U.S. Energy (USEG) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
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	DE
Entity Address, Address Line One	1616 S. Voss Rd.
Entity Address, Address Line Two	Suite 725
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, par value $0.01
Trading Symbol	USEG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,923,812

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and equivalents	$ 2,467	$ 4,422
Oil and natural gas sales receivable	6,131	933
Marketable equity securities	150	191
Prepaid and other current assets	897	179
Real estate assets held for sale, net of selling costs	250	250
Total current assets	9,895	5,975
Oil and natural gas properties under full cost method:
Unevaluated properties	1,584	1,588
Evaluated properties	187,116	95,088
Less accumulated depreciation, depletion, amortization and impairment	(92,145)	(88,195)
Net oil and natural gas properties	96,555	8,481
Pending acquisition	592	2,767
Property and equipment, net	589	188
Right-of-use asset	997	120
Other assets	348	132
Total assets	108,976	17,663
Current liabilities:
Accounts payable and accrued liabilities	6,921	1,447
Accrued compensation and benefits	487	1,162
Commodity derivative liability-current	6,325
Asset retirement obligations-current	1,845
Premium finance note	377
Warrant liability		19
Current lease obligation	157	114
Total current liabilities	16,112	2,742
Credit facility	4,000
Commodity derivative liability-noncurrent	1,308
Asset retirement obligations- noncurrent	10,366	1,461
Lease obligation- non-current	880	19
Other long-term liabilities	6	6
Total liabilities	32,672	4,228
Shareholders’ equity:
Common stock, $0.01 par value; unlimited shares authorized; 24,923,812 and 4,676,301 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	249	47
Additional paid-in capital	215,783	149,276
Accumulated deficit	(139,728)	(135,888)
Total shareholders’ equity	76,304	13,435
Total liabilities and shareholders’ equity	$ 108,976	$ 17,663

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, unlimited shares authorized	Unlimited	Unlimited
Common stock, shares issued	24,923,812	4,676,301
Common stock, shares outstanding	24,923,812	4,676,301

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenue	$ 13,480	$ 1,656	$ 22,352	$ 2,867
Operating expenses:
Lease operating expenses	4,646	477	7,382	1,045
Production taxes	913	131	1,485	210
Depreciation, depletion, accretion and amortization	2,571	146	4,457	264
General and administrative expenses	2,642	812	5,588	1,547
Total operating expenses	10,772	1,566	18,912	3,066
Operating income (loss)	2,708	90	3,440	(199)
Other non-operating income (expense):
Commodity derivative loss	(2,132)	(317)	(8,969)	(210)
Marketable equity securities gain (loss)	(121)	23	(40)	73
Other income (expense), net	(5)	3	(6)	25
Interest, net	(60)	(6)	(108)	(58)
Total other non-operating expense	(2,318)	(297)	(9,123)	(170)
Net loss before income taxes	390	(207)	(5,683)	(369)
Income tax (expense) benefit	(268)		2,421
Net income (loss)	$ 122	$ (207)	$ (3,262)	$ (369)
Basic weighted shares outstanding	24,923,812	4,676,301	24,323,859	4,304,612
Diluted weighted shares outstanding	25,265,180	4,676,301	24,323,859	4,304,612
Basic earnings (loss) per share	$ 0	$ (0.04)	$ (0.13)	$ (0.09)
Diluted earnings (loss) per share	$ 0	$ (0.04)	$ (0.13)	$ (0.09)
Oil [Member]
Revenue:
Total revenue	$ 11,334	$ 1,507	$ 19,167	$ 2,639
Natural Gas, Midstream [Member]
Revenue:
Total revenue	$ 2,146	$ 149	$ 3,185	$ 228

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 33	$ 142,652	$ (134,118)	$ 8,567
Beginning balance, shares at Dec. 31, 2020	3,317,893
Issuance of shares in underwritten offering, net of offering costs of $488	$ 11	5,272		5,283
Issuance of shares in underwritten offering, net of offering costs of $488, 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
Shares issued upon vesting of restricted stock awards	$ 1	(1)
Shares issued 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		79		79
Net income			(162)	(162)
Ending balance, value at Mar. 31, 2021	$ 47	148,806	(134,280)	14,573
Ending balance, shares at Mar. 31, 2021	4,676,301
Beginning balance, value at Dec. 31, 2020	$ 33	142,652	(134,118)	8,567
Beginning balance, shares at Dec. 31, 2020	3,317,893
Net income				(369)
Ending balance, value at Jun. 30, 2021	$ 47	148,922	(134,487)	14,482
Ending balance, shares at Jun. 30, 2021	4,676,301
Beginning balance, value at Mar. 31, 2021	$ 47	148,806	(134,280)	14,573
Beginning balance, shares at Mar. 31, 2021	4,676,301
Stock-based compensation		116		116
Net income			(207)	(207)
Ending balance, value at Jun. 30, 2021	$ 47	148,922	(134,487)	14,482
Ending balance, shares at Jun. 30, 2021	4,676,301
Beginning balance, value at Dec. 31, 2021	$ 47	149,276	(135,888)	13,435
Beginning balance, shares at Dec. 31, 2021	4,676,301
Shares issued upon vesting of restricted stock awards	$ 4	(4)
Shares issued upon vesting of restricted stock awards, shares	373,500
Shares withheld to settle tax withholding obligations for restricted stock awards	$ (1)	(306)		(307)
Shares withheld to settle tax withholding obligations for restricted stock awards, shares	(81,725)
Stock-based compensation		1,500		1,500
Net income			(3,384)	(3,384)
Shares issued for acquired properties	$ 199	64,495		64,694
Shares issued for acquired properties, shares	19,905,736
Exercise of warrants		213		213
Exercise of warrants, shares	50,000
Ending balance, value at Mar. 31, 2022	$ 249	215,174	(139,272)	76,151
Ending balance, shares at Mar. 31, 2022	24,923,812
Beginning balance, value at Dec. 31, 2021	$ 47	149,276	(135,888)	13,435
Beginning balance, shares at Dec. 31, 2021	4,676,301
Net income				(3,262)
Ending balance, value at Jun. 30, 2022	$ 249	215,783	(139,728)	76,304
Ending balance, shares at Jun. 30, 2022	24,923,812
Beginning balance, value at Mar. 31, 2022	$ 249	215,174	(139,272)	76,151
Beginning balance, shares at Mar. 31, 2022	24,923,812
Stock-based compensation		609		609
Net income			122	122
Cash dividends, $0.02 per share			(578)	(578)
Ending balance, value at Jun. 30, 2022	$ 249	$ 215,783	$ (139,728)	$ 76,304
Ending balance, shares at Jun. 30, 2022	24,923,812

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Underwritten offering [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issuance cost	$ 488

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (3,262)	$ (369)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion, accretion, and amortization	4,457	264
Deferred income taxes	(2,460)
Unrealized loss (gain) on commodity derivatives	4,482	170
Loss (gain) on marketable equity securities	40	(73)
Amortization of debt issuance costs	20
Loss on warrant revaluation		24
Loss on related party debt conversion and settlement of legal costs		76
Stock-based compensation	2,109	195
Right of use asset amortization	75	42
Changes in operating assets and liabilities:
Oil and natural gas sales receivable	(5,198)	(208)
Other assets	(192)	(39)
Accounts payable and accrued liabilities	4,315	(509)
Accrued compensation and benefits	(675)	(125)
Payments on operating lease liability	(49)	(39)
Net cash provided by (used in) operating activities	3,662	(591)
Cash flows from investing activities:
Acquisition of proved properties	(4,383)
Oil and natural gas capital expenditures	(1,131)	(904)
Expenditures for pending acquisition	(592)
Property and equipment expenditures	(295)	(23)
Proceeds from sale of oil and gas properties	1,231	30
Payment received on note receivable		20
Net cash used in investing activities	(5,170)	(877)
Cash flows from financing activities:
Proceeds from sale of common stock, net of issuance costs		5,283
Borrowings on credit facility	4,500
Repayment of debt	(3,847)
Payment of fees for credit facility	(174)
Repayments of insurance premium finance note payable	(236)	(48)
Exercise of warrant	195
Shares withheld to settle tax withholding obligations for restricted stock awards	(307)	(39)
Dividend paid	(578)
Net cash (used in) provided by financing activities	(447)	5,196
Net (decrease) increase in cash and equivalents	(1,955)	3,728
Cash and equivalents, beginning of period	4,422	2,854
Cash and equivalents, end of period	$ 2,467	$ 6,582

ORGANIZATION, OPERATIONS AND SI

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
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 (“Energy One”) and New Horizon Resources LLC, referred to as the “Company” in these Notes to Unaudited Condensed Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. And recently reincorporated to Delaware, as discussed below. The Company’s principal business activities are focused on the acquisition, exploration and development of oil and natural gas properties in the United States. Effective on August 3, 2022, the Company changed its state of incorporation from the State of Wyoming to the State of Delaware (the “Reincorporation”) by means of a Plan of Conversion, effective August 3, 2022 (the “Plan of Conversion”). The Reincorporation, including the Plan of Conversion, was submitted to a vote of, and approved by, the Company’s stockholders at the Company’s 2022 Annual Meeting of Stockholders held on June 21, 2022. The Reincorporation was accomplished by filing: (i) an Application for Certificate of Transfer with the Secretary of State of the State of Wyoming (the “Wyoming Certificate of Transfer”); (ii) a Certificate of Conversion with the Secretary of State of the State of Delaware (the “Delaware Certificate of Conversion”); and (iii) a Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Delaware Certificate of Incorporation”). In connection with the Reincorporation, the Company’s Board of Directors adopted new amended and restated bylaws in the form attached to the Plan of Conversion, which are as were set forth in the Definitive Proxy Statement (the “Delaware Bylaws”). The Reincorporation did not result in any change in headquarters, business, jobs, management, location of any of the offices or facilities, number of employees, assets, liabilities or net worth (other than as a result of the costs incident to the Reincorporation) of the Company. The resulting Delaware corporation (“U.S. Energy-Delaware”) (i) is deemed to be the same entity as the Company as incorporated in Wyoming (“U.S. Energy-Wyoming”) for all purposes under Wyoming and Delaware law, (ii) continues to have all of the rights, privileges, and powers of U.S. Energy-Wyoming, (iii) continues to possess all of the properties of U.S. Energy-Wyoming, and (iv) continues to have all of the debts, liabilities, and duties of U.S. Energy-Wyoming. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 28, 2022. Our financial condition as of June 30, 2022, and operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and natural gas properties; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; futures prices of commodities used in the valuation of commodity derivative contracts; 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. 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. 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.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	2. ACQUISITIONS On January 5, 2022 (the “Closing Date”), the Company closed the acquisitions contemplated by three separate Purchase and Sale Agreements (the “Purchase Agreements” and the “Closing”), 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 Company accounted for the acquisition of the Acquired Assets as an asset acquisition. The purchase price for the Acquired Assets was (a) $ 125,000 6,568,828 1,000,000 3.3 6,790,524 3.1 125,000 6,546,384 67.4 1.25 19,905,736 64.7 1.4 3.3 3.1 SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED Amount (in thousands) Amounts incurred: Cash $ 1,250 Value of 19,905,736 64,694 Purchase price adjustments 1,497 Transaction costs 1,267 Total consideration paid 68,708 Debt assumed 3,347 Commodity derivative liabilities assumed 3,152 Suspense accounts assumed 1,276 Employee obligations assumed 100 Asset retirement obligations assumed 9,855 Deferred tax liabilities 2,460 Total liabilities assumed 20,190 Total consideration paid and liabilities assumed $ 88,898 Allocation to acquired assets: Proved oil and gas properties 87,278 Oil inventory in tanks 1,286 Vehicles 165 Deposit account 169 Total allocation to acquired assets $ 88,898 Liberty County, Texas Acquisition On May 3, 2022, the Company acquired operated oil and gas producing properties in Liberty County, Texas, adjacent to its existing assets in the area, for $ 1.0 1,022 0.2 0.5 East Texas Acquisition On June 29, 2022, the Company entered into a Purchase and Sale Agreement (the “PSA”) with ETXENERGY, LLC. to acquire approximately 16,600 11.8 590 2 592

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	3. REVENUE RECOGNITION The Company’s operated oil production is sold at the delivery point specified in the contract. The Company collects an agreed-upon index price, net of pricing differentials. The purchaser takes custody, title and risk of loss of the oil at the delivery point; therefore, control passes at the delivery point. The Company recognizes revenue at the net price received when control transfers to the purchaser. Natural gas and natural gas liquid (“NGL”) are sold at the lease location, which is generally when control of the natural gas and NGL transfers to the purchaser, and revenue is recognized as the amount received from the purchaser. The Company does not disclose the values of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with 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 unaudited condensed consolidated statements of operations. The revenue and costs in the consolidated statements of operations were reported gross for the three and six months ended June 30, 2022 and 2021, as the gross amounts were known. The Company’s non-operated revenues are derived from its interest in the sales of oil and natural gas production. The sales of oil and natural gas are made under contracts that operators of the wells have negotiated with third-party customers. The Company receives payment from the sale of oil and natural gas production between one to three months after delivery. At the end of each period when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in oil and natural gas sales receivable in the consolidated balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. Accordingly, the variable consideration is not constrained. As a non-operator of its oil and natural gas properties, the Company records its share of the revenues and expenses based upon the information provided by the operators within the revenue statements. The Company’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. The Company disaggregates revenues from its share of revenue from the sale of oil and natural gas and liquids by region. The Company’s revenues in its Rockies, West Texas, South Texas, Gulf Coast and Mid- Continent regions for the three and six months ended June 30, 2022 and 2021, are presented in the following table: SCHEDULE OF DISAGGREGATED REVENUE 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Revenue: Rockies Oil $ 4,587 $ 792 $ 7,978 $ 1,314 Natural gas and liquids 343 69 536 148 Total $ 4,930 $ 861 $ 8,514 $ 1,462 South Texas Oil $ 2,176 $ 211 $ 3,812 $ 403 Natural gas and liquids 254 13 393 28 Total $ 2,430 $ 224 $ 4,205 $ 431 West Texas Oil $ 1,404 $ 224 $ 2,832 $ 401 Natural gas and liquids 111 67 173 70 Total $ 1,515 $ 291 $ 3,005 $ 471 Gulf Coast Oil $ 1,243 $ 277 $ 1,960 $ 526 Natural gas and liquids 110 - 114 - Total $ 1,353 $ 277 $ 2,074 $ 526 Mid-Continent Oil $ 1,825 $ 3 $ 2,584 $ (6 ) Natural gas and liquids 1,427 - 1,970 (17 ) Total $ 3,252 $ 3 $ 4,554 $ (23 ) Combined Total $ 13,480 $ 1,656 $ 22,352 $ 2,867 (1) Negative amounts represent adjustments for the six months ended June 30, 2021, of estimated accruals to actual revenues received from non-operated properties in Oklahoma. Significant concentrations of credit risk The Company has exposure to credit risk in the event of non-payment of oil and natural gas receivables by purchasers of its operated oil and natural gas properties and the joint interest operators of the Company’s non-operated oil and natural gas properties. 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 REVENUE FROM PURCHASERS Six Months Ended June 30, Purchaser 2022 2021 Purchaser A 23 % 29 % Purchaser B 22 % - Purchaser C 7 % 37 % Purchaser D 2 % 10 %

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
Leases
LEASES	4. LEASES During the six months ended June 30, 2022, the Company acquired right-of-use assets and operating lease liabilities of $ 953 SCHEDULE OF CONSOLIDATED BALANCE SHEET June 30, 2022 December 31, (in thousands) Right of use asset balance Operating lease $ 997 $ 120 Lease liability balance Short-term operating lease $ 157 $ 114 Long-term operating lease 880 19 Total operating leases $ 1,037 $ 133 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 office space in Golden, Colorado and our Houston, Texas office lease, prior to February 2021. In May 2022, the Company entered into a new 67 SCHEDULE OF LEASE COSTS 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Operating lease cost $ 69 $ 27 $ 100 $ 51 Short-term lease cost 2 12 4 18 Sublease income (17 ) (16 ) (33 ) (32 ) Total lease costs $ 54 $ 23 $ 71 $ 37 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 June 30, 2022 2021 (in thousands) Weighted average lease term (years) 5.1 1.7 Weighted average discount rate 4.6 % 9.26 % The future minimum lease commitments as of June 30, 2022 are presented in the table below in thousands. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value on the consolidated balance sheet as follows: SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS Amount Remainder of 2022 $ 78 2023 225 2024 213 2025 218 2026 224 2027 210 Total lease payments 1,168 Less: imputed interest (131 ) Total lease liability $ 1,037 In August 2021, the Company sold its 14 30,400 6 23

OIL AND NATURAL GAS PRODUCTION

OIL AND NATURAL GAS PRODUCTION ACTIVITIES	6 Months Ended
	Jun. 30, 2022
Extractive Industries [Abstract]
OIL AND NATURAL GAS PRODUCTION ACTIVITIES	5. OIL AND NATURAL GAS PRODUCTION ACTIVITIES Divestitures During the six months ended June 30, 2022, the Company divested of the Wildhorse Waterflood Unit in Osage County, Oklahoma, which was part of the Acquired Assets acquired on January 5, 2022. Net proceeds from sale of the waterflood unit were $ 1.2 12 30 Ceiling Test and Impairment The Company did not record a ceiling test write-down of its oil and natural gas properties during the six months ended June 30, 2022 or 2021. 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 June 30, 2022, the Company used $ 85.78 5.13 10%

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	6. DEBT 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”). The weighted average interest rate on the Credit Agreement for the three and six months ended June 30, 2022, was 4.7% and 4.5% per annum, respectively 56 thousand and $ 100 thousand, respectively. The Credit Agreement contains various restrictive covenants and compliance requirements, which include, among other things: (i) maintenance of certain financial ratios, as defined in the Credit Agreement tested quarterly, that limit the Company’s ratio of total debt to EBITDAX (as defined in the Credit Agreement) to 3:1 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; (ii) a restriction on the payment of cash dividends (subject to certain limited rights to declare and pay dividends as long as no event of default has occurred and certain financial ratios are met); (iii) limits on the incurrence of additional indebtedness; (iv) a prohibition on the entry into commodity swap contracts exceeding a specified percentage of our expected production; and (v) restrictions on the disposition of assets. As of June 30, 2022, the Company was in compliance with all covenants related to the Credit Agreement. A total of $ 3.5 3.5 3.3 1.0 0.5 4.0 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 over. 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

COMMODITY DERIVATIVES

COMMODITY DERIVATIVES	6 Months Ended
	Jun. 30, 2022
Commodity Derivatives
COMMODITY DERIVATIVES	7. COMMODITY DERIVATIVES The Company’s results of operations and cash flows are affected by changes in market prices for crude oil and natural gas. To manage a portion of its exposure to price volatility from producing crude oil and natural gas the Company enters into commodity derivative contracts to protect against price declines in future periods. The Company does not enter into derivative contracts for speculative purposes. The Company has not elected to designate the derivative contracts as cash flow hedges; therefore, the instruments do not qualify for hedge accounting. Accordingly, changes in the fair value of the derivative contracts are recorded in the unaudited condensed consolidated statements of operations and are included in cash flows from operating activities in the condensed consolidated statement of cash flows. On January 5, 2022, the Company and NextEra Energy Marketing LLC (“NextEra”) entered into an International Swap Dealers Association, Inc. Master Agreement and Schedule (the “Master Agreement”), facilitating the Company to enter into derivative contracts to manage the risk associated with its business relating to commodity prices. 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 derivative contacts may include swaps, caps, floors, collars, locks, forwards and options. The Company’s entry into and the obligations of the Company under the Master Agreement 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 SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS Collars Fixed Price Swaps Quantity Quantity Commodity/ Crude Oil-(Bbls) Weighted Average Prices Crude Oil- (Bbls) Weighted Maturity Period Gas-(Mmbtu) Floors Ceilings Gas-(Mmbtu) Price NYMEX WTI Crude Oil 2022 Contracts: Third quarter 2022 73,400 $ 59.97 $ 80.54 9,000 $ 49.99 Fourth quarter 2022 71,800 $ 59.86 $ 80.34 9,000 $ 49.99 Total Remaining 2022 145,200 $ 59.92 $ 80.44 18,000 $ 49.99 Crude Oil 2023 Contracts: First quarter 2023 66,200 $ 57.73 $ 76.00 6,000 $ 59.20 Second quarter 2023 53,500 $ 60.00 $ 81.04 6,000 $ 59.20 Third quarter 2023 52,600 $ 60.00 $ 81.04 - $ - Fourth quarter 2023 51,200 $ 60.00 $ 81.04 - $ - Total 2023 223,500 $ 59.33 $ 79.55 12,000 $ 59.20 NYMEX Henry Hub Natural Gas 2022 Contracts: Third quarter 2022 - $ - $ - 60,000 $ 2.96 Fourth quarter 2022 - $ - $ - 60,000 $ 2.96 Total remaining 2022 - $ - $ - 120,000 $ 2.96 Natural Gas 2023 Contracts: First quarter 2023 - $ - $ - 60,000 $ 2.96 The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets by category: SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS June 30, 2022 December 31, 2021 (in thousands) Derivative liabilities: Current liabilities $ 6,325 $ - Non-current liabilities 1,308 - Total derivative liabilities $ 7,633 $ - As of June 30, 2022, all commodity derivative contracts held by the Company were subject to master netting arrangements with its counterparty. The terms of the Company’s derivative agreements provide for offsetting of amounts payable or receivable between it and the counterparty for contracts that settle on the same date. The Company’s agreements also provide that in the event of an early termination, the counterparty has the right to offset amounts owed or owing under that and any other agreement. The Company’s accounting policy is to offset positions that settle on the same date with the same counterparty. The following table summarizes the commodity components of the derivative settlement gain (loss) as well as the components of the net derivative loss line-item presentation in the accompanying condensed consolidated statement of operations: SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Derivative settlement losses: Oil contracts $ (2,590 ) $ (38 ) $ (4,137 ) $ (40 ) Gas contracts (239 ) - (350 ) - Total derivative settlement losses $ (2,829 ) $ (38 ) $ (4,487 ) $ (40 ) Total net derivative loss: Oil contracts $ (2,068 ) (317 ) $ (8,364 ) (210 ) Gas contracts (64 ) - (605 ) - Total net derivative loss $ (2,132 ) (317 ) $ (8,969 ) $ (210 )

COMMITMENTS, CONTINGENCIES AND

COMMITMENTS, CONTINGENCIES AND RELATED-PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND RELATED-PARTY TRANSACTIONS	8. 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

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
SHAREHOLDERS’ EQUITY	9. SHAREHOLDERS’ EQUITY Stock Options From time to time, the Company may grant stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically expire ten years from the grant date. For the three and six months ended June 30, 2022 and 2021, there was no No 750 No SCHEDULE OF STOCK OPTIONS ACTIVITY June 30, 2022 December 31, 2021 Shares Price Shares Price Stock options outstanding and exercisable 30,285 $ 60.11 31,035 $ 62.79 The following table summarizes information for stock options outstanding and for stock options exercisable at June 30, 2022. 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 Weighted Remaining Weighted Number of Price Average Contractual Number of Average Shares Low High Price (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 5.3 16,500 $ 10.00 10,622 90.00 124.80 106.20 1.8 10,622 106.20 2,163 139.20 139.20 139.20 0.1 2,163 139.20 1,000 226.20 226.20 226.20 2.2 1,000 232.48 30,285 $ 7.20 $ 226.20 $ 60.11 3.6 30,285 $ 60.11 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 six months ended June 30, 2022: SCHEDULE OF NON-VESTED TIME-BASED RESTRICTED STOCK AWARDS Shares Weighted-Avg. Non-vested restricted stock as of December 31, 2021 174,000 $ 4.75 Granted 986,500 $ 3.70 Vested (373,500 ) $ 4.02 Non-vested as of June 30, 2022 787,000 $ 3.78 The following table presents the stock compensation expense related to restricted stock grants for the three and six months ended June 30, 2022 and 2021: SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Stock compensation expense $ 609 $ 116 $ 2,109 $ 195 Total compensation cost related to non-vested time-based awards and not yet recognized in the Company’s condensed consolidated statements of operations as of June 30, 2022, was $ 1.8 2.3

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	10. ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations (“AROs”) associated with the future plugging and abandonment of proved properties. Initially, the fair value of a liability for an ARO is recorded in the period in which the ARO is incurred with a corresponding increase in the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depleted over the life of the related asset. If the liability is settled for an amount other than the recorded amount, an adjustment to the full-cost pool is recognized. The Company had no assets that are restricted for the purpose of settling AROs. The Company recorded $ 9.6 0.5 See Note 2 Acquisitions In the fair value calculation for the ARO there are numerous assumptions and judgments, including the ultimate retirement cost, inflation factors, credit-adjusted risk-free discount rates, timing of retirement and changes in legal, regulatory, environmental, and political environments. To the extent future revisions to assumptions and judgments impact the present value of the existing ARO, a corresponding adjustment is made to the oil and natural gas property balance. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations as of June 30, 2022 and December 31, 2021: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS June 30, 2022 December 31, 2021 (in thousands) Balance, beginning of year $ 1,461 $ 1,408 Acquired 10,334 45 Life revisions 131 - Sold/Plugged (163 ) (70 ) Accretion 448 78 Balance, end of period $ 12,211 $ 1,461

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES The Company’s tax provision or benefit from income taxes for interim periods is generally determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision. However, for the six months ended June 30, 2022, the estimated annual effective tax rate presented a distorted amount of expense in relation to the year-to-date results. As such, the Company has determined the tax benefit for the six months ended June 30, 2022 on an actual year-to-date basis instead of applying the estimated annual effective tax rate. The Company’s effective tax rate was approximately 45.5% 0.0% The Company’s income tax benefit for the six months ended June 30, 2022 includes a discrete income tax benefit of $ 2.4 Deferred taxes are recognized for the expected future tax consequences of temporary differences between the financial statement and tax basis of assets, liabilities, net operating losses and tax credit carry-forwards. We review our deferred tax assets (“DTAs”) and valuation allowance on a quarterly basis. As part of our review, we consider positive and negative evidence, including cumulative results in recent years. The January 5, 2022 transaction triggered an Internal Revenue Code (IRC) Section 382 ownership change, and therefore placed additional limitations on the Company’s pre-transaction net operating loss (NOL) and other tax attributes. 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 six months ended June 30, 2022 and 2021, no adjustments were recognized for uncertain tax positions.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	12. NET INCOME (LOSS) PER SHARE Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net income (loss) per common share is calculated by dividing adjusted net income (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, and unvested shares of restricted common stock. When the Company recognizes a net loss, as was the case for the six months ended June 30, 2022 and the three and six months ended June 30, 2021, 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 income (loss) per share for the three and six months ended June 30, 2022 and 2021: SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands except per share data) Net income (loss) $ 122 $ (207 ) $ (3,262 ) $ (369 ) Basic weighted average common shares outstanding 24,924 4,676 24,324 4,305 Dilutive effect of potentially dilutive securities 341 - - - Diluted weighted average common shares outstanding 25,265 4,676 24,324 4,305 Basic net income (loss) per share $ 0.00 $ (0.04 ) $ (0.13 ) $ (0.09 ) Diluted net income (loss) per share $ 0.00 $ (0.04 ) $ (0.13 ) $ (0.09 ) For the three and six months ended June 30, 2022 and 2021, 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 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Stock options 30 31 30 31 Unvested shares of restricted stock - 174 787 150 Warrants - 50 - 50 Total 30 255 817 231

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	13. 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 in 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. Recurring Fair Value Measurements Commodity Derivative Instruments We measure the fair value of commodity derivative contracts using an income valuation technique based on the contract price of the underlying positions, crude oil forward curves, discount rates, and Company or counterparty non-performance risk. The fixed-price swaps and collar derivative contracts are included in Level 2. The fair value of commodity derivative contracts and their presentation in our condensed consolidated balance sheet as of June 30, 2022 are presented below: SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Effect Net Fair Value Presented in the Condensed Consolidated Balance (in thousands) Assets Current: Commodity derivatives $ - $ 430 $ - $ 430 $ (430 ) $ - Non-current: Commodity derivatives $ - $ 644 $ - $ 644 $ (644 ) $ - Liabilities Current: Commodity derivatives $ - $ (6,755 ) $ - $ (6,755 ) $ 430 $ (6,325 ) Non-current: Commodity derivatives $ - $ (1,952 ) $ - $ (1,952 ) $ 644 $ (1,308 ) Net derivative instruments $ - $ (7,633 ) $ - $ (7,633 ) $ - $ (7,633 ) Marketable Equity Securities We measure the fair value of marketable equity securities based on quoted market prices obtained from independent pricing services. The Company has an investment in the marketable equity securities of Anfield Energy (“Anfield”), which it acquired as consideration for sales of certain mining operations. Anfield is traded in an active market under the trading symbol AEC:TSXV and has been classified as Level 1. SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES June 30, December 31, 2022 2021 Current assets: Marketable equity securities Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.06213 $ 0.07874 Fair value of marketable equity securities $ 150,417 $ 190,641 Nonrecurring Fair Value Measurements Asset Retirement Obligations The Company measures the fair value of asset retirement obligations as of the date a well is acquired, the date a well begins drilling, or the date the Company revises its ARO assumptions using a discounted cash flow method based on unobservable inputs including estimates of the costs to abandon and the timing of when the Company will ultimately abandon the asset. These estimates are based on engineering estimates and estimated reserve life and therefore are designated as Level 3 within the valuation hierarchy See Note 10- Asset Retirement Obligations Other Assets and Liabilities The Company evaluates the fair value on a non-recurring basis of properties acquired in asset acquisitions. The fair value of the oil and gas properties is determined based upon estimated future discounted cash flow, a Level 3 input, using estimated production which we reasonably expect, and estimated prices adjusted for differentials. Unobservable inputs include estimated future oil and natural gas production, prices, operating and development costs, and a discount rate of 10%, all Level 3 inputs within the fair value hierarchy. The carrying value of financial instruments included in current assets and current liabilities approximate fair value due to the short-term nature of those instruments. The carrying value of the amounts borrowed under the Credit Agreement approximate fair value because the interest on the Credit Agreement is at a floating rate.

SUPPLEMENTAL DISCLOSURES OF CAS

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	14. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION 2022 2021 Six Months Ended 2022 2021 (in thousands) Cash paid for interest $ (86 ) $ (3 ) Investing activities: Change in capital expenditure accruals 453 256 Change in accrual for acquisition costs (546 ) - Common stock issued for acquisition of properties 64,694 - Assumption of commodity derivative liability in acquisition of properties 3,152 - Assumption of debt in acquisition of properties 3,347 - Assumption of suspense accounts in acquisition of properties 1,276 - Addition of operating lease liability and right of use asset 953 82 Asset retirement obligations 10,302 44 Financing activities: Issuance of stock for conversion of related party secured note payable and accrued interest - 438 Issuance of stock for settlement of related party legal costs - 406 Financing of insurance premiums with note payable 588 223

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Acquisition of East Texas Properties On July 27, 2022, the Company closed on the acquisition of certain oil and natural gas producing properties from ETXENERGY, LLC totaling approximately 16,600 11.9 1.2 10.7 On July 26, 2022, the Company, in anticipation of the closing of the ETXENERGY Acquisition entered into a letter agreement with FirstBank Southwest, the administrative agent of its existing Credit Agreement, whereby it increased the borrowing base under the Credit Agreement from $ 15 20 10.7 On August 4, 2022, the Company repaid $ 0.4 14.3 On July 15, 2022, the Company’s Board of Directors approved a quarterly dividend of $ 0.0225

ORGANIZATION, OPERATIONS AND _2

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
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 (“Energy One”) and New Horizon Resources LLC, referred to as the “Company” in these Notes to Unaudited Condensed Consolidated Financial Statements) was incorporated in the State of Wyoming on January 26, 1966. And recently reincorporated to Delaware, as discussed below. The Company’s principal business activities are focused on the acquisition, exploration and development of oil and natural gas properties in the United States. Effective on August 3, 2022, the Company changed its state of incorporation from the State of Wyoming to the State of Delaware (the “Reincorporation”) by means of a Plan of Conversion, effective August 3, 2022 (the “Plan of Conversion”). The Reincorporation, including the Plan of Conversion, was submitted to a vote of, and approved by, the Company’s stockholders at the Company’s 2022 Annual Meeting of Stockholders held on June 21, 2022. The Reincorporation was accomplished by filing: (i) an Application for Certificate of Transfer with the Secretary of State of the State of Wyoming (the “Wyoming Certificate of Transfer”); (ii) a Certificate of Conversion with the Secretary of State of the State of Delaware (the “Delaware Certificate of Conversion”); and (iii) a Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Delaware Certificate of Incorporation”). In connection with the Reincorporation, the Company’s Board of Directors adopted new amended and restated bylaws in the form attached to the Plan of Conversion, which are as were set forth in the Definitive Proxy Statement (the “Delaware Bylaws”). The Reincorporation did not result in any change in headquarters, business, jobs, management, location of any of the offices or facilities, number of employees, assets, liabilities or net worth (other than as a result of the costs incident to the Reincorporation) of the Company. The resulting Delaware corporation (“U.S. Energy-Delaware”) (i) is deemed to be the same entity as the Company as incorporated in Wyoming (“U.S. Energy-Wyoming”) for all purposes under Wyoming and Delaware law, (ii) continues to have all of the rights, privileges, and powers of U.S. Energy-Wyoming, (iii) continues to possess all of the properties of U.S. Energy-Wyoming, and (iv) continues to have all of the debts, liabilities, and duties of U.S. Energy-Wyoming.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the SEC on March 28, 2022. Our financial condition as of June 30, 2022, and operating results for the three and six months ended June 30, 2022, are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2022.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and natural gas properties; realizability of unevaluated properties; production and commodity price estimates used to record accrued oil and natural gas sales receivables; futures prices of commodities used in the valuation of commodity derivative contracts; 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.
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.
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.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED	SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED Amount (in thousands) Amounts incurred: Cash $ 1,250 Value of 19,905,736 64,694 Purchase price adjustments 1,497 Transaction costs 1,267 Total consideration paid 68,708 Debt assumed 3,347 Commodity derivative liabilities assumed 3,152 Suspense accounts assumed 1,276 Employee obligations assumed 100 Asset retirement obligations assumed 9,855 Deferred tax liabilities 2,460 Total liabilities assumed 20,190 Total consideration paid and liabilities assumed $ 88,898 Allocation to acquired assets: Proved oil and gas properties 87,278 Oil inventory in tanks 1,286 Vehicles 165 Deposit account 169 Total allocation to acquired assets $ 88,898

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
SCHEDULE OF DISAGGREGATED REVENUE	SCHEDULE OF DISAGGREGATED REVENUE 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Revenue: Rockies Oil $ 4,587 $ 792 $ 7,978 $ 1,314 Natural gas and liquids 343 69 536 148 Total $ 4,930 $ 861 $ 8,514 $ 1,462 South Texas Oil $ 2,176 $ 211 $ 3,812 $ 403 Natural gas and liquids 254 13 393 28 Total $ 2,430 $ 224 $ 4,205 $ 431 West Texas Oil $ 1,404 $ 224 $ 2,832 $ 401 Natural gas and liquids 111 67 173 70 Total $ 1,515 $ 291 $ 3,005 $ 471 Gulf Coast Oil $ 1,243 $ 277 $ 1,960 $ 526 Natural gas and liquids 110 - 114 - Total $ 1,353 $ 277 $ 2,074 $ 526 Mid-Continent Oil $ 1,825 $ 3 $ 2,584 $ (6 ) Natural gas and liquids 1,427 - 1,970 (17 ) Total $ 3,252 $ 3 $ 4,554 $ (23 ) Combined Total $ 13,480 $ 1,656 $ 22,352 $ 2,867 (1) Negative amounts represent adjustments for the six months ended June 30, 2021, of estimated accruals to actual revenues received from non-operated properties in Oklahoma.
SCHEDULE OF REVENUE FROM PURCHASERS	SCHEDULE OF REVENUE FROM PURCHASERS Six Months Ended June 30, Purchaser 2022 2021 Purchaser A 23 % 29 % Purchaser B 22 % - Purchaser C 7 % 37 % Purchaser D 2 % 10 %

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
Leases
SCHEDULE OF CONSOLIDATED BALANCE SHEET	SCHEDULE OF CONSOLIDATED BALANCE SHEET June 30, 2022 December 31, (in thousands) Right of use asset balance Operating lease $ 997 $ 120 Lease liability balance Short-term operating lease $ 157 $ 114 Long-term operating lease 880 19 Total operating leases $ 1,037 $ 133
SCHEDULE OF LEASE COSTS	SCHEDULE OF LEASE COSTS 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Operating lease cost $ 69 $ 27 $ 100 $ 51 Short-term lease cost 2 12 4 18 Sublease income (17 ) (16 ) (33 ) (32 ) Total lease costs $ 54 $ 23 $ 71 $ 37
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 June 30, 2022 2021 (in thousands) Weighted average lease term (years) 5.1 1.7 Weighted average discount rate 4.6 % 9.26 %
SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS	SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS Amount Remainder of 2022 $ 78 2023 225 2024 213 2025 218 2026 224 2027 210 Total lease payments 1,168 Less: imputed interest (131 ) Total lease liability $ 1,037

COMMODITY DERIVATIVES (Tables)

COMMODITY DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2022
Commodity Derivatives
SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS	SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS Collars Fixed Price Swaps Quantity Quantity Commodity/ Crude Oil-(Bbls) Weighted Average Prices Crude Oil- (Bbls) Weighted Maturity Period Gas-(Mmbtu) Floors Ceilings Gas-(Mmbtu) Price NYMEX WTI Crude Oil 2022 Contracts: Third quarter 2022 73,400 $ 59.97 $ 80.54 9,000 $ 49.99 Fourth quarter 2022 71,800 $ 59.86 $ 80.34 9,000 $ 49.99 Total Remaining 2022 145,200 $ 59.92 $ 80.44 18,000 $ 49.99 Crude Oil 2023 Contracts: First quarter 2023 66,200 $ 57.73 $ 76.00 6,000 $ 59.20 Second quarter 2023 53,500 $ 60.00 $ 81.04 6,000 $ 59.20 Third quarter 2023 52,600 $ 60.00 $ 81.04 - $ - Fourth quarter 2023 51,200 $ 60.00 $ 81.04 - $ - Total 2023 223,500 $ 59.33 $ 79.55 12,000 $ 59.20 NYMEX Henry Hub Natural Gas 2022 Contracts: Third quarter 2022 - $ - $ - 60,000 $ 2.96 Fourth quarter 2022 - $ - $ - 60,000 $ 2.96 Total remaining 2022 - $ - $ - 120,000 $ 2.96 Natural Gas 2023 Contracts: First quarter 2023 - $ - $ - 60,000 $ 2.96
SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS	The following table details the fair value of commodity derivative contracts recorded in the accompanying balance sheets by category: SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS June 30, 2022 December 31, 2021 (in thousands) Derivative liabilities: Current liabilities $ 6,325 $ - Non-current liabilities 1,308 - Total derivative liabilities $ 7,633 $ -
SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS	The following table summarizes the commodity components of the derivative settlement gain (loss) as well as the components of the net derivative loss line-item presentation in the accompanying condensed consolidated statement of operations: SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Derivative settlement losses: Oil contracts $ (2,590 ) $ (38 ) $ (4,137 ) $ (40 ) Gas contracts (239 ) - (350 ) - Total derivative settlement losses $ (2,829 ) $ (38 ) $ (4,487 ) $ (40 ) Total net derivative loss: Oil contracts $ (2,068 ) (317 ) $ (8,364 ) (210 ) Gas contracts (64 ) - (605 ) - Total net derivative loss $ (2,132 ) (317 ) $ (8,969 ) $ (210 )

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
SCHEDULE OF STOCK OPTIONS ACTIVITY	SCHEDULE OF STOCK OPTIONS ACTIVITY June 30, 2022 December 31, 2021 Shares Price Shares Price Stock options outstanding and exercisable 30,285 $ 60.11 31,035 $ 62.79
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE	The following table summarizes information for stock options outstanding and for stock options exercisable at June 30, 2022. 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 Weighted Remaining Weighted Number of Price Average Contractual Number of Average Shares Low High Price (years) Shares Price 16,500 $ 7.20 $ 11.60 $ 10.00 5.3 16,500 $ 10.00 10,622 90.00 124.80 106.20 1.8 10,622 106.20 2,163 139.20 139.20 139.20 0.1 2,163 139.20 1,000 226.20 226.20 226.20 2.2 1,000 232.48 30,285 $ 7.20 $ 226.20 $ 60.11 3.6 30,285 $ 60.11
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 six months ended June 30, 2022: SCHEDULE OF NON-VESTED TIME-BASED RESTRICTED STOCK AWARDS Shares Weighted-Avg. Non-vested restricted stock as of December 31, 2021 174,000 $ 4.75 Granted 986,500 $ 3.70 Vested (373,500 ) $ 4.02 Non-vested as of June 30, 2022 787,000 $ 3.78
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 three and six months ended June 30, 2022 and 2021: SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Stock compensation expense $ 609 $ 116 $ 2,109 $ 195

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS	The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations as of June 30, 2022 and December 31, 2021: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS June 30, 2022 December 31, 2021 (in thousands) Balance, beginning of year $ 1,461 $ 1,408 Acquired 10,334 45 Life revisions 131 - Sold/Plugged (163 ) (70 ) Accretion 448 78 Balance, end of period $ 12,211 $ 1,461

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
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 income (loss) per share for the three and six months ended June 30, 2022 and 2021: SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2022 2021 2022 2021 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands except per share data) Net income (loss) $ 122 $ (207 ) $ (3,262 ) $ (369 ) Basic weighted average common shares outstanding 24,924 4,676 24,324 4,305 Dilutive effect of potentially dilutive securities 341 - - - Diluted weighted average common shares outstanding 25,265 4,676 24,324 4,305 Basic net income (loss) per share $ 0.00 $ (0.04 ) $ (0.13 ) $ (0.09 ) Diluted net income (loss) per share $ 0.00 $ (0.04 ) $ (0.13 ) $ (0.09 )
SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES	For the three and six months ended June 30, 2022 and 2021, 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 Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Stock options 30 31 30 31 Unvested shares of restricted stock - 174 787 150 Warrants - 50 - 50 Total 30 255 817 231

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES	We measure the fair value of commodity derivative contracts using an income valuation technique based on the contract price of the underlying positions, crude oil forward curves, discount rates, and Company or counterparty non-performance risk. The fixed-price swaps and collar derivative contracts are included in Level 2. The fair value of commodity derivative contracts and their presentation in our condensed consolidated balance sheet as of June 30, 2022 are presented below: SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Effect Net Fair Value Presented in the Condensed Consolidated Balance (in thousands) Assets Current: Commodity derivatives $ - $ 430 $ - $ 430 $ (430 ) $ - Non-current: Commodity derivatives $ - $ 644 $ - $ 644 $ (644 ) $ - Liabilities Current: Commodity derivatives $ - $ (6,755 ) $ - $ (6,755 ) $ 430 $ (6,325 ) Non-current: Commodity derivatives $ - $ (1,952 ) $ - $ (1,952 ) $ 644 $ (1,308 ) Net derivative instruments $ - $ (7,633 ) $ - $ (7,633 ) $ - $ (7,633 )
SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES	SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES June 30, December 31, 2022 2021 Current assets: Marketable equity securities Number of shares owned 2,421,180 2,421,180 Quoted market price $ 0.06213 $ 0.07874 Fair value of marketable equity securities $ 150,417 $ 190,641

SUPPLEMENTAL DISCLOSURES OF C_2

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION 2022 2021 Six Months Ended 2022 2021 (in thousands) Cash paid for interest $ (86 ) $ (3 ) Investing activities: Change in capital expenditure accruals 453 256 Change in accrual for acquisition costs (546 ) - Common stock issued for acquisition of properties 64,694 - Assumption of commodity derivative liability in acquisition of properties 3,152 - Assumption of debt in acquisition of properties 3,347 - Assumption of suspense accounts in acquisition of properties 1,276 - Addition of operating lease liability and right of use asset 953 82 Asset retirement obligations 10,302 44 Financing activities: Issuance of stock for conversion of related party secured note payable and accrued interest - 438 Issuance of stock for settlement of related party legal costs - 406 Financing of insurance premiums with note payable 588 223

SUMMARY OF AMOUNTS INCURRED FOR

SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 05, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Value of 19,905,736 shares issued		$ 64,694
Business Acquisition [Member]
Business Acquisition [Line Items]
Cash	$ 1,250
Value of 19,905,736 shares issued	64,694
Purchase price adjustments	1,497
Transaction costs	1,267
Total consideration paid	68,708
Debt assumed	3,347
Commodity derivative liabilities assumed	3,152
Suspense accounts assumed	1,276
Employee obligations assumed	100
Asset retirement obligations assumed	9,855
Deferred tax liabilities	2,460
Total liabilities assumed	20,190
Total consideration paid and liabilities assumed	88,898
Proved oil and gas properties	87,278
Oil inventory in tanks	1,286
Vehicles	165
Deposit account	169
Total allocation to acquired assets	$ 88,898

SUMMARY OF AMOUNTS INCURRED F_2

SUMMARY OF AMOUNTS INCURRED FOR ASSETS ACQUIRED (Details) (Parenthetical)	Jan. 05, 2022 shares
Acquisition of Liberty Country Properties [Member]
Business Acquisition [Line Items]
Shares issued in acquisition	19,905,736

ACQUISITIONS (Details Narrative

ACQUISITIONS (Details Narrative)				3 Months Ended
	Jun. 29, 2022 USD ($) a	May 03, 2022 USD ($) a	Jan. 05, 2022 USD ($) shares	Mar. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Stock Issued During Period, Value, Acquisitions				$ 64,694,000
Asset retirement obligations- noncurrent					$ 10,366,000	$ 1,461,000
Asset retirement obligation		$ 500,000	$ 9,600,000		12,211,000	1,461,000	$ 1,408,000
Pending acquisition					$ 592,000	$ 2,767,000
Oil and Gas Properties [Member]
Defined Benefit Plan Disclosure [Line Items]
Payments to acquire oil and gas property		$ 1,000,000
Area of Land | a		1,022
Suspense account		$ 200,000
Asset retirement obligation		$ 500,000
Wells and Gathering Systems [Member]
Defined Benefit Plan Disclosure [Line Items]
Area of Land | a	16,600
Assets purchase price	$ 11,800,000
Payments to acquire Walls and gathering systems	590,000
Assets acquisition, transaction cost	2,000
Pending acquisition	$ 592,000
Purchase and Sale Agreement [Member]
Defined Benefit Plan Disclosure [Line Items]
Payments to Acquire Productive Assets			$ 1,250,000
Stock Issued During Period, Shares, Acquisitions | shares			19,905,736
Lubbock [Member] | Purchase and Sale Agreement [Member]
Defined Benefit Plan Disclosure [Line Items]
Payments to Acquire Productive Assets			$ 125,000
Stock Issued During Period, Shares, Acquisitions | shares			6,568,828
Banner [Member] | Purchase and Sale Agreement [Member]
Defined Benefit Plan Disclosure [Line Items]
Payments to Acquire Productive Assets			$ 1,000,000
Stock Issued During Period, Shares, Acquisitions | shares			6,790,524
Asset Acquisition, Contingent Consideration, Liability			$ 3,300,000
Amount of Ineffectiveness on Net Investment Hedges			3,100,000
Payments to Acquire Intangible Assets			67,400,000
Stock Issued During Period, Value, Acquisitions			64,700,000
Adjustment to acquire intangible assets			1,400,000
Asset acquisition of debt			3,300,000
Asset retirement obligations- noncurrent			3,100,000
Synergy [Member] | Purchase and Sale Agreement [Member]
Defined Benefit Plan Disclosure [Line Items]
Payments to Acquire Productive Assets			$ 125,000
Stock Issued During Period, Shares, Acquisitions | shares			6,546,384

SCHEDULE OF DISAGGREGATED REVEN

SCHEDULE OF DISAGGREGATED REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Combined Total	$ 13,480	$ 1,656	$ 22,352	$ 2,867
Oil [Member]
Disaggregation of Revenue [Line Items]
Combined Total	11,334	1,507	19,167	2,639
Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Combined Total	2,146	149	3,185	228
Rockies [Member]
Disaggregation of Revenue [Line Items]
Combined Total	4,930	861	8,514	1,462
Rockies [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Combined Total	4,587	792	7,978	1,314
Rockies [Member] | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Combined Total	343	69	536	148
South Texas [Member]
Disaggregation of Revenue [Line Items]
Combined Total	2,430	224	4,205	431
South Texas [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Combined Total	2,176	211	3,812	403
South Texas [Member] | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Combined Total	254	13	393	28
West Texas [Member]
Disaggregation of Revenue [Line Items]
Combined Total	1,515	291	3,005	471
West Texas [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Combined Total	1,404	224	2,832	401
West Texas [Member] | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Combined Total	111	67	173	70
Gulf Coast [Member]
Disaggregation of Revenue [Line Items]
Combined Total	1,353	277	2,074	526
Gulf Coast [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Combined Total	1,243	277	1,960	526
Gulf Coast [Member] | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Combined Total	110		114
Mid-Continent [Member]
Disaggregation of Revenue [Line Items]
Combined Total	3,252	3	4,554	(23)
Mid-Continent [Member] | Oil [Member]
Disaggregation of Revenue [Line Items]
Combined Total	1,825	3	2,584	(6)
Mid-Continent [Member] | Natural Gas, Midstream [Member]
Disaggregation of Revenue [Line Items]
Combined Total	$ 1,427		$ 1,970	$ (17)

SCHEDULE OF REVENUE FROM PURCHA

SCHEDULE OF REVENUE FROM PURCHASERS (Details) - Oil And Natural Gas [Member] - Sales Revenue [Member]	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Purchaser A [Member]
Disaggregation of Revenue [Line Items]
Purchaser	23%	29%
Purchaser B [Member]
Disaggregation of Revenue [Line Items]
Purchaser	22%
Purchaser C [Member]
Disaggregation of Revenue [Line Items]
Purchaser	7%	37%
Purchaser D [Member]
Disaggregation of Revenue [Line Items]
Purchaser	2%	10%

SCHEDULE OF CONSOLIDATED BALANC

SCHEDULE OF CONSOLIDATED BALANCE SHEET (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases
Operating lease	$ 997	$ 120
Short-term operating lease	157	114
Long-term operating lease	880	19
Total operating leases	$ 1,037	$ 133

SCHEDULE OF LEASE COSTS (Detail

SCHEDULE OF LEASE COSTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases
Operating lease cost	$ 69	$ 27	$ 100	$ 51
Short-term lease cost	2	12	4	18
Sublease income	(17)	(16)	(33)	(32)
Total lease costs	$ 54	$ 23	$ 71	$ 37

SCHEDULE OF WEIGHTED AVERAGE LE

SCHEDULE OF WEIGHTED AVERAGE LEASE (Details)	Jun. 30, 2022	Jun. 30, 2021
Leases
Weighted average lease term (years)	5 years 1 month 6 days	1 year 8 months 12 days
Weighted average discount rate	4.60%	9.26%

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE COMMITMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases
Remainder of 2022	$ 78
2023	225
2024	213
2025	218
2026	224
2027	210
Total lease payments	1,168
Less: imputed interest	(131)
Total lease liability	$ 1,037	$ 133

LEASES (Details Narrative)

LEASES (Details Narrative) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2021 a	Aug. 31, 2021 ft²
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right-of-use asset			$ 997	$ 120
Operating lease liability			$ 1,037	$ 133
Lease term			67 months
Rental operating expenses	$ 6	$ 23
WY [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease area					14	30,400
Long Term Lease Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Right-of-use asset			$ 953
Operating lease liability			$ 953

OIL AND NATURAL GAS PRODUCTIO_2

OIL AND NATURAL GAS PRODUCTION ACTIVITIES (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) a
Reserve Quantities [Line Items]
Discount rate	10%
Oil [Member]
Reserve Quantities [Line Items]
Reserves units of measure	85.78
Natural Gas [Member]
Reserve Quantities [Line Items]
Reserves units of measure	5.13
OK [Member] | Wildhorse Waterflood Unit [Member]
Reserve Quantities [Line Items]
Proceeds from sale of assets	$ 1,200
TX [Member] | Undeveloped Acreage [Member]
Reserve Quantities [Line Items]
Proceeds from sale of assets	$ 30
Area of undeveloped acreage | a	12

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 05, 2022	Sep. 24, 2020	May 31, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Proceeds from Lines of Credit					$ 4,500,000
Repayments of debt					3,847,000
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%
Debt instrument, maturity date		Sep. 24, 2021
Prepayment penalty, percentage		10%
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
Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit current	$ 15,000,000			$ 4,000,000	4,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000,000
Line of Credit Facility, Interest Rate Description	(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”). The weighted average interest rate on the Credit Agreement for the three and six months ended June 30, 2022, was 4.7% and 4.5% per annum, respectively
Interest Expense				$ 56,000	100,000
Proceeds from Lines of Credit	$ 3,500,000		$ 1,000,000
Repayments of debt	$ 3,300,000
Repayment of line of credit					$ 500,000

SCHEDULE OF COMMODITY DERIVATIV

SCHEDULE OF COMMODITY DERIVATIVE CONTRACTS (Details)	Jun. 30, 2022 MMBTU $ / bbl $ / MMBTU bbl
Crude Oil 2022 Contract [Member] | Collars [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	145,200
Derivative, Floor Price	59.92
Derivative, Cap Price	80.44
Crude Oil 2022 Contract [Member] | Collars [Member] | Third Quarter 2022 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	73,400
Derivative, Floor Price	59.97
Derivative, Cap Price	80.54
Crude Oil 2022 Contract [Member] | Collars [Member] | Fourth Quarter 2022 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	71,800
Derivative, Floor Price	59.86
Derivative, Cap Price	80.34
Crude Oil 2022 Contract [Member] | Fixed Price Swaps [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	18,000
Derivative, Swap Type, Average Fixed Price	49.99
Crude Oil 2022 Contract [Member] | Fixed Price Swaps [Member] | Third Quarter 2022 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	9,000
Derivative, Swap Type, Average Fixed Price	49.99
Crude Oil 2022 Contract [Member] | Fixed Price Swaps [Member] | Fourth Quarter 2022 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	9,000
Derivative, Swap Type, Average Fixed Price	49.99
Crude Oil 2023 Contract [Member] | Collars [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	223,500
Derivative, Floor Price	59.33
Derivative, Cap Price	79.55
Crude Oil 2023 Contract [Member] | Collars [Member] | First Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	66,200
Derivative, Floor Price	57.73
Derivative, Cap Price	76
Crude Oil 2023 Contract [Member] | Collars [Member] | Second Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	53,500
Derivative, Floor Price	60
Derivative, Cap Price	81.04
Crude Oil 2023 Contract [Member] | Collars [Member] | Third Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	52,600
Derivative, Floor Price	60
Derivative, Cap Price	81.04
Crude Oil 2023 Contract [Member] | Collars [Member] | Fourth Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	51,200
Derivative, Floor Price	60
Derivative, Cap Price	81.04
Crude Oil 2023 Contract [Member] | Fixed Price Swaps [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	12,000
Derivative, Swap Type, Average Fixed Price	59.20
Crude Oil 2023 Contract [Member] | Fixed Price Swaps [Member] | First Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	6,000
Derivative, Swap Type, Average Fixed Price	59.20
Crude Oil 2023 Contract [Member] | Fixed Price Swaps [Member] | Second Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl	6,000
Derivative, Swap Type, Average Fixed Price	59.20
Crude Oil 2023 Contract [Member] | Fixed Price Swaps [Member] | Third Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl
Derivative, Swap Type, Average Fixed Price
Crude Oil 2023 Contract [Member] | Fixed Price Swaps [Member] | Fourth Quarter 2023 [Member]
Net Investment Income [Line Items]
Proved Developed Reserves (Volume) | bbl
Derivative, Swap Type, Average Fixed Price
Natural Gas 2022 Contracts [Member] | Collars [Member]
Net Investment Income [Line Items]
Derivative, Floor Price | $ / MMBTU
Derivative, Cap Price | $ / MMBTU
Proved Developed Reserves (Energy) | MMBTU
Natural Gas 2022 Contracts [Member] | Collars [Member] | Third Quarter 2022 [Member]
Net Investment Income [Line Items]
Derivative, Floor Price | $ / MMBTU
Derivative, Cap Price | $ / MMBTU
Proved Developed Reserves (Energy) | MMBTU
Natural Gas 2022 Contracts [Member] | Collars [Member] | Fourth Quarter 2022 [Member]
Net Investment Income [Line Items]
Derivative, Floor Price | $ / MMBTU
Derivative, Cap Price | $ / MMBTU
Proved Developed Reserves (Energy) | MMBTU
Natural Gas 2022 Contracts [Member] | Fixed Price Swaps [Member]
Net Investment Income [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.96
Proved Developed Reserves (Energy) | MMBTU	120,000
Natural Gas 2022 Contracts [Member] | Fixed Price Swaps [Member] | Third Quarter 2022 [Member]
Net Investment Income [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.96
Proved Developed Reserves (Energy) | MMBTU	60,000
Natural Gas 2022 Contracts [Member] | Fixed Price Swaps [Member] | Fourth Quarter 2022 [Member]
Net Investment Income [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.96
Proved Developed Reserves (Energy) | MMBTU	60,000
Natural Gas 2023 Contract [Member] | Collars [Member] | First Quarter 2023 [Member]
Net Investment Income [Line Items]
Derivative, Floor Price | $ / MMBTU
Derivative, Cap Price | $ / MMBTU
Proved Developed Reserves (Energy) | MMBTU
Natural Gas 2023 Contract [Member] | Fixed Price Swaps [Member] | First Quarter 2023 [Member]
Net Investment Income [Line Items]
Derivative, Swap Type, Average Fixed Price | $ / MMBTU	2.96
Proved Developed Reserves (Energy) | MMBTU	60,000

SCHEDULE OF FAIR VALUE OF COMMO

SCHEDULE OF FAIR VALUE OF COMMODITY DERIVATIVE CONTRACTS (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Commodity Derivatives
Current liabilities	$ 6,325
Non-current liabilities	1,308
Total derivative liabilities	$ 7,633

SCHEDULE OF DERIVATIVE SETTLEME

SCHEDULE OF DERIVATIVE SETTLEMENT GAIN LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Offsetting Assets [Line Items]
Total derivative settlement losses	$ (2,829)	$ (38)	$ (4,487)	$ (40)
Total net derivative loss	(2,132)	(317)	(8,969)	(210)
Oil Contracts [Member]
Offsetting Assets [Line Items]
Total derivative settlement losses	(2,590)	(38)	(4,137)	(40)
Total net derivative loss	(2,068)	(317)	(8,364)	(210)
Gas Contracts [Member]
Offsetting Assets [Line Items]
Total derivative settlement losses	(239)		(350)
Total net derivative loss	$ (64)		$ (605)

COMMODITY DERIVATIVES (Details

COMMODITY DERIVATIVES (Details Narrative) $ in Millions	Jan. 05, 2022 USD ($)
Commodity Derivatives
Derivative net hedge ineffectiveness gain loss	$ 3.1

COMMITMENTS, CONTINGENCIES AN_2

COMMITMENTS, CONTINGENCIES AND RELATED-PARTY TRANSACTIONS (Details Narrative) - USD ($) $ in Thousands		1 Months Ended
	Mar. 04, 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

SCHEDULE OF STOCK OPTIONS ACTIV

SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Stock options outstanding and exercisable, shares	30,285	31,035
Stock options outstanding and exercisable, price	$ 60.11	$ 62.79

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number of shares | shares	30,285
Options Outstanding, Exercise price range, Lower range	$ 7.20
Options Outstanding, Exercise price range, Upper range	226.20
Options Outstanding, Weighted Average Exercise Price	$ 60.11
Options Outstanding, Remaining Contractual Term (Years)	3 years 7 months 6 days
Options Exercisable, Number of shares | shares	30,285
Options Exercisable, Weighted Average Average Exercise Price	$ 60.11
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 3 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)	1 year 9 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	2,163
Options Outstanding, Exercise price range, Lower range	$ 139.20
Options Outstanding, Exercise price range, Upper range	139.20
Options Outstanding, Weighted Average Exercise Price	$ 139.20
Options Outstanding, Remaining Contractual Term (Years)	1 month 6 days
Options Exercisable, Number of shares | shares	2,163
Options Exercisable, Weighted Average Average Exercise Price	$ 139.20
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 2 months 12 days
Options Exercisable, Number of shares | shares	1,000
Options Exercisable, Weighted Average Average Exercise Price	$ 232.48

SCHEDULE OF NON-VESTED TIME-BAS

SCHEDULE OF NON-VESTED TIME-BASED RESTRICTED STOCK AWARDS (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Equity [Abstract]
Shares, Non-vested restricted stock, Begining balance | shares	174,000
Weighted-Avg. Grant Date Fair Value per Share, Non-vested restricted stock, Begining balance | $ / shares	$ 4.75
Shares, Granted | shares	986,500
Weighted-Avg. Grant Date Fair Value per Share, Granted | $ / shares	$ 3.70
Shares, Vested | shares	(373,500)
Weighted-Avg. Grant Date Fair Value per Share, Vested | $ / shares	$ 4.02
Shares, Non-vested restricted stock, ending balance | shares	787,000
Weighted-Avg. Grant Date Fair Value per Share, Non-vested restricted stock, ending balance | $ / shares	$ 3.78

SCHEDULE OF STOCK COMPENSATION

SCHEDULE OF STOCK COMPENSATION EXPENSE RELATED TO RESTRICTED STOCK GRANTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense			$ 2,109	$ 195
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock compensation expense	$ 609	$ 116	$ 2,109	$ 195

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 2,109	$ 195
Share based compensation not yet recognized	$ 1,800
Share based compensation not yet recognized, recognition period	2 years 3 months 18 days
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense	$ 0	$ 0
Options exercised in period	0	0
Options expirations in period	750	0

SCHEDULE OF ASSET RETIREMENT OB

SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Balance, beginning of year	$ 1,461	$ 1,408
Acquired	10,334	45
Life revisions	131
Sold/Plugged	(163)	(70)
Accretion	448	78
Balance, end of period	$ 12,211	$ 1,461

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2022	May 03, 2022	Jan. 05, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation	$ 12,211	$ 500	$ 9,600	$ 1,461	$ 1,408

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	45.50%	0%
Income tax benefit	$ 2.4

SCHEDULE OF BASIC AND DILUTED N

SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 122	$ (207)	$ (3,262)	$ (369)
Basic weighted average common shares outstanding	24,924,000	4,676,000	24,324,000	4,305,000
Dilutive effect of potentially dilutive securities	341,000
Diluted weighted average common shares outstanding	25,265,180	4,676,301	24,323,859	4,304,612
Basic net income (loss) per share	$ 0	$ (0.04)	$ (0.13)	$ (0.09)
Diluted net income (loss) per share	$ 0	$ (0.04)	$ (0.13)	$ (0.09)

SCHEDULE OF ANTI-DILUTIVE WEIGH

SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	30	255	817	231
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	30	31	30	31
Unvested Shares of Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		174	787	150
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		50		50

SCHEDULE OF RECURRING MEASUREME

SCHEDULE OF RECURRING MEASUREMENTS OF FAIR VALUE OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current:
Commodity derivatives	$ 6,325
Non-current:
Commodity derivatives	1,308
Total Fair Value [Member]
Current:
Commodity derivatives	430
Non-current:
Commodity derivatives	644
Current:
Commodity derivatives	(6,755)
Non-current:
Commodity derivatives	(1,952)
Net derivative instruments	(7,633)
Effect of Netting Fair Value Disclosure [Member]
Current:
Commodity derivatives	(430)
Non-current:
Commodity derivatives	(644)
Current:
Commodity derivatives	430
Non-current:
Commodity derivatives	644
Net derivative instruments
Net Fair Value Presented [Member]
Current:
Commodity derivatives
Non-current:
Commodity derivatives
Current:
Commodity derivatives	(6,325)
Non-current:
Commodity derivatives	(1,308)
Net derivative instruments	(7,633)
Fair Value, Inputs, Level 1 [Member]
Current:
Commodity derivatives
Non-current:
Commodity derivatives
Current:
Commodity derivatives
Non-current:
Commodity derivatives
Net derivative instruments
Fair Value, Inputs, Level 2 [Member]
Current:
Commodity derivatives	430
Non-current:
Commodity derivatives	644
Current:
Commodity derivatives	(6,755)
Non-current:
Commodity derivatives	(1,952)
Net derivative instruments	(7,633)
Fair Value, Inputs, Level 3 [Member]
Current:
Commodity derivatives
Non-current:
Commodity derivatives
Current:
Commodity derivatives
Non-current:
Commodity derivatives
Net derivative instruments

SCHEDULE OF INVESTMENT IN THE M

SCHEDULE OF INVESTMENT IN THE MARKETABLE EQUITY SECURITIES (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair value of marketable equity securities	$ 150	$ 191
Anfield Energy [Member]
Number of shares owned	2,421,180	2,421,180
Quoted market price	$ 0.06213	$ 0.07874
Fair value of marketable equity securities	$ 150,417	$ 190,641

SCHEDULE OF SUPPLEMENTAL DISCLO

SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ (86)	$ (3)
Investing activities:
Change in capital expenditure accruals	453	256
Change in accrual for acquisition costs	(546)
Common stock issued for acquisition of properties	64,694
Assumption of commodity derivative liability in acquisition of properties	3,152
Assumption of debt in acquisition of properties	3,347
Assumption of suspense accounts in acquisition of properties	1,276
Addition of operating lease liability and right of use asset	953	82
Asset retirement obligations	10,302	44
Financing activities:
Issuance of stock for conversion of related party secured note payable and accrued interest		438
Issuance of stock for settlement of related party legal costs		406
Financing of insurance premiums with note payable	$ 588	$ 223

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) $ / shares in Units, $ in Thousands					1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 04, 2022 USD ($)	Jul. 27, 2022 USD ($) a	Jul. 15, 2022 $ / shares	Jan. 05, 2022 USD ($)	May 31, 2022 USD ($)	Jun. 30, 2022 $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Aug. 10, 2022 USD ($)	Jul. 26, 2022 USD ($)
Subsequent Event [Line Items]
Proceeds from line of credit							$ 4,500
Common stock, dividend per share | $ / shares						$ 0.02
Credit Agreement [Member]
Subsequent Event [Line Items]
Proceeds from line of credit				$ 3,500	$ 1,000
Repayment of line of credit							$ 500
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, dividend per share | $ / shares			$ 0.0225
Subsequent Event [Member] | Credit Agreement [Member]
Subsequent Event [Line Items]
Line of credit									$ 14,300
Proceeds from line of credit		$ 10,700
Repayment of line of credit	$ 400
Subsequent Event [Member] | Credit Agreement [Member] | Minimum [Member]
Subsequent Event [Line Items]
Line of credit current borrowing capacity										$ 15,000
Subsequent Event [Member] | Credit Agreement [Member] | Maximum [Member]
Subsequent Event [Line Items]
Line of credit current borrowing capacity										$ 20,000
Subsequent Event [Member] | ETXENERGY acquisition {Member]
Subsequent Event [Line Items]
Area of land | a		16,600
Assets acquisition, purchase price		$ 11,900
Payment to acquire oil and natural gas		1,200
Line of credit		$ 10,700