginning of period	894,187	61,255	23,193
Cash and cash equivalents, end of period	$ 31,780	$ 894,187	$ 53,243

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES –

Basis of Presentation

These unaudited consolidated financial statements include the accounts of Comstock Resources, Inc. and its wholly-owned subsidiaries (collectively, "Comstock" or the "Company"). In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position of Comstock as of September 30, 2019, and the related results of operations and cash flows for the Predecessor and Successor periods being presented. Net income (loss) and comprehensive income (loss) are the same in all periods presented. All adjustments are of a normal recurring nature unless otherwise disclosed.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock's Annual Report on Form 10-K for the year ended December 31, 2018.

The results of operations for the period through September 30, 2019 are not necessarily an indication of the results expected for the full year.

Jones Contribution

On August 14, 2018, Arkoma Drilling, L.P. and Williston Drilling, L.P. (collectively, the "Jones Partnerships") contributed certain oil and gas properties in North Dakota and Montana (the "Bakken Shale Properties") in exchange for 88,571,429 newly issued shares of common stock representing 84% of the Company's then outstanding common stock (the "Jones Contribution"). The Jones Partnerships are wholly owned and controlled by Dallas businessman Jerry Jones and his children (collectively, the "Jones Group").

The Company assessed the Bakken Shale Properties to determine whether they met the definition of a business under US generally accepted accounting principles, determining that they did not meet the definition of a business. As a result, the Jones Contribution was not accounted for as a business combination. Upon the issuance of the shares of Comstock common stock, the Jones Group obtained control over Comstock through their ownership of the Jones Partnerships. Through the Jones Partnerships, the Jones Group owns a majority of the voting common stock as well as the ability to control the composition of the majority of the board of directors of Comstock. As a result of the change of control that occurred upon the issuance of the common stock, the Jones Group controls Comstock and, thereby, continues to control the Bakken Shale Properties.

Accordingly, the basis of the Bakken Shale Properties recognized by Comstock was the historical basis of the Jones Group. The historical cost basis of the Bakken Shale Properties contributed was $397.6 million, which was comprised of $554.3 million of capitalized costs less $156.7 million of accumulated depletion, depreciation and amortization. The change in control of Comstock resulted in a new basis for Comstock as the Company elected to apply pushdown accounting pursuant to ASC 805, Business Combinations. The new basis was pushed down to Comstock for financial reporting purposes, resulting in Comstock's assets, liabilities and equity accounts being recognized at fair value upon the closing of the Jones Contribution.

References to "Successor" or "Successor Company" relate to the financial position and results of operations of the Company subsequent to August 13, 2018. Reference to "Predecessor" or "Predecessor Company" relate to the financial position and results of operations of the Company on or prior to August 13, 2018. The Company's consolidated financial statements and related footnotes are presented with a black line division which delineates the lack of comparability between amounts presented after August 13, 2018 and dates prior thereto.

The following table represents the allocation of fair value related to the assets acquired and the liabilities assumed after giving consideration for final purchase accounting adjustments based on the fair value of Comstock:

	(In thousands)

Fair Value of Comstock's Common Stock	$	149,357

Fair Value of Liabilities Assumed –
Current Liabilities		180,452
Long-Term Debt		2,059,560
Deferred Income Taxes		49,391
Reserve for Future Abandonment Costs		4,440
Net Liabilities Assumed		2,293,843

Fair Value of Assets Acquired –
Current Assets		936,026
Oil and Gas Properties		1,147,749
Other Property & Equipment		4,440
Income Taxes Receivable		19,086
Other Assets		2
Total Assets		2,107,303
Goodwill	$	335,897

The goodwill that was recognized was primarily attributable to the excess of the fair value of Comstock's common stock over the identifiable assets acquired net of liabilities assumed, measured in accordance with generally accepted accounting principles in the United States. The fair value of oil and gas properties, a Level 3 measurement, was determined using discounted cash flow valuation methodology. Key inputs to the valuation included average oil prices of $79.72 per barrel, average natural gas prices of $3.87 per thousand cubic feet and discount factors of 10% - 25%. The combination of the Bakken Shale Properties with Comstock's Haynesville shale properties results in a Company with adequate resources and liquidity to fully exploit its Haynesville/Bossier shale asset base and to continue to expand its opportunity set with future acquisitions and leasing activity in the basin.

During the quarter ended September 30, 2019, the Company finalized the deferred income taxes that were related to the Jones Contribution. Deferred income taxes and goodwill were reduced by $14.3 million in the final valuation.

Covey Park Acquisition

On July 16, 2019, Comstock acquired Covey Park Energy LLC ("Covey Park") for total consideration of $700.0 million of cash, the issuance of Series A Convertible Preferred Stock with a redemption value of $210.0 million, and the issuance of 28,833,000 shares of common stock (the "Covey Park Acquisition"). In addition to the consideration paid, Comstock assumed $625.0 million of Covey Park's 7.5% senior notes, repaid $380.0 million of Covey Park's then outstanding borrowings under its bank credit facility and redeemed all of Covey Park's preferred equity for $153.4 million. Based on the fair value of the preferred stock issued and the closing price of the Company's common stock of $5.82 per share on July 16, 2019, the transaction was valued at approximately $2.2 billion. Covey Park's operations are focused primarily in the Haynesville / Bossier shale in East Texas and North Louisiana.

Funding for the Covey Park Acquisition was provided by the sale of 50.0 million newly issued shares of common stock for $300.0 million and 175,000 shares of newly issued Series B Convertible Preferred Stock for $175.0 million to the Company's majority stockholder and by borrowings under Comstock's amended and restated bank credit facility and cash on hand.

In connection with the Covey Park Acquisition, Comstock incurred $41.1 million of advisory and legal fees and other acquisition-related costs. These acquisition costs are included in transaction costs in the Company's consolidated statements of operations.

The transaction has been accounted for as a business combination, using the acquisition method. Certain information to finalize the purchase price is not yet available, including the final tax return of Covey Park. The Company expects to complete the purchase price allocation within the twelve month period following the acquisition date, during which time the value of the net assets and liabilities acquired may be revised as appropriate. The following table presents the Company's preliminary purchase price allocation of the assets acquired and liabilities assumed based on their fair values as of the acquisition date:

	(In thousands)

Consideration:
Cash Paid	$	700,000
Fair Value of Common Stock Issued		167,808
Fair Value of Series A Preferred Stock Issued		200,000
Total Consideration		1,067,808

Liabilities Assumed:
Accounts Payable and Accrued Liabilities		129,622
Derivative Financial Instruments		388
Other Current Liabilities		9,930
Long Term Debt		826,625
Covey Park Preferred Equity		153,390
Non-current Derivative Financial Instruments		186
Asset Retirement Obligations		5,374
Deferred Income Taxes		23,466
Other Non-current Liabilities		9,893
Liabilities Assumed		1,158,874
Total Consideration and Liabilities Assumed	$	2,226,682

Assets Acquired:
Cash and Cash Equivalents	$	6,131
Accounts Receivable		86,285
Current Derivative Financial Instruments		51,004
Other Current Assets		5,511
Proved Oil and Natural Gas Properties		1,818,413
Unproved Oil and Natural Gas Properties		237,210
Other Property, Plant and Equipment		2,262
Non-current Derivative Financial Instruments		19,866
Total Assets Acquired	$	2,226,682

The Series A Convertible Preferred Stock was issued with a face value of $210.0 million. Management retained a third-party valuation firm to assess the fair value of the preferred stock. A yield methodology using Level 2 inputs of the Company's publicly traded debt, including the assumption of Covey Park's 7.5% senior notes, resulted in a fair value of $200.0 million.

The fair values determined for accounts receivable, accounts payable, accrued drilling costs and other current liabilities were equivalent to the carrying value due to their short-term nature.

The fair value of the proved and unproved oil and natural gas properties was derived from estimated future discounted net cash flows, a Level 3 measurement, based on existing production curves and timing of development of those properties. The key factors used in deriving the estimated future cash flows include estimated recoverable reserves, production rates, future operating and development costs, and future commodity prices. Key inputs to the valuation included average oil prices of $74.80 per barrel and average natural gas prices of $3.32 per Mcf utilizing a combination of third-party price estimates and management price forecasts as of the acquisition date. The resulting estimated future cash flows from the acquired assets were discounted at rates ranging from 10% - 25% depending on risk characteristics of reserve categories acquired. Management utilized the assistance of an independent reserve firm and internal resources to estimate the fair value of the oil and natural gas properties.

The fair value measurements of long-term debt were estimated based on market prices and represent Level 2 inputs. The fair value measurements of derivative instruments assumed were determined based on fair value measurements consistent with managements valuation methodologies including implied market volatility, contract terms and prices and discount factors as of the close date. These inputs represent Level 2 inputs. The fair values of commodity derivative instruments in an asset position include a measure of counterparty nonperformance risk and the derivative instruments in a liability position include a measure of the Company's own nonperformance risk, each based on the current published credit default swap rates.

The fair value of the asset retirement obligations of $5.4 million is included in the oil and natural gas properties with the corresponding liability in the table above. The fair value was based on a discounted cash flow model that included assumptions of current abandonment costs, inflation rates, discount rates and timing of actual abandonment and restoration activities. Due to the inputs and significant assumptions associated with the estimation of asset retirement obligations, the estimates made by management represent Level 3 inputs.

The Covey Park Acquisition qualified as a tax free merger whereby the Company acquired carryover tax basis in Covey Park's assets and liabilities, adjusted for differences between the purchase price allocated to the assets acquired and liabilities assumed based on the fair value and the carryover tax basis.

The Company's results of operations from the closing date on July 16, 2019 through September 30, 2019 include approximately $117.2 million of operating revenues and approximately $20.6 million of operating income, excluding general and administrative and interest expenses, attributable to the Covey Park assets.

Pro forma Results

The pro forma condensed combined financial information for the three and nine months ended September 30, 2019 gives effect to the Covey Park Acquisition as if the acquisition had occurred on January 1, 2019. The pro forma condensed combined financial information for the three and nine months ended September 30, 2018 give effect to the Covey Park Acquisition and the Jones Contribution as if the transactions had occurred on January 1, 2018. The unaudited pro forma information reflects adjustments for the issuance of the Company's common stock and preferred stock, debt incurred in connection with the transaction, impact of the fair value of properties acquired and related depletion other adjustments the Company believes are reasonable for the pro forma presentation.

In addition, the pro forma earnings exclude acquisition-related costs. The unaudited pro forma results do not reflect any cost savings or other synergies that may arise in the future.

	Pro Forma Three Months Ended September 30, 2019		Pro Forma Three Months Ended September 30, 2018		Pro Forma Nine Months Ended September 30, 2019		Pro Forma Nine Months Ended September 30, 2018
	(In thousands, except per share amount)

Revenues	$	247,192	$	293,266	$	858,042	$	790,653
Net income	$	36,755	$	54,242	$	201,338	$	92,037

Net income per share:
Basic	$	0.15	$	0.24	$	0.93	$	0.34
Diluted	$	0.13	$	0.19	$	0.72	$	0.33

Subsequent Event

On November 1, 2019, the Company acquired a privately-held limited liability company which owns oil and gas properties in North Louisiana that are prospective for Haynesville and Bossier shale development in exchange for 4,500,000 newly issued shares of common stock. The properties acquired were producing 12 million cubic feet of natural gas and include approximately 3,000 net acres with 12.7 net future drilling locations.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

In April 2018, Comstock completed the sale of its producing Eagle Ford shale oil and gas properties in McMullen, LaSalle, Frio, Atascosa, Wilson, and Karnes counties, Texas for $106.4 million. During the three and nine months ended September 30, 2018, the Company recognized a loss on sale of oil and gas properties of $35.4 million to reduce the carrying value of these assets held for sale to their fair value less costs to sell.

Results of operations for properties that were sold in 2018 were as follows:

	Predecessor
	For the Period from July 1, 2018 through August 13, 2018		For the Period from January 1, 2018 through August 13, 2018
	(In thousands)
Total oil and gas sales	$	—	$	17,747
Total operating expenses⁽¹⁾		—		(6,134	)
Operating income	$	—	$	11,613

(1)

Includes direct operating expenses, depreciation, depletion and amortization and exploration expense and excludes interest and general and administrative expense. No depreciation, depletion and amortization expense has been provided for subsequent to the date the assets were designated as held for sale.

The Company assesses the need for an impairment of the capitalized costs for its proved oil and gas properties on a property basis. No impairments were recognized to adjust the carrying value of the Company's proved oil and gas properties during any of the periods presented. Unproved oil and gas properties are also periodically assessed and any impairment in value is charged to expense. The costs of unproved properties are transferred to oil and gas properties and amortized on an equivalent unit-of-production basis as wells are drilled on these properties.

The Company determines the fair values of its oil and gas properties using a discounted cash flow model and proved and risk-adjusted probable oil and natural gas reserves. Undrilled acreage can also be valued based on sales transactions in comparable areas. Significant Level 3 assumptions associated with the calculation of discounted future cash flows included in the cash flow model include management's outlook for oil and natural gas prices, production costs, capital expenditures, and future production as well as estimated proved oil and gas reserves and risk-adjusted probable oil and natural gas reserves. Management's oil and natural gas price outlook is developed based on third-party longer-term price forecasts as of each measurement date. The expected future net cash flows are discounted using an appropriate discount rate in determining a property's fair value.

It is reasonably possible that the Company's estimates of undiscounted future net cash flows attributable to its oil and gas properties may change in the future. The primary factors that may affect estimates of future cash flows include future adjustments, both positive and negative, to proved and appropriate risk-adjusted probable oil and gas reserves, results of future drilling activities, future prices for oil and natural gas, and increases or decreases in production and capital costs. As a result of these changes, there may be future impairments in the carrying values of these or other properties.

Goodwill

The Company had goodwill of $350.2 million as of December 31, 2018 that was recorded in connection with the Jones Contribution. Goodwill represents the excess of purchase price over fair value of net tangible and identifiable intangible assets. The Company is not required to amortize goodwill as a charge to earnings; however, the Company is required to conduct a review of goodwill annually and whenever indications of impairment exist.

During the three months ended September 30, 2019, the Company finalized the valuation of the Company's assets and liabilities in connection with the Jones Contribution, which reduced goodwill to $335.9 million as of September 30, 2019.

Leases

On January 1, 2019, the Company adopted Financial Accounting Standards Board Accounting Standards Codification 842, Leases ("ASC 842"). Comstock adopted this standard using the modified retrospective method of adoption, and it applied ASC 842 only to contracts that were not completed as of January 1, 2019. Upon adoption, there were no adjustments to the opening balance of stockholders' equity.

In adopting ASC 842, the Company utilized certain practical expedients available under ASC 842, including election to not apply the recognition requirements to short term leases (defined as leases with an initial lease term of twelve months or less which do not contain a purchase option), election to not separate lease and non-lease components, and election to not reassess certain land easements in existence prior to January 1, 2019.

Upon adoption of ASC 842, the Company recognized right-of-use lease assets of $5.2 million related to its corporate office lease, certain office equipment and leased vehicles used in oil and gas operations with corresponding short-term and long-term liabilities of $2.0 million and $3.2 million, respectively. The beginning value of the lease assets and liabilities was determined based upon discounted future minimum cash flows contained within each of the respective contracts. The Company utilized a discount rate of 5.0% in computing these discounted net future cash flows. Recognition of these assets and liabilities was not material to the Company's consolidated balance sheet. Adoption of ASC 842 did not impact our consolidated statements of operations, cash flows or stockholders' equity.

The Company determines if contracts contain a lease at inception of the contract. To the extent that contract terms representing a lease are identified, leases are identified as being either an operating lease or a finance-type lease. Comstock currently has no finance-type leases. Right-of-use lease assets representing the Company's right to use an underlying asset for the lease term and the related lease liabilities represent our obligation to make lease payments under the terms of the contracts. Short-term leases that have an initial term of one year or less are not capitalized; however, amounts paid for those leases are included as part of its lease cost disclosures. Short-term lease costs exclude expenses related to leases with a lease term of one month or less. Leases applicable to our oil or natural gas operations that include the right to explore for and develop oil and natural gas reserves and the related rights to use the land associated with those leases, are not within the scope of ASC 842.

Comstock contracts for a variety of equipment used in its oil and natural gas exploration and development operations. Contract terms for this equipment vary broadly, including the contract duration, pricing, scope of services included along with the equipment, cancellation terms, and rights of substitution, among others. In applying the accounting guidance within ASC 842, the Company has determined that its corporate office lease, certain office equipment, its vehicles leased for use in operations, and its drilling rigs meet the criteria of an operating lease which require recognition upon adoption of ASC 842.

The Company's drilling operations routinely change due to changes in commodity prices, demand for oil and natural gas, and the overall operating and economic environment. Comstock accordingly manages the terms of its contracts for drilling rigs so as to allow for maximum flexibility in responding to these changing conditions. The Company's rig contracts are presently either for periods of less than one year, or they are on terms that provide for cancellation with thirty days advance notice without a specified expiration date. The Company has elected to apply the practical expedient available under ASC 842 for short-term leases and not recognize right-of-use lease assets for these rig contracts. The costs associated with drilling rig operations are accounted for under the successful efforts method, which generally require that these costs be capitalized as part of our proved oil and natural gas properties on our balance sheet unless they are incurred on exploration wells that are unsuccessful, in which case they are charged to exploration expense.

Lease costs recognized during the three months and nine months ended September 30, 2019 were as follows:

	Successor
	Three Months Ended September 30,		Nine Months Ended September 30,
	2019		2019
		(In thousands)
Operating lease cost included in general and administrative expense	$	411	$	1,234
Operating lease cost included in lease operating expense		99		291
Short-term lease cost (drilling rig costs included in proved oil and gas properties)		19,304		39,487
	$	19,814	$	41,012

Cash payments for operating leases associated with right-of-use assets included in cash provided by operating activities were $0.5 million and $1.5 million for the three months and nine months ended September 30, 2019, respectively.

As of September 30, 2019, Comstock had the following liabilities under contracts that contain operating leases:

	(In thousands)
October 1, 2019 to December 31, 2019	$	1,997
2020		1,740
2021		390
Total lease payments		4,127
Imputed interest		(218	)
Total lease liability	$	3,909

The weighted average term of these operating leases was 2.2 years and the weighted average rate used in lease computations was 5.0%. As of September 30, 2019, the Company also had expected future payments for contracted drilling services through April 2020 of $30.6 million.

Accrued Expenses

Accrued expenses at September 30, 2019 and December 31, 2018 consisted of the following:

	Successor
	As of September 30, 2019		As of December 31, 2018
	(In thousands)
Accrued drilling costs	$	64,838	$	17,920
Accrued interest payable		30,681		35,461
Accrued transportation costs		18,686		4,632
Accrued transaction costs		15,475		—
Accrued lease operating expenses		13,577		2,130
Accrued employee compensation		8,476		6,045
Other		4,023		1,898
	$	155,756	$	68,086

Reserve for Future Abandonment Costs

Comstock's asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:

	Successor					Predecessor
	Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
	(In thousands)
Future abandonment costs — beginning of period	$	5,136		$	4,683	$	10,407
Wells acquired		5,374			45		346
New wells drilled		256			10		17
Accretion expense		369			—		—
Liabilities settled and assets disposed of		(40	)		—		(87	)
Future abandonment costs — end of period	$	11,095		$	4,738	$	10,683

Derivative Financial Instruments and Hedging Activities

All of the Company's derivative financial instruments are used for risk management purposes and, by policy, none are held for trading or speculative purposes. Comstock minimizes credit risk to counterparties of its derivative financial instruments through formal credit policies, monitoring procedures, and diversification. The Company is not required to provide any credit support to its counterparties other than cross collateralization with the assets securing its bank credit facility. None of the Company's derivative financial instruments involve payment or receipt of premiums. The Company classifies the fair value amounts of derivative financial instruments as net current or noncurrent assets or liabilities, whichever the case may be, by commodity contract.

All of Comstock's natural gas derivative financial instruments are tied to the Henry Hub-NYMEX price index and all of its crude oil derivative financial instruments are tied to the WTI-NYMEX index price. Basis swaps are tied to Henry Hub. The Company had the following outstanding commodity-based derivative financial instruments, excluding basis swaps which are discussed separately below, at September 30, 2019:

	Future Production Period
	Three Months Ending December 31, 2019		Year Ending December 31, 2020		Year Ending December 31, 2021		Year Ending December 31, 2022		Total
Natural Gas Swap Contracts:
Volume (MMbtu)		41,818,281		99,144,209		20,908,140		10,950,000		172,820,630
Average Price per MMbtu		$2.85		$2.81		$2.87		$2.81		$2.83
Natural Gas 2-Way Collar Contracts:
Volume (MMbtu)		9,916,000		16,350,000		—		—		26,266,000
Price per MMbtu
Average Ceiling		$3.52		$3.46		—		—		$3.48
Average Floor		$2.39		$2.47		—		—		$2.44
Natural Gas 3-Way Collar Contracts:
Volume (MMbtu)		12,880,000		26,510,000		—		—		39,390,000
Price per MMbtu
Average Ceiling		$3.08		$2.99		—		—		$3.02
Average Floor		$2.79		$2.65		—		—		$2.69
Average Put		$2.41		$2.33		—		—		$2.36
Crude Oil Collar Contracts:
Volume (Barrels)		284,200		1,125,100		—		—		1,409,300
Price per Barrel						—		—
Average Ceiling		$65.63		$65.33		—		—		$65.39
Average Floor		$45.00		$48.48		—		—		$47.78

In addition to the swaps and collars above, at September 30, 2019, the Company had basis swap contracts that lock-in the differential between NYMEX Henry Hub and certain physical pricing indices. These contracts settle monthly through December 2022 and include a total volume of 53,030,000 MMbtu. The fair value of these contracts was a net asset of $3.2 million at September 30, 2019.

None of the Company's derivative contracts were designated as cash flow hedges. The aggregate fair value of the Company's derivative instruments reported in the accompanying consolidated balance sheets by type, including the classification between assets and liabilities, consists of the following:

Type	Consolidated Balance Sheet Location	Fair Value
		(in thousands)
Successor Fair Value of Derivative Instruments as of September 30, 2019
Assets:
Natural gas price derivatives	Derivative Financial Instruments – current	$	60,002
Oil price derivatives	Derivative Financial Instruments – current		2,275
		$	62,277

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	21,118
Oil price derivatives	Derivative Financial Instruments – long-term		865
		$	21,983

Successor Fair Value of Derivative Instruments as of December 31, 2018
Assets:
Natural gas price derivatives	Derivative Financial Instruments – current	$	6,096
Oil price derivatives	Derivative Financial Instruments – current		9,305
		$	15,401

The Company recognized cash settlements and changes in the fair value of its derivative financial instruments as a single component of other income (expenses). Gains and losses related to the change in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:

	Successor						Predecessor			Successor					Predecessor
Gain/(Loss) Recognized in Earnings on Derivatives	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018				For the Period from July 1, 2018 through August 13, 2018			Nine Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from January 1, 2018 through August 13, 2018
						(In thousands)
Swaps	$	19,398	$	(166	)		$	(6	)	$	29,856	$	(166	)	$	1,267
Collars		5,460		(1,849	)			(77	)		2,089		(1,849	)		(386	)
	$	24,858	$	(2,015	)		$	(83	)	$	31,945	$	(2,015	)	$	881

Subsequent to September 30, 2019, the Company entered into natural gas swap contracts covering 80,000 MMbtu per day for calendar 2020 with a weighted average price of $2.54 per MMbtu. These contracts contain a one-time option for the counterparty to extend the period to calendar 2021 in October 2020. The Company also entered into additional natural gas swap contracts covering 20,000 MMbtu per day for calendar 2020 at $2.50 per MMbtu.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period and included in general and administrative expenses for awards of restricted stock and performance stock units ("PSUs") to the Company's employees and directors. Stock-based compensation was $1.1 million and $2.4 million for the three months and nine months ended September 30, 2019, respectively. The Company recognized $0.3 million of stock-based compensation expense within general and administrative expenses related to awards of restricted stock and PSUs to its employees and directors during the Successor period August 14, 2018 through September 30, 2018 and $0.8 million during the Predecessor period July 1 through August 13, 2018 and $3.9 million during the Predecessor period January 1, 2018 through August 13, 2018.

During the period July 1, 2018 through August 13, 2018, the Predecessor Company granted 100,226 shares of restricted stock with a grant date fair value of $0.9 million, or $8.73 per share, to its independent directors. The change of control that occurred due to the Jones Contribution resulting in the vesting of all then outstanding restricted stock grants of 904,181 shares.

During the Successor period August 14, 2018 through September 30, 2018, the Company granted 422,545 shares of restricted stock with a grant date fair value of $3.7 million, or $8.70 per share, to its employees. During the three months and nine months ended September 30, 2019 the Company granted 789,044 and 874,661 shares of restricted stock, respectively, with a grant date fair value of $4.3 million and $4.7 million, respectively, at a per share value of $5.51 per share and $5.40 per share, respectively, to its employees and directors.

As of September 30, 2019, Comstock had 1,131,918 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $6.15 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $6.5 million as of September 30, 2019 is expected to be recognized over a period of 2.4 years.

As of September 30, 2019, Comstock had 942,795 PSUs outstanding at a weighted average grant date fair value of $9.60 per unit. During the three and nine months ended September 30, 2019, the Company issued 618,672 PSUs with a grant date fair value of $7.85 per unit. The number of shares of common stock to be issued related to the PSUs is based on the Company's stock price performance as compared to its peers which could result in the issuance of anywhere from zero to 1,885,590 shares of common stock. Total unrecognized compensation cost related to these grants of $7.3 million as of September 30, 2019 is expected to be recognized over a period of 2.5 years.

Revenue Recognition

Comstock produces oil and natural gas and reports revenues separately for each of these two primary products in its statements of operations. Revenues are recognized upon the transfer of produced volumes to the Company's customers, who take control of the volumes and receive all the benefits of ownership upon delivery at designated sales points. Payment is reasonably assured upon delivery of production. All sales are subject to contracts that have commercial substance, contain specific pricing terms, and define the enforceable rights and obligations of both parties. These contracts typically provide for cash settlement within 25 days following each production month and are cancellable upon 30 days' notice by either party. Prices for sales of oil and natural gas are generally based upon terms that are common in the oil and gas industry, including index or spot prices, location and quality differentials, as well as market supply and demand conditions. As a result, prices for oil and natural gas routinely fluctuate based on changes in these factors. Each unit of production (barrel of crude oil and thousand cubic feet of natural gas) represents a separate performance obligation under the Company's contracts since each unit has economic benefit on its own and each is priced separately according to the terms of the contracts.

Comstock has elected to exclude all taxes from the measurement of transaction prices, and its revenues are reported net of royalties and exclude revenue interests owned by others because the Company acts as an agent when selling crude oil and natural gas, on behalf of royalty owners and working interest owners. Revenue is recorded in the month of production based on an estimate of the Company's share of volumes produced and prices realized. The Company recognizes any differences between estimates and actual amounts received in the month when payment is received. Historically, differences between estimated revenues and actual revenue received have not been significant. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at September 30, 2019. Sales of oil and natural gas generally occur at or near the wellhead. When sales of oil and gas occur at locations other than the wellhead, the Company accounts for costs incurred to transport the production to the delivery point as gathering and transportation expenses. The Company recognized accounts receivable of $97.8 million as of September 30, 2019 from customers for contracts where performance obligations have been satisfied and an unconditional right to consideration exists.

Income Taxes

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates.

In recording deferred income tax assets, the Company considers whether it is more likely than not that its deferred income tax assets will be realized in the future. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those deferred income tax assets would be deductible. The Company believes that after considering all the available objective evidence, historical and prospective, with greater weight given to historical evidence, management is not able to determine that it is more likely than not that all of its deferred tax assets will be realized. As a result, the Company established valuation allowances for its deferred tax assets and U.S. federal and state net operating loss carryforwards that are not expected to be utilized due to the uncertainty of generating taxable income prior to the expiration of the carryforward periods. The Company will continue to assess the valuation allowances against deferred tax assets considering all available information obtained in future periods.

The following is an analysis of the consolidated income tax provision:

			Transition Period									Transition Period
	Successor		Successor			Predecessor			Successor			Successor		Predecessor
	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from July 1, 2018 through August 13, 2018			Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
					(In thousands)
Current - State	$	72	$	57		$	(22	)	$	(22	)	$	57	$	13
- Federal		—		—			—			—			—		—

Deferred - State		591		20			(309	)		1,246			20		(1,360	)
- Federal		3,184		3,863			936			13,959			3,863		2,412
	$	3,847	$	3,940		$	605		$	15,183		$	3,940	$	1,065

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:

	Three Months ended September 30,										Nine Months ended September 30,
				Transition Period										Transition Period
	Successor			Successor				Predecessor			Successor			Successor			Predecessor
	2019			For the Period from August 14, 2018 through September 30, 2018				For the Period from July 1, 2018 through August 13, 2018			2019			For the Period from August 14, 2018 through September 30, 2018			For the Period from January 1, 2018 through August 13, 2018
							(In thousands)
Tax at statutory rate		21.0	%		21.0	%			21.0	%		21.0	%		21.0	%		21.0		%
Tax effect of:
State income taxes, net of federal benefit		(1.8	)		2.0				4.5			—			2.0			3.9
Valuation allowance on deferred tax assets		4.5			(0.6	)			(21.1	)		2.3			(0.6	)		(24.1		)
Transaction costs		8.6			—				—			1.9			—			—
Nondeductible stock-based compensation		1.2			(0.2	)			(0.7	)		1.5			(0.2	)		(0.7		)
Other		2.7			—				(7.4	)		—			—			(1.3		)
Effective tax rate		36.2	%		22.2	%			(3.7	)%		26.7	%		22.2	%			(1.2	)%

The Tax Cuts and Jobs Act, which was enacted on December 22, 2017, reduced the corporate income tax rate effective January 1, 2018 from 35% to 21%. Among the other significant tax law changes that potentially affect the Company are the elimination of the corporate alternative minimum tax ("AMT"), changes that require operating losses incurred in 2018 and beyond be carried forward indefinitely with no carryback up to 80% of taxable income in a given year, and limitations on the deduction for interest expense incurred in 2018 or later for amounts in excess of 30% of its adjusted taxable income (defined as taxable income before interest and net operating losses) for the taxable year. The Company completed its accounting for the tax effects of enactment of the Tax Cuts and Jobs Act as of December 31, 2018. The Tax Cuts and Jobs Act repealed the AMT for tax years beginning on or after January 1, 2018 and provides that existing AMT credit carryforwards can be utilized to offset federal taxes for any taxable year. In addition, 50% of any unused AMT credit carryforwards can be refunded during tax years 2018 through 2020. During the current quarter, the Company received a $10.2 million refund for unused AMT credit carryforwards. The Company had $10.2 million of unused credit carryforwards at September 30, 2019.

The shares of common stock issued as a result of the Jones Contribution triggered an ownership change under Section 382 of the Internal Revenue Code. As a result, Comstock's ability to use net operating losses ("NOLs") to reduce taxable income is generally limited to an annual amount based on the fair market value of its stock immediately prior to the ownership change multiplied by the long-term tax-exempt interest rate. The Company's NOLs are estimated to be limited to $3.3 million a year as a result of this limitation. In addition to this limitation, IRC Section 382 provides that a corporation with a net unrealized built-in gain immediately before an ownership change may increase its limitation by the amount of recognized built-in gain recognized during a recognition period, which is generally the five-year period immediately following an ownership change. Based on the fair market value of the Company's common stock immediately prior to the ownership change, Comstock believes that it has a net unrealized built-in gain which will increase the Section 382 limitation during the five-year recognition period from 2018 to 2023.

NOLs that exceed the Section 382 limitation in any year continue to be allowed as carry forwards until they expire and can be used to offset taxable income for years within the carryover period subject to the limitation in each year. NOLs incurred prior to 2018 generally have a 20-year life until they expire. NOLs generated in 2018 and after would be carried forward indefinitely. Comstock's use of new NOLs arising after the date of an ownership change would not be affected by the 382 limitation. If the Company does not generate a sufficient level of taxable income prior to the expiration of the pre-2018 NOL carry forward periods, then it will lose the ability to apply those NOLs as offsets to future taxable income.

The common stock issued in connection with the Covey Park Acquisition did not trigger an ownership change under Section 382.

The Company's federal income tax returns for the years subsequent to December 31, 2015 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2012. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

The Company holds or has held certain financial assets and liabilities that are required to be measured at fair value. These include cash and cash equivalents held in bank accounts and derivative financial instruments in the form of oil and natural gas price swap agreements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements:

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Level 2 — Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3 — Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management's estimates of market participant assumptions.

The Company's oil and natural gas price swap agreements and its natural gas price collars were not traded on a public exchange, and their value is determined utilizing a discounted cash flow model based on inputs that are readily available in public markets and, accordingly, the valuation of these swap agreements, is categorized as a Level 2 measurement. There are no financial assets or liabilities accounted for at fair value as of September 30, 2019 that are a Level 3 measurement.

Fair Values – Reported

The following presents the carrying amounts and the fair values of the Company’s financial instruments as of September 30, 2019 and December 31, 2018 (in thousands):

		September 30, 2019						December 31, 2018
		Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, options and basis swaps^(a)		$	84,260		$	84,260		$	15,401		$	15,401

(Liabilities):
Bank credit facility^(b)			(1,265,000	)		(1,265,000	)		(450,000	)		(450,000	)
7.50% senior notes due 2025^(c)			(450,703	)		(503,125	)		—			—
9.75% senior notes due 2026^(c)			(819,277	)		(709,750	)		(817,066	)		(720,375	)

^(a)	The Company's oil and nature gas swaps, options and basis swaps agreements and its natural gas price collars are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets and, accordingly, the valuation of these swap agreements, is categorized as a Level 2 measurement.
^(b)	The book value of our floating rate debt outstanding approximates fair value because of its floating rate structure.
^(c)	The fair value of the Company's fixed rate debt was based on quoted prices as of September 30, 2019, a Level 2 measurement.

Earnings Per Share

Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participating securities and included in the computation of basic and diluted earnings per share pursuant to the two-class method. PSUs represent the right to receive a number of shares of the Company's common stock that may range from zero to up to two times the number of PSUs granted on the award date based on the achievement of certain performance measures during a performance period. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, which would be issuable at the end of the respective period, assuming that date was the end of the contingency period. The treasury stock method is used to measure the dilutive effect of PSUs. The shares that would have been issuable upon exercise of the conversion rights contains in the Predecessor Company's convertible debt are based on the if-converted method for computing potentially dilutive shares of common stock that could be issued upon conversion. None of the Company's participating securities participate in losses and as such are excluded from the computation of basic earnings per share during periods of net losses.

Basic and diluted income (loss) per share were determined as follows:

	Successor								Successor							Predecessor
	Three Months Ended September 30, 2019								For the Period from August 14, 2018 through September 30, 2018							For the Period from July 1, 2018 through August 13, 2018
	Loss			Shares		Per Share			Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(1,337	)						$	13,823						$	(16,865	)
Income allocable to unvested restricted shares		—								(51	)						—
Basic income (loss) attributable to common stock		(1,337	)		171,487	$	(0.01	)		13,772			105,448	$	0.13		(16,865	)		15,468	$	(1.09	)
Dilutive effect of performance share units		—			—					—			15				—			—
Diluted income (loss) attributable to common stock	$	(1,337	)		171,487	$	(0.01	)	$	13,772			105,463	$	0.13	$	(16,865	)		15,468	$	(1.09	)

	Successor							Successor							Predecessor
	Nine Months Ended September 30, 2019							For the Period from August 14, 2018 through September 30, 2018							For the Period from January 1, 2018 through August 13, 2018
	Income			Shares		Per Share		Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	33,645						$	13,823						$	(92,754	)
Income allocable to unvested restricted shares		(141	)						(51	)						—
Basic income (loss) attributable to common stock		33,504			127,709	$	0.26		13,772			105,448	$	0.13		(92,754	)		15,262	$	(6.08	)
Dilutive effect of performance share units		—			—				—			15				—			—
Diluted income (loss) attributable to common stock	$	33,504			127,709	$	0.26	$	13,772			105,463	$	0.13	$	(92,754	)		15,262	$	(6.08	)

Basic and diluted per share amounts are the same for the three months ended September 30, 2019 due to the net loss in that period. Basic and diluted shares for the nine months ended September 30, 2019 are the same as there was no impact from the unvested restricted shares. The impact from the convertible preferred stock was anti-dilutive for the three and nine months ended September 30.

At September 30, 2019 and December 31, 2018, 1,131,918 and 414,545 shares of restricted stock, respectively, are included in common stock outstanding as such shares have a non-forfeitable right to participate in any dividends that might be declared and have the right to vote on matters submitted to the Company's stockholders.

Weighted average shares of unvested restricted stock outstanding were as follows:

Successor

Predecessor

Successor

Predecessor

Three Months Ended

September 30, 2019

For the Period from August 14, 2018 through September 30, 2018

For the Period from July 1, 2018 through

August 13, 2018

Nine Months Ended

September 30, 2019

For the Period from August 14, 2018 through September 30, 2018

For the Period from January 1, 2018 through

August 13, 2018

(In thousands)

Unvested restricted stock

758

396

813

539

396

839

The dilutive effect of preferred stock is computed using the if-converted method as if conversion of the preferred shares had been outstanding throughout the three months and nine months ended September 30, 2019. For the three and nine months ended September 30, 2019, the preferred stock was antidilutive. The preferred stock can be converted to common stock any time after July 16, 2020 at a conversion price of $4.00 per share, for a total of 96,250,000 shares of common stock.

All unvested PSUs, warrants exercisable into common stock and contingently issuable shares related to the convertible debt that would be dilutive in the computation of earnings per share were as follows:

	Successor		Successor			Predecessor		Successor		Successor		Predecessor
	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from July 1, 2018 through August 13, 2018		Nine Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
					(In thousands except per share/unit data)
Weighted average PSUs		862		315			514		513		315		476
Weighted average grant date fair value per unit	$	9.60	$	12.93		$	13.83	$	9.60	$	12.93	$	13.83

Weighted average warrants for common stock		—		15			42		—		15		142
Weighted average exercise price per share	$	—	$	0.01		$	0.01	$	—	$	0.01	$	0.01

Weighted average contingently convertible shares		—		—			40,631		—		—		39,819
Weighted average conversion price per share	$	—	$	—		$	12.32	$	—	$	—	$	12.32

All warrants, PSUs and potentially dilutive shares from conversion of senior notes in the three months ended September 30, 2018 were anti-dilutive and excluded from the computation of loss per share. PSUs were dilutive in the predecessor period from August 14, 2018 through September 30, 2018 and are included in the computation of diluted earnings per share.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

	Successor			Successor		Predecessor
	Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
			(In thousands)
Cash payments for:
Interest	$	110,820		$	1,999	$	36,187
Income taxes	$	2		$	—	$	2

Non-cash investing activities include:
Increase in accrued capital expenditures	$	46,918		$	16,192	$	12,937

Non-cash investing activities related to the Covey Park Acquisition include:
Issuance of common stock	$	167,808		$	—	$	—
Issuance of Series A Convertible Preferred Stock	$	200,000		$	—	$	—
Assumed 7½% senior notes	$	446,625		$	—	$	—
Acquired working capital	$	41,624		$	—	$	—

Interest paid in-kind related to the predecessor Company's convertible notes was $25.0 million during the period January 1, 2018 through August 13, 2018.

In connection with the Covey Park Acquisition, the Company issued 28.8 million shares of common stock and 210,000 shares of Series A Convertible Preferred with a redemption value of $210.0 million and a fair value of $200.0 million as non-cash consideration. In addition, the Company assumed Covey Park's $625.0 million 7½% senior notes that were outstanding at closing.

Recent Accounting Pronouncements

In January 2017, the FASB issued Accounting Standards Update No. 2017-04 (ASU 2017-04) "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." ASU 2017-04 eliminates step two of the goodwill impairment test and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. ASU 2017-04 is effective for annual or interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019 and early adoption is permitted The Company will assess the impact of ASU 2017-04 on its financial statements when it performs impairment assessments following adoption of this standard. The Company has elected to not early adopt ASU 2017-04.

Long-Term Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Long-Term Debt

(2) LONG-TERM DEBT –

At September 30, 2019, long-term debt was comprised of the following:

	(In thousands)

Bank Credit Facility:
Principal	$	1,265,000
7½% Senior Notes due 2025:
Principal		625,000
Discount, net of amortization		(174,297	)
9¾% Senior Notes due 2026:
Principal	$	850,000
Discount, net of amortization		(30,723	)
Debt issuance costs, net of amortization		(26,906	)
	$	2,508,074

In connection with the Jones Contribution, the Company completed a series of refinancing transactions to retire all of its then-outstanding senior secured and unsecured notes. On August 3, 2018, the Company issued $850.0 million of new senior notes for proceeds of $815.9 million. Interest on the notes is payable on February 15 and August 15 at an annual rate of 9¾% and the notes mature on August 15, 2026. As a part of the Covey Park Acquisition, the Company assumed Covey Park's $625.0 million 7½% senior notes that were outstanding. The fair market value of the notes at the closing was $446.6 million. Interest on the assumed notes is payable on May 15 and November 15 at an annual rate of 7½% and these notes mature on May 15, 2025.

On August 14, 2018, the Company entered into a bank credit facility with Bank of Montreal, as administrative agent, and the participating banks. Concurrent with the closing of the Covey Park Acquisition, the Company amended and restated the bank credit facility and extended the maturity to July 16, 2024. The credit facility is subject to a borrowing base, which is $1,575.0 million and is re-determined on a semi-annual basis and upon the occurrence of certain other events. The initial committed borrowing base was $1,500.0 million, of which $1,265.0 million of borrowings were outstanding as of September 30, 2019. Borrowings under the bank credit facility are secured by substantially all of the assets of the Company and its subsidiaries and bear interest at the Company's option, at either LIBOR plus 1.75% to 2.75% or a base rate plus 0.75% to 1.75%, in each case depending on the utilization of the borrowing base. The Company also pays a commitment fee of 0.375% to 0.5% on the unused borrowing base. The bank credit facility places certain restrictions upon the Company's and its restricted subsidiaries' ability to, among other things, incur additional indebtedness, pay cash dividends, repurchase common stock, make certain loans, investments and divestitures and redeem the senior notes. The only financial covenants are the maintenance of a leverage ratio of less than 4.0 to 1.0 and an adjusted current ratio of at least 1.0 to 1.0. The financial covenants are determined starting with the financial results for the three months ended December 31, 2019. The Company was in compliance with the covenants as of September 30, 2019.

Preferred Stock

9 Months Ended

Sep. 30, 2019

Temporary Equity Disclosure [Abstract]

Preferred Stock

(3) PREFERRED STOCK –

In connection with the Covey Park Acquisition, the Company issued 210,000 shares of Series A Convertible Preferred Stock with a face value of $210.0 million and a fair value of $200.0 million as part of the consideration for the acquisition and sold 175,000 shares of Series B Convertible Preferred Stock for $175.0 million to its majority stockholder. Holders of the newly issued convertible preferred stock are entitled to receive quarterly dividends at a rate of 10% per annum, which are paid in arrears. At any time after July 16, 2020, each holder may convert any or all shares of preferred stock into shares of the Company's common stock at the then prevailing conversion rate. The conversion price of the preferred stock is $4.00 per share of common stock, subject to adjustment pursuant to customary anti-dilution provisions. The Company has the right to redeem the preferred stock at any time at face value plus accrued dividends. The Series A Convertible Preferred Stock and Series B Convertible Preferred Stock are classified as mezzanine equity based on the majority stockholder's ability to control the terms of conversion to common stock.

Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Stockholders' Equity

(4) STOCKHOLDERS' EQUITY –

On July 16, 2019, the Company amended its Seconded Amended and Restated Articles of Incorporation to increase its authorized capital to 405,000,000 shares, of which 400,000,000 shares are common stock, $0.50 par value per share and 5,000,000 are preferred stock, $10.00 par value per share.

Warrants for 246,793 shares of common stock were exercised during the nine months ended September 30, 2018. All warrants for common stock were either exercised or expired unused during 2018.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(5) Commitments and Contingencies –

From time to time, Comstock is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of any of these matters will have a material effect on the Company's financial position or results of operations.

Related Party Transactions

9 Months Ended

Sep. 30, 2019

Related Party Transactions

(6) RELATED PARTY TRANSACTIONS –

In February 2019, Comstock sold certain leases covering 1,464 undeveloped net acres in Caddo Parish, Louisiana for $5.9 million to a partnership owned by the Company's majority stockholder. The proceeds from the sale were used to fund the purchase of a like number of net acres from a third party for $5.9 million. The acreage acquired was in part the acreage sold to the partnership or acreage in the same area. The purchase price paid per net acre was determined by the price paid by the Company to the third party. Comstock is also operating the drilling of six wells in South Texas that the Company does not have an interest in for another partnership owned by its majority stockholder. As operator, Comstock charges the partnerships for the costs incurred to drill and operate the wells as well as customary drilling and operating overhead fees that it charges other working interest owners. Comstock received $12.1 million and $13.7 million from the partnerships related to these wells for the three months and nine months ended September 30, 2019, respectively, and had a $13.6 million receivable from the partnerships at September 30, 2019.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

The results of operations for the period through September 30, 2019 are not necessarily an indication of the results expected for the full year.

Jones Contribution

	(In thousands)

Fair Value of Comstock's Common Stock	$	149,357

Fair Value of Liabilities Assumed –
Current Liabilities		180,452
Long-Term Debt		2,059,560
Deferred Income Taxes		49,391
Reserve for Future Abandonment Costs		4,440
Net Liabilities Assumed		2,293,843

Fair Value of Assets Acquired –
Current Assets		936,026
Oil and Gas Properties		1,147,749
Other Property & Equipment		4,440
Income Taxes Receivable		19,086
Other Assets		2
Total Assets		2,107,303
Goodwill	$	335,897

Covey Park Acquisition

	(In thousands)

Consideration:
Cash Paid	$	700,000
Fair Value of Common Stock Issued		167,808
Fair Value of Series A Preferred Stock Issued		200,000
Total Consideration		1,067,808

Liabilities Assumed:
Accounts Payable and Accrued Liabilities		129,622
Derivative Financial Instruments		388
Other Current Liabilities		9,930
Long Term Debt		826,625
Covey Park Preferred Equity		153,390
Non-current Derivative Financial Instruments		186
Asset Retirement Obligations		5,374
Deferred Income Taxes		23,466
Other Non-current Liabilities		9,893
Liabilities Assumed		1,158,874
Total Consideration and Liabilities Assumed	$	2,226,682

Assets Acquired:
Cash and Cash Equivalents	$	6,131
Accounts Receivable		86,285
Current Derivative Financial Instruments		51,004
Other Current Assets		5,511
Proved Oil and Natural Gas Properties		1,818,413
Unproved Oil and Natural Gas Properties		237,210
Other Property, Plant and Equipment		2,262
Non-current Derivative Financial Instruments		19,866
Total Assets Acquired	$	2,226,682

The fair values determined for accounts receivable, accounts payable, accrued drilling costs and other current liabilities were equivalent to the carrying value due to their short-term nature.

Pro forma Results

In addition, the pro forma earnings exclude acquisition-related costs. The unaudited pro forma results do not reflect any cost savings or other synergies that may arise in the future.

	Pro Forma Three Months Ended September 30, 2019		Pro Forma Three Months Ended September 30, 2018		Pro Forma Nine Months Ended September 30, 2019		Pro Forma Nine Months Ended September 30, 2018
	(In thousands, except per share amount)

Revenues	$	247,192	$	293,266	$	858,042	$	790,653
Net income	$	36,755	$	54,242	$	201,338	$	92,037

Net income per share:
Basic	$	0.15	$	0.24	$	0.93	$	0.34
Diluted	$	0.13	$	0.19	$	0.72	$	0.33

Subsequent Event

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized.

Results of operations for properties that were sold in 2018 were as follows:

	Predecessor
	For the Period from July 1, 2018 through August 13, 2018		For the Period from January 1, 2018 through August 13, 2018
	(In thousands)
Total oil and gas sales	$	—	$	17,747
Total operating expenses⁽¹⁾		—		(6,134	)
Operating income	$	—	$	11,613

(1)

Goodwill

Leases

Lease costs recognized during the three months and nine months ended September 30, 2019 were as follows:

	Successor
	Three Months Ended September 30,		Nine Months Ended September 30,
	2019		2019
		(In thousands)
Operating lease cost included in general and administrative expense	$	411	$	1,234
Operating lease cost included in lease operating expense		99		291
Short-term lease cost (drilling rig costs included in proved oil and gas properties)		19,304		39,487
	$	19,814	$	41,012

As of September 30, 2019, Comstock had the following liabilities under contracts that contain operating leases:

	(In thousands)
October 1, 2019 to December 31, 2019	$	1,997
2020		1,740
2021		390
Total lease payments		4,127
Imputed interest		(218	)
Total lease liability	$	3,909

Accrued Expenses

Accrued expenses at September 30, 2019 and December 31, 2018 consisted of the following:

	Successor
	As of September 30, 2019		As of December 31, 2018
	(In thousands)
Accrued drilling costs	$	64,838	$	17,920
Accrued interest payable		30,681		35,461
Accrued transportation costs		18,686		4,632
Accrued transaction costs		15,475		—
Accrued lease operating expenses		13,577		2,130
Accrued employee compensation		8,476		6,045
Other		4,023		1,898
	$	155,756	$	68,086

Reserve for Future Abandonment Costs

	Successor					Predecessor
	Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
	(In thousands)
Future abandonment costs — beginning of period	$	5,136		$	4,683	$	10,407
Wells acquired		5,374			45		346
New wells drilled		256			10		17
Accretion expense		369			—		—
Liabilities settled and assets disposed of		(40	)		—		(87	)
Future abandonment costs — end of period	$	11,095		$	4,738	$	10,683

Derivative Financial Instruments and Hedging Activites

Derivative Financial Instruments and Hedging Activities

	Future Production Period
	Three Months Ending December 31, 2019		Year Ending December 31, 2020		Year Ending December 31, 2021		Year Ending December 31, 2022		Total
Natural Gas Swap Contracts:
Volume (MMbtu)		41,818,281		99,144,209		20,908,140		10,950,000		172,820,630
Average Price per MMbtu		$2.85		$2.81		$2.87		$2.81		$2.83
Natural Gas 2-Way Collar Contracts:
Volume (MMbtu)		9,916,000		16,350,000		—		—		26,266,000
Price per MMbtu
Average Ceiling		$3.52		$3.46		—		—		$3.48
Average Floor		$2.39		$2.47		—		—		$2.44
Natural Gas 3-Way Collar Contracts:
Volume (MMbtu)		12,880,000		26,510,000		—		—		39,390,000
Price per MMbtu
Average Ceiling		$3.08		$2.99		—		—		$3.02
Average Floor		$2.79		$2.65		—		—		$2.69
Average Put		$2.41		$2.33		—		—		$2.36
Crude Oil Collar Contracts:
Volume (Barrels)		284,200		1,125,100		—		—		1,409,300
Price per Barrel						—		—
Average Ceiling		$65.63		$65.33		—		—		$65.39
Average Floor		$45.00		$48.48		—		—		$47.78

Type	Consolidated Balance Sheet Location	Fair Value
		(in thousands)
Successor Fair Value of Derivative Instruments as of September 30, 2019
Assets:
Natural gas price derivatives	Derivative Financial Instruments – current	$	60,002
Oil price derivatives	Derivative Financial Instruments – current		2,275
		$	62,277

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	21,118
Oil price derivatives	Derivative Financial Instruments – long-term		865
		$	21,983

Successor Fair Value of Derivative Instruments as of December 31, 2018
Assets:
Natural gas price derivatives	Derivative Financial Instruments – current	$	6,096
Oil price derivatives	Derivative Financial Instruments – current		9,305
		$	15,401

	Successor						Predecessor			Successor					Predecessor
Gain/(Loss) Recognized in Earnings on Derivatives	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018				For the Period from July 1, 2018 through August 13, 2018			Nine Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from January 1, 2018 through August 13, 2018
						(In thousands)
Swaps	$	19,398	$	(166	)		$	(6	)	$	29,856	$	(166	)	$	1,267
Collars		5,460		(1,849	)			(77	)		2,089		(1,849	)		(386	)
	$	24,858	$	(2,015	)		$	(83	)	$	31,945	$	(2,015	)	$	881

Stock-Based Compensation

Revenue Recognition

Income Taxes

The following is an analysis of the consolidated income tax provision:

			Transition Period									Transition Period
	Successor		Successor			Predecessor			Successor			Successor		Predecessor
	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from July 1, 2018 through August 13, 2018			Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
					(In thousands)
Current - State	$	72	$	57		$	(22	)	$	(22	)	$	57	$	13
- Federal		—		—			—			—			—		—

Deferred - State		591		20			(309	)		1,246			20		(1,360	)
- Federal		3,184		3,863			936			13,959			3,863		2,412
	$	3,847	$	3,940		$	605		$	15,183		$	3,940	$	1,065

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:

	Three Months ended September 30,										Nine Months ended September 30,
				Transition Period										Transition Period
	Successor			Successor				Predecessor			Successor			Successor			Predecessor
	2019			For the Period from August 14, 2018 through September 30, 2018				For the Period from July 1, 2018 through August 13, 2018			2019			For the Period from August 14, 2018 through September 30, 2018			For the Period from January 1, 2018 through August 13, 2018
							(In thousands)
Tax at statutory rate		21.0	%		21.0	%			21.0	%		21.0	%		21.0	%		21.0		%
Tax effect of:
State income taxes, net of federal benefit		(1.8	)		2.0				4.5			—			2.0			3.9
Valuation allowance on deferred tax assets		4.5			(0.6	)			(21.1	)		2.3			(0.6	)		(24.1		)
Transaction costs		8.6			—				—			1.9			—			—
Nondeductible stock-based compensation		1.2			(0.2	)			(0.7	)		1.5			(0.2	)		(0.7		)
Other		2.7			—				(7.4	)		—			—			(1.3		)
Effective tax rate		36.2	%		22.2	%			(3.7	)%		26.7	%		22.2	%			(1.2	)%

The common stock issued in connection with the Covey Park Acquisition did not trigger an ownership change under Section 382.

Fair Value Measurements

Level 1 — Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

Fair Values – Reported

The following presents the carrying amounts and the fair values of the Company’s financial instruments as of September 30, 2019 and December 31, 2018 (in thousands):

		September 30, 2019						December 31, 2018
		Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, options and basis swaps^(a)		$	84,260		$	84,260		$	15,401		$	15,401

(Liabilities):
Bank credit facility^(b)			(1,265,000	)		(1,265,000	)		(450,000	)		(450,000	)
7.50% senior notes due 2025^(c)			(450,703	)		(503,125	)		—			—
9.75% senior notes due 2026^(c)			(819,277	)		(709,750	)		(817,066	)		(720,375	)

^(a)	The Company's oil and nature gas swaps, options and basis swaps agreements and its natural gas price collars are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets and, accordingly, the valuation of these swap agreements, is categorized as a Level 2 measurement.
^(b)	The book value of our floating rate debt outstanding approximates fair value because of its floating rate structure.
^(c)	The fair value of the Company's fixed rate debt was based on quoted prices as of September 30, 2019, a Level 2 measurement.

Earnings Per Share

Basic and diluted income (loss) per share were determined as follows:

	Successor								Successor							Predecessor
	Three Months Ended September 30, 2019								For the Period from August 14, 2018 through September 30, 2018							For the Period from July 1, 2018 through August 13, 2018
	Loss			Shares		Per Share			Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(1,337	)						$	13,823						$	(16,865	)
Income allocable to unvested restricted shares		—								(51	)						—
Basic income (loss) attributable to common stock		(1,337	)		171,487	$	(0.01	)		13,772			105,448	$	0.13		(16,865	)		15,468	$	(1.09	)
Dilutive effect of performance share units		—			—					—			15				—			—
Diluted income (loss) attributable to common stock	$	(1,337	)		171,487	$	(0.01	)	$	13,772			105,463	$	0.13	$	(16,865	)		15,468	$	(1.09	)

	Successor							Successor							Predecessor
	Nine Months Ended September 30, 2019							For the Period from August 14, 2018 through September 30, 2018							For the Period from January 1, 2018 through August 13, 2018
	Income			Shares		Per Share		Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	33,645						$	13,823						$	(92,754	)
Income allocable to unvested restricted shares		(141	)						(51	)						—
Basic income (loss) attributable to common stock		33,504			127,709	$	0.26		13,772			105,448	$	0.13		(92,754	)		15,262	$	(6.08	)
Dilutive effect of performance share units		—			—				—			15				—			—
Diluted income (loss) attributable to common stock	$	33,504			127,709	$	0.26	$	13,772			105,463	$	0.13	$	(92,754	)		15,262	$	(6.08	)

Weighted average shares of unvested restricted stock outstanding were as follows:

Successor

Predecessor

Successor

Predecessor

Three Months Ended

September 30, 2019

For the Period from August 14, 2018 through September 30, 2018

For the Period from July 1, 2018 through

August 13, 2018

Nine Months Ended

September 30, 2019

For the Period from August 14, 2018 through September 30, 2018

For the Period from January 1, 2018 through

August 13, 2018

(In thousands)

Unvested restricted stock

758

396

813

539

396

839

	Successor		Successor			Predecessor		Successor		Successor		Predecessor
	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from July 1, 2018 through August 13, 2018		Nine Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
					(In thousands except per share/unit data)
Weighted average PSUs		862		315			514		513		315		476
Weighted average grant date fair value per unit	$	9.60	$	12.93		$	13.83	$	9.60	$	12.93	$	13.83

Weighted average warrants for common stock		—		15			42		—		15		142
Weighted average exercise price per share	$	—	$	0.01		$	0.01	$	—	$	0.01	$	0.01

Weighted average contingently convertible shares		—		—			40,631		—		—		39,819
Weighted average conversion price per share	$	—	$	—		$	12.32	$	—	$	—	$	12.32

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

	Successor			Successor		Predecessor
	Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
			(In thousands)
Cash payments for:
Interest	$	110,820		$	1,999	$	36,187
Income taxes	$	2		$	—	$	2

Non-cash investing activities include:
Increase in accrued capital expenditures	$	46,918		$	16,192	$	12,937

Non-cash investing activities related to the Covey Park Acquisition include:
Issuance of common stock	$	167,808		$	—	$	—
Issuance of Series A Convertible Preferred Stock	$	200,000		$	—	$	—
Assumed 7½% senior notes	$	446,625		$	—	$	—
Acquired working capital	$	41,624		$	—	$	—

Interest paid in-kind related to the predecessor Company's convertible notes was $25.0 million during the period January 1, 2018 through August 13, 2018.

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Estimated Fair Value of Assets and Liabilities and Resulting Goodwill of Jones Contribution

	(In thousands)

Fair Value of Comstock's Common Stock	$	149,357

Fair Value of Liabilities Assumed –
Current Liabilities		180,452
Long-Term Debt		2,059,560
Deferred Income Taxes		49,391
Reserve for Future Abandonment Costs		4,440
Net Liabilities Assumed		2,293,843

Fair Value of Assets Acquired –
Current Assets		936,026
Oil and Gas Properties		1,147,749
Other Property & Equipment		4,440
Income Taxes Receivable		19,086
Other Assets		2
Total Assets		2,107,303
Goodwill	$	335,897

Summary of Preliminary Purchase Price Allocation of the Assets Acquired and Liabilities Assumed Based on their Fair Values

The following table presents the Company's preliminary purchase price allocation of the assets acquired and liabilities assumed based on their fair values as of the acquisition date:

	(In thousands)

Consideration:
Cash Paid	$	700,000
Fair Value of Common Stock Issued		167,808
Fair Value of Series A Preferred Stock Issued		200,000
Total Consideration		1,067,808

Liabilities Assumed:
Accounts Payable and Accrued Liabilities		129,622
Derivative Financial Instruments		388
Other Current Liabilities		9,930
Long Term Debt		826,625
Covey Park Preferred Equity		153,390
Non-current Derivative Financial Instruments		186
Asset Retirement Obligations		5,374
Deferred Income Taxes		23,466
Other Non-current Liabilities		9,893
Liabilities Assumed		1,158,874
Total Consideration and Liabilities Assumed	$	2,226,682

Assets Acquired:
Cash and Cash Equivalents	$	6,131
Accounts Receivable		86,285
Current Derivative Financial Instruments		51,004
Other Current Assets		5,511
Proved Oil and Natural Gas Properties		1,818,413
Unproved Oil and Natural Gas Properties		237,210
Other Property, Plant and Equipment		2,262
Non-current Derivative Financial Instruments		19,866
Total Assets Acquired	$	2,226,682

Summary of Unaudited Pro Forma Financial Information

In addition, the pro forma earnings exclude acquisition-related costs. The unaudited pro forma results do not reflect any cost savings or other synergies that may arise in the future.

	Pro Forma Three Months Ended September 30, 2019		Pro Forma Three Months Ended September 30, 2018		Pro Forma Nine Months Ended September 30, 2019		Pro Forma Nine Months Ended September 30, 2018
	(In thousands, except per share amount)

Revenues	$	247,192	$	293,266	$	858,042	$	790,653
Net income	$	36,755	$	54,242	$	201,338	$	92,037

Net income per share:
Basic	$	0.15	$	0.24	$	0.93	$	0.34
Diluted	$	0.13	$	0.19	$	0.72	$	0.33

Results of Operations for Properties

Results of operations for properties that were sold in 2018 were as follows:

	Predecessor
	For the Period from July 1, 2018 through August 13, 2018		For the Period from January 1, 2018 through August 13, 2018
	(In thousands)
Total oil and gas sales	$	—	$	17,747
Total operating expenses⁽¹⁾		—		(6,134	)
Operating income	$	—	$	11,613

(1)

Summary of Lease Cost Recognized

Lease costs recognized during the three months and nine months ended September 30, 2019 were as follows:

	Successor
	Three Months Ended September 30,		Nine Months Ended September 30,
	2019		2019
		(In thousands)
Operating lease cost included in general and administrative expense	$	411	$	1,234
Operating lease cost included in lease operating expense		99		291
Short-term lease cost (drilling rig costs included in proved oil and gas properties)		19,304		39,487
	$	19,814	$	41,012

Summary of Liabilities Under Contract Contain Operating Leases

As of September 30, 2019, Comstock had the following liabilities under contracts that contain operating leases:

	(In thousands)
October 1, 2019 to December 31, 2019	$	1,997
2020		1,740
2021		390
Total lease payments		4,127
Imputed interest		(218	)
Total lease liability	$	3,909

Summary of Accrued Expenses

Accrued expenses at September 30, 2019 and December 31, 2018 consisted of the following:

	Successor
	As of September 30, 2019		As of December 31, 2018
	(In thousands)
Accrued drilling costs	$	64,838	$	17,920
Accrued interest payable		30,681		35,461
Accrued transportation costs		18,686		4,632
Accrued transaction costs		15,475		—
Accrued lease operating expenses		13,577		2,130
Accrued employee compensation		8,476		6,045
Other		4,023		1,898
	$	155,756	$	68,086

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in Comstock's total estimated liability for such obligations during the periods presented:

	Successor					Predecessor
	Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
	(In thousands)
Future abandonment costs — beginning of period	$	5,136		$	4,683	$	10,407
Wells acquired		5,374			45		346
New wells drilled		256			10		17
Accretion expense		369			—		—
Liabilities settled and assets disposed of		(40	)		—		(87	)
Future abandonment costs — end of period	$	11,095		$	4,738	$	10,683

Schedule of Gas Derivative Contracts Volume and Prices

The Company had the following outstanding commodity-based derivative financial instruments, excluding basis swaps which are discussed separately below, at September 30, 2019:

	Future Production Period
	Three Months Ending December 31, 2019		Year Ending December 31, 2020		Year Ending December 31, 2021		Year Ending December 31, 2022		Total
Natural Gas Swap Contracts:
Volume (MMbtu)		41,818,281		99,144,209		20,908,140		10,950,000		172,820,630
Average Price per MMbtu		$2.85		$2.81		$2.87		$2.81		$2.83
Natural Gas 2-Way Collar Contracts:
Volume (MMbtu)		9,916,000		16,350,000		—		—		26,266,000
Price per MMbtu
Average Ceiling		$3.52		$3.46		—		—		$3.48
Average Floor		$2.39		$2.47		—		—		$2.44
Natural Gas 3-Way Collar Contracts:
Volume (MMbtu)		12,880,000		26,510,000		—		—		39,390,000
Price per MMbtu
Average Ceiling		$3.08		$2.99		—		—		$3.02
Average Floor		$2.79		$2.65		—		—		$2.69
Average Put		$2.41		$2.33		—		—		$2.36
Crude Oil Collar Contracts:
Volume (Barrels)		284,200		1,125,100		—		—		1,409,300
Price per Barrel						—		—
Average Ceiling		$65.63		$65.33		—		—		$65.39
Average Floor		$45.00		$48.48		—		—		$47.78

Schedule of Derivative Instruments

Type	Consolidated Balance Sheet Location	Fair Value
		(in thousands)
Successor Fair Value of Derivative Instruments as of September 30, 2019
Assets:
Natural gas price derivatives	Derivative Financial Instruments – current	$	60,002
Oil price derivatives	Derivative Financial Instruments – current		2,275
		$	62,277

Natural gas price derivatives	Derivative Financial Instruments – long-term	$	21,118
Oil price derivatives	Derivative Financial Instruments – long-term		865
		$	21,983

Successor Fair Value of Derivative Instruments as of December 31, 2018
Assets:
Natural gas price derivatives	Derivative Financial Instruments – current	$	6,096
Oil price derivatives	Derivative Financial Instruments – current		9,305
		$	15,401

Schedule of Gains and Losses from Derivative Financial Instruments

Gains and losses related to the change in the fair value recognized on the Company's derivative contracts recognized in the consolidated statement of operations were as follows:

	Successor						Predecessor			Successor					Predecessor
Gain/(Loss) Recognized in Earnings on Derivatives	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018				For the Period from July 1, 2018 through August 13, 2018			Nine Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from January 1, 2018 through August 13, 2018
						(In thousands)
Swaps	$	19,398	$	(166	)		$	(6	)	$	29,856	$	(166	)	$	1,267
Collars		5,460		(1,849	)			(77	)		2,089		(1,849	)		(386	)
	$	24,858	$	(2,015	)		$	(83	)	$	31,945	$	(2,015	)	$	881

Consolidated Income Tax Provision

The following is an analysis of the consolidated income tax provision:

			Transition Period									Transition Period
	Successor		Successor			Predecessor			Successor			Successor		Predecessor
	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from July 1, 2018 through August 13, 2018			Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
					(In thousands)
Current - State	$	72	$	57		$	(22	)	$	(22	)	$	57	$	13
- Federal		—		—			—			—			—		—

Deferred - State		591		20			(309	)		1,246			20		(1,360	)
- Federal		3,184		3,863			936			13,959			3,863		2,412
	$	3,847	$	3,940		$	605		$	15,183		$	3,940	$	1,065

Difference Between Federal Statutory Rate and Effective Tax Rate

The difference between the federal statutory rate of 21% and the effective tax rate is due to the following:

	Three Months ended September 30,										Nine Months ended September 30,
				Transition Period										Transition Period
	Successor			Successor				Predecessor			Successor			Successor			Predecessor
	2019			For the Period from August 14, 2018 through September 30, 2018				For the Period from July 1, 2018 through August 13, 2018			2019			For the Period from August 14, 2018 through September 30, 2018			For the Period from January 1, 2018 through August 13, 2018
							(In thousands)
Tax at statutory rate		21.0	%		21.0	%			21.0	%		21.0	%		21.0	%		21.0		%
Tax effect of:
State income taxes, net of federal benefit		(1.8	)		2.0				4.5			—			2.0			3.9
Valuation allowance on deferred tax assets		4.5			(0.6	)			(21.1	)		2.3			(0.6	)		(24.1		)
Transaction costs		8.6			—				—			1.9			—			—
Nondeductible stock-based compensation		1.2			(0.2	)			(0.7	)		1.5			(0.2	)		(0.7		)
Other		2.7			—				(7.4	)		—			—			(1.3		)
Effective tax rate		36.2	%		22.2	%			(3.7	)%		26.7	%		22.2	%			(1.2	)%

Summary of Carrying Amounts and Fair Values of Financial Instruments

The following presents the carrying amounts and the fair values of the Company’s financial instruments as of September 30, 2019 and December 31, 2018 (in thousands):

		September 30, 2019						December 31, 2018
		Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Commodity swaps, options and basis swaps^(a)		$	84,260		$	84,260		$	15,401		$	15,401

(Liabilities):
Bank credit facility^(b)			(1,265,000	)		(1,265,000	)		(450,000	)		(450,000	)
7.50% senior notes due 2025^(c)			(450,703	)		(503,125	)		—			—
9.75% senior notes due 2026^(c)			(819,277	)		(709,750	)		(817,066	)		(720,375	)

^(a)	The Company's oil and nature gas swaps, options and basis swaps agreements and its natural gas price collars are classified as Level 2 and measured at fair value using a market approach using third party pricing services and other active markets or broker quotes that are readily available in the public markets and, accordingly, the valuation of these swap agreements, is categorized as a Level 2 measurement.
^(b)	The book value of our floating rate debt outstanding approximates fair value because of its floating rate structure.
^(c)	The fair value of the Company's fixed rate debt was based on quoted prices as of September 30, 2019, a Level 2 measurement.

Basic and Diluted Income (Loss) Per Share

Basic and diluted income (loss) per share were determined as follows:

	Successor								Successor							Predecessor
	Three Months Ended September 30, 2019								For the Period from August 14, 2018 through September 30, 2018							For the Period from July 1, 2018 through August 13, 2018
	Loss			Shares		Per Share			Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	(1,337	)						$	13,823						$	(16,865	)
Income allocable to unvested restricted shares		—								(51	)						—
Basic income (loss) attributable to common stock		(1,337	)		171,487	$	(0.01	)		13,772			105,448	$	0.13		(16,865	)		15,468	$	(1.09	)
Dilutive effect of performance share units		—			—					—			15				—			—
Diluted income (loss) attributable to common stock	$	(1,337	)		171,487	$	(0.01	)	$	13,772			105,463	$	0.13	$	(16,865	)		15,468	$	(1.09	)

	Successor							Successor							Predecessor
	Nine Months Ended September 30, 2019							For the Period from August 14, 2018 through September 30, 2018							For the Period from January 1, 2018 through August 13, 2018
	Income			Shares		Per Share		Income			Shares		Per Share		Loss			Shares		Per Share
	(In thousands, except per share amounts)
Net income (loss) attributable to common stock	$	33,645						$	13,823						$	(92,754	)
Income allocable to unvested restricted shares		(141	)						(51	)						—
Basic income (loss) attributable to common stock		33,504			127,709	$	0.26		13,772			105,448	$	0.13		(92,754	)		15,262	$	(6.08	)
Dilutive effect of performance share units		—			—				—			15				—			—
Diluted income (loss) attributable to common stock	$	33,504			127,709	$	0.26	$	13,772			105,463	$	0.13	$	(92,754	)		15,262	$	(6.08	)

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock outstanding were as follows:

Successor

Predecessor

Successor

Predecessor

Three Months Ended

September 30, 2019

For the Period from August 14, 2018 through September 30, 2018

For the Period from July 1, 2018 through

August 13, 2018

Nine Months Ended

September 30, 2019

For the Period from August 14, 2018 through September 30, 2018

For the Period from January 1, 2018 through

August 13, 2018

(In thousands)

Unvested restricted stock

758

396

813

539

396

839

Common Stock and Convertible Stock Dilutive in Computation of Earning Per Share

	Successor		Successor			Predecessor		Successor		Successor		Predecessor
	Three Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018			For the Period from July 1, 2018 through August 13, 2018		Nine Months Ended September 30, 2019		For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
					(In thousands except per share/unit data)
Weighted average PSUs		862		315			514		513		315		476
Weighted average grant date fair value per unit	$	9.60	$	12.93		$	13.83	$	9.60	$	12.93	$	13.83

Weighted average warrants for common stock		—		15			42		—		15		142
Weighted average exercise price per share	$	—	$	0.01		$	0.01	$	—	$	0.01	$	0.01

Weighted average contingently convertible shares		—		—			40,631		—		—		39,819
Weighted average conversion price per share	$	—	$	—		$	12.32	$	—	$	—	$	12.32

Supplementary Information of Consolidated Statements of Cash Flows

	Successor			Successor		Predecessor
	Nine Months Ended September 30, 2019			For the Period from August 14, 2018 through September 30, 2018		For the Period from January 1, 2018 through August 13, 2018
			(In thousands)
Cash payments for:
Interest	$	110,820		$	1,999	$	36,187
Income taxes	$	2		$	—	$	2

Non-cash investing activities include:
Increase in accrued capital expenditures	$	46,918		$	16,192	$	12,937

Non-cash investing activities related to the Covey Park Acquisition include:
Issuance of common stock	$	167,808		$	—	$	—
Issuance of Series A Convertible Preferred Stock	$	200,000		$	—	$	—
Assumed 7½% senior notes	$	446,625		$	—	$	—
Acquired working capital	$	41,624		$	—	$	—

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Long-term Debt

At September 30, 2019, long-term debt was comprised of the following:

	(In thousands)

Bank Credit Facility:
Principal	$	1,265,000
7½% Senior Notes due 2025:
Principal		625,000
Discount, net of amortization		(174,297	)
9¾% Senior Notes due 2026:
Principal	$	850,000
Discount, net of amortization		(30,723	)
Debt issuance costs, net of amortization		(26,906	)
	$	2,508,074

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Summary of Significant Accounting Policies - Additional Information 1 (Detail)				1 Months Ended		2 Months Ended		3 Months Ended		7 Months Ended	9 Months Ended
	Nov. 01, 2019 Location MMcf a shares	Jul. 16, 2019 USD ($) $ / shares $ / bbl $ / Mcf shares	Aug. 14, 2018 USD ($) $ / bbl $ / Mcf shares	Aug. 13, 2018 USD ($)	Apr. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) shares	Sep. 30, 2018 USD ($)	Aug. 13, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Operations And Summary Of Significant Accounting Policies [Line Items]
Jones contribution transaction, ownership percentage			84.00%
Jones contribution transaction, Shares issued \| shares			88,571,429
Management's oil price outlook \| $ / bbl		74.80
Management's gas price outlook \| $ / Mcf		3.32
Annual minimum discount rate		10.00%
Annual maximum discount rate		25.00%
Decrease in deferred income taxes and goodwill								$ 14,300,000
Merger value			$ 2,107,303,000
Debt assumed in merger											$ 446,625,000
Repayments of outstanding borrowings							$ 1,291,352,000			$ 49,679,000	72,000,000
Value of common stock shares issued						$ 92,762,000		92,762,000			92,762,000		$ 52,936,000
Acquisition related fees				$ 2,549,000				39,657,000		2,866,000	41,100,000
Purchase price allocation period		12 months
Operating revenues				32,588,000			70,123,000	224,444,000		166,630,000	479,441,000
Operating income				$ 8,228,000			34,581,000	76,360,000		10,822,000	173,205,000
Loss on sale of oil and gas properties							$ (98,000)			$ 35,438,000	25,000
Impairment of oil and gas properties								0	$ 0		0	$ 0
Goodwill			335,897,000			335,897,000		335,897,000			335,897,000		$ 350,214,000
Cash flow hedges derivative instruments						0		$ 0			0
South Texas Sold Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Gross proceeds from sale of oil and gas properties					$ 106,400,000
Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares issued to shareholder \| shares								78,833,000
Shares issued as consideration \| shares		28,800,000
Affiliates Controlled By Majority Shareholder Jerry Jones \| Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares issued to shareholder \| shares		50,000,000
Value of common stock shares issued		$ 300,000,000
Convertible Series A Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Temporary equity stock issued during period value new issues											210,000,000
Fair value of preferred stock						200,000,000		$ 200,000,000			$ 200,000,000
Series B 10% Convertible Preferred Stock \| Affiliates Controlled By Majority Shareholder Jerry Jones
Operations And Summary Of Significant Accounting Policies [Line Items]
Temporary equity stock issued during period value new issues		$ 175,000,000
Temporary equity stock issued during period shares new issues \| shares		175,000
Covey Park Acquisition
Operations And Summary Of Significant Accounting Policies [Line Items]
Cash received by equity owners of acquiree		$ 700,000,000
Merger value		2,226,682,000
Repayments of outstanding borrowings		380,000,000
Preferred equity redeemed in merger		153,400,000
Acquisition related fees		41,100,000
Fair value of asset retirement obligations		5,374,000
Operating revenues						117,200,000
Operating income						$ 20,600,000
Covey Park Acquisition \| Convertible Series A Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Temporary equity stock issued during period value new issues		$ 210,000,000
Interest rate on debt instrument						7.50%		7.50%			7.50%
Covey Park Acquisition \| Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares issued to shareholder \| shares		28,833,000
Share issue price \| $ / shares		$ 5.82
Covey Park Acquisition \| 7.5% Senior Notes
Operations And Summary Of Significant Accounting Policies [Line Items]
Debt assumed in merger		$ 625,000,000
Interest rate on debt instrument		7.50%
North Louisiana Property Acquisition \| Subsequent Event
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares issued as consideration \| shares	4,500,000
Business combination acquired properties produced natural gas \| MMcf	12
Business combination producing net acres \| a	3,000
Business combination drilling locations net \| Location	12.7
Bakken Shale Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Oil and gas property cost basis			397,600,000
Oil and gas property capitalized costs			554,300,000
Oil and gas property accumulated depletion, depreciation and amortization			$ 156,700,000
Goodwill Oil and Gas Property Valuation
Operations And Summary Of Significant Accounting Policies [Line Items]
Management's oil price outlook \| $ / bbl			79.72
Management's gas price outlook \| $ / Mcf			3.87
Annual minimum discount rate			10.00%
Annual maximum discount rate			25.00%
Oil and Gas Properties \| Covey Park Acquisition
Operations And Summary Of Significant Accounting Policies [Line Items]
Fair value of asset retirement obligations		$ 5,400,000
South Texas Asset Held for Sale
Operations And Summary Of Significant Accounting Policies [Line Items]
Loss on sale of oil and gas properties									$ 35,400,000			$ 35,400,000

Summary of Significant Accounting Policies - Summary of Allocation Fair Value of Assets Acquired and Liabilities Assumed After Giving Consideration For Final Purchase Accounting Adjustments Based on Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Aug. 14, 2018
Jones Contribution And Refinancing Plans [Abstract]
Fair Value of Comstock's Common Stock			$ 149,357
Fair Value of Liabilities Assumed –
Current Liabilities			180,452
Long-Term Debt			2,059,560
Deferred Income Taxes			49,391
Reserve for Future Abandonment Costs			4,440
Net Liabilities Assumed			2,293,843
Fair Value of Assets Acquired –
Current Assets			936,026
Oil and Gas Properties			1,147,749
Other Property & Equipment			4,440
Income Taxes Receivable			19,086
Other Assets			2
Total Assets			2,107,303
Goodwill	$ 335,897	$ 350,214	$ 335,897

Summary of Significant Accounting Policies - Summary of Preliminary Purchase Price Allocation of the Assets Acquired and Liabilities Assumed Based on their Fair Values (Details) - USD ($) $ in Thousands	Jul. 16, 2019	Aug. 14, 2018
Liabilities Assumed:
Deferred Income Taxes		$ 49,391
Net Liabilities Assumed		2,293,843
Assets Acquired:
Total Assets		$ 2,107,303
Covey Park Equity Owners
Consideration:
Cash Paid	$ 700,000
Total Consideration	1,067,808
Liabilities Assumed:
Accounts Payable and Accrued Liabilities	129,622
Derivative Financial Instruments	388
Other Current Liabilities	9,930
Long Term Debt	826,625
Covey Park Preferred Equity	153,390
Non-current Derivative Financial Instruments	186
Asset Retirement Obligations	5,374
Deferred Income Taxes	23,466
Other Non-current Liabilities	9,893
Net Liabilities Assumed	1,158,874
Total Consideration and Liabilities Assumed	2,226,682
Assets Acquired:
Cash and Cash Equivalents	6,131
Accounts Receivable	86,285
Current Derivative Financial Instruments	51,004
Other Current Assets	5,511
Proved Oil and Natural Gas Properties	1,818,413
Unproved Oil and Natural Gas Properties	237,210
Other Property, Plant and Equipment	2,262
Non-current Derivative Financial Instruments	19,866
Total Assets	2,226,682
Covey Park Equity Owners \| Series A 10% Convertible Preferred Stock
Consideration:
Fair Value of Stock Issued	200,000
Covey Park Equity Owners \| Common Stock
Consideration:
Fair Value of Stock Issued	$ 167,808

Summary of Significant Accounting Policies - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended						7 Months Ended	9 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Aug. 13, 2018	Sep. 30, 2019	Sep. 30, 2018
Total oil and gas sales	$ 32,588	$ 70,123	$ 224,444						$ 166,630	$ 479,441
Net income (loss)	$ (16,865)	$ 13,823	$ 6,791	$ 21,407	$ 13,575		$ (34,003)	$ (41,886)	$ (92,754)	$ 41,773
Net income per share:
Basic		$ 0.13	$ (0.01)							$ 0.26
Diluted		$ 0.13	$ (0.01)							$ 0.26
Pro Forma
Total oil and gas sales			$ 247,192			$ 293,266				$ 858,042	$ 790,653
Net income (loss)			$ 36,755			$ 54,242				$ 201,338	$ 92,037
Net income per share:
Basic			$ 0.15			$ 0.24				$ 0.93	$ 0.34
Diluted			$ 0.13			$ 0.19				$ 0.72	$ 0.33

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Summary of Significant Accounting Policies - Results of Operations for Properties (Detail)
$ in Thousands

7 Months Ended

Aug. 13, 2018

USD ($)

Disclosure Summary Of Significant Accounting Policies Results Of Operations For Properties Detail [Abstract]

Total oil and gas sales

$ 17,747

Total operating expenses

(6,134)

^[1]

Operating income

$ 11,613

[1]

Summary of Significant Accounting Policies - Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating Lease Right-of-Use Assets	$ 3,909	$ 3,909
Operating lease liabilities, short term	1,997	1,997
Operating lease liabilities, long term	$ 1,912	$ 1,912
Operating lease utilized discount rate	5.00%	5.00%
Prior advance notice period for cancellation of rig contracts		30 days
Cash payments for operating leases associated with right-of-use assets	$ 500	$ 1,500
Operating lease, weighted average remaining lease term	2 years 2 months 12 days	2 years 2 months 12 days
Operating lease, weighted average discount rate, percent	5.00%	5.00%
Expected future payments for contracted drilling services	$ 30,600	$ 30,600
Contract term related to drilling services		through April 2020
ASU 842
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating Lease Right-of-Use Assets			$ 5,200
Operating lease liabilities, short term			2,000
Operating lease liabilities, long term			$ 3,200

Summary of Significant Accounting Policies - Summary of Lease Cost Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 19,814	$ 41,012
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	411	1,234
Lease Operating Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	99	291
Short-term Drilling Rig Costs Included in Proved Oil and Gas Properties
Operations And Summary Of Significant Accounting Policies [Line Items]
Operating lease cost	$ 19,304	$ 39,487

Summary of Significant Accounting Policies - Summary of Liabilities Under Contract Contain Operating Leases (Detail) $ in Thousands	Sep. 30, 2019 USD ($)
Operating leases
October 1, 2019 to December 31, 2019	$ 1,997
2020	1,740
2021	390
Total lease payments	4,127
Imputed interest	(218)
Total lease liability	$ 3,909

Summary of Significant Accounting Policies - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accrued Liabilities, Current [Abstract]
Accrued drilling costs	$ 64,838	$ 17,920
Accrued interest payable	30,681	35,461
Accrued transportation costs	18,686	4,632
Accrued transaction costs	15,475
Accrued lease operating expenses	13,577	2,130
Accrued employee compensation	8,476	6,045
Other	4,023	1,898
Total accrued expenses	$ 155,756	$ 68,086

Summary of Significant Accounting Policies - Summary of Changes in Reserve for Future Abandonment Costs (Detail) - USD ($) $ in Thousands	2 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2018	Aug. 13, 2018	Sep. 30, 2019
Asset Retirement Obligations Noncurrent [Abstract]
Future abandonment costs — beginning of period	$ 4,683		$ 5,136
Wells acquired	45		5,374
New wells drilled	10		256
Accretion expense			369
Liabilities settled and assets disposed of			(40)
Future abandonment costs — end of period	4,738	$ 4,683	$ 11,095
Predecessor
Asset Retirement Obligations Noncurrent [Abstract]
Future abandonment costs — beginning of period	$ 10,683	10,407
Wells acquired		346
New wells drilled		17
Liabilities settled and assets disposed of		(87)
Future abandonment costs — end of period		$ 10,683

Summary of Significant Accounting Policies - Schedule of Derivative Contracts Volume and Prices (Detail)	Sep. 30, 2019 MMBTU bbl $ / bbl $ / MMBTU
Natural Gas Derivatives
Derivative [Line Items]
Volume \| MMBTU	172,820,630
Average price	2.83
Natural Gas Derivatives \| Swap Contracts for Q4
Derivative [Line Items]
Volume \| MMBTU	41,818,281
Average price	2.85
Natural Gas Derivatives \| Swap Contracts for 2021
Derivative [Line Items]
Volume \| MMBTU	20,908,140
Average price	2.87
Natural Gas Derivatives \| Swap Contracts for 2020
Derivative [Line Items]
Volume \| MMBTU	99,144,209
Average price	2.81
Natural Gas Derivatives \| Swap Contracts for 2022
Derivative [Line Items]
Volume \| MMBTU	10,950,000
Average price	2.81
Natural Gas 3-Way Collar Contracts, in MMBTU
Derivative [Line Items]
Volume \| MMBTU	39,390,000
Ceiling, Average price	3.02
Floor, Average price	2.69
Put, Average price	2.36
Natural Gas 3-Way Collar Contracts, in MMBTU \| Swap Contracts for Q4
Derivative [Line Items]
Volume \| MMBTU	12,880,000
Ceiling, Average price	3.08
Floor, Average price	2.79
Put, Average price	2.41
Natural Gas 3-Way Collar Contracts, in MMBTU \| Swap Contracts for 2020
Derivative [Line Items]
Volume \| MMBTU	26,510,000
Ceiling, Average price	2.99
Floor, Average price	2.65
Put, Average price	2.33
Natural Gas 2-Way Collar Contracts
Derivative [Line Items]
Volume \| MMBTU	26,266,000
Ceiling, Average price	3.48
Floor, Average price	2.44
Natural Gas 2-Way Collar Contracts \| Collar Contracts for Q4
Derivative [Line Items]
Volume \| MMBTU	9,916,000
Ceiling, Average price	3.52
Floor, Average price	2.39
Natural Gas 2-Way Collar Contracts \| Collar Contracts for 2020
Derivative [Line Items]
Volume \| MMBTU	16,350,000
Ceiling, Average price	3.46
Floor, Average price	2.47
Crude Oil Contracts, in Barrels
Derivative [Line Items]
Volume \| bbl	1,409,300
Ceiling, Average price \| $ / bbl	65.39
Floor, Average price \| $ / bbl	47.78
Crude Oil Contracts, in Barrels \| Collar Contracts for Q4
Derivative [Line Items]
Volume \| bbl	284,200
Ceiling, Average price \| $ / bbl	65.63
Floor, Average price \| $ / bbl	45.00
Crude Oil Contracts, in Barrels \| Collar Contracts for 2020
Derivative [Line Items]
Volume \| bbl	1,125,100
Ceiling, Average price \| $ / bbl	65.33
Floor, Average price \| $ / bbl	48.48

Summary of Significant Accounting Policies - Additional Information 2 (Detail) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Oct. 31, 2019 MMBTU_per_day $ / MMBTU	Aug. 13, 2018 USD ($) $ / shares shares	Sep. 30, 2018 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) MMBTU Unit $ / shares $ / EquityUnit shares	Aug. 13, 2018 USD ($) shares	Sep. 30, 2019 USD ($) MMBTU Unit Product $ / shares $ / EquityUnit shares	Dec. 31, 2018 USD ($) shares
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized			$ 329		$ 3,912	$ 2,359
Number of primary products \| Product						2
Contract cash settlement max days						25 days
Contract cancellable notice term						30 days
Accounts Receivable related to satisfied performance obligations and unconditional right to consideration				$ 97,750		$ 97,750	$ 87,611
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of shares, granted \| shares		100,226	422,545	789,044		874,661
Restricted stock grant date fair value		$ 900	$ 3,700	$ 4,300		$ 4,700
Grant date fair value per share \| $ / shares		$ 8.73	$ 8.70	$ 5.51		$ 5.40
Shares of unvested restricted stock outstanding \| shares		904,181		1,131,918	904,181	1,131,918	414,545
Weighted average grant date fair value of stock grants per share \| $ / shares				$ 6.15		$ 6.15
Unrecognized compensation cost related to unvested restricted stock				$ 6,500		$ 6,500
Period in which compensation cost expected to be recognized						2 years 4 months 24 days
Potential Performance Shares (PSU)
Operations And Summary Of Significant Accounting Policies [Line Items]
Period in which compensation cost expected to be recognized						2 years 6 months
Number of performance stock units ("PSUs") outstanding \| Unit				942,795		942,795
Weighted average grant date fair value of PSUs per unit \| $ / EquityUnit				9.60		9.60
Number of units, granted \| Unit				618,672		618,672
Grant date fair value per unit \| $ / EquityUnit				7.85		7.85
Minimum final number of shares of common stock issuable based on performance multiplier \| shares						0
Maximum final number of shares of common stock issuable based on performance multiplier \| shares						1,885,590
Unrecognized expense, performance share units						$ 7,300
General and Administrative Expense
Operations And Summary Of Significant Accounting Policies [Line Items]
Stock-based compensation expense recognized		$ 800	$ 300	$ 1,100	$ 3,900	$ 2,400
Basis Swap Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| MMBTU				53,030,000		53,030,000
Fair value of derivative contract				$ 3,200		$ 3,200
Derivative contract term						2022-12
Subsequent Event \| Natural Gas Swap Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| MMBTU_per_day	80,000
Weighted average price \| $ / MMBTU	2.54
Natural gas hedge position term year	2020
Natural gas hedge position extendable term year	2021
Subsequent Event \| Additional Natural Gas Swap Contracts
Operations And Summary Of Significant Accounting Policies [Line Items]
Volume \| MMBTU_per_day	20,000
Weighted average price \| $ / MMBTU	2.50
Natural gas hedge position term year	2020

Summary of Significant Accounting Policies - Schedule of Derivative Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Assets, Fair Value	$ 62,277	$ 15,401
Assets, Fair Value	21,983
Derivative Financial Instruments – current
Derivative [Line Items]
Assets, Fair Value	62,277	15,401
Derivative Financial Instruments – current \| Natural Gas Price Derivatives
Derivative [Line Items]
Assets, Fair Value	60,002	6,096
Derivative Financial Instruments – current \| Oil Price Derivatives
Derivative [Line Items]
Assets, Fair Value	2,275	$ 9,305
Derivative Financial Instruments – long-term
Derivative [Line Items]
Assets, Fair Value	21,983
Derivative Financial Instruments – long-term \| Natural Gas Price Derivatives
Derivative [Line Items]
Assets, Fair Value	21,118
Derivative Financial Instruments – long-term \| Oil Price Derivatives
Derivative [Line Items]
Assets, Fair Value	$ 865

Summary of Significant Accounting Policies - Schedule of Gains and Losses from Derivative Financial Instruments (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Aug. 13, 2018	Sep. 30, 2019
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ (83)	$ (2,015)	$ 24,858	$ 881	$ 31,945
Gain (Loss) from Derivative Financial Instruments
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(83)	(2,015)	24,858	881	31,945
Gain (Loss) from Derivative Financial Instruments \| Swap Contracts
Derivative [Line Items]
Gain (loss) from derivative financial instruments	(6)	(166)	19,398	1,267	29,856
Gain (Loss) from Derivative Financial Instruments \| Collar Contracts
Derivative [Line Items]
Gain (loss) from derivative financial instruments	$ (77)	$ (1,849)	$ 5,460	$ (386)	$ 2,089

Summary of Significant Accounting Policies - Consolidated Income Tax Provision (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Aug. 13, 2018	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Current - State	$ (22)	$ 57	$ 72	$ 13	$ (22)
Deferred - State	(309)	20	591	(1,360)	1,246
Deferred - Federal	936	3,863	3,184	2,412	13,959
Total	$ 605	$ 3,940	$ 3,847	$ 1,065	$ 15,183

Summary of Significant Accounting Policies - Additional Information 3 (Detail) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Aug. 13, 2018	Sep. 30, 2019	Dec. 31, 2017
Operations And Summary Of Significant Accounting Policies [Line Items]
Federal statutory rate	21.00%	21.00%	21.00%	21.00%	21.00%	35.00%
Operating losses carryforward indefinitely with no carryback as percentage of taxable income					80.00%
Interest expense threshold percentage of adjusted taxable income beyond which interest expense is deductible					30.00%
Refundable unused AMT credit carryforward, Percentage					50.00%
Refundable unused alternative minimum tax credit carryforward years					2018 through 2020
Unused AMT credit carryforwards			$ 10,200,000		$ 10,200,000
Refund of unused AMT credit carryforwards			10,200,000
Net operating loss limitation					$ 3,300,000
Period of increase in net operating loss limitation					5 years
Section 382 limitation recognition period					2018 to 2023
Net operating loss expiration period					20 years
Fair Value, Measurements, Recurring \| Level 3
Operations And Summary Of Significant Accounting Policies [Line Items]
Financial assets			0		$ 0
Financial liabilities			$ 0		$ 0

Summary of Significant Accounting Policies - Difference Between Federal Statutory Rate and Effective Tax Rate (Detail)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Aug. 13, 2018	Sep. 30, 2019	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Tax at statutory rate	21.00%	21.00%	21.00%	21.00%	21.00%	35.00%
Tax effect of:
State income taxes, net of federal benefit	4.50%	2.00%	(1.80%)	3.90%
Valuation allowance on deferred tax assets	(21.10%)	(0.60%)	4.50%	(24.10%)	2.30%
Transaction costs			8.60%		1.90%
Nondeductible stock-based compensation	(0.70%)	(0.20%)	1.20%	(0.70%)	1.50%
Other	(7.40%)		2.70%	(1.30%)
Effective tax rate	(3.70%)	22.20%	36.20%	(1.20%)	26.70%

Summary of Significant Accounting Policies - Summary of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative Financial Instruments	$ 62,277	$ 15,401
Bank Credit Facility
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	(1,265,000)	(450,000)
Long-term debt, Fair Value	(1,265,000)	(450,000)
Level 2 \| 7.50% Senior Notes due 2025 \| Long Term Debt
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	(450,703)
Long-term debt, Fair Value	(503,125)
Level 2 \| 9.75% Senior Notes due 2026 \| Long Term Debt
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Long-term debt, Carrying Value	(819,277)	(817,066)
Long-term debt, Fair Value	(709,750)	(720,375)
Commodity Swaps, Options and Basis Swaps \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Derivative Financial Instruments	84,260	15,401
Derivative financial asset, Fair value	$ 84,260	$ 15,401

Summary of Significant Accounting Policies - Summary of Carrying Amounts and Fair Values of Financial Instruments (Parenthetical) (Detail) - Long Term Debt	Sep. 30, 2019
7.50% Senior Notes due 2025
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate on debt instrument	7.50%
9.75% Senior Notes due 2026
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate on debt instrument	9.75%

Summary of Significant Accounting Policies - Additional Information 4 (Detail) - USD ($) $ / shares in Units, $ in Thousands		7 Months Ended	9 Months Ended
	Jul. 16, 2019	Aug. 13, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Operations And Summary Of Significant Accounting Policies [Line Items]
Performance multiplier, minimum			0.00%
Performance multiplier, maximum			200.00%
Participating securities that share in losses			0	0
Earliest conversion date for convertible preferred stock			Jul. 16, 2020
Preferred stock, conversion price per share	$ 4.00		$ 4.00
Total common shares if Convertible preferred stock is converted			96,250,000
Interest paid in-kind		$ 25,004
Debt assumed in merger			$ 446,625
7½% Senior Notes due 2025
Operations And Summary Of Significant Accounting Policies [Line Items]
Interest rate on debt instrument			7.50%
Covey Park Equity Owners \| 7½% Senior Notes due 2025
Operations And Summary Of Significant Accounting Policies [Line Items]
Debt assumed in merger	$ 625,000
Interest rate on debt instrument	7.50%
Series A Convertible Preferred Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of shares issued as non-cash consideration	210,000
Redemption value of shares	$ 210,000
Fair Value of Shares Issued	$ 200,000
Common Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Number of shares issued as non-cash consideration	28,800,000
Convertible Notes
Operations And Summary Of Significant Accounting Policies [Line Items]
Interest paid in-kind		$ 25,000
Restricted Stock
Operations And Summary Of Significant Accounting Policies [Line Items]
Shares of unvested restricted stock outstanding		904,181	1,131,918		414,545

Summary of Significant Accounting Policies - Basic and Diluted Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Aug. 13, 2018	Sep. 30, 2019
Earnings Per Share [Line Items]
Net income (loss) attributable to common stock	$ (16,865)	$ 13,823	$ (1,337)	$ (92,754)	$ 33,645
Income allocable to unvested restricted shares		(51)			(141)
Basic income (loss) attributable to common stock		13,772	(1,337)		33,504
Diluted income (loss) attributable to common stock		$ 13,772	$ (1,337)		$ 33,504
Basic income (loss) attributable to common stock, Shares	15,468	105,448	171,487	15,262	127,709
Dilutive effect of performance share units		15
Diluted income (loss) attributable to common stock, Shares	15,468	105,463	171,487	15,262	127,709
Basic income (loss) attributable to common stock, Per Share		$ 0.13	$ (0.01)		$ 0.26
Diluted income (loss) attributable to common stock, Per Share		$ 0.13	$ (0.01)		$ 0.26
Predecessor
Earnings Per Share [Line Items]
Net income (loss) attributable to common stock	$ (16,865)			$ (92,754)
Basic income (loss) attributable to common stock	(16,865)			(92,754)
Diluted income (loss) attributable to common stock	$ (16,865)			$ (92,754)
Basic income (loss) attributable to common stock, Shares	15,468			15,262
Diluted income (loss) attributable to common stock, Shares	15,468			15,262
Basic income (loss) attributable to common stock, Per Share	$ (1.09)			$ (6.08)
Diluted income (loss) attributable to common stock, Per Share	$ (1.09)			$ (6.08)

Summary of Significant Accounting Policies - Weighted Average Shares of Unvested Restricted Stock (Detail) - shares shares in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 13, 2018	Sep. 30, 2018	Sep. 30, 2019	Aug. 13, 2018	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Unvested restricted stock	813	396	758	839	539

Summary of Significant Accounting Policies - Common Stock and Convertible Stock Dilutive in Computation of Earning Per Share (Detail) shares in Thousands, EquityUnit in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 13, 2018 EquityUnit $ / shares shares	Sep. 30, 2018 EquityUnit $ / shares shares	Sep. 30, 2019 EquityUnit $ / shares	Aug. 13, 2018 EquityUnit $ / shares shares	Sep. 30, 2019 EquityUnit $ / shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average PSUs \| EquityUnit		315	862		513
Weighted average grant date fair value per unit		12.93	9.60		9.60
Weighted average warrants for common stock \| shares		15
Predecessor
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average PSUs \| EquityUnit	514			476
Weighted average grant date fair value per unit	13.83			13.83
Weighted average warrants for common stock \| shares	42			142
Weighted average contingently convertible shares \| shares	40,631			39,819
Warrants for Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average exercise price per share		$ 0.01
Warrants for Common Stock \| Predecessor
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average exercise price per share	$ 0.01			$ 0.01
Contingently Convertible Shares \| Predecessor
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average exercise price per share	$ 12.32			$ 12.32

Summary of Significant Accounting Policies - Supplementary Information of Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	2 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2018	Aug. 13, 2018	Sep. 30, 2019
Cash payments for:
Interest	$ 1,999		$ 110,820
Income taxes			2
Non-cash investing activities include:
Increase in accrued capital expenditures	$ 16,192		46,918
Non-cash investing activities related to the Covey Park Acquisition include:
Debt assumed in merger			446,625
Acquired working capital			41,624
Common Stock
Non-cash investing activities related to the Covey Park Acquisition include:
Issuance of stock			167,808
Predecessor
Cash payments for:
Interest		$ 36,187
Income taxes		2
Non-cash investing activities include:
Increase in accrued capital expenditures		$ 12,937
Series A 10% Convertible Preferred Stock
Non-cash investing activities related to the Covey Park Acquisition include:
Issuance of stock			$ 200,000

Long-Term Debt - Long-term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Aug. 03, 2018
Debt Instrument [Line Items]
Debt issuance costs, net of amortization	$ (26,906)
Long-term Debt	2,508,074	$ 1,244,363
Bank Credit Facility
Debt Instrument [Line Items]
Principal	1,265,000
7½% Senior Notes due 2025
Debt Instrument [Line Items]
Principal	625,000
Discount, net of amortization	(174,297)
9¾% Senior Notes due 2026
Debt Instrument [Line Items]
Principal	850,000		$ 850,000
Discount, net of amortization	$ (30,723)

Long-Term Debt - Long-term Debt (Parenthetical) (Detail)	Sep. 30, 2019	Aug. 03, 2018
7½% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate on debt instrument	7.50%
9¾% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate on debt instrument	9.75%	9.75%

Long-term Debt - Additional Information (Detail) - USD ($) $ in Thousands			6 Months Ended
	Jul. 16, 2019	Aug. 03, 2018	Jun. 30, 2019	Sep. 30, 2019
9¾% Senior Notes due 2026
Debt Instrument [Line Items]
Interest payment terms			payable on February 15 and August 15 at an annual rate of 9¾%
Maturity of senior notes		Aug. 15, 2026
Principal amount of notes issued		$ 850,000		$ 850,000
Proceeds of issued senior notes		$ 815,900
Interest rate on debt instrument		9.75%		9.75%
7½% Senior Notes due 2025
Debt Instrument [Line Items]
Principal amount of notes issued				$ 625,000
Interest rate on debt instrument				7.50%
7½% Senior Notes due 2025 \| Covey Park Equity Owners
Debt Instrument [Line Items]
Interest payment terms	payable on May 15 and November 15 at an annual rate of 7½%
Maturity of senior notes	May 15, 2025
Interest rate on debt instrument	7.50%
Debt assumed in merger	$ 625,000
Fair value of notes	$ 446,600

Long-Term Debt - Additional Information 1 (Detail) - Bank Credit Facility - USD ($) $ in Millions			3 Months Ended
	Jul. 16, 2019	Aug. 14, 2018	Dec. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Maturity of credit facility	Jul. 16, 2024
Bank credit facility	$ 1,575.0
Committed borrowing base	$ 1,500.0
Borrowings outstanding				$ 1,265.0
Scenario Forecast
Debt Instrument [Line Items]
Leverage ratio			400.00%
Current ratio			100.00%
Minimum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base		0.375%
Maximum
Debt Instrument [Line Items]
Commitment fee on unused borrowing base		0.50%
LIBOR \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		1.75%
LIBOR \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		2.75%
Base Rate \| Minimum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		0.75%
Base Rate \| Maximum
Debt Instrument [Line Items]
Spread rate for interest rate on credit facility		1.75%

Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Jul. 16, 2019	Sep. 30, 2019
Temporary Equity [Line Items]
Issuance of Series B Convertible Preferred Stock		$ 175,000
Preferred stock, conversion price per share	$ 4.00	$ 4.00
Series A 10% Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock issued/ sold	210,000
Face value of convertible preferred stock issued	$ 210,000
Fair value of convertible preferred stock issued	$ 200,000
Preferred stock, quarterly dividends rate		10.00%
Series B 10% Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock issued/ sold	175,000
Issuance of Series B Convertible Preferred Stock	$ 175,000
Preferred stock, quarterly dividends rate	10.00%	10.00%

Stockholders' Equity - Additional Information (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Jul. 16, 2019	Dec. 31, 2018
Equity [Abstract]
Authorized capital stock			405,000,000
Common stock, shares authorized		400,000,000	400,000,000	155,000,000
Common stock, par value		$ 0.50	$ 0.50	$ 0.50
Preferred stock, authorized capital stock		5,000,000	5,000,000
Preferred stock, par value			$ 10.00
Common stock warrants exercised, Shares	246,793

Related Party Transactions - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2019 USD ($) a Well	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Related Party Transactions
Payment received from affiliates		$ 12,100	$ 13,700
Wells to be drilled for affiliate \| Well	6
Accounts receivable from affiliates		$ 13,635	$ 13,635
Arkoma Drilling II, L.P \| Caddo Parish, Louisiana
Related Party Transactions
Sale of leases covering undeveloped net acres \| a	1,464
Payments for acreage acquisition	$ 5,900
Proceeds from sale of oil and gas leases to affiliates	$ 5,900