U.S. Energy (USEG) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
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	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Road, 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, par value $0.01
Trading Symbol	USEG
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,287,213

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and equivalents	$ 2,006	$ 3,351
Oil and natural gas sales receivables	2,088	2,336
Marketable equity securities	179	164
Commodity derivative asset -current	59	1,844
Other current assets	929	527
Real estate assets held for sale, net of selling costs	139	150
Total current assets	5,400	8,372
Oil and natural gas properties under full cost method:
Unevaluated properties	0	0
Evaluated properties	171,339	176,679
Less accumulated depreciation, depletion and amortization	(108,250)	(106,504)
Net oil and natural gas properties	63,089	70,175
Other Assets:
Property and equipment, net	842	899
Right-of-use asset	653	693
Other assets	286	305
Total assets	70,270	80,444
Current liabilities:
Accounts payable and accrued liabilities	3,695	4,064
Accrued compensation and benefits	404	702
Revenue and royalties payable	4,937	4,857
Asset retirement obligations - current	1,273	1,273
Current lease obligation	186	182
Total current liabilities	10,495	11,078
Noncurrent liabilities:
Credit facility	5,000	5,000
Asset retirement obligations - noncurrent	17,452	17,217
Long-term lease obligation, net of current portion	564	611
Deferred tax liability	16	16
Total liabilities	33,527	33,922
Commitments and contingencies (Note 8)
Shareholders’ equity:
Common stock, $0.01 par value; 245,000,000 shares authorized; 25,343,013 and 25,333,870 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	253	253
Additional paid-in capital	218,161	218,403
Accumulated deficit	(181,671)	(172,134)
Total shareholders’ equity	36,743	46,522
Total liabilities and shareholders’ equity	$ 70,270	$ 80,444

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	25,343,013	25,333,870
Common stock, outstanding (in shares)	25,343,013	25,333,870

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 5,391	$ 8,272
Operating expenses:
Lease operating expenses	3,186	4,409
Gathering, transportation and treating	64	114
Production taxes	343	520
Depreciation, depletion, accretion and amortization	2,195	2,417
Impairment of oil and natural gas properties	5,419	0
General and administrative expenses	2,206	2,772
Total operating expenses	13,413	10,232
Operating income (loss)	(8,022)	(1,960)
Other income (expense):
Commodity derivative gain (loss), net	(1,381)	919
Interest (expense), net	(120)	(268)
Other income (expense), net	4	0
Total other income (expense)	(1,497)	651
Net income (loss) before income taxes	(9,519)	(1,309)
Income tax (expense) benefit	(18)	62
Net income (loss)	$ (9,537)	$ (1,247)
Basic and diluted weighted average shares outstanding (in shares)	25,388,221	25,178,565
Basic and diluted income (loss) per share (in dollars per share)	$ (0.38)	$ (0.05)
Oil Sales[Member]
Revenue:
Total revenue	$ 4,727	$ 7,095
Natural Gas, Midstream [Member]
Revenue:
Total revenue	$ 664	$ 1,177

Unaudited Condensed Consolida_4

Unaudited Condensed 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, 2022	25,023,812
Balances at Dec. 31, 2022	$ 250	$ 216,690	$ (138,586)	$ 78,354
Stock-based compensation	$ 0	727	0	727
Shares issued upon vesting of restricted stock awards (in shares)	273,000
Shares issued upon vesting of restricted stock awards	$ 3	(3)	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)	(149)	0	(150)
Cash dividends	0	0	(596)	(596)
Net income (loss)	$ 0	0	(1,247)	$ (1,247)
Share repurchases (in shares)				0
Balances (in shares) at Mar. 31, 2023	25,234,672
Balances at Mar. 31, 2023	$ 252	217,265	(140,429)	$ 77,088
Balances (in shares) at Dec. 31, 2023	25,333,870
Balances at Dec. 31, 2023	$ 253	218,403	(172,134)	46,522
Stock-based compensation	$ 0	200	0	200
Shares issued upon vesting of restricted stock awards (in shares)	426,104
Shares issued upon vesting of restricted stock awards	$ 4	(4)	0	0
Shares withheld to settle tax withholding obligations for restricted stock awards (in shares)	(98,761)
Shares withheld to settle tax withholding obligations for restricted stock awards	$ (1)	(104)	0	(105)
Net income (loss)	$ 0	0	(9,537)	$ (9,537)
Share repurchases (in shares)	(318,200)			(318,200)
Share repurchases	$ (3)	(334)	0	$ (337)
Balances (in shares) at Mar. 31, 2024	25,343,013
Balances at Mar. 31, 2024	$ 253	$ 218,161	$ (181,671)	$ 36,743

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (9,537)	$ (1,247)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion, accretion, and amortization	2,195	2,417
Impairment of oil and natural gas properties	5,419	0
Deferred income taxes	0	(62)
Total commodity derivatives (gains) losses, net	1,381	(919)
Commodity derivative settlements received (paid)	404	(406)
(Gains) losses on marketable equity securities	(15)	0
Impairment and loss on real estate held for sale	11	0
Amortization of debt issuance costs	12	12
Stock-based compensation	200	727
Right of use asset amortization	40	55
Oil and natural gas sales receivable	248	1,145
Other assets	(397)	52
Accounts payable and accrued liabilities	(245)	(794)
Accrued compensation and benefits	(298)	(754)
Revenue and royalties payable	80	79
Payments on operating lease liability	(43)	(58)
Payments of asset retirement obligations	(58)	(11)
Net cash provided by (used in) operating activities	(603)	236
Cash flows from investing activities:
Oil and natural gas capital expenditures	(144)	(1,106)
Property and equipment expenditures	0	(261)
Proceeds from sale of oil and natural gas properties, net	(35)	0
Net cash provided by (used in) investing activities	(179)	(1,367)
Cash flows from financing activities:
Payments on insurance premium finance note	(62)	(112)
Shares withheld to settle tax withholding obligations for restricted stock awards	105	151
Dividends paid	0	(596)
Repurchases of common stock	(396)	0
Net cash provided by (used in) financing activities	(563)	(859)
Net (decrease) increase in cash and equivalents	(1,345)	(1,990)
Cash and equivalents, beginning of period	3,351	4,411
Cash and equivalents, end of period	$ 2,006	$ 2,421

Note 1 - Organization, Operatio

Note 1 - Organization, Operations and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 unaudited Condensed Consolidated Financial Statements) is incorporated in the State of Delaware. The Company’s principal business activities are focused on the acquisition, exploration, and development of onshore oil and natural gas properties in the United States, which the Company considers a single operating segment. Our principal properties and operations are in the Rockies region (Montana, Wyoming and North Dakota), the Mid-Continent (Oklahoma, Kansas and North and East Texas) region, and the West Texas, South Texas, and Gulf Coast region. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10 December 31, 2023 March 26, 2024 March 31, 2024 three March 31, 2024 not may December 31, 2024 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 Condensed Consolidated 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. Reclassifications Certain prior year amounts are reclassified to conform to the current year presentation. Historically, the Company included gathering, transportation, and treating costs within lease operating expense on the Condensed Consolidated Statements of Operations. Effective July 1, 2023, no The Company has historically included revenue and royalties payable within accounts payables and accrued liabilities on the Condensed Consolidated Balance Sheets. Effective December 31, 2023, no

Note 2 - Acquisitions and Dives

Note 2 - Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	2. Divestitures During the year ended December 31, 2023, not

Note 3 - Revenue From Contracts

Note 3 - Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. The Company disaggregates revenues from its share of revenue from the sale of oil and natural gas and liquids by region. The Company’s revenues in the Rockies region, West Texas, South Texas, and Gulf Coast region, and Mid-Continent region for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 (in thousands) Revenue: Rockies Oil $ 1,721 $ 2,338 Natural gas and liquids 41 88 Total $ 1,762 $ 2,426 West Texas, South Texas, and Gulf Coast Oil $ 1,599 $ 2,955 Natural gas and liquids 46 209 Total $ 1,645 $ 3,164 Mid-Continent Oil $ 1,407 $ 1,802 Natural gas and liquids 577 880 Total $ 1,984 $ 2,682 Combined Total $ 5,391 $ 8,272 Significant concentrations of credit risk The Company has exposure to credit risk in the event of non-payment of oil and natural gas receivables by purchasers of its operated oil and natural gas properties. The following table presents the purchasers that accounted for 10% one Three Months Ended March 31, 2024 2023 Purchaser A 28 % 11 % Purchaser B 23 % 18 % Purchaser C 11 % 0 % Purchaser D 0 % 15 % Purchaser E 0 % 13 %

Note 4 - Leases

Note 4 - Leases	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	4. The Company’s operating lease right-of-use asset and lease liability are recognized at their discounted present value under the following captions in the Condensed Consolidated Balance Sheets on March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (in thousands) Right-of-use asset $ 653 $ 693 Lease liability Current lease obligation $ 186 $ 182 Long-term lease obligation 564 611 $ 750 $ 793 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 oilfield equipment with original lease terms less than one three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 (in thousands) Operating lease cost $ 49 $ 65 Short-term lease cost 212 269 Total lease costs $ 261 $ 334 The Company’s Houston office operating lease does not As of March 31, 2024 2023 (in thousands) Weighted average lease term (years) 3.7 4.7 Weighted average discount rate 4.25 % 4.25 % Maturity of operating lease liabilities with terms of one March 31, 2024 March 31, 2024 (in thousands) 2024 $ 160 2025 218 2026 224 2027 210 Total lease payments $ 812 Less: imputed interest (62 ) Total lease liability $ 750

Note 5 - Oil and Natural Gas Pr

Note 5 - Oil and Natural Gas Production Activities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Oil and Gas, Property and Equipment [Text Block]	5. Full Cost Method Ceiling Test and Impairment The reserves used in the ceiling test incorporate assumptions regarding pricing and discount rates over which management has no March 31, 2024 one million The Company recorded a $5.4 million ceiling test write-down of its oil and gas properties during the three March 31, 2024 first 2024

Note 6 - Debt

Note 6 - Debt	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	6. On January 5, 2022, four one first July 26, 2022, Under the Credit Agreement, revolving loans may January 5, 2026, Federal Funds three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 (in thousands) Interest expense $ 111 $ 249 Weighted average interest rate 9.1 % 8.5 % 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 March 31, 2024 The amount outstanding on the Credit Agreement as of March 31, 2024 December 31, 2023

Note 7 - Commodity Derivatices

Note 7 - Commodity Derivatices	3 Months Ended
	Mar. 31, 2024
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 As of March 31, 2024 Fixed Price Swaps Quantity Weighted Crude oil Average Commodity/ Index/ Maturity Period (Bbls)(1) Price NYMEX WTI Crude Oil 2024 Contracts: Second quarter 2024 48,600 $ 81.76 Third quarter 2024 45,000 $ 79.80 Fourth quarter 2024 40,720 $ 78.15 Total 2024 134,320 $ 80.01 ( 1 “Bbl” refers to one 42 The following table details the fair value of commodity derivative contracts recorded in the accompanying Condensed Consolidated Balance Sheets by category: March 31, 2024 December 31, 2023 (in thousands) Derivative assets: Current assets $ 59 $ 1,844 Total derivative assets $ 59 $ 1,844 As of March 31, 2024 Note 13 Fair Value Measurements The following table summarizes the components of the commodity derivative settlement gain (loss) as well as the components of the net commodity derivative (gain) loss line-item presentation in the accompanying Condensed Consolidated Statements of Operations: Three Months Ended March 31, 2024 2023 (in thousands) Commodity derivative settlement gain (loss): Oil contracts $ 404 $ (378 ) Gas contracts - (28 ) Total commodity derivative settlement gain (loss) $ 404 $ (406 ) Total net commodity derivative gain (loss): Oil contracts $ (1,381 ) $ 859 Gas contracts - 60 Total net commodity derivative gain (loss) $ (1,381 ) $ 919

Note 8 - Commitments, Contingen

Note 8 - Commitments, Contingencies, and Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. 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 9 - Shareholders' Equity

Note 9 - Shareholders' Equity	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Equity [Text Block]	9. EQUITY At March 31, 2024 March 31, 2024 Stock Option Plans From time to time, the Company may ten For the three March 31, 2024 2023 March 31, 2023 three March 31, 2024 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Stock options outstanding and exercisable 23,176 $ 38.92 23,176 $ 38.92 The following table summarizes information for stock options outstanding and for stock options exercisable at March 31, 2024 Options Outstanding Options Exercisable Exercise Weighted Remaining Weighted Price Average Contractual Average Number of Range Exercise Term Number of Exercise Shares Low High Price (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 3.5 16,500 $ 10.00 5,676 90.00 90.00 90.00 0.8 5,676 90.00 1,000 226.20 226.20 226.20 0.4 1,000 226.20 23,176 $ 7.20 $ 226.20 $ 38.92 2.7 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. Significantly all of the restricted stock awards are time-based awards and are amortized ratably over a requisite service period. Time-based awards vest ratably following the grant date, provided the grantee is employed on the vesting date. The Company has one 20 March 19, 2025 March 18, 2027. may not The following table presents the changes in non-vested restricted stock awards to all employees and directors for the three March 31, 2024 Weighted-Avg. Grant Date Fair Value Shares Per Share Non-vested restricted stock as of December 31, 2023 855,236 $ 2.63 Granted 1,299,000 $ 0.96 Vested (411,041 ) $ 2.78 Forfeited (5,500 ) $ 2.30 Non-vested restricted stock as of March 31, 2024 1,737,695 $ 1.35 For the three March 31, 2024 2023 not March 31, 2024 Dividends On February 23, 2023, February 10, 2023. three March 31, 2023 August 9, 2023, three March 31, 2024 Share Repurchase Program On April 26, 2023, March 19, 2024, June 30, 2025, 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 three March 31, 2024 three March 31, 2023

Note 10 - Asset Retirement Obli

Note 10 - Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	10. 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 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 as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (in thousands) Balance, beginning of year $ 18,490 $ 15,442 Acquired or incurred - 11 Cost and life revisions (100 ) 2,494 Plugged (58 ) (215 ) Sold - (458 ) Accretion 393 1,216 Balance, end of period $ 18,725 $ 18,490 Asset retirement obligations - current $ 1,273 $ 1,273 Asset retirement obligations - noncurrent 17,452 17,217 Balance, end of period $ 18,725 $ 18,490

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision. The Company’s effective tax rate was approximately 0% and 5% for the three March 31, 2024 2023 Deferred taxes are recognized for the expected future tax consequences of temporary differences between the financial statement and tax basis of assets, liabilities, net operating losses and tax credit carry-forwards. We review our deferred tax assets (“DTAs”) and valuation allowance on a quarterly basis. As part of our review, we consider positive and negative evidence, including cumulative results in recent years. The Company has limitations on net operating losses (“NOLs”) generated prior to 2022 382 January 5, 2022 March 31, 2024 not The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than- not” three March 31, 2024 2023 no

Note 12 - Income (Loss) Per Sha

Note 12 - Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
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 per common share is calculated by dividing adjusted net income 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, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share. Unvested shares of restricted stock participate in dividend distributions; however, they do not not The following table sets forth the calculation of basic and diluted net income (loss) per share for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 (in thousands except per share data) Net income (loss) attributable to common shareholders $ (9,537 ) $ (1,247 ) Basic weighted average common shares outstanding 25,388 25,179 Dilutive effect of potentially dilutive securities - - Diluted weighted average common shares outstanding 25,388 25,179 Basic net income (loss) per share $ (0.38 ) $ (0.05 ) Diluted net income (loss) per share $ (0.38 ) $ (0.05 ) For the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 (in thousands) Stock options 23 28 Unvested shares of restricted stock 1,738 1,210 Total 1,761 1,238

Note 13 - Fair Value Measuremen

Note 13 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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. March 31, 2024 December 31, 2023 As of March 31, 2024 Net Fair Value Quoted Prices Presented in the in Active Markets Significant Other Significant Unaudited for Identical Observable Unobservable Condensed Assets Inputs Inputs Total Gross Effect of Consolidated (Level 1) (Level 2) (Level 3) Fair Value Netting Balance Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 101 $ - $ 101 $ (42 ) $ 59 Liabilities Current: Commodity derivatives $ - $ (42 ) $ - $ (42 ) $ 42 $ - Net commodity derivative instruments $ - $ 59 $ - $ 59 $ - $ 59 As of December 31, 2023 Net Fair Value Quoted Prices Presented in the in Active Markets Significant Other Significant Unaudited for Identical Observable Unobservable Condensed Assets Inputs Inputs Total Gross Effect of Consolidated (Level 1) (Level 2) (Level 3) Fair Value Netting Balance Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 1,844 $ - $ 1,844 $ - $ 1,844 Net commodity derivative instruments $ - $ 1,844 $ - $ 1,844 $ - $ 1,844 Marketable Equity Securities 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. March 31, 2024 December 31, 2023 Current assets: Marketable equity securities Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.07382 $ 0.06789 Fair value of marketable equity securities $ 178,732 $ 164,375 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 obligations are 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 10 Asset Retirement Obligations Other Assets and Liabilities 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. As of March 31, 2024 February 27, 2024. April 5, 2024.

Note 14 - Other Current Assets

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 (in thousands) Prepaid expenses $ 598 $ 88 Joint interest billings receivable 248 265 Income tax receivable 45 135 Other 38 39 Total other current assets $ 929 $ 527 Accounts Payable and Accrued Liabilities The following table presents the components of accounts payable and accrued liabilities as of the dates indicated: March 31, 2024 December 31, 2023 (in thousands) Accounts payable $ 2,138 $ 1,944 Operating expense and oil and gas property accruals 832 1,335 Interest Payable 112 247 Production taxes payable 595 454 Insurance premium financing - 62 Other 18 22 Total accounts payable and accrued expenses $ 3,695 $ 4,064

Note 15 - Supplemental Disclosu

Note 15 - Supplemental Disclosures of Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	15. Three Months Ended March 31, 2024 2023 (in thousands) Cash paid for interest $ 254 $ 268 Cash received for income taxes (70 ) - Investing activities: Change in capital expenditure accruals - 18 Asset retirement obligations (158 ) 43 Financing activities: Accrual for repurchase of common stock (59 ) Financing of insurance premiums with note payable - 654

Note 16 - Subsequent Events

Note 16 - Subsequent Events	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	16. Derivative Activities On April 2, 2024, January 2025 December 2025

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. Rule 10b5 1 may 10b5 1 may 10b5 1 March 31, 2024, 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

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10 December 31, 2023 March 26, 2024 March 31, 2024 three March 31, 2024 not may December 31, 2024
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 Condensed Consolidated 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.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Certain prior year amounts are reclassified to conform to the current year presentation. Historically, the Company included gathering, transportation, and treating costs within lease operating expense on the Condensed Consolidated Statements of Operations. Effective July 1, 2023, no The Company has historically included revenue and royalties payable within accounts payables and accrued liabilities on the Condensed Consolidated Balance Sheets. Effective December 31, 2023, no

Note 3 - Revenue From Contrac_2

Note 3 - Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2024 2023 (in thousands) Revenue: Rockies Oil $ 1,721 $ 2,338 Natural gas and liquids 41 88 Total $ 1,762 $ 2,426 West Texas, South Texas, and Gulf Coast Oil $ 1,599 $ 2,955 Natural gas and liquids 46 209 Total $ 1,645 $ 3,164 Mid-Continent Oil $ 1,407 $ 1,802 Natural gas and liquids 577 880 Total $ 1,984 $ 2,682 Combined Total $ 5,391 $ 8,272
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Three Months Ended March 31, 2024 2023 Purchaser A 28 % 11 % Purchaser B 23 % 18 % Purchaser C 11 % 0 % Purchaser D 0 % 15 % Purchaser E 0 % 13 %

Note 4 - Leases (Tables)

Note 4 - Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Lease, Cost [Table Text Block]	March 31, 2024 December 31, 2023 (in thousands) Right-of-use asset $ 653 $ 693 Lease liability Current lease obligation $ 186 $ 182 Long-term lease obligation 564 611 $ 750 $ 793 Three Months Ended March 31, 2024 2023 (in thousands) Operating lease cost $ 49 $ 65 Short-term lease cost 212 269 Total lease costs $ 261 $ 334 As of March 31, 2024 2023 (in thousands) Weighted average lease term (years) 3.7 4.7 Weighted average discount rate 4.25 % 4.25 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	March 31, 2024 (in thousands) 2024 $ 160 2025 218 2026 224 2027 210 Total lease payments $ 812 Less: imputed interest (62 ) Total lease liability $ 750

Note 6 - Debt (Tables)

Note 6 - Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Debt [Table Text Block]	Three Months Ended March 31, 2024 2023 (in thousands) Interest expense $ 111 $ 249 Weighted average interest rate 9.1 % 8.5 %

Note 7 - Commodity Derivatices

Note 7 - Commodity Derivatices (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Fixed Price Swaps Quantity Weighted Crude oil Average Commodity/ Index/ Maturity Period (Bbls)(1) Price NYMEX WTI Crude Oil 2024 Contracts: Second quarter 2024 48,600 $ 81.76 Third quarter 2024 45,000 $ 79.80 Fourth quarter 2024 40,720 $ 78.15 Total 2024 134,320 $ 80.01
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	March 31, 2024 December 31, 2023 (in thousands) Derivative assets: Current assets $ 59 $ 1,844 Total derivative assets $ 59 $ 1,844
Derivative Instruments, Gain (Loss) [Table Text Block]	Three Months Ended March 31, 2024 2023 (in thousands) Commodity derivative settlement gain (loss): Oil contracts $ 404 $ (378 ) Gas contracts - (28 ) Total commodity derivative settlement gain (loss) $ 404 $ (406 ) Total net commodity derivative gain (loss): Oil contracts $ (1,381 ) $ 859 Gas contracts - 60 Total net commodity derivative gain (loss) $ (1,381 ) $ 919

Note 9 - Shareholders' Equity (

Note 9 - Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	March 31, 2024 December 31, 2023 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Stock options outstanding and exercisable 23,176 $ 38.92 23,176 $ 38.92
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]	Options Outstanding Options Exercisable Exercise Weighted Remaining Weighted Price Average Contractual Average Number of Range Exercise Term Number of Exercise Shares Low High Price (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 3.5 16,500 $ 10.00 5,676 90.00 90.00 90.00 0.8 5,676 90.00 1,000 226.20 226.20 226.20 0.4 1,000 226.20 23,176 $ 7.20 $ 226.20 $ 38.92 2.7 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 as of December 31, 2023 855,236 $ 2.63 Granted 1,299,000 $ 0.96 Vested (411,041 ) $ 2.78 Forfeited (5,500 ) $ 2.30 Non-vested restricted stock as of March 31, 2024 1,737,695 $ 1.35

Note 10 - Asset Retirement Ob_2

Note 10 - Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Asset Retirement Obligations [Table Text Block]	March 31, 2024 December 31, 2023 (in thousands) Balance, beginning of year $ 18,490 $ 15,442 Acquired or incurred - 11 Cost and life revisions (100 ) 2,494 Plugged (58 ) (215 ) Sold - (458 ) Accretion 393 1,216 Balance, end of period $ 18,725 $ 18,490 Asset retirement obligations - current $ 1,273 $ 1,273 Asset retirement obligations - noncurrent 17,452 17,217 Balance, end of period $ 18,725 $ 18,490

Note 12 - Income (Loss) Per S_2

Note 12 - Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2024 2023 (in thousands except per share data) Net income (loss) attributable to common shareholders $ (9,537 ) $ (1,247 ) Basic weighted average common shares outstanding 25,388 25,179 Dilutive effect of potentially dilutive securities - - Diluted weighted average common shares outstanding 25,388 25,179 Basic net income (loss) per share $ (0.38 ) $ (0.05 ) Diluted net income (loss) per share $ (0.38 ) $ (0.05 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended March 31, 2024 2023 (in thousands) Stock options 23 28 Unvested shares of restricted stock 1,738 1,210 Total 1,761 1,238

Note 13 - Fair Value Measurem_2

Note 13 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of March 31, 2024 Net Fair Value Quoted Prices Presented in the in Active Markets Significant Other Significant Unaudited for Identical Observable Unobservable Condensed Assets Inputs Inputs Total Gross Effect of Consolidated (Level 1) (Level 2) (Level 3) Fair Value Netting Balance Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 101 $ - $ 101 $ (42 ) $ 59 Liabilities Current: Commodity derivatives $ - $ (42 ) $ - $ (42 ) $ 42 $ - Net commodity derivative instruments $ - $ 59 $ - $ 59 $ - $ 59 As of December 31, 2023 Net Fair Value Quoted Prices Presented in the in Active Markets Significant Other Significant Unaudited for Identical Observable Unobservable Condensed Assets Inputs Inputs Total Gross Effect of Consolidated (Level 1) (Level 2) (Level 3) Fair Value Netting Balance Sheet (in thousands) Assets Current: Commodity derivatives $ - $ 1,844 $ - $ 1,844 $ - $ 1,844 Net commodity derivative instruments $ - $ 1,844 $ - $ 1,844 $ - $ 1,844
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31, 2024 December 31, 2023 Current assets: Marketable equity securities Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.07382 $ 0.06789 Fair value of marketable equity securities $ 178,732 $ 164,375

Note 14 - Other Current Asset_2

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Other Current Assets [Table Text Block]	March 31, 2024 December 31, 2023 (in thousands) Prepaid expenses $ 598 $ 88 Joint interest billings receivable 248 265 Income tax receivable 45 135 Other 38 39 Total other current assets $ 929 $ 527
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	March 31, 2024 December 31, 2023 (in thousands) Accounts payable $ 2,138 $ 1,944 Operating expense and oil and gas property accruals 832 1,335 Interest Payable 112 247 Production taxes payable 595 454 Insurance premium financing - 62 Other 18 22 Total accounts payable and accrued expenses $ 3,695 $ 4,064

Note 15 - Supplemental Disclo_2

Note 15 - Supplemental Disclosures of Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Three Months Ended March 31, 2024 2023 (in thousands) Cash paid for interest $ 254 $ 268 Cash received for income taxes (70 ) - Investing activities: Change in capital expenditure accruals - 18 Asset retirement obligations (158 ) 43 Financing activities: Accrual for repurchase of common stock (59 ) Financing of insurance premiums with note payable - 654

Note 2 - Acquisitions and Div_2

Note 2 - Acquisitions and Divestitures (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Asset Retirement Obligations, Relief Through Disposals	$ 500
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
Disposal Group,Transaction Costs	$ 400
Number of Wells Sold	152
Number of Overriding Royalty Interests Sold	7
Gain (Loss) on Disposition of Oil and Gas Property	$ 0

Note 3 - Revenue From Contrac_3

Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue	$ 5,391	$ 8,272
Oil Sales[Member]
Revenue	4,727	7,095
Natural Gas, Midstream [Member]
Revenue	664	1,177
Rockies [Member]
Revenue	1,762	2,426
Rockies [Member] | Oil Sales[Member]
Revenue	1,721	2,338
Rockies [Member] | Natural Gas, Midstream [Member]
Revenue	41	88
West Texas, South Texas, and Gulf Coast [Member]
Revenue	1,645	3,164
West Texas, South Texas, and Gulf Coast [Member] | Oil Sales[Member]
Revenue	1,599	2,955
West Texas, South Texas, and Gulf Coast [Member] | Natural Gas, Midstream [Member]
Revenue	46	209
Mid-Continent [Member]
Revenue	1,984	2,682
Mid-Continent [Member] | Oil Sales[Member]
Revenue	1,407	1,802
Mid-Continent [Member] | Natural Gas, Midstream [Member]
Revenue	$ 577	$ 880

Note 3 - Revenue Recognition -

Note 3 - Revenue Recognition - Schedule of Concentration Risk (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Purchaser A [Member]
Concentration risk percentage	28%	11%
Purchaser B [Member]
Concentration risk percentage	23%	18%
Purchaser C [Member]
Concentration risk percentage	11%	0%
Purchaser D [Member]
Concentration risk percentage	0%	15%
Purchaser E [Member]
Concentration risk percentage	0%	13%

Note 4 - Leases - Lease Cost (D

Note 4 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Right-of-use asset	$ 653		$ 693
Current lease obligation	186		182
Long-term lease obligation	564		611
Operating Lease, Liability	750		$ 793
Operating lease cost	49	$ 65
Short-term lease cost	212	269
Total lease costs	$ 261	$ 334
Weighted average lease term (years) (Year)	3 years 8 months 12 days	4 years 8 months 12 days
Weighted average discount rate	4.25%	4.25%

Note 4 - Leases - Schedule of O

Note 4 - Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2024	$ 160
2025	218
2026	224
2027	210
Total lease payments	812
Less: imputed interest	(62)
Total lease liability	$ 750	$ 793

Note 5 - Oil and Natural Gas _2

Note 5 - Oil and Natural Gas Production Activities (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) $ / item	Mar. 31, 2023 USD ($)	Dec. 31, 2023
Oil and Gas Property, Ceiling Test, Discount Rate			10%
Impairment, Oil and Gas, Property with Unproved and Proved Reserves | $	$ 5,419	$ 0
Crude Oil [Member]
Oil and Gas, Average Sale Price Per Unit (in USD per Per Share)	77.48
Natural Gas and Natural Gas Liquids (NGL) [Member]
Oil and Gas, Average Sale Price Per Unit (in USD per Per Share)	2.45

Note 6 - Debt (Details Textual)

Note 6 - Debt (Details Textual) $ in Millions	Jan. 05, 2022 USD ($)	Mar. 31, 2024 USD ($)	Jul. 26, 2022 USD ($)
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Credit Agreement [Member]
Debt Instrument, Face Amount	$ 15	$ 20	$ 20
Line of Credit Facility, Maximum Borrowing Capacity	$ 100
Debt Instrument, Basis Spread on Variable Rate	0.50%
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
Credit Agreement [Member] | Minimum [Member]
Debt Instrument, Applicable Margin on Basis Spread	0.25%
Debt Instrument, Covenant, Restricted Payment, Percentage of Existing Borrowing Base	20%
Credit Agreement [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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest expense	$ 111	$ 249
Weighted average interest rate	9.10%	8.50%

Note 7 - Commodity Derivatives

Note 7 - Commodity Derivatives - Schedule of Contracts Outstanding (Details)	3 Months Ended
	Mar. 31, 2024 $ / bbl bbl
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	134,320	[1]
Weighted average price floor (in USD per Barrel of Oil) | $ / bbl	80.01
[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	Mar. 31, 2024	Dec. 31, 2023
Current assets	$ 59	$ 1,844
Total derivative assets	$ 59	$ 1,844

Note 7 - Commodity Derivative_3

Note 7 - Commodity Derivatives - Schedule of Derivative Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total derivative settlement gains (losses)	$ 404	$ (406)
Total net commodity derivative gains (losses)	(1,381)	919
Oil Contracts [Member]
Total derivative settlement gains (losses)	404	(378)
Total net commodity derivative gains (losses)	(1,381)	859
Gas Contracts [Member]
Total derivative settlement gains (losses)	0	(28)
Total net commodity derivative gains (losses)	$ 0	$ 60

Note 9 - Shareholders' Equity_2

Note 9 - Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 23, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Apr. 26, 2023
Common Stock, Shares, Outstanding (in shares)		25,343,013		25,333,870
Common Stock, Shares Authorized (in shares)		245,000,000		245,000,000
Preferred Stock, Shares Authorized (in shares)		5,000,000
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
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.0225
Dividends and Interest Paid		$ 600	$ 0
Stock Repurchase Program, Authorized Amount					$ 5,000
Stock Repurchased During Period, Shares (in shares)		318,200	0
Stock Repurchased During Period, Value		$ 337
Shares Acquired, Average Cost Per Share (in dollars per share)		$ 1.06
Share-Based Payment Arrangement, Option [Member]
Share-Based Payment Arrangement, Expense		$ 0	$ 0
Restricted Stock [Member]
Share-Based Payment Arrangement, Expense		200	$ 700
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 1,600
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 7 months 6 days
Restricted Stock [Member] | Minimum [Member]
Share Price (in dollars per share)		$ 2

Note 9 - Shareholders' Equity -

Note 9 - Shareholders' Equity - Stock Option Activity (Details) - $ / shares	Mar. 31, 2024		Dec. 31, 2023
Stock options outstanding and exercisable (in shares)	23,176		23,176
Stock options outstanding and exercisable, exercise price (in dollars per share)	$ 38.92	[1]	$ 38.92
[1]Represents the weighted average price.

Note 9 - Shareholders' Equity_3

Note 9 - Shareholders' Equity - Schedule of Stock Option by Exercise Price (Details)	3 Months Ended
	Mar. 31, 2024 $ / 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)	2 years 8 months 12 days
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 6 months
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)	9 months 18 days
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)	4 months 24 days
Options exercisable, number of shares (in shares) | shares	1,000
Options exercisable, weighted average exercise price (in dollars per share)	$ 226.2

Note 9 - Shareholders' Equity_4

Note 9 - Shareholders' Equity - Restricted Stock Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
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
Granted (in shares) | shares	1,299,000
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0.96
Vested (in shares) | shares	(411,041)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.78
Forfeited (in shares) | shares	(5,500)
Forfeited (in dollars per share) | $ / shares	$ 2.3
Non-vested restricted stock (in shares) | shares	1,737,695
Non-vested restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.35

Note 10 - Asset Retirement Ob_3

Note 10 - Asset Retirement Obligation - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Balance, beginning of year	$ 18,490	$ 15,442
Acquired or incurred	0	11
Cost and life revisions	(100)	2,494
Plugged	(58)	(215)
Sold	0	(458)
Accretion	393	1,216
Balance, end of period	18,725	18,490
Asset retirement obligations - current	1,273	1,273	$ 1,273
Asset retirement obligations - noncurrent	$ 17,452	$ 17,217	$ 17,217

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	0%	5%

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss) attributable to common shareholders	$ (9,537)	$ (1,247)
Basic weighted average common shares outstanding (in shares)	25,388	25,179
Dilutive effect of potentially dilutive securities (in shares)	0	0
Diluted weighted average common shares outstanding (in shares)	25,388	25,179
Basic net income (loss) per share (in dollars per share)	$ (0.38)	$ (0.05)
Basic and diluted income (loss) per share (in dollars per share)	$ (0.38)	$ (0.05)

Note 12 - Income (Loss) Per S_4

Note 12 - Income (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive securities (in shares)	1,761	1,238
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	23	28
Restricted Stock [Member]
Antidilutive securities (in shares)	1,738	1,210

Note 13 - Fair Value Measurem_3

Note 13 - Fair Value Measurements (Details Textual)	Mar. 31, 2024
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	Mar. 31, 2024	Dec. 31, 2023
Commodity derivative asset -current	$ 59	$ 1,844
Commodity derivatives, current	59	1,844
Fair Value, Recurring [Member]
Commodity derivatives, current	101	1,844
Commodity derivatives, current	(42)	0
Commodity derivative asset -current	59	1,844
Commodity derivatives, noncurrent	(42)
Commodity derivatives, noncurrent	42
Commodity derivatives, noncurrent	0
Net commodity derivative instruments	59	1,844
Net commodity derivative instruments	59	1,844
Commodity derivatives, current	42	0
Commodity derivatives, current	59	1,844
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Commodity derivatives, current	0	0
Commodity derivatives, noncurrent	0
Net commodity derivative instruments	0	0
Net commodity derivative instruments	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Commodity derivatives, current	101	1,844
Commodity derivatives, noncurrent	(42)
Net commodity derivative instruments	59	1,844
Net commodity derivative instruments	59	1,844
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Commodity derivatives, current	0	0
Commodity derivatives, noncurrent	0
Net commodity derivative instruments	0	0
Net commodity derivative instruments	$ 0	$ 0

Note 13 - Fair Value Measurem_5

Note 13 - Fair Value Measurements - Schedule of Fair Value Assets Measured on Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Number of shares owned (in shares)	2,421,180	2,421,180
Quoted market price (in dollars per share)	$ 0.07382	$ 0.06789
Fair value	$ 178,732	$ 164,375

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	Mar. 31, 2024	Dec. 31, 2023
Prepaid expenses	$ 598	$ 88
Joint interest billings receivable	248	265
Income tax receivable	45	135
Other	38	39
Total other current assets	$ 929	$ 527

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	Mar. 31, 2024	Dec. 31, 2023
Accounts payable	$ 2,138	$ 1,944
Operating expense and oil and gas property accruals	832	1,335
Interest Payable	112	247
Production taxes payable	595	454
Insurance premium financing	0	62
Other	18	22
Total accounts payable and accrued expenses	$ 3,695	$ 4,064

Note 15 - Supplemental Disclo_3

Note 15 - Supplemental Disclosures of Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for interest	$ 254	$ 268
Cash received for income taxes	(70)	0
Change in capital expenditure accruals	0	18
Asset retirement obligations	(158)	43
Accrual for repurchase of common stock	(59)
Financing of insurance premiums with note payable	$ 0	$ 654

Note 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Crude Oil Swaps [Member]	Apr. 02, 2024 $ / bbl bbl
Derivative, Nonmonetary Notional Amount, Volume (Barrel of Oil) | bbl	164,125
Derivative, Floor Price (in USD per Barrel of Oil) | $ / bbl	73.71