U.S. Energy (USEG) 10-K 28 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 25, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-06814
Entity Registrant Name	US ENERGY CORP
Entity Central Index Key	0000101594
Entity Tax Identification Number	83-0205516
Entity Incorporation, State or Country Code	WY
Entity Address, Address Line One	675 Bering
Entity Address, Address Line Two	Suite 390
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057
City Area Code	(303)
Local Phone Number	993-3200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	USEG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 21,163,394
Entity Common Stock, Shares Outstanding		24,873,812
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2022 annual meeting of shareholders (the “2022 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2022 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
ICFR Auditor Attestation Flag	false
Auditor Name	Plante & Moran, PLLC
Auditor Location	Denver, Colorado
Auditor Firm ID	166

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and equivalents	$ 4,422	$ 2,854
Oil and natural gas sales receivable	933	514
Marketable equity securities	191	181
Prepaid and other current assets	179	184
Real estate assets held for sale, net of selling costs	250	975
Total current assets	5,975	4,708
Oil and natural gas properties under full cost method:
Unevaluated properties	1,588	1,597
Evaluated properties	95,088	93,549
Less accumulated depreciation, depletion, amortization and impairment	(88,195)	(87,708)
Net oil and natural gas properties	8,481	7,438
Other assets:
Pending acquisition	2,767
Property and equipment, net	188	25
Right of use asset	120	127
Other assets	132	65
Total other assets	3,207	217
Total assets	17,663	12,363
Current liabilities:
Accounts payable and accrued liabilities	1,447	1,457
Accrued compensation and benefits	1,162	312
Related party secured note payable		375
Warrant liability	19
Current lease obligation	114	65
Total current liabilities	2,742	2,209
Noncurrent liabilities:
Asset retirement obligations	1,461	1,408
Warrant liability		95
Long-term lease obligation, net of current portion	19	78
Other noncurrent liabilities	6	6
Total noncurrent liabilities	1,486	1,587
Total liabilities	4,228	3,796
Shareholders’ equity:
Common stock, $0.01 par value; unlimited shares authorized; 4,676,301 and 3,317,893 shares issued and outstanding as of December 31, 2021 and 2020, respectively	47	33
Additional paid-in capital	149,276	142,652
Accumulated deficit	(135,888)	(134,118)
Total shareholders’ equity	13,435	8,567
Total liabilities and shareholders’ equity	$ 17,663	$ 12,363

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, unlimited shares authorized	Unlimited	Unlimited
Common stock, shares issued	4,676,301	3,317,893
Common stock, shares outstanding	4,676,301	3,317,893

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue:
Total revenue	$ 6,658	$ 2,330
Oil and natural gas operations:
Lease operating expense	2,421	1,535
Production taxes	471	168
Depreciation, depletion, accretion and amortization	566	407
Impairment of oil and natural gas properties		2,943
General and administrative:
Compensation and benefits	2,622	1,141
Professional fees, insurance and other	2,013	1,506
Total operating expenses	8,093	7,700
Operating Loss	(1,435)	(5,370)
Other income (expense):
Loss on real estate held for sale	(151)	(1,054)
Commodity derivative loss	(260)
Gain (loss) on marketable equity securities	10	(81)
Warrant revaluation gain (loss)	76	(23)
Rental and other income (loss)	8	(27)
Recovery of deposit		75
Other income	39	13
Interest expense, net	(57)	(14)
Total other expense	(335)	(1,111)
Loss before income taxes	(1,770)	(6,481)
Income tax benefit		42
Net loss	(1,770)	(6,439)
Preferred stock dividends		20
Net loss applicable to common shareholders	$ (1,770)	$ (6,419)
Basic and diluted weighted average shares outstanding	4,491,984	1,627,517
Basic and diluted net loss per share	$ (0.39)	$ (3.94)
Oil [Member]
Revenue:
Total revenue	$ 5,956	$ 2,127
Natural Gas, Midstream [Member]
Revenue:
Total revenue	$ 702	$ 203

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 13	$ 136,876	$ (127,679)	$ 9,210
Beginning 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 for acquisition of New Horizon Resources	$ 1	239		240
Shares issued for 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, shares	315,810
Issuance of shares in underwritten offering, net of offering costs	$ 11	2,957		2,968
Issuance of shares in underwritten offering, net of offering costs, shares	1,150,000
Exercise of stock warrants	$ 1	564		565
Exercise of stock warrants, shares	50,000
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, shares	328,000
Stock-based compensation		211		211
Net loss			(6,439)	(6,439)
Ending balance, value at Dec. 31, 2020	$ 33	142,652	(134,118)	8,567
Ending balance, shares at Dec. 31, 2020	3,317,893
Issuance of shares in underwritten offering, net of offering costs	$ 11	5,272		5,283
Issuance of shares in underwritten offering, net of offering costs, shares	1,131,600
Issuance of shares for related party secured note payable conversion	$ 1	437		438
Issuance of shares for related party secured note payable conversion, shares	97,962
Issuance of shares for settlement of related party legal costs	$ 1	405		406
Issuance of shares for settlement of related party legal costs, shares	90,846
Issuance of shares upon vesting of restricted stock awards	$ 1	(1)
Issuance of shares upon vesting of restricted stock awards, shares	47,000
Shares withheld to settle tax withholding obligations for restricted stock awards		(38)		(38)
Shares withheld to settle tax withholding obligations for restricted stock awards, shares	(9,000)
Stock-based compensation		549		549
Net loss			(1,770)	(1,770)
Ending balance, value at Dec. 31, 2021	$ 47	$ 149,276	$ (135,888)	$ 13,435
Ending balance, shares at Dec. 31, 2021	4,676,301

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Registered Direct Offering [Member].
Subsidiary, Sale of Stock [Line Items]
Offering cost		$ 158
Underwritten offering [Member]
Subsidiary, Sale of Stock [Line Items]
Offering cost	$ 488	$ 482

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (1,770)	$ (6,439)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion, accretion, and amortization	589	467
Impairment of oil and gas properties		2,943
Loss on real estate assets held for sale	151	1,054
Change in fair value of warrants	(76)	23
(Gain) loss on marketable equity securities	(10)	81
Loss on related party debt conversion and settlement of legal costs	76
Stock-based compensation	549	211
Right of use asset amortization	90	53
Decrease (increase) in:
Oil and natural gas sales receivable	(419)	214
Other assets	141	153
Increase (decrease) in:
Accounts payable accrued liabilities	(125)	461
Accrued compensation and benefits	850	120
Payments on operating lease liability	(92)	(58)
Payments of asset retirement obligations	(107)
Net cash used in operating activities	(153)	(717)
Cash flows from investing activities:
Acquisition of oil and natural gas properties, net of cash acquired		(699)
Expenditures for pending acquisition	(2,221)
Oil and gas properties capital expenditures	(1,408)	(475)
Property and equipment additions	(196)
Proceeds from sale of marketable equity securities		45
Proceeds from sale of oil and natural gas properties	40
Proceeds from sale of real estate	440
Payment received on notes receivable	20	20
Net cash used in investing activities:	(3,325)	(1,109)
Cash flows from financing activities:
Issuance of common stock, net of fees	5,283	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	(199)	(198)
Payments on credit facility		(61)
Payment for fractional shares in reverse stock split		(1)
Shares withheld to settle tax withholding obligations for restricted stock awards	(38)
Net cash provided by financing activities	5,046	3,148
Net increase in cash and equivalents	1,568	1,322
Cash and equivalents, beginning of year	2,854	1,532
Cash and equivalents, end of year	4,422	2,854
Supplemental disclosures of cash flow information and non-cash activities:
Cash payments for interest	5	5
Investing activities:
Change in capital expenditure accruals	626	(21)
Issuance of stock for acquisitions		554
Prepaid rent liability netted with proceeds on sale of real estate	143
Asset retirement obligations	(45)	558
Asset retirement obligations sold /plugged	70	12
Operating lease liability and right of use asset	82
Financing activities:
Shares issued in redemption of Series A preferred stock		1,207
Issuance of stock for conversion of related party secured note payable	438
Issuance of stock for settlement of related party legal costs	406
Financing of insurance premiums with accrued payable	$ 223	$ 198

ORGANIZATION, OPERATIONS AND SI

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [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. On January 5, 2022, the Company closed the acquisitions of certain oil and gas properties from three separate sellers, representing a diversified portfolio of primarily operated, producing, oil-weighted assets located across the Rockies, West Texas, Eagle Ford, and Mid-Continent see Note 16-Subsequent Events. 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 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. 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. Industry Segment and Geographic Information The Company operates in the exploration and production segment of the oil and gas industry, onshore in the United States. The Company reports as a single industry segment. 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 of receivables from joint interest operators for the Company’s share of oil, natural gas, and natural gas liquids (“NGLs”) sales and purchasers of the Company’s operated production, Generally, the Company’s oil and natural gas sales receivables from joint interest operators is collected within three months. The Company’s operated production is collected the month following production. The Company has had minimal bad debts related to oil and natural gas sales. Although diversified among several joint interest operators and first purchasers, collectability is dependent upon the financial wherewithal of each joint interest operator or first purchaser and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2021, and 2020, 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 purchasers of the Company’s share of oil and natural gas production and its operated production. The following table presents the purchasers that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: SCHEDULE OF CONCENTRATION OF CREDIT RISK Operator 2021 2020 Zavanna, LLC 34 % 41 % Infinity Hydrocarbons 30 % 6 % CML Exploration, LLC 10 % 25 % Concentration risk percentage 10 % 25 % 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 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: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Years Administrative assets: Computers and software 3 Office furniture and equipment 5 Autos and trucks 5 Other equipment 10 Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not 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. Derivative Financial Instruments The Company periodically enters into commodity derivative instruments to mitigate a portion of its exposure to oil price volatility for its expected future oil production. The Company does not designate commodity derivative contracts as cash flow hedges, and therefore the contracts do not qualify for hedge accounting. Changes in fair value of derivative contracts are recorded in the consolidated statement of operations. The fair value of derivative contracts is recorded as either an asset or a liability on the consolidated balance sheet. Warrant Liability 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. 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, 2021 and 2020, 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, 2021. 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 There were no significant new accounting standards adopted or new accounting pronouncements issued that would have a potential effect on the Company of December 31, 2021.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	2. ACQUISITIONS Pending Acquisition At December 31, 2021, the Company was in the process of closing acquisitions of assets contemplated by the October 4, 2021, purchase and sale agreements (as amended) with (a) Lubbock Energy Partners LLC, (b) Banner Oil & Gas, LLC, Woodford Petroleum, LLC and Llano Energy, LLC (collectively Banner) and (c) Synergy Offshore LLC. The acquisition closed on January 5, 2022. See Note 16- Subsequent Events. At December 31, 2021, amounts incurred for the pending acquisition relate to payment of deposits totaling $ 1.5 million and transaction costs of $ 1.3 million. The amounts are included in other assets in the accompanying consolidated balance sheet. 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 59,498 150,000 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. 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 4.04 240 Cash acquired (28 ) Total fair value of consideration transferred $ 362 For the years ended December 31, 2021 and 2020, the Company recorded revenues of approximately $ 204 101 88 231 132 252 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 $ 597 500 97 29 7,075 31 203 SUMMARY OF AMOUNTS INCURRED FOR 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 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 67,254 4.24 285 326 41 192 SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED Amount (in thousands) Amounts incurred: Value of 67,254 $ 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, 2021
Real Estate [Abstract]
REAL ESTATE HELD FOR SALE	REAL ESTATE HELD FOR SALE During the year ended December 31, 2021, the Company completed the sale of its 30,400 14 440 151 651 The Company continues to hold approximately 13 250 403

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	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. Accordingly, the variable consideration is not constrained. For the properties in which the Company holds non-operated interest, 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 2020, the Company acquired operated oil and gas producing properties (see Note 2- Acquisitions 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 Accounting Standards Codification (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, 2021 and 2020, 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’s revenues in its North Dakota, Texas, New Mexico and other states for the years ended December 31, 2021 and 2020, are presented in the following table: SCHEDULE OF DISAGGREGATED REVENUE 2021 2020 Year Ended 2021 2020 (in thousands) Revenue: North Dakota Oil $ 2,538 $ 1,240 Natural gas and liquids 391 102 Total 2,929 1,342 Texas Oil 2,729 875 Natural gas and liquids 312 82 Total 3,041 957 New Mexico Oil 348 - Natural gas and liquids - - Total 348 - Other Oil 341 12 Natural gas and liquids (1 ) 19 Total 340 31 Combined Total $ 6,658 $ 2,330 Total revenue $ 6,658 $ 2,330

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
Leases
LEASES	5. LEASES During the year ended December 31, 2021, the Company acquired right-of-use assets and operating lease liability of $ 82 SCHEDULE OF CONSOLIDATED BALANCE SHEET 2021 2020 December 31, 2021 2020 (in thousands) Right of use asset balance Operating lease $ 120 $ 127 Lease liability Short-term operating lease 114 65 Long-term operating lease 19 78 Total operating leases $ 133 $ 143 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, prior to February 2021, when the Company entered into a new 25 SCHEDULE OF LEASE COSTS 2021 2020 December 31, 2021 2020 (in thousands) Operating lease cost $ 125 74 Short-term lease cost 9 22 Sublease income (64 ) (41 ) Total lease costs $ 70 $ 55 The Company’s Denver and Houston office operating leases do not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases. SCHEDULE OF WEIGHTED AVERAGE LEASE As of December 31, 2021 2020 Weighted average lease term (years) 1.1 2.1 Weighted average discount rate 9.26 % 8.75 % SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS December 31, 2021 (in thousands) 2022 122 2023 18 Total lease payments $ 140 Less: imputed interest (7 ) Total lease liability $ 133 As discussed in Note 3- Real Estate Held for Sale 14 30,400 151 651 The Company recognized, as a component of rental property income (loss), the following operating lease income and expenses related to its Riverton, Wyoming office building for the years ended December 31, 2021 and 2020: SCHEDULE OF LOSS ON RENTAL PROPERTY 2021 2020 Year Ended 2021 2020 (in thousands) Operating lease income $ 131 $ 213 Operating lease expense (123 ) (181 ) Depreciation - (59 ) Rental property income (loss), net $ 8 $ (27 )

OIL AND NATURAL GAS PRODUCING A

OIL AND NATURAL GAS PRODUCING ACTIVITIES	12 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
OIL AND NATURAL GAS PRODUCING ACTIVITIES	6. OIL AND NATURAL GAS PRODUCING ACTIVITIES Divestitures During the year ended December 31, 2021, the Company divested an operated well in North Dakota for proceeds of $ 10 53 12 30 40 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, 2021, the Company used $ 66.56 per barrel 3.60 per one million British Thermal Units (MMbtu) for natural gas 10 For the year ended December 31, 2021, the Company did not have a ceiling test write down of its oil and natural gas properties. During the year ended December 31, 2020, the Company recorded ceiling test write-downs of its oil and natural gas properties of $ 2.9 2.1

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT	7. DEBT On March 4, 2021, the Company closed a Debt Conversion Agreement (the “Conversion Agreement”) with APEG Energy II, L.P. (“APEG II”), which entity Patrick E. Duke, a former director of the Company, has shared voting power and shared investment power. The Conversion Agreement was related to a $ 375,000 10 September 24, 2021 10 375,000 37,500 97,962 438,000 25,500 412,500

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Dec. 31, 2021
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. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations for the years ended December 31, 2021 and 2020: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS Year Ended December 31, 2021 2020 (in thousands) Balance, beginning of year $ 1,408 $ 819 Accretion 78 43 Sold/Plugged (70 ) (12 ) Acquired 45 558 Balance, end of year $ 1,461 $ 1,408

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS	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 settled the litigation in December 2021 by paying Mr. Veltri and his attorneys $ 750 375 427 APEG II Litigation From February 2019 until August 2020, the Company was involved in litigation with its former Chief Executive Officer, David Veltri, and at the time its largest shareholder, APEG II and APEG II’s general partner, APEG Energy II, GP (together with APEG II, “APEG”). 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. The Colorado litigation was dismissed in May 2020 and the Texas Litigation was dismissed in August 2020. On March 4, 2021, the Company issued 90,846 406

PREFERRED STOCK

PREFERRED STOCK	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
PREFERRED STOCK	PREFERRED STOCK The Company’s articles of incorporation authorize the issuance of up to 100,000 0.01 50,000 On December 31, 2020, the Company redeemed all then 50,000 2.0 328,000 3.68 3.2 3.6

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
SHAREHOLDERS’ EQUITY	11. SHAREHOLDERS’ EQUITY Common Stock At December 31, 2021, the Company had 4,676,301 1,131,600 5.3 Warrants In December 2016, the Company completed a registered direct offering of 100,000 15.00 100,000 20.05 1.3 1.2 0.1 565 50,000 50,000 19 95 Pursuant to the original warrant agreement, as a result of common stock issuances at various prices, the warrant exercise price has been reduced from its original $ 20.50 3.92 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. For the years ended December 31, 2021 and 2020, there was no No 332 166 SCHEDULE OF STOCK OPTIONS ACTIVITY December 31, 2021 December 31, 2020 Shares Price (1) Shares Price (1) Stock options outstanding and exercisable 31,035 $ 62.79 31,367 $ 64.78 (1) Represents the weighted average price. The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2021. 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: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE 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 5.8 16,500 $ 10.00 10,622 90.00 124.80 106.20 2.3 10,622 106.20 2,913 139.20 171.00 147.39 0.4 2,913 147.39 1,000 226.20 226.20 226.20 2.7 1,000 226.20 31,035 $ 7.20 $ 226.20 $ 62.79 4.0 31,035 $ 62.79 Restricted Stock The Company grants restricted stock under its incentive plan covering shares of common stock to employees and directors of the Company. The restricted stock awards are time-based awards and are amortized ratably over the requisite service period. Restricted stock vests ratably on each anniversary following the grant date provided the grantee is employed on the vesting date. Restricted stock granted to employees, when vested, are net settled through the issuance of shares, net of the number of shares required to pay withholding taxes. The following table presents the changes in non-vested, time-based restricted stock awards to all employees and directors for the year ended December 31, 2021: SCHEDULE OF NON-VESTED TIME-BASED RESTRICTED STOCK AWARDS Shares Weighted-Avg. Grant Date Fair Value per Share Non-vested restricted stock at December 31, 2020 71,000 $ 4.89 Granted 150,000 $ 4.72 Vested (47,000 ) $ 4.89 Non-vested restricted stock at December 31, 2021 174,000 $ 4.75 The following table presents the stock compensation expense related to restricted stock grants for the years ended December 31, 2021 and 2020: SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS Year Ended December 31, 2021 2020 (in thousands) Stock compensation expense $ 549 211 Total compensation cost related to non-vested time-based awards not yet recognized in the Company’s condensed consolidated statements of operations as of December 31, 2021 is $ 296 thousand. This cost is expected to be recognized over a weighted average period of 2.5 years. At December 31, 2021, the Company had 1,000,000 shares available for issuance under its 2021 Sock Incentive Plan.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The components of the income tax provision for the years ended December 31, 2021 and 2020 include the following: SCHEDULE OF INCOME TAX PROVISION 2021 2020 (in thousands) Current income tax expense (benefit) $ - $ (42 ) Deferred income taxes - - Income tax expenses (benefit) $ - $ (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, 2021 and 2020, 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: SCHEDULE OF EFFECTIVE INCOME TAX 2021 2020 (in thousands) Income tax benefit at federal statutory rate $ (372 ) $ (1,361 ) State income tax benefit, net of federal impact (25 ) (35 ) Change in state tax rate, net of federal benefit (1 ) (32 ) Change in value of warrant (16 ) 5 Percentage depletion carryover (50 ) (3 ) Prior year true up (14 ) 154 Other 2 (53 ) Increase in valuation allowance 476 1,283 Income tax expense (benefit) $ - $ (42 ) The components of deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryover (1) $ 6,295 $ 5,154 Property and equipment 3,115 3,939 Percentage depletion and contribution carryovers (1) 1,947 1,855 Alternative minimum tax credit carryover (1) - - Equity method investment and other 225 246 Deferred compensation liability 9 7 Asset retirement obligations 327 315 Stock-based compensation 190 115 Lease obligations 30 32 Total deferred tax assets 12,138 11,663 Deferred tax liabilities: Lease assets (27 ) (28 ) Total deferred tax liabilities (27 ) (28 ) Net deferred tax assets 12,111 11,635 Less valuation allowance (12,111 ) (11,635 ) 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 29.8 2.4 As of December 31, 2021, the Company has approximately $ 12.5 million in net operating loss carryovers (after limitations) for federal income tax purposes. The losses will be subject to an Internal Revenue Code (IRC) Section 382 limitation as a result the acquisition that closed on January 5, 2022 see Note 16-Subsequent Events. 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, 2021, the Company has approximately $ 10.8 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, 2021 and 2020, no The Company files income tax returns in U.S. federal and multiple state jurisdictions. The Company is subject to tax audits in these jurisdictions until the applicable statute of limitations expires. The Company is no longer subject to U.S. federal tax examinations for tax years prior to 2017. The Company is open for various state tax examinations for tax years 2016 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, 2021 and 2020, 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, 2021 and 2020 related to uncertain tax positions.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020, 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, 2021 and 2020 and 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: SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2021 2020 (in thousands except per share data) Net loss $ (1,770 ) $ (6,439 ) Dividend on series A preferred stock - (421 ) Gain on redemption of series A preferred stock - 441 Net loss applicable to common shareholders $ (1,770 ) $ (6,419 ) Basic weighted-average common shares outstanding 4,492 1,628 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 4,492 1,628 Basic net loss per share $ (0.39 ) $ (3.94 ) Diluted net loss per share $ (0.39 ) $ (3.94 ) For the years ended December 31, 2021 and 2020, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows: SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES 2021 2020 (in thousands) Stock options 31 31 Unvested shares of restricted stock 174 71 Warrants 50 50 Total 255 152

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
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 2021. The Company estimated the value of the warrants at December 31, 2021 and 2020, with the following assumptions: SCHEDULE OF FAIR VALUE ASSUMPTIONS 2021 2020 Number of warrants outstanding 50,000 50,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 3.92 $ 3.92 Stock price $ 3.27 $ 3.68 Dividend yield 0 % 0 % Average volatility rate (1) 66 % 120 % Probability of down-round event (2) 0 % 0 % Risk free interest rate 0.11 % 0.11 % (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, 2021 and 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 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. SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES December 31, 2021 2020 Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.07874 $ 0.07455 Fair value $ 190,641 $ 180,500 Asset Retirement Obligations The Company measures the fair value of asset retirement obligations as of the date a well is acquired or the date a well begins drilling using a discounted cash flow method based on unobservable inputs in the market and therefore are designated as Level 3 within the valuation hierarchy. See Note 8-Asset Retirement Obligations. Other Assets and Liabilities The Company evaluates the fair value on a non-recurring basis of properties acquired in business combinations. The fair value of the oil and gas properties is determined based upon estimated future discounted cash flow, a Level 3 input, using estimated production which we reasonably expect, and estimated prices adjusted for differentials. Unobservable inputs include estimated future oil and natural gas production, prices, operating and development costs, and a discount rate of 10 The Company evaluates the fair value on a non-recurring basis of its Riverton, Wyoming real estate assets when circumstances indicate that the value has been impaired. At December 31, 2021, the Company estimated the fair value of its real estate assets based on a market approach with comparison to recent 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, 2021 and 2020 are as follows: SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Current Assets: Marketable Equity Securities $ 191 $ - $ - $ 191 $ 181 $ - $ - $ 181 Current Liabilities: Warrants $ - $ - $ 19 $ 19 $ - $ - $ - $ - Non-current Liabilities: Warrants $ - $ - $ - $ - $ - $ - $ 95 $ 95 The following table presents a reconciliation of our Level 3 warrants measured at fair value: SCHEDULE OF RECONCILIATION OF CHANGES IN LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS 2021 2020 Year Ended December 31, 2021 2020 (in thousands) Fair value of Level 3 instruments liabilities at beginning of period $ 95 $ 73 Net unrealized (gain) loss on warrant valuation (76 ) 22 Fair value of Level 3 instruments liabilities at end of period $ 19 $ 95

SUPPLEMENTAL OIL AND NATURAL GA

SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2021
Extractive Industries [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, 2021 and 2020 are provided in the table below: SCHEDULE OF COSTS INCURRED IN CRUDE OIL AND NATURAL GAS ACQUISITIONS, EXPLORATION AND DEVELOPMENT ACTIVITIES 2021 2020 (in thousands) Proved property acquisition $ 46 $ 1,851 Unproved property acquisition 5 - Development 1,519 441 Exploration - - Total $ 1,570 $ 2,292 Capitalized Costs The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2021 and 2020: SCHEDULE OF CAPITALIZED COSTS ASSOCIATED WITH OIL AND NATURAL GAS PRODUCING ACTIVITIES 2021 2020 (in thousands) Oil and Natural Gas Properties: Unevaluated properties: Unproved leasehold costs $ 1,588 $ 1,597 Evaluated properties in full cost pool 95,088 93,549 Less accumulated depletion and ceiling test impairment (88,195 ) (87,708 ) Net capitalized costs $ 8,481 $ 7,438 The Company did no 2.9 490 3.98 363 4.55 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 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 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, 2021 and 2020: SCHEDULE OF OIL AND NATURAL GAS PRODUCING ACTIVITIES 2021 2020 (in thousands) Oil and natural gas sales $ 6,658 $ 2,330 Lease operating expense (2,421 ) (1,535 ) Production taxes (471 ) (168 ) Depletion and amortization (487 ) (356 ) Impairment of oil and natural gas properties - (2,943 ) Results of operations from oil and natural gas producing activities $ 3,279 $ (2,672 ) 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, 2021 and 2020 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, 2021, and 2020, 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, 2021 and 2020: SCHEDULE OF PROVED OIL AND GAS RESERVES AND CHANGES IN NET PROVED RESERVES (bbls) (mcfe) (1) (bbls) (mcfe) (1) 2021 2020 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 975,745 1,676,948 807,505 1,129,258 Revisions of previous estimates 128,232 437,757 (248,770 ) (22,895 ) Discoveries and extensions - - - - Purchases of minerals in place 11,365 - 477,479 686,670 Sale of minerals in place - - - - Production (93,722 ) (176,657 ) (60,469 ) (116,085 ) Reserve quantities, end of year 1,021,620 1,938,048 975,745 1,676,948 (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, 2021 included the following: ● The upward revisions of previous estimates of 201,192 BOE were primarily attributable to revisions due to higher pricing used in the estimate of proved reserves at December 31, 2021. ● Purchases of minerals in place in 2021 represent reserves added as a result of the acquisition of one well in our Liberty County properties. Purchases of reserves in place in 2020 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: SCHEDULE OF PRICES AS ADJUSTED FOR TRANSPORTATION, QUALITY 2021 2020 Oil per Bbl $ 66.56 $ 39.57 Gas per Mcfe (1) $ 3.60 $ 1.99 (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 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, 2021 and 2020: SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS 2021 2020 (in thousands) Future cash inflows $ 76,041 $ 39,090 Future cash outflows: Production costs (40,350 ) (24,189 ) Development costs - (302 ) Income taxes (2,818 ) (142 ) Future net cash flows 32,873 14,457 10 (13,706 ) (5,871 ) Standardized measure of discounted future net cash flows $ 19,167 $ 8,586 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, 2021 and 2020 are as follows: SCHEDULE OF STANDARDIZED MEASURE OF FUTURE NET CASH FLOWS 2021 2020 (in thousands) Standardized measure, beginning of year $ 8,586 $ 10,348 Sales of oil and natural gas, net of production costs (3,766 ) (627 ) Net changes in prices and production costs 11,675 (8,487 ) Changes in estimated future development costs 302 (302 ) Extensions and discoveries - - Purchases of minerals in place 216 5,841 Sale of minerals in place - - Revisions in previous quantity estimates 3,080 (1,148 ) Previously estimated development costs incurred (302 ) - Net changes in income taxes (1,389 ) 1,649 Accretion of discount 674 855 Changes in timing and other 91 457 Standardized measure, end of year $ 19,167 $ 8,586

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On January 5, 2022 (the “Closing Date”), the Company closed the acquisitions contemplated by three separate Purchase and Sale Agreements (the “Purchase Agreements”), entered into by the Company on October 4, 2021, with each of (a) Lubbock Energy Partners LLC (“Lubbock”); (b) Banner Oil & Gas, LLC, Woodford Petroleum, LLC and Llano Energy LLC (collectively, “Banner”), and (c) Synergy Offshore LLC (“Synergy”, and collectively with Lubbock and Banner, (the “Sellers”). Pursuant to the Purchase Agreements, the Company acquired certain oil and gas properties from the Sellers, representing a diversified portfolio of primarily operated, producing, oil-weighted assets located across the Rockies, West Texas, Eagle Ford, and Mid-Continent. The acquisition also included certain wells, contracts, technical data, records, personal property and hydrocarbons associated with the acquired assets (collectively with the oil and gas properties acquired, the “Acquired Assets”). The purchase price for the Acquired Assets was (a) $ 125,000 in cash and 6,568,828 shares of our common stock, as to Lubbock; (b) $ 1,000,000 in cash, the assumption of $ 3.3 million of debt, and 6,790,524 shares of common stock, as well as the novation of certain hedges which had a mark to market loss of approximately $ 3.1 million as of the Closing Date, as to Banner; and (c) $ 125,000 in cash and 6,546,384 shares of common stock, as to Synergy. The aggregate purchase price under all the Purchase Agreements was $ 67.4 1.25 million in cash, the value of 19,905,736 shares of our common stock on the Closing Date of $ 64.7 1.4 3.3 million in debt, as well as a derivative liability from the novation of the hedges discussed above of $ 3.1 Each Purchase Agreement required the Company to place a $ 500,000 deposit into escrow ($ 1.5 million in aggregate) (the “Deposits”). The Deposits, included in other assets in the consolidated balance sheet at December 31, 2021, were released on the Closing Date to pay a portion of the purchase price and closing adjustments for the Acquired Assets. The Company is currently evaluating certain accounting and valuation considerations for the Acquired Assets. Board of Directors On January 4, 2022, and effective as of the Closing on January 5, 2022, the Board of Directors (the “Board”) (i) increased the size of the Company’s Board of Directors from five members to seven members (with Javier F. Pico resigning from the Board effective immediately prior to Closing), and appointed (a) Mr. John A. Weinzierl, the Chief Executive Officer of Lubbock, who was designated by Lubbock, as a director and Chairman of the Company; (b) Mr. Joshua Batchelor, the Managing Partner of Sage Road Capital, LP, the owner of Banner, who was designated by Banner, as a director of the Company; and (c) Mr. Duane H. King, the Chief Executive Officer of Synergy, who was designated by Synergy, as a director of the Company. Credit agreement Separate from the Closing, but also effective on January 5, 2022, the Company entered into a five-year credit agreement (“Credit Agreement”) with Firstbank Southwest (“Firstbank”) as administrative agent for one or more lenders (the “Lenders”), which provides for a revolving line of credit with an initial borrowing base of $ 15 million, and a maximum credit amount of $ 100 million. Under the Credit Agreement, revolving loans may be borrowed, repaid and re-borrowed until January 5, 2026, when all outstanding amounts must be repaid. Interest on the outstanding amounts under the Credit Agreement will accrue at an interest rate equal to (a) the greatest of (i) the prime rate in effect on such day, and (b) the Federal Funds rate in effect on such day (as determined in the Credit Agreement) plus 0.50%, and an applicable margin that ranges between 0.25% to 1.25% depending on utilization of the amount of the borrowing base (the “Applicable Margin”). During the first six months of the term, the applicable margin will be 0.75% regardless of utilization . Accrued interest on each revolving loan is payable in arrears on the last day of each March, June, September and December. A commitment fee of 0.50 % accrues on the average daily amount of the unused portion of the borrowing base (as of March 22, $ 11,500,000 ) is payable in arrears on the last business day of March, June, September and December of each year and on the maturity date. The Company is also required to make certain mandatory repayments under the Credit Agreement, in the event the borrowing base decreases below the aggregate amount of loans made by the Lenders and/or if as of the last business day of any calendar month, certain required debt ratios required under the Credit Agreement are not met, there are outstanding amounts owed to the Lenders, and the Company has consolidated cash on hand in excess of $ 5 The Credit Agreement contains customary indemnification requirements, representations and warranties and customary affirmative and negative covenants applicable to the Company and its subsidiaries (the “Loan Parties”). In addition, the Credit Agreement contains financial covenants, tested quarterly, that limit the Company’s ratio of total debt to EBITDAX (as defined in the Credit Agreement) to 3:1 and require its ratio of consolidated current assets to consolidated current liabilities (as each is described in the Credit Agreement) to remain at 1:1 or higher. The Credit Agreement also requires the Company to hedge certain oil and gas volumes, based on utilization of the borrowing base, which hedging will be accomplished pursuant to the ISDA Master Agreement, discussed below. If any event of default occurs as defined in the Credit Agreement and is continuing under the Credit Agreement, the Lenders may terminate their commitments, and may require the Company and its subsidiaries to repay outstanding debt and/or to provide a cash deposit as additional security for outstanding letters of credit. A total of $ 3.5 3.5 3.3 Intercreditor Agreement In connection with the Credit Agreement, Firstbank, as administrative agent for the Lenders and as collateral agent on behalf of all creditors, and Nextera Energy Marketing, LLC (“NextEra”), together with one or more future swap counterparties (“Swap Counterparties”) entered into an intercreditor agreement (“Intercreditor Agreement”), dated February 5, 2022, which was acknowledged by the Company. Under the Intercreditor Agreement, the parties agreed that the Loan Parties’ obligations under the Credit Agreement and their obligations to the Swap Counterparties in connection with certain acceptable swap agreements (as defined in the Intercreditor Agreement), and discussed below under “ISDA Master Agreement”, would be pari passu ISDA Master Agreement Separate from the Closing, but also effective on January 5, 2022, the Company and NextEra entered into an International Swap Dealers Association, Inc. Master Agreement (“Master Agreement”), facilitating the Company to enter into derivative and/or hedging transactions (“Transactions”) to manage the risk associated with its business relating to commodity prices. The derivative and hedging transactions will be governed by the Master Agreement, including the related Schedule to the ISDA Master Agreement (“Schedule”). The Company’s obligations to NextEra under the Master Agreement are secured by the collateral which secures the loans under the Credit Agreement on a pari passu and pro rata basis with the principal of such loans. The structure of the Transactions may include swaps, caps, floors, collars, locks, forwards and options. Certain events of default will apply to the Transactions under the ISDA Master Agreement and Schedule, including, but not limited to, failure to pay or deliver, breach of the agreement, credit support default, cross-defaults and misrepresentation. The Company’s entry into and the obligations of the Company under the Master Agreement and Schedule were required conditions to the Closing of the Banner Purchase Agreement, pursuant to which the Company was required to assume and novate certain hedges of Banner which had a mark to market loss of approximately $ 3.1 SCHEDULES OF DERIVATIVE POSITIONS Collars Fixed Price Swaps Commodity/ Quantity Quantity Weighted Index/ Crude oil-(Bbks) Weighted Average Prices Crude oil-(Bbks) Average Maturity Period Natura lGas-(Mmbtu) Floors Ceilings Natural Gas (mmbtu) Price Crude Oil Nymex 2022 270,500 $ 59.54 $ 79.78 35,700 $ 49.99 2023 223,500 $ 59.33 $ 79.55 12,000 $ 59.20 Natural Gas Nymex 2022 40,000 $ 2.95 $ 3.33 180,000 $ 2.96 2023 60,000 $ 2.96 Transition Services Agreement On the Closing Date, the Company entered into a Transition Services Agreement (“TSA”) with Banner, for Banner to provide services in connection with the assets acquired from Banner (“Services”), including land and lease administration services; accounting services tax services; and other transition services and cooperation sufficient to enable the Company to set up its operations and assume the operation of the assets acquired from Banner. The transition services are to be provided to the Company on an independent contractor basis. The TSA will remain in place for six months (through June 30, 2022), extendable on a month-to-month basis thereafter at the Company’s request, subject to the terms of the agreement, and the Company will pay Banner $ 90,000 Exercise of Warrants On March 11, 2022, a holder of warrants exercised warrants to purchase 50,000 3.92 195 50,000

ORGANIZATION, OPERATIONS AND _2

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [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. On January 5, 2022, the Company closed the acquisitions of certain oil and gas properties from three separate sellers, representing a diversified portfolio of primarily operated, producing, oil-weighted assets located across the Rockies, West Texas, Eagle Ford, and Mid-Continent see Note 16-Subsequent Events.
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 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.
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.
Industry Segment and Geographic Information	Industry Segment and Geographic Information The Company operates in the exploration and production segment of the oil and gas industry, onshore in the United States. The Company reports as a single industry segment.
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 of receivables from joint interest operators for the Company’s share of oil, natural gas, and natural gas liquids (“NGLs”) sales and purchasers of the Company’s operated production, Generally, the Company’s oil and natural gas sales receivables from joint interest operators is collected within three months. The Company’s operated production is collected the month following production. The Company has had minimal bad debts related to oil and natural gas sales. Although diversified among several joint interest operators and first purchasers, collectability is dependent upon the financial wherewithal of each joint interest operator or first purchaser and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2021, and 2020, 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 purchasers of the Company’s share of oil and natural gas production and its operated production. The following table presents the purchasers that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented: SCHEDULE OF CONCENTRATION OF CREDIT RISK Operator 2021 2020 Zavanna, LLC 34 % 41 % Infinity Hydrocarbons 30 % 6 % CML Exploration, LLC 10 % 25 % Concentration risk percentage 10 % 25 %
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
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: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Years Administrative assets: Computers and software 3 Office furniture and equipment 5 Autos and trucks 5 Other equipment 10
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.
Derivative Financial Instruments	Derivative Financial Instruments The Company periodically enters into commodity derivative instruments to mitigate a portion of its exposure to oil price volatility for its expected future oil production. The Company does not designate commodity derivative contracts as cash flow hedges, and therefore the contracts do not qualify for hedge accounting. Changes in fair value of derivative contracts are recorded in the consolidated statement of operations. The fair value of derivative contracts is recorded as either an asset or a liability on the consolidated balance sheet.
Warrant Liability	Warrant Liability 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.
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, 2021 and 2020, 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, 2021. 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There were no significant new accounting standards adopted or new accounting pronouncements issued that would have a potential effect on the Company of December 31, 2021.

ORGANIZATION, OPERATIONS AND _3

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF CONCENTRATION OF CREDIT RISK	SCHEDULE OF CONCENTRATION OF CREDIT RISK Operator 2021 2020 Zavanna, LLC 34 % 41 % Infinity Hydrocarbons 30 % 6 % CML Exploration, LLC 10 % 25 % Concentration risk percentage 10 % 25 %
SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE	Administrative assets are carried at cost. Depreciation of administrative assets is provided principally by the straight-line method over estimated useful lives as follows: SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE Years Administrative assets: Computers and software 3 Office furniture and equipment 5 Autos and trucks 5 Other equipment 10

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Business Acquisition [Line Items]
SCHEDULE OF BUSINESS ACQUISITIONS	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 4.04 240 Cash acquired (28 ) Total fair value of consideration transferred $ 362
FieldPoint Properties [Member].
Business Acquisition [Line Items]
SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED	SUMMARY OF AMOUNTS INCURRED FOR 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].
Business Acquisition [Line Items]
SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED	SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED Amount (in thousands) Amounts incurred: Value of 67,254 $ 285 Transaction costs 41 Total consideration paid 326 Asset retirement obligations assumed 192 Total amount incurred $ 518

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
SCHEDULE OF DISAGGREGATED REVENUE	The Company disaggregates revenues from its share of revenue from the sale of oil and natural gas and liquids by state. The Company’s revenues in its North Dakota, Texas, New Mexico and other states for the years ended December 31, 2021 and 2020, are presented in the following table: SCHEDULE OF DISAGGREGATED REVENUE 2021 2020 Year Ended 2021 2020 (in thousands) Revenue: North Dakota Oil $ 2,538 $ 1,240 Natural gas and liquids 391 102 Total 2,929 1,342 Texas Oil 2,729 875 Natural gas and liquids 312 82 Total 3,041 957 New Mexico Oil 348 - Natural gas and liquids - - Total 348 - Other Oil 341 12 Natural gas and liquids (1 ) 19 Total 340 31 Combined Total $ 6,658 $ 2,330 Total revenue $ 6,658 $ 2,330

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
SCHEDULE OF CONSOLIDATED BALANCE SHEET	SCHEDULE OF CONSOLIDATED BALANCE SHEET 2021 2020 December 31, 2021 2020 (in thousands) Right of use asset balance Operating lease $ 120 $ 127 Lease liability Short-term operating lease 114 65 Long-term operating lease 19 78 Total operating leases $ 133 $ 143
SCHEDULE OF LEASE COSTS	SCHEDULE OF LEASE COSTS 2021 2020 December 31, 2021 2020 (in thousands) Operating lease cost $ 125 74 Short-term lease cost 9 22 Sublease income (64 ) (41 ) Total lease costs $ 70 $ 55
SCHEDULE OF WEIGHTED AVERAGE LEASE	The Company’s Denver and Houston office operating leases do not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases. SCHEDULE OF WEIGHTED AVERAGE LEASE As of December 31, 2021 2020 Weighted average lease term (years) 1.1 2.1 Weighted average discount rate 9.26 % 8.75 %
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS	SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS December 31, 2021 (in thousands) 2022 122 2023 18 Total lease payments $ 140 Less: imputed interest (7 ) Total lease liability $ 133
SCHEDULE OF LOSS ON RENTAL PROPERTY	The Company recognized, as a component of rental property income (loss), the following operating lease income and expenses related to its Riverton, Wyoming office building for the years ended December 31, 2021 and 2020: SCHEDULE OF LOSS ON RENTAL PROPERTY 2021 2020 Year Ended 2021 2020 (in thousands) Operating lease income $ 131 $ 213 Operating lease expense (123 ) (181 ) Depreciation - (59 ) Rental property income (loss), net $ 8 $ (27 )

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS Year Ended December 31, 2021 2020 (in thousands) Balance, beginning of year $ 1,408 $ 819 Accretion 78 43 Sold/Plugged (70 ) (12 ) Acquired 45 558 Balance, end of year $ 1,461 $ 1,408

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
SCHEDULE OF STOCK OPTIONS ACTIVITY	SCHEDULE OF STOCK OPTIONS ACTIVITY December 31, 2021 December 31, 2020 Shares Price (1) Shares Price (1) Stock options outstanding and exercisable 31,035 $ 62.79 31,367 $ 64.78 (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, 2021. 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: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE 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 5.8 16,500 $ 10.00 10,622 90.00 124.80 106.20 2.3 10,622 106.20 2,913 139.20 171.00 147.39 0.4 2,913 147.39 1,000 226.20 226.20 226.20 2.7 1,000 226.20 31,035 $ 7.20 $ 226.20 $ 62.79 4.0 31,035 $ 62.79
SCHEDULE OF NON-VESTED TIME-BASED RESTRICTED STOCK AWARDS	The following table presents the changes in non-vested, time-based restricted stock awards to all employees and directors for the year ended December 31, 2021: SCHEDULE OF NON-VESTED TIME-BASED RESTRICTED STOCK AWARDS Shares Weighted-Avg. Grant Date Fair Value per Share Non-vested restricted stock at December 31, 2020 71,000 $ 4.89 Granted 150,000 $ 4.72 Vested (47,000 ) $ 4.89 Non-vested restricted stock at December 31, 2021 174,000 $ 4.75
SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS	The following table presents the stock compensation expense related to restricted stock grants for the years ended December 31, 2021 and 2020: SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS Year Ended December 31, 2021 2020 (in thousands) Stock compensation expense $ 549 211

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAX PROVISION	The components of the income tax provision for the years ended December 31, 2021 and 2020 include the following: SCHEDULE OF INCOME TAX PROVISION 2021 2020 (in thousands) Current income tax expense (benefit) $ - $ (42 ) Deferred income taxes - - Income tax expenses (benefit) $ - $ (42 )
SCHEDULE OF EFFECTIVE INCOME TAX	SCHEDULE OF EFFECTIVE INCOME TAX 2021 2020 (in thousands) Income tax benefit at federal statutory rate $ (372 ) $ (1,361 ) State income tax benefit, net of federal impact (25 ) (35 ) Change in state tax rate, net of federal benefit (1 ) (32 ) Change in value of warrant (16 ) 5 Percentage depletion carryover (50 ) (3 ) Prior year true up (14 ) 154 Other 2 (53 ) Increase in valuation allowance 476 1,283 Income tax expense (benefit) $ - $ (42 )
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	The components of deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2021 2020 (in thousands) Deferred tax assets: Net operating loss carryover (1) $ 6,295 $ 5,154 Property and equipment 3,115 3,939 Percentage depletion and contribution carryovers (1) 1,947 1,855 Alternative minimum tax credit carryover (1) - - Equity method investment and other 225 246 Deferred compensation liability 9 7 Asset retirement obligations 327 315 Stock-based compensation 190 115 Lease obligations 30 32 Total deferred tax assets 12,138 11,663 Deferred tax liabilities: Lease assets (27 ) (28 ) Total deferred tax liabilities (27 ) (28 ) Net deferred tax assets 12,111 11,635 Less valuation allowance (12,111 ) (11,635 ) 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 29.8 2.4

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
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, 2021 and 2020 and 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: SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2021 2020 (in thousands except per share data) Net loss $ (1,770 ) $ (6,439 ) Dividend on series A preferred stock - (421 ) Gain on redemption of series A preferred stock - 441 Net loss applicable to common shareholders $ (1,770 ) $ (6,419 ) Basic weighted-average common shares outstanding 4,492 1,628 Dilutive effect of potentially dilutive securities - - Diluted weighted-average common shares outstanding 4,492 1,628 Basic net loss per share $ (0.39 ) $ (3.94 ) Diluted net loss per share $ (0.39 ) $ (3.94 )
SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES	For the years ended December 31, 2021 and 2020, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive are as follows: SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES 2021 2020 (in thousands) Stock options 31 31 Unvested shares of restricted stock 174 71 Warrants 50 50 Total 255 152

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
SCHEDULE OF FAIR VALUE ASSUMPTIONS	SCHEDULE OF FAIR VALUE ASSUMPTIONS 2021 2020 Number of warrants outstanding 50,000 50,000 Expiration date June 21, 2022 June 21, 2022 Exercise price $ 3.92 $ 3.92 Stock price $ 3.27 $ 3.68 Dividend yield 0 % 0 % Average volatility rate (1) 66 % 120 % Probability of down-round event (2) 0 % 0 % Risk free interest rate 0.11 % 0.11 % (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	SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES December 31, 2021 2020 Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.07874 $ 0.07455 Fair value $ 190,641 $ 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, 2021 and 2020 are as follows: SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in thousands) Current Assets: Marketable Equity Securities $ 191 $ - $ - $ 191 $ 181 $ - $ - $ 181 Current Liabilities: Warrants $ - $ - $ 19 $ 19 $ - $ - $ - $ - Non-current Liabilities: Warrants $ - $ - $ - $ - $ - $ - $ 95 $ 95
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: SCHEDULE OF RECONCILIATION OF CHANGES IN LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS 2021 2020 Year Ended December 31, 2021 2020 (in thousands) Fair value of Level 3 instruments liabilities at beginning of period $ 95 $ 73 Net unrealized (gain) loss on warrant valuation (76 ) 22 Fair value of Level 3 instruments liabilities at end of period $ 19 $ 95

SUPPLEMENTAL OIL AND NATURAL _2

SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2021
Extractive Industries [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, 2021 and 2020 are provided in the table below: SCHEDULE OF COSTS INCURRED IN CRUDE OIL AND NATURAL GAS ACQUISITIONS, EXPLORATION AND DEVELOPMENT ACTIVITIES 2021 2020 (in thousands) Proved property acquisition $ 46 $ 1,851 Unproved property acquisition 5 - Development 1,519 441 Exploration - - Total $ 1,570 $ 2,292
SCHEDULE OF CAPITALIZED COSTS ASSOCIATED WITH OIL AND NATURAL GAS PRODUCING ACTIVITIES	The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2021 and 2020: SCHEDULE OF CAPITALIZED COSTS ASSOCIATED WITH OIL AND NATURAL GAS PRODUCING ACTIVITIES 2021 2020 (in thousands) Oil and Natural Gas Properties: Unevaluated properties: Unproved leasehold costs $ 1,588 $ 1,597 Evaluated properties in full cost pool 95,088 93,549 Less accumulated depletion and ceiling test impairment (88,195 ) (87,708 ) Net capitalized costs $ 8,481 $ 7,438
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, 2021 and 2020: SCHEDULE OF OIL AND NATURAL GAS PRODUCING ACTIVITIES 2021 2020 (in thousands) Oil and natural gas sales $ 6,658 $ 2,330 Lease operating expense (2,421 ) (1,535 ) Production taxes (471 ) (168 ) Depletion and amortization (487 ) (356 ) Impairment of oil and natural gas properties - (2,943 ) Results of operations from oil and natural gas producing activities $ 3,279 $ (2,672 )
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, 2021 and 2020: SCHEDULE OF PROVED OIL AND GAS RESERVES AND CHANGES IN NET PROVED RESERVES (bbls) (mcfe) (1) (bbls) (mcfe) (1) 2021 2020 Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 975,745 1,676,948 807,505 1,129,258 Revisions of previous estimates 128,232 437,757 (248,770 ) (22,895 ) Discoveries and extensions - - - - Purchases of minerals in place 11,365 - 477,479 686,670 Sale of minerals in place - - - - Production (93,722 ) (176,657 ) (60,469 ) (116,085 ) Reserve quantities, end of year 1,021,620 1,938,048 975,745 1,676,948 (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	SCHEDULE OF PRICES AS ADJUSTED FOR TRANSPORTATION, QUALITY 2021 2020 Oil per Bbl $ 66.56 $ 39.57 Gas per Mcfe (1) $ 3.60 $ 1.99 (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, 2021 and 2020: SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS 2021 2020 (in thousands) Future cash inflows $ 76,041 $ 39,090 Future cash outflows: Production costs (40,350 ) (24,189 ) Development costs - (302 ) Income taxes (2,818 ) (142 ) Future net cash flows 32,873 14,457 10 (13,706 ) (5,871 ) Standardized measure of discounted future net cash flows $ 19,167 $ 8,586
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, 2021 and 2020 are as follows: SCHEDULE OF STANDARDIZED MEASURE OF FUTURE NET CASH FLOWS 2021 2020 (in thousands) Standardized measure, beginning of year $ 8,586 $ 10,348 Sales of oil and natural gas, net of production costs (3,766 ) (627 ) Net changes in prices and production costs 11,675 (8,487 ) Changes in estimated future development costs 302 (302 ) Extensions and discoveries - - Purchases of minerals in place 216 5,841 Sale of minerals in place - - Revisions in previous quantity estimates 3,080 (1,148 ) Previously estimated development costs incurred (302 ) - Net changes in income taxes (1,389 ) 1,649 Accretion of discount 674 855 Changes in timing and other 91 457 Standardized measure, end of year $ 19,167 $ 8,586

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Asset Acquisition [Table Text Block]
SCHEDULES OF DERIVATIVE POSITIONS	SCHEDULES OF DERIVATIVE POSITIONS Collars Fixed Price Swaps Commodity/ Quantity Quantity Weighted Index/ Crude oil-(Bbks) Weighted Average Prices Crude oil-(Bbks) Average Maturity Period Natura lGas-(Mmbtu) Floors Ceilings Natural Gas (mmbtu) Price Crude Oil Nymex 2022 270,500 $ 59.54 $ 79.78 35,700 $ 49.99 2023 223,500 $ 59.33 $ 79.55 12,000 $ 59.20 Natural Gas Nymex 2022 40,000 $ 2.95 $ 3.33 180,000 $ 2.96 2023 60,000 $ 2.96

SCHEDULE OF CONCENTRATION OF CR

SCHEDULE OF CONCENTRATION OF CREDIT RISK (Details) - Revenue Benchmark [Member] - Product Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Zavanna, LLC [Member]
Product Information [Line Items]
Concentration risk percentage	34.00%	41.00%
Infinity Hydrocarbons, LLC [Member]
Product Information [Line Items]
Concentration risk percentage	30.00%	6.00%
CML Exploration, LLC [Member]
Product Information [Line Items]
Concentration risk percentage	10.00%	25.00%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT USEFUL LIFE (Details)	12 Months Ended
	Dec. 31, 2021
Computers and Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Auto and Trucks [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years

ORGANIZATION, OPERATIONS AND _4

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net revenue, discounted percentage	10.00%

SCHEDULE OF BUSINESS ACQUISITIO

SCHEDULE OF BUSINESS ACQUISITIONS (Details) - USD ($)	Mar. 01, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Issuance of common stock (59,498 shares at $4.04 per share)		$ 240,000
New Horizon Resources, LLC [Member]
Business Acquisition [Line Items]
Proved oil and natural gas properties	$ 564,000
Other current assets	14,000
Other long-term assets	58,000
Total assets acquired	636,000
Asset retirement obligations	(163,000)
Current payables	(50,000)
Credit facility	(61,000)
Net assets acquired	362,000
Cash consideration	150,000
Issuance of common stock (59,498 shares at $4.04 per share)	240,000
Cash acquired	(28,000)
Total fair value of consideration transferred	$ 362,000

SCHEDULE OF BUSINESS ACQUISIT_2

SCHEDULE OF BUSINESS ACQUISITIONS (Details) (Parenthetical) - New Horizon Resources, LLC [Member]	Mar. 01, 2020$ / sharesshares
Business Acquisition [Line Items]
Shares issued in acquisition | shares	59,498
Share issued price per share | $ / shares	$ 4.04

SUMMARY OF AMOUNTS INCURRED FOR

SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED (Details) - USD ($) $ in Thousands	Nov. 09, 2020	Sep. 25, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Value of 67,254 shares issued			$ 240
FieldPoint Petroleum Corporation [Member]
Business Acquisition [Line Items]
Cash consideration		$ 500	$ 500
Transaction costs		97
Purchase price adjustments		(31)
Total consideration paid		566
Asset retirement obligations assumed		203
Total evaluated property		$ 769
Acquisition of Liberty Country Properties [Member]
Business Acquisition [Line Items]
Transaction costs	$ 41
Total consideration paid	326
Total evaluated property	518
Value of 67,254 shares issued	285
Asset retirement obligations assumed	$ 192

SUMMARY OF AMOUNTS INCURRED F_2

SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED (Details) (Parenthetical)	Nov. 09, 2020shares
Acquisition of Liberty Country Properties [Member]
Business Acquisition [Line Items]
Shares issued in acquisition	67,254

ACQUISITIONS (Details Narrative

ACQUISITIONS (Details Narrative) - USD ($)	Nov. 09, 2020	Sep. 25, 2020	Mar. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revenue				$ 6,658,000	$ 2,330,000
Operating lease and workover expenses				123,000	181,000
Shares issued for acquisition of New Horizon Resources					240,000
Pending Acquisition [Member]
Business Acquisition [Line Items]
Deposit Assets				1,500,000
Business Acquisition, Transaction Costs				1,300,000
New Horizon Resources, LLC [Member]
Business Acquisition [Line Items]
Stock issued during period, shares, acquisitions			59,498
Cash consideration involved with acquisition			$ 150,000
Acquisition description			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.
Revenue				204,000	101,000
Operating lease and workover expenses				$ 88,000	231,000
Retirement obligations			$ 163,000
Share issued price per share			$ 4.04
Shares issued for acquisition of New Horizon Resources			$ 240,000
Consideration transferred			$ 362,000
New Horizon Resources, LLC [Member] | January 1, 2019 [Member]
Business Acquisition [Line Items]
Revenue					132,000
Operating lease and workover expenses					252,000
FieldPoint Petroleum Corporation [Member]
Business Acquisition [Line Items]
Business Acquisition, Transaction Costs		$ 97,000
Cash consideration involved with acquisition		500,000			500,000
Purchase price					597,000
Transaction costs					97,000
Common stock value service					$ 29,000
Common stock share service					7,075
Purchase price adjustments		31,000
Retirement obligations		203,000
Consideration transferred		$ 566,000
New Bridge Resources LLC [Member] | Purchase and Sale Agreement [Member]
Business Acquisition [Line Items]
Stock issued during period, shares, acquisitions	67,254
Transaction costs					$ 41,000
Retirement obligations					192,000
Share issued price per share	$ 4.24
Shares issued for acquisition of New Horizon Resources	$ 285,000
Consideration transferred					$ 326,000
New Bridge Resources LLC [Member] | Purchase and Sale Agreement [Member] | TX [Member]
Business Acquisition [Line Items]
Acquisition description	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

REAL ESTATE HELD FOR SALE (Deta

REAL ESTATE HELD FOR SALE (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)aft²	Dec. 31, 2020USD ($)
Lease area | ft²	30,400
Sale of property	$ 440
Loss on sale of property	$ 151
Impairment charges		$ 651
WYOMING
Lease area | a	14
WYOMING | Real Estate Held For Sale [Member]
Lease area | a	13
Impairment charges		$ 403
Net selling costs	$ 250

SCHEDULE OF DISAGGREGATED REVEN

SCHEDULE OF DISAGGREGATED REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 6,658	$ 2,330
Oil [Member]
Disaggregation of Revenue [Line Items]
Total revenue	5,956	2,127
Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Total revenue	702	203
NORTH DAKOTA
Disaggregation of Revenue [Line Items]
Total revenue	2,929	1,342
NORTH DAKOTA | Oil [Member]
Disaggregation of Revenue [Line Items]
Total revenue	2,538	1,240
NORTH DAKOTA | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Total revenue	391	102
TEXAS
Disaggregation of Revenue [Line Items]
Total revenue	3,041	957
TEXAS | Oil [Member]
Disaggregation of Revenue [Line Items]
Total revenue	2,729	875
TEXAS | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Total revenue	312	82
NEW MEXICO
Disaggregation of Revenue [Line Items]
Total revenue	348
NEW MEXICO | Oil [Member]
Disaggregation of Revenue [Line Items]
Total revenue	348
NEW MEXICO | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Total revenue
Other Regions [Member]
Disaggregation of Revenue [Line Items]
Total revenue	340	31
Other Regions [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Total revenue	341	12
Other Regions [Member] | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ (1)	$ 19

SCHEDULE OF CONSOLIDATED BALANC

SCHEDULE OF CONSOLIDATED BALANCE SHEET (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating lease	$ 120	$ 127
Short-term operating lease	114	65
Long-term operating lease	19	78
Total operating leases	$ 133	$ 143

SCHEDULE OF LEASE COSTS (Detail

SCHEDULE OF LEASE COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating lease cost	$ 125	$ 74
Short-term lease cost	9	22
Sublease income	(64)	(41)
Total lease costs	$ 70	$ 55

SCHEDULE OF WEIGHTED AVERAGE LE

SCHEDULE OF WEIGHTED AVERAGE LEASE (Details)	Dec. 31, 2021	Dec. 31, 2020
Leases
Weighted average lease term (years)	1 year 1 month 6 days	2 years 1 month 6 days
Weighted average discount rate	9.26%	8.75%

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases
2022	$ 122
2023	18
Total lease payments	140
Less: imputed interest	(7)
Total lease liability	$ 133	$ 143

SCHEDULE OF LOSS ON RENTAL PROP

SCHEDULE OF LOSS ON RENTAL PROPERTY (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating lease income	$ 131	$ 213
Operating lease expense	(123)	(181)
Depreciation		(59)
Rental property income (loss), net	$ 8	$ (27)

LEASES (Details Narrative)

LEASES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)aft²	Dec. 31, 2020USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right-of-use asset	$ 120	$ 127
Operating lease liability	$ 133	143
Lease term	25 months
Lease area | ft²	30,400
Loss on sale of property	$ 151
Impairment charges		$ 651
WYOMING
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease area | a	14
Long Term Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right-of-use asset	$ 82
Operating lease liability	$ 82

OIL AND NATURAL GAS PRODUCING_2

OIL AND NATURAL GAS PRODUCING ACTIVITIES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)a	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Reserve Quantities [Line Items]
Asset retirement obligations	$ 1,461	$ 1,408	$ 819
Proceeds from divestitures	$ 40
Discount rate	10.00%
Depletable base of the full cost pool		2,100
Oil [Member]
Reserve Quantities [Line Items]
Reserves	66.56 per barrel
Natural Gas [Member]
Reserve Quantities [Line Items]
Reserves	3.60 per one million British Thermal Units (MMbtu) for natural gas
Oil and Natural Gas Properties [Member]
Reserve Quantities [Line Items]
Ceiling test write-downs		$ 2,900
NORTH DAKOTA
Reserve Quantities [Line Items]
Proceeds from sale of oil property	$ 10
Asset retirement obligations	$ 53
TEXAS | Undeveloped Acreage [Member]
Reserve Quantities [Line Items]
Area of undeveloped acreage | a	12
Proceeds from sale of assets	$ 30

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($)	Sep. 24, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Stock Issued During Period, Value, New Issues		$ (1,000)
APEG Energy II LP [Member] | Secured Promissory Note [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 375,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Instrument, Maturity Date	Sep. 24, 2021
Prepayment penalty, percentage	10.00%
Debt Instrument, Increase, Accrued Interest	$ 37,500
Interest Expense, Debt	25,500
Debt Conversion, Original Debt, Amount	$ 412,500
APEG Energy II LP [Member] | Secured Promissory Note [Member] | Unregistered Common Stock [Member]
Debt Instrument [Line Items]
Stock Issued During Period, Shares, New Issues	97,962
Stock Issued During Period, Value, New Issues	$ 438,000

SCHEDULE OF ASSET RETIREMENT OB

SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Balance, beginning of year	$ 1,408	$ 819
Accretion	78	43
Sold/Plugged	(70)	(12)
Acquired	45	558
Balance, end of year	$ 1,461	$ 1,408

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) $ in Thousands	Mar. 04, 2021	Dec. 31, 2021	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Proceeds from insurance settlement			$ 375
Litigation expenses			$ 427
Chief Executive Officer [Member]
Defined Benefit Plan Disclosure [Line Items]
Common stock shares issued for services, shares	90,846
Common stock shares issued for services, value	$ 406
Mr. Veltri [Member]
Defined Benefit Plan Disclosure [Line Items]
Payment for litigation settlement		$ 750

PREFERRED STOCK (Details Narrat

PREFERRED STOCK (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, par value	$ 0.01
Payments for Repurchase of Redeemable Preferred Stock		$ 2,000
Preferred Stock, Redemption Amount		3,200
Preferred Stock, Liquidation Preference, Value		$ 3,600
Common Stock [Member]
Class of Stock [Line Items]
Stock Redeemed or Called During Period, Shares		328,000
Preferred Stock, Redemption Price Per Share		$ 3.68
Series P Preferred Stock [Member]
Class of Stock [Line Items]
Preferred shares authorized	50,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Stock Redeemed or Called During Period, Shares		50,000
Payments for Repurchase of Redeemable Preferred Stock		$ 2,000
Maximum [Member]
Class of Stock [Line Items]
Preferred shares authorized	100,000

SCHEDULE OF STOCK OPTIONS ACTIV

SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - $ / shares		Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Stock options outstanding and exercisable, shares		31,035	31,367
Stock options outstanding and exercisable, price	[1]	$ 62.79	$ 64.78
[1]	Represents the weighted average price.

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number of shares | shares	31,035
Options Outstanding, Exercise price range, Lower range	$ 7.20
Options Outstanding, Exercise price range, Upper range	226.20
Options Outstanding, Weighted Average Exercise Price	$ 62.79
Options Outstanding, Remaining Contractual Term (Years)	4 years
Options Exercisable, Number of shares | shares	31,035
Options Exercisable, Weighted Average Average Exercise Price	$ 62.79
Exercise Price One [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number of shares | shares	16,500
Options Outstanding, Exercise price range, Lower range	$ 7.20
Options Outstanding, Exercise price range, Upper range	11.60
Options Outstanding, Weighted Average Exercise Price	$ 10
Options Outstanding, Remaining Contractual Term (Years)	5 years 9 months 18 days
Options Exercisable, Number of shares | shares	16,500
Options Exercisable, Weighted Average Average Exercise Price	$ 10
Exercise Price Two [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number of shares | shares	10,622
Options Outstanding, Exercise price range, Lower range	$ 90
Options Outstanding, Exercise price range, Upper range	124.80
Options Outstanding, Weighted Average Exercise Price	$ 106.20
Options Outstanding, Remaining Contractual Term (Years)	2 years 3 months 18 days
Options Exercisable, Number of shares | shares	10,622
Options Exercisable, Weighted Average Average Exercise Price	$ 106.20
Exercise Price Three [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number of shares | shares	2,913
Options Outstanding, Exercise price range, Lower range	$ 139.20
Options Outstanding, Exercise price range, Upper range	171
Options Outstanding, Weighted Average Exercise Price	$ 147.39
Options Outstanding, Remaining Contractual Term (Years)	4 months 24 days
Options Exercisable, Number of shares | shares	2,913
Options Exercisable, Weighted Average Average Exercise Price	$ 147.39
Exercise Price Four [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number of shares | shares	1,000
Options Outstanding, Exercise price range, Lower range	$ 226.20
Options Outstanding, Exercise price range, Upper range	226.20
Options Outstanding, Weighted Average Exercise Price	$ 226.20
Options Outstanding, Remaining Contractual Term (Years)	2 years 8 months 12 days
Options Exercisable, Number of shares | shares	1,000
Options Exercisable, Weighted Average Average Exercise Price	$ 226.20

SCHEDULE OF NON-VESTED TIME-BAS

SCHEDULE OF NON-VESTED TIME-BASED RESTRICTED STOCK AWARDS (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Equity [Abstract]
Shares, Non-vested restricted stock, Begining balance | shares	71,000
Weighted-Avg. Grant Date Fair Value per Share, Non-vested restricted stock, Begining balance | $ / shares	$ 4.89
Shares, Granted | shares	150,000
Weighted-Avg. Grant Date Fair Value per Share, Granted | $ / shares	$ 4.72
Shares, Vested | shares	(47,000)
Weighted-Avg. Grant Date Fair Value per Share, Vested | $ / shares	$ 4.89
Shares, Non-vested restricted stock, ending balance | shares	174,000
Weighted-Avg. Grant Date Fair Value per Share, Non-vested restricted stock, ending balance | $ / shares	$ 4.75

SCHEDULE OF STOCK COMPENSATION

SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 549	$ 211
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 549	$ 211

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Sep. 29, 2020	Feb. 17, 2021	Dec. 31, 2016	Dec. 31, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Common stock, shares outstanding				4,676,301	3,317,893
Sale of stock, shares issued		1,131,600
Sale of stock, net proceeds		$ 5,300
Warrant exercise price				$ 3.92	$ 3.92
Fair value of warrants				$ (76)	$ 23
Proceeds from warrant exercise					565
Compensation expense				549	211
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid				$ 296
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				2 years 6 months
2021 Stock Incentive Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance				1,000,000
Share-based Payment Arrangement, Option [Member]
Subsidiary, Sale of Stock [Line Items]
Compensation expense				$ 0	$ 0
Options exercised in period				0	0
Options, expirations in period				332	166
Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock	50,000			50,000
Warrant exercise price			$ 20.50	$ 3.92
Proceeds from warrant exercise	$ 565
Warrant liability				$ 19	$ 95
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Number of share issued					327
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Number of share issued			100,000
Net share price			$ 15
IPO [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common stock			100,000
Warrant exercise price			$ 20.05
Proceeds from warrants			$ 1,300
Fair value of warrants			1,200
IPO [Member] | Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Fair value of warrants			$ 100

SCHEDULE OF INCOME TAX PROVISIO

SCHEDULE OF INCOME TAX PROVISION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current income tax expense (benefit)		$ (42)
Deferred income taxes
Income tax expenses (benefit)		$ (42)

SCHEDULE OF EFFECTIVE INCOME TA

SCHEDULE OF EFFECTIVE INCOME TAX (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate	$ (372)	$ (1,361)
State income tax benefit, net of federal impact	(25)	(35)
Change in state tax rate, net of federal benefit	(1)	(32)
Change in value of warrant	(16)	5
Percentage depletion carryover	(50)	(3)
Prior year true up	(14)	154
Other	2	(53)
Increase in valuation allowance	476	1,283
Income tax expenses (benefit)		$ (42)

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carryover	$ 6,295	$ 5,154
Property and equipment	3,115	3,939
Percentage depletion and contribution carryovers	1,947	1,855
Alternative minimum tax credit carryover
Equity method investment and other	225	246
Deferred compensation liability	9	7
Asset retirement obligations	327	315
Stock-based compensation	190	115
Lease obligations	30	32
Total deferred tax assets	12,138	11,663
Lease assets	(27)	(28)
Total deferred tax liabilities	(27)	(28)
Net deferred tax assets	12,111	11,635
Less valuation allowance	(12,111)	(11,635)
Net deferred tax asset

SCHEDULE OF DEFERRED TAX ASSE_2

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Ownership interest				49.30%
Gross deferred tax assets, valuation allowance	$ 12,111	$ 11,635
Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards [Line Items]
Gross deferred tax assets, valuation allowance			$ 2,400	$ 29,800

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Uncertain tax positions	$ 0	$ 0
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	12,500
Recognized Built-In Losses [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers	$ 10,800

SCHEDULE OF BASIC AND DILUTED N

SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net loss	$ (1,770)	$ (6,439)
Dividend on series A preferred stock		(421)
Gain on redemption of series A preferred stock		441
Net loss applicable to common shareholders	$ (1,770)	$ (6,419)
Basic weighted-average common shares outstanding	4,492	1,628
Dilutive effect of potentially dilutive securities
Diluted weighted-average common shares outstanding	4,492	1,628
Basic net loss per share	$ (0.39)	$ (3.94)
Diluted net loss per share	$ (0.39)	$ (3.94)

SCHEDULE OF ANTI-DILUTIVE WEIGH

SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	255	152
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	31	31
Unvested Shares of Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	174	71
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	50	50

SCHEDULE OF FAIR VALUE ASSUMPTI

SCHEDULE OF FAIR VALUE ASSUMPTIONS (Details)		Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of warrants outstanding | shares		50,000	50,000
Expiration date		Jun. 21, 2022	Jun. 21, 2022
Exercise price		$ 3.92	$ 3.92
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price		$ 3.27	$ 3.68
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurement input		0	0
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurement input	[1]	66	120
Measurement Input, Probability of Down-round Event [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurement input	[2]	0	0
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value measurement input		0.11	0.11
[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 M

SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair value	$ 191,000	$ 181,000
Anfield Energy [Member]
Number of shares owned	2,421,180	2,421,180
Quoted market price	$ 0.07874	$ 0.07455
Fair value	$ 190,641	$ 180,500

SCHEDULE OF RECURRING MEASUREME

SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable Equity Securities [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 191	$ 181
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	191	181
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Marketable Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Warrants [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities, current	19
Fair value of liabilities, non-current		95
Warrants [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities, current
Fair value of liabilities, non-current
Warrants [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities, current
Fair value of liabilities, non-current
Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities, current	19
Fair value of liabilities, non-current		$ 95

SCHEDULE OF RECONCILIATION OF C

SCHEDULE OF RECONCILIATION OF CHANGES IN LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - Fair Value, Inputs, Level 3 [Member] - Warrant Liability [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Level 3 instruments liabilities at beginning of period	$ 95	$ 73
Net unrealized (gain) loss on warrant valuation	(76)	22
Fair value of Level 3 instruments liabilities at end of period	$ 19	$ 95

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative)	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant strike price	$ 3.92	$ 3.92
Measurement Input, Discount Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value meaeurement input	10

SCHEDULE OF COSTS INCURRED IN C

SCHEDULE OF COSTS INCURRED IN CRUDE OIL AND NATURAL GAS ACQUISITIONS, EXPLORATION AND DEVELOPMENT ACTIVITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Proved property acquisition	$ 46	$ 1,851
Unproved property acquisition	5
Development	1,519	441
Exploration
Total	$ 1,570	$ 2,292

SCHEDULE OF CAPITALIZED COSTS A

SCHEDULE OF CAPITALIZED COSTS ASSOCIATED WITH OIL AND NATURAL GAS PRODUCING ACTIVITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Unproved leasehold costs	$ 1,588	$ 1,597
Evaluated properties in full cost pool	95,088	93,549
Less accumulated depletion and ceiling test impairment	(88,195)	(87,708)
Net capitalized costs	$ 8,481	$ 7,438

SCHEDULE OF OIL AND NATURAL GAS

SCHEDULE OF OIL AND NATURAL GAS PRODUCING ACTIVITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Oil and natural gas sales	$ 6,658	$ 2,330
Lease operating expense	(2,421)	(1,535)
Production taxes	(471)	(168)
Depletion and amortization	(487)	(356)
Impairment of oil and natural gas properties		(2,943)
Results of operations from oil and natural gas producing activities	$ 3,279	$ (2,672)

SCHEDULE OF PROVED OIL AND GAS

SCHEDULE OF PROVED OIL AND GAS RESERVES AND CHANGES IN NET PROVED RESERVES (Details) - bbl		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Oil [Member]
Reserve Quantities [Line Items]
Reserve quantities, beginning of year		975,745	807,505
Revisions of previous estimates		128,232	(248,770)
Discoveries and extensions
Purchases of minerals in place		11,365	477,479
Sale of minerals in place
Production		(93,722)	(60,469)
Reserve quantities, end of year		1,021,620	975,745
Natural Gas [Member]
Reserve Quantities [Line Items]
Reserve quantities, beginning of year	[1]	1,676,948	1,129,258
Revisions of previous estimates	[1]	437,757	(22,895)
Discoveries and extensions	[1]
Purchases of minerals in place	[1]		686,670
Sale of minerals in place	[1]
Production	[1]	(176,657)	(116,085)
Reserve quantities, end of year	[1]	1,938,048	1,676,948
[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

SCHEDULE OF PRICES AS ADJUSTED FOR TRANSPORTATION, QUALITY (Details) - $ / bbl		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Oil [Member]
Reserve Quantities [Line Items]
Sales Prices		66.56	39.57
Natural Gas (mcfe) [Member]
Reserve Quantities [Line Items]
Sales Prices	[1]	3.60	1.99
[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 MEASUR

SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Extractive Industries [Abstract]
Future cash inflows	$ 76,041	$ 39,090
Production costs	(40,350)	(24,189)
Development costs		(302)
Income taxes	(2,818)	(142)
Future net cash flows	32,873	14,457
10% annual discount factor	(13,706)	(5,871)
Standardized measure of discounted future net cash flows	$ 19,167	$ 8,586	$ 10,348

SCHEDULE OF STANDARDIZED MEAS_2

SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS (Details) (Parenthetical)	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Annual Discount factor	10.00%	10.00%

SCHEDULE OF STANDARDIZED MEAS_3

SCHEDULE OF STANDARDIZED MEASURE OF FUTURE NET CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Extractive Industries [Abstract]
Standardized measure, beginning of year	$ 8,586	$ 10,348
Sales of oil and natural gas, net of production costs	(3,766)	(627)
Net changes in prices and production costs	11,675	(8,487)
Changes in estimated future development costs	302	(302)
Extensions and discoveries
Purchases of minerals in place	216	5,841
Sale of minerals in place
Revisions in previous quantity estimates	3,080	(1,148)
Previously estimated development costs incurred	(302)
Net changes in income taxes	(1,389)	1,649
Accretion of discount	674	855
Changes in timing and other	91	457
Standardized measure, end of year	$ 19,167	$ 8,586

SUPPLEMENTAL OIL AND NATURAL _3

SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION (UNAUDITED) (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / bbl	Dec. 31, 2020USD ($)$ / bbl
Property, Plant and Equipment [Line Items]
Write-downs of its oil and natural gas properties		$ 2,943
Depletion and amortization	589	467
Unproved leasehold costs	$ 1,588	1,597
Reduction in value of certain of its acreage		$ 2,100
Annual Discount factor	10.00%	10.00%
Oil and Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Depletion and amortization	$ 490	$ 363
Depletion and amortization per BOE | $ / bbl	3.98	4.55

SCHEDULES OF DERIVATIVE POSITIO

SCHEDULES OF DERIVATIVE POSITIONS (Details) - Subsequent Event [Member]	Jan. 12, 2022$ / bblbbl
Crude Oil [Member] | 2022 [Member]
Subsequent Event [Line Items]
Oil and gas maturity period	2022
Crude Oil [Member] | 2022 [Member] | Collar [Member]
Subsequent Event [Line Items]
Oil and gas quantity | bbl	270,500
Crude Oil [Member] | 2022 [Member] | Collar [Member] | Floors [Member]
Subsequent Event [Line Items]
Oil and gas weighted Average Prices	59.54
Crude Oil [Member] | 2022 [Member] | Collar [Member] | Ceilings [Member]
Subsequent Event [Line Items]
Oil and gas weighted Average Prices	79.78
Crude Oil [Member] | 2022 [Member] | Fixed Price Swaps [Member]
Subsequent Event [Line Items]
Oil and gas quantity | bbl	35,700
Oil and gas weighted Average Prices	49.99
Crude Oil [Member] | 2023 [Member]
Subsequent Event [Line Items]
Oil and gas maturity period	2023
Crude Oil [Member] | 2023 [Member] | Collar [Member]
Subsequent Event [Line Items]
Oil and gas quantity | bbl	223,500
Crude Oil [Member] | 2023 [Member] | Collar [Member] | Floors [Member]
Subsequent Event [Line Items]
Oil and gas weighted Average Prices	59.33
Crude Oil [Member] | 2023 [Member] | Collar [Member] | Ceilings [Member]
Subsequent Event [Line Items]
Oil and gas weighted Average Prices	79.55
Crude Oil [Member] | 2023 [Member] | Fixed Price Swaps [Member]
Subsequent Event [Line Items]
Oil and gas quantity | bbl	12,000
Oil and gas weighted Average Prices	59.20
Natural Gas [Member] | 2022 [Member]
Subsequent Event [Line Items]
Oil and gas maturity period	2022
Natural Gas [Member] | 2022 [Member] | Collar [Member]
Subsequent Event [Line Items]
Oil and gas quantity | bbl	40,000
Natural Gas [Member] | 2022 [Member] | Collar [Member] | Floors [Member]
Subsequent Event [Line Items]
Oil and gas weighted Average Prices	2.95
Natural Gas [Member] | 2022 [Member] | Collar [Member] | Ceilings [Member]
Subsequent Event [Line Items]
Oil and gas weighted Average Prices	3.33
Natural Gas [Member] | 2022 [Member] | Fixed Price Swaps [Member]
Subsequent Event [Line Items]
Oil and gas quantity | bbl	180,000
Oil and gas weighted Average Prices	2.96
Natural Gas [Member] | 2023 [Member]
Subsequent Event [Line Items]
Oil and gas maturity period	2023
Natural Gas [Member] | 2023 [Member] | Fixed Price Swaps [Member]
Subsequent Event [Line Items]
Oil and gas quantity | bbl	60,000
Oil and gas weighted Average Prices	2.96

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Mar. 11, 2022	Jan. 05, 2022	Sep. 29, 2020	Mar. 25, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 22, 2022	Dec. 31, 2016
Subsequent Event [Line Items]
Shares issued for acquisition of New Horizon Resources						$ 240,000
Assets retirement obligations					$ 1,461,000	$ 1,408,000
Warrant exercise price					$ 3.92	$ 3.92
Proceeds from warrants exercise						$ 565,000
Warrant [Member]
Subsequent Event [Line Items]
Warrant exercise price					$ 3.92			$ 20.50
Proceeds from warrants exercise			$ 565,000
Subsequent Event [Member] | Warrant [Member]
Subsequent Event [Line Items]
Number of warrants exercised	50,000
Warrant exercise price	$ 3.92
Proceeds from warrants exercise	$ 195,000
Common stock shares issued for warrant exercise	50,000
Subsequent Event [Member] | Purchase and Sale Agreement [Member]
Subsequent Event [Line Items]
Payments to Acquire Productive Assets		$ 1,250,000
Stock issued during period, shares, acquisitions		19,905,736
Escrow Deposit		$ 500,000
Deposit Assets		$ 1,500,000
Subsequent Event [Member] | Credit Agreement [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate Terms		(a) the greatest of (i) the prime rate in effect on such day, and (b) the Federal Funds rate in effect on such day (as determined in the Credit Agreement) plus 0.50%, and an applicable margin that ranges between 0.25% to 1.25% depending on utilization of the amount of the borrowing base (the “Applicable Margin”). During the first six months of the term, the applicable margin will be 0.75% regardless of utilization
Line of Credit Facility, Commitment Fee Percentage		0.50%
Debt Instrument, Unused Borrowing Capacity, Amount							$ 11,500,000
Cash on hand		$ 5,000,000
Proceeds from line of credit		3,500,000
Subsequent Event [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity		15,000,000
Line of Credit Facility, Maximum Borrowing Capacity		100,000,000
Lubbock [Member] | Subsequent Event [Member] | Purchase and Sale Agreement [Member]
Subsequent Event [Line Items]
Payments to Acquire Productive Assets		$ 125,000
Stock issued during period, shares, acquisitions		6,568,828
Banner [Member] | Subsequent Event [Member] | Purchase and Sale Agreement [Member]
Subsequent Event [Line Items]
Payments to Acquire Productive Assets		$ 1,000,000
Stock issued during period, shares, acquisitions		6,790,524
Asset Acquisition, Contingent Consideration, Liability		$ 3,300,000
Amount of Ineffectiveness on Net Investment Hedges		3,100,000
Payment to acquire intangible assets		67,400,000
Shares issued for acquisition of New Horizon Resources		64,700,000
Adjustment to acquire intangible assets		1,400,000
Asset acquisition of debt		3,300,000
Assets retirement obligations		3,100,000
Banner [Member] | Subsequent Event [Member] | Credit Agreement [Member]
Subsequent Event [Line Items]
Repayment of related party debt		3,300,000
Banner [Member] | Subsequent Event [Member] | ISDA Master Agreement [Member]
Subsequent Event [Line Items]
Mark to market loss		3,100,000
Banner [Member] | Subsequent Event [Member] | Transition Service Agreement [Member]
Subsequent Event [Line Items]
Payment for fees				$ 90,000
Synergy [Member] | Subsequent Event [Member] | Purchase and Sale Agreement [Member]
Subsequent Event [Line Items]
Payments to Acquire Productive Assets		$ 125,000
Stock issued during period, shares, acquisitions		6,546,384