U.S. Energy (USEG) 10-K 30 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 20, 2020	Jun. 30, 2019
Document And Entity Information
Entity Registrant Name	US ENERGY CORP
Entity Central Index Key	0000101594
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 6,166,682
Entity Common Stock, Shares Outstanding		1,404,817
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and equivalents	$ 1,532	$ 2,340
Oil and natural gas sales receivable	716	697
Related party receivable		2
Marketable equity securities	307	536
Prepaid and other current assets	138	113
Total current assets	2,693	3,688
Oil and natural gas properties under full cost method:
Unevaluated properties	3,741	3,728
Evaluated properties	89,113	88,764
Less accumulated depreciation, depletion and amortization	(84,400)	(83,729)
Net oil and natural gas properties	8,454	8,763
Other assets:
Property and equipment, net	2,115	2,249
Right of use asset	179
Other assets	26	78
Total other assets	2,320	2,327
Total assets	13,467	14,778
Current liabilities:
Accounts payable and accrued liabilities	974	670
Current lease obligation	58
Accrued compensation and benefits	191	63
Current portion of credit facility		937
Total current liabilities	1,223	1,670
Noncurrent liabilities:
Asset retirement obligations	819	939
Warrant liability	73	425
Long-term lease obligation, net of current portion	142
Other noncurrent liabilities		25
Total noncurrent liabilities	1,034	1,389
Total liabilities	2,257	3,059
Commitments and contingencies (Note 11)
Preferred stock: Authorized 100,000 shares, 50,000 shares of Series A Convertible (par value $0.01) issued and outstanding; liquidation preference of $3,228 and $2,856 as of December 31, 2019 and 2018, respectively	2,000	2,000
Shareholders' equity:
Common stock, $0.01 par value; unlimited shares authorized; 1,340,583 shares issued and outstanding	13	13
Additional paid-in capital	136,876	136,835
Accumulated deficit	(127,679)	(127,129)
Total shareholders' equity	9,210	9,719
Total liabilities, preferred stock and shareholders' equity	$ 13,467	$ 14,778

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Series A Convertible Preferred stock, authorized	100,000	100,000
Series A Convertible Preferred stock, issued	50,000	50,000
Series A Convertible Preferred stock, outstanding	50,000	50,000
Series A Convertible Preferred stock, par value	$ 0.01	$ 0.01
Liquidation preference shares	$ 3,228	$ 2,856
Common stock, par value	$ 0.01	$ 0.01
Common stock, unlimited authorized	Unlimited	Unlimited
Common stock, issued	1,340,583	1,340,583
Common stock, outstanding	1,340,583	1,340,583

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue:
Total revenue	$ 6,573	$ 5,539
Oil and natural gas operations:
Lease operating expense	1,848	1,898
Production taxes	429	392
Depreciation, depletion, accretion and amortization	693	393
General and administrative:
Compensation and benefits	1,187	2,089
Professional fees, insurance and other	3,178	1,540
Bad debt expense	28	374
Total operating expenses	7,363	6,686
Operating Loss	(790)	(1,147)
Other income (expense):
Realized loss on commodity price risk derivatives		(283)
Unrealized gain on commodity price risk derivatives		161
Recovery of deposit	200
Loss on marketable equity securities	(229)	(339)
Rental and other loss	(72)	(114)
Warrant revaluation gain	352	775
Interest expense, net	(11)	(93)
Total other income	240	107
Net loss	(550)	(1,040)
Accrued preferred stock dividends	(372)	(329)
Net loss applicable to common shareholders	$ (922)	$ (1,369)
Basic and diluted weighted average shares outstanding	1,340,583	1,288,857
Basic and diluted net loss per share	$ (0.69)	$ (1.06)
Oil [Member]
Revenue:
Total revenue	$ 6,149	$ 4,609
Natural Gas and Liquids [Member]
Revenue:
Total revenue	$ 424	$ 930

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2017	$ 12	$ 134,738	$ (126,089)	$ 8,661
Balance, shares at Dec. 31, 2017	1,180,276
Issuance of shares in at-the-market transactions, net of fees	$ 1	1,665		$ 1,666
Issuance of shares in at-the-market transactions, net of fees, shares	128,853			128,853
Issuance of shares to employees, net of shares withheld for taxes		379		$ 379
Issuance of shares to employees, net of shares withheld for taxes, shares	31,454
Amortization of stock option awards		53		53
Net loss			(1,040)	(1,040)
Balance at Dec. 31, 2018	$ 13	136,835	(127,129)	9,719
Balance, shares at Dec. 31, 2018	1,340,583
Amortization of stock option awards		41		41
Net loss			(550)	(550)
Balance at Dec. 31, 2019	$ 13	$ 136,876	$ (127,679)	$ 9,210
Balance, shares at Dec. 31, 2019	1,340,583

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Statement of Stockholders' Equity [Abstract]
Accumulated other comprehensive loss related to marketable securities	$ 903

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (550)	$ (1,040)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, accretion, and amortization	828	526
Debt issuance cost amortization	7	12
Change in fair value of commodity derivative		(161)
Change in fair value of warrants	(352)	(775)
Bad debt write-off	28	374
Stock-based compensation and services	41	636
Loss on marketable equity securities	229	339
Right of use asset amortization	48
Other		3
Decrease (increase) in:
Oil and natural gas sales receivable	(49)	(10)
Other current assets	231	(108)
Increase (decrease) in:
Accounts payable accrued liabilities	100	(283)
Accrued compensation and benefits	129	(3)
Payments on operating lease liability	(52)
Net cash provided by (used in) operating activities	638	(490)
Cash flows from investing activities:
Oil and natural gas capital expenditures	(376)	(1,301)
Settlement of asset retirement obligations		(18)
Proceeds from sale of oil and natural gas properties	75
Purchase of property and equipment		(11)
Payment received on notes receivable	20	20
Net cash used in investing activities:	(281)	(1,310)
Cash flows from financing activities:
Issuance of common stock, net of fees		1,666
Shares repurchased for employee tax withholding		(203)
Payments on insurance premium finance note	(228)
Payments on credit facility	(937)	(600)
Net cash (used in) provided by financing activities	(1,165)	863
Net decrease in cash and equivalents	(808)	(937)
Cash and equivalents, beginning of year	2,340	3,277
Cash and equivalents, end of year	1,532	2,340
Supplemental disclosures of cash flow information and non-cash activities:
Cash payments for interest	11	119
Investing activities:
Change in capital expenditure accruals	176	196
Exchange of undeveloped acreage for oil and gas properties	379
Asset retirement obligations assumed by purchaser	130
Adoption of lease standard	252
Asset retirement obligations	14	19
Reclassification of assets classified as held-for-sale at December 31, 2017 to other assets		653
Financing activities:
Financing of insurance premiums with note payable	$ 228

Organization, Operations and Si

Organization, Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Organization, Operations and Significant Accounting Policies	1. ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Organization and Operations U.S. Energy Corp. (collectively with its wholly owned subsidiary, Energy One LLC, referred to as the “Company” in these Notes to Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused in the acquisition, exploration and development of oil and natural gas properties in the United States. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“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 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; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; valuation of warrant instruments; and the cost 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 include the accounts of U.S. Energy Corp. and its wholly owned subsidiary Energy One LLC (“Energy One”). All inter-company balances and transactions have been eliminated in consolidation. Certain prior period amounts in the consolidated statement of operations have been reclassified to conform to the current period presentation as follows: ● Stock-based compensation of $636 thousand for the year ended December 31, 2018 has been included in Compensation and benefits. ● Interest income of $13 thousand for the year ended December 31, 2018, which was included as a component of Rental and other loss has been reclassified to Interest expense, net. Reverse Stock Split On January 6, 2020, the Company completed a one share-for-ten shares reverse stock split with respect to the Company’s common stock. For purposes of presentation, the consolidated financial statements and footnotes have been adjusted for the number of post-split shares as if the split had occurred at the earliest period presented. Liquidity and Resources In the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 it reported that there was substantial doubt regarding its ability to fund operations for the next twelve months and continue as a going concern. The substantial doubt was primarily related to uncertainty regarding continuing expenditures in the APEG II litigation. Although the litigation remains pending, the Company believes that the expenditures related to the litigation are substantially complete. During 2019, the Company took many steps to preserve liquidity including reducing the use of third-party contractors, cutting corporate overhead and eliminating other general and administrative costs. Additionally, in March 2020, there has been a significant decline in commodity prices. While the Company expects to experience a decrease in its oil and natural gas revenue, it believes that its existing cash and capital resources and its forecasted low overhead costs going forward have alleviated the substantial doubt regarding its ability to continue as a going concern and the Company expects that it will be able to fund operations for the next twelve months. Cash and Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Oil and Natural Gas Sales Receivable The Company’s oil and natural gas sales receivable consist primarily of receivables from joint interest operators for the Company’s share of oil, natural gas, and natural gas liquids (“NGLs”) sales. Generally, the Company’s oil and natural gas sales receivables are collected within three months. The Company has had minimal bad debts related to oil and natural gas sales. Although diversified among several joint interest operators, collectability is dependent upon the financial wherewithal of each joint interest operator and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2019 and 2018, the Company had not provided an allowance for doubtful accounts on its oil and natural gas sales receivable. Concentration of Credit Risk The Company has exposure to credit risk in the event of nonpayment of oil and natural gas receivables by joint interest operators of the Company’s oil and natural gas properties. The following table presents the joint interest operators that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: Operator 2019 2018 CML Exploration, LLC 52 % 18 % Zavanna, LLC 31 % 47 % Crimson Exploration Operating, Inc. 7 % 14 % Marketable Equity Securities Marketable equity securities are reported at fair value based on end of period quoted prices. Beginning in 2018, the Company adopted Accounting Series Update 2016-01, which requires an entity to measure equity investments at fair value through net income. Previously, the Company had classified marketable equity securities as available for sale and recorded changes in value as a component of shareholders’ equity within comprehensive income or loss. Gains or losses from sales of marketable equity securities are recorded in the consolidated statement of operations when realized. 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 include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center are subject to depreciation, depletion and amortization (“DD&A”) using the equivalent unit-of-production method, based on total proved oil and natural gas reserves. For financial statement presentation, DD&A includes accretion expense related to asset retirement obligations. Excluded from amounts subject to DD&A are costs associated with unevaluated properties. 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% per annum, from proved reserves, based on average prices per barrel of oil and per Mcf of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period; and costs, adjusted for contract provisions and financial derivatives qualifying as accounting hedges and asset retirement obligations, (ii) the cost of unevaluated properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability (if any) exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs. Since all of the Company’s oil and natural gas properties are located within the United States, the Company only has one cost center for which a quarterly Ceiling Test is performed. Property and Equipment Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives as follows: Years Real estate: Buildings 20 to 45 Building improvements 10 to 25 Land improvements 10 to 35 Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20 Vehicles and other 5 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 be recoverable. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment charge is recognized, and measured as the amount by which the carrying value exceeds the estimated fair value. Changes in significant assumptions underlying future cash flow estimates may have a material effect on the Company’s financial position and results of operations. Long-lived assets are classified as held for sale when the Company commits to a plan to sell the assets. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets. Derivative Instruments The Company has used derivative instruments, typically costless collars and fixed-rate swaps, to manage price risk underlying its oil and natural gas production. All derivative instruments are recorded in the consolidated balance sheets at fair value. The Company offsets fair value amounts recognized for derivative instruments executed with the same counterparty. Although such derivative instruments provide an economic hedge of the Company’s exposure to commodity price risk associated with forecasted future oil and natural gas production, the Company does not designate any of its derivative instruments as cash flow hedges. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its accompanying statements of operations as they occur. Gains and losses on derivatives are included within cash flows from operations in the accompanying consolidated statements of cash flows. Warrant Liability In connection with a private placement of common shares in December 2016, the Company concurrently sold to the purchasers warrants to purchase 100,000 shares of common stock. The exercise price and the number of shares issuable upon exercise of the warrants is subject to adjustment in the event of any stock dividends and splits, reverse stock splits, recapitalization, reorganization or similar transaction, as described in the warrants. The warrants are also subject to “down-round” anti-dilution in the event the Company issues additional common stock or common stock equivalents at a price per share less than the exercise price in effect. The Company has classified the warrants as liabilities due to provisions in the warrant agreement that precluded equity classification, including an option of the holder to receive the calculated fair value of the warrant from the Company in cash in the event of a “Fundamental Transaction,” as defined in the warrant agreement. Changes in fair value are reported each period in 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. Final determinations are made during the fourth quarter of each year. 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 computes the fair values of its options granted to employees using the Black-Scholes option pricing model. The Company recognizes the cost of the equity awards over the period during which an employee is required to provide services in exchange for the award, usually the vesting period. For awards granted that contain a graded vesting schedule, and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. Stock-based compensation expense is recognized based on awards ultimately expected to vest, whereas estimates of forfeitures are based upon historical experience. 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, if deemed necessary, by a valuation allowance for any tax benefits that, based on current circumstances, are not expected to be realized. At December 31, 2019 and 2018, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. In assessing the need for a valuation allowance for the Company’s deferred tax assets, a significant item of negative evidence considered was the cumulative book loss over the three-year period ended December 31, 2019. The Company assesses its uncertain tax positions annually. The Company recognizes the tax benefit from an uncertain tax position only if it is probable that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that is probable of being realized upon ultimate settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Earnings 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, warrants and the Series A preferred 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 in-the-money stock options. Recent Accounting Pronouncements Leases. Leases (Topic 842), The Company evaluated the impacts of ASU 2016-02, which included an analysis of contracts for office leases. As a non-operator of oil and natural gas properties, the Company is not subject to drilling rig agreements, well completion agreements, water handling agreements, or other contracts that include potential lease components. In addition, the scope of ASU 2016-02 does not apply to leases used in the exploration or use of minerals, oil, natural gas or other similar non-regenerative resources. See Note 3-Leases Financial instruments with characteristics of liabilities and equity. ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity Fair Value Measurements. Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements Fair Value Measurements

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	2. REVENUE RECOGNITION The Company’s revenues are derived from its interest in the sales of oil and natural gas production. The sales of oil and natural gas are made under contracts that operators of the wells have negotiated with third-party customers. The Company receives payment from the sale of oil and natural gas production between one to three months after delivery. At the end of each period when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in oil and natural gas sales receivable in the consolidated balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. Accordingly, the variable consideration is not constrained. As a non-operator of its oil and natural gas properties, the Company records its share of the revenues and expenses based upon the information provided by the operators within the revenue statements. The Company does not disclose the values of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to the remaining performance obligations is not required. The Company’s oil and natural gas production is typically sold at delivery points to various purchasers under contract terms that are common in the oil and natural gas industry. Regardless of the contract type, the terms of these contracts compensate the well operators for the value of the oil and natural gas at specified prices, and then the well operators remit payment to the Company for its share in the value of the oil and natural gas sold. Generally, the Company reports revenue as the gross amount received from the well operators before taking into account production taxes and transportation costs. Production taxes are reported separately and transportation costs are included in lease operating expense in the accompanying consolidated statements of operations. The revenue and costs in the consolidated financial statements were reported gross for the years ended December 31, 2019 and 2018, as the gross amounts were known. The Company’s disaggregated revenues from its share of revenue from the sale of oil and natural gas and liquids in its North Dakota, Texas and Louisiana regions are presented in the following table: Year Ended December 31, 2019 2018 (in thousands) Revenue: North Dakota Oil $ 2,449 $ 2,925 Natural gas and liquids 177 320 Total 2,626 3,245 Texas Oil 3,700 1,684 Natural gas and liquids 247 278 Total 3,947 1,962 Louisiana Oil - - Natural gas and liquids - 332 Total - 332 Combined Total $ 6,573 $ 5,539

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	3. LEASES On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach. Results for the reporting periods beginning January 1, 2019 are presented in accordance with ASC 842, while prior period amounts are reported in accordance with FASB ASC Topic 840-Leases. On January 1, 2019, the Company recorded a $228 thousand right-of-use asset and a $252 thousand lease liability representing the present value of minimum payment obligations associated with its Denver office operating lease, which has non-cancellable terms in excess of one year. We do not have any financing leases. The Company has elected the following practical expedients available under ASC 842 (i) excluding from the consolidated balance sheet leases with terms that are less than one year, (ii) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease, (iii) the package of practical expedients, which allows the Company to avoid reassessing contracts that commenced prior to adoption that were properly evaluated under legacy GAAP, and (iv) the policy election that eliminates the need for adjusting prior period comparable financial statements prepared under legacy lease accounting guidance. As such, there was no required cumulative effect adjustment to accumulated deficit at January 1, 2019. During the year ended December 31, 2019, the Company did not acquire any right-of-use assets or incur any lease liabilities. The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value on the consolidated balance sheet at December 31, 2019, of $179 thousand and $200 thousand, respectively. December 31, 2019 (in thousands) Right-of-use asset balance Operating lease $ 179 Lease liability balance Short-term operating lease $ 58 Long-term operating lease 142 Total liability operating leases $ 200 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 costs represent payments for our Houston office lease, which has a lease term of one year. December 31, 2019 (in thousands) Operating lease cost $ 68 Short-term lease cost 15 Total lease cost $ 83 The Company’s Denver office operating lease does not contain an implicit interest rate that can be readily determined. Therefore, the Company used the incremental borrowing rate of 8.75% as established under the Company’s prior credit facility as the discount rate. December 31, 2019 Weighted average lease term (years) 3.1 Weighted average discount rate 8.75 % The future minimum lease commitments as of December 31, 2019 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the consolidated balance sheet as follows: December 31, 2019 (in thousands) 2020 73 2021 75 2022 76 2023 6 Total lease payments $ 230 Less: imputed interest (30 ) Total lease liability $ 200 The Company owns a 14-acre tract in Riverton, Wyoming with a two-story, 30,400 square foot office building, which served as the Company’s corporate headquarters until the Company relocated its corporate headquarters in 2015. Currently, the building’s eight office suites are rented to non-affiliates and government agencies under operating leases with varying terms from month-to-month to twelve years. The building is included in property and equipment, net on our consolidated balance sheet. The net capitalized cost of the building subject to operating leases at December 31, 2019 is as follows: December 31, 2019 (in thousands) Building subject to operating leases $ 4,012 Less: accumulated depreciation (3,244 ) Building subject to operating leases, net $ 768 The future lease maturities of the Company’s operating leases as of December 31, 2019 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis. December 31, 2019 (in thousands) 2020 158 2021 161 2022 165 2023 169 2024 163 Remaining through June 2029 695 Total lease maturities $ 1,511 The Company recognized, as a component of Rental and other loss, the following operating lease income related to its Riverton, Wyoming office building for the years ended December 31, 2019 and 2018: Year Ended 2019 2018 (in thousands) Operating lease income $ 207 $ 186

Commodity Price Risk Derivative

Commodity Price Risk Derivatives	12 Months Ended
	Dec. 31, 2019
Price Risk Derivatives [Abstract]
Commodity Price Risk Derivatives	4. COMMODITY PRICE RISK DERIVATIVES Energy One from time to time enters into commodity price derivative contracts (“economic hedges”). The derivative contracts are typically priced based on West Texas Intermediate (“WTI”) quoted prices for crude oil and Henry Hub quoted prices for natural gas. U.S. Energy Corp. guarantees Energy One’s obligations under economic hedges. The objective of utilizing the economic hedges is to reduce the effect of price changes on a portion of the Company’s future oil production, achieve more predictable cash flows in an environment of volatile oil and natural gas prices and to manage the Company’s exposure to commodity price risk. The use of these derivative instruments limits the downside risk of adverse price movements. However, there is a risk that such use may limit the Company’s ability to benefit from favorable price movements. Energy One may, from time to time, add incremental derivatives to hedge additional production, restructure existing derivative contracts or enter into new transactions to modify the terms of current contracts in order to realize the current value of its existing positions. The Company does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features. At December 31, 2019 and 2018 the Company did not have any outstanding commodity price derivative contracts. The following table presents the Company’s realized and unrealized derivative gains and losses for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 (in thousands) Net derivative gain (loss): Realized gains and (losses) : Oil $ - $ (292 ) Natural gas - 9 Total - (283 ) Unrealized gains and (losses): Oil - 216 Natural Gas - (55 ) Total $ - $ 161

Oil and Natural Gas Producing A

Oil and Natural Gas Producing Activities	12 Months Ended
	Dec. 31, 2019
Oil and Gas Property [Abstract]
Oil and Natural Gas Producing Activities	5. OIL AND NATURAL GAS PRODUCING ACTIVITIES Divestitures In December 2019, the Company completed the sale of its interest in four Texas wells for $75 thousand in cash and assumption of $130 thousand of asset retirement obligations associated with the wells. The total was recorded as a reduction in the balance of the full cost pool. Ceiling Test and Impairment The reserves used in the Ceiling Test incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In the calculation of the Ceiling Test for the year ended December 31, 2019, the Company used $55.69 per barrel for oil and $2.58 per mcf for natural gas (as further adjusted for property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. There was no impairment for the years ended December 31, 2019 and 2018 of the Company’s oil and natural gas properties. Impairment charges in previous years are generally the result of declines in the price of oil and natural gas, additional capitalized well costs and changes in production.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following as of December 31, 2019 and 2018: 2019 2018 (in thousands) Real estate: Land $ 1,033 $ 1,033 Buildings 4,012 4,012 Land improvements 641 641 Administrative assets: Computers and software 379 378 Office furniture and equipment 224 224 Vehicles and other 11 11 Total 6,300 6,299 Less accumulated depreciation (4,185 ) (4,050 ) Property and equipment, net $ 2,115 $ 2,249 Depreciation expense related to the Company’s real estate assets in Riverton, Wyoming amounted to $122 thousand and $121 thousand for the years ended December 31, 2019 and 2018, respectively and is included as a component of rental loss and other in the consolidated statement of operations. Depreciation expense related to the Company’s administrative assets amounted to $13 thousand and $12 thousand for the years ended December 31, 2019 and 2018, respectively and is included as a component of general and administrative expenses in the consolidated statement of operations.

Disposition of Mining Segment

Disposition of Mining Segment	12 Months Ended
	Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Mining Segment	7. DISPOSITION OF MINING SEGMENT In February 2016, the Company disposed of its mining segment consisting of the Mt. Emmons molybdenum mining properties (the “Property”). Related to the disposition, the Company entered into an Acquisition Agreement (the “Acquisition Agreement”) with Mt. Emmons Mining Company, a subsidiary of Freeport-McMoRan Inc. (“MEM”), whereby MEM acquired the Property which consists of the Mt. Emmons mine site located in Gunnison County, Colorado, including the Keystone Mine, the water treatment plant (“WTP”) and other related properties. Under the Acquisition Agreement, MEM replaced the Company as the permittee and operator of the WTP and has discharged the obligation of the Company to operate the WTP in accordance with the applicable permits issued by the Colorado Department of Public Health and Environment. The Company did not receive any cash consideration for the disposition; the sole consideration for the transfer was that MEM assumed the Company’s obligations to operate the WTP and to pay the future mine holding costs for portions of the Property that MEM desires to retain. Concurrent with entry into the Acquisition Agreement and as additional consideration for MEM to accept transfer of the Property, the Company entered into a Series A Convertible Preferred Stock Purchase Agreement pursuant to which the Company issued 50,000 shares of Series A Convertible Preferred Stock to MSM (see Note 12 Preferred Stock

Write-Off of Deposit

Write-Off of Deposit	12 Months Ended
	Dec. 31, 2019
Write-off Of Deposit
Write-Off of Deposit	8. WRITE-OFF OF DEPOSIT In December 2017, the Company entered into a Letter of Intent (“LOI”) with Clean Energy Technology Association, Inc. (“CETA”) to purchase an option to acquire 50 shares of CETA, or lease certain oil and natural gas properties inside an area of mutual interest. The Company made a $250,000 option payment, which was refundable in the event that the Company and CETA were unable to complete the transaction by August 1, 2018. In 2018, the Company paid an additional $124,000 to CETA. In September 2019, the Company issued CETA a demand letter requesting return of the amounts deposited. As of March 20, 2020, the Company has received four payments from CETA totaling $200,000. While the Company is pursuing collection of the remaining deposit, the Company has established an allowance of $174,000 due from CETA at December 31, 2019, due to the uncertainty of collection of the deposit. See Note 11 Commitments, Contingencies and Related Party Transactions.

Debt

Debt	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	9. DEBT On December 27, 2017, the Company entered into an exchange agreement (“Exchange Agreement”) by and among U.S. Energy Corp., Energy One and APEG II, pursuant to which, on the terms and subject to the conditions of the Exchange Agreement, APEG II exchanged $4.5 million of outstanding borrowings under the Company’s credit facility, for 581,927 newly-issued shares of common stock of the Company, par value $0.01 per share, with an exchange price of $7.67, which represented a 1.3% premium over the 30-day volume weighted average price of the Company’s common stock on September 20, 2017 (the “Exchange Shares”). Accrued, unpaid interest on the credit facility held by APEG II was paid in cash at the closing of the transaction. At December 31, 2019, APEG II held approximately 43% of the Company’s outstanding common stock. The credit facility was fully repaid at March 1, 2019 and on July 30, 2019, matured and was terminated. At December 31, 2018, outstanding borrowings under the credit facility were $937 thousand. Borrowings under the credit facility were secured by Energy One’s oil and natural gas producing properties. Interest expense for the year ended December 31, 2019 was $20 thousand, including the amortization of debt issuance costs of $7 thousand. Interest expense for the year ended December 31, 2018 was $106 thousand including amortization of debt issuance costs of $12 thousand. The weighted average interest rate on the credit facility was 8.75% for the period until maturity in 2019 and the year ended December 31, 2018. APEG II is involved in litigation with the Company and its former Chief Executive Officer, as described in Note 11 Commitments, Contingencies and Related Party Transactions

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	10. ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations (“ARO”) associated with the future plugging and abandonment of developed oil and gas 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 assets that are restricted for the purpose of settling AROs. 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. During the year ended December 31, 2019 we adjusted the credit-adjusted risk-free discount rate used in calculating present value of the ARO for a well that began production in 2018. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations for the years ended December 31, 2019 and 2018: 2019 2018 (in thousands) Balance, beginning of year $ 939 $ 913 Accretion 22 25 Sold/Plugged (130 ) (18 ) New drilled wells 2 19 Change in discount rate (14 ) - Liabilities incurred - - Balance, end of year $ 819 $ 939

Commitments, Contingencies and

Commitments, Contingencies and Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Related Party Transactions	11. COMMITMENTS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS Litigation APEG Energy II, L.P. (“APEG II”) and its general partner, APEG Energy II, GP (together with APEG II, “APEG”) are involved in litigation with the Company and its former Chief Executive Officer, David Veltri, as described below. As of December 31, 2019, APEG II held approximately 43% of the Company’s outstanding common stock and was the secured lender prior to the maturity of the credit facility on July 30, 2019. The costs associated with the pending litigation were a significant use of existing cash during 2019, but the Company believes the expenditures are substantially complete. APEG II Litigation On February 14, 2019, the Company’s Board of Directors (only one member of which remains on the Board following the Company’s 2019 Annual Meeting of Shareholders held on December 10, 2019) received a letter from APEG II urging the Company to establish a seven-person, independent board of directors, establish a corporate business plan and reduce its corporate general and administrative expenses. APEG II is the Company’s largest shareholder, owning approximately 41% of its outstanding common stock, and, as of December 31, 2018, was the secured lender under its credit facility, which the Company repaid in full as discussed below. On February 25, 2019, APEG II provided an access termination notice to the Company’s bank under its collateral documents, which resulted in all of the funds held in the collateral accounts, which totaled approximately $1.8 million, being wired to APEG II on March 1, 2019. On March 1, 2019, David Veltri, the Company’s former Chief Executive Officer and President, filed a lawsuit against APEG II in the Company’s name (the “Texas Litigation”). The Texas State Court granted the motion for a temporary restraining order (“TRO”) and ordered APEG to return immediately the approximate $1.8 million in cash previously wired to APEG II. On March 4, 2019, APEG II filed an emergency motion with the U.S. District Court for the Southern District of Texas in order to remove the Texas Litigation from the State Court to the Federal District Court and to stay or modify the TRO. Following a hearing on March 4, 2019, the Texas Federal Court vacated the TRO and the Court ordered APEG to return the Company’s funds, less the outstanding balance due to APEG II under the credit facility of approximately $937 thousand, and the Company received approximately $850 thousand. On February 25, 2019, the Company’s Board held a meeting at which it voted to terminate Mr. Veltri for cause as Chief Executive Officer and President as a result of using Company funds outside of his authority and other reasons. Mr. Veltri, along with John Hoffman, a former Board member, called into question whether or not such action was properly taken at the Board meeting. On March 8, 2019, the Company’s Audit Committee intervened in the Texas Litigation by filing an emergency motion (the “AC Motion”). The AC Motion requested that the Texas Federal Court order that all of the Company’s funds and matters be placed under the control of our Chief Financial Officer and that control of these functions be removed from our former Chief Executive Officer, who had been terminated by our Board on February 25, 2019. On March 12, 2019, the Texas Federal Court granted the AC Motion, ordering that any disbursement made by the Company must be approved in writing by the Audit Committee in advance. Additionally, the Texas Federal Court ordered that the Company’s Chief Financial Officer must be appointed as the sole signatory on all of the Company’s bank accounts. Litigation with Former Chief Executive Officer In connection with the above described litigation with APEG II, APEG II then initiated a second lawsuit on March 18, 2019 as a shareholder derivative action in Colorado against Mr. Veltri, as a result of his refusal to recognize the Board’s decision to terminate him for cause (the “Colorado Litigation”). The Company was named as a nominal defendant in the Colorado Litigation. The APEG II complaint in the Colorado Litigation alleged that Mr. Veltri’s employment was terminated by the Board of Directors and sought an injunction and temporary restraining order against Mr. Veltri to prevent him from continuing to act as the Company’s Chief Executive Officer, President and Chairman. On April 30, 2019, the Audit Committee took over the control of the defense of the Company, prosecution of its claims against APEG II, and filed third-party claims on behalf of the Company against Mr. Veltri and Mr. Hoffman, at the time a director of the Company, asserting that Mr. Veltri was responsible for any damages that APEG II claims, including attorneys’ fees, and that Mr. Veltri and Mr. Hoffman should be removed from the Board of Directors. On May 22, 2019, the Company and APEG II entered into a settlement agreement with Mr. Hoffman, pursuant to which Mr. Hoffman agreed to resign from the Board of Directors and committees thereof, and we agreed to pay up to $50,000 of his legal fees incurred. Further, the Company released Mr. Hoffman from any claims related to the Texas Litigation, APEG II released the Company from any claims that may have been caused by Mr. Hoffman, and Mr. Hoffman released us from any and all claims he may have had against the Company and its Board. In the Colorado Litigation, the Colorado Federal Court granted interim preliminary injunctive relief to APEG II against Mr. Veltri, holding that Mr. Veltri, without authorization, continued to hold himself out to be, and continued to act as, as the Company’s President and Chief Executive Officer. Pursuant to the Order, Mr. Veltri was preliminarily enjoined from acting as, or holding himself out to be, the Company’s President and/or Chief Executive Officer, pending a trial on the merits. Ryan Smith, the Company’s Chief Financial Officer, was appointed temporary custodian of the Company with the charge to act as the Company’s Interim Chief Executive Officer. On May 30, 2019, the Colorado Federal Court issued a subsequent order (the “Second Order”), appointing C. Randel Lewis as custodian of the Company pursuant to the Wyoming Business Corporation Act and to take over for Mr. Smith in acting as The Company’s Interim Chief Executive Officer and to serve on the Board of Directors as Chairman. The Second Order noted that the primary purpose of having Mr. Lewis serve as custodian was to resolve the Board deadlock regarding Mr. Veltri’s termination. Pursuant to the Second Order, Mr. Lewis, as custodian, was ordered to act in place of the Board to appoint one independent director to replace Mr. Hoffman. On June 13, 2019, Mr. Lewis appointed Catherine J. Boggs to serve as an independent director until the 2019 annual meeting of the Company’s shareholders, which was held on December 10, 2019. Following such annual meeting, the Board appointed Ryan Smith to serve as the Company’s Chief Executive Officer to replace Mr. Lewis in that role. Following the annual meeting, the Colorado Federal Court also discharged Mr. Lewis from serving as custodian, Interim Chief Executive Officer and as a member of the Board. Both the Texas Litigation and the Colorado Litigation currently remain pending. Audit Committee Investigation Following the termination of Mr. Veltri on February 25, 2019, the Company’s independent auditors, Plante & Moran PLLC, informed the Audit Committee that the auditors had found irregularities in the submission and payment of expense reports with respect to the Company’s former Chief Executive Officer. The Audit Committee engaged independent legal counsel, which subsequently engaged an independent accounting firm to conduct a forensic accounting investigation of the Company’s expense reporting system in relation to issues raised by the Company’s auditors regarding potential financial improprieties related to expense reports, including examining expense reports and third-party expenditures made by or through the Company’s former Chief Executive Officer or his staff. The investigation was expanded into a forensic investigation of the integrity of the Company’s computer-based record-keeping after Mr. Veltri and Mr. Hoffman managed to reset the security codes to give them complete control of the Company’s books and records temporarily and exclude the Company’s other employees’, members of management’s, other officer’s and director’s ability to access those records during that period, which further raised concerns with respect to material weaknesses in the Company’s internal control over financial reporting. The scope of the forensic accounting investigation covered the period from January 1, 2017 through March 31, 2019. Our Audit Committee took certain steps in response to the forensic accounting investigation. See “ Item 9A. Controls and Procedures—Changes in Control Over Financial Reporting—Management’s Remediation Plan The forensic accounting investigation and our internal investigation also identified numerous expense items on Mr. Veltri’s expense reports that appeared to be personal in nature, or lacked adequate documentation showing that such expense was for legitimate business purposes. These expense items totaled at least $81,014, of which $32,194 was incurred during the year ended December 31, 2017, $34,203 was incurred during the year ended December 31, 2018 and $14,617 was incurred during 2019 prior to Mr. Veltri’s termination. The Company reclassified the entire $81,014 reimbursed to Mr. Veltri as additional compensation and taxable income. The report also indicated that Mr. Veltri used the Company’s vendors for his own personal benefit. Mr. Veltri bypassed the Company’s accounts payable process by paying third-party vendors personally through expense reports and then approved his own expense reports, which limited the visibility of the payments and review by the Company’s accounting personnel. Mr. Veltri also incurred $47,156 in third-party professional fees in connection with a potential transaction with a company controlled by a former Board member, which transaction and related expenses in evaluating the potential transaction were not approved by the Board. At December 31, 2018, the total amount of the fees was impaired and transferred to the full cost pool. Mr. Veltri also entered into an agreement to acquire some oil and natural gas properties for which the Board authorized $250,000, which amount was fully refundable, subject to the funds being held in escrow pending the closing of the acquisition. Mr. Veltri wired the funds directly into the seller’s account, rather than escrowing such funds, and also paid the seller an additional $124,328, which amount was not authorized by the Board, as well as $40,578 for professional services. The transaction never closed. As of December 31, 2019, the Company has received refunds totaling $150,000 of such funds from the seller and in January 2020 the Company received an additional $50,000, which was accrued at December 31, 2019.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Preferred Stock	12. PREFERRED STOCK The Company’s articles of incorporation authorize the issuance of up to 100,000 shares of preferred stock, $0.01 par value. Shares of preferred stock may be issued with such dividend, liquidation, voting and conversion features as may be determined by the Board of Directors without shareholder approval. The Company is authorized to issue 50,000 shares of Series P preferred stock in connection with a shareholder rights plan that expired in 2011. On February 12, 2016, the Company issued 50,000 shares of newly designated Series A Convertible Preferred Stock (the “Preferred Stock”) to Mt. Emmons Mining Company (“MEM”), a subsidiary of Freeport McMoRan, pursuant to that certain Series A Convertible Preferred Stock Purchase Agreement (the “Series A Purchase Agreement”). The Preferred Stock was issued in connection with the disposition of the Company’s mining segment, whereby MEM acquired the property and replaced the Company as permittee and operator of a water treatment plant (the “Acquisition Agreement”). The Preferred Stock was issued at $40 per share for an aggregate $2 million. The Preferred Stock liquidation preference, initially $2 million, increases by quarterly dividends of 12.25% per annum (the “Adjusted Liquidation Preference”). At the option of the holder, each share of Preferred Stock may initially be converted into 1.33 shares of the Company’s $0.01 par value Common Stock (the “Conversion Rate”) for an aggregate of 66,667 shares. This Conversion Rate reflects the effect of the Reverse Stock Split. The Conversion Rate is subject to anti-dilution adjustments for stock splits, stock dividends and certain reorganization events and to price-based anti-dilution protections. At December 31, 2019 and 2018, after taking into account the effect of the Reverse Stock Split, the aggregate number of shares of Common Stock issuable upon conversion is 79,334 shares, which is the maximum number of shares issuable upon conversion. The Preferred Stock is senior to other classes or series of shares of the Company with respect to dividend rights and rights upon liquidation. No dividend or distribution will be declared or paid on junior stock, including the Company’s common stock, (1) unless approved by the holders of Preferred Stock and (2) unless and until a like dividend has been declared and paid on the Preferred Stock on an as-converted basis. The Preferred Stock does not vote with the Company’s Common Stock on an as-converted basis on matters put before the Company’s shareholders. However, the holders of the Preferred Stock have the right to approve specified matters as set forth in the certificate of designation and have the right to require the Company to repurchase the Preferred Stock in the event of a change of control, which has not been triggered as of December 31, 2019. Concurrent with entry into the Acquisition Agreement and the Series A Purchase Agreement, the Company and MEM entered into an Investor Rights Agreement, which provides MEM rights to certain information and Board observer rights. MEM has agreed that it, along with its affiliates, will not acquire more than 16.86% of the Company’s issued and outstanding shares of Common Stock. In addition, MEM has the right to demand registration under the Securities Act of 1933, as amended, of the shares of common stock issuable upon conversion of the Preferred Stock.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	13. SHAREHOLDERS’ EQUITY At-the-Market Offering In January 2018, the Company entered into a common stock sales agreement with a financial institution pursuant to which the Company could offer and sell, through the sales agent, common stock representing an aggregate offering price of up to $2.5 million through an at-the-market continuous offering program. During the year ended December 31, 2018, the Company issued 128,853 shares of common stock at an average price of $14.10 for total net proceeds before offering expenses of approximately $1.8 million. Offering expenses, including broker fees and legal costs related to the at-the-market offering totaled $151 thousand. In January 2019, the Company terminated the at-the-market offering. Warrants In December 2016, the Company completed a registered direct offering of 100,000 shares of common stock at a net gross price of $15.00 per share. Concurrently, the investors received warrants to purchase 100,000 shares of common stock of the Company at an exercise price of $20.05 per share, subject to adjustment, for a period of five years from closing. The total net proceeds received by the Company were approximately $1.32 million. The fair value of the warrants upon issuance was $1.24 million, with the remaining $0.08 million being attributed to common stock. The warrants have been classified as liabilities due to features in the warrant agreement that give the warrant holder an option to require the Company to redeem the warrant at a calculated fair value in the event of a “Fundamental Transaction,” as defined in the warrant agreement. The fair value of the warrants was $73 thousand and $425 thousand at December 31, 2019 and December 31, 2018, respectively As a result of common stock issuances made during the year ended December 31, 2018, the warrant exercise price was reduced from $20.50 to $11.30 per share pursuant to the original warrant agreement. Stock Option Plans From time to time, the Company may grant stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically expire ten years from the grant date. Total stock-based compensation expense related to stock options was $41 thousand and $53 thousand for the year ended December 31, 2019 and 2018, respectively. As of December 31, 2019, all stock options had vested. During the year ended December 31, 2019, no stock options were granted, exercised or expired. As the result of an employee termination during the period, 500 unvested stock options were forfeited. For the year ended December 31, 2018, no stock options were granted, exercised or forfeited, however, 6,922 stock options expired during the period. Presented below is information about stock options outstanding and exercisable as of December 31, 2019 and December 31, 2018. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: 2019 2018 Shares Price (1) Shares Price (1) Outstanding, beginning of year 32,046 $ 65.20 38,968 $ 80.50 Granted - - - - Forfeited (500 ) 11.60 - - Expired - - (6,922 ) 151.20 Exercised - - - - Outstanding, end of year 31,546 $ 66.10 32,046 $ 65.20 Exercisable, end of year 31,546 $ 66.10 26,546 $ 76.30 (1) Represents the weighted average price. The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2019. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: 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 7.8 16,500 $ 10.00 10,629 90.00 124.80 106.20 4.3 10,629 106.20 2,917 139.20 171.00 147.40 2.4 2,917 147.40 1,500 226.20 302.40 240.30 3.5 1,500 240.30 31,546 $ 7.20 $ 302.40 $ 66.10 5.9 31,546 $ 66.10 During the year ended December 31, 2019, the Company did not grant restricted or unrestricted shares to employees or directors. During the year ended December 31, 2018 the Company granted 48,516 unrestricted shares of common stock to employees and recorded $0.6 million of stock-based compensation expense. For the year ended December 31, 2019 there was no stock based compensation expense related to stock grants. For the year ended December 31, 2018 total stock-based compensation related to stock grants was $0.6 million. As of December 31, 2019, there was no unrecognized expense related to common stock grants.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	14. INCOME TAXES The Company incurred net losses for each of the years ended December 31, 2019 and 2018, and the Company has recorded valuation allowances for its net deferred tax assets for each of those years. Accordingly, the Company has not recognized a benefit for income taxes in the accompanying financial statements. 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: 2019 2018 (in thousands) Income tax benefit at federal statutory rate $ (115 ) $ 218 State income tax benefit, net of federal impact (32 ) 37 Change in state tax rate, net of federal benefit 331 (435 ) Change in value of warrant (74 ) 163 Effect of Section 382 limitation - (1,303 ) Percentage depletion carryover 9 4 Prior year true up 52 451 Other 23 50 Decrease in valuation allowance (194 ) 815 Income tax benefit (expense) $ - $ - The components of deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: 2019 2018 (in thousands) Deferred tax assets: Net operating loss carryover (1) $ 4,098 $ 3,594 Property and equipment 3,468 4,306 Percentage depletion and contribution carryovers (1) 1,833 1,721 Alternative minimum tax credit carryover (1) 42 42 Equity method investment and other 615 592 Deferred compensation liability 41 9 Asset retirement obligations 181 221 Stock-based compensation 68 61 Lease obligations 44 - Total deferred tax assets 10,390 10,546 Deferred tax liabilities: Property and equipment - - Lease assets (40 ) - Other - - Total deferred tax liabilities (40 ) - Net deferred tax assets 10,350 10,546 Less valuation allowance (10,350 ) (10,546 ) Net deferred tax asset $ - $ - (1) In December 2017, the Company paid down debt through the issuance of common stock. This issuance represented a 49.3% ownership change in the Company. This change in ownership, combined with other equity events, triggered loss limitations under Internal Revenue Code (“I.R.C.”) Section 382. As a result, the Company wrote-off $29.8 million of gross deferred tax assets in 2017, and an additional $2.4 million in gross deferred tax assets in 2018. Since the Company has maintained a valuation allowance against these tax assets there is no impact to the consolidated statement of operations in either year. As of December 31, 2019, the Company has approximately $6.4 million of net operating loss carryovers (after limitations) for federal income tax purposes. The net operating losses are not subject to limitation under I.R.C. Section 382 and carry forward indefinitely. I.R.C. Section 382 of the Internal Revenue Code limits the Company’s ability to utilize the tax deductions associated with its oil and gas properties to offset taxable income in future years, due to the existence of a Net Unrealizable Built-In Loss (“NUBIL”) at the time of the change in control. Such a limitation will be effective for a five-year period subsequent to the change in control. In the event the Company has Recognized Built-In Losses (“RBIL”) during the five-year period, those losses will be limited; losses exceeding the annual limitation are carried forward as RBIL carryovers. As of December 31, 2019, the Company has approximately $7.1 million of RBIL carryovers, which carry forward indefinitely subject to the annual limitation. The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than-not” threshold to be recognized. During the years ended December 31, 2019 and 2018, no adjustments were recognized for uncertain tax positions. 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. The Company is no longer subject to U.S. federal tax examinations for tax years prior to 2016. The Company is open for various state tax examinations for tax years 2015 and later. The Company’s policy is to recognize potential interest and penalties accrued related to uncertain tax positions within income tax expense. For the years ended December 31, 2019 and 2018, the Company did not recognize any interest or penalties in its statement of operations, nor did it have any interest or penalties accrued in its balance sheet at December 31, 2019 and 2018 related to uncertain tax positions.

Loss Per Share

Loss Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Loss Per Share	15. LOSS PER SHARE Basic net loss per common share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net loss per common share is calculated by dividing adjusted net 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 warrants, which are measured using the treasury stock method, the conversion feature of the Series A Preferred Stock, and unvested shares of restricted common stock. When the Company recognizes a net loss, as was the case for the years ended December 31, 2019 and 2018, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share. The following table sets forth the calculation of basic and diluted net loss per share for the years ended December 31, 2019 and 2018 all shares and per share amounts have been adjusted for a one share-for-ten shares reverse stock split which took effect on January 6, 2020: 2019 2018 (in thousands except per share data) Net loss $ (550 ) $ (1,040 ) Accrued dividend on Series A Preferred Stock (372 ) (329 ) Net loss applicable to common shareholders $ (922 ) $ (1,369 ) Basic weighted-average common shares outstanding 1,340 1,288 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 1,340 1,288 Basic net loss per share $ (0.69 ) $ (1.06 ) Diluted net loss per share $ (0.69 ) $ (1.06 ) For the years ended December 31, 2019 and 2018, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows: 2019 2018 (in thousands) Stock options 31 32 Warrants 100 100 Series A Preferred Stock 79 79 Total 210 211

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	16. FAIR VALUE OF FINANCIAL INSTRUMENTS 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) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability, and may affect the valuation of the assets and liabilities and their placement within the hierarchy level. The three levels of inputs that may be used to measure fair value are defined as: Level 1 - Quoted prices for identical assets and liabilities traded in active exchange markets. Level 2 - Observable inputs other than Level 1 that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities inactive markets, or other observable inputs that can be corroborated by observable market data. Level 3 - Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company has processes and controls in place to attempt to ensure that fair value is reasonably estimated. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. Where market information is not available to support internal valuations, independent reviews of the valuations are performed and any material exposures are evaluated through a management review process. 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: Warrant Valuation Methodologies The warrants contain a dilutive issuance and other liability provisions that cause the warrants to be accounted for as a liability. Such warrant instruments are initially recorded and valued as a Level 3 liability and are accounted for at fair value with changes in fair value reported in earnings. There were no changes in the methodology to value the warrants during 2019. The Company worked with a third-party valuation expert estimating the value of the warrants at December 31, 2019 and 2018 using a Lattice model, with the following assumptions: 2019 2018 Number of warrants outstanding 100,000 100,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 11.30 $ 11.30 Stock price $ 3.00 $ 6.70 Dividend yield 0 % 0 % Average volatility rate 80 % 90 % Risk free interest rate 1.59 % 2.47 % An increase in any of the variables would cause an increase in the fair value of the warrants. Likewise, a decrease in any variable would cause a decrease in the value of the warrants. As of December 31, 2019, and 2018, the fair value of the warrants was $73 thousand and $425 thousand, respectively. Marketable Equity Securities Valuation Methodologies The fair value of marketable equity securities is 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. Prior to May 2019, the Company also had an investment in Sutter Gold Mining Company (“Sutter”). In May 2019, Sutter’s secured lender made a demand for full repayment of Sutter’s indebtedness and gave notice to enforce its security, thereby forcing Sutter into bankruptcy. As a result, the fair value of the Company’s investment in the marketable equity securities of Sutter is $0. Anfield Sutter Number of shares owned 3,631,365 495,816 Quoted market price $ 0.08 $ 0.00 Fair value $ 306,868 $ - Other Financial Instruments The carrying amount of cash and equivalents, oil and natural gas sales receivable, other current assets, accounts payable and accrued expenses approximate fair value due to the short-term nature of those instruments. The recorded amount for the credit facility discussed in Note 9- Debt, Recurring Fair Value Measurements Recurring measurements of the fair value of assets and liabilities as of December 31, 2019 and 2018 are as follows: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets: Marketable Equity Securities 307 - - 307 533 3 - 536 Total $ 307 $ - $ - $ 307 $ 533 $ 3 $ - $ 536 Liabilities: Warrants - - 73 73 - - 425 425 Total $ - $ - $ 73 $ 73 $ - $ - $ 425 $ 425 The following table presents a reconciliation of our Level 3 warrants measured at fair value Year Ended December 31, 2019 2018 (in thousands) Fair value of Level 3 instruments liabilities beginning of period $ 425 $ 1,200 Net unrealized (gain) loss on warrant valuation (352 ) (775 ) - Fair value of Level 3 instruments liabilities end of period $ 73 $ 425

Supplemental Oil and Natural Ga

Supplemental Oil and Natural Gas Information (Unaudited)	12 Months Ended
	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplemental Oil and Natural Gas Information (Unaudited)	17. SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION (UNAUDITED) Capitalized Costs incurred The capitalized costs incurred in crude oil and natural gas acquisitions, exploration and development activities for the years ended December 31, 2019 and 2018 are highlighted in the table below: 2019 2018 (in thousands) Proved property acquisition $ - $ - Unproved property acquisition 12 244 Development 305 39 Exploration 552 1,234 Total $ 869 $ 1,517 Capitalized Costs The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2019 and 2018: 2019 2018 (in thousands) Oil and Natural Gas Properties: Unevaluated properties: Unproved leasehold costs $ 3,741 $ 3,728 Evaluated properties in full cost pool 89,113 88,764 Less accumulated depreciation, depletion and amortization (84,400 ) (83,729 ) Net capitalized costs $ 8,454 $ 8,763 The Company’s depreciation, depletion and amortization was $671 thousand ($4.63 per BOE) and $368 thousand ($3.20 per BOE) for the years ended December 31, 2019 and 2018, respectively. 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 $3.7 million and $3.7 million at December 31, 2019 and 2018, respectively. 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. As a result of a transfer of acreage for working interest in wells drilled in South Texas, which was completed in May 2019, the Company revalued the remaining acreage held in the area and transferred unproved leasehold acreage of $0.4 million to the full cost pool. During 2018, the Company reclassified $0.7 million of unevaluated oil and natural gas properties to the full cost pool related to the drilling and completion of the J. Beeler No. 1 well in South Texas, which was completed in December 2018. Results of Operations from oil and natural gas producing activities Presented below are the results of operations from oil and natural gas producing activities for the years ended December 31, 2019 and 2018: 2019 2018 (in thousands) Oil and natural gas sales $ 6,573 $ 5,539 Lease operating expense (1,848 ) (1,898 ) Production taxes (429 ) (392 ) Depreciation, depletion and amortization (671 ) (368 ) Impairment of oil and natural gas properties - - Results of operations from oil and natural gas producing activities $ 3,625 $ 2,881 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-month period prior to the effective date of the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements. Proved developed reserves are reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries and undeveloped locations are more imprecise than estimates of established producing oil and natural gas properties. Accordingly, these estimates are expected to change as future information becomes available. Proved oil and natural gas reserve quantities at December 31, 2019 and the related discounted future net cash flows before income taxes are based on the estimates prepared by Don Jacks, PE. Proved oil and natural gas reserve quantities at December 31, 2018 and the related discounted future net cash flows before income taxes are based on the estimates prepared by Jane E. Trusty, PE. Both estimates have been prepared in accordance with guidelines established by the SEC. All of the Company’s estimated proved reserves are located in the United States. As of December 31, 2019, 2018 and 2017, the Company had no proved undeveloped reserves and all proved reserves were proved developed producing. 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, 2019 and 2018: 2019 2018 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 751,260 737,998 676,030 888,507 Revisions of previous estimates 99,352 511,969 88,956 58,177 Discoveries and extensions 72,907 101,892 61,277 78,007 Sale of minerals in place (5,924 ) (13,083 ) - - Production (110,090 ) (209,518 ) (75,003 ) (286,692 ) Reserve quantities, end of year 807,505 1,129,258 751,260 737,998 (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. Notable changes in proved reserves for the year ended December 31, 2019 included the following: ● Discoveries and extensions of 89,889 BOE were primarily attributable to drilling in our South Texas properties . ● Revisions of previous estimates of 184,680 BOE were primarily attributable to revisions due to the performance of the J. Beeler well drilled in late 2018 in our South Texas properties. 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 necessarily reflect the Company’s expectations of actual revenues to be derived from those reserves, nor their present value amount. The limitations inherent in the reserve quantity estimation process, as discussed previously, are equally applicable to the standardized measure computations since these reserve quantity estimates are the basis for the valuation process. 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: 2019 2018 Oil per Bbl $ 55.69 $ 65.56 Gas per Mcfe (1) $ 2.58 $ 3.10 (1) Consists of the weighted average price for natural gas in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL. 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, 2019 and 2018: 2019 2018 (in thousands) Future cash inflows $ 45,528 $ 49,457 Future cash outflows: Production costs (21,435 ) (23,648 ) Development costs - - Income taxes (3,747 ) (4,341 ) Future net cash flows 20,436 21,468 10% annual discount factor (9,998 ) (9,869 ) Standardized measure of discounted future net cash flows $ 10,348 $ 11,599 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, 2019 and 2018 are as follows: 2019 2018 (in thousands) Standardized measure, beginning of year $ 11,599 $ 9,253 Sales of oil and natural gas, net of production costs (4,296 ) (3,235 ) Net changes in prices and production costs (2,499 ) 3,419 Changes in estimated future development costs - - Extensions and discoveries 2,231 1,912 Sale of minerals in place (83 ) - Revisions in previous quantity estimates 2,130 761 Previously estimated development costs incurred - - Net changes in income taxes (299 ) (1,425 ) Accretion of discount 1,068 925 Changes in timing and other 499 (11 ) Standardized measure, end of year $ 10,348 $ 11,599

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	18. SUBSEQUENT EVENTS Reverse Stock Split On January 6, 2020, pursuant to the Company’s definitive proxy statement filed on November 5, 2019 for its Annual Meeting of Shareholders, the shareholders voted to approve an amendment to the Articles of Incorporation to implement a reverse stock split of the Company’s outstanding common stock at a reverse split ratio of one share-for-ten shares. The reverse stock split which became effective on January 6, 2020, had no effect on the par value of the Common Stock and did not reduce the number of authorized shares, which is unlimited. It also did not affect the number of Series A Preferred Shares outstanding; however, it did reduce the conversion factor of the Company’s Series A Convertible Preferred Stock. The reason for the reverse stock split was to maintain the Company’s listing on The Nasdaq Capital Market, which pursuant to Nasdaq Listing Rule 5550(a)(2)(the “Rule”) requires that if the closing bid price of the Common Stock is below $1.00 for 30 consecutive trading days, then the closing bid price must be $1.00 or more for 10 consecutive trading days during a 180-day grace period to regain compliance with the Rule. Acquisition of New Horizon Resources, LLC On March 1, 2020, the Company acquired all of the issued and outstanding equity interests of New Horizon Resources, LLC (“New Horizon”), whose assets include acreage and operated producing properties in North Dakota (the “Properties”). The consideration paid at closing consisted of 59,498 shares of the Company’s common stock which was valued at $275 thousand based on the 15-day volume adjusted weighted average price and $150 thousand in cash (the “Acquisition”). The New Horizon properties consist of approximately 1,300 net acres located primarily in McKenzie and Divide Counties, North Dakota, which are 100% held by production, average 63% working interest and produced approximately 30 net Boepd (88% oil) for the six-month period ended December 31, 2019. The company has preliminarily allocated the purchase price of the Acquisition to the assets and liabilities pending the completion of valuations of the proved oil and gas properties acquired as follows: Preliminary provisional allocation of purchase price: (in thousands) Fair value of net assets Receivables and other current assets $ 20 Deposit collateralizing surety bond 55 Proved oil and gas properties 433 Accounts payable and revenue suspense (50 ) Fair value of consideration paid for net assets $ 458 Cash consideration $ 150 Issuance of 59,498 shares of common stock at $4.62 per share 275 Less: balance of cash account acquired in acquisition (27 ) Add: long-term notes payable repaid at closing 60 Total fair value of consideration transferred $ 458 Sublease of Denver office In January 2020, the Company entered into a sublease agreement for the remaining lease term of its Denver office lease, which expires on January 31, 2023. The sublease is effective as of March 1, 2020. The Company’s undiscounted minimum lease obligation is $218 thousand of which, per the sublease agreement, the sublessee is obligated to pay $182 thousand. Restricted share issuance In January 2020, the Company’s board of directors granted 48,000 restricted shares to the Chief Executive Officer, which vest equally over two years on January 28, 2021 and 2022. In addition, the Company’s board of directors granted a total of 28,000 restricted shares to members of the board of directors which vest on January 28, 2021. Decline in crude oil prices In early March 2020, the NYMEX WTI crude oil price decreased significantly. Currently, we do not have any commodity derivative contracts in place to mitigate the effect of lower commodity prices on our revenues. Lower oil and natural gas prices not only decrease our revenues, but an extended decline in oil or gas prices may materially and adversely affect our future business, financial position, cash flows, results of operations, liquidity, ability to finance planned capital expenditures and the oil and natural gas reserves that we can economically produce. Lower crude prices could also affect the realizability of the Company’s oil and gas properties. In the calculation of the ceiling test for the year ended December 31, 2019, the Company used $55.69 per barrel for oil and $2.58 per mcf for natural gas (as further adjusted for differentials related to property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. As of March 20, 2020, the WTI spot price for crude oil was $23.64 and the 12-month strip price was $28.44. To determine the extent of these price reductions on the realizability of the Company’s oil and gas properties, the Company reran the year end reserves using 50% of the average crude price used in the original ceiling test calculation, or $27.85, as further adjusted for differentials, and determined that by using that price the Company would have incurred a ceiling test write-down of approximately $1.7 million. COVID-19 In early March 2020, there was a global outbreak of COVID-19 that has resulted in changes in global supply and demand of certain mineral and energy products including crude oil. These changes, including a potential economic downturn and any potential resulting direct and indirect negative impact to the Company cannot be determined, but they could have a prospective material impact to the Company’s operations, cash flows, and liquidity.

Organization, Operations and _2

Organization, Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Organization and Operations	Organization and Operations U.S. Energy Corp. (collectively with its wholly owned subsidiary, Energy One LLC, referred to as the “Company” in these Notes to Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused in the acquisition, exploration and development of oil and natural gas properties in the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“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 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; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; valuation of warrant instruments; and the cost 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	Principles of Consolidation The accompanying financial statements include the accounts of U.S. Energy Corp. and its wholly owned subsidiary Energy One LLC (“Energy One”). All inter-company balances and transactions have been eliminated in consolidation. Certain prior period amounts in the consolidated statement of operations have been reclassified to conform to the current period presentation as follows: ● Stock-based compensation of $636 thousand for the year ended December 31, 2018 has been included in Compensation and benefits. ● Interest income of $13 thousand for the year ended December 31, 2018, which was included as a component of Rental and other loss has been reclassified to Interest expense, net.
Reverse Stock Split	Reverse Stock Split On January 6, 2020, the Company completed a one share-for-ten shares reverse stock split with respect to the Company’s common stock. For purposes of presentation, the consolidated financial statements and footnotes have been adjusted for the number of post-split shares as if the split had occurred at the earliest period presented.
Liquidity and Resources	Liquidity and Resources In the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 it reported that there was substantial doubt regarding its ability to fund operations for the next twelve months and continue as a going concern. The substantial doubt was primarily related to uncertainty regarding continuing expenditures in the APEG II litigation. Although the litigation remains pending, the Company believes that the expenditures related to the litigation are substantially complete. During 2019, the Company took many steps to preserve liquidity including reducing the use of third-party contractors, cutting corporate overhead and eliminating other general and administrative costs. Additionally, in March 2020, there has been a significant decline in commodity prices. While the Company expects to experience a decrease in its oil and natural gas revenue, it believes that its existing cash and capital resources and its forecasted low overhead costs going forward have alleviated the substantial doubt regarding its ability to continue as a going concern and the Company expects that it will be able to fund operations for the next twelve months.
Cash and Equivalents	Cash and Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Oil and Natural Gas Sales Receivable	Oil and Natural Gas Sales Receivable The Company’s oil and natural gas sales receivable consist primarily of receivables from joint interest operators for the Company’s share of oil, natural gas, and natural gas liquids (“NGLs”) sales. Generally, the Company’s oil and natural gas sales receivables are collected within three months. The Company has had minimal bad debts related to oil and natural gas sales. Although diversified among several joint interest operators, collectability is dependent upon the financial wherewithal of each joint interest operator and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2019 and 2018, the Company had not provided an allowance for doubtful accounts on its oil and natural gas sales receivable.
Concentration of Credit Risk	Concentration of Credit Risk The Company has exposure to credit risk in the event of nonpayment of oil and natural gas receivables by joint interest operators of the Company’s oil and natural gas properties. The following table presents the joint interest operators that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: Operator 2019 2018 CML Exploration, LLC 52 % 18 % Zavanna, LLC 31 % 47 % Crimson Exploration Operating, Inc. 7 % 14 %
Marketable Equity Securities	Marketable Equity Securities Marketable equity securities are reported at fair value based on end of period quoted prices. Beginning in 2018, the Company adopted Accounting Series Update 2016-01, which requires an entity to measure equity investments at fair value through net income. Previously, the Company had classified marketable equity securities as available for sale and recorded changes in value as a component of shareholders’ equity within comprehensive income or loss. Gains or losses from sales of marketable equity securities are recorded in the consolidated statement of operations when realized.
Oil and Natural Gas Properties	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 include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center are subject to depreciation, depletion and amortization (“DD&A”) using the equivalent unit-of-production method, based on total proved oil and natural gas reserves. For financial statement presentation, DD&A includes accretion expense related to asset retirement obligations. Excluded from amounts subject to DD&A are costs associated with unevaluated properties. 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% per annum, from proved reserves, based on average prices per barrel of oil and per Mcf of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period; and costs, adjusted for contract provisions and financial derivatives qualifying as accounting hedges and asset retirement obligations, (ii) the cost of unevaluated properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability (if any) exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs. Since all of the Company’s oil and natural gas properties are located within the United States, the Company only has one cost center for which a quarterly Ceiling Test is performed.
Property and Equipment	Property and Equipment Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives as follows: Years Real estate: Buildings 20 to 45 Building improvements 10 to 25 Land improvements 10 to 35 Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20 Vehicles and other 5
Impairment of Long-lived Assets	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 be recoverable. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment charge is recognized, and measured as the amount by which the carrying value exceeds the estimated fair value. Changes in significant assumptions underlying future cash flow estimates may have a material effect on the Company’s financial position and results of operations. Long-lived assets are classified as held for sale when the Company commits to a plan to sell the assets. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets.
Derivative Instruments	Derivative Instruments The Company has used derivative instruments, typically costless collars and fixed-rate swaps, to manage price risk underlying its oil and natural gas production. All derivative instruments are recorded in the consolidated balance sheets at fair value. The Company offsets fair value amounts recognized for derivative instruments executed with the same counterparty. Although such derivative instruments provide an economic hedge of the Company’s exposure to commodity price risk associated with forecasted future oil and natural gas production, the Company does not designate any of its derivative instruments as cash flow hedges. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its accompanying statements of operations as they occur. Gains and losses on derivatives are included within cash flows from operations in the accompanying consolidated statements of cash flows.
Warrant Liability	Warrant Liability In connection with a private placement of common shares in December 2016, the Company concurrently sold to the purchasers warrants to purchase 100,000 shares of common stock. The exercise price and the number of shares issuable upon exercise of the warrants is subject to adjustment in the event of any stock dividends and splits, reverse stock splits, recapitalization, reorganization or similar transaction, as described in the warrants. The warrants are also subject to “down-round” anti-dilution in the event the Company issues additional common stock or common stock equivalents at a price per share less than the exercise price in effect. The Company has classified the warrants as liabilities due to provisions in the warrant agreement that precluded equity classification, including an option of the holder to receive the calculated fair value of the warrant from the Company in cash in the event of a “Fundamental Transaction,” as defined in the warrant agreement. Changes in fair value are reported each period in the consolidated statements of operations.
Asset Retirement Obligations	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. Final determinations are made during the fourth quarter of each year. The Company deducts any actual funds expended for restoration and reclamation during the quarter in which it occurs.
Stock-Based Compensation	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 computes the fair values of its options granted to employees using the Black-Scholes option pricing model. The Company recognizes the cost of the equity awards over the period during which an employee is required to provide services in exchange for the award, usually the vesting period. For awards granted that contain a graded vesting schedule, and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. Stock-based compensation expense is recognized based on awards ultimately expected to vest, whereas estimates of forfeitures are based upon historical experience.
Income Taxes	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, if deemed necessary, by a valuation allowance for any tax benefits that, based on current circumstances, are not expected to be realized. At December 31, 2019 and 2018, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. In assessing the need for a valuation allowance for the Company’s deferred tax assets, a significant item of negative evidence considered was the cumulative book loss over the three-year period ended December 31, 2019. The Company assesses its uncertain tax positions annually. The Company recognizes the tax benefit from an uncertain tax position only if it is probable that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that is probable of being realized upon ultimate settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination.
Earnings Per Share	Earnings 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, warrants and the Series A preferred 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 in-the-money stock options.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases. Leases (Topic 842), The Company evaluated the impacts of ASU 2016-02, which included an analysis of contracts for office leases. As a non-operator of oil and natural gas properties, the Company is not subject to drilling rig agreements, well completion agreements, water handling agreements, or other contracts that include potential lease components. In addition, the scope of ASU 2016-02 does not apply to leases used in the exploration or use of minerals, oil, natural gas or other similar non-regenerative resources. See Note 3-Leases Financial instruments with characteristics of liabilities and equity. ASC 815-40, Derivatives and Hedging-Contracts in Entity’s Own Equity Fair Value Measurements. Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements Fair Value Measurements

Organization, Operations and _3

Organization, Operations and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Concentration of Credit Risk	The following table presents the joint interest operators that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: Operator 2019 2018 CML Exploration, LLC 52 % 18 % Zavanna, LLC 31 % 47 % Crimson Exploration Operating, Inc. 7 % 14 %
Schedule of Property and Equipment Useful Life	Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives as follows: Years Real estate: Buildings 20 to 45 Building improvements 10 to 25 Land improvements 10 to 35 Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20 Vehicles and other 5

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The Company’s disaggregated revenues from its share of revenue from the sale of oil and natural gas and liquids in its North Dakota, Texas and Louisiana regions are presented in the following table: Year Ended December 31, 2019 2018 (in thousands) Revenue: North Dakota Oil $ 2,449 $ 2,925 Natural gas and liquids 177 320 Total 2,626 3,245 Texas Oil 3,700 1,684 Natural gas and liquids 247 278 Total 3,947 1,962 Louisiana Oil - - Natural gas and liquids - 332 Total - 332 Combined Total $ 6,573 $ 5,539

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of Condensed Consolidated Balance Sheet	December 31, 2019 (in thousands) Right-of-use asset balance Operating lease $ 179 Lease liability balance Short-term operating lease $ 58 Long-term operating lease 142 Total liability operating leases $ 200
Schedule of Lease Costs	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 costs represent payments for our Houston office lease, which has a lease term of one year. December 31, 2019 (in thousands) Operating lease cost $ 68 Short-term lease cost 15 Total lease cost $ 83
Schedule of Weighted Average Lease	December 31, 2019 Weighted average lease term (years) 3.1 Weighted average discount rate 8.75 %
Schedule of Future Minimum Lease Commitments	The future minimum lease commitments as of December 31, 2019 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the consolidated balance sheet as follows: December 31, 2019 (in thousands) 2020 73 2021 75 2022 76 2023 6 Total lease payments $ 230 Less: imputed interest (30 ) Total lease liability $ 200
Schedule of Operating Leases	The net capitalized cost of the building subject to operating leases at December 31, 2019 is as follows: December 31, 2019 (in thousands) Building subject to operating leases $ 4,012 Less: accumulated depreciation (3,244 ) Building subject to operating leases, net $ 768
Schedule of Future Lease Maturities	The future lease maturities of the Company’s operating leases as of December 31, 2019 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis. December 31, 2019 (in thousands) 2020 158 2021 161 2022 165 2023 169 2024 163 Remaining through June 2029 695 Total lease maturities $ 1,511
Schedule of Operating Lease Income	The Company recognized, as a component of Rental and other loss, the following operating lease income related to its Riverton, Wyoming office building for the years ended December 31, 2019 and 2018: Year Ended 2019 2018 (in thousands) Operating lease income $ 207 $ 186

Commodity Price Risk Derivati_2

Commodity Price Risk Derivatives (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Relaized and Unrealized Derivative Gains and Losses	The following table presents the Company’s realized and unrealized derivative gains and losses for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 (in thousands) Net derivative gain (loss): Realized gains and (losses) : Oil $ - $ (292 ) Natural gas - 9 Total - (283 ) Unrealized gains and (losses): Oil - 216 Natural Gas - (55 ) Total $ - $ 161

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following as of December 31, 2019 and 2018: 2019 2018 (in thousands) Real estate: Land $ 1,033 $ 1,033 Buildings 4,012 4,012 Land improvements 641 641 Administrative assets: Computers and software 379 378 Office furniture and equipment 224 224 Vehicles and other 11 11 Total 6,300 6,299 Less accumulated depreciation (4,185 ) (4,050 ) Property and equipment, net $ 2,115 $ 2,249

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations	The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations for the years ended December 31, 2019 and 2018: 2019 2018 (in thousands) Balance, beginning of year $ 939 $ 913 Accretion 22 25 Sold/Plugged (130 ) (18 ) New drilled wells 2 19 Change in discount rate (14 ) - Liabilities incurred - - Balance, end of year $ 819 $ 939

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of Stock Options Activity	Presented below is information about stock options outstanding and exercisable as of December 31, 2019 and December 31, 2018. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: 2019 2018 Shares Price (1) Shares Price (1) Outstanding, beginning of year 32,046 $ 65.20 38,968 $ 80.50 Granted - - - - Forfeited (500 ) 11.60 - - Expired - - (6,922 ) 151.20 Exercised - - - - Outstanding, end of year 31,546 $ 66.10 32,046 $ 65.20 Exercisable, end of year 31,546 $ 66.10 26,546 $ 76.30 (1) Represents the weighted average price.
Schedule of Stock Options Outstanding and Exercisable	The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2019. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: 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 7.8 16,500 $ 10.00 10,629 90.00 124.80 106.20 4.3 10,629 106.20 2,917 139.20 171.00 147.40 2.4 2,917 147.40 1,500 226.20 302.40 240.30 3.5 1,500 240.30 31,546 $ 7.20 $ 302.40 $ 66.10 5.9 31,546 $ 66.10

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax	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: 2019 2018 (in thousands) Income tax benefit at federal statutory rate $ (115 ) $ 218 State income tax benefit, net of federal impact (32 ) 37 Change in state tax rate, net of federal benefit 331 (435 ) Change in value of warrant (74 ) 163 Effect of Section 382 limitation - (1,303 ) Percentage depletion carryover 9 4 Prior year true up 52 451 Other 23 50 Decrease in valuation allowance (194 ) 815 Income tax benefit (expense) $ - $ -
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows: 2019 2018 (in thousands) Deferred tax assets: Net operating loss carryover (1) $ 4,098 $ 3,594 Property and equipment 3,468 4,306 Percentage depletion and contribution carryovers (1) 1,833 1,721 Alternative minimum tax credit carryover (1) 42 42 Equity method investment and other 615 592 Deferred compensation liability 41 9 Asset retirement obligations 181 221 Stock-based compensation 68 61 Lease obligations 44 - Total deferred tax assets 10,390 10,546 Deferred tax liabilities: Property and equipment - - Lease assets (40 ) - Other - - Total deferred tax liabilities (40 ) - Net deferred tax assets 10,350 10,546 Less valuation allowance (10,350 ) (10,546 ) Net deferred tax asset $ - $ - (1) In December 2017, the Company paid down debt through the issuance of common stock. This issuance represented a 49.3% ownership change in the Company. This change in ownership, combined with other equity events, triggered loss limitations under Internal Revenue Code (“I.R.C.”) Section 382. As a result, the Company wrote-off $29.8 million of gross deferred tax assets in 2017, and an additional $2.4 million in gross deferred tax assets in 2018. Since the Company has maintained a valuation allowance against these tax assets there is no impact to the consolidated statement of operations in either year.

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table sets forth the calculation of basic and diluted net loss per share for the years ended December 31, 2019 and 2018 all shares and per share amounts have been adjusted for a one share-for-ten shares reverse stock split which took effect on January 6, 2020: 2019 2018 (in thousands except per share data) Net loss $ (550 ) $ (1,040 ) Accrued dividend on Series A Preferred Stock (372 ) (329 ) Net loss applicable to common shareholders $ (922 ) $ (1,369 ) Basic weighted-average common shares outstanding 1,340 1,288 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 1,340 1,288 Basic net loss per share $ (0.69 ) $ (1.06 ) Diluted net loss per share $ (0.69 ) $ (1.06 )
Schedule of Antidilutive Weighted Average Shares	For the years ended December 31, 2019 and 2018, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows: 2019 2018 (in thousands) Stock options 31 32 Warrants 100 100 Series A Preferred Stock 79 79 Total 210 211

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assumptions	The Company worked with a third-party valuation expert estimating the value of the warrants at December 31, 2019 and 2018 using a Lattice model, with the following assumptions: 2019 2018 Number of warrants outstanding 100,000 100,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 11.30 $ 11.30 Stock price $ 3.00 $ 6.70 Dividend yield 0 % 0 % Average volatility rate 80 % 90 % Risk free interest rate 1.59 % 2.47 %
Schedule of Investment in the Marketable Equity Securities	Anfield Sutter Number of shares owned 3,631,365 495,816 Quoted market price $ 0.08 $ 0.00 Fair value $ 306,868 $ -
Schedule of Recurring Measurements of Fair Value of Assets and Liabilities	Recurring measurements of the fair value of assets and liabilities as of December 31, 2019 and 2018 are as follows: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets: Marketable Equity Securities 307 - - 307 533 3 - 536 Total $ 307 $ - $ - $ 307 $ 533 $ 3 $ - $ 536 Liabilities: Warrants - - 73 73 - - 425 425 Total $ - $ - $ 73 $ 73 $ - $ - $ 425 $ 425
Schedule of Reconciliation of Changes in Liabilities Measured at Fair Value On a Recurring Basis	The following table presents a reconciliation of our Level 3 warrants measured at fair value Year Ended December 31, 2019 2018 (in thousands) Fair value of Level 3 instruments liabilities beginning of period $ 425 $ 1,200 Net unrealized (gain) loss on warrant valuation (352 ) (775 ) - Fair value of Level 3 instruments liabilities end of period $ 73 $ 425

Supplemental Oil and Natural _2

Supplemental Oil and Natural Gas Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of Costs Incurred in Crude Oil and Natural Gas Acquisitions, Exploration and Development Activities	The capitalized costs incurred in crude oil and natural gas acquisitions, exploration and development activities for the years ended December 31, 2019 and 2018 are highlighted in the table below: 2019 2018 (in thousands) Proved property acquisition $ - $ - Unproved property acquisition 12 244 Development 305 39 Exploration 552 1,234 Total $ 869 $ 1,517
Schedule of Capitalized Costs Associated with Oil and Natural Gas Producing Activities	The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2019 and 2018: 2019 2018 (in thousands) Oil and Natural Gas Properties: Unevaluated properties: Unproved leasehold costs $ 3,741 $ 3,728 Evaluated properties in full cost pool 89,113 88,764 Less accumulated depreciation, depletion and amortization (84,400 ) (83,729 ) Net capitalized costs $ 8,454 $ 8,763
Schedule of Oil and Natural Gas Producing Activities	Presented below are the results of operations from oil and natural gas producing activities for the years ended December 31, 2019 and 2018: 2019 2018 (in thousands) Oil and natural gas sales $ 6,573 $ 5,539 Lease operating expense (1,848 ) (1,898 ) Production taxes (429 ) (392 ) Depreciation, depletion and amortization (671 ) (368 ) Impairment of oil and natural gas properties - - Results of operations from oil and natural gas producing activities $ 3,625 $ 2,881
Schedule of Proved Oil and Gas Reserves and Changes in Net Proved Reserves	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, 2019 and 2018: 2019 2018 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 751,260 737,998 676,030 888,507 Revisions of previous estimates 99,352 511,969 88,956 58,177 Discoveries and extensions 72,907 101,892 61,277 78,007 Sale of minerals in place (5,924 ) (13,083 ) - - Production (110,090 ) (209,518 ) (75,003 ) (286,692 ) Reserve quantities, end of year 807,505 1,129,258 751,260 737,998 (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.
Schedule of Prices as Adjusted for Transportation, Quality	The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure: 2019 2018 Oil per Bbl $ 55.69 $ 65.56 Gas per Mcfe (1) $ 2.58 $ 3.10 (1) Consists of the weighted average price for natural gas in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.
Schedule of Standardized Measure of Discounted Future Net Cash Flows	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, 2019 and 2018: 2019 2018 (in thousands) Future cash inflows $ 45,528 $ 49,457 Future cash outflows: Production costs (21,435 ) (23,648 ) Development costs - - Income taxes (3,747 ) (4,341 ) Future net cash flows 20,436 21,468 10% annual discount factor (9,998 ) (9,869 ) Standardized measure of discounted future net cash flows $ 10,348 $ 11,599
Schedule of Standardized Measure of Future Net Cash Flows	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, 2019 and 2018 are as follows: 2019 2018 (in thousands) Standardized measure, beginning of year $ 11,599 $ 9,253 Sales of oil and natural gas, net of production costs (4,296 ) (3,235 ) Net changes in prices and production costs (2,499 ) 3,419 Changes in estimated future development costs - - Extensions and discoveries 2,231 1,912 Sale of minerals in place (83 ) - Revisions in previous quantity estimates 2,130 761 Previously estimated development costs incurred - - Net changes in income taxes (299 ) (1,425 ) Accretion of discount 1,068 925 Changes in timing and other 499 (11 ) Standardized measure, end of year $ 10,348 $ 11,599

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Schedule of Provisional Allocation of Purchase Price	Preliminary provisional allocation of purchase price: (in thousands) Fair value of net assets Receivables and other current assets $ 20 Deposit collateralizing surety bond 55 Proved oil and gas properties 433 Accounts payable and revenue suspense (50 ) Fair value of consideration paid for net assets $ 458 Cash consideration $ 150 Issuance of 59,498 shares of common stock at $4.62 per share 275 Less: balance of cash account acquired in acquisition (27 ) Add: long-term notes payable repaid at closing 60 Total fair value of consideration transferred $ 458

Organization, Operations and _4

Organization, Operations and Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2016
Stock-based compensation	$ 41	$ 636
Interest Income		$ 13
Future net revenue, discounted percentage		10.00%
Private Placement [Member]
Warrants to purchase common stock			1,000,000

Organization, Operations and _5

Organization, Operations and Significant Accounting Policies - Schedule of Concentration of Credit Risk (Details) - Sales Revenue, Net [Member] - Oil and Natural Gas [Member]	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CML Exploration, LLC [Member]
Concentration risk, percentage	52.00%	18.00%
Zavanna, LLC [Member]
Concentration risk, percentage	31.00%	47.00%
Crimson Exploration Operating, Inc [Member]
Concentration risk, percentage	7.00%	14.00%

Organization, Operations and _6

Organization, Operations and Significant Accounting Policies - Schedule of Property and Equipment Useful Life (Details)	12 Months Ended
	Dec. 31, 2019
Buildings [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Buildings [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	45 years
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Land Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Land Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Computers and Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computers and Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Office Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Office Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Vehicles and Other [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total	$ 6,573	$ 5,539
Oil [Member]
Total	6,149	4,609
Natural Gas and Liquids [Member]
Total	424	930
North Dakota [Member]
Total	2,626	3,245
North Dakota [Member] | Oil [Member]
Total	2,449	2,925
North Dakota [Member] | Natural Gas and Liquids [Member]
Total	177	320
Texas [Member]
Total	3,947	1,962
Texas [Member] | Oil [Member]
Total	3,700	1,684
Texas [Member] | Natural Gas and Liquids [Member]
Total	247	278
Louisiana [Member]
Total		332
Louisiana [Member] | Oil [Member]
Total
Louisiana [Member] | Natural Gas and Liquids [Member]
Total		$ 332

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	Dec. 31, 2019USD ($)aft²	Jan. 02, 2019USD ($)	Dec. 31, 2018USD ($)
Right-of-use asset	$ 179
Lease liability	$ 200
Lease term	1 year
Incremental borrowing rate	8.75%
Lease area | ft²	30,400
Wyoming [Member]
Lease area | a	14
ASU 2016-02 [Member]
Right-of-use asset		$ 228
Lease liability		$ 252

Leases - Schedule of Condensed

Leases - Schedule of Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Right-of-use asset Operating leases	$ 179
Short-term operating leases	58
Long-term operating lease	142
Total operating leases	$ 200

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 68
Short-term lease cost	15
Total lease cost	$ 83

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Lease (Details)	Dec. 31, 2019
Leases [Abstract]
Weighted average lease term (years)	3 years 1 month 6 days
Weighted average discount rate	8.75%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Commitments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 73
2021	75
2022	76
2023	6
Total lease payments	230
Less: imputed interest	(30)
Total lease liability	$ 200

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
Building subject to operating leases	$ 4,012
Less: accumulated depreciation	(3,244)
Building subject to operating leases, net	$ 768

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 158
2021	161
2022	165
2023	169
2024	163
Remaining through June 2029	695
Total lease maturities	$ 1,511

Leases - Schedule of Operatin_2

Leases - Schedule of Operating Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease income	$ 207	$ 186

Commodity Price Risk Derivati_3

Commodity Price Risk Derivatives - Schedule of Relaized and Unrealized Derivative Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Realized gains and (losses)		$ (283)
Unrealized gains and (losses)		161
Oil [Member]
Realized gains and (losses)		(292)
Unrealized gains and (losses)		216
Natural Gas [Member]
Realized gains and (losses)		9
Unrealized gains and (losses)		$ (55)

Oil and Natural Gas Production

Oil and Natural Gas Production Activities (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Proceeds from sale of units	$ 75
Asset retirement obligations	$ 819	$ 939
Discount rate	10.00%
Impairment of oil and gas properties
Oil (bbls) [Member]
Reserves	$55.69 per barrel for oil
Natural Gas (MMbtu) [Member]
Reserves	$2.58 per mcf for natural gas
Texas [Member]
Asset retirement obligations	$ 130

Property and Equipment, Net (De

Property and Equipment, Net (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 828	$ 526
Real Estate and Administrative Assets [Member]
Property, Plant and Equipment [Line Items]
Depreciation expense	13	12
Wyoming [Member]
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 122	$ 121

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,300	$ 6,299
Less accumulated depreciation	(4,185)	(4,050)
Property and equipment, net	2,115	2,249
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,033	1,033
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,012	4,012
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	641	641
Computers and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	379	378
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	224	224
Vehicles and Other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11	$ 11

Disposition of Mining Segment (

Disposition of Mining Segment (Details Narrative) - shares	1 Months Ended	12 Months Ended
	Feb. 29, 2016	Dec. 31, 2018
Number of share issued		128,853
Series A Convertible Preferred Stock Purchase Agreement [Member] | MSM [Member] | Series A Convertible Preferred Stock [Member]
Number of share issued	50,000

Write-Off of Deposit (Details N

Write-Off of Deposit (Details Narrative) - Letter of Intent [Member] - Clean Energy Technology Association, Inc. [Member] - USD ($) $ in Thousands	Mar. 20, 2020	Feb. 28, 2018	Dec. 31, 2017	Dec. 31, 2019
Option purchased to acquire shares			50
Option payment		$ 124	$ 250
Allowance due to uncertainity of collection of deposit				$ 174
Subsequent Event [Member]
Option payment	$ 200

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 27, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Short-term Debt [Line Items]
Number of share issued			128,853
Common stock, par value		$ 0.01	$ 0.01
Outstanding common stock, percentage				49.30%
Amortization of debt issuance costs		$ 7	$ 12
Energy One [Member] | Credit Facility [Member]
Short-term Debt [Line Items]
Outstanding amount of credit facility			937
Interest expense		20	106
Amortization of debt issuance costs		$ 7	$ 12
Weighted average interest rate		8.75%
Exchange Agreement [Member] | Energy One and APEG Energy II, L.P. [Member]
Short-term Debt [Line Items]
Outstanding amount of credit facility	$ 4,500
Number of share issued	581,927
Common stock, par value	$ 0.01
Exchange price	$ 7.67
Volume weighted average price percentage	1.30%
Outstanding common stock, percentage		43.00%

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]
Balance, beginning of year	$ 939	$ 913
Accretion	22	25
Sold/Plugged	(130)	(18)
New drilled wells	2	19
Change in discount rate	(14)
Liabilities incurred
Balance, end of year	$ 819	$ 939

Commitments, Contingencies an_2

Commitments, Contingencies and Related Party Transactions (Details Narrative) - USD ($)	May 22, 2019	Mar. 04, 2019	Mar. 01, 2019	Feb. 26, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 30, 2020
Professional fees					$ 3,178,000	$ 1,540,000
Mr. David Veltri [Member]
Related party expenses					14,617	$ 34,203	$ 32,194
Reclassified reimbursed to additional compensation and taxable income					81,014
Payments to acquire oil and natural gas properties					250,000
Payment to seller					124,328
Unauthorized professional services					40,578
Partial payment refunded					150,000
Mr. David Veltri [Member] | Subsequent Event [Member]
Partial payment refunded								$ 50,000
Mr. David Veltri [Member] | Third Party [Member]
Professional fees					$ 47,156
Mr. David Veltri [Member] | Minimum [Member]
Related party expenses							$ 81,014
APEG Energy II, L.P. [Member]
Percentage for outstanding common stock					43.00%	41.00%
Credit facility, collateral accounts				$ 1,800,000
Litigation settlement receivable			$ 1,800,000
Credit facility		$ 937,000
Line of credit facility receivable		$ 850,000
APEG Energy II, L.P. [Member] | Settlement Agreement [Member] | Mr. Hoffman [Member] | Maximum [Member]
Legal fees	$ 50,000

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	Dec. 31, 2019	Dec. 31, 2018
Preferred shares authorized		100,000	100,000
Preferred shares, par value		$ 0.01	$ 0.01
Number of stock shares issued			128,853
Number of shares issued, value			$ 1,666
Liquidation preference		$ 3,228	$ 2,856
Acquisition percentage description		Concurrent with entry into the Acquisition Agreement and the Series A Purchase Agreement, the Company and MEM entered into an Investor Rights Agreement, which provides MEM rights to certain information and Board observer rights. MEM has agreed that it, along with its affiliates, will not acquire more than 16.86% of the Company's issued and outstanding shares of Common Stock.
Series P Preferred Stock [Member]
Preferred shares authorized		50,000
Series A Convertible Preferred Stock [Member]
Liquidation preference per share	$ 40
Liquidation preference	$ 2,000
Preferred stock, dividend rate	12.25%
Number of shares converted	1.33
Preferred stock issued upon conversion	66,667
Number of common Stock issued upon conversion		79,334	79,334
Series A Convertible Preferred Stock [Member] | Mt. Emmons Mining Company [Member]
Number of stock shares issued	50,000
Number of shares issued, value	$ 2,000

Shareholders' Equity (Details N

Shareholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2018	Dec. 31, 2016	Dec. 31, 2019	Dec. 31, 2018
Proceeds from issuance of common stock				$ 1,666
Number of share issued				128,853
Warrant exercise price			$ 11.30	$ 11.30
Fair value of warrants			$ 352	$ 775
Warrant liability			73	425
Stock-based compensation expense			41	636
Recognized share based compensation				$ 600
Unrestricted shares of common stock granted				48,516
Number of unvested stock options forfeited			500
Nmber of stock option forfeited			500	6,922
Common Stock [Member]
Number of share issued				128,853
Market Offering [Member]
Offering expenses				$ 151
Registered Direct Offering [Member]
Number of share issued		100,000
Net share price		$ 15
Proceeds from warrants		$ 1,320
Registered Direct Offering [Member] | Warrant [Member]
Warrants to purchase common stock		100,000
Warrant exercise price		$ 20.05
Fair value of warrants		$ 1,240
Registered Direct Offering [Member] | Common Stock [Member]
Fair value of warrants		$ 80
Common Stock Sales Agreement [Member]
Proceeds from issuance of common stock	$ 2,500			$ 1,666
Number of share issued				128,853
Net share price				$ 14.10
Net proceeds from offering				$ 1,800

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Stock Options Activity (Details) - $ / shares		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity Note [Abstract]
Stock options outstanding, beginning		32,046	38,968
Stock options, Granted
Stock options, Forfeited		(500)	(6,922)
Stock options, Expired			(69,225)
Stock options, Exercised
Stock options outstanding, ending		31,546	32,046
Stock options exercisable, ending		31,546	26,546
Stock options outstanding price per share, beginning	[1]	$ 65.20	$ 80.50
Stock options outstanding price per share, Granted	[1]
Stock options outstanding price per share, Forfeited	[1]	11.60
Stock options outstanding price per share, Expired	[1]		151.20
Stock options outstanding price per share, Exercised	[1]
Stock options outstanding price per share, ending	[1]	66.10	65.20
Stock options exercisable price per share	[1]	$ 66.10	$ 76.30
[1]	Represents the weighted average price.

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Options Outstanding | shares	31,546
Exercise price range, Lower range	$ 7.20
Exercise price range, Upper range	302.40
Weighted Average	$ 66.10
Remaining Contractual Term (Years)	5 years 10 months 25 days
Options Exercisable, Number of shares | shares	31,546
Weighted Average Exercisable	$ 66.10
Exercise Price One [Member]
Options Outstanding | shares	16,500
Exercise price range, Lower range	$ 7.20
Exercise price range, Upper range	11.60
Weighted Average	$ 10
Remaining Contractual Term (Years)	7 years 9 months 18 days
Options Exercisable, Number of shares | shares	16,500
Weighted Average Exercisable	$ 10
Exercise Price Two [Member]
Options Outstanding | shares	10,629
Exercise price range, Lower range	$ 90
Exercise price range, Upper range	124.80
Weighted Average	$ 106.20
Remaining Contractual Term (Years)	4 years 3 months 19 days
Options Exercisable, Number of shares | shares	10,629
Weighted Average Exercisable	$ 106.20
Exercise Price Three [Member]
Options Outstanding | shares	2,917
Exercise price range, Lower range	$ 139.20
Exercise price range, Upper range	171
Weighted Average	$ 147.40
Remaining Contractual Term (Years)	2 years 4 months 24 days
Options Exercisable, Number of shares | shares	2,917
Weighted Average Exercisable	$ 147.40
Exercise Price Four [Member]
Options Outstanding | shares	1,500
Exercise price range, Lower range	$ 226.20
Exercise price range, Upper range	302.40
Weighted Average	$ 240.30
Remaining Contractual Term (Years)	3 years 6 months
Options Exercisable, Number of shares | shares	1,500
Weighted Average Exercisable	$ 240.30

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Uncertain tax positions
Federal [Member]
Net operating loss carryovers	6,400
Recognized Built-In Losses [Member]
Net operating loss carryovers	$ 7,100

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate	$ (115)	$ 218
State income tax benefit, net of federal impact	(32)	37
Change in state tax rate, net of federal benefit	331	(435)
Change in value of warrant	(74)	163
Effect of Sec. 382 Limitation		(1,303)
Percentage depletion carryover	9	4
Prior year true up	52	451
Other	23	50
Decrease in valuation allowance	(194)	815
Income tax benefit (expense)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryover	[1]	$ 4,098	$ 3,594
Property and equipment		3,468	4,306
Percentage depletion and contribution carryovers	[1]	1,833	1,721
Alternative minimum tax credit carryover	[1]	42	42
Equity method investment and other		615	592
Deferred compensation liability		41	9
Asset retirement obligations		181	221
Stock-based compensation		68	61
Lease obligations		44
Total deferred tax assets		10,390	10,546
Property and equipment
Lease assets		(40)
Other
Total deferred tax liabilities		(40)
Net deferred tax assets		10,350	10,546
Less valuation allowance		(10,350)	(10,546)	$ (11,361)
Net deferred tax asset
[1]	In December 2017, the Company paid down debt through the issuance of common stock. This issuance represented a 49.3% ownership change in the Company. This change in ownership, combined with other equity events, triggered loss limitations under Internal Revenue Code ("I.R.C.") Section 382. As a result, the Company wrote-off $29.8 million of gross deferred tax assets in 2017, and an additional $2.4 million in gross deferred tax assets in 2018. Since the Company has maintained a valuation allowance against these tax assets there is no impact to the consolidated statement of operations in either year.

Income Taxes - Schedule of De_2

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Ownership interest			49.30%
Gross deferred tax assets, valuation allowance	$ 10,350	$ 10,546	$ 11,361
Internal Revenue Code [Member]
Gross deferred tax assets, valuation allowance		$ 2,400	$ 29,800

Loss Per Share - Schedule of Ba

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net loss	$ (550)	$ (1,040)
Accrued dividend on Series A preferred stock	(372)	(329)
Loss applicable to common shareholders	$ (922)	$ (1,369)
Basic weighted average common shares outstanding	1,340,000	1,288,000
Dilutive effect of potentially dilutive securities
Diluted weighted average common shares outstanding	1,340,000	1,288,000
Basic net loss per share	$ (0.69)	$ (1.06)
Diluted net loss per share	$ (0.69)	$ (1.06)

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Antidilutive Weighted Average Shares (Details) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total	210,000	211,000
Stock Options [Member]
Total	31,000	32,000
Warrants [Member]
Total	100,000	100,000
Series A Convertible Preferred Stock [Member]
Total	79,000	79,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Warrant liability	$ 73	$ 425
Fair value of marketable equity securities	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Schedule of Fair Value Assumptions (Details)	Dec. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares
Number of warrants outstanding | shares	1,000,000	1,000,000
Expiration date	Jun. 21, 2022	Jun. 21, 2022
Exercise price	$ 11.30	$ 11.30
Stock Price [Member]
Fair value meaeurement input	3	6.70
Dividend Yield [Member]
Fair value meaeurement input	0	0
Average Volatility Rate [Member]
Fair value meaeurement input	80	90
Risk Free Interest Rate [Member]
Fair value meaeurement input	1.59	2.47

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Schedule of Investment in the Marketable Equity Securities (Details)	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares
Anfield Energy [Member]
Number of shares owned | shares	3,631,365
Quoted market price | $ / shares	$ 0.08
Fair value | $	$ 306,868
Sutter Gold Mining Company [Member]
Number of shares owned | shares	495,816
Quoted market price | $ / shares	$ 0
Fair value | $

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Schedule of Recurring Measurements of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Marketable Equity Securities [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 307	$ 536
Warrants [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	73	425
Level 1 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	307	533
Level 1 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities
Level 2 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets		3
Level 2 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities
Level 3 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Level 3 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	$ 73	$ 425

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Schedule of Reconciliation of Changes in Liabilities Measured at Fair Value on a Recurring Basis (Details) - Level 3 [Member] - Warrant Liability [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair value liabilities of Level 3 instruments beginning of period	$ 425	$ 1,200
Net unrealized (gain) loss on warrant valuation	(352)	(775)
Fair value liabilities of Level 3 instruments end of period	$ 73	$ 425

Supplemental Oil and Natural _3

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Costs Incurred in Crude Oil and Natural Gas Acquisitions, Exploration and Development Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Proved property acquisition
Unproved property acquisition	12	244
Development	305	39
Exploration	552	1,234
Total	$ 869	$ 1,517

Supplemental Oil and Natural _4

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Capitalized Costs Associated with Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Unevaluated properties	$ 3,741	$ 3,728
Evaluated properties	89,113	88,764
Less accumulated depreciation, depletion and amortization	(84,400)	(83,729)
Net oil and natural gas properties	$ 8,454	$ 8,763

Supplemental Oil and Natural _5

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Oil and natural gas sales	$ 6,573	$ 5,539
Lease operating expense	(1,848)	(1,898)
Production taxes	(429)	(392)
Depreciation, depletion and amortization	(693)	(393)
Impairment of oil and natural gas properties
Results of operations from oil and natural gas producing activities	$ 3,625	$ 2,881

Supplemental Oil and Natural _6

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Proved Oil and Gas Reserves and Changes in Net Proved Reserves (Details) - bbl		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Oil (bbls) [Member]
Reserve quantities, beginning of year		751,260	676,030
Revisions of previous estimates		99,352	88,956
Discoveries and extensions		72,907	61,277
Sale of minerals in place		(5,924)
Production		(110,090)	(75,003)
Reserve quantities, end of year		807,505	751,260
Natural Gas (MMbtu) [Member]
Reserve quantities, beginning of year	[1]	737,998	888,507
Revisions of previous estimates	[1]	511,969	58,177
Discoveries and extensions	[1]	101,892	78,007
Sale of minerals in place	[1]	(13,083)
Production	[1]	(209,518)	(286,692)
Reserve quantities, end of year	[1]	1,129,258	737,998
[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.

Supplemental Oil and Natural _7

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Prices as Adjusted for Transportation, Quality (Details) - $ / bbl		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Oil (bbls) [Member]
Sales Prices		55.69	65.56
Natural Gas (MMbtu) [Member]
Sales Prices	[1]	2.58	3.10
[1]	Consists of the weighted average price for natural gas in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.

Supplemental Oil and Natural _8

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Future cash inflows	$ 45,528	$ 49,457
Production costs	(21,435)	(23,648)
Development costs
Income taxes	(3,747)	(4,341)
Future net cash flows	20,436	21,468
10% annual discount factor	(9,998)	(9,869)
Standardized measure of discounted future net cash flows	$ 10,348	$ 11,599	$ 9,253

Supplemental Oil and Natural _9

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Standardized Measure of Future Net Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Standardized measure, beginning of year	$ 11,599	$ 9,253
Sales of oil and natural gas, net of production costs	(4,296)	(3,235)
Net changes in prices and production costs	(2,499)	3,419
Changes in estimated future development costs
Extensions and discoveries	2,231	1,912
Sale of minerals in place	(83)
Revisions in previous quantity estimates	2,130	761
Previously estimated development costs incurred
Net changes in income taxes	(299)	(1,425)
Accretion of discount	1,068	925
Changes in timing and other	499	(11)
Standardized measure, end of year	$ 10,348	$ 11,599

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ in Thousands	Mar. 02, 2020	Jan. 06, 2020	Feb. 29, 2020	Jan. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Undiscounted minimum lease obligation					$ 230
Sub lease expense					$ 1,848	$ 1,898
Subsequent Event [Member]
Reverse stock split bid price, description		The closing bid price of the Common Stock is below $1.00 for 30 consecutive trading days, then the closing bid price must be $1.00 or more for 10 consecutive trading days during a 180-day grace period to regain compliance with the Rule.
Stock issued during period, value, acquisitions	$ 275
Cash consideration involved with acquisition	$ 150
Decline in crude oil prices, description			In early March 2020, the NYMEX WTI crude oil price decreased significantly. Currently, we do not have any commodity derivative contracts in place to mitigate the effect of lower commodity prices on our revenues. Lower oil and natural gas prices not only decrease our revenues, but an extended decline in oil or gas prices may materially and adversely affect our future business, financial position, cash flows, results of operations, liquidity, ability to finance planned capital expenditures and the oil and natural gas reserves that we can economically produce. Lower crude prices could also affect the realizability of the Company's oil and gas properties. In the calculation of the ceiling test for the year ended December 31, 2019, the Company used $55.69 per barrel for oil and $2.58 per mcf for natural gas (as further adjusted for differentials related to property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company's producing properties. The discount factor used was 10%. As of March 20, 2020, the WTI spot price for crude oil was $23.64 and the 12-month strip price was $28.44. To determine the extent of these price reductions on the realizability of the Company's oil and gas properties, the Company reran the year end reserves using 50% of the average crude price used in the original ceiling test calculation, or $27.85, as further adjusted for differentials, and determined that by using that price the Company would have incurred a ceiling test write-down of approximately $1.7 million.
Subsequent Event [Member] | Restricted Stock [Member] | Chief Executive Officer [Member]
Restricted shares granted during period, shares				48,000
Subsequent Event [Member] | Restricted Stock [Member] | Board of Directors [Member]
Restricted shares granted during period, shares				28,000
Subsequent Event [Member] | Sublease Agreement [Member]
Lease expiration date				Jan. 31, 2023
Undiscounted minimum lease obligation				$ 218
Sub lease expense				$ 182
Subsequent Event [Member] | New Horizon Resources, LLC [Member]
Stock issued during period, shares, acquisitions	59,498
Stock issued during period, value, acquisitions	$ 275
Cash consideration involved with acquisition	$ 150
Acquisition area, description	The New Horizon properties consist of approximately 1,300 net acres located primarily in McKenzie and Divide Counties, North Dakota, which are 100% held by production, average 63% working interest and produced approximately 30 net Boepd (88% oil) for the six-month period ended December 31, 2019.

Subsequent Events - Schedule of

Subsequent Events - Schedule of Provisional Allocation of Purchase Price (Details) - Subsequent Event [Member] $ in Thousands	Mar. 02, 2020USD ($)
Receivables and other current assets	$ 20
Deposit collateralizing surety bond	55
Proved oil and gas properties	433
Accounts payable and revenue suspense	(50)
Fair value of consideration paid for net assets	458
Cash consideration	150
Issuance of 59,498 shares of common stock at $4.62 per share	275
Less: balance of cash account acquired in acquisition	(27)
Add: long-term notes payable repaid at closing	60
Total fair value of consideration transferred	$ 458