U.S. Energy (USEG) 10-K 26 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 22, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	US ENERGY CORP
Entity Central Index Key	0000101594
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 4,187,393
Entity Common Stock, Shares Outstanding		4,676,301
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
ICFR Auditor Attestation Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and equivalents	$ 2,854	$ 1,532
Oil and natural gas sales receivable	514	716
Marketable equity securities	181	307
Prepaid and other current assets	184	138
Real estate assets held for sale, net of selling costs	975
Total current assets	4,708	2,693
Oil and natural gas properties under full cost method:
Unevaluated properties	1,597	3,741
Evaluated properties	93,549	89,113
Less accumulated depreciation, depletion, amortization and impairment	(87,708)	(84,400)
Net oil and natural gas properties	7,438	8,454
Other assets:
Property and equipment, net	25	2,115
Right of use asset	127	179
Other assets	65	26
Total other assets	217	2,320
Total assets	12,363	13,467
Current liabilities:
Accounts payable and accrued liabilities	1,457	974
Accrued compensation and benefits	312	191
Related party secured note payable	375
Current lease obligation	65	58
Total current liabilities	2,209	1,223
Noncurrent liabilities:
Asset retirement obligations	1,408	819
Warrant liability	95	73
Long-term lease obligation, net of current portion	78	142
Other noncurrent liabilities	6
Total noncurrent liabilities	1,587	1,034
Total liabilities	3,796	2,257
Commitments and contingencies (Note 9)
Preferred stock: Authorized 100,000 shares, 0 and 50,000 shares of Series A Convertible (par value $0.01) issued and outstanding as of December 31, 2020 and 2019, respectively; liquidation preference of $0 and $3,228 as of December 31, 2020 and 2019, respectively		2,000
Shareholders' equity:
Common stock, $0.01 par value; unlimited shares authorized; 3,317,893 and 1,340,583 shares issued and outstanding as of December 31, 2020 and 2019, respectively	33	13
Additional paid-in capital	142,652	136,876
Accumulated deficit	(134,118)	(127,679)
Total shareholders' equity	8,567	9,210
Total liabilities, preferred stock and shareholders' equity	$ 12,363	$ 13,467

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	0	50,000
Series A Convertible Preferred stock, shares outstanding	0	50,000
Series A Convertible Preferred stock, par value	$ 0.01	$ 0.01
Liquidation preference shares	$ 0	$ 3,228
Common stock, par value	$ 0.01	$ 0.01
Common stock, unlimited shares authorized	Unlimited	Unlimited
Common stock, shares issued	3,317,893	1,340,583
Common stock, shares outstanding	3,317,893	1,340,583

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Total revenue	$ 2,330	$ 6,573
Operating expenses:
Lease operating expense	1,535	1,848
Production taxes	168	429
Depreciation, depletion, accretion and amortization	407	693
Impairment of oil and natural gas properties	2,943
General and administrative:
Compensation and benefits	1,141	1,187
Professional fees, insurance and other	1,506	3,178
Bad debt expense		28
Total operating expenses	7,700	7,363
Operating Loss	(5,370)	(790)
Other income (expense):
Loss on real estate held for sale	(1,054)
Loss of marketable equity securities	(81)	(229)
Warrant revaluation (loss) gain	(23)	352
Rental and other loss	(27)	(72)
Recovery of deposit	75	200
Other income	13
Interest expense, net	(14)	(11)
Total other (expense) income	(1,111)	240
Loss before income taxes	(6,481)	(550)
Income tax benefit	42
Net loss	(6,439)	(550)
Preferred stock dividends	20	(372)
Net loss applicable to common shareholders	$ (6,419)	$ (922)
Basic and diluted weighted average shares outstanding	1,627,517	1,340,583
Basic and diluted net loss per share	$ (3.94)	$ (0.69)
Oil [Member]
Revenue:
Total revenue	$ 2,127	$ 6,149
Natural Gas and Liquids [Member]
Revenue:
Total revenue	$ 203	$ 424

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018	$ 13	$ 136,835	$ (127,129)	$ 9,719
Balance, shares at Dec. 31, 2018	1,340,583
Amortization of stock option awards		41		41
Net income loss			(550)	(550)
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, shares	59,498
Shares issued for acquisition of Liberty County properties	$ 1	284		285
Shares issued for acquisition of Liberty County properties, shares	67,254
Shares issued for transaction costs in FieldPoint acquisition		29		29
Shares issued for transaction costs in FieldPoint acquisition, shares	7,075
Issuance of shares in registered direct offering, net of offering costs of $158	$ 3	1,496		1,499
Issuance of shares in registered direct offering, net of offering costs of $158	315,810
Issuance of shares in underwritten offering, net of offering costs of $482	$ 11	2,957		2,968
Issuance of shares in underwritten offering, net of offering costs of $482	1,150,000
Adjustment of Series A Preferred Stock to redemption value (Note 10)		(1,207)		(1,207)
Issuance of shares for redemption of Series A Preferred Stock	$ 3	1,204		1,207
Issuance of shares for redemption of Series A Preferred Stock	328,000
Share-based compensation		211		211
Exercise of stock warrants	$ 1	564		565
Exercise of stock warrants, shares	50,000
Net income loss			(6,439)	(6,439)
Balance at Dec. 31, 2020	$ 33	$ 142,652	$ (134,118)	$ 8,567
Balance, shares at Dec. 31, 2020	3,317,893

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Registered Direct Offering [Member]
Offering cost	$ 158
Underwritten offering [Member]
Offering cost	$ 482

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (6,439)	$ (550)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, accretion, and amortization	467	828
Impairment of oil and gas properties	2,943
Loss on real estate assets held for sale	1,054
Change in fair value of warrants	23	(352)
Loss on marketable equity securities	81	229
Stock-based compensation	211	41
Right of use asset amortization	53	48
Debt issuance cost amortization		7
Bad debt write-off		28
Decrease (increase) in:
Oil and natural gas sales receivable	214	(49)
Other current assets	153	231
Increase (decrease) in:
Accounts payable accrued liabilities	461	100
Accrued compensation and benefits	120	129
Payments on operating lease liability	(58)	(52)
Net cash (used in) provided by operating activities	(717)	638
Cash flows from investing activities:
Acquisition of oil and natural gas properties, net of cash acquired	(699)	(376)
Oil and gas properties capital expenditures	(475)
Proceeds from sale of marketable equity securities	45
Proceeds from sale of oil and natural gas properties		75
Payment received on notes receivable	20	20
Net cash used in investing activities:	(1,109)	(281)
Cash flows from financing activities:
Issuance of common stock, net of fees	4,468
Proceeds from warrant exercise	565
Proceeds from related party secured note payable	375
Redemption of Series A Preferred Stock	(2,000)
Payments on insurance premium finance note	(198)	(228)
Payments on credit facility	(61)	(937)
Payment for fractional shares in reverse stock split	(1)
Net cash provided by (used in) financing activities	3,148	(1,165)
Net increase (decrease) in cash and equivalents	1,322	(808)
Cash and equivalents, beginning of year	1,532	2,340
Cash and equivalents, end of year	2,854	1,532
Supplemental disclosures of cash flow information and non-cash activities:
Cash payments for interest	5	11
Investing activities:
Issuance of stock for acquisitions	554
Change in capital expenditure accruals	21	176
Exchange of undeveloped acreage for oil and gas properties		379
Asset retirement obligations assumed in acquisitions	558
Asset retirement obligations additions for new wells		130
Adoption of lease standard		252
Asset retirement obligations changes in assumptions	12	(14)
Financing activities:
Shares issued in redemption of Series A preferred stock	1,207
Financing of insurance premiums with note payable	$ 198	$ 228

Organization, Operations and Si

Organization, Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 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, Energy One LLC and New Horizon Resources, LLC, referred to as the “Company” in these Notes to Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused on the acquisition, exploration and development of oil and natural gas properties in the United States. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and natural gas properties; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; valuation of warrant instruments; valuation of real estate assets held for sale; 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. In early March 2020, the NYMEX WTI crude oil price decreased significantly due to COVID-19 pandemic and although it has recovered recently to pre-COVID-19 levels, it remained low for most of 2020. Lower oil and natural gas prices not only decrease our revenues, but an extended decline in oil or gas prices may materially and adversely affect our future business, financial position, cash flows, results of operations, liquidity, ability to finance planned capital expenditures and the oil and natural gas reserves that we can economically produce. 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. Cash and Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Oil and Natural Gas Sales Receivable The Company’s oil and natural gas sales receivable consist primarily of receivables from joint interest operators for the Company’s share of oil, natural gas, and natural gas liquids (“NGLs”) sales. Generally, the Company’s oil and natural gas sales receivables are collected within three months. The Company has had minimal bad debts related to oil and natural gas sales. Although diversified among several joint interest operators, collectability is dependent upon the financial wherewithal of each joint interest operator and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2020, and 2019, the Company had not provided an allowance for doubtful accounts on its oil and natural gas sales receivable. Concentration of Credit Risk The Company has exposure to credit risk in the event of nonpayment of oil and natural gas receivables by joint interest operators of the Company’s oil and natural gas properties. The following table presents the joint interest operators that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: Operator 2020 2019 Zavanna, LLC 41 % 31 % CML Exploration, LLC 25 % 52 % Marketable Equity Securities Marketable equity securities are reported at fair value based on end of period quoted prices. Changes in fair value are recorded in the consolidated statements of operations at the end of each reporting period. Gains or losses from sales of marketable equity securities are recorded in the consolidated statements of operations when realized. Oil and Natural Gas Properties The Company follows the full cost method of accounting for its oil and natural gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and natural gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center are subject to depreciation, depletion and amortization (“DD&A”) using the equivalent unit-of-production method, based on total proved oil and natural gas reserves. For financial statement presentation, DD&A includes accretion expense related to asset retirement obligations. Excluded from amounts subject to DD&A are costs associated with unevaluated properties. Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability, or the cost center ceiling (the “Ceiling Test”). The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% per annum, from proved reserves, based on average prices per barrel of oil and per Mcf of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period; and costs, adjusted for contract provisions and financial derivatives qualifying as accounting hedges and asset retirement obligations, (ii) the cost of unevaluated properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability (if any) exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs. Since all of the Company’s oil and natural gas properties are located within the United States, the Company only has one cost center for which a quarterly Ceiling Test is performed. Acquisitions The Company accounts for acquisitions as business combinations if the acquired assets meet the definition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar assets, the acquisition is not considered a business and is accounted for as an asset acquisition. This determination of whether the gross assets acquired are concentrated in a group of similar assets is based on whether the risks associated with managing and creating outputs from the assets are similar. Property and Equipment Land, buildings, and building improvements are classified as held for sale and are carried at the estimated realizable value, less costs to sell. Long-lived assets are classified as held for sale when the Company commits to a plan to sell the assets. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets. Administrative assets are carried at cost. Depreciation of administrative assets is provided principally by the straight-line method over estimated useful lives as follows: Years Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20 Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment charge is recognized, and measured as the amount by which the carrying value exceeds the estimated fair value. Changes in significant assumptions underlying future cash flow estimates may have a material effect on the Company’s financial position and results of operations. Warrant Liability In connection with a private placement of common shares in December 2016, the Company concurrently sold to the purchasers warrants to purchase 100,000 shares of common stock, of which 50,000 were outstanding at December 31, 2020. The exercise price and the number of shares issuable upon exercise of the warrants is subject to adjustment in the event of any stock dividends and splits, reverse stock splits, recapitalization, reorganization or similar transaction, as described in the warrants. The warrants are also subject to “down-round” anti-dilution in the event the Company issues additional common stock or common stock equivalents at a price per share less than the exercise price in effect. The Company has classified the warrants as liabilities due to provisions in the warrant agreement that precluded equity classification, including an option of the holder to receive the calculated fair value of the warrant from the Company in cash in the event of a “Fundamental Transaction,” as defined in the warrant agreement. Changes in fair value are reported each period in the consolidated statements of operations. Asset Retirement Obligations The Company records the estimated fair value of restoration and reclamation liabilities related to its oil and natural gas properties as of the date that the liability is incurred. The Company reviews the liability each quarter and determines if a change in estimate is required, and accretion of the discounted liability is recorded based on the passage of time. Final determinations are made during the fourth quarter of each year. The Company deducts any actual funds expended for restoration and reclamation during the quarter in which it occurs. Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair value of the award as of the grant date. The Company computes the fair values of its options granted to employees using the Black-Scholes option pricing model. The Company recognizes the cost of the equity awards over the period during which an employee is required to provide services in exchange for the award, usually the vesting period. For awards granted that contain a graded vesting schedule, and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. Income Taxes The Company recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards. Additionally, the Company recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards and tax credit carry forwards. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for any tax benefits that, based on current circumstances, are not expected to be realized. At December 31, 2020 and 2019, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. In assessing the need for a valuation allowance for the Company’s deferred tax assets, a significant item of negative evidence considered was the cumulative book loss over the three-year period ended December 31, 2020. The Company assesses its uncertain tax positions annually. The Company recognizes the tax benefit from an uncertain tax position only if it is probable that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that is probable of being realized upon ultimate settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Earnings Per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, warrants and restricted stock, and prior to the redemption of such preferred stock on December 31, 2020, the Series A Convertible Preferred Stock. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of in-the-money stock options. Recent Accounting Pronouncements Fair Value Measurements. Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements Fair Value Measurements

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 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 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 year ended December 31, 2020, the Company recorded revenues of approximately $101 thousand, and lease operating and workover expenses of approximately $231 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 $132 thousand and expenses of $252 thousand for the year ended December 31, 2020, and revenues of $357 thousand and expenses of $584 thousand for the year ended December 31, 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. Acquisition of FieldPoint Properties 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. The total amount paid for the FieldPoint Properties as of December 31, 2020, was $597 thousand, which includes the purchase price of $500 thousand and transaction costs of $97 thousand of which $29 thousand were paid via the issuance of 7,075 shares of the Company’s common stock. The Company also recorded purchase price adjustments of $31 thousand for net revenues received, less operating expense related to periods prior to the closing of the transaction. In addition, the Company recorded asset retirement obligations of $203 thousand for the assets acquired. Substantially all of the value of the acquired FieldPoint Properties 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 97 Purchase price adjustments (31 ) Total consideration paid 566 Asset retirement obligations assumed 203 Total amount incurred $ 769 Acquisition of Liberty County Properties On November 9, 2020, the Company entered into a Purchase and Sale Agreement (the “ PSA Amount (in thousands) Amounts incurred: Value of 67,254 shares issued $ 285 Transaction costs 41 Total consideration paid 326 Asset retirement obligations assumed 192 Total amount incurred $ 518

Real Estate Held for Sale

Real Estate Held for Sale	12 Months Ended
	Dec. 31, 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 and an additional 13-acre parcel of land adjacent to the 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. During the year ended December 31, 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 and the building land was in the range of $700 thousand to $900 thousand and the realizable value of the additional land was in the range of $250 thousand to $300 thousand. A special committee of the board of directors was formed to evaluate the sales process. During 2020, the Company entered into an agreement with a large national commercial broker and a local broker in Riverton, Wyoming to sell the building and the land. The following are the pre-impairment carrying amounts and the estimated net proceeds, and a calculation of the loss recognized as a component of other income and expense in the consolidated statement of operations, relating to the property: Amount (in thousands) Pre-impairment carrying value of real estate held for sale: Building $ 720 Building improvements 276 Building land 380 Additional land 653 Total $ 2,029 Fair value of real estate held for sale: Estimated sales price of building and land $ 800 Estimated sales price of additional land 275 Estimated cost to sell (100 ) Estimated net proceeds $ 975 Loss recognized on real estate assets held for sale $ 1,054

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	4. REVENUE RECOGNITION The Company’s revenues are primarily derived from its non-operated interest in the sales of oil and natural gas production. The sales of oil and natural gas are made under contracts that operators of the wells have negotiated with third-party customers. The Company receives payment from the sale of oil and natural gas production between one to three months after delivery. At the end of each period when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in oil and natural gas sales receivable in the consolidated balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. Accordingly, the variable consideration is not constrained. As a non-operator of its oil and natural gas properties, the Company records its share of the revenues and expenses based upon the information provided by the operators within the revenue statements. The Company’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. During the year ended December 31, 2020, the Company acquired operated oil and gas producing properties. The Company sells its oil production at the delivery point specified in the contract and collects an agreed-upon index price, net of pricing differentials. The purchaser takes custody, title and risk of loss of the oil at the delivery point; therefore, control passes at the delivery point. The Company recognizes revenue at the net price received when control transfers to the purchaser. Natural gas and natural gas liquid (“NGL”) are sold at the lease location, which is generally when control of the natural gas and NGL transfers to the purchaser, and revenue is recognized as the amount received from the purchaser. 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 reports revenue as the gross amount received from the well operators before taking into account production taxes and transportation costs. Production taxes are reported separately and transportation costs are included in lease operating expense in the accompanying consolidated statements of operations. The revenue and costs in the consolidated statements of operations were reported gross for the years ended December 31, 2020 and 2019, as the gross amounts were known. The Company disaggregates revenues from its share of revenue from the sale of oil and natural gas and liquids by state. The Company does not disaggregate revenues further by operated revenues and non-operated revenues because operated revenues accounted for only 6.1% of total revenues in 2020. The Company’s revenues in its North Dakota, Texas and other regions for the years ended December 31, 2020 and 2019, are presented in the following table: Year Ended 2020 2019 (in thousands) Revenue: North Dakota Oil $ 1,240 $ 2,449 Natural gas and liquids 102 177 Total 1,342 2,626 Texas Oil 875 3,700 Natural gas and liquids 82 247 Total 957 3,947 Other Oil 12 - Natural gas and liquids 19 - Total 31 - Combined Total $ 2,330 $ 6,573

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	5. LEASES On January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach. On January 1, 2019, the Company recorded a $228 thousand right-of-use asset and a $252 thousand lease liability representing the present value of minimum payment obligations associated with its Denver office operating lease, which has non-cancellable terms in excess of one year. We do not have any financing leases. The Company has elected the following practical expedients available under ASC 842 (i) excluding from the consolidated balance sheet leases with terms that are less than one year, (ii) for agreements that contain both lease and non-lease components, combining these components together and accounting for them as a single lease, (iii) the package of practical expedients, which allows the Company to avoid reassessing contracts that commenced prior to adoption that were properly evaluated under legacy GAAP, and (iv) the policy election that eliminates the need for adjusting prior period comparable financial statements prepared under legacy lease accounting guidance. As such, there was no required cumulative effect adjustment to accumulated deficit at January 1, 2019. During the years ended December 31, 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 consolidated balance sheets at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (in thousands) Right of use asset balance Operating lease $ 127 $ 179 Lease liability balance Short-term operating lease $ 65 $ 58 Long-term operating lease 78 142 $ 143 $ 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. December 31, 2020 2019 (in thousands) Operating lease cost $ 74 68 Short-term lease cost 22 15 Sublease income (41 ) - Total lease costs $ 55 $ 83 The Company’s Denver office operating lease does not contain an implicit interest rate that can be readily determined. Therefore, the Company used the incremental borrowing rate of 8.75% as established under the Company’s prior credit facility as the discount rate. December 31, 2020 2019 (in thousands) Weighted average lease term (years) 2.1 3.1 Weighted average discount rate 8.75 % 8.75 % The future minimum lease commitments as of December 31, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the consolidated balance sheet as follows: December 31, 2020 (in thousands) 2021 75 2022 76 2023 6 Total lease payments $ 157 Less: imputed interest (14 ) Total lease liability $ 143 As discussed in Note 3- Real Estate Held for Sale December 31, 2020 2019 (in thousands) Building subject to operating leases $ 4,654 $ 4,654 Land 380 380 Less: accumulated depreciation (3,658 ) (3,599 ) Loss on leased 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 December 31, 2020 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis. December 31, 2020 (in thousands) 2021 161 2022 165 2023 169 2024 163 Remaining through June 2029 695 Total lease maturities $ 1,353 The Company recognized, as a component of Rental and other loss, the following operating lease income related to its Riverton, Wyoming office building for the years ended December 31, 2020 and 2019: Year Ended 2020 2019 (in thousands) Operating lease income $ 213 $ 207 Operating lease expense (181 ) (157 ) Depreciation (59 ) (122 ) Rental property loss, net $ (27 ) $ (72 )

Oil and Natural Gas Producing A

Oil and Natural Gas Producing Activities	12 Months Ended
	Dec. 31, 2020
Oil and Gas Property [Abstract]
Oil and Natural Gas Producing Activities	6. OIL AND NATURAL GAS PRODUCING ACTIVITIES Divestitures There were no divestures of oil and natural gas producing properties during the year ended December 31, 2020. In December 2019, the Company completed the sale of its interest in four Texas wells for $75 thousand in cash and the assumption of $130 thousand of asset retirement obligations associated with the wells. The total was recorded as a reduction in the balance of the full cost pool. Ceiling Test and Impairment The reserves used in the ceiling test incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In the calculation of the ceiling test as of December 31, 2020, the Company used $39.57 per barrel for oil and $1.99 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 $2.9 million during the year ended December 31, 2020, 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 year ended December 31, 2020, related to a reduction in value of certain of its acreage.

Debt

Debt	12 Months Ended
	Dec. 31, 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 former director of the Company, had shared voting power and shared investment power over (“APEG II” and 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. During the year ended December 31, 2020, the Company recorded interest expense related the Note of $10 thousand. At December 31, 2020, APEG II held approximately 18% of the Company’s outstanding common stock; however, in January 2021, APEG II distributed all shares of the Company’s common stock to its owners. On December 27, 2017, the Company entered into an exchange agreement (“Exchange Agreement”) by and among U.S. Energy Corp., Energy One and APEG II, pursuant to which, on the terms and subject to the conditions of the Exchange Agreement, APEG II exchanged $4.5 million of outstanding borrowings under the Company’s credit facility, for 581,927 newly-issued shares of common stock of the Company, par value $0.01 per share, with an exchange price of $7.67, which represented a 1.3% premium over the 30-day volume weighted average price of the Company’s common stock on September 20, 2017 (the “Exchange Shares”). Accrued, unpaid interest on the credit facility held by APEG II was paid in cash at the closing of the transaction. The credit facility was fully repaid at March 1, 2019 and on July 30, 2019, matured and was terminated. Interest expense for the year ended December 31, 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. During 2020 and 2019, APEG II was involved in litigation with the Company and its former Chief Executive Officer, as described in Note 9 Commitments, Contingencies and Related Party Transactions

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	8. ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations (“ARO”) associated with the future plugging and abandonment of developed oil and gas properties. Initially, the fair value of a liability for an ARO is recorded in the period in which the ARO is incurred with a corresponding increase in the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depleted over the life of the related asset. If the liability is settled for an amount other than the recorded amount, an adjustment to the full-cost pool is recognized. The Company had no assets that are restricted for the purpose of settling AROs. In the fair value calculation for the ARO there are numerous assumptions and judgments including the ultimate retirement cost, inflation factors, credit-adjusted risk-free discount rates, market risk premiums, timing of retirement and changes in legal, regulatory, environmental and political environments. To the extent future revisions to assumptions and judgments impact the present value of the existing ARO, a corresponding adjustment is made to the oil and natural gas property balance. During the year ended December 31, 2019 we adjusted the credit-adjusted risk-free discount rate used in calculating present value of the ARO for a well that began production in 2018. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 (in thousands) Balance, beginning of year $ 819 $ 939 Accretion 43 22 Sold/Plugged (12 ) (130 ) Acquired 558 2 Revisions - (14 ) Liabilities incurred - - Balance, end of year $ 1,408 $ 819

Commitments, Contingencies, and

Commitments, Contingencies, and Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies, and Related Party Transactions	9. COMMITMENTS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS Litigation In July 2020, the Company received a request for arbitration from its former Chief Executive Officer, David Veltri claiming that it breached his employment agreement. The Company intends to vigorously contest this matter and believe 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 December 31, 2020, representing the amount of the Company’s responsibility for costs under the insurance policy. APEG II Litigation and Litigation with Former Chief Executive Officer From February 2019 until August 2020, the Company was involved in litigation with its former Chief Executive Officer, David Veltri and its largest shareholder, APEG Energy II, L.P. (“APEG II”) and APEG II’s general partner, APEG Energy II, GP (together with APEG II, “APEG”). APEG owns approximately 18% of the Company’s outstanding common stock at December 31, 2020. In addition, Patrick E. Duke, a former director of the Company, had shared voting and shared investment power over APEG. The litigation arose as a result of a vote at the February 25, 2019 board of directors meeting to terminate Mr. Veltri for using Company funds outside of his authority and for other reasons (the “Texas Litigation”). In a separate lawsuit, APEG initiated a shareholder derivative action in Colorado against Mr. Veltri due to his refusal to recognize the Board’s decision to terminate him (the “Colorado Litigation”). The Company was named as a nominal defendant in the Colorado Litigation. Through December 31, 2020, the Company has incurred legal costs of approximately $1.3 million related to the litigation. The Colorado litigation was dismissed in May 2020 and the Texas Litigation was dismissed in August 2020. The Company has accrued $383 thousand for reimbursement of APEG’s legal costs in the Colorado and Texas Litigation, which was paid on March 4, 2021 through the issuance of 90,846 shares of our restricted common stock (see also Note 16 - Subsequent Events In the Texas Litigation the Audit Committee intervened by filing a motion to remove Mr. Veltri’s signature authority over the Company’s bank accounts and engaging an independent accounting firm to conduct a forensic accounting investigation. The forensic accounting investigation and the Company’s internal investigation, identified numerous items on Mr. Veltri’s expense reports that appeared to be personal in nature, or lacked adequate documentation showing that such expense was for legitimate business purposes. These expense items totaled at least $81,014, of which $14,617 was incurred during 2019, prior to Mr. Veltri’s termination. The Company reclassified the entire $81,014 reimbursed to Mr. Veltri as additional compensation and taxable income in 2019. In the Colorado Litigation, the United States District Court for the District of Colorado (“the Colorado Federal Court”) granted injunctive relief to APEG II against Mr. Veltri and issued an order appointing C. Randel Lewis as the Company’s custodian to serve as its Interim Chief Executive Officer and to serve on the Board as Chairman. Mr. Lewis, as custodian, was ordered to act in place of the Board to appoint one independent director to replace a director who had resigned. Mr. Lewis appointed Catherine J. Boggs to serve as an independent director until the Company’s 2019 annual meeting of shareholders, which was held on December 10, 2019. Following such annual meeting, the Board appointed Ryan L. Smith, the Company’s Chief Financial Officer to serve as its Chief Executive Officer, replacing Mr. Lewis in that role.

Preferred Stock

Preferred Stock	12 Months Ended
	Dec. 31, 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 of Directors without shareholder approval. The Company is authorized to issue 50,000 shares of Series P preferred stock in connection with a shareholder rights plan that expired in 2011. On December 31, 2020, the Company redeemed all then 50,000 shares outstanding of Series A Convertible Preferred Stock (the “Preferred Stock”) by making a cash payment of $2.0 million and issuing 328,000 shares of its common stock, which at the date of the redemption had a value of $3.68 per share for a total redemption price of $3.2 million. The liquidation preference on the date of redemption was $3.6 million. The difference between the redemption price and the liquidation preference of the preferred stock was included as a reduction of the net loss available to common shareholders in the calculation of loss per share. The Company had issued the 50,000 shares of Preferred Stock on February 12, 2016 to Mt. Emmons Mining Company (“MEM”), a subsidiary of Freeport McMoRan, in connection with the disposition of the Company’s mining segment, whereby MEM acquired the property and replaced the Company as permittee and operator of a water treatment plant (the “Acquisition Agreement”). The Preferred Stock was issued at $40 per share for an aggregate of $2 million. The Preferred Stock liquidation preference, initially $2 million, increased by quarterly dividends of 12.25% per annum (the “Adjusted Liquidation Preference”). At the option of the holder, each share of Preferred Stock initially could have been converted into 1.33 shares of the Company’s $0.01 par value Common Stock (the “Conversion Rate”) for an aggregate of 66,667 shares. The Conversion Rate was subject to anti-dilution adjustments for stock splits, stock dividends and certain reorganization events and to price-based anti-dilution protections. At December 31, 2019, the aggregate number of shares of Common Stock issuable upon conversion was 79,334 shares, which was the maximum number of shares issuable upon conversion. The Preferred Stock was senior to other classes or series of shares of the Company with respect to dividend rights and rights upon liquidation. No dividend or distribution could 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 had been declared and paid on the Preferred Stock on an as-converted basis. The Preferred Stock did 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 had the right to approve specified matters as set forth in the certificate of designation and had the right to require the Company to repurchase the Preferred Stock in the event of a change of control, which had not been triggered prior to the redemption on December 31, 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 provided MEM rights to certain information and Board observer rights, which was terminated on December 31, 2020. MEM had agreed that it, along with its affiliates, would not acquire more than 16.86% of the Company’s issued and outstanding shares of common stock. In addition, MEM had the right to demand registration under the Securities Act of 1933, as amended, of the shares of common stock issuable upon conversion of the Preferred Stock.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 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 were $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 $95 thousand and $73 thousand at December 31, 2020 and 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 the floor of $3.92 per share during the year ended December 31, 2020, as a result of the underwritten offering of 1,150,000 shares of common stock which was completed on November 16, 2020. Stock Option Plans From time to time, the Company may grant stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically expire ten years from the grant date. Total stock-based compensation expense related to stock options was $0 and $41 thousand for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2019, all stock options had vested. No stock options were granted, forfeited or exercised; however, stock options to purchase 166 shares expired during the year ended December 31, 2020. During the year ended December 31, 2019, no stock options were granted, expired or exercised; however, as the result of an employee termination 500 unvested stock options were forfeited. Presented below is information about stock options outstanding and exercisable as of December 31, 2020 and December 31, 2019. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: 2020 2019 Shares Price (1) Shares Price (1) Outstanding, beginning of year 31,533 $ 66.04 32,033 $ 65.20 Granted - - - - Forfeited - - (500 ) 11.60 Expired (166 ) - - - Exercised - - - - Outstanding, end of year 31,367 $ 64.78 31,533 $ 66.04 Exercisable, end of year 31,367 $ 64.78 31,533 $ 66.04 (1) Represents the weighted average price. The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2019. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: Options Outstanding Options Exercisable Exercise Price Remaining Weighted Average Number of Range Weighted Contractual Number of Exercise Shares Low High Average Term (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 6.8 16,500 $ 10.00 10,622 90.00 124.80 106.20 3.3 10,622 106.20 2,913 139.20 171.00 147.39 1.4 2,913 147.39 1,332 226.20 251.40 232.48 2.9 1,332 232.48 31,367 $ 7.20 $ 251.40 $ 64.78 4.9 31,367 $ 64.78 In January 2020, the Company granted 48,000 restricted shares of common stock to the Company’s Chief Executive Officer as a discretionary bonus, of which 24,000 shares vest after one year and 24,000 vest after two years. In addition, the Company granted a total of 23,000 restricted shares of common stock to members of the board of directors, which vest on January 28, 2021. For the year ended December 31, 2020, the Company recognized $211 thousand in stock compensation expense related to these restricted stock grants. At December 31, 2020, the unrecognized expense related to the restricted stock grants was $137 thousand.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	12. INCOME TAXES The components of the income tax provision for the years ended December 31, 2020 and 2019 include the following: 2020 2019 (in thousands) Current income tax expense (benefit) $ (42 ) $ - Deferred income taxes - - $ (42 ) $ - The current income tax benefit for the year ended December 31, 2020 represents a refund of alternative minimum tax credit carryovers received in 2020. The Company incurred net losses for each of the years ended December 31, 2020 and 2019, and the Company has recorded valuation allowances for its net deferred tax assets for each of those years. Accordingly, the Company has not recognized a benefit for income taxes in the accompanying financial statements. Income tax benefit using the Company’s effective income tax rate differs from the U.S. federal statutory income tax rate due to the following: 2020 2019 (in thousands) Income tax benefit at federal statutory rate $ (1,361 ) $ (115 ) State income tax benefit, net of federal impact (35 ) (32 ) Change in state tax rate, net of federal benefit (32 ) 331 Change in value of warrant 5 (74 ) Percentage depletion carryover (3 ) 9 Prior year true up 154 52 Other (53 ) 23 Increase (decrease)in valuation allowance 1,283 (194 ) Income tax expense (benefit) $ (42 ) $ - The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: 2020 2019 (in thousands) Deferred tax assets: Net operating loss carryover (1) $ 5,154 $ 4,098 Property and equipment 3,939 3,468 Percentage depletion and contribution carryovers (1) 1,855 1,833 Alternative minimum tax credit carryover (1) - 42 Equity method investment and other 246 615 Deferred compensation liability 7 41 Asset retirement obligations 315 181 Stock-based compensation 115 68 Lease obligations 32 44 Total deferred tax assets 11,663 10,390 Deferred tax liabilities: Lease assets (28 ) (40 ) Total deferred tax liabilities (28 ) (40 ) Net deferred tax assets 11,635 10,350 Less valuation allowance (11,635 ) (10,350 ) Net deferred tax asset $ - $ - (1) In December 2017, the Company paid down debt through the issuance of common stock. This issuance represented a 49.3% ownership change in the Company. This change in ownership, combined with other equity events, triggered loss limitations under Internal Revenue Code (“I.R.C.”) Section 382. As a result, the Company wrote-off $29.8 million of gross deferred tax assets in 2017, and an additional $2.4 million in gross deferred tax assets in 2018. Since the Company has maintained a valuation allowance against these tax assets there is no impact to the consolidated statement of operations in either year. As of December 31, 2020, the Company has approximately $8.9 million in net operating loss carryovers (after limitations) for federal income tax purposes. The net operating losses are not subject to limitation under I.R.C. Section 382 and carry forward indefinitely. I.R.C. Section 382 of the Internal Revenue Code limits the Company’s ability to utilize the tax deductions associated with its oil and gas properties to offset taxable income in future years, due to the existence of a Net Unrealizable Built-In Loss (“NUBIL”) at the time of the change in control. Such a limitation will be effective for a five-year period subsequent to the change in control. In the event the Company has Recognized Built-In Losses (“RBIL”) during the five-year period, those losses will be limited; losses exceeding the annual limitation are carried forward as RBIL carryovers. As of December 31, 2020, the Company has approximately $9.2 million of RBIL carryovers, which carry forward indefinitely subject to the annual limitation. The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than-not” threshold to be recognized. During the years ended December 31, 2020 and 2019, no adjustments were recognized for uncertain tax positions. The Company files income tax returns in U.S. federal and multiple state jurisdictions. The Company is subject to tax audits in these jurisdictions until the applicable statute of limitations expires. The Company is no longer subject to U.S. federal tax examinations for tax years prior to 2016. The Company is open for various state tax examinations for tax years 2015 and later. The Company’s policy is to recognize potential interest and penalties accrued related to uncertain tax positions within income tax expense. For the years ended December 31, 2020 and 2019, the Company did not recognize any interest or penalties in its statement of operations, nor did it have any interest or penalties accrued in its balance sheet at December 31, 2020 and 2019 related to uncertain tax positions.

Loss Per Share

Loss Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Loss Per Share	13. LOSS PER SHARE Basic net loss per common share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net loss per common share is calculated by dividing adjusted net loss by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and warrants, which are measured using the treasury stock method, the conversion feature of the Series A Preferred Stock prior to redemption, and unvested shares of restricted common stock. When the Company recognizes a net loss, as was the case for the years ended December 31, 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 for the years ended December 31, 2020 and 2019 all shares and per share amounts have been adjusted for a one share-for-ten shares reverse stock split which took effect on January 6, 2020: 2020 2019 (in thousands except per share data) Net loss $ (6,439 ) $ (550 ) Dividend on series A preferred stock (421 ) (372 ) Gain on redemption of series A preferred stock 441 - Net loss applicable to common shareholders $ (6,419 ) $ (922 ) Basic weighted-average common shares outstanding 1,628 1,340 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 1,628 1,340 Basic net loss per share $ (3.94 ) $ (0.69 ) Diluted net loss per share $ (3.94 ) $ (0.69 ) For the years ended December 31, 2020 and 2019, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows: 2020 2019 (in thousands) Stock options 31 31 Unvested shares of restricted stock 71 - Warrants 50 100 Series A Preferred Stock - 79 Total 152 210

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	14. 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. The Company has processes and controls in place to attempt to ensure that fair value is reasonably estimated. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. Where market information is not available to support internal valuations, independent reviews of the valuations are performed and any material exposures are evaluated through a management review process. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies used for complex financial instruments measured at fair value: Warrant Valuation Methodologies The warrants contain a dilutive issuance and other liability provisions that cause the warrants to be accounted for as a liability. Such warrant instruments are initially recorded and valued as a Level 3 liability and are accounted for at fair value with changes in fair value reported in earnings. There were no changes in the methodology to value the warrants during 2020. The Company worked with a third-party valuation expert estimating the value of the warrants at December 31, 2020 and 2019, with the following assumptions: 2020 2019 Number of warrants outstanding 50,000 100,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 3.92 $ 11.30 Stock price $ 3.68 $ 3.00 Dividend yield 0 % 0 % Average volatility rate (1) 120 % 80 % Probability of down-round event (2) 0 % 25 % Risk free interest rate 0.11 % 1.59 % (1) The average volatility represents the Company’s 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 December 31, 2020, the Company used the average value calculated by the Black-Scholes model as opposed to a Monte Carlo model, because the strike price is set at the floor of $3.92 and therefore cannot be rounded down further. 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 Methodologies The fair value of marketable equity securities is based on quoted market prices obtained from independent pricing services. The Company has an investment in the marketable equity securities of Anfield Energy (“Anfield”), which it acquired as consideration for sales of certain mining operations. Anfield is traded in an active market under the trading symbol AEC:TSXV and has been classified as Level 1. Prior to May 2019, the Company also had an investment in Sutter Gold Mining Company (“Sutter”). In May 2019, Sutter’s secured lender made a demand for full repayment of Sutter’s indebtedness and gave notice to enforce its security, thereby forcing Sutter into bankruptcy. As a result, the fair value of the Company’s investment in the marketable equity securities of Sutter is $0. Anfield Sutter Number of shares owned 2,421,180 495,816 Quoted market price $ 0.07455 $ 0.0000 Fair value $ 180,500 $ - Other Assets and Liabilities The Company evaluates the fair value on a non-recurring basis of properties acquired in business combinations, asset acquisitions and the related asset retirement obligations. 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 Company evaluated the fair value of the real estate assets based upon offers we have received from potential purchasers of the property, 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 December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets: Marketable Equity Securities 181 - - 181 307 - - 307 Total $ 181 $ - $ - $ 181 $ 307 $ - $ - $ 307 Liabilities: Warrants - - 95 95 - - 73 73 Total $ - $ - $ 95 $ 95 $ - $ - $ 73 $ 73 The following table presents a reconciliation of our Level 3 warrants measured at fair value: Year Ended December 31, 2020 2019 (in thousands) Fair value of Level 3 instruments liabilities at beginning of period $ 73 $ 425 Net unrealized loss (gain) on warrant valuation 22 (352 ) - Fair value of Level 3 instruments liabilities at end of period $ 95 $ 73

Supplemental Oil and Natural Ga

Supplemental Oil and Natural Gas Information (Unaudited)	12 Months Ended
	Dec. 31, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Supplemental Oil and Natural Gas Information (Unaudited)	15. SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION (UNAUDITED) Capitalized Costs incurred The capitalized costs incurred in crude oil and natural gas acquisitions, exploration and development activities for the years ended December 31, 2020 and 2019 are provided in the table below: 2020 2019 (in thousands) Proved property acquisition $ 1,851 $ - Unproved property acquisition - 12 Development 441 305 Exploration - 552 Total $ 2,292 $ 869 Capitalized Costs The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2020 and 2019: 2020 2019 (in thousands) Oil and Natural Gas Properties: Unevaluated properties: Unproved leasehold costs $ 1,597 $ 3,741 Evaluated properties in full cost pool 93,549 89,113 Less accumulated depletion and ceiling test impairment (87,708 ) (84,400 ) Net capitalized costs $ (7,438 ) $ 8,454 The Company incurred ceiling test write-downs of its oil and natural gas properties of $2.9 million during the year ended December 31, 2020 due to a reduction in the value of its proved oil and natural gas reserves primarily as the result of a decrease in crude prices and the performance of a South Texas well drilled in the prior year. Depletion and amortization was $363 thousand ($4.55 per BOE) and $671 thousand ($4.63 per BOE) for the years ended December 31, 2020 and 2019, respectively. Unevaluated oil and natural gas properties consist of leasehold costs that are excluded from the depletion, depreciation and amortization calculation and the ceiling test until a determination about the existence of proved reserves can be completed. Unevaluated oil and natural gas properties consisted of unproved lease acquisition costs and costs paid to evaluate potential acquisition prospects of $1.6 million and $3.7 million at December 31, 2020 and 2019, respectively. On a quarterly basis, management reviews market conditions and other changes in circumstances related to the Company’s unevaluated properties and transfers the costs to evaluated properties within the full cost pool as warranted. During the year ended December 31, 2020, the Company evaluated its unevaluated property and recorded a reclassification to the depletable base of the full cost pool of $2.1 million related to a reduction in value of certain of its acreage. During 2019, as a result of a transfer of acreage for working interest in wells drilled in South Texas, which was completed in May 2019, the Company revalued the remaining acreage held in the area and transferred unproved leasehold acreage of $0.4 million to the full cost pool. Results of Operations from oil and natural gas producing activities Presented below are the results of operations from oil and natural gas producing activities for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Oil and natural gas sales $ 2,330 $ 6,573 Lease operating expense (1,535 ) (1,848 ) Production taxes (168 ) (429 ) Depletion and amortization (356 ) (671 ) Impairment of oil and natural gas properties (2,943 ) - Results of operations from oil and natural gas producing activities $ (2,672 ) $ 3,625 Oil and Natural Gas Reserves (Unaudited) Proved reserves are estimated quantities of oil, NGLs and natural gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Oil and natural gas prices used are the average price during the 12-month period prior to the effective date of the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements. Proved developed reserves are reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries and undeveloped locations are more imprecise than estimates of established producing oil and natural gas properties. Accordingly, these estimates are expected to change as future information becomes available. Proved oil and natural gas reserve quantities at December 31, 2020 and 2019 and the related discounted future net cash flows before income taxes are based on the estimates prepared by Don Jacks, PE. The estimates have been prepared in accordance with guidelines established by the Securities and Exchange Commission. All of the Company’s estimated proved reserves are located in the United States. As of December 31, 2020, and 2019, the Company had no proved undeveloped reserves. All proved reserves were proved developed producing and proved developed non-producing. The Company’s estimated quantities of proved oil and natural gas reserves and changes in net proved reserves are summarized below for the years ended December 31, 2020 and 2019: 2020 2019 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 807,505 1,129,258 751,260 737,998 Revisions of previous estimates (248,770 ) (22,895 ) 99,352 511,969 Discoveries and extensions - - 72,907 101,892 Purchases of minerals in place 477,479 686,670 Sale of minerals in place - - (5,924 ) (13,083 ) Production (60,469 ) (116,085 ) (110,090 ) (209,518 ) Reserve quantities, end of year 975,745 1,676,948 807,505 1,129,258 (1) Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL. Notable changes in proved reserves for the year ended December 31, 2020 included the following: ● The downward revisions of previous estimates of 252,586 BOE were primarily attributable to revisions due to lower pricing used in the estimate of proved reserves at December 31, 2020 and the higher than estimated decline in performance of wells drilled in our South Texas properties in 2019. ● Purchases of reserves in place represent the reserves added as a result of the acquisitions of New Horizon Resources LLC, certain properties from FieldPoint Production Company, and certain properties from Newbridge Resources completed during the year. Standardized Measure (Unaudited) The Company computes a standardized measure of future net cash flows and changes therein relating to estimated proved reserves in accordance with authoritative accounting guidance. The assumptions used to compute the standardized measure are those prescribed by the FASB and the SEC. These assumptions do not necessarily reflect the Company’s expectations of actual revenues to be derived from those reserves, nor their present value amount. The limitations inherent in the reserve quantity estimation process, as discussed previously, are equally applicable to the standardized measure computations since these reserve quantity estimates are the basis for the valuation process. Future cash inflows and production and development costs are determined by applying prices and costs, including transportation, quality, and basis differentials, to the year-end estimated future reserve quantities. The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure: 2020 2019 Oil per Bbl $ 39.57 $ 55.69 Gas per Mcfe (1) $ 1.99 $ 2.58 (1) Consists of the weighted average price for natural gas in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL. Future operating costs are determined based on estimates of expenditures to be incurred in developing and producing the proved reserves in place at the end of the period using year-end costs and assuming continuation of existing economic conditions. Estimated future income taxes are computed using the current statutory income tax rates, including consideration for estimated future statutory depletion. The resulting future net cash flows are reduced to present value amounts by applying a 10% annual discount factor. The standardized measure of discounted future net cash flows relating to the Company’s proved oil and natural gas reserves is as follows as of December 31, 2020 and 2019: 2020 2019 (in thousands) Future cash inflows $ 39,090 $ 45,528 Future cash outflows: Production costs (24,189 ) (21,435 ) Development costs (302 ) - Income taxes (142 ) (3,747 ) Future net cash flows 14,457 20,436 10% annual discount factor (5,871 ) (9,998 ) Standardized measure of discounted future net cash flows $ 8,586 $ 10,348 Changes in Standardized Measure (Unaudited) The changes in the standardized measure of future net cash flows relating to proved oil and natural gas reserves for the years ended December 31, 2020 and 2019 are as follows: 2020 2019 (in thousands) Standardized measure, beginning of year $ 10,348 $ 11,599 Sales of oil and natural gas, net of production costs (627 ) (4,296 ) Net changes in prices and production costs (8,487 ) (2,499 ) Changes in estimated future development costs (302 ) - Extensions and discoveries - 2,231 Purchases of minerals in place 5,841 - Sale of minerals in place - (83 ) Revisions in previous quantity estimates (1,148 ) 2,130 Previously estimated development costs incurred - - Net changes in income taxes 1,649 (299 ) Accretion of discount 855 1,068 Changes in timing and other 457 497 Standardized measure, end of year $ 8,586 $ 10,348

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS Underwritten offering On February 11, 2021, the Company sold 1,131,500 shares of its common stock in an underwritten offering at a public offering price of $5.10 per share (the “Offering”) . Conversion of Secured Note Payable On March 4, 2021 the Company entered into a Debt Conversion Agreement with APEG II. Pursuant to the Debt Conversion Agreement, APEG II converted a total of $413 thousand, representing the principal of a September 2020 Secured Promissory Note in the principal amount of $375 thousand and accrued interest of $38 thousand into 97,962 unregistered shares of its common stock. The number of shares was based on a conversion price of $4.21 per share, a 9.9% discount to the ten-day volume weighted average price of its common stock for the ten days immediately preceding the signing of the Debt Conversion Agreement (the “VWAP Discount Price”). Reimbursement of APEG II Legal Fees Also, on March 4, 2021, APEG II entered into a Subscription Agreement with the Company, whereby APEG II subscribed to purchase 90,846 unregistered shares of the Company’s common stock for an aggregate of $383 thousand based on the VWAP Discount Price. The $383 thousand subscription price was paid by way of forgiveness by APEG II of the same amount of funds owed by the Company for reimbursement of APEG II’s legal costs in connection with certain shareholder derivative actions brought by APEG II against the Company and its former Chief Executive Officer in Colorado and Texas, which were dismissed in May 2020 and August, respectively. Commodity Derivative Contract On March 9, 2021, the Company entered into a commodity derivative contract to fix the price of 100 barrels of crude oil per day from March 1 to December 31, 2021at $61.90 based on the calendar month average of West Texas Intermediate Crude Oil. Restricted share issuance In January 2021, the Company’s board of directors granted 100,000 restricted shares to the Chief Executive Officer, which vest equally over four years. In addition, the Company’s four independent directors were each granted 10,000 restricted shares which vest on January 28, 2022.

Organization, Operations and _2

Organization, Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Organization and Operations	Organization and Operations U.S. Energy Corp. (collectively with its wholly owned subsidiaries, Energy One LLC and New Horizon Resources, LLC, referred to as the “Company” in these Notes to Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused on the acquisition, exploration and development of oil and natural gas properties in the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and natural gas properties; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; valuation of warrant instruments; valuation of real estate assets held for sale; 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. In early March 2020, the NYMEX WTI crude oil price decreased significantly due to COVID-19 pandemic and although it has recovered recently to pre-COVID-19 levels, it remained low for most of 2020. Lower oil and natural gas prices not only decrease our revenues, but an extended decline in oil or gas prices may materially and adversely affect our future business, financial position, cash flows, results of operations, liquidity, ability to finance planned capital expenditures and the oil and natural gas reserves that we can economically produce.
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.
Cash and Equivalents	Cash and Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Oil and Natural Gas Sales Receivable	Oil and Natural Gas Sales Receivable The Company’s oil and natural gas sales receivable consist primarily of receivables from joint interest operators for the Company’s share of oil, natural gas, and natural gas liquids (“NGLs”) sales. Generally, the Company’s oil and natural gas sales receivables are collected within three months. The Company has had minimal bad debts related to oil and natural gas sales. Although diversified among several joint interest operators, collectability is dependent upon the financial wherewithal of each joint interest operator and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2020, and 2019, the Company had not provided an allowance for doubtful accounts on its oil and natural gas sales receivable.
Concentration of Credit Risk	Concentration of Credit Risk The Company has exposure to credit risk in the event of nonpayment of oil and natural gas receivables by joint interest operators of the Company’s oil and natural gas properties. The following table presents the joint interest operators that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: Operator 2020 2019 Zavanna, LLC 41 % 31 % CML Exploration, LLC 25 % 52 %
Marketable Equity Securities	Marketable Equity Securities Marketable equity securities are reported at fair value based on end of period quoted prices. Changes in fair value are recorded in the consolidated statements of operations at the end of each reporting period. Gains or losses from sales of marketable equity securities are recorded in the consolidated statements of operations when realized.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company follows the full cost method of accounting for its oil and natural gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and natural gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center are subject to depreciation, depletion and amortization (“DD&A”) using the equivalent unit-of-production method, based on total proved oil and natural gas reserves. For financial statement presentation, DD&A includes accretion expense related to asset retirement obligations. Excluded from amounts subject to DD&A are costs associated with unevaluated properties. Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability, or the cost center ceiling (the “Ceiling Test”). The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% per annum, from proved reserves, based on average prices per barrel of oil and per Mcf of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period; and costs, adjusted for contract provisions and financial derivatives qualifying as accounting hedges and asset retirement obligations, (ii) the cost of unevaluated properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and natural gas properties. If the net book value reduced by the related net deferred income tax liability (if any) exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs. Since all of the Company’s oil and natural gas properties are located within the United States, the Company only has one cost center for which a quarterly Ceiling Test is performed.
Acquisitions	Acquisitions The Company accounts for acquisitions as business combinations if the acquired assets meet the definition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar assets, the acquisition is not considered a business and is accounted for as an asset acquisition. This determination of whether the gross assets acquired are concentrated in a group of similar assets is based on whether the risks associated with managing and creating outputs from the assets are similar.
Property and Equipment	Property and Equipment Land, buildings, and building improvements are classified as held for sale and are carried at the estimated realizable value, less costs to sell. Long-lived assets are classified as held for sale when the Company commits to a plan to sell the assets. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets. Administrative assets are carried at cost. Depreciation of administrative assets is provided principally by the straight-line method over estimated useful lives as follows: Years Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment charge is recognized, and measured as the amount by which the carrying value exceeds the estimated fair value. Changes in significant assumptions underlying future cash flow estimates may have a material effect on the Company’s financial position and results of operations.
Warrant Liability	Warrant Liability In connection with a private placement of common shares in December 2016, the Company concurrently sold to the purchasers warrants to purchase 100,000 shares of common stock, of which 50,000 were outstanding at December 31, 2020. The exercise price and the number of shares issuable upon exercise of the warrants is subject to adjustment in the event of any stock dividends and splits, reverse stock splits, recapitalization, reorganization or similar transaction, as described in the warrants. The warrants are also subject to “down-round” anti-dilution in the event the Company issues additional common stock or common stock equivalents at a price per share less than the exercise price in effect. The Company has classified the warrants as liabilities due to provisions in the warrant agreement that precluded equity classification, including an option of the holder to receive the calculated fair value of the warrant from the Company in cash in the event of a “Fundamental Transaction,” as defined in the warrant agreement. Changes in fair value are reported each period in the consolidated statements of operations.
Asset Retirement Obligations	Asset Retirement Obligations The Company records the estimated fair value of restoration and reclamation liabilities related to its oil and natural gas properties as of the date that the liability is incurred. The Company reviews the liability each quarter and determines if a change in estimate is required, and accretion of the discounted liability is recorded based on the passage of time. Final determinations are made during the fourth quarter of each year. The Company deducts any actual funds expended for restoration and reclamation during the quarter in which it occurs.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair value of the award as of the grant date. The Company computes the fair values of its options granted to employees using the Black-Scholes option pricing model. The Company recognizes the cost of the equity awards over the period during which an employee is required to provide services in exchange for the award, usually the vesting period. For awards granted that contain a graded vesting schedule, and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award.
Income Taxes	Income Taxes The Company recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards. Additionally, the Company recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards and tax credit carry forwards. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for any tax benefits that, based on current circumstances, are not expected to be realized. At December 31, 2020 and 2019, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. In assessing the need for a valuation allowance for the Company’s deferred tax assets, a significant item of negative evidence considered was the cumulative book loss over the three-year period ended December 31, 2020. The Company assesses its uncertain tax positions annually. The Company recognizes the tax benefit from an uncertain tax position only if it is probable that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that is probable of being realized upon ultimate settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination.
Earnings Per Share	Earnings Per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options, warrants and restricted stock, and prior to the redemption of such preferred stock on December 31, 2020, the Series A Convertible Preferred Stock. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of in-the-money stock options.
Recently Accounting Pronouncements	Recent Accounting Pronouncements Fair Value Measurements. Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements Fair Value Measurements

Organization, Operations and _3

Organization, Operations and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Concentration of Credit Risk	The following table presents the joint interest operators that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: Operator 2020 2019 Zavanna, LLC 41 % 31 % CML Exploration, LLC 25 % 52 %
Schedule of Property and Equipment Useful Life	Depreciation of administrative assets is provided principally by the straight-line method over estimated useful lives as follows: Years Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2020
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
FieldPoint Properties [Member]
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 97 Purchase price adjustments (31 ) Total consideration paid 566 Asset retirement obligations assumed 203 Total amount incurred $ 769
Liberty County Properties [Member]
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: Value of 67,254 shares issued $ 285 Transaction costs 41 Total consideration paid 326 Asset retirement obligations assumed 192 Total amount incurred $ 518

Real Estate Held for Sale (Tabl

Real Estate Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Schedule of Carrying Value and Fair Value of Real Estate Held for Sale	The following are the pre-impairment carrying amounts and the estimated net proceeds, and a calculation of the loss recognized as a component of other income and expense in the consolidated statement of operations, relating to the property: Amount (in thousands) Pre-impairment carrying value of real estate held for sale: Building $ 720 Building improvements 276 Building land 380 Additional land 653 Total $ 2,029 Fair value of real estate held for sale: Estimated sales price of building and land $ 800 Estimated sales price of additional land 275 Estimated cost to sell (100 ) Estimated net proceeds $ 975 Loss recognized on real estate assets held for sale $ 1,054

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenue	The Company’s revenues in its North Dakota, Texas and other regions for the years ended December 31, 2020 and 2019, are presented in the following table: Year Ended 2020 2019 (in thousands) Revenue: North Dakota Oil $ 1,240 $ 2,449 Natural gas and liquids 102 177 Total 1,342 2,626 Texas Oil 875 3,700 Natural gas and liquids 82 247 Total 957 3,947 Other Oil 12 - Natural gas and liquids 19 - Total 31 - Combined Total $ 2,330 $ 6,573

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of 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 consolidated balance sheets at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (in thousands) Right of use asset balance Operating lease $ 127 $ 179 Lease liability balance Short-term operating lease $ 65 $ 58 Long-term operating lease 78 142 $ 143 $ 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. December 31, 2020 2019 (in thousands) Operating lease cost $ 74 68 Short-term lease cost 22 15 Sublease income (41 ) - Total lease costs $ 55 $ 83
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. December 31, 2020 2019 (in thousands) Weighted average lease term (years) 2.1 3.1 Weighted average discount rate 8.75 % 8.75 %
Schedule of Future Minimum Lease Commitments	The future minimum lease commitments as of December 31, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the consolidated balance sheet as follows: December 31, 2020 (in thousands) 2021 75 2022 76 2023 6 Total lease payments $ 157 Less: imputed interest (14 ) Total lease liability $ 143
Schedule of Operating Leases	The net capitalized cost of the building and the land subject to operating leases at December 31, 2020 and 2019 are as follows: December 31, 2020 2019 (in thousands) Building subject to operating leases $ 4,654 $ 4,654 Land 380 380 Less: accumulated depreciation (3,658 ) (3,599 ) Loss on leased 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 December 31, 2020 are presented in the table below. Such maturities are reflected at undiscounted values to be received on an annual basis. December 31, 2020 (in thousands) 2021 161 2022 165 2023 169 2024 163 Remaining through June 2029 695 Total lease maturities $ 1,353
Schedule of Loss on Rental Property	The Company recognized, as a component of Rental and other loss, the following operating lease income related to its Riverton, Wyoming office building for the years ended December 31, 2020 and 2019: Year Ended 2020 2019 (in thousands) Operating lease income $ 213 $ 207 Operating lease expense (181 ) (157 ) Depreciation (59 ) (122 ) Rental property loss, net $ (27 ) $ (72 )

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 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 for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 (in thousands) Balance, beginning of year $ 819 $ 939 Accretion 43 22 Sold/Plugged (12 ) (130 ) Acquired 558 2 Revisions - (14 ) Liabilities incurred - - Balance, end of year $ 1,408 $ 819

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of Stock Options Activity	All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: 2020 2019 Shares Price (1) Shares Price (1) Outstanding, beginning of year 31,533 $ 66.04 32,033 $ 65.20 Granted - - - - Forfeited - - (500 ) 11.60 Expired (166 ) - - - Exercised - - - - Outstanding, end of year 31,367 $ 64.78 31,533 $ 66.04 Exercisable, end of year 31,367 $ 64.78 31,533 $ 66.04 (1) Represents the weighted average price.
Schedule of Stock Options Outstanding and Exercisable	The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2019. All shares and prices per share have been adjusted for a one share-for-ten shares reverse stock split that took effect on January 6, 2020: Options Outstanding Options Exercisable Exercise Price Remaining Weighted Average Number of Range Weighted Contractual Number of Exercise Shares Low High Average Term (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 6.8 16,500 $ 10.00 10,622 90.00 124.80 106.20 3.3 10,622 106.20 2,913 139.20 171.00 147.39 1.4 2,913 147.39 1,332 226.20 251.40 232.48 2.9 1,332 232.48 31,367 $ 7.20 $ 251.40 $ 64.78 4.9 31,367 $ 64.78

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision	The components of the income tax provision for the years ended December 31, 2020 and 2019 include the following: 2020 2019 (in thousands) Current income tax expense (benefit) $ (42 ) $ - Deferred income taxes - - $ (42 ) $ -
Schedule of Effective Income Tax	Income tax benefit using the Company’s effective income tax rate differs from the U.S. federal statutory income tax rate due to the following: 2020 2019 (in thousands) Income tax benefit at federal statutory rate $ (1,361 ) $ (115 ) State income tax benefit, net of federal impact (35 ) (32 ) Change in state tax rate, net of federal benefit (32 ) 331 Change in value of warrant 5 (74 ) Percentage depletion carryover (3 ) 9 Prior year true up 154 52 Other (53 ) 23 Increase (decrease)in valuation allowance 1,283 (194 ) Income tax expense (benefit) $ (42 ) $ -
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows: 2020 2019 (in thousands) Deferred tax assets: Net operating loss carryover (1) $ 5,154 $ 4,098 Property and equipment 3,939 3,468 Percentage depletion and contribution carryovers (1) 1,855 1,833 Alternative minimum tax credit carryover (1) - 42 Equity method investment and other 246 615 Deferred compensation liability 7 41 Asset retirement obligations 315 181 Stock-based compensation 115 68 Lease obligations 32 44 Total deferred tax assets 11,663 10,390 Deferred tax liabilities: Lease assets (28 ) (40 ) Total deferred tax liabilities (28 ) (40 ) Net deferred tax assets 11,635 10,350 Less valuation allowance (11,635 ) (10,350 ) Net deferred tax asset $ - $ - (1) In December 2017, the Company paid down debt through the issuance of common stock. This issuance represented a 49.3% ownership change in the Company. This change in ownership, combined with other equity events, triggered loss limitations under Internal Revenue Code (“I.R.C.”) Section 382. As a result, the Company wrote-off $29.8 million of gross deferred tax assets in 2017, and an additional $2.4 million in gross deferred tax assets in 2018. Since the Company has maintained a valuation allowance against these tax assets there is no impact to the consolidated statement of operations in either year.

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 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 for the years ended December 31, 2020 and 2019 all shares and per share amounts have been adjusted for a one share-for-ten shares reverse stock split which took effect on January 6, 2020: 2020 2019 (in thousands except per share data) Net loss $ (6,439 ) $ (550 ) Dividend on series A preferred stock (421 ) (372 ) Gain on redemption of series A preferred stock 441 - Net loss applicable to common shareholders $ (6,419 ) $ (922 ) Basic weighted-average common shares outstanding 1,628 1,340 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 1,628 1,340 Basic net loss per share $ (3.94 ) $ (0.69 ) Diluted net loss per share $ (3.94 ) $ (0.69 )
Schedule of Antidilutive Weighted Average Shares	For the years ended December 31, 2020 and 2019, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows: 2020 2019 (in thousands) Stock options 31 31 Unvested shares of restricted stock 71 - Warrants 50 100 Series A Preferred Stock - 79 Total 152 210

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assumptions	The Company worked with a third-party valuation expert estimating the value of the warrants at December 31, 2020 and 2019, with the following assumptions: 2020 2019 Number of warrants outstanding 50,000 100,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 3.92 $ 11.30 Stock price $ 3.68 $ 3.00 Dividend yield 0 % 0 % Average volatility rate (1) 120 % 80 % Probability of down-round event (2) 0 % 25 % Risk free interest rate 0.11 % 1.59 % (1) The average volatility represents the Company’s 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 Investment in the Marketable Equity Securities	As a result, the fair value of the Company’s investment in the marketable equity securities of Sutter is $0. Anfield Sutter Number of shares owned 2,421,180 495,816 Quoted market price $ 0.07455 $ 0.0000 Fair value $ 180,500 $ -
Schedule of Recurring Measurements of Fair Value of Assets and Liabilities	Recurring measurements of the fair value of assets and liabilities as of December 31, 2020 and 2019 are as follows: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Assets: Marketable Equity Securities 181 - - 181 307 - - 307 Total $ 181 $ - $ - $ 181 $ 307 $ - $ - $ 307 Liabilities: Warrants - - 95 95 - - 73 73 Total $ - $ - $ 95 $ 95 $ - $ - $ 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: Year Ended December 31, 2020 2019 (in thousands) Fair value of Level 3 instruments liabilities at beginning of period $ 73 $ 425 Net unrealized loss (gain) on warrant valuation 22 (352 ) - Fair value of Level 3 instruments liabilities at end of period $ 95 $ 73

Supplemental Oil and Natural _2

Supplemental Oil and Natural Gas Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of Costs Incurred in Crude Oil and Natural Gas Acquisitions, Exploration and Development Activities	The capitalized costs incurred in crude oil and natural gas acquisitions, exploration and development activities for the years ended December 31, 2020 and 2019 are provided in the table below: 2020 2019 (in thousands) Proved property acquisition $ 1,851 $ - Unproved property acquisition - 12 Development 441 305 Exploration - 552 Total $ 2,292 $ 869
Schedule of Capitalized Costs Associated with Oil and Natural Gas Producing Activities	Capitalized Costs The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2020 and 2019: 2020 2019 (in thousands) Oil and Natural Gas Properties: Unevaluated properties: Unproved leasehold costs $ 1,597 $ 3,741 Evaluated properties in full cost pool 93,549 89,113 Less accumulated depletion and ceiling test impairment (87,700 ) (84,400 ) Net capitalized costs $ (87,708 ) $ 8,454
Schedule of Oil and Natural Gas Producing Activities	Presented below are the results of operations from oil and natural gas producing activities for the years ended December 31, 2020 and 2019: 2020 2019 (in thousands) Oil and natural gas sales $ 2,330 $ 6,573 Lease operating expense (1,535 ) (1,848 ) Production taxes (168 ) (429 ) Depletion and amortization (356 ) (671 ) Impairment of oil and natural gas properties (2,943 ) - Results of operations from oil and natural gas producing activities $ (2,672 ) $ 3,625
Schedule of Proved Oil and Gas Reserves and Changes in Net Proved Reserves	The Company’s estimated quantities of proved oil and natural gas reserves and changes in net proved reserves are summarized below for the years ended December 31, 2020 and 2019: 2020 2019 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 807,505 1,129,258 751,260 737,998 Revisions of previous estimates (248,770 ) (22,895 ) 99,352 511,969 Discoveries and extensions - - 72,907 101,892 Purchases of minerals in place 477,479 686,670 Sale of minerals in place - - (5,924 ) (13,083 ) Production (60,469 ) (116,085 ) (110,090 ) (209,518 ) Reserve quantities, end of year 975,745 1,676,948 807,505 1,129,258 (1) Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.
Schedule of Prices as Adjusted for Transportation, Quality	The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure: 2020 2019 Oil per Bbl $ 39.57 $ 55.69 Gas per Mcfe (1) $ 1.99 $ 2.58 (1) Consists of the weighted average price for natural gas in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.
Schedule of Standardized Measure of Discounted Future Net Cash Flows	The standardized measure of discounted future net cash flows relating to the Company’s proved oil and natural gas reserves is as follows as of December 31, 2020 and 2019: 2020 2019 (in thousands) Future cash inflows $ 39,090 $ 45,528 Future cash outflows: Production costs (24,189 ) (21,435 ) Development costs (302 ) - Income taxes (142 ) (3,747 ) Future net cash flows 14,457 20,436 10% annual discount factor (5,871 ) (9,998 ) Standardized measure of discounted future net cash flows $ 8,586 $ 10,348
Schedule of Standardized Measure of Future Net Cash Flows	The changes in the standardized measure of future net cash flows relating to proved oil and natural gas reserves for the years ended December 31, 2020 and 2019 are as follows: 2020 2019 (in thousands) Standardized measure, beginning of year $ 10,348 $ 11,599 Sales of oil and natural gas, net of production costs (627 ) (4,296 ) Net changes in prices and production costs (8,487 ) (2,499 ) Changes in estimated future development costs (302 ) - Extensions and discoveries - 2,231 Purchases of minerals in place 5,841 - Sale of minerals in place - (83 ) Revisions in previous quantity estimates (1,148 ) 2,130 Previously estimated development costs incurred - - Net changes in income taxes 1,649 (299 ) Accretion of discount 855 1,068 Changes in timing and other 457 497 Standardized measure, end of year $ 8,586 $ 10,348

Organization, Operations and _4

Organization, Operations and Significant Accounting Policies (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2020	Sep. 29, 2020	Dec. 31, 2019	Dec. 31, 2016
Net revenue, discounted percentage	10.00%
Warrants to purchase common stock		50,000
Common stock outstanding	3,317,893		1,340,583
Private Placement [Member]
Warrants to purchase common stock				100,000
Common stock outstanding	50,000

Organization, Operations and _5

Organization, Operations and Significant Accounting Policies - Schedule of Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Concentration risk, percentage	6.10%
Zavanna, LLC [Member]
Concentration risk, percentage	41.00%	31.00%
CML Exploration, LLC [Member]
Concentration risk, percentage	25.00%	52.00%

Organization, Operations and _6

Organization, Operations and Significant Accounting Policies - Schedule of Property and Equipment Useful Life (Details)	12 Months Ended
	Dec. 31, 2020
Computers and Software [Member] | Minimum [Member]
Estimated useful lives	3 years
Computers and Software [Member] | Maximum [Member]
Estimated useful lives	10 years
Office Furniture and Fixtures [Member] | Minimum [Member]
Estimated useful lives	5 years
Office Furniture and Fixtures [Member] | Maximum [Member]
Estimated useful lives	20 years

Acquisitions (Details Narrative

Acquisitions (Details Narrative) $ / shares in Units, $ in Thousands	Nov. 09, 2020USD ($)ft²Number$ / sharesshares	Sep. 25, 2020USD ($)	Mar. 01, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)ft²shares	Dec. 31, 2019USD ($)
Revenues				$ 2,330	$ 6,573
Lease operating and expenses				$ 1,535	1,848
Concentration of risk percentage				6.10%
Area of land | ft²				30,400
Stock issued during period, value, acquisitions				$ 240
New Horizon Resources, LLC [Member]
Stock issued during period, shares, acquisitions | shares			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				$ 101
Lease operating and expenses				231
Retirement obligations			$ (163)
Share issued price per share | $ / shares			$ 4.04
Stock issued during period, value, acquisitions			$ 240
Business Combination, Consideration Transferred			$ 362
New Horizon Resources, LLC [Member] | January 1, 2019 [Member]
Revenues				132	357
Lease operating and expenses				252	$ 584
FieldPoint Petroleum Corporation [Member]
Cash consideration involved with acquisition		$ 500		500
Transaction costs				97
Purchase price				597
Purchase price adjustments		(31)		31
Retirement obligations		203
Common stock value service				$ 29
Common stock share service | shares				7,075
Business Combination, Consideration Transferred		$ 566
Newbridge Resources LLC [Member] | Purchase and Sale Agreement [Member]
Stock issued during period, shares, acquisitions | shares	67,254
Transaction costs				$ 41
Retirement obligations				192
Share issued price per share | $ / shares	$ 4.24
Stock issued during period, value, acquisitions	$ 285
Business Combination, Consideration Transferred				$ 326
Newbridge Resources LLC [Member] | Purchase and Sale Agreement [Member] | TEXASMember
Number of Real Estate Properties | Number	41
Business Acquisition, Description of Acquired Entity	The Liberty County Properties include 41 wells which have a 100% working interest and an average 86% net revenue interest and approximately 680 net acres located primarily in Liberty County, Texas which are 100% held by production.
Concentration of risk percentage	86.00%
Area of land | ft²	680

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions (Details) - USD ($) $ in Thousands	Mar. 01, 2020	Dec. 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	Dec. 31, 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] - USD ($) $ in Thousands	Sep. 25, 2020	Dec. 31, 2020
Cash consideration	$ 500	$ 500
Transaction costs	97
Purchase price adjustments	(31)	$ 31
Total consideration paid	566
Asset retirement obligations	203
Total amount incurred	$ 769

Acquisitions - Schedule of Bu_3

Acquisitions - Schedule of Business Acquisition (Details) - USD ($) $ in Thousands	Nov. 09, 2020	Dec. 31, 2020
Stock issued during period, value, acquisitions		$ 240
Acquisition of Liberty County Properties [Member]
Stock issued during period, value, acquisitions	$ 285
Transaction costs	41
Total consideration paid	326
Asset retirement obligations assumed	192
Total amount incurred	$ 518

Acquisitions - Schedule of Bu_4

Acquisitions - Schedule of Business Acquisition (Details) (Parenthetical)	Nov. 09, 2020shares
Acquisition of Liberty County Properties [Member]
Shares issued in acquisition of New Horizon Resources	67,254

Real Estate Held for Sale (Deta

Real Estate Held for Sale (Details Narrative) $ in Thousands	Dec. 31, 2020USD ($)aft²
Lease area | ft²	30,400
Realizable value for additional land	$ 653
Minimum [Member]
Realizable value	700
Realizable value for additional land	250
Maximum [Member]
Realizable value	900
Realizable value for additional land	$ 300
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Building	$ 720
Building improvements	276
Building land	380
Additional land	653
Total	2,029
Estimated sales price of building and land	800
Estimated sales price of additional land	275
Estimated cost to sell	(100)
Estimated net proceeds	975
Loss recognized on real estate assets held for sale	$ 1,054

Revenue Recognition (Details Na

Revenue Recognition (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Concentration risk percentage to revenue	6.10%

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total revenue	$ 2,330	$ 6,573
Oil [Member]
Total revenue	2,127	6,149
Natural Gas and Liquids [Member]
Total revenue	203	424
North Dakota [Member]
Total revenue	1,342	2,626
North Dakota [Member] | Oil [Member]
Total revenue	1,240	2,449
North Dakota [Member] | Natural Gas and Liquids [Member]
Total revenue	102	177
West Texas [Member]
Total revenue	957	3,947
West Texas [Member] | Oil [Member]
Total revenue	875	3,700
West Texas [Member] | Natural Gas and Liquids [Member]
Total revenue	82	247
Other [Member]
Total revenue	31
Other [Member] | Oil [Member]
Total revenue	12
Other [Member] | Natural Gas and Liquids [Member]
Total revenue	$ 19

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)aft²	Dec. 31, 2019USD ($)	Jan. 02, 2019USD ($)
Right-of-use asset	$ 127	$ 179
Lease liability	$ 143	$ 200
Lease term	1 year
Incremental borrowing rate	8.75%	8.75%
Lease area | ft²	30,400
Loss recognized on real estate assets held for sale	$ 1,054
Building and Land [Member]
Lease liability	$ 651
Wyoming [Member]
Lease area | a	14
ASU 2016-02 [Member]
Right-of-use asset			$ 228
Lease liability			$ 252

Leases - Schedule of Consolidat

Leases - Schedule of Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use asset Operating leases	$ 127	$ 179
Short-term operating leases	65	58
Long-term operating lease	78	142
Total operating leases	$ 143	$ 200

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 74	$ 68
Short-term lease cost	22	15
Sublease income	(41)
Total lease cost	$ 55	$ 83

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Lease (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted average lease term (years)	2 years 1 month 6 days	3 years 1 month 6 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	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 75
2022	76
2023	6
Total lease payments	157
Less: imputed interest	(14)
Total lease liability	$ 143	$ 200

Leases - Schedule of Operating

Leases - Schedule of Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 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	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 161
2022	165
2023	169
2024	163
Remaining through June 2029	695
Total lease maturities	$ 1,353

Leases - Schedule of Loss on Re

Leases - Schedule of Loss on Rental Property (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease expense	$ (1,535)	$ (1,848)
Depreciation	(467)	(828)
Wyoming [Member]
Operating lease income	213	207
Operating lease expense	(181)	(157)
Depreciation	(59)	(122)
Rental property loss, net	$ (27)	$ (72)

Oil and Natural Gas Producing_2

Oil and Natural Gas Producing Activities (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Proceeds from sale of units	$ 75
Asset retirement obligations	$ 1,408	$ 819
Discount rate	10.00%
Impairment of oil and gas properties	$ 2,943
Depletable base of the full cost pool	2,100
Oil and Natural Gas Properties [Member]
Ceiling test write-downs	$ 2,900
Oil (bbls) [Member]
Reserves	$39.57 per barrel for oil
Natural Gas (MMbtu) [Member]
Reserves	$1.99 per one million British Thermal Units (MMbtu) for natural gas
West Texas [Member]
Asset retirement obligations	$ 130

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Sep. 24, 2020	Dec. 27, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Short-term Debt [Line Items]
Outstanding common stock, percentage					49.30%
Common stock, par value			$ 0.01	$ 0.01
Amortization of debt issuance costs				$ 7
APEG Energy II LP [Member] | Secured Promissory Note [Member]
Short-term Debt [Line Items]
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%
Outstanding common stock, percentage	18.00%
Interest expense			$ 10
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%
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%

Asset Retirement Obligations -

Asset Retirement Obligations - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Balance, beginning of year	$ 819	$ 939
Accretion	43	22
Sold/Plugged	(12)	(130)
Acquired	558	2
Revisions		(14)
Liabilities incurred
Balance, end of period	$ 1,408	$ 819

Commitments, Contingencies, a_2

Commitments, Contingencies, and Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accrued liability	$ 100
APEG Energy II, L.P. [Member]
Percentage for outstanding common stock	18.00%
APEG Energy II, L.P. [Member] | David Veltri [Member]
Legal fees	$ 1,300
Stock Issued During Period, Shares, Issued for Services	90,846
Stock Issued During Period, Value, Issued for Services	$ 383
Litigation Settlement, Expense	$ 81,014	$ 14,617

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2016	Dec. 31, 2020	Dec. 31, 2019
Preferred shares authorized		100,000	100,000
Series a convertible preferred stock, par value		$ 0.01	$ 0.01
Series a convertible preferred stock, shares outstanding		0	50,000
Redemption of series a preferred stock		$ (2,000)
Preferred stock, redemption price per share		$ 3.68
Preferred stock, redemption amount		$ 3,200
Preferred stock, liquidation preference, value		3,600
Number of shares issued, value		(1)
Liquidation preference		$ 0	$ 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 provided MEM rights to certain information and Board observer rights, which was terminated on December 31, 2020. MEM had agreed that it, along with its affiliates, would not acquire more than 16.86% of the Company's issued and outstanding shares of common stock.
Common Stock [Member]
Issuance of shares for redemption of series a preferred stock		328,000
Number of stock shares issued		(327)
Number of shares issued, value
Series P Preferred Stock [Member]
Preferred shares authorized		50,000
Series A Convertible Preferred Stock [Member]
Liquidation preference per share	$ 40
Liquidation preference	$ 2,000
Preferred stock, dividend rate	12.25%
Number of shares converted	1.33
Preferred stock issued upon conversion	66,667
Number of common stock issued upon conversion			79,334
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	Sep. 29, 2020	Jan. 31, 2020	Dec. 31, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Warrants to purchase common stock	50,000
Warrant exercise price				$ 3.92	$ 11.30
Fair value of warrants				$ (23)	$ 352
Proceeds from warrant exercise	$ 565			565
Warrant liability				95	73
Stock-based compensation expense				$ 211	$ 41
Stock option, granted
Stock option, exercised
Stock option, forfeited					500
Stock option, expired				166
Chief Executive Officer [Member]
Restricted shares granted during period, shares		48,000
Chief Executive Officer [Member] | Vest After One Year [Member]
Restricted shares granted during period, shares		24,000
Chief Executive Officer [Member] | Vest After Two Year [Member]
Restricted shares granted during period, shares		24,000
Member of Board [Member]
Restricted shares granted during period, shares		23,000
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
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
Underwritten offering [Member]
Number of share issued				1,150,000
Net share price				$ 3.92
Stock Options [Member]
Stock-based compensation expense				$ 0	$ 41
Stock option, granted
Stock option, exercised
Stock option, forfeited
Stock option, expired				166
Number of unvested stock options forfeited					500
Restricted Stock [Member]
Stock-based compensation expense				$ 211
Unrecognized share based compensation				$ 137

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Stock Options Activity (Details) - $ / shares		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Stock options outstanding, beginning		31,533	32,033
Stock options, Granted
Stock options, Forfeited			(500)
Stock options, Expired		(166)
Stock options, Exercised
Stock options outstanding, ending		31,367	31,533
Stock options exercisable, ending		31,367	31,533
Stock options outstanding price per share, beginning	[1]	$ 66.04	$ 65.2
Stock options outstanding price per share, Granted	[1]
Stock options outstanding price per share, Forfeited	[1]		11.6
Stock options outstanding price per share, Expired	[1]
Stock options outstanding price per share, Exercised	[1]
Stock options outstanding price per share, ending	[1]	64.78	66.04
Stock options exercisable price per share	[1]	$ 64.78	$ 66.04
[1]	Represents the weighted average price.

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Stock Options Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 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)	4 years 10 months 25 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	$ 7.2
Exercise price range, Upper range	11.6
Weighted Average	$ 10
Remaining Contractual Term (Years)	6 years 9 months 18 days
Options Exercisable, Number of shares | shares	16,500
Weighted Average Exercisable	$ 10
Exercise Price Two [Member]
Options Outstanding | shares	10,622
Exercise price range, Lower range	$ 90
Exercise price range, Upper range	124.8
Weighted Average	$ 106.2
Remaining Contractual Term (Years)	3 years 3 months 19 days
Options Exercisable, Number of shares | shares	10,622
Weighted Average Exercisable	$ 106.2
Exercise Price Three [Member]
Options Outstanding | shares	2,913
Exercise price range, Lower range	$ 139.2
Exercise price range, Upper range	171
Weighted Average	$ 147.39
Remaining Contractual Term (Years)	1 year 4 months 24 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	251.4
Weighted Average	$ 232.48
Remaining Contractual Term (Years)	2 years 10 months 25 days
Options Exercisable, Number of shares | shares	1,332
Weighted Average Exercisable	$ 232.48

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Uncertain tax positions
Federal [Member]
Net operating loss carryovers	8,900	$ 6,400
Recognized Built-In Losses [Member]
Net operating loss carryovers	$ 9,200

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)	$ (42,000)
Deferred income taxes
Income tax expenses (benefit)	$ (42,000)

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate	$ (1,361)	$ (115)
State income tax benefit, net of federal impact	(35)	(32)
Change in state tax rate, net of federal benefit	(32)	331
Change in value of warrant	5	(74)
Percentage depletion carryover	(3)	9
Prior year true up	154	52
Other	(53)	23
Increase (decrease)in valuation allowance	1,283	(194)
Income tax expenses (benefit)	$ (42)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryover	[1]	$ 5,154	$ 4,098
Property and equipment		3,939	3,468
Percentage depletion and contribution carryovers	[1]	1,855	1,833
Alternative minimum tax credit carryover	[1]		42
Equity method investment and other		246	615
Deferred compensation liability		7	41
Asset retirement obligations		315	181
Stock-based compensation		115	68
Lease obligations		32	44
Total deferred tax assets		11,663	10,390
Lease assets		(28)	(40)
Total deferred tax liabilities		(28)	(40)
Net deferred tax assets		11,635	10,350
Less valuation allowance		(11,635)	(10,350)	$ (11,361)
Net deferred tax asset
[1]	In December 2017, the Company paid down debt through the issuance of common stock. This issuance represented a 49.3% ownership change in the Company. This change in ownership, combined with other equity events, triggered loss limitations under Internal Revenue Code ("I.R.C.") Section 382. As a result, the Company wrote-off $29.8 million of gross deferred tax assets in 2017, and an additional $2.4 million in gross deferred tax assets in 2018. Since the Company has maintained a valuation allowance against these tax assets there is no impact to the consolidated statement of operations in either year.

Income Taxes - Schedule of De_2

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Ownership interest				49.30%
Gross deferred tax assets, valuation allowance	$ 11,635	$ 10,350		$ 11,361
Internal Revenue Code [Member]
Gross deferred tax assets, valuation allowance			$ 2,400	$ 29,800

Loss Per Share - Schedule of Ba

Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net loss	$ (6,439)	$ (550)
Dividend on series A preferred stock	20	(372)
Gain on redemption of series A preferred stock	441
Net loss applicable to common shareholders	$ (6,419)	$ (922)
Basic weighted average common shares outstanding	1,628,000	1,340,000
Dilutive effect of potentially dilutive securities
Diluted weighted average common shares outstanding	1,628,000	1,340,000
Basic net loss per share	$ (3.94)	$ (0.69)
Diluted net loss per share	$ (3.94)	$ (0.69)

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Antidilutive Weighted Average Shares (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total	152,000	210,000
Stock Options [Member]
Total	31,000	31,000
Unvested Shares Of Restricted Stock [Member]
Total	71,000
Warrants [Member]
Total	50,000	100,000
Series A Convertible Preferred Stock [Member]
Total		79,000

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)$ / shares
Warrant strike price | $ / shares	$ 3.92	$ 11.30
Average value of warrants		$ 73
Fair value of marketable equity securities	$ 0
Measurement Input, Discount Rate [Member]
Fair value meaeurement input	10
Minimum [Member]
Average value of warrants		60
Maximum [Member]
Average value of warrants		$ 120

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assumptions (Details)		Dec. 31, 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 | $ / shares		$ 3.92	$ 11.30
Stock Price [Member]
Fair value meaeurement input		3.68	3
Dividend Yield [Member]
Fair value meaeurement input		0	0
Average Volatility Rate [Member]
Fair value meaeurement input	[1]	120	80
Probability Of Down-round Event [Member]
Fair value meaeurement input	[2]	0	25
Risk Free Interest Rate [Member]
Fair value meaeurement input		0.11	1.59
[1]	The average volatility represents the Company's 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 Investment in the Marketable Equity Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair value	$ 181,000	$ 307,000
Anfield Energy [Member]
Number of shares owned	2,421,180
Quoted market price	$ 0.07455
Fair value	$ 180,500
Sutter Gold Mining Company [Member]
Number of shares owned	495,816
Quoted market price	$ 0
Fair value

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Recurring Measurements of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 181	$ 307
Fair value of liabilities	95	73
Marketable Equity Securities [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	181	307
Warrants [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	95	73
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	181	307
Fair value of liabilities
Level 1 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	181	307
Level 1 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair value of liabilities
Level 2 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Level 2 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair value of liabilities	95	73
Level 3 [Member] | Marketable Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Level 3 [Member] | Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	$ 95	$ 73

Fair Value of Financial Instrum

Fair Value of Financial Instruments - Schedule of Reconciliation of Changes in Liabilities Measured at Fair Value on a Recurring Basis (Details) - Level 3 [Member] - Warrant Liability [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair value liabilities of Level 3 instruments beginning of period	$ 73	$ 425
Net unrealized (gain) loss on warrant valuation	22	(352)
Fair value liabilities of Level 3 instruments end of period	$ 95	$ 73

Supplemental Oil And Natural _3

Supplemental Oil And Natural Gas Information (Unaudited) (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)$ / bbl	Dec. 31, 2019USD ($)$ / bbl
Write-downs of its oil and natural gas properties	$ 2,943,000
Depletion and amortization	407,000	693,000
Unproved leasehold costs	1,597,000	3,741,000
Reduction in value of certain of its acreage	$ 2,100,000
Transferred unproved leasehold acreage		$ 400,000
Annual Discount factor	10.00%	10.00%
Oil and Natural Gas Properties [Member]
Depletion and amortization	$ 363,000	$ 671,000
Depletion and amortization per BOE | $ / bbl	4.55	4.63

Supplemental Oil and Natural _4

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Costs Incurred in Crude Oil and Natural Gas Acquisitions, Exploration and Development Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Proved property acquisition	$ 1,851
Unproved property acquisition		12
Development	441	305
Exploration		552
Total	$ 2,292	$ 869

Supplemental Oil and Natural _5

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Capitalized Costs Associated with Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Unevaluated properties: Unproved leasehold costs	$ 1,597	$ 3,741
Evaluated properties Evaluated properties in full cost pool	93,549	89,113
Less accumulated depreciation, depletion and amortization	(87,708)	(84,400)
Net oil and natural gas properties	$ 7,438	$ 8,454

Supplemental Oil and Natural _6

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Oil and natural gas sales	$ 2,330	$ 6,573
Lease operating expense	(1,535)	(1,848)
Production taxes	(168)	(429)
Depletion and amortization	(356)	(671)
Impairment of oil and natural gas properties	(2,943)
Results of operations from oil and natural gas producing activities	$ (2,672)	$ 3,625

Supplemental Oil and Natural _7

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Proved Oil and Gas Reserves and Changes in Net Proved Reserves (Details) - bbl		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Oil (bbls) [Member]
Reserve quantities, beginning of year		807,505	751,260
Revisions of previous estimates		(248,770)	99,352
Discoveries and extensions			72,907
Purchases of minerals in place		477,479
Sale of minerals in place			(5,924)
Production		(60,469)	(110,090)
Reserve quantities, end of year		975,745	807,505
Natural Gas (MMbtu) [Member]
Reserve quantities, beginning of year	[1]	1,129,258	737,998
Revisions of previous estimates	[1]	(22,895)	511,969
Discoveries and extensions	[1]		101,892
Purchases of minerals in place	[1]	686,670
Sale of minerals in place	[1]		(13,083)
Production	[1]	(116,085)	(209,518)
Reserve quantities, end of year	[1]	1,676,948	1,129,258
[1]	Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.

Supplemental Oil and Natural _8

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Prices as Adjusted for Transportation, Quality (Details) - $ / bbl		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Oil (bbls) [Member]
Sales Prices		39.57	55.69
Natural Gas (mcfe) [Member]
Sales Prices	[1]	1.99	2.58
[1]	Consists of the weighted average price for natural gas in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.

Supplemental Oil and Natural _9

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Future cash inflows	$ 39,090	$ 45,528
Production costs	(24,189)	(21,435)
Development costs	(302)
Income taxes	(142)	(3,747)
Future net cash flows	14,457	20,436
10% annual discount factor	(5,871)	(9,998)
Standardized measure of discounted future net cash flows	$ 8,586	$ 10,348	$ 11,599

Supplemental Oil and Natural_10

Supplemental Oil and Natural Gas Information - Schedule of Standardized Measure of Discounted Future Net Cash Flows (Details) (Parenthetical)	Dec. 31, 2020	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Annual Discount factor	10.00%	10.00%

Supplemental Oil and Natural_11

Supplemental Oil and Natural Gas Information (Unaudited) - Schedule of Standardized Measure of Future Net Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Standardized measure, beginning of year	$ 10,348	$ 11,599
Sales of oil and natural gas, net of production costs	(627)	(4,296)
Net changes in prices and production costs	(8,487)	(2,499)
Changes in estimated future development costs	(302)
Extensions and discoveries		2,231
Purchases of minerals in place	5,841
Sale of minerals in place		(83)
Revisions in previous quantity estimates	(1,148)	2,130
Previously estimated development costs incurred
Net changes in income taxes	1,649	(299)
Accretion of discount	855	1,068
Changes in timing and other	457	497
Standardized measure, end of year	$ 8,586	$ 10,348

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member]	Mar. 09, 2021$ / bblbbl	Mar. 04, 2021USD ($)$ / sharesshares	Feb. 11, 2021USD ($)$ / sharesshares	Jan. 31, 2021shares
Chief Executive Officer [Member]
Number of shares granted | shares				100,000
Vesting period				3 years
Director [Member]
Number of shares granted | shares				10,000
Vesting date				Jan. 28, 2022
Commodity Contract [Member]
Derivative contract fixd price of crude oil | bbl	100
Average crude oil per day | $ / bbl	61.9
Underwriting Agreement [Member]
Number of share issued | shares			1,131,500
Common stock, per share value | $ / shares			$ 5.10
Offering closed date			Feb. 17, 2021
Offering expenses			$ 5,300,000
Debt Conversion Agreement [Member] | Secured Debt [Member]
Convertible notes payable		$ 413,000
Debt instrument principle amont		375,000
Accrued interest		$ 38,000
Unregistered shares of common stock | shares		97,962
Conversion price per share | $ / shares		$ 4.21
Debt instrument discount percentage		9.90%
Valuem of weighted average price of its common stock		10 days
Subscription Agreement [Member]
Purchase of unregistered common shares | shares		90,846
Aggregare of common stock subscription		$ 383,000
Subscription price was paid by way of forgiveness		$ 383,000