U.S. Energy (USEG) 10-K 26 Mar 24 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 29, 2024	Jun. 30, 2023
Document Information [Line Items]
Entity Central Index Key	0000101594
Entity Registrant Name	US ENERGY CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-06814
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0205516
Entity Address, Address Line One	1616 S. Voss Rd., Suite 725
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057
City Area Code	346
Local Phone Number	509-8734
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	USEG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 10,842,120
Entity Common Stock, Shares Outstanding		25,327,950
Auditor Name	Weaver and Tidwell, L.L.P.
Auditor Location	Houston, Texas
Auditor Firm ID	410

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and equivalents	$ 3,351	$ 4,411
Oil and natural gas sales receivables	2,336	3,193
Marketable equity securities	164	107
Commodity derivative asset - current	1,844	0
Other current assets	527	558
Real estate assets held for sale, net of selling costs	150	175
Total current assets	8,372	8,444
Oil and natural gas properties under full cost method:
Unevaluated properties	0	1,584
Evaluated properties	176,679	203,144
Less accumulated depreciation, depletion, amortization, and impairment	(106,504)	(96,725)
Net oil and natural gas properties	70,175	108,003
Other assets:
Property and equipment, net	899	651
Right of use asset	693	868
Other assets	305	354
Total other assets	1,897	1,873
Total assets	80,444	118,320
Current liabilities:
Accounts payable and accrued liabilities	4,064	4,329
Accrued compensation and benefits	702	1,111
Revenue and royalties payable	4,857	3,503
Commodity derivative liability - current	0	1,694
Asset retirement obligations - current	1,273	668
Current lease obligation	182	189
Total current liabilities	11,078	11,494
Noncurrent liabilities:
Credit facility	5,000	12,000
Asset retirement obligations - noncurrent	17,217	14,774
Long-term lease obligation, net of current portion	611	794
Deferred tax liability	16	898
Other noncurrent liabilities	0	6
Total noncurrent liabilities	22,844	28,472
Total liabilities	33,922	39,966
Commitments and contingencies (Note 9)
Shareholders’ equity:
Common stock, $0.01 par value; 245,000,000 authorized; 25,333,870 and 25,023,812 shares issued and outstanding as of December 31, 2023 and 2022, respectively	253	250
Additional paid-in capital	218,403	216,690
Accumulated deficit	(172,134)	(138,586)
Total shareholders’ equity	46,522	78,354
Total liabilities and shareholders’ equity	$ 80,444	$ 118,320

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	245,000,000	245,000,000
Common stock, issued (in shares)	25,333,870	25,023,812
Common stock, outstanding (in shares)	25,333,870	25,023,812

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 32,316	$ 44,552
Operating expenses:
Lease operating expenses	15,254	16,667
Gathering, transportation, and treating	557	573
Production taxes	2,107	3,010
Depreciation, depletion, accretion, and amortization	11,235	9,607
Impairment of oil and natural gas properties	26,680	0
General and administrative expenses	11,523	11,157
Total operating expenses	67,356	41,014
Operating income (loss)	(35,040)	3,538
Other income (expense):
Commodity derivative gain (loss), net	2,882	(5,682)
Interest (expense), net	(1,114)	(544)
Other income (expense), net	25	(168)
Total other income (expense)	1,793	(6,394)
Net income (loss) before income taxes	(33,247)	(2,856)
Income tax (expense) benefit	891	1,893
Net income (loss)	$ (32,356)	$ (963)
Basic and diluted weighted average shares outstanding (in shares)	25,322,382	24,668,219
Basic and diluted loss per share (in dollars per share)	$ (1.28)	$ (0.04)
Oil Sales[Member]
Revenue:
Total revenue	$ 28,352	$ 36,293
Natural Gas, Midstream [Member]
Revenue:
Total revenue	$ 3,964	$ 8,259

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Dec. 31, 2021	4,676,301
Balances at Dec. 31, 2021	$ 47	$ 149,276	$ (135,888)	$ 13,435
Shares issued for acquired properties (in shares)	19,905,736
Shares issued for acquired properties	$ 199	64,495	0	64,694
Issuance of shares upon vesting of restricted stock awards (in shares)	473,500
Issuance of shares upon vesting of restricted stock awards	$ 5	(5)	0	0
Shares withheld to settle tax withholding obligations for restricted stock awards (in shares)	(81,725)
Shares withheld to settle tax withholding obligations for restricted stock awards	$ (1)	(306)	0	(307)
Exercise of warrants (in shares)	50,000
Exercise of warrants	$ 0	213	0	213
Cash dividends	0	0	(1,735)	(1,735)
Stock-based compensation	0	3,017	0	3,017
Net loss	$ 0	0	(963)	(963)
Balances (in shares) at Dec. 31, 2022	25,023,812
Balances at Dec. 31, 2022	$ 250	216,690	(138,586)	78,354
Issuance of shares upon vesting of restricted stock awards (in shares)	708,198
Issuance of shares upon vesting of restricted stock awards	$ 7	(7)	0	0
Shares withheld to settle tax withholding obligations for restricted stock awards (in shares)	(62,140)
Shares withheld to settle tax withholding obligations for restricted stock awards	$ (1)	(150)	0	(151)
Cash dividends	0	0	(1,192)	(1,192)
Stock-based compensation	0	2,293	0	2,293
Net loss	$ 0	0	(32,356)	$ (32,356)
Share repurchases (in shares)	(336,000)			(336,000)
Share repurchases	$ (3)	(423)	0	$ (426)
Balances (in shares) at Dec. 31, 2023	25,333,870
Balances at Dec. 31, 2023	$ 253	$ 218,403	$ (172,134)	$ 46,522

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (32,356)	$ (963)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, accretion, and amortization	11,235	9,607
Impairment of oil and natural gas properties	26,680	0
Deferred income taxes	(882)	(1,921)
Total commodity derivatives (gains) losses, net	(2,882)	5,682
Commodity derivative settlements paid	(656)	(7,140)
(Gains) losses on marketable equity securities	(57)	83
Impairment and loss on real estate held for sale	25	75
Amortization of debt issuance costs	49	45
Stock-based compensation	2,293	3,017
Right of use asset amortization	175	205
Changes in operating assets and liabilities:
Oil and natural gas sales receivable	851	(2,261)
Other assets	687	150
Accounts payable accrued liabilities	(60)	1,414
Accrued compensation and benefits	(410)	(51)
Revenue and royalties payable	1,184	3,467
Payments on operating lease liability	(189)	(104)
Payments of asset retirement obligations	(215)	(407)
Net cash provided by (used in) operating activities	5,472	10,898
Cash flows from investing activities:
Acquisition of proved properties	0	(12,641)
Oil and natural gas capital expenditures	(3,379)	(6,208)
Property and equipment expenditures	(488)	(435)
Proceeds from sale of oil and natural gas properties, net	6,693	2,335
Net cash provided by (used in) investing activities:	2,826	(16,949)
Cash flows from financing activities:
Borrowings on credit facility	500	15,200
Payment of debt	(7,500)	(6,547)
Payment of fees for credit facility	0	(207)
Payments on insurance premium finance note	(647)	(559)
Exercise of warrant	0	195
Shares withheld to settle tax withholding obligations for restricted stock awards	151	307
Dividends paid	(1,192)	(1,735)
Repurchases of common stock	(368)	0
Net cash provided by (used in) financing activities	(9,358)	6,040
Net (decrease) increase in cash and equivalents	(1,060)	(11)
Cash and equivalents, beginning of year	4,411	4,422
Cash and equivalents, end of year	$ 3,351	$ 4,411

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	9B Other Information. Rule 10b5 1 December 31, 2023, none 16a 1 10b5 1 10b5 1
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 1 - Organization, Operatio

Note 1 - Organization, Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Organization and Operations U.S. Energy Corp. (collectively with its wholly-owned subsidiaries, Energy One LLC (“Energy One”) and New Horizon Resources LLC (“New Horizon Resources”), referred to as the “Company” in these Notes to Consolidated Financial Statements) was originally incorporated in the State of Wyoming on January 26, 1966. Effective August 3, 2022, August 3, 2022 ( 2022 June 21, 2022. The Reincorporation did not Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of oil and gas properties acquired, oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and natural gas properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; future prices of commodities used in the valuation of commodity derivative contracts; and the cost and timing of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable. Due to inherent uncertainties, including the future prices of oil and natural gas, these estimates could change in the near term and such changes could be material. Principles of Consolidation The accompanying financial statements have been prepared in conformity with GAAP and include the accounts of U.S. Energy Corp. and its wholly-owned subsidiaries Energy One and New Horizon Resources. U.S. Energy Corp. accounts for its share of oil and gas exploration and production activities, in which it has a direct working interest, by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the balance sheets, statements of operations, and statements of cash flows. All inter-company balances and transactions have been eliminated in consolidation. Industry Segment and Geographic Information The Company operates in the exploration and production segment of the oil and gas industry, onshore in the United States. The Company reports as a single industry segment. Our principal properties and operations are in the Rockies region (Montana, Wyoming and North Dakota), the Mid-Continent region (Oklahoma, Kansas and North and East Texas), and the West Texas, South Texas, and Gulf Coast region. Cash and Equivalents The Company considers all highly liquid investments with original maturities of three December 31, 2023 2022 Oil and Natural Gas Receivables The Company’s oil and natural gas sales receivables consist of receivables from purchasers of the Company’s operated oil, natural gas, and natural gas liquids (“NGLs”) sales. Generally, the Company’s oil and natural gas and natural gas liquids sales receivables from operated properties are collected within one one three not December 31, 2023 2022 not Concentration of Credit Risk The Company has exposure to credit risk in the event of nonpayment of oil and natural gas receivables by purchasers of the Company’s share of oil and natural gas production and its operated production. The following table presents the purchasers that accounted for 10% one Year Ended December 31, Purchaser 2023 2022 Purchaser A 24 % 21 % Purchaser B 20 % 19 % Marketable Equity Securities Marketable equity securities are reported at fair value based on end of period quoted prices. Changes in fair value are recorded in other income (expense), net on the Consolidated Statements of Operations at the end of each reporting period. Gains or losses from sales of marketable equity securities are recorded in other income (expense), net on the Consolidated Statements of Operations when the sale is completed. Oil and Natural Gas Properties The Company follows the full cost method of accounting for its oil and natural gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and natural gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities but does not Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability, or the cost center ceiling (the “Ceiling Test”). The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% first 12 not one Acquisitions The Company accounts for acquisitions as business combinations if the acquired assets meet the definition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar assets, the acquisition is not Divestitures For divestitures involving oil and gas assets included in the full cost pool, the Company evaluates if a given divestiture has a significant impact to either our reserves volumes or the full cost pool unit-of-production depletion rate. If a divestiture has a significant impact to reserves volumes or the full cost pool depletion rate, the Company will consider if recognizing gain or loss on the transaction is appropriate. If a divestiture does not no Other Property and Equipment Land classified as held for sale is carried at the estimated realizable value, less costs to sell. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one one not no Administrative assets are carried at cost. Depreciation of administrative assets is provided principally by the straight-line method over estimated useful lives as follows: Years Administrative assets: Computers and software 3 Office furniture and equipment 5 Autos and trucks 5 Other equipment 10 Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not may Leases The Company accounts for leases in accordance with Accounting Standards Codification (“ASC”) Topic 842, 842” 12 may Certain assumptions and judgements are made by the Company when evaluating a contract that meets the definition of a lease under Topic 842, one A ROU asset represents a lessee’s right to use an underlying asset for the lease term, while the associated lease liability represents the lessee’s obligations to make lease payments. At the commencement date a lease ROU asset and corresponding lease liability is recognized based on the present value of the future lease payments. The initial measurement excludes certain variable lease payments, such as payments that vary depending on actual usage. Please see “ Note 4 Derivative Financial Instruments The Company periodically enters into commodity derivative instruments to mitigate a portion of its exposure to oil price volatility for its expected future oil production. The Company does not not Revenue Recognition The Company derives revenue from the sale of produced oil, natural gas and NGLs. Revenue is recognized at the point in time when custody and title of the product transfers to the purchaser, which may The Company does not 606. not The Company reports revenue as its proportionate share of the gross amount received before taking into account transportation costs. Production taxes and gathering, transportation, and treating costs are reported separately on the Consolidated Statements of Operations. Asset Retirement Obligations The Company records the estimated fair value of restoration and reclamation liabilities related to its oil and natural gas properties as of the date that the liability is incurred. The Company reviews the liability each quarter and determines if a change in estimate is required, and accretion of the discounted liability is recorded based on the passage of time. The Company deducts any actual funds expended for restoration and reclamation during the quarter in which it occurs. Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair value of the award as of the grant date. The Company's policy is to compute the fair values of any options granted to employees using the Black-Scholes option pricing model unless the fair value is expected to be inconsequential. The Company recognizes the cost of the equity awards over the period during which an employee or director is required to provide services in exchange for the award, usually the vesting period. Forfeitures are recognized as they occur. Unvested shares of restricted stock grants are not Income Taxes The Company recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards. Additionally, the Company recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards, and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance for any tax benefits that, based on current circumstances. are considered more likely than not not December 31, 2023 2022 not not three December 31, 2023 The Company assesses its uncertain tax positions annually. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not Income (Loss) Per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, and unvested restricted stock. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of unvested restricted stock and in-the-money stock options. Recently Adopted Accounting Standards On January 1, 2023, 2016 13 326, one three not Reclassifications July 1, 2023, no The Company has historically included revenue and royalties payable within accounts payables and accrued liabilities on the Consolidated Balance Sheets. Effective December 31, 2023, no

Note 2 - Acquisitions and Dives

Note 2 - Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	2. January 2022 On January 5, 2022 ( three October 4, 2021, The Company accounted for the acquisition of the Acquired Assets as an asset acquisition. The purchase price for the Acquired Assets was (a) $125,000 in cash and 6,568,828 shares of our common stock, as to Lubbock; (b) $1,000,000 in cash, the assumption of $3.3 million of debt, and 6,790,524 shares of common stock, as well as the novation of certain hedges which had a mark to market loss of approximately $3.1 million as of the Closing Date, as to Banner; and (c) $125,000 in cash and 6,546,384 shares of common stock, as to Synergy. The aggregate purchase price under all the Purchase Agreements was $66.4 million, representing $1.25 million in cash, the value of 19,905,736 shares of our common stock on the Closing Date of $64.7 million and purchase price adjustments of $0.5 million. In addition, we assumed various liabilities, including the repayment of $3.3 million in debt, as well as a derivative liability from the novation of the hedges discussed above of $3.1 million, suspense accounts and asset retirement obligations. Amount (in thousands) Amounts incurred as of the closing date: Cash $ 1,250 Value of 19,905,736 64,694 Purchase price adjustments 487 Transaction costs 1,267 Total consideration paid 67,698 Debt assumed 3,347 Commodity derivative liabilities assumed 3,152 Suspense accounts assumed 1,276 Employee obligations assumed 100 Asset retirement obligations assumed 9,614 Deferred tax liabilities 2,819 Total liabilities assumed 20,308 Total consideration paid and liabilities assumed $ 88,006 Allocation to acquired assets: Proved oil and gas properties (1) 87,672 Vehicles 165 Deposit account 169 Total allocation to acquired assets $ 88,006 ( 1 Included in the above purchase price adjustments is settlement for oil in temporary storage in tank batteries at the leases of $1,286. The Company does not Liberty County, Texas Acquisition On May 3, 2022, April 1, 2022. 100% East Texas Acquisition On July 27, 2022, June 1, 2022. Amount (in thousands) Amounts incurred as of the closing date: Cash $ 11,875 Purchase price adjustments (1,048 ) Transaction costs 63 Total consideration paid 10,890 Suspense accounts assumed 380 Asset retirement obligations assumed 1,689 Total liabilities assumed 2,069 Total consideration paid and liabilities assumed $ 12,959 Allocation to acquired assets: Proved oil and gas properties (1) $ 12,959 ( 1 Included in the above purchase price adjustments is settlement for oil in temporary storage in tank batteries at the leases of $557. The Company does not Divestitures During the year ended December 31, 2023, not During the year ended December 31, 2022, January 5, 2022. not

Note 3 - Revenue From Contracts

Note 3 - Revenue From Contracts With Customers	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. The Company disaggregates its share of revenue from the sale of oil and natural gas and liquids by region. In 2023, 2023, 2022 2023 2022. 2023, no 2023 2022. The Company’s revenues in its Rockies, West Texas, South Texas, and Gulf Coast, and Mid-Continent regions are presented in the following table for the year ended December 31, 2023, December 31, 2022: Year Ended December 31, 2023 2022 (in thousands) Revenue: Rockies Oil $ 10,064 $ 14,318 Natural gas and liquids 326 1,138 Total 10,390 15,456 West Texas, South Texas, and Gulf Coast Oil 11,820 15,561 Natural gas and liquids 531 1,554 Total 12,351 17,115 Mid-Continent Oil 6,468 6,414 Natural gas and liquids 3,107 5,567 Total 9,575 11,981 Total revenue $ 32,316 $ 44,552 The Company's disaggregation of revenues from its share of revenue from the sale of oil and natural gas and liquids for the year ended December 31, 2022, Year Ended December 31, 2022 (in thousands) Revenue: Rockies Oil $ 14,318 Natural gas and liquids 1,138 Total 15,456 South Texas Oil 6,384 Natural gas and liquids 774 Total 7,158 West Texas Oil 5,408 Natural gas and liquids 331 Total 5,739 Gulf Coast Oil 3,769 Natural gas and liquids 449 Total 4,218 Mid-Continent Oil 6,414 Natural gas and liquids 5,567 Total 11,981 Total revenue $ 44,552

Note 4 - Leases

Note 4 - Leases	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	4. The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value under the following captions in the Consolidated Balance Sheets at December 31, 2023 2022 December 31, 2023 2022 (in thousands) Right of use asset Operating lease $ 693 $ 868 Lease liability Current lease obligation 182 189 Long-term lease obligation 611 794 $ 793 $ 983 The Company recognizes lease expense on a straight-line basis excluding short-term and variable lease payments, which are recognized as incurred. Short-term lease cost represents payments for office leases with original terms less than one March 2020, January 31, 2023. December 31, 2023 2022 December 31, 2023 2022 (in thousands) Operating lease cost $ 211 $ 246 Short-term lease cost 930 560 Sublease income - (71 ) Total lease costs $ 1,141 $ 735 The Houston office operating lease commenced in May 2022 seven twelve Short-term lease cost is associated with short-term lease agreements primarily related to compressors and field equipment rentals contracted for 12 The Company’s Houston and Denver office operating lease agreements did not As of December 31, 2023 2022 Weighted average lease term (years) 3.9 4.8 Weighted average discount rate 4.25 % 4.34 % Maturity of operating lease liabilities with terms of one December 31, 2023 December 31, 2023 (in thousands) 2024 $ 213 2025 218 2026 224 2027 210 Total future lease payments $ 865 Less: imputed interest (72 ) Total lease liability $ 793

Note 5 - Oil and Natural Gas Pr

Note 5 - Oil and Natural Gas Production Activities	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Oil and Gas Properties [Text Block]	5. Unevaluated Properties December 31, 2023 no Ceiling Test and Impairment The reserves used in the ceiling test incorporate assumptions regarding pricing and discount rates over which management has no December 31, 2023 one million For the year ended December 31, 2023, December 31, 2022. For the year ended December 31, 2022, not

Note 6 - Debt

Note 6 - Debt	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	6. On January 5, 2022, four one first July 26, 2022, July 27, 2022, Under the Credit Agreement, revolving loans may January 5, 2026, Interest charges recognized on the Credit Agreement, excluding debt issuance cost amortization, and the weighted average interest rates for the years ended December 31, 2023 2022 December 31, 2023 2022 (in thousands) Interest charges $ 1,054 $ 484 Weighted average interest rate 8.9 % 6.6 % The Credit Agreement contains various restrictive covenants and compliance requirements, which include: (i) maintenance of certain financial ratios, as defined in the Credit Agreement tested quarterly, that limit the Company’s ratio of total debt to EBITDAX (as defined in the Credit Agreement) to 3:1 1:1 no December 31, 2023 The amount outstanding on the Credit Agreement as of December 31, 2023 2022

Note 7 - Commodity Derivatices

Note 7 - Commodity Derivatices	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	7. The Company’s results of operations and cash flows are affected by changes in market prices for crude oil and natural gas. To manage a portion of its exposure to price volatility from producing crude oil and natural gas, the Company may not not On January 5, 2022, may The Company’s entry into and the obligations of the Company under the Master Agreement were required conditions to the January 2022 January 12, 2022, 2022 2023 September 12, 2023, December 31, 2023 fourth 2024 Fixed Price Swaps Weighted Quantity Average Commodity/ Index/ Maturity Period (Bbls) (1) Price NYMEX WTI Crude Oil 2024 Contracts: First quarter 2024 53,300 $ 84.07 Second quarter 2024 48,600 $ 81.76 Third quarter 2024 45,000 $ 79.80 Fourth quarter 2024 40,720 $ 78.15 Total 2024 187,620 $ 81.16 ( 1 “Bbl” refers to one 42 The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets by category: December 31, 2023 2022 (in thousands) Derivative assets: Current assets $ 1,844 $ - Total derivative assets $ 1,844 $ - Derivative liabilities: Current liabilities $ - $ 1,694 Total derivative liabilities $ - $ 1,694 As of December 31, 2023 Note 13. The following table summarizes the commodity components of the derivative settlement gain (loss) as well as the components of the net derivative loss line-item presentation in the accompanying Consolidated Statements of Operations: December 31, 2023 2022 (in thousands) Commodity derivative settlement gains (losses): Oil contracts $ (628 ) $ (6,277 ) Gas contracts (28 ) (863 ) Total derivative settlement gains (losses) $ (656 ) $ (7,140 ) Total net commodity derivative gains (losses): Oil contracts $ 2,822 $ (4,941 ) Gas contracts 60 (741 ) Total net commodity derivative gains (losses) $ 2,882 $ (5,682 )

Note 8 - Asset Retirement Oblig

Note 8 - Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	8. The Company has asset retirement obligations (“ARO”) associated with the future plugging and abandonment of proved properties. Initially, the fair value of a liability for an ARO is recorded in the period in which the ARO is incurred with a corresponding increase in the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depleted over the life of the related asset. If the liability is settled for an amount other than the recorded amount, an adjustment to the full-cost pool is recognized. The Company had no The Company recorded $9.6 million of ARO related to the assets acquired in the January 5, 2022 May 3, 2022 July 27, 2022 See Note 2 Acquisitions and Divestitures fourth 2023 Note 2 In the fair value calculation for the ARO there are numerous assumptions and judgments including the ultimate retirement cost, inflation factors, credit-adjusted risk-free discount rates, timing of retirement and changes in legal, regulatory, environmental, and political environments. To the extent future revisions to assumptions and judgments impact the present value of the existing ARO, a corresponding adjustment is made to the oil and natural gas property balance. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations for the years ended December 31, 2023 2022 Year Ended December 31, 2023 2022 (in thousands) Balance, beginning of year $ 15,442 $ 1,461 Acquired 11 11,811 Cost and life revisions 2,494 1,825 Plugged (215 ) (407 ) Sold (458 ) (189 ) Accretion 1,216 941 Balance, end of year $ 18,490 $ 15,442 Asset retirement obligations - current $ 1,273 $ 668 Asset retirement obligations - noncurrent 17,217 14,774 Balance, end of year $ 18,490 $ 15,442

Note 9 - Commitments, Contingen

Note 9 - Commitments, Contingencies, and Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Contingencies The Company is subject to litigation and claims arising in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. In the opinion of management, the anticipated results of any pending litigation and claims are not

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Equity [Text Block]	10. EQUITY At December 31, 2023 January 5, 2022, Stock Option Plans From time to time, the Company may ten For the years ended December 31, 2023 2022 December 31, 2023 December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 December 31, 2022 Shares Price (1) Shares Price (1) Stock options outstanding and exercisable 23,176 $ 38.92 28,122 $ 54.03 ( 1 Represents the weighted average price. The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2023 Options Outstanding Options Exercisable Exercise Price Remaining Weighted Average Number of Range Weighted Contractual Number of Exercise Shares Low High Average Term (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 3.8 16,500 $ 10.00 5,676 90.00 90.00 90.00 1.0 5,676 90.00 1,000 226.20 226.20 226.20 0.7 1,000 226.20 23,176 $ 7.20 $ 226.20 $ 38.92 3.0 23,176 $ 38.92 Restricted Stock The Company grants restricted stock under its incentive plan covering shares of common stock to employees and directors of the Company. The restricted stock awards are time-based awards and are amortized ratably over the requisite service period. Restricted stock vests ratably on each anniversary following the grant date provided the grantee is employed on the vesting date. Forfeitures of restricted stock awards are recognized as they occur. Restricted stock granted to employees, when vested, may not The following table presents the changes in non-vested, time-based restricted stock awards to all employees and directors for the year ended December 31, 2023 Weighted-Avg. Grant Date Fair Value Shares per Share Non-vested restricted stock at December 31, 2022 687,000 $ 3.79 Granted 936,434 $ 2.18 Vested (544,198 ) $ 3.30 Modifications (accelerated vesting) (164,000 ) $ 2.85 Forfeited (60,000 ) $ 2.30 Non-vested restricted stock at December 31, 2023 855,236 $ 2.63 The following table presents the stock compensation expense related to restricted stock grants for the years ended December 31, 2023 2022 Year Ended December 31, 2023 2022 (in thousands) Stock compensation expense $ 2,293 $ 3,017 Total compensation cost related to non-vested time-based awards not December 31, 2023 December 31, 2023 2022 Dividends On February 23, 2023 May 30, 2023, February 10, 2023 May 19, 2023, During the years ended December 31, 2023 2022 August 9, 2023, Share Repurchase Program On April 26, 2023, June 30, 2024, Under the stock repurchase program, shares are repurchased from time to time in the open market or through negotiated transactions at prevailing market prices, or by other means in accordance with federal securities laws. Repurchases are made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. The repurchase program is funded using the Company’s working capital. The repurchased shares are cancelled and therefore will not During the year ended December 31, 2023

Note 11 - Income Taxes

Note 11 - Income Taxes	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. The components of the income tax provision for the years ended December 31, 2023 2022 2023 2022 (in thousands) Current: Federal $ - $ - State (9 ) 28 Total current income tax $ (9 ) $ 28 Deferred: Federal $ (351 ) $ (1,765 ) State (531 ) (156 ) Total deferred income taxes $ (882 ) $ (1,921 ) Total income tax benefit $ (891 ) $ (1,893 ) Income tax benefit using the Company’s effective income tax rate differs from the U.S. federal statutory income tax rate due to the following: 2023 2022 (in thousands) Income tax benefit at federal statutory rate ( 21 $ (6,982 ) $ (600 ) State income tax benefit, net of federal benefit (541 ) (95 ) Prior year true up - (509 ) Compensation 224 187 Acquisition - 1,056 Other (284 ) - Change in valuation allowance 6,692 (1,932 ) Income tax benefit $ (891 ) $ (1,893 ) The components of deferred tax assets and liabilities as of December 31, 2023 2022 2023 2022 (in thousands) Deferred tax assets: Net operating loss carryover $ 9,012 $ 8,443 Property and equipment 1,244 - Percentage depletion and contribution carryovers 1,987 2,004 Deferred compensation liability 150 256 Asset retirement obligations 4,220 3,581 Stock-based compensation 428 439 Lease obligations 179 224 Derivatives - 390 Other 212 249 Total deferred tax assets 17,432 15,586 Deferred tax liabilities: Property and equipment - (6,107 ) Derivatives (421 ) - Lease assets (156 ) (198 ) Total deferred tax liabilities (577 ) (6,305 ) Net deferred tax assets 16,855 9,281 Less valuation allowance (16,871 ) (10,179 ) Net deferred tax liability $ (16 ) $ (898 ) As of December 31, 2023 January 5, 2022 382 IRC. Section 382 2017 December 31, 2023 The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than- not” December 31, 2023 2022 no The Company files income tax returns in U.S. federal and multiple state jurisdictions. The Company is subject to tax audits in these jurisdictions until the applicable statute of limitations expires. With certain exceptions, the Company is no 2020. 2019 December 31, 2023 2022 not December 31, 2023 2022

Note 12 - Income (Loss) Per Sha

Note 12 - Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	12. Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net income (loss) per common share is calculated by dividing adjusted net income (loss) by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and unvested shares of restricted common stock, which are measured using the treasury stock method. When the Company recognizes a net loss, as was the case for the years ended December 31, 2023 2022 not December 31, 2023 2022 not The following table sets forth the calculation of basic and diluted net income (loss) per share for the years ended December 31, 2023 2022 2023 2022 (in thousands except per share data) Net income (loss) attributable to common shareholders $ (32,356 ) $ (963 ) Basic weighted-average common shares outstanding 25,322 24,668 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 25,322 24,668 Basic net income (loss) per share $ (1.28 ) $ (0.04 ) Diluted net income (loss) per share $ (1.28 ) $ (0.04 ) For the years ended December 31, 2023 2022 2023 2022 (in thousands) Stock options 23 28 Unvested shares of restricted stock 855 687 Total 878 715

Note 13 - Fair Value Measuremen

Note 13 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	13. The Company’s fair value measurements are estimated pursuant to a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, giving highest priority to quoted prices in active markets (Level 1 3 may three may Level 1 Level 2 1 Level 3 no While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies used for complex financial instruments measured at fair value: Recurring Fair Value Measurements Commodity Derivative Instruments The Company measures the fair value of commodity derivative contracts using an income valuation technique based on the contract price of the underlying positions, crude oil and natural gas forward curves, discount rates, and Company or counterparty non-performance risk. The fixed-price swaps and collar derivative contracts are included in Level 2. December 31, 2023 As of December 31, 2023 Net Fair Value Quoted Prices in Significant Presented in the Active Markets for Significant Other Unobservable Consolidated Identical Assets Observable Inputs Inputs Total Effect of Balance (Level 1) (Level 2) (Level 3) Fair Value Netting Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 1,844 $ - $ 1,844 $ - $ 1,844 Net derivative instruments $ - $ 1,844 $ - $ 1,844 $ - $ 1,844 As of December 31, 2022 Net Fair Value Quoted Prices in Significant Presented in the Active Markets for Significant Other Unobservable Consolidated Identical Assets Observable Inputs Inputs Total Effect of Balance (Level 1) (Level 2) (Level 3) Fair Value Netting Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 488 $ - $ 488 $ (488 ) $ - Liabilities Current: Commodity derivatives $ - $ (2,182 ) $ - $ (2,182 ) $ 488 $ (1,694 ) Net derivative instruments $ - $ (1,694 ) $ - $ (1,694 ) $ - $ (1,694 ) Marketable Equity Securities Valuation Methodologies We measure the fair value of marketable equity securities based on quoted market prices obtained from independent pricing services. The Company has an investment in the marketable equity securities of Anfield Energy (“Anfield”), which it acquired as consideration for sales of certain mining operations. Anfield is traded in an active market under the trading symbol AEC:TSXV and has been classified as Level 1. December 31, 2023 2022 Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.06789 $ 0.04429 Fair value $ 164,375 $ 107,234 Credit Facility The Company’s credit facility approximates fair value because the interest rate is variable and reflective of market rates. Other Financial Instruments The carrying value of financial instruments included in current assets and current liabilities approximate fair value due to the short-term nature of those instruments. Nonrecurring Fair Value Measurements Asset Retirement Obligations The Company measures the fair value of asset retirement obligations as of the date a well is acquired, the date a well begins drilling, or the date the Company revises its ARO assumptions. The Company’s estimated asset retirement obligation is based on historical experience in plugging and abandoning wells, estimated economic lives, estimated plugging and abandonment costs and federal and state regulatory requirements, all unobservable inputs, and therefore, are designated as Level 3 Note 8. Other Assets and Liabilities The Company evaluates the fair value on a non-recurring basis for properties acquired in asset acquisitions using inputs that are not 3 January 2022 July 27, 2022, 1.75 The Company evaluates the fair value on a non-recurring basis of its Riverton, Wyoming real estate assets when circumstances indicate that the value has been impaired. At December 31, 2023 2022 3

Note 14 - Other Current Assets

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Other Current Assets, Accounts Payable, and Accrued Liabilities [Text Block]	14. Other Current Assets The following table presents the components of other current asset s s December 31, 2023 2022 (in thousands) Prepaid expense $ 88 $ 138 Joint interest billings receivable 265 332 Income tax receivable 135 50 Other 39 38 Total other current assets $ 527 $ 558 Accounts Payable and Accrued Liabilities The following table presents the components of accounts payable and accrued liabilities as of the dates indicated: December 31, 2023 2022 (in thousands) Accounts payable $ 1,944 $ 2,566 Operating expense accruals 1,335 1,378 Interest payable 247 - Production taxes payable 454 319 Insurance premium financing 62 54 Other 22 12 Total accounts payable and accrued expenses $ 4,064 $ 4,329

Note 15 - Supplemental Disclosu

Note 15 - Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	15. Year Ended December 31, 2023 2022 (in thousands) Cash paid for interest $ 806 $ 500 Investing activities: Change in capital expenditure accruals (277 ) 196 Change in accrual for acquisition costs - (546 ) Common stock issued for acquisition of properties - 64,694 Assumption of commodity derivative liability in acquisition of properties - 3,152 Assumption of debt in acquisition of properties - 3,347 Assumption of suspense accounts in acquisition of properties 169 1,826 Deferred tax liability from acquisition - 2,819 Addition of operating lease liability and right of use asset - 953 Asset retirement obligations (acquired, revisions, sold, and plugged wells) 1,831 13,040 Other 6 - Financing activities: Accrual for repurchase of common stock 58 - Financing of insurance premiums with note payable 654 588

Note 16 - Subsequent Events

Note 16 - Subsequent Events	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	16. Expected Write-Down of Oil and Gas Properties Under the full-cost method of accounting, the net book value of proved oil and gas properties, less related deferred income taxes, may not first 12 10 We expect to record a write-down of our oil and gas properties in the first 2024 first 2023 first 2024 first 2024. Share Grants and Repurchases On March 19, 2024, two three 2022 On March 19, 2024, April 26, 2023, June 30, 2024. June 30, 2025, March 26, 2024

Note 17 - Supplemental Oil and

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited)	12 Months Ended
	Dec. 31, 2023
Notes to Financial Statements
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	17. Capitalized Costs Incurred The capitalized costs incurred in crude oil and natural gas acquisitions, exploration and development activities for the years ended December 31, 2023 2022 2023 2022 (in thousands) Proved property acquisition $ - $ 102,223 Development (1) 5,149 7,808 Exploration - - Total $ 5,149 $ 110,031 ( 1 Includes amounts related to estimated asset retirement obligations of $3.1 million and $2.1 million for the years ended December 31, 2023 2022 Net Capitalized Costs The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2023 2022 2023 2022 (in thousands) Oil and Natural Gas Properties: Unevaluated properties (1) Unproved leasehold costs $ - $ 1,584 Evaluated properties in full cost pool 176,679 203,144 Less accumulated depletion and ceiling test impairment (2) (3) (106,504 ) (96,725 ) Net capitalized costs $ 70,175 $ 108,003 ( 1 Unevaluated oil and natural gas properties consist of leasehold costs that are excluded from the depletion, depreciation and amortization calculation and the ceiling test until a determination about the existence of proved reserves can be completed. Unevaluated oil and natural gas properties consisted of unproved lease acquisition costs and costs paid to evaluate potential acquisition prospects of $1.6 million at December 31, 2022. 2023, no ( 2 The Company incurred ceiling test write-downs of $26.7 million and $0 for the years ended December 31, 2023 2022 may not first 12 10 ( 3 Depletion expense was $9.8 million ($15.66 per BOE) and $8.5 million ($13.75 per BOE) for the years ended December 31, 2023 2022 Results of Operations from oil and natural gas producing activities The following table includes revenues and expenses associated with the Company’s oil and gas producing activities. It does not not December 31, 2023 2022 2023 2022 (in thousands) Oil and natural gas sales $ 32,316 $ 44,552 Lease operating expense (15,254 ) (16,667 ) Gathering, treating, and transportation costs (557 ) (573 ) Production taxes (2,107 ) (3,010 ) Depletion (9,779 ) (8,530 ) Income tax benefit 891 1,893 Results of operations from oil and natural gas producing activities $ 5,510 $ 17,665 Oil and Natural Gas Reserves (Unaudited) Proved reserves are estimated quantities of oil, NGLs and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Oil and natural gas prices used are the average price during the 12 first Proved oil and natural gas reserve quantities at December 31, 2023 2022 As of December 31, 2023 2022 no The Company’s estimated quantities of proved oil and natural gas reserves and changes in net proved reserves are summarized below for the years ended December 31, 2023 2022 2023 2022 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 5,140,090 16,348,264 1,021,620 1,938,048 Revisions of previous estimates (822,786 ) (3,421,047 ) (153,434 ) 4,066,007 Discoveries and extensions - - - - Purchases of minerals in place - - 4,777,193 11,753,283 Sale of minerals in place (742,798 ) (1,448,181 ) (108,833 ) (64,338 ) Production (391,645 ) (1,396,650 ) (396,456 ) (1,344,736 ) Reserve quantities, end of year 3,182,861 10,082,386 5,140,090 16,348,264 ( 1 Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 Notable changes in proved reserves for the years ended December 31, 2023 2022 ● Downward oil and gas revisions in 2023 ● Sales of minerals in place in 2023 2023. Note 2 ● Downward oil revisions in 2022 January 2022 ● Upward gas revisions in 2022 July 2022 ● Purchases of minerals in place in 2022 three Note 2 Standardized Measure (Unaudited) The Company computes a standardized measure of future net cash flows and changes therein relating to estimated proved reserves in accordance with authoritative accounting guidance. The assumptions used to compute the standardized measure are those prescribed by the FASB and the SEC. These assumptions do not Future cash inflows and production and development costs are determined by applying prices and costs, including transportation, quality, and basis differentials, to the year-end estimated future reserve quantities. The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure: 2023 2022 Oil per Bbl $ 78.22 $ 93.67 Gas per Mmbtu $ 2.64 $ 6.36 Future operating costs are determined based on estimates of expenditures to be incurred in developing and producing the proved reserves in place at the end of the period using year-end costs and assuming continuation of existing economic conditions. Estimated future income taxes are computed using the current statutory income tax rates, including consideration for estimated future statutory depletion. The resulting future net cash flows are reduced to present value amounts by applying a 10% annual discount factor. The standardized measure of discounted future net cash flows relating to the Company’s proved oil and natural gas reserves is as follows as of December 31, 2023 2022 2023 2022 (in thousands) Future cash inflows $ 265,529 $ 562,545 Future cash outflows: Production costs (142,737 ) (227,365 ) Development costs (37,730 ) (12,716 ) Income taxes (3,940 ) (48,833 ) Future net cash flows 81,122 273,631 10% annual discount factor (20,840 ) (129,843 ) Standardized measure of discounted future net cash flows $ 60,282 $ 143,788 Changes in Standardized Measure (Unaudited) The changes in the standardized measure of future net cash flows relating to proved oil and natural gas reserves for the years ended December 31, 2023 2022 2023 2022 (in thousands) Standardized measure, beginning of year $ 143,788 $ 19,167 Sales of oil and natural gas, net of production costs (14,398 ) (24,302 ) Net changes in prices and production costs (66,494 ) 52,053 Changes in estimated future development costs (4,834 ) (2,860 ) Extensions and discoveries - - Purchases of minerals in place - 116,673 Sale of minerals in place (16,055 ) (1,606 ) Revisions in previous quantity estimates (22,724 ) 12,662 Previously estimated development costs incurred 215 - Net changes in income taxes 25,874 (27,021 ) Accretion of discount 14,759 10,170 Changes in timing and other 151 (11,148 ) Standardized measure, end of year $ 60,282 $ 143,788

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the fair value of oil and gas properties acquired, oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and natural gas properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; future prices of commodities used in the valuation of commodity derivative contracts; and the cost and timing of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable. Due to inherent uncertainties, including the future prices of oil and natural gas, these estimates could change in the near term and such changes could be material.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The accompanying financial statements have been prepared in conformity with GAAP and include the accounts of U.S. Energy Corp. and its wholly-owned subsidiaries Energy One and New Horizon Resources. U.S. Energy Corp. accounts for its share of oil and gas exploration and production activities, in which it has a direct working interest, by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the balance sheets, statements of operations, and statements of cash flows. All inter-company balances and transactions have been eliminated in consolidation.
Segment Reporting, Policy [Policy Text Block]	Industry Segment and Geographic Information The Company operates in the exploration and production segment of the oil and gas industry, onshore in the United States. The Company reports as a single industry segment. Our principal properties and operations are in the Rockies region (Montana, Wyoming and North Dakota), the Mid-Continent region (Oklahoma, Kansas and North and East Texas), and the West Texas, South Texas, and Gulf Coast region.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Equivalents The Company considers all highly liquid investments with original maturities of three December 31, 2023 2022
Receivable [Policy Text Block]	Oil and Natural Gas Receivables The Company’s oil and natural gas sales receivables consist of receivables from purchasers of the Company’s operated oil, natural gas, and natural gas liquids (“NGLs”) sales. Generally, the Company’s oil and natural gas and natural gas liquids sales receivables from operated properties are collected within one one three not December 31, 2023 2022 not
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company has exposure to credit risk in the event of nonpayment of oil and natural gas receivables by purchasers of the Company’s share of oil and natural gas production and its operated production. The following table presents the purchasers that accounted for 10% one Year Ended December 31, Purchaser 2023 2022 Purchaser A 24 % 21 % Purchaser B 20 % 19 %
Marketable Securities, Policy [Policy Text Block]	Marketable Equity Securities Marketable equity securities are reported at fair value based on end of period quoted prices. Changes in fair value are recorded in other income (expense), net on the Consolidated Statements of Operations at the end of each reporting period. Gains or losses from sales of marketable equity securities are recorded in other income (expense), net on the Consolidated Statements of Operations when the sale is completed.
Oil and Gas Properties Policy [Policy Text Block]	Oil and Natural Gas Properties The Company follows the full cost method of accounting for its oil and natural gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and natural gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities but does not Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability, or the cost center ceiling (the “Ceiling Test”). The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% first 12 not one
Business Combinations Policy [Policy Text Block]	Acquisitions The Company accounts for acquisitions as business combinations if the acquired assets meet the definition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar assets, the acquisition is not
Discontinued Operations, Policy [Policy Text Block]	Divestitures For divestitures involving oil and gas assets included in the full cost pool, the Company evaluates if a given divestiture has a significant impact to either our reserves volumes or the full cost pool unit-of-production depletion rate. If a divestiture has a significant impact to reserves volumes or the full cost pool depletion rate, the Company will consider if recognizing gain or loss on the transaction is appropriate. If a divestiture does not no
Property, Plant and Equipment, Policy [Policy Text Block]	Other Property and Equipment Land classified as held for sale is carried at the estimated realizable value, less costs to sell. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one one not no Administrative assets are carried at cost. Depreciation of administrative assets is provided principally by the straight-line method over estimated useful lives as follows: Years Administrative assets: Computers and software 3 Office furniture and equipment 5 Autos and trucks 5 Other equipment 10
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not may
Lessee, Leases [Policy Text Block]	Leases The Company accounts for leases in accordance with Accounting Standards Codification (“ASC”) Topic 842, 842” 12 may Certain assumptions and judgements are made by the Company when evaluating a contract that meets the definition of a lease under Topic 842, one A ROU asset represents a lessee’s right to use an underlying asset for the lease term, while the associated lease liability represents the lessee’s obligations to make lease payments. At the commencement date a lease ROU asset and corresponding lease liability is recognized based on the present value of the future lease payments. The initial measurement excludes certain variable lease payments, such as payments that vary depending on actual usage. Please see “ Note 4
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments The Company periodically enters into commodity derivative instruments to mitigate a portion of its exposure to oil price volatility for its expected future oil production. The Company does not not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition The Company derives revenue from the sale of produced oil, natural gas and NGLs. Revenue is recognized at the point in time when custody and title of the product transfers to the purchaser, which may The Company does not 606. not The Company reports revenue as its proportionate share of the gross amount received before taking into account transportation costs. Production taxes and gathering, transportation, and treating costs are reported separately on the Consolidated Statements of Operations.
Asset Retirement Obligation [Policy Text Block]	Asset Retirement Obligations The Company records the estimated fair value of restoration and reclamation liabilities related to its oil and natural gas properties as of the date that the liability is incurred. The Company reviews the liability each quarter and determines if a change in estimate is required, and accretion of the discounted liability is recorded based on the passage of time. The Company deducts any actual funds expended for restoration and reclamation during the quarter in which it occurs.
Compensation Related Costs, Policy [Policy Text Block]	Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair value of the award as of the grant date. The Company's policy is to compute the fair values of any options granted to employees using the Black-Scholes option pricing model unless the fair value is expected to be inconsequential. The Company recognizes the cost of the equity awards over the period during which an employee or director is required to provide services in exchange for the award, usually the vesting period. Forfeitures are recognized as they occur. Unvested shares of restricted stock grants are not
Income Tax, Policy [Policy Text Block]	Income Taxes The Company recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards. Additionally, the Company recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards, and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance for any tax benefits that, based on current circumstances. are considered more likely than not not December 31, 2023 2022 not not three December 31, 2023 The Company assesses its uncertain tax positions annually. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not
Earnings Per Share, Policy [Policy Text Block]	Income (Loss) Per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, and unvested restricted stock. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of unvested restricted stock and in-the-money stock options.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards On January 1, 2023, 2016 13 326, one three not
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications July 1, 2023, no The Company has historically included revenue and royalties payable within accounts payables and accrued liabilities on the Consolidated Balance Sheets. Effective December 31, 2023, no

Note 1 - Organization, Operat_2

Note 1 - Organization, Operations and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Year Ended December 31, Purchaser 2023 2022 Purchaser A 24 % 21 % Purchaser B 20 % 19 %
Schedule of Property and Equipment, Useful Life [Table Text Block]	Years Administrative assets: Computers and software 3 Office furniture and equipment 5 Autos and trucks 5 Other equipment 10

Note 2 - Acquisitions and Div_2

Note 2 - Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Asset Acquisition [Table Text Block]	Amount (in thousands) Amounts incurred as of the closing date: Cash $ 1,250 Value of 19,905,736 64,694 Purchase price adjustments 487 Transaction costs 1,267 Total consideration paid 67,698 Debt assumed 3,347 Commodity derivative liabilities assumed 3,152 Suspense accounts assumed 1,276 Employee obligations assumed 100 Asset retirement obligations assumed 9,614 Deferred tax liabilities 2,819 Total liabilities assumed 20,308 Total consideration paid and liabilities assumed $ 88,006 Allocation to acquired assets: Proved oil and gas properties (1) 87,672 Vehicles 165 Deposit account 169 Total allocation to acquired assets $ 88,006 Amount (in thousands) Amounts incurred as of the closing date: Cash $ 11,875 Purchase price adjustments (1,048 ) Transaction costs 63 Total consideration paid 10,890 Suspense accounts assumed 380 Asset retirement obligations assumed 1,689 Total liabilities assumed 2,069 Total consideration paid and liabilities assumed $ 12,959 Allocation to acquired assets: Proved oil and gas properties (1) $ 12,959

Note 3 - Revenue From Contrac_2

Note 3 - Revenue From Contracts With Customers (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Year Ended December 31, 2023 2022 (in thousands) Revenue: Rockies Oil $ 10,064 $ 14,318 Natural gas and liquids 326 1,138 Total 10,390 15,456 West Texas, South Texas, and Gulf Coast Oil 11,820 15,561 Natural gas and liquids 531 1,554 Total 12,351 17,115 Mid-Continent Oil 6,468 6,414 Natural gas and liquids 3,107 5,567 Total 9,575 11,981 Total revenue $ 32,316 $ 44,552 Year Ended December 31, 2022 (in thousands) Revenue: Rockies Oil $ 14,318 Natural gas and liquids 1,138 Total 15,456 South Texas Oil 6,384 Natural gas and liquids 774 Total 7,158 West Texas Oil 5,408 Natural gas and liquids 331 Total 5,739 Gulf Coast Oil 3,769 Natural gas and liquids 449 Total 4,218 Mid-Continent Oil 6,414 Natural gas and liquids 5,567 Total 11,981 Total revenue $ 44,552

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Lease, Cost [Table Text Block]	December 31, 2023 2022 (in thousands) Right of use asset Operating lease $ 693 $ 868 Lease liability Current lease obligation 182 189 Long-term lease obligation 611 794 $ 793 $ 983 December 31, 2023 2022 (in thousands) Operating lease cost $ 211 $ 246 Short-term lease cost 930 560 Sublease income - (71 ) Total lease costs $ 1,141 $ 735 As of December 31, 2023 2022 Weighted average lease term (years) 3.9 4.8 Weighted average discount rate 4.25 % 4.34 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	December 31, 2023 (in thousands) 2024 $ 213 2025 218 2026 224 2027 210 Total future lease payments $ 865 Less: imputed interest (72 ) Total lease liability $ 793

Note 6 - Debt (Tables)

Note 6 - Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Debt [Table Text Block]	December 31, 2023 2022 (in thousands) Interest charges $ 1,054 $ 484 Weighted average interest rate 8.9 % 6.6 %

Note 7 - Commodity Derivatices

Note 7 - Commodity Derivatices (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Fixed Price Swaps Weighted Quantity Average Commodity/ Index/ Maturity Period (Bbls) (1) Price NYMEX WTI Crude Oil 2024 Contracts: First quarter 2024 53,300 $ 84.07 Second quarter 2024 48,600 $ 81.76 Third quarter 2024 45,000 $ 79.80 Fourth quarter 2024 40,720 $ 78.15 Total 2024 187,620 $ 81.16
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	December 31, 2023 2022 (in thousands) Derivative assets: Current assets $ 1,844 $ - Total derivative assets $ 1,844 $ - Derivative liabilities: Current liabilities $ - $ 1,694 Total derivative liabilities $ - $ 1,694
Derivative Instruments, Gain (Loss) [Table Text Block]	December 31, 2023 2022 (in thousands) Commodity derivative settlement gains (losses): Oil contracts $ (628 ) $ (6,277 ) Gas contracts (28 ) (863 ) Total derivative settlement gains (losses) $ (656 ) $ (7,140 ) Total net commodity derivative gains (losses): Oil contracts $ 2,822 $ (4,941 ) Gas contracts 60 (741 ) Total net commodity derivative gains (losses) $ 2,882 $ (5,682 )

Note 8 - Asset Retirement Obl_2

Note 8 - Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Asset Retirement Obligations [Table Text Block]	Year Ended December 31, 2023 2022 (in thousands) Balance, beginning of year $ 15,442 $ 1,461 Acquired 11 11,811 Cost and life revisions 2,494 1,825 Plugged (215 ) (407 ) Sold (458 ) (189 ) Accretion 1,216 941 Balance, end of year $ 18,490 $ 15,442 Asset retirement obligations - current $ 1,273 $ 668 Asset retirement obligations - noncurrent 17,217 14,774 Balance, end of year $ 18,490 $ 15,442

Note 10 - Shareholders' Equity

Note 10 - Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	December 31, 2023 December 31, 2022 Shares Price (1) Shares Price (1) Stock options outstanding and exercisable 23,176 $ 38.92 28,122 $ 54.03
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Options Outstanding Options Exercisable Exercise Price Remaining Weighted Average Number of Range Weighted Contractual Number of Exercise Shares Low High Average Term (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 3.8 16,500 $ 10.00 5,676 90.00 90.00 90.00 1.0 5,676 90.00 1,000 226.20 226.20 226.20 0.7 1,000 226.20 23,176 $ 7.20 $ 226.20 $ 38.92 3.0 23,176 $ 38.92
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Weighted-Avg. Grant Date Fair Value Shares per Share Non-vested restricted stock at December 31, 2022 687,000 $ 3.79 Granted 936,434 $ 2.18 Vested (544,198 ) $ 3.30 Modifications (accelerated vesting) (164,000 ) $ 2.85 Forfeited (60,000 ) $ 2.30 Non-vested restricted stock at December 31, 2023 855,236 $ 2.63
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Year Ended December 31, 2023 2022 (in thousands) Stock compensation expense $ 2,293 $ 3,017

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2023 2022 (in thousands) Current: Federal $ - $ - State (9 ) 28 Total current income tax $ (9 ) $ 28 Deferred: Federal $ (351 ) $ (1,765 ) State (531 ) (156 ) Total deferred income taxes $ (882 ) $ (1,921 ) Total income tax benefit $ (891 ) $ (1,893 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2023 2022 (in thousands) Income tax benefit at federal statutory rate ( 21 $ (6,982 ) $ (600 ) State income tax benefit, net of federal benefit (541 ) (95 ) Prior year true up - (509 ) Compensation 224 187 Acquisition - 1,056 Other (284 ) - Change in valuation allowance 6,692 (1,932 ) Income tax benefit $ (891 ) $ (1,893 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2023 2022 (in thousands) Deferred tax assets: Net operating loss carryover $ 9,012 $ 8,443 Property and equipment 1,244 - Percentage depletion and contribution carryovers 1,987 2,004 Deferred compensation liability 150 256 Asset retirement obligations 4,220 3,581 Stock-based compensation 428 439 Lease obligations 179 224 Derivatives - 390 Other 212 249 Total deferred tax assets 17,432 15,586 Deferred tax liabilities: Property and equipment - (6,107 ) Derivatives (421 ) - Lease assets (156 ) (198 ) Total deferred tax liabilities (577 ) (6,305 ) Net deferred tax assets 16,855 9,281 Less valuation allowance (16,871 ) (10,179 ) Net deferred tax liability $ (16 ) $ (898 )

Note 12 - Income (Loss) Per S_2

Note 12 - Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	2023 2022 (in thousands except per share data) Net income (loss) attributable to common shareholders $ (32,356 ) $ (963 ) Basic weighted-average common shares outstanding 25,322 24,668 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 25,322 24,668 Basic net income (loss) per share $ (1.28 ) $ (0.04 ) Diluted net income (loss) per share $ (1.28 ) $ (0.04 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	2023 2022 (in thousands) Stock options 23 28 Unvested shares of restricted stock 855 687 Total 878 715

Note 13 - Fair Value Measurem_2

Note 13 - Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of December 31, 2023 Net Fair Value Quoted Prices in Significant Presented in the Active Markets for Significant Other Unobservable Consolidated Identical Assets Observable Inputs Inputs Total Effect of Balance (Level 1) (Level 2) (Level 3) Fair Value Netting Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 1,844 $ - $ 1,844 $ - $ 1,844 Net derivative instruments $ - $ 1,844 $ - $ 1,844 $ - $ 1,844 As of December 31, 2022 Net Fair Value Quoted Prices in Significant Presented in the Active Markets for Significant Other Unobservable Consolidated Identical Assets Observable Inputs Inputs Total Effect of Balance (Level 1) (Level 2) (Level 3) Fair Value Netting Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 488 $ - $ 488 $ (488 ) $ - Liabilities Current: Commodity derivatives $ - $ (2,182 ) $ - $ (2,182 ) $ 488 $ (1,694 ) Net derivative instruments $ - $ (1,694 ) $ - $ (1,694 ) $ - $ (1,694 )
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	December 31, 2023 2022 Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.06789 $ 0.04429 Fair value $ 164,375 $ 107,234

Note 14 - Other Current Asset_2

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Other Current Assets [Table Text Block]	December 31, 2023 2022 (in thousands) Prepaid expense $ 88 $ 138 Joint interest billings receivable 265 332 Income tax receivable 135 50 Other 39 38 Total other current assets $ 527 $ 558
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	December 31, 2023 2022 (in thousands) Accounts payable $ 1,944 $ 2,566 Operating expense accruals 1,335 1,378 Interest payable 247 - Production taxes payable 454 319 Insurance premium financing 62 54 Other 22 12 Total accounts payable and accrued expenses $ 4,064 $ 4,329

Note 15 - Supplemental Disclo_2

Note 15 - Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Year Ended December 31, 2023 2022 (in thousands) Cash paid for interest $ 806 $ 500 Investing activities: Change in capital expenditure accruals (277 ) 196 Change in accrual for acquisition costs - (546 ) Common stock issued for acquisition of properties - 64,694 Assumption of commodity derivative liability in acquisition of properties - 3,152 Assumption of debt in acquisition of properties - 3,347 Assumption of suspense accounts in acquisition of properties 169 1,826 Deferred tax liability from acquisition - 2,819 Addition of operating lease liability and right of use asset - 953 Asset retirement obligations (acquired, revisions, sold, and plugged wells) 1,831 13,040 Other 6 - Financing activities: Accrual for repurchase of common stock 58 - Financing of insurance premiums with note payable 654 588

Note 17 - Supplemental Oil an_2

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Tables
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	2023 2022 (in thousands) Proved property acquisition $ - $ 102,223 Development (1) 5,149 7,808 Exploration - - Total $ 5,149 $ 110,031
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]	2023 2022 (in thousands) Oil and Natural Gas Properties: Unevaluated properties (1) Unproved leasehold costs $ - $ 1,584 Evaluated properties in full cost pool 176,679 203,144 Less accumulated depletion and ceiling test impairment (2) (3) (106,504 ) (96,725 ) Net capitalized costs $ 70,175 $ 108,003
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]	2023 2022 (in thousands) Oil and natural gas sales $ 32,316 $ 44,552 Lease operating expense (15,254 ) (16,667 ) Gathering, treating, and transportation costs (557 ) (573 ) Production taxes (2,107 ) (3,010 ) Depletion (9,779 ) (8,530 ) Income tax benefit 891 1,893 Results of operations from oil and natural gas producing activities $ 5,510 $ 17,665
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block]	2023 2022 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 5,140,090 16,348,264 1,021,620 1,938,048 Revisions of previous estimates (822,786 ) (3,421,047 ) (153,434 ) 4,066,007 Discoveries and extensions - - - - Purchases of minerals in place - - 4,777,193 11,753,283 Sale of minerals in place (742,798 ) (1,448,181 ) (108,833 ) (64,338 ) Production (391,645 ) (1,396,650 ) (396,456 ) (1,344,736 ) Reserve quantities, end of year 3,182,861 10,082,386 5,140,090 16,348,264
Oil and Gas, Average Sale Price and Production Cost [Table Text Block]	2023 2022 Oil per Bbl $ 78.22 $ 93.67 Gas per Mmbtu $ 2.64 $ 6.36
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block]	2023 2022 (in thousands) Future cash inflows $ 265,529 $ 562,545 Future cash outflows: Production costs (142,737 ) (227,365 ) Development costs (37,730 ) (12,716 ) Income taxes (3,940 ) (48,833 ) Future net cash flows 81,122 273,631 10% annual discount factor (20,840 ) (129,843 ) Standardized measure of discounted future net cash flows $ 60,282 $ 143,788
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block]	2023 2022 (in thousands) Standardized measure, beginning of year $ 143,788 $ 19,167 Sales of oil and natural gas, net of production costs (14,398 ) (24,302 ) Net changes in prices and production costs (66,494 ) 52,053 Changes in estimated future development costs (4,834 ) (2,860 ) Extensions and discoveries - - Purchases of minerals in place - 116,673 Sale of minerals in place (16,055 ) (1,606 ) Revisions in previous quantity estimates (22,724 ) 12,662 Previously estimated development costs incurred 215 - Net changes in income taxes 25,874 (27,021 ) Accretion of discount 14,759 10,170 Changes in timing and other 151 (11,148 ) Standardized measure, end of year $ 60,282 $ 143,788

Note 1 - Organization, Operat_3

Note 1 - Organization, Operations and Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss	$ 0	$ 0
Oil and Natural Gas Receivables, Operated Properties [Member]
Accounts Receivable, Period of Collection (Month)	1 month
Oil and Natural Gas Receivables, Joint Interest Operator [Member] | Minimum [Member]
Accounts Receivable, Period of Collection (Month)	1 month
Oil and Natural Gas Receivables, Joint Interest Operator [Member] | Maximum [Member]
Accounts Receivable, Period of Collection (Month)	3 months

Note 1 - Organization, Operat_4

Note 1 - Organization, Operations and Significant Accounting Policies - Concentration of Credit Risk (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Purchaser A [Member]
Concentration risk, percentage	24%	21%
Purchaser B [Member]
Concentration risk, percentage	20%	19%

Note 1 - Organization, Operat_5

Note 1 - Organization, Operations and Significant Accounting Policies - Schedule of Property, Plant, and Equipment by Useful Life (Details)	Dec. 31, 2023
Computers and Software [Member]
Useful life (Year)	3 years
Furniture and Fixtures [Member]
Useful life (Year)	5 years
Vehicles [Member]
Useful life (Year)	5 years
Property, Plant and Equipment, Other Types [Member]
Useful life (Year)	10 years

Note 2 - Acquisitions and Div_3

Note 2 - Acquisitions and Divestitures (Details Textual)				3 Months Ended	12 Months Ended
	Jul. 27, 2022 USD ($) a	May 03, 2022 USD ($) a	Jan. 05, 2022 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) a
Repayments of Debt					$ 7,500,000	$ 6,547,000
Asset Retirement Obligation Assumed					1,831,000	13,040,000
Proceeds from Sale of Oil and Gas Property and Equipment					6,693,000	2,335,000
Gain (Loss) on Disposition of Oil and Gas Property						0
Asset Retirement Obligations, Relief Through Disposals				$ 500,000	500,000	200,000
Wells and Overriding Royalty Interests in North Dakota, New Mexico, and Texas [Member]
Proceeds from Sale of Oil and Gas Property and Equipment					7,000,000
Disposal Group,Transaction Costs					$ 400,000
Number of Wells Sold					152
Number of Overriding Royalty Interests Sold					7
Gain (Loss) on Disposition of Oil and Gas Property					$ 0
Waterflood Unit [Member]
Proceeds from Sale of Oil and Gas Property and Equipment						$ 1,200,000
Non-Operated Wells in Zavala County, Texas [Member]
Area of Land (Acre) | a						4,500
Proceeds from Sale of Oil and Gas Property and Equipment						$ 1,100,000
Number of Wells Sold						2
Percentage of Property Sold						30%
Lubbock Acquisition [Member]
Payments to Acquire Productive Assets			$ 125,000
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares			6,568,828
Banner Acquisition [Member]
Payments to Acquire Productive Assets			$ 1,000,000
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares			6,790,524
Banner Acquisition [Member] | Long-Term Debt [Member]
Asset Acquisition, Consideration Transferred, Liabilities Incurred			$ 3,300,000
Banner Acquisition [Member] | Derivative Financial Instruments, Liabilities [Member]
Asset Acquisition, Consideration Transferred, Liabilities Incurred			3,100,000
Synergy Acquisition [Member]
Payments to Acquire Productive Assets			$ 125,000
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares			6,546,384
January 2022 Acquisition [Member]
Payments to Acquire Productive Assets			$ 1,250,000
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares			19,905,736
Asset Acquisition, Consideration Transferred, Net			$ 66,400,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable			64,694,000
Asset Acquisition, Purchase Price Adjustment			487,000
Repayments of Debt			3,347,000
Asset Acquisition, Oil in Temporary Storage In Tank Batteries			1,286,000
Asset Retirement Obligation Assumed			9,614,000
January 2022 Acquisition [Member] | Derivative Financial Instruments, Liabilities [Member]
Asset Acquisition, Consideration Transferred, Liabilities Incurred			$ 3,100,000
Liberty County, Texas Acquisition [Member]
Payments to Acquire Oil and Gas Property		$ 1,000,000
Area of Land (Acre) | a		1,022
Suspense Accounts		$ 200,000
Asset Retirement Obligation Assumed		$ 500,000
East Texas Acquisition [Member]
Payments to Acquire Productive Assets	$ 11,875,000
Asset Acquisition, Purchase Price Adjustment	(1,048,000)
Asset Acquisition, Oil in Temporary Storage In Tank Batteries	$ 557,000
Area of Land (Acre) | a	16,600
Asset Retirement Obligation Assumed	$ 1,689,000

Note 2 - Acquisitions - Asset A

Note 2 - Acquisitions - Asset Acquisitions (Details) - USD ($) $ in Thousands				12 Months Ended
		Jul. 27, 2022	Jan. 05, 2022	Dec. 31, 2023	Dec. 31, 2022
Debt assumed				$ 7,500	$ 6,547
Suspense accounts assumed				169	1,826
Asset retirement obligations assumed				1,831	13,040
Total liabilities assumed				$ 0	$ 3,152
January 2022 Acquisition [Member]
Cash			$ 1,250
Value of 19,905,736 shares issued			64,694
Purchase price adjustments			487
Transaction costs			1,267
Total consideration paid			67,698
Debt assumed			3,347
Commodity derivative liabilities assumed			3,152
Suspense accounts assumed			1,276
Employee obligations assumed			100
Asset retirement obligations assumed			9,614
Deferred tax liabilities			2,819
Total liabilities assumed			20,308
Total consideration paid and liabilities assumed			88,006
Proved oil and gas properties(1)	[1]		87,672
Vehicles			165
Deposit account			169
Total allocation to acquired assets			$ 88,006
East Texas Acquisition [Member]
Cash		$ 11,875
Purchase price adjustments		(1,048)
Transaction costs		63
Total consideration paid		10,890
Suspense accounts assumed		380
Asset retirement obligations assumed		1,689
Total liabilities assumed		2,069
Total consideration paid and liabilities assumed		12,959
Proved oil and gas properties(1)	[2]	$ 12,959
[1]Included in the above purchase price adjustments is settlement for oil in temporary storage in tank batteries at the leases of $1,286. The Company does not separately account for oil in temporary storage until the oil is sold and title transfers to the purchaser. Consistent with the Company’s accounting policy and reporting of similar transactions this amount was recorded within Evaluated Properties on the Company’s Consolidated Balance Sheet.[2]Included in the above purchase price adjustments is settlement for oil in temporary storage in tank batteries at the leases of $557. The Company does not separately account for oil in temporary storage until the oil is sold and title transfers to the purchaser. Consistent with the Company’s accounting policy and reporting of similar transactions this amount was recorded within Evaluated Properties on the Company’s Consolidated Balance Sheet.

Note 2 - Acquisitions - Asset_2

Note 2 - Acquisitions - Asset Acquisitions (Details) (Parentheticals)	Jan. 05, 2022 shares
January 2022 Acquisition [Member]
Shares issued (in shares)	19,905,736

Note 3 - Revenue From Contrac_3

Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 32,316	$ 44,552
Oil Sales[Member]
Revenue	28,352	36,293
Natural Gas, Midstream [Member]
Revenue	3,964	8,259
Rockies [Member]
Revenue	10,390	15,456
Rockies [Member] | Oil Sales[Member]
Revenue	10,064	14,318
Rockies [Member] | Natural Gas, Midstream [Member]
Revenue	326	1,138
West Texas, South Texas, and Gulf Coast [Member]
Revenue	12,351	17,115
West Texas, South Texas, and Gulf Coast [Member] | Oil Sales[Member]
Revenue	11,820	15,561
West Texas, South Texas, and Gulf Coast [Member] | Natural Gas, Midstream [Member]
Revenue	531	1,554
South Texas [Member]
Revenue		7,158
South Texas [Member] | Oil Sales[Member]
Revenue		6,384
South Texas [Member] | Natural Gas, Midstream [Member]
Revenue		774
Mid-Continent [Member]
Revenue	9,575	11,981
Mid-Continent [Member] | Oil Sales[Member]
Revenue	6,468	6,414
Mid-Continent [Member] | Natural Gas, Midstream [Member]
Revenue	$ 3,107	5,567
West Texas [Member]
Revenue		5,739
West Texas [Member] | Oil Sales[Member]
Revenue		5,408
West Texas [Member] | Natural Gas, Midstream [Member]
Revenue		331
Gulf Coast [Member]
Revenue		4,218
Gulf Coast [Member] | Oil Sales[Member]
Revenue		3,769
Gulf Coast [Member] | Natural Gas, Midstream [Member]
Revenue		$ 449

Note 4 - Leases (Details Textua

Note 4 - Leases (Details Textual) - Lease Agreement for Office Space in Houston, Texas [Member]	Dec. 31, 2023 $ / ft²
Lessee, Operating Lease, Term of Contract (Month)	67 months
Base Rent Per Area (in USD per Square Foot)	0.5

Note 4 - Leases - Lease Cost (D

Note 4 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating lease	$ 693	$ 868
Current lease obligation	182	189
Long-term lease obligation	611	794
Operating Lease, Liability	793	983
Operating lease cost	211	246
Short-term lease cost	930	560
Sublease income	0	(71)
Total lease costs	$ 1,141	$ 735
Weighted average lease term (years) (Year)	3 years 10 months 24 days	4 years 9 months 18 days
Weighted average discount rate	4.25%	4.34%

Note 4 - Leases - Schedule of O

Note 4 - Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
2024	$ 213
2025	218
2026	224
2027	210
Total future lease payments	865
Less: imputed interest	(72)
Total lease liability	$ 793	$ 983

Note 5 - Oil and Natural Gas _2

Note 5 - Oil and Natural Gas Production Activities (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / bbl $ / MMBTU	Dec. 31, 2022 USD ($)
Impairment of Oil and Gas Properties	$ 26,680	$ 0
Oil and Gas Property, Ceiling Test, Discount Rate	10%
Crude Oil [Member]
Oil and Gas, Average Sale Price (in USD per Barrel of Oil) | $ / bbl	78.22
Natural Gas and Natural Gas Liquids [Member]
Oil and Gas, Average Sale Price (in USD per Barrel of Oil) | $ / MMBTU	2.64
Unproven Properties Transferred to Evaluated Properties [Member]
Impairment of Oil and Gas Properties	$ 1,600

Note 6 - Debt (Details Textual)

Note 6 - Debt (Details Textual) $ in Millions			12 Months Ended
	Jul. 27, 2022 USD ($)	Jan. 05, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 26, 2022 USD ($)
Proceeds from Lines of Credit			$ 0.5	$ 15.2
Credit Agreement [Member]
Debt Instrument, Face Amount		$ 15	20		$ 20
Line of Credit Facility, Maximum Borrowing Capacity		$ 100
Proceeds from Lines of Credit	$ 10.7
Debt Instrument, Covenant, Ratio of Total Debt to EBITDAX		3
Debt Instrument, Covenant, Ratio of Consolidated Current Assets to Consolidated Current Liabilities		1
Long-Term Debt, Gross			$ 5	$ 12
Credit Agreement [Member] | Minimum [Member]
Debt Instrument, Covenant, Restricted Payment, Percentage of Existing Borrowing Base		20%
Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Minimum [Member]
Debt Instrument, Applicable Margin on Basis Spread		0.25%
Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Maximum [Member]
Debt Instrument, Applicable Margin on Basis Spread		1.25%

Note 6 - Debt - Schedule of Deb

Note 6 - Debt - Schedule of Debt (Details) - Credit Agreement [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Interest charges	$ 1,054	$ 484
Weighted average interest rate	8.90%	6.60%

Note 7 - Commodity Derivatice_2

Note 7 - Commodity Derivatices (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Derivative, Gain (Loss) on Derivative, Net	$ 3,100	$ 2,882	$ (5,682)

Note 7 - Commodity Derivatives

Note 7 - Commodity Derivatives - Schedule of Contracts Outstanding (Details)	12 Months Ended
	Dec. 31, 2023 $ / bbl bbl
First Quarter Crude Oil 2023 Contracts Collars [Member]
Quantity of crude oil (Barrel of Oil) | bbl	53,300	[1]
Weighted average price floor (in USD per Barrel of Oil) | $ / bbl	84.07
Second Quarter Crude Oil 2023 Contracts Collars [Member]
Quantity of crude oil (Barrel of Oil) | bbl	48,600	[1]
Weighted average price floor (in USD per Barrel of Oil) | $ / bbl	81.76
Third Quarter Crude Oil 2023 Contracts Collars [Member]
Quantity of crude oil (Barrel of Oil) | bbl	45,000	[1]
Weighted average price floor (in USD per Barrel of Oil) | $ / bbl	79.8
Fourth Quarter 2023 Crude Oil Contracts [Member]
Quantity of crude oil (Barrel of Oil) | bbl	40,720	[1]
Weighted average price floor (in USD per Barrel of Oil) | $ / bbl	78.15
Crude Oil 2023 Contracts [Member]
Quantity of crude oil (Barrel of Oil) | bbl	187,620	[1]
Weighted average price floor (in USD per Barrel of Oil) | $ / bbl	81.16
[1]“Bbl” refers to one stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.

Note 7 - Commodity Derivative_2

Note 7 - Commodity Derivatives - Schedule of Derivative Assets and Liabilties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets	$ 1,844	$ 0
Total derivative assets	1,844	0
Current liabilities	0	1,694
Total derivative liabilities	$ 0	$ 1,694

Note 7 - Commodity Derivative_3

Note 7 - Commodity Derivatives - Schedule of Derivative Gains and Losses (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Total derivative settlement gains (losses)		$ (656)	$ (7,140)
Derivative, Gain (Loss) on Derivative, Net	$ 3,100	2,882	(5,682)
Oil Contracts [Member]
Total derivative settlement gains (losses)		(628)	(6,277)
Derivative, Gain (Loss) on Derivative, Net		2,822	(4,941)
Gas Contracts [Member]
Total derivative settlement gains (losses)		(28)	(863)
Derivative, Gain (Loss) on Derivative, Net		$ 60	$ (741)

Note 8 - Asset Retirement Obl_3

Note 8 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Jul. 27, 2022	May 03, 2022	Jan. 05, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Liabilities Incurred					$ 11	$ 11,811
Asset Retirement Obligations, Relief Through Disposals				$ 500	$ 500	$ 200
January 2022 Acquisition [Member]
Asset Retirement Obligation, Liabilities Incurred			$ 9,600
Liberty County, Texas Acquisition [Member]
Asset Retirement Obligation, Liabilities Incurred		$ 500
East Texas Acquisition [Member]
Asset Retirement Obligation, Liabilities Incurred	$ 1,700

Note 8 - Asset Retirement Obl_4

Note 8 - Asset Retirement Obligation - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Balance, beginning of year	$ 15,442	$ 1,461
Acquired	11	11,811
Cost and life revisions	2,494	1,825
Plugged	(215)	(407)
Sold	(458)	(189)
Accretion	1,216	941
Balance, end of year	18,490	15,442
Asset retirement obligations - current	1,273	668
Asset retirement obligations - noncurrent	$ 17,217	$ 14,774

Note 10 - Shareholders' Equit_2

Note 10 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands				6 Months Ended	12 Months Ended
	May 30, 2023	Feb. 23, 2023	Jan. 05, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Apr. 26, 2023
Common Stock, Shares, Outstanding (in shares)				25,333,870	25,333,870	25,023,812
Common Stock, Shares Authorized (in shares)				245,000,000	245,000,000	245,000,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)					10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)				0		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period (in shares)					4,946	2,913
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.0225	$ 0.0225
Dividends and Interest Paid					$ 1,200	$ 1,700
Stock Repurchase Program, Authorized Amount							$ 5,000
Stock Repurchased During Period, Shares (in shares)					336,000
Stock Repurchased During Period, Value					$ 426
Shares Acquired, Average Cost Per Share (in dollars per share)					$ 1.27
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)					0	0
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense				$ 0		$ 0
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense					$ 2,293	$ 3,017
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 500	$ 500
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					2 years
Restricted Stock [Member] | The 2022 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)				3,409,106	3,409,106
January 2022 Acquisition [Member]
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)			19,905,736

Note 10 - Shareholders' Equit_3

Note 10 - Shareholders' Equity - Stock Option Activity (Details) - $ / shares	Dec. 31, 2023		Dec. 31, 2022
Stock options outstanding and exercisable (in shares)	23,176		28,122
Stock options outstanding and exercisable, exercise price (in dollars per share)	$ 38.92	[1]	$ 54.03
[1]Represents the weighted average price.

Note 10 - Shareholders' Equit_4

Note 10 - Shareholders' Equity - Schedule of Stock Option by Exercise Price (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Options outstanding, number of shares (in shares) | shares	23,176
Options outstanding, lower exercise price range (in dollars per share)	$ 7.2
Options outstanding, upper exercise price range (in dollars per share)	226.2
Options outstanding, weighted average exercise price (in dollars per share)	$ 38.92
Options outstanding, remaining contractual term (Year)	3 years
Options exercisable, number of shares (in shares) | shares	23,176
Options exercisable, weighted average exercise price (in dollars per share)	$ 38.92
Exercise Price Range 1 [Member]
Options outstanding, number of shares (in shares) | shares	16,500
Options outstanding, lower exercise price range (in dollars per share)	$ 7.2
Options outstanding, upper exercise price range (in dollars per share)	11.6
Options outstanding, weighted average exercise price (in dollars per share)	$ 10
Options outstanding, remaining contractual term (Year)	3 years 9 months 18 days
Options exercisable, number of shares (in shares) | shares	16,500
Options exercisable, weighted average exercise price (in dollars per share)	$ 10
Exercise Price Range 2 [Member]
Options outstanding, number of shares (in shares) | shares	5,676
Options outstanding, lower exercise price range (in dollars per share)	$ 90
Options outstanding, upper exercise price range (in dollars per share)	90
Options outstanding, weighted average exercise price (in dollars per share)	$ 90
Options outstanding, remaining contractual term (Year)	1 year
Options exercisable, number of shares (in shares) | shares	5,676
Options exercisable, weighted average exercise price (in dollars per share)	$ 90
Exercise Price Range 3 [Member]
Options outstanding, number of shares (in shares) | shares	1,000
Options outstanding, lower exercise price range (in dollars per share)	$ 226.2
Options outstanding, upper exercise price range (in dollars per share)	226.2
Options outstanding, weighted average exercise price (in dollars per share)	$ 226.2
Options outstanding, remaining contractual term (Year)	8 months 12 days
Options exercisable, number of shares (in shares) | shares	1,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 226.2

Note 10 - Shareholders' Equit_5

Note 10 - Shareholders' Equity - Restricted Stock Activity (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Non-vested restricted stock (in shares) | shares	687,000
Non-vested restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.79
Granted (in shares) | shares	936,434
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.18
Vested (in shares) | shares	(544,198)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.3
Modifications (accelerated vesting) (in shares) | shares	(164,000)
Modifications (accelerated vesting) (in dollars per share) | $ / shares	$ 2.85
Forfeited (in shares) | shares	(60,000)
Forfeited (in dollars per share) | $ / shares	$ 2.3
Non-vested restricted stock (in shares) | shares	855,236
Non-vested restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.63

Note 10 - Shareholders' Equit_6

Note 10 - Shareholders' Equity - Stock Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense	$ 2,293	$ 3,017

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Recognized Built In Losses [Member]
Operating Loss Carryforwards	$ 10.6
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 24.7
Open Tax Year	2020 2021 2022 2023
State and Local Jurisdiction [Member]
Open Tax Year	2019 2020 2021 2022 2023

Note 11 - Income Taxes - Schedu

Note 11 - Income Taxes - Schedule of Components of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Federal	$ 0	$ 0
State	(9)	28
Total current income tax	(9)	28
Federal	(351)	(1,765)
State	(531)	(156)
Total deferred income taxes	(882)	(1,921)
Income tax benefit	$ (891)	$ (1,893)

Note 11 - Income Taxes - Effect

Note 11 - Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income tax benefit at federal statutory rate (21%)	$ (6,982)	$ (600)
State income tax benefit, net of federal benefit	(541)	(95)
Prior year true up	0	(509)
Compensation	224	187
Acquisition	0	1,056
Other	(284)	0
Change in valuation allowance	6,692	(1,932)
Income tax benefit	$ (891)	$ (1,893)

Note 11 - Income Taxes - Effe_2

Note 11 - Income Taxes - Effective Income Tax Reconciliation (Details) (Parentheticals)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Federal statutory rate	21%	21%

Note 11 - Income Taxes - Compon

Note 11 - Income Taxes - Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Net operating loss carryover	$ 9,012	$ 8,443
Property and equipment	1,244	0
Percentage depletion and contribution carryovers	1,987	2,004
Deferred compensation liability	150	256
Asset retirement obligations	4,220	3,581
Stock-based compensation	428	439
Lease obligations	179	224
Derivatives	0	390
Other	212	249
Total deferred tax assets	17,432	15,586
Property and equipment	0	(6,107)
Derivatives	(421)	0
Lease assets	(156)	(198)
Total deferred tax liabilities	(577)	(6,305)
Net deferred tax assets	16,855	9,281
Less valuation allowance	(16,871)	(10,179)
Net deferred tax liability	$ (16)	$ (898)

Note 12 - Income (Loss) Per S_3

Note 12 - Income (Loss) Per Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net income (loss) attributable to common shareholders	$ (32,356)	$ (963)
Basic weighted-average common shares outstanding (in shares)	25,322	24,668
Dilutive effect of potentially dilutive securities (in shares)	0	0
Diluted weighted-average common shares outstanding (in shares)	25,322	24,668
Basic and diluted loss per share (in dollars per share)	$ (1.28)	$ (0.04)
Diluted net income (loss) per share (in dollars per share)	$ (1.28)	$ (0.04)

Note 12 - Income (Loss) Per S_4

Note 12 - Income (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive securities (in shares)	878	715
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	23	28
Restricted Stock [Member]
Antidilutive securities (in shares)	855	687

Note 13 - Fair Value Measurem_3

Note 13 - Fair Value Measurements (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Other Assets and Liabilities, Fair Value Measurement, Discount Rate	10%
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 87.7
Fair Value Measurement, Estimated Cash Flows	$ 7.3
Minimum [Member]
Derivative, Fixed Interest Rate	7.30%
Maximum [Member]
Derivative, Fixed Interest Rate	19%

Note 13 - Fair Value Measurem_4

Note 13 - Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Commodity derivative asset - current	$ 1,844	$ 0
Fair Value, Recurring [Member]
Commodity derivatives, current	1,844	488
Commodity derivatives, current	0	(488)
Commodity derivative asset - current	1,844	0
Net derivative instruments	1,844	(1,694)
Commodity derivatives, noncurrent		(2,182)
Commodity derivatives, noncurrent		488
Commodity derivatives, noncurrent		(1,694)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Commodity derivatives, current	0	0
Net derivative instruments	0	0
Commodity derivatives, noncurrent		0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Commodity derivatives, current	1,844	488
Net derivative instruments	1,844	(1,694)
Commodity derivatives, noncurrent		(2,182)
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Commodity derivatives, current	0	0
Net derivative instruments	$ 0	0
Commodity derivatives, noncurrent		$ 0

Note 13 - Fair Value Measurem_5

Note 13 - Fair Value Measurements - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Number of shares owned (in shares)	2,421,180	2,421,180
Quoted market price (in dollars per share)	$ 0.06789	$ 0.04429
Fair value	$ 164,375	$ 107,234

Note 14 - Other Current Asset_3

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid expense	$ 88	$ 138
Joint interest billings receivable	265	332
Income tax receivable	135	50
Other	39	38
Total other current assets	$ 527	$ 558

Note 14 - Other Current Asset_4

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts payable	$ 1,944	$ 2,566
Operating expense accruals	1,335	1,378
Interest payable	247	0
Production taxes payable	454	319
Insurance premium financing	62	54
Other	22	12
Total accounts payable and accrued expenses	$ 4,064	$ 4,329

Note 15 - Supplemental Disclo_3

Note 15 - Supplemental Disclosures of Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for interest	$ 806	$ 500
Change in capital expenditure accruals	(277)	196
Change in accrual for acquisition costs	0	(546)
Assumption of commodity derivative liability in acquisition of properties	0	3,152
Assumption of debt in acquisition of properties	0	3,347
Suspense accounts assumed	169	1,826
Deferred tax liability from acquisition	0	2,819
Addition of operating lease liability and right of use asset	0	953
Asset retirement obligations assumed	1,831	13,040
Other	6	0
Accrual for repurchase of common stock	58	0
Financing of insurance premiums with note payable	654	588
Acquisition of Properties [Member]
Common stock issued for acquisition of properties	$ 0	$ 64,694

Note 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Mar. 19, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 27, 2024	Apr. 26, 2023
Impairment of Oil and Gas Properties			$ 26,680	$ 0
Stock Repurchase Program, Authorized Amount						$ 5,000
Subsequent Event [Member]
Stock Repurchase Program, Authorized Amount	$ 5,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount					$ 4,200
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			936,434
Restricted Stock [Member] | The 2022 Equity Incentive Plan [Member] | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	420,000
Share-Based Payment Arrangement [Member] | The 2022 Equity Incentive Plan [Member] | Subsequent Event [Member] | Certain Officers and Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	879,000
Share-Based Payment Arrangement [Member] | The 2022 Equity Incentive Plan [Member] | Subsequent Event [Member] | Chief Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	340,000
Share-Based Payment Arrangement [Member] | The 2022 Equity Incentive Plan [Member] | Subsequent Event [Member] | Chief Financial Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	180,000
Minimum [Member] | The 2022 Equity Incentive Plan [Member] | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	2 years
Maximum [Member] | The 2022 Equity Incentive Plan [Member] | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	3 years
Forecast [Member] | Minimum [Member]
Impairment of Oil and Gas Properties		$ 2,000
Forecast [Member] | Maximum [Member]
Impairment of Oil and Gas Properties		$ 3,000

Note 17 - Supplemental Oil an_3

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) (Details Textual) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) $ / Boe	Dec. 31, 2022 USD ($) $ / Boe
Capitalized Costs, Asset Retirement Costs		$ 3,100	$ 2,100
Capitalized Costs, Mineral Interests in Unproved Properties	[1]	0	1,584
Impairment of Oil and Gas Properties		26,680	0
Depreciation, Depletion and Amortization		$ 11,235	9,607
Oil and Gas Property, Ceiling Test, Discount Rate		10%
Oil and Gas Properties [Member]
Depreciation, Depletion and Amortization		$ 9,800	$ 8,500
Oil and Gas Properties, Depletion and Amortization per Unit of Production (in USD per Barrel of Oil Equivalent) | $ / Boe		15.66	13.75
[1]Unevaluated oil and natural gas properties consist of leasehold costs that are excluded from the depletion, depreciation and amortization calculation and the ceiling test until a determination about the existence of proved reserves can be completed. Unevaluated oil and natural gas properties consisted of unproved lease acquisition costs and costs paid to evaluate potential acquisition prospects of $1.6 million at December 31, 2022. On a quarterly basis, management reviews market conditions and other changes in circumstances related to the Company’s unevaluated properties and transfers the costs to evaluated properties within the full cost pool as warranted. During 2023, the unevaluated property balance was transferred to evaluated properties due to the Company evaluating its use of capital relative to its portfolio and strategic initiatives and determining that it no longer plans to fund development of its unevaluated acreage.

Note 17 - Supplemental Oil an_4

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Capitalized Oil and Gas Costs Incurred (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Proved property acquisition		$ 0	$ 102,223
Development (1)	[1]	5,149	7,808
Exploration		0	0
Total		$ 5,149	$ 110,031
[1]Includes amounts related to estimated asset retirement obligations of $3.1 million and $2.1 million for the years ended December 31, 2023 and 2022, respectively.

Note 17 - Supplemental Oil an_5

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Capitalized Oil and Gas Costs (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Unproved leasehold costs	[1]	$ 0	$ 1,584
Evaluated properties in full cost pool		176,679	203,144
Less accumulated depletion and ceiling test impairment (2) (3)	[2],[3]	(106,504)	(96,725)
Net capitalized costs		$ 70,175	$ 108,003
[1]Unevaluated oil and natural gas properties consist of leasehold costs that are excluded from the depletion, depreciation and amortization calculation and the ceiling test until a determination about the existence of proved reserves can be completed. Unevaluated oil and natural gas properties consisted of unproved lease acquisition costs and costs paid to evaluate potential acquisition prospects of $1.6 million at December 31, 2022. On a quarterly basis, management reviews market conditions and other changes in circumstances related to the Company’s unevaluated properties and transfers the costs to evaluated properties within the full cost pool as warranted. During 2023, the unevaluated property balance was transferred to evaluated properties due to the Company evaluating its use of capital relative to its portfolio and strategic initiatives and determining that it no longer plans to fund development of its unevaluated acreage.[2]Depletion expense was $9.8 million ($15.66 per BOE) and $8.5 million ($13.75 per BOE) for the years ended December 31, 2023 and 2022, respectively.[3]The Company incurred ceiling test write-downs of $26.7 million and $0 for the years ended December 31, 2023 and 2022, respectively. Under the full-cost method of accounting, the net book value of proved oil and gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and gas reserves. Estimated future net cash flows are calculated using the unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, adjusted for location and quality differentials, held flat for the life of the production (except where prices are defined by contractual arrangements), less estimated operating costs, production taxes and future development costs, all discounted at 10 percent per annum. Future cash outflows associated with settling accrued asset retirement obligations are excluded from the calculation.

Note 17 - Supplemental Oil an_6

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) - Results of Operations from Oil and Gas Producing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Oil and natural gas sales	$ 32,316	$ 44,552
Lease operating expense	(15,254)	(16,667)
Gathering, treating, and transportation costs	(557)	(573)
Production taxes	(2,107)	(3,010)
Depletion	(9,779)	(8,530)
Income tax benefit	891	1,893
Results of operations from oil and natural gas producing activities	$ 5,510	$ 17,665

Note 17 - Supplemental Oil an_7

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Proved Reserves (Details)		12 Months Ended
		Dec. 31, 2023 bbl MMcf	Dec. 31, 2022 bbl MMcf
Oil [Member]
Reserve quantities, beginning of year (Barrel of Oil) | bbl		5,140,090	1,021,620
Revisions of previous estimates (Barrel of Oil) | bbl		(822,786)	(153,434)
Discoveries and extensions (Barrel of Oil) | bbl		0	0
Purchases of minerals in place (Barrel of Oil) | bbl		0	4,777,193
Sale of minerals in place (Barrel of Oil) | bbl		(742,798)	(108,833)
Production (Barrel of Oil) | bbl		(391,645)	(396,456)
Reserve quantities, end of year (Barrel of Oil) | bbl		3,182,861	5,140,090
Natural Gas [Member]
Reserve quantities, beginning of year (Barrel of Oil) | MMcf	[1]	16,348,264	1,938,048
Revisions of previous estimates (Barrel of Oil) | MMcf	[1]	(3,421,047)	4,066,007
Discoveries and extensions (Barrel of Oil) | MMcf	[1]	0	0
Purchases of minerals in place (Barrel of Oil) | MMcf	[1]	0	11,753,283
Sale of minerals in place (Barrel of Oil) | MMcf	[1]	(1,448,181)	(64,338)
Production (Barrel of Oil) | MMcf	[1]	(1,396,650)	(1,344,736)
Reserve quantities, end of year (Barrel of Oil) | MMcf	[1]	10,082,386	16,348,264
[1]Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.

Note 17 - Supplemental Oil an_8

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Standardized Oil and Gas Measures (Details)	12 Months Ended
	Dec. 31, 2023 $ / bbl	Dec. 31, 2023 $ / MMBTU	Dec. 31, 2022 $ / bbl	Dec. 31, 2022 $ / MMBTU
Oil [Member]
Oil and Gas, Average Sale Price (in USD per Barrel of Oil)	78.22	2.64	93.67	6.36

Note 17 - Supplemental Oil an_9

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) - Discounted Future Cash Flows From Oil and Gas Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future cash inflows	$ 265,529	$ 562,545
Production costs	(142,737)	(227,365)
Development costs	(37,730)	(12,716)
Income taxes	(3,940)	(48,833)
Future net cash flows	81,122	273,631
10% annual discount factor	(20,840)	(129,843)
Standardized measure of discounted future net cash flows	$ 60,282	$ 143,788	$ 19,167

Note 17 - Supplemental Oil a_10

Note 17 - Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Changes in Standardized Measure (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Standardized measure, beginning of year	$ 143,788	$ 19,167
Sales of oil and natural gas, net of production costs	(14,398)	(24,302)
Net changes in prices and production costs	(66,494)	52,053
Changes in estimated future development costs	(4,834)	(2,860)
Extensions and discoveries	0	0
Purchases of minerals in place	0	116,673
Sale of minerals in place	(16,055)	(1,606)
Revisions in previous quantity estimates	(22,724)	12,662
Previously estimated development costs incurred	215	0
Net changes in income taxes	25,874	(27,021)
Accretion of discount	14,759	10,170
Changes in timing and other	151	(11,148)
Standardized measure, end of year	$ 60,282	$ 143,788