OIL AND NATURAL GAS PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of oil and natural gas properties

Oil and natural gas properties as of December 31, 2018 and 2017 consisted of the following (in thousands):


	December 31, 2018		December 31, 2017
Subject to depletion	$	1,470,509	$	877,316
Not subject to depletion:
Exploration and extension wells in progress		23,536		5,298
Other capital costs:
Incurred in 2018		310,113		—
Incurred in 2017		638,269		760,488
Incurred in 2016		—		—
Incurred in 2015 and prior		—		—
Total not subject to depletion		971,918		765,786
Gross oil and natural gas properties		2,442,427		1,643,102
Less accumulated depletion		(639,951)		(570,155)
Net oil and natural gas properties	$	1,802,476	$	1,072,947

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


	West Texas
	Intermediate		Henry Hub
	(per barrel) (1)		(per MMBtu) (1)
December 31, 2018	$	65.56	$	3.100
December 31, 2017		51.34		2.976
December 31, 2016		42.75		2.481

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