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 |