U.S. Energy (USEG) 10-Q 16 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 16, 2020
Cover [Abstract]
Entity Registrant Name	US ENERGY CORP
Entity Central Index Key	0000101594
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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 Common Stock, Shares Outstanding		2,915,654
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and equivalents	$ 1,039	$ 1,532
Oil and natural gas sales receivable	199	716
Marketable equity securities	109	307
Prepaid and other current assets	355	138
Real estate assets held for sale, net of selling costs	725
Total current assets	2,427	2,693
Oil and natural gas properties under full cost method:
Unevaluated properties	1,694	3,741
Evaluated properties	92,615	89,113
Less accumulated depreciation, depletion, amortization and impairment	(87,611)	(84,400)
Net oil and natural gas properties	6,698	8,454
Other assets:
Property and equipment, net	275	2,115
Right-of-use asset	141	179
Other assets	65	26
Total other assets	481	2,320
Total assets	9,606	13,467
Current liabilities:
Accounts payable and accrued liabilities	888	974
Accrued compensation and benefits	257	191
Related party secured note payable	375
Insurance premium note payable	42
Current lease obligation	63	58
Total current liabilities	1,625	1,223
Noncurrent liabilities:
Asset retirement obligations	1,229	819
Warrant liability	137	73
Long-term lease obligation, net of current portion	95	142
Other long-term liabilities	6
Total noncurrent liabilities	1,467	1,034
Total liabilities	3,092	2,257
Commitments and contingencies (Note 9)
Preferred stock: Authorized 100,000 shares, 50,000 shares of Series A Convertible (par value $0.01) issued and outstanding; liquidation preference of $3,538 and $3,228 as of September 30, 2020 and December 31, 2019, respectively	2,000	2,000
Shareholders' equity:
Common stock, $0.01 par value; unlimited shares authorized; 1,449,754 and 1,340,583 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	15	13
Additional paid-in capital	137,848	136,876
Accumulated deficit	(133,349)	(127,679)
Total shareholders' equity	4,514	9,210
Total liabilities, preferred stock and shareholders' equity	$ 9,606	$ 13,467

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Series A Convertible Preferred stock, shares authorized	100,000	100,000
Series A Convertible Preferred stock, shares issued	50,000	50,000
Series A Convertible Preferred stock, shares outstanding	50,000	50,000
Series A Convertible Preferred stock, par value	$ 0.01	$ 0.01
Liquidation preference shares	$ 3,538	$ 3,228
Common stock, par value	$ 0.01	$ 0.01
Common stock, unlimited shares authorized	Unlimited	Unlimited
Common stock, shares issued	1,449,754	1,340,583
Common stock, shares outstanding	1,449,754	1,340,583

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Total revenue	$ 401	$ 1,633	$ 1,513	$ 5,066
Oil and gas operations:
Lease operating expenses	290	410	1,032	1,348
Production taxes	30	107	110	323
Depreciation, depletion, accretion and amortization	81	180	291	550
Impairment of oil and natural gas properties	1,149		2,943
General and administrative expenses	607	989	1,546	3,117
Total operating expenses	2,157	1,686	5,922	5,338
Operating loss	(1,756)	(53)	(4,409)	(272)
Other income (expense):
Loss on real estate held for sale			(651)
Impairment of real estate			(403)
(Loss) gain on marketable equity securities	(32)	(240)	(153)	(235)
Warrant revaluation gain (loss)	55	(23)	(65)	219
Rental property loss, net	(5)	(16)	(40)	(39)
Other income	26	50	54	100
Interest, net	(1)	1	(3)	(19)
Total other income (expense)	43	(228)	(1,261)	26
Net loss	(1,713)	(281)	(5,670)	(246)
Accrued preferred stock dividends	(107)	(95)	(310)	(273)
Net loss applicable to common shareholders	$ (1,820)	$ (376)	$ (5,980)	$ (519)
Basic and diluted weighted shares outstanding	1,399,754	1,340,583	1,386,515	1,340,583
Basic and diluted loss per share	$ (1.30)	$ (0.28)	$ (4.31)	$ (0.39)
Oil [Member]
Revenue:
Total revenue	$ 362	$ 1,571	$ 1,418	$ 4,746
Natural Gas and Liquids [Member]
Revenue:
Total revenue	$ 39	$ 62	$ 95	$ 320

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 13	$ 136,835	$ (127,129)	$ 9,719
Balance, shares at Dec. 31, 2018	1,340,583
Share-based compensation		13		13
Net income loss			15	15
Balance at Mar. 31, 2019	$ 13	136,848	(127,114)	9,747
Balance, shares at Mar. 31, 2019	1,340,583
Balance at Dec. 31, 2018	$ 13	136,835	(127,129)	9,719
Balance, shares at Dec. 31, 2018	1,340,583
Net income loss				(246)
Balance at Sep. 30, 2019	$ 13	137,870	(127,375)	9,508
Balance, shares at Sep. 30, 2019	1,340,583
Balance at Mar. 31, 2019	$ 13	136,848	(127,114)	9,747
Balance, shares at Mar. 31, 2019	1,340,583
Share-based compensation		13		13
Net income loss			20	20
Balance at Jun. 30, 2019	$ 13	136,861	(127,094)	9,780
Balance, shares at Jun. 30, 2019	1,340,583
Share-based compensation		9		9
Net income loss			(281)	(281)
Balance at Sep. 30, 2019	$ 13	137,870	(127,375)	9,508
Balance, shares at Sep. 30, 2019	1,340,583
Balance at Dec. 31, 2019	$ 13	136,876	(127,679)	9,210
Balance, shares at Dec. 31, 2019	1,340,583
Settlement of fractional shares in cash		(1)		(1)
Settlement of fractional shares in cash, shares	(327)
Shares issued in acquisition of New Horizon Resources	$ 1	239		240
Shares issued in acquisition of New Horizon Resources	59,498
Share-based compensation		42		42
Net income loss			(306)	(306)
Balance at Mar. 31, 2020	$ 14	137,156	(127,985)	9,185
Balance, shares at Mar. 31, 2020	1,399,754
Balance at Dec. 31, 2019	$ 13	136,876	(127,679)	9,210
Balance, shares at Dec. 31, 2019	1,340,583
Settlement of fractional shares in cash				(1)
Net income loss				(5,670)
Balance at Sep. 30, 2020	$ 15	137,848	(133,349)	4,514
Balance, shares at Sep. 30, 2020	1,449,754
Balance at Mar. 31, 2020	$ 14	137,156	(127,985)	9,185
Balance, shares at Mar. 31, 2020	1,399,754
Share-based compensation		64		64
Net income loss			(3,651)	(3,651)
Balance at Jun. 30, 2020	$ 14	137,220	(131,636)	5,598
Balance, shares at Jun. 30, 2020	1,399,754
Share-based compensation		64		64
Exercise of stock warrants	$ 1	564		565
Exercise of stock warrants, shares	50,000
Net income loss			(1,713)	(1,713)
Balance at Sep. 30, 2020	$ 15	$ 137,848	$ (133,349)	$ 4,514
Balance, shares at Sep. 30, 2020	1,449,754

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (1,713)	$ (306)	$ (281)	$ 15	$ (5,670)	$ (246)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation, depletion, accretion, and amortization					352	651
Impairment of oil and gas properties	1,149				2,943
Impairment of real estate					403
Loss on real estate held for sale					651
Loss on marketable equity securities	32		240		153	235
Loss (gain) on warrant revaluation	(55)		23		65	(219)
Stock-based compensation					170	35
Right of use asset amortization					38	35
Debt issuance cost amortization						7
Decrease (increase) in:
Oil and natural gas sales receivable					531	(415)
Other assets					(20)	138
Increase (decrease) in:
Accounts payable and accrued liabilities					(188)	149
Accrued compensation and benefits					66	(35)
Payments on operating lease liability					(43)	(38)
Net cash (used in) provided by operating activities					(549)	297
Cash flows from investing activities:
Acquisition of New Horizon Resources, net of cash acquired					(122)
Acquisition of FieldPoint properties					(529)
Oil and natural gas capital expenditures					(79)	(142)
Proceeds from sale of marketable securities					45
Payment received on note receivable					20	20
Net cash used in investing activities:					(665)	(122)
Cash flows from financing activities:
Payment on credit facility					(61)	(937)
Proceeds from secured note payable					375
Payments on insurance premium finance note payable					(157)	(193)
Proceeds from warrant exercise					565
Payment for fractional shares in reverse stock split					(1)
Net cash provided by (used in) financing activities					721	(1,130)
Net decrease in cash and equivalents					(493)	(955)
Cash and equivalents, beginning of period		$ 1,532		$ 2,340	1,532	2,340	$ 2,340
Cash and equivalents, end of period	$ 1,039		$ 1,385		1,039	1,385	$ 1,532
Supplemental disclosures of cash flow information and non-cash activities:
Cash payments for interest					5	26
Investing activities:
Issuance of stock in acquisition of New Horizon Resources					240
Change in capital expenditure accruals					58	24
Exchange of undeveloped lease acreage for oil and gas properties						379
Adoption of lease standard						228
Asset retirement obligations					(315)	(14)
Financing activities:
New Horizon credit facility assumed					61
Financing of insurance premiums with note payable					$ 199	$ 228

Organization, Operations and Si

Organization, Operations and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
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 subsidiaries, is referred to as the “Company” in these Notes to Unaudited Condensed Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused on the acquisition, exploration and development of oil and natural gas properties in the United States. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on March 30, 2020. Our financial condition as of September 30, 2020, and operating results for the three and nine months ended September 30, 2020, are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2020. Reverse Stock Split On January 6, 2020, the Company completed a one-for-ten reverse stock split (the “Reverse Stock Split”) with respect to the Company’s outstanding common stock. For purposes of presentation, the unaudited condensed consolidated financial statements and footnotes have been adjusted for the number of post-split shares as if the split had occurred at the beginning of earliest period presented. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include 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; valuation of assets acquired and liabilities assumed in acquisitions 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 subsidiaries Energy One LLC (“Energy One”) and New Horizon Resources LLC (“New Horizon”). All inter-company balances and transactions have been eliminated in consolidation. Recently Adopted Accounting Pronouncements Fair Value Measurements. Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements Fair Value Measurements

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Acquisitions	2. ACQUISITIONS New Horizon Resources On March 1, 2020, the Company acquired all the issued and outstanding equity interests of New Horizon. Its assets include acreage and operated producing properties in North Dakota (the “New Horizon Properties”). The Company accounted for the acquisition of the New Horizon Properties as a business combination. The consideration paid at closing consisted of 59,498 shares of the Company’s restricted common stock, $150,000 in cash and the assumption of certain liabilities (the “New Horizon Acquisition”). The New Horizon Acquisition gives the Company operated properties in its core area of operations. The New Horizon Properties consist of nine gross wells (five net wells), and approximately 1,300 net acres located primarily in McKenzie and Divide Counties, North Dakota, which are 100% held by production and average a 63% working interest. Amount (in thousands) Fair value of net assets: Proved oil and natural gas properties $ 564 Other current assets 14 Other long-term assets 58 Total assets acquired 636 Asset retirement obligations (163 ) Current payables (50 ) Credit facility (61 ) Net assets acquired $ 362 Fair value of consideration paid for net assets: Cash consideration $ 150 Issuance of common stock (59,498 shares at $4.04 per share) 240 Cash acquired (28 ) Total fair value of consideration transferred $ 362 For the nine months ended September 30, 2020, the Company recorded revenues of approximately $69 thousand, and lease operating and workover expenses of approximately $131 thousand related to the New Horizon Properties. Assuming that the acquisition of the New Horizon properties had occurred on January 1, 2019, the Company would have recorded revenues of $100 thousand and expenses of $153 thousand for the nine months ended September 30, 2020, and revenues of $192 thousand and expenses of $258 thousand for the nine months ended September 30, 2019. These results are not necessarily indicative of the results that would have occurred had the Company completed the acquisition on the date indicated, or that will be attained in the future. Subsequent to the closing of the New Horizon Acquisition, the Company repaid the outstanding liabilities assumed at closing. FieldPoint Petroleum On September 25, 2020, the Company acquired certain oil and gas properties primarily located in Lea County, New Mexico and Converse County, Wyoming. The properties were acquired from FieldPoint Petroleum Corporation (“FieldPoint”) pursuant to FieldPoint’s Chapter 7 bankruptcy process (the “FieldPoint Properties”). The Company accounted for the acquisition of the FieldPoint Properties as an asset acquisition. Total cash paid for the FieldPoint Properties as of September 30, 2020, was $529 thousand, which includes the purchase price of $500 thousand and transaction costs of $29 thousand. In addition, the Company accrued $80 thousand for unpaid transaction costs and recorded asset retirement obligations of $236 thousand for the assets acquired. Substantially all of the value of the FieldPoint Proerties acquired consists of mature proved developed producing reserves. Following is a summary of the amounts recorded for the assets acquired: Amount (in thousands) Amounts incurred: Cash consideration $ 500 Transaction costs 109 Total $ 609 Asset retirement obligations $ (236 )

Real Estate Held for Sale

Real Estate Held for Sale	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate Held for Sale	3. REAL ESTATE HELD FOR SALE The Company owns a 14-acre tract in Riverton, Wyoming with a two-story, 30,400 square foot office building. The building served as the Company’s corporate headquarters until 2015 and is currently being leased to government agencies and other non-affiliated companies. In 2020 the Company made the decision to sell the land and building and began a process to determine the price at which it would list the property for sale. The process included obtaining an appraisal, analyzing operating statements for the building, reviewing capitalization rates and consulting a large national commercial real estate company. The Company determined that the realizable value of the building was in the range of $700 thousand to $900 thousand. A special committee of the board of directors was formed to evaluate the sales process and is exploring all available options to sell the land and building and will ultimately recommend any action to the Board of Directors regarding any potential sale. During the three months ended September 30, 2020 the Company entered into an agreement with a large national commercial broker to sell the building. Following are the pre-impairment carrying amounts of the land and building at September 30, 2020, the estimated net proceeds, and a calculation of the loss recognized as a component of other income and expense in the unaudited condensed consolidated statement of operations. Amount (in thousands) Pre-impairment carrying value of real estate held for sale: Building $ 720 Building improvements 276 Land 380 Total 1,376 Fair value of real estate held for sale: Estimated sales price $ 800 Estimated cost to sell (75 ) Estimated net proceeds $ 725 Loss recognized on real estate assets held for sale $ 651

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	4. REVENUE RECOGNITION The Company’s revenues are derived from its interest in the sales of oil and natural gas production. Prior to the acquisition of New Horizon, which was completed on March 1, 2020, and the acquisition of FieldPoint Petroleum, which was completed on September 25, 2020 all sales of oil and natural gas were made under contracts that third-party operators of oil and natural gas wells have negotiated with customers. The Company receives payments 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 unaudited condensed 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 condensed consolidated statements of operations. The revenues and costs in the condensed consolidated financial statements were reported gross for the three and nine months ended September 30, 2020, as the gross amounts were known. The following table presents our disaggregated revenue by major source and geographic area for the three and nine months ended September 30, 2020 and 2019. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Revenue: North Dakota Oil $ 270 $ 564 $ 901 $ 1,723 Natural gas and liquids (1) 34 16 66 109 Total $ 304 $ 580 $ 967 $ 1,832 Texas Oil $ 92 $ 1,007 $ 517 $ 3,023 Natural gas and liquids 5 46 29 211 Total $ 97 $ 1,053 $ 546 $ 3,234 Total revenue $ 401 $ 1,633 $ 1,513 $ 5,066 Significant concentrations of credit risk The Company has exposure to credit risk in the event of nonpayment by joint interest operators and purchasers of the Company’s oil and natural gas properties. During the nine-month periods ended September 30, 2020 and 2019, 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 are as follows: Operator 2020 2019 CML Exploration LLC 32 % 54 % Zavanna LLC 47 % 29 %

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	5. LEASES On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach and recorded a $228 thousand right-of-use asset and a $252 thousand lease liability representing the present value of minimum payment obligations associated with the Company’s Denver office operating lease, which has non-cancellable terms in excess of one year. The Company does not have any financing leases. The Company has elected the following practical expedients available under ASC 842: (i) excluding from the condensed 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 three and nine months ended September 30, 2020 and 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 under the following captions in the unaudited condensed consolidated balance sheet at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (in thousands) Right of use asset balance Operating lease $ 141 $ 179 Lease liability balance Short-term operating lease $ 63 $ 58 Long-term operating lease 95 142 $ 158 $ 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, Texas office lease, which has a lease term of one year. Beginning in March 2020, the Company subleased its Denver, Colorado office and recognized sublease income. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Operating lease cost $ 17 $ 17 $ 51 $ 51 Short-term lease cost 6 4 16 11 Sublease income (10 ) - (25 ) - Total lease costs $ 13 $ 21 $ 42 $ 62 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. September 30, 2020 2019 (in thousands) Weighted average lease term (years) 2.3 3.3 Weighted average discount rate 8.75 % 8.75 % The future minimum lease commitments as of September 30, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the unaudited condensed consolidated balance sheet as follows: Amount Remainder of 2020 $ 18 2021 75 2022 76 2023 6 Total lease payments 175 Less: imputed interest (17 ) Total lease liability $ 158 As discussed in Note 3- Real Estate Held for Sale September 30, December 31, (in thousands) Building subject to operating leases $ 4,654 $ 4,654 Land 380 380 Less: accumulated depreciation (3,658 ) (3,599 ) Loss on real estate held for sale (651 ) - Building subject to operating leases, net $ 725 $ 1,435 The future lease maturities of the Company’s operating leases as of September 30, 2020 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis. Amount (in thousands) Remainder of 2020 $ 40 2021 161 2022 165 2023 169 2024 163 Remaining through June 2029 695 Total lease maturities $ 1,393 The Company recognized the following loss on rental property related to its Riverton, Wyoming office building for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Operating lease income $ 51 $ 54 $ 161 $ 150 Operating lease expense (56 ) (34 ) (143 ) (99 ) Depreciation - (36 ) (58 ) (90 ) Rental property loss, net $ (5 ) $ (16 ) $ (40 ) $ (39 )

Oil and Natural Gas Production

Oil and Natural Gas Production Activities	9 Months Ended
	Sep. 30, 2020
Oil and Gas Property [Abstract]
Oil and Natural Gas Production Activities	6. OIL AND NATURAL GAS PRODUCTION ACTIVITIES 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 as of September 30, 2020, the Company used $43.40 per barrel for oil and $1.97 per one million British Thermal Units (MMbtu) 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%. The Company recorded ceiling test write-downs of its oil and natural gas properties of $1.1 million and $2.9 million during the three and nine month periods ended September 30, 2020, respectively, due to a reduction in the value of proved oil and natural gas reserves primarily as a result of a decrease in crude oil prices and the performance of a South Texas well drilled in the prior year. In addition, the Company evaluated its unevaluated property and recorded a reclassification to the depletable base of the full cost pool of $2.1 million during the nine months ended September 30, 2020 related to a reduction in value of certain of its acreage.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	7. DEBT On September 24, 2020, the Company entered into a $375 thousand secured promissory note with APEG Energy II LP, which entity Patrick E. Duke, a director of the Company, has shared voting power and shared investment power over (“APEG II”) (the “Note”). The Note accrues interest at 10% per annum and matures on September 24, 2021. The Note is secured by the Company’s wholly owned subsidiary, Energy One’s oil and natural gas producing properties. In the event that the Note is repaid prior to the maturity date there is a prepayment penalty of 10% of the principal amount of the Note less accrued interest. At September 30, 2020, APEG II held approximately 40% of the Company’s outstanding common stock. On December 27, 2017, the Company entered into an exchange agreement (“Exchange Agreement”) by and among U.S. Energy Corp., its wholly owned subsidiary 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. The credit facility was fully repaid on March 1, 2019 and on July 30, 2019, matured and was terminated. Borrowings under the credit facility were secured by Energy One’s oil and natural gas producing properties. Interest expense for the nine months ended September 30, 2019 was $20 thousand, including the amortization of debt issuance costs of $7 thousand. The weighted average interest rate on the credit facility was 8.75% for the period until maturity in 2019.

Write-Off of Deposit

Write-Off of Deposit	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020, the Company has received six payments from CETA totaling $250,000. While the Company is pursuing collection of $50,000 of the remaining deposit, the Company has established an allowance of the amount due from CETA at September 30, 2020, due to the uncertainty of collection. See Note 9 Commitments, Contingencies and Related-Party Transactions.

Commitments, Contingencies and

Commitments, Contingencies and Related-Party Transactions	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Related-Party Transactions	9. COMMITMENTS, CONTINGENCIES AND RELATED-PARTY TRANSACTIONS Litigation Arbitration of Employment Claim. In July 2020, the Company received a request for arbitration from its former Chief Executive Officer claiming that the Company breached his employment agreement. The Company intends to vigorously contest this matter and believes these claims are without merit. The employment agreement requires that any disputes be submitted to binding arbitration. The Company has insurance for these types of claims and has reported the request for arbitration to its insurance carrier. The Company believes it is probable that it will incur future defense costs in this matter and has accrued $100 thousand at September 30, 2020, representing the amount of the Company’s responsibility for costs under the insurance policy. As of September 30, 2020 all litigation as described below involving the Company, its former Chief Executive Officer, David Veltri and APEG II and its general partner, APEG Energy II, GP (together with APEG II, “APEG”) has been dismissed. As of September 30, 2020, APEG II held approximately 40% of the Company’s outstanding common stock, is the holder of its secured promissory note and was the secured lender under the Company’s credit facility, prior to its maturity on July 30, 2019. APEG II Litigation On February 14, 2019, the Company’s board of directors (the Board”) (only one member of which remained 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 40% of its outstanding common stock, and, as of September 30, 2020, was the secured lender under its secured promissory note. 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”) in the District Court of Harris County Texas, 190 th On March 4, 2019, APEG II filed an emergency motion with the U.S. District Court for the Southern District of Texas (the “Texas Federal Court”) in order to remove the Texas Litigation from the Texas State Court to the Texas Federal 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, resulting in the Company receiving 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 its Chief Financial Officer and that control of these functions be removed from its former Chief Executive Officer, who had been terminated by the 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. On July 30, 2020, the Company, filed a Notice of Voluntary Dismissal of its lawsuit against Mr. Veltri. All matters related to the Texas litigation were dismissed in August 2020. 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 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 claimed, including attorneys’ fees, and that Mr. Veltri and Mr. Hoffman should be removed from the Board. 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 and committees thereof, and the Company 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 the Company from any and all claims he may have had against the Company and its Board. In the Colorado Litigation, the United States District Court for the District of Colorado (“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, 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 L. Smith, the Company’s Chief Financial Officer at the time, 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 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 L. Smith to serve as the Company’s Chief Executive Officer, replacing 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. On May 20, 2020, the Colorado Litigation was dismissed.

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Preferred Stock	10. 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 without shareholder approval. The Company has designated 50,000 shares of Series P preferred stock of which none are outstanding. On February 12, 2016, the Company issued 50,000 shares of then newly designated Series A Convertible Preferred Stock (the “Preferred Stock”) to Mt. Emmons Mining Company (“MEM”), a subsidiary of Freeport McMoRan,. 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 a value of $40 per share for an aggregate of $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 common stock (the “Conversion Rate”) for an aggregate of 66,667 shares. 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 September 30, 2020 and December 31, 2019, 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 September 30, 2020. 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.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	11. SHAREHOLDERS’ EQUITY 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, for a period of five years from the final closing date of June 21, 2017. The warrants include anti-dilution rights. 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. On September 29, 2020, the Company received proceeds of $565 thousand related to the exercise of warrants to purchase 50,000 shares of 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 $137 thousand and $73 thousand at September 30, 2020 and December 31, 2019, respectively Pursuant to the original warrant agreement, 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. The warrant exercise price was further reduced to $5.25 as a result of the registered direct offering of 315,810 shares of common stock which was completed on October 2, 2020 (See Note 16 Subsequent Events) Stock Options 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 $0 and $26 thousand for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, all stock options had vested. During the nine months ended September 30, 2020 and 2019, no stock options were granted, exercised, or forfeited. During the nine months ended September 30, 2020 stock options to purchase 166 shares expired. Presented below is information about stock options outstanding and exercisable as of September 30, 2020 and December 31, 2019. All shares and prices per share have been adjusted for the Reverse Stock Split. September 30, 2020 December 31, 2019 Shares Price Shares Price Stock options outstanding 31,367 $ 64.78 31,533 $ 66.04 Stock options exercisable 31,367 $ 64.78 31,533 $ 66.04 The following table summarizes information for stock options outstanding and for stock options exercisable at September 30, 2020: Options Outstanding Options Exercisable Exercise Price Weighted Remaining Weighted Number of Range Average Exercise Contractual Term Number of Average Exercise Shares Low High Price (years) Shares Price 16,500 $ 7.03 $ 11.60 $ 10.00 7.3 16,500 $ 10.00 10,622 90.00 124.80 106.20 3.6 10,622 106.20 2,913 139.20 171.00 147.39 1.7 2,913 147.39 1,332 226.20 251.40 232.48 3.2 1,332 232.48 31,367 $ 7.20 $ 251.40 $ 64.78 5.2 31,367 $ 64.78 In January 2020, the Company granted 48,000 restricted shares to the Company’s Chief Executive Officer, of which 24,000 shares vest after one year and 24,000 vest after two years. In addition, the Company granted a total of 28,000 restricted shares to members of the Board, which vest on January 28, 2021. For the nine months ended September 30, 2020, the Company recognized $170 thousand in stock compensation expense related to these restricted stock grants. At September 30, 2020, the unrecognized expense related to the restricted stock grants was $202 thousand.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	12. ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations (“AROs”) associated with the future plugging and abandonment of proved properties. Initially, the fair value of a liability for an ARO is recorded in the period in which the ARO is incurred with a corresponding increase in the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depleted over the life of the related asset. If the liability is settled for an amount other than the recorded amount, an adjustment to the full-cost pool is recognized. The Company had no 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. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations as of September 30, 2020 and December 31, 2019: Nine Months Ended September 30, 2020 Year Ended December 31, 2019 (in thousands) Balance, beginning of year $ 819 $ 939 Accretion 23 22 Sold/Plugged (12 ) (130 ) New drilled wells - 2 Change in discount rate - (14 ) Liabilities incurred for acquisition of New Horizon wells 163 - Liabilities incurred for acquisition of FieldPoint wells 236 - Balance, end of period $ 1,229 $ 819

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	13. INCOME TAXES The Company estimated the applicable effective tax rate expected for the full fiscal year. The Company’s effective tax rate used to estimate income taxes on a current year-to-date basis is 0% for both the three and nine months ended September 30, 2020 and 2019. 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. See Note 7-Debt. Deferred tax assets (“DTAs”) are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating losses and tax credit carryforwards. We review our DTAs and valuation allowance on a quarterly basis. As part of our review, we consider positive and negative evidence, including cumulative results in recent years. Consistent with the position at December 31, 2019, the Company maintains a full valuation allowance recorded against all DTAs. The Company, therefore, had no recorded DTAs as of September 30, 2020. We anticipate that we will continue to record a valuation allowance against our DTAs in all jurisdictions until such time as we are able to determine that it is “more-likely-than-not” that those DTAs will be realized. 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 three and nine months ended September 30, 2020 and 2019, no adjustments were recognized for uncertain tax positions. On March 27, 2020, President Trump signed into U.S. federal law the Coronavirus Aid Relief and Economic Security Act (the “CARES Act”), which is aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss (“NOL”) carryback periods, alternative minimum tax (“AMT”) credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. In particular, the CARES Act (i) eliminates the 80% of taxable income limitation by allowing corporate entities to fully utilize NOLs to offset taxable income in 2018, 2019 or 2020, (ii) increases the net interest expense deduction limit to 50% of adjusted taxable income from 30% for tax years beginning January 1, 2019 and 2020 and (iv) allows taxpayers with AMT credits to claim a refund in 2020 for the entire amount of the credit instead of recovering the credit through refunds over a period of years, as originally enacted by the Tax Cuts and Jobs Act of 2017. The Company is in the process of analyzing the different aspects of the CARES Act to quantify the impact of these provisions on the Company’s income taxes but expects that there will be no material impact from the CARES Act to the Company’s tax position.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	14. EARNINGS (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 Convertible Preferred Stock, and unvested shares of restricted common stock. When the Company recognizes a net loss attributable to common shareholders, as was the case for the three and nine-month periods ended September 30, 2020 and 2019, 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. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands except per share data) Net loss $ (1,713 ) $ (281 ) $ (5,670 ) $ (246 ) Accrued dividend on Series A preferred stock (107 ) (95 ) (310 ) (273 ) Loss applicable to common shareholders $ (1,820 ) $ (376 ) $ (5,980 ) $ (519 ) Basic weighted average common shares outstanding 1,400 1,341 1,387 1,341 Dilutive effect of potentially dilutive securities - - - - Diluted weighted average common shares outstanding 1,400 1,341 1,387 1,341 Basic net loss per share $ (1.30 ) $ (0.28 ) $ (4.31 ) $ (0.39 ) Diluted net loss per share $ (1.30 ) $ (0.28 ) $ (4.31 ) $ (0.39 ) The following table presents the weighted-average common share equivalents excluded from the calculation of diluted loss per share due to their anti-dilutive effect: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Stock options 32 32 32 32 Restricted stock 76 - 69 - Warrants 100 100 100 100 Series A preferred stock 79 79 79 79 Total 287 211 280 211

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	15. FAIR VALUE MEASUREMENTS 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. Warrant Valuation The warrants contain a dilutive issuance and other 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. The Company worked with a third-party valuation expert to estimate the value of the warrants at September 30, 2020 and December 31, 2019 using a Lattice model, with the following observable and unobservable inputs: September 30, 2020 December 31, 2019 Number of warrants outstanding 50,000 100,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 5.25 $ 11.30 Beginning share price $ 5.00 $ 3.00 Dividend yield 0 % 0 % Average volatility rate (1) 115 % 80 % Probability of down-round event (2) 50 % 25 % Risk free interest rate 0.13 % 1.59 % (1) The average volatility represents the Company’s 2-year volatility measurement, the observed volatility of our peer group over a similar period, and the stock market volatility as of the valuation date. (2) Represents the estimated probability of a future down-round event during the remaining term of the warrants. At September 30, 2020, the Company used the average value calculated by the Lattice model of $137 thousand with a range from $135 thousand to $ 143 thousand. At December 31, 2019, the Company used the average value of $73 thousand with a range from $60 thousand to $120 thousand. An increase in any of the inputs would cause an increase in the fair value of the warrants. Likewise, a decrease in any input would cause a decrease in the fair value of the warrants. Marketable Equity Securities Valuation The fair value of marketable equity securities is based on quoted market prices obtained from independent pricing services. The Company acquired its investment in Anfield Energy, Inc. (“Anfield”) as consideration for sales of certain mining operations. Anfield is traded on the TSX Venture Exchange, an active market under the trading symbol AEC:TSXV and has been classified as Level 1. On July 22, 2020, the Company entered into a share purchase agreement to sell 1,210,455 common shares of the Company’s holdings in Anfield for approximately $45 thousand. Following the sale, the Company owns 2,420,910 shares in Anfield. Other Assets and Liabilities The Company evaluates the fair value on a non-recurring basis of properties acquired in business combinations. The fair value of the oil and gas properties is determined based upon estimated future discounted cash flow, a Level 3 input, using estimated production which we reasonably expect, and estimated prices adjusted for differentials. Unobservable inputs include estimated future oil and natural gas production, prices, operating and development costs, and a discount rate of 10%, all Level 3 inputs within the fair value hierarchy. The Company evaluates the fair value on a non-recurring basis of its Riverton, Wyoming real estate assets when circumstances indicate that the value has been impaired. The change in the economic environment due to the COVID-19 pandemic and the property’s remote location has caused a lack of relevant comparable sales to use as a basis for estimating fair value. At June 30, 2020, the Company estimated the fair value of the real estate based upon the expected annual net operating income of the building, estimated capitalization rates for properties in rural areas and values for vacant land based on comparable sales, all Level 3 inputs within the fair value hierarchy. The carrying value of financial instruments included in current assets and current liabilities approximate fair value due to the short-term nature of those instruments. Recurring Fair Value Measurements Recurring measurements of the fair value of assets and liabilities as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Current Assets: Marketable Equity Securities $ 109 $ - $ - $ 109 $ 307 $ - $ - $ 307 Non-current Liabilities: Warrants $ - $ - $ 137 $ 137 $ - $ - $ 73 $ 73 The following table presents a reconciliation of our Level 3 warrants measured at fair value Nine Months Ended September 30, 2020 Year Ended December 31, 2019 (in thousands) Fair value liabilities of Level 3 instruments beginning of period $ 73 $ 425 Net loss (gain) on warrant valuation 64 (352 ) - Fair value liabilities of Level 3 instruments end of period $ 137 $ 73

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS Registered Direct Offering On October 2, 2020, we closed a registered direct offering of 315,810 shares of our common stock, at $5.25 per share, for aggregate gross proceeds of approximately $1,658,000, before deducting the placement agent fees and related offering expenses. The net proceeds from the offering were approximately $1,523,500. The Offering was the result of a Securities Purchase Agreement (the “Purchase Agreement”) the Company had entered into on September 30, 2020 with certain institutional investors (the “Purchasers”) The Purchase Agreement contains customary representations and warranties and agreements of the Company and the Purchasers, and customary indemnification rights and obligations of the parties. Until the twelve month anniversary of the closing of the Offering, the Company is required to offer each of the Purchasers the right to participate in an amount up to 50% of any subsequent financing transaction undertaken by the Company at the offering price of the subsequent financing transaction. Additionally, each of the officers and directors of the Company pursuant to lock-up agreements agreed not to sell or transfer any of the Company securities which they hold, subject to certain exceptions, during the 180-day period following the closing of the Offering. Acquisition of Newbridge Properties On November 9, 2020, the Company, through its wholly-owned subsidiary New Horizon entered into a Purchase and Sale Agreement (“PSA”) to acquire certain assets from Newbridge Resources LLC (“Newbridge”). The transaction, which is subject to customary closing conditions, is expected to close during the fourth quarter of 2020. The assets include acreage and operated producing properties in Liberty County, Texas (the “Newbridge Properties”). The Newbridge Properties also consist of approximately 680 net acres located primarily in Liberty County, Texas which are 100% held by production, and which average a 100% working interest and 86% net revenue interest. The consideration payable by the Company for the Newbridge Properties will consist of $250,000 in shares of U.S. Energy restricted common stock (the “Newbridge Acquisition” and the “Purchase Price”). The number of shares issuable will equal the Purchase Price divided by the lesser (i.e., the calculation which results in the greatest number of shares) of (a) the closing sales price of the Company’s common stock as traded on The NASDAQ Capital Market on the day prior to the closing; and (b) the volume weighted average price of the Company’s common stock, as traded on The NASDAQ Capital Market, for the 15 trading days immediately prior to the closing date of the PSA. The effective date of the Acquisition will be November 1, 2020. Underwritten Offering On November 16, 2020, we closed an underwritten offering of an aggregate of 1,150,000 shares of our common stock at a public offering price of $3.00 per share. The net proceeds to the Company from the offering, after deducting the underwriting discount, the underwriters’ fees and expenses and our estimated offering expenses, are expected to be approximately $3.0 million. We intend to use the net proceeds from this offering for general corporate purposes, capital expenditures, working capital, and potential acquisitions of oil and gas properties.

Organization, Operations and _2

Organization, Operations and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Organization and Operations	Organization and Operations U.S. Energy Corp. (collectively with its wholly owned subsidiaries, is referred to as the “Company” in these Notes to Unaudited Condensed Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused on the acquisition, exploration and development of oil and natural gas properties in the United States.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on March 30, 2020. Our financial condition as of September 30, 2020, and operating results for the three and nine months ended September 30, 2020, are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2020.
Reverse Stock Split	Reverse Stock Split On January 6, 2020, the Company completed a one-for-ten reverse stock split (the “Reverse Stock Split”) with respect to the Company’s outstanding common stock. For purposes of presentation, the unaudited condensed consolidated financial statements and footnotes have been adjusted for the number of post-split shares as if the split had occurred at the beginning of earliest period presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include 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; valuation of assets acquired and liabilities assumed in acquisitions 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 subsidiaries Energy One LLC (“Energy One”) and New Horizon Resources LLC (“New Horizon”). All inter-company balances and transactions have been eliminated in consolidation.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Fair Value Measurements. Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements Fair Value Measurements

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions	Amount (in thousands) Fair value of net assets: Proved oil and natural gas properties $ 564 Other current assets 14 Other long-term assets 58 Total assets acquired 636 Asset retirement obligations (163 ) Current payables (50 ) Credit facility (61 ) Net assets acquired $ 362 Fair value of consideration paid for net assets: Cash consideration $ 150 Issuance of common stock (59,498 shares at $4.04 per share) 240 Cash acquired (28 ) Total fair value of consideration transferred $ 362
Summary of Amounts Incurred For The Assets Acquired	Following is a summary of the amounts recorded for the assets acquired: Amount (in thousands) Amounts incurred: Cash consideration $ 500 Transaction costs 109 Total $ 609 Asset retirement obligations $ (236 )

Real Estate Held for Sale (Tabl

Real Estate Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of Carrying Value and Fair Value of Real Estate Held for Sale	Following are the pre-impairment carrying amounts of the land and building at September 30, 2020, the estimated net proceeds, and a calculation of the loss recognized as a component of other income and expense in the unaudited condensed consolidated statement of operations. Amount (in thousands) Pre-impairment carrying value of real estate held for sale: Building $ 720 Building improvements 276 Land 380 Total 1,376 Fair value of real estate held for sale: Estimated sales price $ 800 Estimated cost to sell (75 ) Estimated net proceeds $ 725 Loss recognized on real estate assets held for sale $ 651

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The following table presents our disaggregated revenue by major source and geographic area for the three and nine months ended September 30, 2020 and 2019. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Revenue: North Dakota Oil $ 270 $ 564 $ 901 $ 1,723 Natural gas and liquids (1) 34 16 66 109 Total $ 304 $ 580 $ 967 $ 1,832 Texas Oil $ 92 $ 1,007 $ 517 $ 3,023 Natural gas and liquids 5 46 29 211 Total $ 97 $ 1,053 $ 546 $ 3,234 Total revenue $ 401 $ 1,633 $ 1,513 $ 5,066
Schedule of Concentration Risk by Operator	During the nine-month periods ended September 30, 2020 and 2019, 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 are as follows: Operator 2020 2019 CML Exploration LLC 32 % 54 % Zavanna LLC 47 % 29 %

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Condensed Consolidated Balance Sheet	The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value under the following captions in the unaudited condensed consolidated balance sheet at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 (in thousands) Right of use asset balance Operating lease $ 141 $ 179 Lease liability balance Short-term operating lease $ 63 $ 58 Long-term operating lease 95 142 $ 158 $ 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, Texas office lease, which has a lease term of one year. Beginning in March 2020, the Company subleased its Denver, Colorado office and recognized sublease income. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Operating lease cost $ 17 $ 17 $ 51 $ 51 Short-term lease cost 6 4 16 11 Sublease income (10 ) - (25 ) - Total lease costs $ 13 $ 21 $ 42 $ 62
Schedule of Weighted Average Lease	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. September 30, 2020 2019 (in thousands) Weighted average lease term (years) 2.3 3.3 Weighted average discount rate 8.75 % 8.75 %
Schedule of Future Minimum Lease Commitments	The future minimum lease commitments as of September 30, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the unaudited condensed consolidated balance sheet as follows: Amount Remainder of 2020 $ 18 2021 75 2022 76 2023 6 Total lease payments 175 Less: imputed interest (17 ) Total lease liability $ 158
Schedule of Operating Leases	The net capitalized cost of the building and the land subject to operating leases at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, (in thousands) Building subject to operating leases $ 4,654 $ 4,654 Land 380 380 Less: accumulated depreciation (3,658 ) (3,599 ) Loss on real estate held for sale (651 ) - Building subject to operating leases, net $ 725 $ 1,435
Schedule of Future Lease Maturities	The future lease maturities of the Company’s operating leases as of September 30, 2020 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis. Amount (in thousands) Remainder of 2020 $ 40 2021 161 2022 165 2023 169 2024 163 Remaining through June 2029 695 Total lease maturities $ 1,393
Schedule of Loss on Rental Property	The Company recognized the following loss on rental property related to its Riverton, Wyoming office building for the three and nine months ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Operating lease income $ 51 $ 54 $ 161 $ 150 Operating lease expense (56 ) (34 ) (143 ) (99 ) Depreciation - (36 ) (58 ) (90 ) Rental property loss, net $ (5 ) $ (16 ) $ (40 ) $ (39 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of Stock Options Activity	All shares and prices per share have been adjusted for the Reverse Stock Split. September 30, 2020 December 31, 2019 Shares Price Shares Price Stock options outstanding 31,367 $ 64.78 31,533 $ 66.04 Stock options exercisable 31,367 $ 64.78 31,533 $ 66.04
Schedule of Stock Options Outstanding and Exercisable	The following table summarizes information for stock options outstanding and for stock options exercisable at September 30, 2020: Options Outstanding Options Exercisable Exercise Price Weighted Remaining Weighted Number of Range Average Exercise Contractual Term Number of Average Exercise Shares Low High Price (years) Shares Price 16,500 $ 7.03 $ 11.60 $ 10.00 7.3 16,500 $ 10.00 10,622 90.00 124.80 106.20 3.6 10,622 106.20 2,913 139.20 171.00 147.39 1.7 2,913 147.39 1,332 226.20 251.40 232.48 3.2 1,332 232.48 31,367 $ 7.20 $ 251.40 $ 64.78 5.2 31,367 $ 64.78

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2020
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 as of September 30, 2020 and December 31, 2019: Nine Months Ended September 30, 2020 Year Ended December 31, 2019 (in thousands) Balance, beginning of year $ 819 $ 939 Accretion 23 22 Sold/Plugged (12 ) (130 ) New drilled wells - 2 Change in discount rate - (14 ) Liabilities incurred for acquisition of New Horizon wells 163 - Liabilities incurred for acquisition of FieldPoint wells 236 - Balance, end of period $ 1,229 $ 819

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
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. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands except per share data) Net loss $ (1,713 ) $ (281 ) $ (5,670 ) $ (246 ) Accrued dividend on Series A preferred stock (107 ) (95 ) (310 ) (273 ) Loss applicable to common shareholders $ (1,820 ) $ (376 ) $ (5,980 ) $ (519 ) Basic weighted average common shares outstanding 1,400 1,341 1,387 1,341 Dilutive effect of potentially dilutive securities - - - - Diluted weighted average common shares outstanding 1,400 1,341 1,387 1,341 Basic net loss per share $ (1.30 ) $ (0.28 ) $ (4.31 ) $ (0.39 ) Diluted net loss per share $ (1.30 ) $ (0.28 ) $ (4.31 ) $ (0.39 )
Schedule of Antidilutive Weighted Average Shares	The following table presents the weighted-average common share equivalents excluded from the calculation of diluted loss per share due to their anti-dilutive effect: Three Months Ended Nine Months Ended 2020 2019 2020 2019 (in thousands) Stock options 32 32 32 32 Restricted stock 76 - 69 - Warrants 100 100 100 100 Series A preferred stock 79 79 79 79 Total 287 211 280 211

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assumptions	The Company worked with a third-party valuation expert to estimate the value of the warrants at September 30, 2020 and December 31, 2019 using a Lattice model, with the following observable and unobservable inputs: September 30, 2020 December 31, 2019 Number of warrants outstanding 50,000 100,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 5.25 $ 11.30 Beginning share price $ 5.00 $ 3.00 Dividend yield 0 % 0 % Average volatility rate (1) 115 % 80 % Probability of down-round event (2) 50 % 25 % Risk free interest rate 0.13 % 1.59 % (1) The average volatility represents the Company’s 2-year volatility measurement, the observed volatility of our peer group over a similar period, and the stock market volatility as of the valuation date. (2) Represents the estimated probability of a future down-round event during the remaining term of the warrants.
Schedule of Recurring Measurements of Fair Value of Assets and Liabilities	Recurring measurements of the fair value of assets and liabilities as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Current Assets: Marketable Equity Securities $ 109 $ - $ - $ 109 $ 307 $ - $ - $ 307 Non-current Liabilities: Warrants $ - $ - $ 137 $ 137 $ - $ - $ 73 $ 73
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 Nine Months Ended September 30, 2020 Year Ended December 31, 2019 (in thousands) Fair value liabilities of Level 3 instruments beginning of period $ 73 $ 425 Net loss (gain) on warrant valuation 64 (352 ) - Fair value liabilities of Level 3 instruments end of period $ 137 $ 73

Acquisitions (Details Narrative

Acquisitions (Details Narrative) - USD ($) $ in Thousands	Sep. 25, 2020	Mar. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Revenues			$ 401	$ 1,633	$ 1,513	$ 5,066
Lease operating and workover expenses			290	$ 410	1,032	1,348
Asset retirement obligations			$ 1,229		$ 1,229		$ 819
New Horizon Resources, LLC [Member]
Stock issued during period, shares, acquisitions		59,498			59,498
Cash consideration involved with acquisition		$ 150
Acquisition area, description		The Properties consist of nine gross wells (five net wells), and approximately 1,300 net acres located primarily in McKenzie and Divide Counties, North Dakota, which are 100% held by production and average a 63% working interest.
Revenues					$ 69
Lease operating and workover expenses					131
New Horizon Resources, LLC [Member] | January 1, 2019 [Member]
Revenues					100	192
Lease operating and workover expenses					$ 153	$ 258
FieldPoint Petroleum Corporation [Member]
Cash consideration involved with acquisition	$ 500
Transaction costs	29
Purchase price	529
Unpaid transaction costs	80
Asset retirement obligations	$ 236

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands	Mar. 01, 2020	Mar. 31, 2020
Issuance of common stock (59,498 shares at $4.04 per share)		$ 240
New Horizon Resources, LLC [Member]
Proved oil and natural gas properties	$ 564
Other current assets	14
Other long-term assets	58
Total assets acquired	636
Asset retirement obligations	(163)
Current payables	(50)
Credit facility	(61)
Net assets acquired	362
Cash consideration	150
Issuance of common stock (59,498 shares at $4.04 per share)	240
Cash acquired	(28)
Total fair value of consideration transferred	$ 362

Acquisitions - Schedule of Bu_2

Acquisitions - Schedule of Business Acquisitions (Details) (Parenthetical) - New Horizon Resources, LLC [Member] - $ / shares	Mar. 01, 2020	Sep. 30, 2020
Shares issued in acquisition of New Horizon Resources	59,498	59,498
Share issued price per share	$ 4.04

Acquisitions - Summary of Amoun

Acquisitions - Summary of Amounts Incurred For The Assets Acquired (Details) - FieldPoint Petroleum Corporation [Member] $ in Thousands	Sep. 25, 2020USD ($)
Cash consideration	$ 500
Transaction costs	109
Total	609
Asset retirement obligations	$ (236)

Real Estate Held for Sale (Deta

Real Estate Held for Sale (Details Narrative) $ in Thousands	Sep. 30, 2020USD ($)aft²
Lease area | ft²	30,400
Minimum [Member]
Realizable value	$ 700
Maximum [Member]
Realizable value	$ 900
Wyoming [Member]
Lease area | a	14

Real Estate Held for Sale - Sch

Real Estate Held for Sale - Schedule of Carrying Value and Fair Value of Real Estate Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate [Abstract]
Building		$ 720
Building improvements		276
Land		380
Total		1,376
Estimated sales price		800
Estimated cost to sell		(75)
Estimated net proceeds		725
Loss recognized on real estate assets held for sale		$ 651

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Concentration risk percentage to revenue	10.00%	10.00%

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total	$ 401	$ 1,633	$ 1,513	$ 5,066
Oil [Member]
Total	362	1,571	1,418	4,746
Natural Gas and Liquids [Member]
Total	39	62	95	320
North Dakota [Member]
Total	304	580	967	1,832
North Dakota [Member] | Oil [Member]
Total	270	564	901	1,723
North Dakota [Member] | Natural Gas and Liquids [Member]
Total	34	16	66	109
Texas [Member]
Total	97	1,053	546	3,234
Texas [Member] | Oil [Member]
Total	92	1,007	517	3,023
Texas [Member] | Natural Gas and Liquids [Member]
Total	$ 5	$ 46	$ 29	$ 211

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Concentration Risk by Operator (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Concentration risk percentage to revenue	10.00%	10.00%
CML Exploration, LLC [Member]
Concentration risk percentage to revenue	32.00%	54.00%
Zavanna, LLC [Member]
Concentration risk percentage to revenue	47.00%	29.00%

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)aft²	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 02, 2019USD ($)
Right-of-use asset		$ 141		$ 179
Lease liability		$ 158		$ 200
Lease term		1 year
Incremental borrowing rate	8.75%	8.75%	8.75%
Lease area | ft²		30,400
Loss recognized on real estate assets held for sale		$ 651
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	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use asset Operating leases	$ 141	$ 179
Short-term operating leases	63	58
Long-term operating lease	95	142
Total operating leases	$ 158	$ 200

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 17	$ 17	$ 51	$ 51
Short-term lease cost	6	4	16	11
Sublease income	(10)		(25)
Total lease cost	$ 13	$ 21	$ 42	$ 62

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Lease (Details)	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Weighted average lease term (years)	2 years 3 months 19 days	2 years 3 months 19 days
Weighted average discount rate	8.75%	8.75%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Remainder of 2020	$ 18
2021	75
2022	76
2023	6
Total lease payments	175
Less: imputed interest	(17)
Total lease liability	$ 158	$ 200

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Building subject to operating leases	$ 4,654	$ 4,654
Land	380	380
Less: accumulated depreciation	(3,658)	(3,599)
Loss on real estate held for sale	(651)
Building subject to operating leases, net	$ 725	$ 1,435

Leases - Schedule of Future Lea

Leases - Schedule of Future Lease Maturities (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
Remainder of 2020	$ 40
2021	161
2022	165
2023	169
2024	163
Remaining through June 2029	695
Total lease maturities	$ 1,393

Leases - Schedule of Loss on Re

Leases - Schedule of Loss on Rental Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating lease expense	$ (290)	$ (410)	$ (1,032)	$ (1,348)
Depreciation			(352)	(651)
Wyoming [Member]
Operating lease income	51	54	161	150
Operating lease expense	(56)	(34)	(143)	(99)
Depreciation		(36)	(58)	(90)
Rental property loss, net	$ (5)	$ (16)	$ (40)	$ (39)

Oil and Natural Gas Productio_2

Oil and Natural Gas Production Activities (Details Narrative) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Discount factor		The discount factor used was 10%.
Depletable base of the full cost pool	$ 2,100	$ 2,100
Oil and Natural Gas Properties [Member]
Ceiling test write-downs	$ 2,900	$ 1,100
Oil (bbls) [Member]
Reserves		$43.40 per barrel for oil
Natural Gas (MMbtu) [Member]
Reserves		$1.97 per one million British Thermal Units (MMbtu) for natural gas

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Sep. 24, 2020	Dec. 27, 2017	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Short-term Debt [Line Items]
Common stock, par value			$ 0.01		$ 0.01
Amortization of debt issuance costs				$ 7
Energy One [Member] | Credit Facility [Member]
Short-term Debt [Line Items]
Interest expense				20
Amortization of debt issuance costs				$ 7
Weighted average interest rate			8.75%
APEG Energy II LP [Member] | Secured Promissory Note [Member]
Short-term Debt [Line Items]
Outstanding common stock, percentage	40.00%
Debt instrument, face amount	$ 375
Debt instrument, interest rate during period	10.00%
Debt instrument, maturity date	Sep. 24, 2021
Prepayment penalty, percentage	10.00%
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%

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	1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2020	Dec. 31, 2018
Option purchased to acquire shares	50
Option payment	$ 250	$ 250	$ 124
Allowance due to uncertainty of collection of deposit		$ 50

Commitments, Contingencies an_2

Commitments, Contingencies and Related-Party Transactions (Details Narrative) - USD ($) $ in Thousands	May 22, 2019	Mar. 04, 2019	Mar. 01, 2019	Feb. 26, 2019	Sep. 30, 2020
Accrued liability					$ 100
APEG Energy II, L.P. [Member]
Percentage for outstanding common stock					40.00%
Credit facility, collateral accounts				$ 1,800
Litigation settlement receivable			$ 1,800
Credit facility		$ 937
Line of credit facility receivable		$ 850
APEG Energy II, L.P. [Member] | Settlement Agreement [Member] | Mr. Hoffman [Member] | Maximum [Member]
Legal fees	$ 50
APEG Energy II, L.P. [Member] | Secured Promissory Note [Member]
Percentage for outstanding common stock					40.00%

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Preferred shares authorized			100,000	100,000
Series A Convertible Preferred stock, par value			$ 0.01	$ 0.01
Preferred shares outstanding			50,000	50,000
Number of shares issued, value		$ (1)	$ (1)
Liquidation preference			$ 3,538	$ 3,228
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
Preferred shares outstanding
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	Oct. 02, 2020	Sep. 29, 2020	Jan. 31, 2020	Dec. 31, 2016	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Warrants to purchase common stock		50,000
Warrant exercise price					$ 5.25			$ 5.25		$ 11.30
Fair value of warrants					$ 55		$ (23)	$ (65)	$ 219
Proceeds from warrant exercise		$ 565						565
Warrant liability					137			137		$ 73
Stock-based compensation expense								$ 170	$ 35
Stock option, granted
Stock option, exercised
Stock option, forfeited
Stock option, expired								166
Chief Executive Officer [Member]
Restricted shares granted during period, shares			48
Chief Executive Officer [Member] | Vest After One Year [Member]
Restricted shares granted during period, shares			24
Chief Executive Officer [Member] | Vest After Two Year [Member]
Restricted shares granted during period, shares			24
Member of Board [Member]
Restricted shares granted during period, shares			28
Vesting date			Jan. 28, 2021
Original Warrant Agreement [Member] | Maximum [Member]
Warrant exercise price											$ 20.50
Original Warrant Agreement [Member] | Minimum [Member]
Warrant exercise price											$ 11.30
Common Stock [Member]
Number of share issued						(327)
Registered Direct Offering [Member]
Number of share issued				100,000
Net share price				$ 15
Proceeds from warrants				$ 1,320
Share price				$ 15
Registered Direct Offering [Member] | Subsequent Event [Member]
Number of share issued	315,810
Net share price	$ 5.25
Share price	$ 5.25
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
Stock Options [Member]
Stock-based compensation expense								$ 0	$ 26
Restricted Stock [Member]
Stock-based compensation expense								170
Unrecognized share based compensation					$ 202			$ 202

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Stock Options Activity (Details) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stock options outstanding	31,367	31,533
Stock options exercisable	31,367	31,533
Stock options outstanding price per share, ending	$ 64.78	$ 66.04
Stock options exercisable price per share	$ 64.78	$ 66.04

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Stock Options Outstanding and Exercisable (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Options Outstanding | shares	31,367
Exercise price range, Lower range	$ 7.20
Exercise price range, Upper range	251.40
Weighted Average	$ 64.78
Remaining Contractual Term (Years)	5 years 2 months 12 days
Options Exercisable, Number of shares | shares	31,367
Weighted Average Exercisable	$ 64.78
Exercise Price One [Member]
Options Outstanding | shares	16,500
Exercise price range, Lower range	$ 7.03
Exercise price range, Upper range	11.60
Weighted Average	$ 10
Remaining Contractual Term (Years)	7 years 3 months 19 days
Options Exercisable, Number of shares | shares	16,500
Weighted Average Exercisable	$ 10
Exercise Price Two [Member]
Options Outstanding | shares	10,622
Exercise price range, Lower range	$ 90
Exercise price range, Upper range	124.80
Weighted Average	$ 106.20
Remaining Contractual Term (Years)	3 years 7 months 6 days
Options Exercisable, Number of shares | shares	10,622
Weighted Average Exercisable	$ 106.20
Exercise Price Three [Member]
Options Outstanding | shares	2,913
Exercise price range, Lower range	$ 139.20
Exercise price range, Upper range	171
Weighted Average	$ 147.39
Remaining Contractual Term (Years)	1 year 8 months 12 days
Options Exercisable, Number of shares | shares	2,913
Weighted Average Exercisable	$ 147.39
Exercise Price Four [Member]
Options Outstanding | shares	1,332
Exercise price range, Lower range	$ 226.20
Exercise price range, Upper range	251.40
Weighted Average	$ 232.48
Remaining Contractual Term (Years)	3 years 2 months 12 days
Options Exercisable, Number of shares | shares	1,332
Weighted Average Exercisable	$ 232.48

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Balance, beginning of year	$ 819	$ 939
Accretion	23	22
Sold/Plugged	(12)	(130)
New drilled wells		2
Change in discount rate		(14)
Liabilities incurred for acquisition of New Horizon wells	163
Liabilities incurred for acquisition of FieldPoint wells	236
Balance, end of period	$ 1,229	$ 819

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.00%
Percentage of change in ownership				49.30%
Gross deferred tax assets written off			$ 32,200
Adjustments recognized for uncertain tax positions
Percentage for taxable income limitation	80.00%
Percentage for taxable income limitation, description	(i) eliminates the 80% of taxable income limitation by allowing corporate entities to fully utilize NOLs to offset taxable income in 2018, 2019 or 2020, (ii) increases the net interest expense deduction limit to 50% of adjusted taxable income from 30% for tax years beginning January 1, 2019 and 2020 and (iv) allows taxpayers with AMT credits to claim a refund in 2020 for the entire amount of the credit instead of recovering the credit through refunds over a period of years, as originally enacted by the Tax Cuts and Jobs Act of 2017.

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (1,713)	$ (3,651)	$ (306)	$ (281)	$ 20	$ 15	$ (5,670)	$ (246)
Accrued dividend on Series A preferred stock	(107)			(95)			(310)	(273)
Loss applicable to common shareholders	$ (1,820)			$ (376)			$ (5,980)	$ (519)
Basic weighted average common shares outstanding	1,400			1,341			1,387	1,341
Dilutive effect of potentially dilutive securities
Diluted weighted-average common shares outstanding	1,400			1,341			1,387	1,341
Basic net loss per share	$ (1.30)			$ (0.28)			$ (4.31)	$ (0.39)
Diluted net loss per share	$ (1.30)			$ (0.28)			$ (4.31)	$ (0.39)

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Antidilutive Weighted Average Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total	287,000	211,000	280,000	211,000
Stock Options [Member]
Total	32,000	32,000	32,000	32,000
Restricted Stock [Member]
Total	76,000		69,000
Warrants [Member]
Total	100,000	100,000	100,000	100,000
Series A Convertible Preferred Stock [Member]
Total	79,000	79,000	79,000	79,000

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Thousands	Jul. 22, 2020	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Average value		$ (55)		$ 23	$ 65	$ (219)
Number of shares issued, value			$ (1)		(1)
Share Purchase Agreement [Member] | Anfield [Member]
Number of share issued	1,210,455
Number of shares issued, value	$ 45
Shares owned	2,420,910
Lattice Model [Member]
Average value					137		$ 73
Lattice Model [Member] | Minimum [Member]
Average value					135		60
Lattice Model [Member] | Maximum [Member]
Average value					$ 143		$ 120
Level 3 [Member]
Percentage for discount rate					10.00%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assumptions (Details)		Sep. 30, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Number of warrants outstanding | shares		50,000	100,000
Expiration date		Jun. 21, 2022	Jun. 21, 2022
Exercise price		$ 5.25	$ 11.30
Stock Price [Member]
Beginning share price		$ 5	$ 3
Dividend Yield [Member]
Fair value measurement input		0	0
Average Volatility Rate [Member]
Fair value measurement input	[1]	115	80
Probability of Down-Round Event [Member]
Fair value measurement input	[2]	50	25
Risk Free Interest Rate [Member]
Fair value measurement input		0.13	1.59
[1]	The average volatility represents the Company's 2-year volatility measurement, the observed volatility of our peer group over a similar period, and the stock market volatility as of the valuation date.
[2]	Represents the estimated probability of a future down-round event during the remaining term of the warrants.

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Recurring Measurements of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Marketable Equity Securities [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of current assets	$ 109	$ 307
Warrants [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of non-current liabilities	137	73
Level 1 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of current assets	109	307
Level 1 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of non-current liabilities
Level 2 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of current assets
Level 2 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of non-current liabilities
Level 3 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of current assets
Level 3 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of non-current liabilities	$ 137	$ 73

Fair Value Measurements - Sch_3

Fair Value Measurements - 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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair value liabilities of Level 3 instruments beginning of period	$ 73	$ 425
Net loss (gain) on warrant valuation	64	(352)
Fair value liabilities of Level 3 instruments end of period	$ 137	$ 73

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Nov. 16, 2020USD ($)$ / shares	Oct. 02, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Sep. 30, 2020USD ($)ft²	Nov. 09, 2020USD ($)a
Proceeds from Issuance of Common Stock			$ (1,000)	$ (1,000)
Producing property | ft²				30,400
Subsequent Event [Member]
Common stock, per share value | $ / shares		$ 5.25
Proceeds from Issuance of Common Stock		$ 1,523,500
Producing property | a					680
Subsequent Event [Member] | Over-Allotment Option [Member]
Offering expenses	$ 3,000,000
Subsequent Event [Member] | Newbridge Properties [Member]
Production percentage					100.00%
Working interest					100.00%
Net revenue interest					86.00%
Consideration payable					$ 250,000
Aggregate Gross Proceeds [Member] | Subsequent Event [Member]
Number of share issued | shares		315,810
Proceeds from Issuance of Common Stock		$ 1,658,000
Purchase Agreement [Member] | Subsequent Event [Member]
Agreement description		The Offering was the result of a Securities Purchase Agreement (the “Purchase Agreement”) the Company had entered into on September 30, 2020 with certain institutional investors (the “Purchasers”) The Purchase Agreement contains customary representations and warranties and agreements of the Company and the Purchasers, and customary indemnification rights and obligations of the parties. Until the twelve month anniversary of the closing of the Offering, the Company is required to offer each of the Purchasers the right to participate in an amount up to 50% of any subsequent financing transaction undertaken by the Company at the offering price of the subsequent financing transaction.
Underwriting Agreement [Member] | Subsequent Event [Member]
Common stock, per share value | $ / shares	$ 3
Proceeds from Issuance of Common Stock	$ 1,150,000