U.S. Energy (USEG) 10-K 17 Apr 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Apr. 14, 2017	Jun. 30, 2016
Document And Entity Information
Entity Registrant Name	US ENERGY CORP
Entity Central Index Key	101,594
Document Type	10-K
Trading Symbol	USEG
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 8,108,271
Entity Common Stock, Shares Outstanding		6,134,506
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and equivalents	$ 2,518	$ 3,354
Oil and gas sales receivable	562	1,143
Oil price risk derivatives		1,634
Discontinued operations - assets of mining segment	114	318
Assets available for sale	653	251
Other current assets	1,042	136
Total current assets	4,889	6,836
Oil and gas properties under full cost method:
Unevaluated properties and exploratory wells in progress	4,664	5,664
Evaluated properties	87,834	97,912
Less accumulated depreciation, depletion and amortization	(82,640)	(80,144)
Net oil and gas properties	9,858	23,432
Other assets:
Property and equipment, net	1,864	2,658
Other assets	156	206
Total other assets	2,020	2,864
Total assets	16,767	33,132
Accounts payable and accrued liabilities:
Payable to Major Operator	2,710	4,159
Contingent ownership interests	1,430	3,108
Other	743	1,775
Accrued compensation and benefits	49	1,352
Current portion of long-term debt	6,000	6,000
Discontinued operations of mining properties		204
Other current liabilities		16
Total current liabilities	10,932	16,614
Noncurrent liabilities:
Long-term debt, less current portion
Asset retirement obligations	1,045	1,038
Warrant Liability	1,030
Other liabilities	2	5
Total noncurrent liabilities	2,077	1,043
Commitments and contingencies (Note 10)
Shareholders' equity:
Preferred stock, par value $0.01 per share. Authorized 100,000 shares, 50,000 shares of series A Convertible Preferred Stock in 2016; liquidation preference of 2,232 as of December 31, 2016.	1
Common stock, $0.01 par value; unlimited shares authorized; 6,134,506 and 4,699,956 shares issued and outstanding, respectively	61	282
Additional paid-in capital	127,576	124,898
Accumulated deficit	(123,825)	(109,705)
Other comprehensive loss	(55)
Total shareholders' equity	3,758	15,475
Total liabilities and shareholders' equity	$ 16,767	$ 33,132

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	100,000	100,000
Preferred stock, issued	500	500
Liquidation preference shares	$ 2,232
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, unlimited authorized	Unlimited	Unlimited
Common stock, issued	6,134,506	4,699,956
Common stock, outstanding	6,134,506	4,699,956
Series A Convertible Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	50,000	50,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Oil	$ 4,689	$ 9,047	$ 28,331
Natural gas and liquids	1,057	1,249	4,048
Total revenue	5,746	10,296	32,379
Oil and gas operations:
Production costs	2,728	7,352	10,638
Depreciation, depletion and amortization	2,529	8,412	14,685
Impairment of oil and gas properties	9,568	57,676
General and administrative:
Compensation and benefits, including directors and contract employees	640	2,602	4,124
Stock-based compensation	213	948	527
Employee severance costs	3	504
Professional fees, insurance and other	1,994	1,866	1,785
Total operating expenses	17,675	79,360	31,759
Operating Gain/(loss)	(11,929)	(69,064)	620
Other income (expense):
Realized gain (loss) on oil price risk derivatives	1,440	(75)	316
Unrealized gain (loss) on oil price risk derivatives	(1,634)	1,634	266
Gain on sale of assets	102	121	112
Gain (loss) on investments	750	(68)
Rental and other income (loss)	(169)	431	88
Warrant revaluation gain	210
Interest expense	(442)	(263)	(385)
Total other income (expense)	257	1,780	397
Income/(loss) from continuing operations	(11,672)	(67,284)	1,017
Discontinued operations:
Discontinued operations	(2,448)	(2,992)	(3,108)
Impairment loss on discontinued operations		(22,620)
Loss from discontinued operations	(2,448)	(25,612)	(3,108)
Net loss	(14,120)	(92,896)	(2,091)
Change in fair value of marketable equity securities	(55)	56	(44)
Comprehensive loss	(14,175)	(92,840)	(2,135)
Loss from continuing operations applicable to common shareholders
Loss from continuing operations	(11,672)	(67,284)	1,017
Accrued dividends related to Series A Convertible Preferred Stock	(232)
Loss from continuing operations applicable to common shareholders	(11,904)	(67,284)	1,017
Loss from continuing operations applicable to common shareholders
Net loss	(14,120)	(67,284)	(67,284)
Accrued dividends related to Series A Convertible Preferred Stock	(232)
Net loss applicable to common shareholders	$ (14,352)	$ (14,352)	$ 1,017
Loss per share- basic and diluted
Continuing operations (in dollars per share)	$ (2.50)	$ (14.38)	$ 0.04
Discontinued operations (in dollars per share)	(0.51)	(5.48)	(0.12)
Total (in dollars per share)	(3.01)	(19.86)	(0.08)
Weighted average shares outstanding
Basic and diluted (in shares)	$ 4,768,013	$ 4,677,500	$ 4,638,833

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Meber]	Accumulated Other Comprehensive Loss [Member]	Total
Balances at beginning at Dec. 31, 2013	$ 46		$ 123,741	$ (14,718)	$ (12)	$ 109,057
Balances at beginning (in shares) at Dec. 31, 2013	4,622,646
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation			318			318
Unrealized loss on marketable equity securities					(44)	(44)
Exercise of employee stock options			(62)			(62)
Exercise of employee stock options (in shares)	26,325
Exercise of stock purchase warrants			8			8
Exercise of stock purchase warrants (in shares)	2,019
Issuance of common stock to fund ESOP contribution	$ 1		208			209
Issuance of common stock to fund ESOP contribution (in shares)	23,620
Net loss				(2,091)		(2,091)
Balances at end at Dec. 31, 2014	$ 47		124,213	(16,809)	(56)	107,395
Balances at end (in shares) at Dec. 31, 2014	4,674,610
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock			332			332
Issuance of common stock (in shares)	25,346
Stock-based compensation			588			588
Realized loss on marketable equity securities					56	56
Net loss				(92,896)		(92,896)
Balances at end at Dec. 31, 2015	$ 47		125,133	(109,705)		15,475
Balances at end (in shares) at Dec. 31, 2015	4,699,956
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 3		(3)
Issuance of common stock (in shares)	367,667
Cash payment for fractional shares			(3)			(3)
Cash payment for fractional shares (in shares)	(1,245)
Stock-based compensation			213			213
Issuance of common shares on 7/7/16 to settle ESOP	$ 1		169			170
Issuance of common shares on 7/7/16 to settle ESOP (in shares)	68,128
Issuance of common shares	$ 10		68			78
Issuance of common shares (in shares)	1,000,000
Issuance of Series A Convertible Preferred Stock		$ 1	1,999			2,000
Issuance of Series A Convertible Preferred Stock (in shares)		50,000
Unrealized loss on marketable equity securities					(54)	(54)
Net loss				(14,120)		(14,120)
Balances at end at Dec. 31, 2016	$ 62	$ 1	$ 127,576	$ (123,825)	$ (55)	$ 3,758
Balances at end (in shares) at Dec. 31, 2016	6,184,506	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (14,120)	$ (92,896)	$ (2,091)
Loss from discontinued operations	2,448	25,612	3,108
Loss from continuing operations	(11,672)	(67,284)	1,017
Adjustments to reconcile loss from continuing operations to net cash provided by/(used in) operating activities:
Depreciation, depletion and amortization	2,259	8,557	14,833
Impairment of oil and gas properties	9,568	57,676
Change in fair value of oil price risk derivative	1,634	(1,634)	(266)
Interest change in Major Operator	(1,476)
Gain on sale of assets	(102)	(121)	(112)
Stock-based compensation and services	213	948	527
Gain on Warrants	(210)
Other	(372)	(110)	585
Decrease (increase) in:
Oil and gas sales receivable	580	2,034	(2,571)
Other assets	86	63	165
Increase (decrease) in:
Accounts payable	(1,050)	1,126	909
Oil and gas operator overpayments		1,429	3,983
Accrued compensation and benefits	(1,133)	(188)	(436)
Other liabilities		(8)	(39)
Net cash provided by/(used in) operating activities	(1,405)	2,504	23,737
Cash flows from investing activities:
Capital expenditures	(193)	(3,620)	(31,044)
Proceeds from sale of oil and gas properties and other		264	11,624
Proceeds from settlement of property litigation		1,500
Net change in restricted investments		(1,291)	(122)
Net cash used in investing activities:	(193)	(565)	(19,542)
Cash flows from financing activities:
Issuance of common stock and warrants	1,317
Redemption of common stock	(3)	(29)	(55)
Proceeds from debt financings			8,000
Principal payments under debt financings			(11,000)
Payments for debt issuance costs	(103)	(125)
Net cash provided by/(used in) financing activities	1,211	(154)	(3,055)
Discontinued operations:
Net cash used in operating activities	(448)	(2,440)	(2,985)
Net cash used in investing activities		(1)
Net cash used in discontinued operations	(448)	(2,441)	(2,985)
Net decrease in cash and equivalents	(835)	(656)	(1,845)
Cash and equivalents, beginning of year	3,354	4,010	5,855
Cash and equivalents, end of year	2,518	3,354	4,010
ARO and Mining properties disposal	(1)
Net Non-cash activities	(1)
Supplemental disclosures of cash flow information:
Cash payments for income taxes
Cash payments for interest	442	210	385
Non-cash investing and financing activities:
Unrealized gain/(loss) on marketable equity securities	55	56	(44)
Increase (decrease) in accrued capital expenditures for oil and gas properties	112	(112)	(2,565)
Net additions to oil and gas properties through asset retirement obligations		$ 61	$ 281

ORGANIZATION, OPERATIONS AND SI

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
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 subsidiaries Energy One LLC, Highlands Ranch LLC, and Remington Village, LLC referred to as the “Company”) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused in the acquisition, exploration and development of oil and gas properties in the United States. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. 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 gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and gas properties; production and commodity price estimates used to record accrued oil and gas sales receivable; valuation of commodity derivative instruments; the impact of commodity prices and other events affecting impairment of mining properties; 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 gas, these estimates could change in the near term and such changes could be material. Principles of Consolidation The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiary Energy One LLC (“Energy One”). All inter-company balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation of the accompanying financial statements. Cash and Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Oil and Gas Sales Receivable The Company’s accounts receivable consist primarily of receivables from joint interest operators for the Company’s share of oil, gas, and natural gas liquids (“NGLs”). Generally, the Company’s oil and gas sales receivable are collected within three months and the Company has had minimal bad debts. Collectability is dependent upon the financial wherewithal of the joint interest operators and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2016 and 2015, the Company had not provided for an allowance for doubtful accounts. Marketable Equity Securities The Company categorizes its marketable equity securities as available-for-sale. Accordingly, increases or decreases in the fair value are generally presumed to be temporary and are recorded as a component of shareholders’ equity within comprehensive income or loss. The Company periodically evaluates if cumulative losses are indicative of other than temporary impairment whereby a loss is recognized when management determines that the value is unlikely to recover to the Company’s cost basis. Gains or losses from sales are recorded in operations when realized. Oil and Gas Properties The Company follows the full cost method of accounting for its oil and gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center are subject to depreciation, depletion and amortization (“DD&A”) using the equivalent unit-of-production method, based on total proved oil and gas reserves. For financial statement presentation, DD&A includes accretion expense related to asset retirement obligations. Excluded from amounts subject to DD&A are costs associated with unevaluated properties, including exploratory wells in progress. Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability, or the cost center ceiling (the “Ceiling Test”). The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% per annum, from proved reserves, based on average prices per barrel of oil and per MMbtu of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period; and costs, adjusted for contract provisions and financial derivatives that hedge the Company’s oil and gas revenue and asset retirement obligations, (ii) the cost of unevaluated properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and gas properties. If the net book value reduced by the related net deferred income tax liability (if any) and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs. Since all of the Company’s oil and gas properties are located within the United States, the Company only has one cost center for which a quarterly Ceiling Test is performed. Property and Equipment Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives as follows: Years Real estate: Buildings 20 to 45 Building improvements 10 to 25 Land improvements 10 to 35 Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20 Vehicles and other 5 Discontinued Operations- Mining Properties Effective January 1, 2015, the Company adopted new accounting guidance related to the recognition and presentation of discontinued operations in its financial statements. Under the revised guidance, beginning in 2015 only disposals of businesses that represent strategic shifts that have a major effect on an organization’s operations and financial results will be reported in discontinued operations. Accordingly, as discussed in Note 6, the Company’s disposal of its mining segment qualified for reporting as discontinued operations in the accompanying financial statements. The Company capitalized all costs incidental to the acquisition of mining properties. Mining equipment was depreciated using the straight line method over estimated useful lives that ranged from 10 to 20 years. Costs of operating a related water treatment plant on the mine property, holding costs to maintain permits, mining exploration costs and general corporate overhead were expensed as incurred. Capitalized costs were charged to operations to the extent it was subsequently determined that the mine property is not economic due to permanent decreases in market prices of commodities, excessive production costs, depletion of the mineral resource, or other factors. Long-Lived Assets The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment charge is recognized, and measured as the amount by which the carrying value exceeds the estimated fair value. Changes in significant assumptions underlying future cash flow estimates may have a material effect on the Company’s financial position and results of operations. Long-lived assets are classified as held for sale when the Company commits to a plan to sell the assets. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets. Derivative Instruments The Company uses derivative instruments, typically costless collars and fixed-rate swaps, to manage price risk underlying its oil and gas production. All derivative instruments are recorded in the consolidated balance sheets at fair value. The Company offsets fair value amounts recognized for derivative instruments executed with the same counterparty. Although the Company does not designate any of its derivative instruments as cash flow hedges, such derivative instruments provide an economic hedge of the Company’s exposure to commodity price risk associated with forecasted future oil and gas production. These contracts are accounted for using the mark-to-market accounting method and accordingly, the Company recognizes all unrealized and realized gains and losses that are related to these contracts currently in earnings and classifies them as gain (loss) on derivative instruments, net in the Company’s consolidated statements of operations. The Company may also use puts, calls and basis swaps in the future. Warrant Liability From time to time we may have financial instruments such as warrants that may be classified as liabilities when either (a) the holders possess rights to net cash settlement, (b) physical or net equity settlement is not in our control, or (c) the instruments contain other provisions that causes us to conclude that they are not indexed to our equity. Such instruments are initially recorded at fair value and subsequently adjusted to fair value at the end of each reporting period through earnings. Accordingly, warrants are accounted for as a liability. This warrant liability is accounted for at fair value with changes in fair value reported in earnings. Asset Retirement Obligations The Company records the estimated fair value of restoration and reclamation liabilities related to its oil and gas properties and its inactive mining properties as of the date that the liability is incurred. The Company reviews the liability each quarter and determines if a change in estimate is required, and accretion of the discounted liability is recorded based on the passage of time. Final determinations are made during the fourth quarter of each year. The Company deducts any actual funds expended for restoration and reclamation during the quarter in which it occurs. Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. In the accompanying statements of operations, revenue from gas includes sales of both natural gas and NGLs. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported separately as expenses and are included in lease operating expense in the accompanying statements of operations. The Company records oil and gas revenue under the sales method of accounting. Gas balancing obligations as of December 31, 2016 and 2015 were not significant. Revenue is recorded in the month that the production is delivered to the purchaser. At the end of each month, the Company estimates the amount of production delivered to the purchaser and the price the Company will receive. The Company uses its knowledge of its properties, their historical performance, market prices, and other factors as the basis for these estimates. Revenues from real estate operations are reported on a gross revenue basis and are recorded at the time the service is provided. Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair market value of the award as of the grant date. The Company computes the fair values of its options granted to employees using the Black Scholes pricing model. The Company recognizes the cost of the equity awards over the period during which an employee is required to provide service in exchange for the award, usually the vesting period. For awards granted which contain a graded vesting schedule, and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. Stock-based compensation expense is recognized based on awards ultimately expected to vest whereby estimates of forfeitures are based upon historical experience. Income Taxes The Company recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards. Additionally, the Company recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards and tax credit carry forwards. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for any tax benefits which, based on current circumstances, are not expected to be realized. At December 31, 2016 and 2015, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. The Company would recognize any interest and penalties related to uncertain tax positions as a component of income tax expense. Earnings Per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of in-the-money stock options. Comprehensive Income (Loss) Comprehensive income (loss) is used to refer to net income (loss) plus other comprehensive income (loss). Other comprehensive income (loss) is comprised of revenues, expenses, gains, and losses that under GAAP are reported as separate components of shareholders’ equity instead of net income (loss). Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”. This comprehensive guidance will replace all existing revenue recognition guidance and is effective for annual reporting periods beginning after December 15, 2017, and interim periods therein. This update is not expected to have a significant impact on the Company’s financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” that will require management to evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. This ASU becomes effective for annual periods beginning in 2016 and for interim reporting periods starting in the first quarter of 2017. This update did not have a significant impact on the Company’s financial statements. In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity”. This ASU does not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required, but clarifies how current GAAP should be interpreted in the evaluation of the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share, reducing existing diversity in practice. This ASU became effective for interim periods beginning on January 1, 2016. This update did not have a significant impact on the Company’s financial statements. In January 2015, the FASB issued ASU 2015-01, “Income Statement—Extraordinary and Unusual Items”, that will simplify income statement classification by removing the concept of extraordinary items from GAAP. Upon adoption, the separate disclosure of extraordinary items after income from continuing operations in the income statement will no longer be permitted. The Company adopted this standard as of January 1, 2016. This update did not have a significant impact on the Company’s financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation: Amendments to the Consolidation Analysis”. The new standard is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The new guidance must be adopted for interim and annual financial statements issued for the year ending December 31, 2016. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. During 2015, the FASB issued ASUs No. 2015-03 and No. 2015-15 titled “Interest-Imputation of Interest”, which generally requires the presentation of debt issuance costs as a direct deduction from the carrying amount of the related debt liabilities. However, for debt issuance costs related to line-of-credit arrangements, the Company will be permitted to continue presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The Company does not have any outstanding deferred lines of credit at this time. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU is intended to improve the recognition and measurement of financial instruments. Among other things, this ASU requires certain equity investments to be measured at fair value with changes in fair value recognized in net income. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods therein. In February 2016, the FASB issued ASU 2016-02, Leases, which will supersede the existing guidance for lease accounting. This ASU will require lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, and early adoption is permitted. This update did not have a significant impact on the Company’s financial statements. 2016-05 In March 2016, the FASB issued ASU 2016-05 , Derivative Contract Novations 2016-06 In March 2016, the FASB issued ASU 2016-06 , Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments. 2016-11 In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition Derivatives and Hedging 2016-15 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows : Classification of Certain Cash Receipts and Cash Payments 2016-18 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) 2017-03 In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections and Investments – Equity Method and Joint Ventures 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other Simplifying the Test for Goodwill Impairment 2017-05 In February 2017, the FASB issued Update No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets

LIQUIDITY

LIQUIDITY	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY	2. LIQUIDITY As of December 31, 2016, the Company has a working capital deficit of $6,042 and an accumulated deficit of $124,035. Additionally, the Company incurred a net loss of $14.1 million for the year ended December 31, 2016. During 2016, the Company was in violation of certain covenants in its credit agreement and the Company expects future violations in 2017, which requires the entire balance to be classified as a current liability. While the lender has provided limited waivers for the Company’s past noncompliance, there is no assurance that it will continue to do so in the future. During the 2016, the Company completed the following actions which are expected to improve the Company’s operating results in 2017 and increase the ability of the Company to survive the current oil and gas industry price environment. · In February 2016 the Company completed the disposition of its mining segment, including the Keystone Mine, a related water treatment plant and other related properties. While an impairment charge of $22,620 was recognized related to this disposition, a significant objective for completing the disposition was to improve future profitability. Following the disposition, the Company is no longer required to operate the water treatment plant and will not be responsible for mine holding costs, which are expected to result in estimated annual cash savings of $3,000. Management believes the disposition of the Company’s mining segment is a major step in the transformation of U.S. Energy Corp. to solely focus on its existing oil and gas business. · On December 21, 2016, the Company completed a registered direct offering of 1,000,000 shares of common stock at a net price of $1.50 per share. Concurrently, the investors received warrants to purchase 1,000,000 shares of Common Stock of the Company at an exercise price of $2.05 per share, subject to adjustment, for a period of five years from closing. The total net proceeds received by the Company was approximately $1.32 million. The fair value of the warrants upon issuance was $1.24 million, with the remaining $0.08 million being attributed to common stock. The warrants contain a dilutive issuance and other liability provisions which cause the warrants to be accounted for as a liability. Such warrant instruments are initially recorded as a liability and are accounted for at fair value with changes in fair value reported in earnings. As of December 31, 2016, the Company had cash and equivalents of $2.5 million. Management also expects potential investors and lenders may find the Company’s new singular industry focus, combined with attractive producing properties and a low-cost overhead structure, make the Company an attractive vehicle to partner with during this industry downturn and low commodity price environment provided that the Company is able to address the challenges posed by the upcoming maturity of its Wells Fargo Credit Facility on July 30, 2017.

OIL PRICE RISK DERIVATIVES

OIL PRICE RISK DERIVATIVES	12 Months Ended
	Dec. 31, 2016
Price Risk Derivatives [Abstract]
OIL PRICE RISK DERIVATIVES	3. OIL PRICE RISK DERIVATIVES The Company’s wholly-owned subsidiary Energy One has entered into crude oil derivative contracts (“economic hedges”) with Wells Fargo, the Company’s lender as discussed further in Note 7. The derivative contracts are priced based on West Texas Intermediate (“WTI”) quoted prices for crude oil. The Company is a guarantor of Energy One’s obligations under the economic hedges. The objective of utilizing the economic hedges is to reduce the effect of price changes on a portion of the Company’s future oil production, achieve more predictable cash flows in an environment of volatile oil and gas prices and to manage the Company’s exposure to commodity price risk. The use of these derivative instruments limits the downside risk of adverse price movements. However, there is a risk that such use may limit the Company’s ability to benefit from favorable price movements. Energy One may, from time to time, add incremental derivatives to hedge additional production, restructure existing derivative contracts or enter into new transactions to modify the terms of current contracts in order to realize the current value of its existing positions. The Company does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features. As of December 31, 2016, the Company did not have any outstanding crude oil derivative contracts. Unrealized gains and losses resulting from derivatives are recorded at fair value on the consolidated balance sheet and changes in fair value are included in unrealized gain (loss) on oil price risk derivatives in the consolidated statements of operations.

OIL AND GAS PRODUCING ACTIVITIE

OIL AND GAS PRODUCING ACTIVITIES	12 Months Ended
	Dec. 31, 2016
Oil and Gas Property [Abstract]
OIL AND GAS PRODUCING ACTIVITIES	4. OIL AND GAS PRODUCING ACTIVITIES Acquisitions In May 2014, the Company entered into a Participation Agreement to acquire a 33% interest in approximately 12,100 gross (3,384 net) acres in Dimmit County, Texas. The Company’s share of the acreage consists of 4,020 gross (1,181 net) acres of primary leasehold acreage and 8,080 gross (2,203 net) acres of farm-in acreage, to be earned through a continuous drilling program. The farm-in acreage had an initial two well commitment and a 12.5% carried working interest for the leaseholder (the “Farmor”) in the first 10 wells. After 100% payout of all costs for the first 10 wells that are drilled under the farm-in program, the Farmor will back in for its 12.5% retained working interest in the prospect. The Seller also retained a 25% back-in working interest after 115% of project payout has been received by the Company. The Company paid approximately $3,900 to enter into the transaction, which included leasehold and farm-in acquisition costs as well as a proportionate share of drilling costs for the initial test well in the prospect. As of December 31, 2016, approximately $252 is included in unevaluated properties and the remainder of the costs are included in evaluated properties. Divestitures In May 2014, the Company entered into an agreement to sell some of its Williston Basin assets. Under the terms of the agreement, the Company sold its interest in approximately 286 net acres and 16 gross (0.62 net) producing wells in Williams and McKenzie Counties, North Dakota. The transaction closed in June 2014 with an effective date of January 1, 2014. The Company received approximately $12,200 at closing which included $681 in adjustments related to revenue receivable and accounts payable through the date of closing. The balance of the sale proceeds of approximately $11,500 was recorded as a reduction of evaluated properties in the full cost pool. As discussed in Note 10, in April 2015 the Company settled a quiet title action that was initiated in October 2013, whereby the Company received $1,500 in exchange for releasing its interest in the subject lease. Accordingly, the proceeds from the settlement were accounted for as a reduction of the Company’s evaluated oil and gas properties in 2015. Ceiling Test and Impairment The reserves used in the Ceiling Test incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In the calculation of the Ceiling Test for the year ended December 31, 2016, the Company used $42.75 per barrel for oil and $2.48 per MMbtu for natural gas (as further adjusted for property specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. For the years ended December 31, 2016 and 2015, impairment of the Company’s oil and gas properties amounted to $9.6 million and $57.7 million, respectively. These impairment charges were primarily due to a decline in the price of oil, additional capitalized well costs and changes in production. Recent declines in the price of oil have significantly increased the risk of Ceiling Test write-downs in future periods. Capitalized Costs The following table presents the Company’s capitalized costs associated with oil and gas producing activities as of December 31, 2016 and 2015: 2016 2015 Oil and Gas Properties Unevaluated properties: Unproved leasehold costs $ 4,664 $ 5,664 Exploratory wells in progress - - Evaluated properties in full cost pool 87,834 97,912 Less accumulated depreciation, depletion and amortization (82,640 ) (80,144 ) Net capitalized costs $ 9,858 $ 23,432 The Company’s depreciation, depletion and amortization per equivalent BOE was $11.93 for 2016, $26.80 for 2015, and $31.56 for 2014. Unevaluated Oil and Gas Properties Unevaluated oil and gas properties consist of leasehold costs and exploratory wells in progress which are excluded from the DD&A calculation and the Ceiling Test until a determination about the existence of proved reserves can be completed. As of December 31, 2016, unevaluated oil and gas properties consisted solely of unproved lease acquisition costs of $4.7 million. As of December 31, 2015, unevaluated oil and gas properties consisted solely of unproved lease acquisition costs of $5.7 million. As of December 31, 2016 2015 Year Incurred 2010 $ - $ - 2011 2,686 2,686 2012 267 267 2013 525 1,525 2014 1,153 1,153 2015 33 33 2016 0 $ 4,664 $ 5,664 During the fourth quarter of 2015, the Company transferred approximately $2,500 of unproved properties that were considered to be impaired into the full cost pool. On a quarterly basis, management reviews market conditions and other changes in circumstances related to the Company’s unevaluated properties and transfers the costs to evaluated properties within the full cost pool as warranted. Costs Incurred in Oil and Gas Producing Activities Costs incurred in oil and gas property acquisition, exploration and development activities, all of which have been capitalized, are summarized as follows for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Acquisition costs: Proved properties $ 42 $ 1,658 $ 552 Unproved properties - 632 4,167 Development costs (4) 61 8,037 Exploration costs (1,496 ) 369 14,791 Total (1) $ (1,458) $ 2,720 $ 27,547 (1) Includes amounts related to estimated asset retirement obligations reduction of $(24) and additions $61 for the years ended December 31, 2016 and 2015, respectively. The development costs and exploration costs include a reduction in interest of some wells which in prior years were in dispute. Results of Operations Presented below are the results of operations from oil and gas producing activities for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Oil and gas sales $ 5,746 $ 10,296 $ 32,379 Production costs (2,728) (7,352 ) (10,638 ) Depreciation, depletion and amortization (2,529) (8,412 ) (14,685 ) Impairment of oil and gas properties (9,568) (57,676 ) - Results of operations from oil and gas producing activities $ (9,079) $ (63,144) $ 7,056

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	5. PROPERTY AND EQUIPMENT, NET Property and equipment consists of the following as of December 31, 2016 and 2015: 2016 2015 Real estate: Land $ 380 $ 1,033 Buildings 4,012 4,012 Land improvements 641 641 Administrative assets: Computers and software 368 368 Office furniture and equipment 222 220 Vehicles and other 51 51 Total 5674 6,325 Less accumulated depreciation (3,810 ) (3,667 ) Real estate and administrative assets, net $ 1,864 $ 2,658 Depreciation expense related to real estate and administrative assets amounted to $142, $145 and $148 for the years ended December 31, 2016, 2015 and 2014, respectively.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	6. DISCONTINUED OPERATIONS Disposition of Mining Segment In February 2006, the Company reacquired the Mt. Emmons molybdenum mining properties (the “Property”). The Company has not conducted any extractive mining operations at the Property since its reacquisition but the Company was obligated under existing permits to operate a water treatment plant (“WTP”) and to incur holding costs associated with the retention of the mining properties, which resulted in aggregate annual expenses of approximately $3,000 during each of the three years in the period ended December 31, 2015. The market price for molybdenum oxide was approximately $11 per pound during 2013 and 2014 with a decrease to approximately $5 per pound by the fourth quarter of 2015. In light of the considerable ongoing costs related to the Property and the deteriorating market for molybdenum, during 2015 the Company began to explore the viability of alternative structures to the development of the Property that could result in a sharing or elimination of the ongoing costs and liabilities. In February 2016, the Company’s Board of Directors decided to dispose of the Property rather than continuing the Company’s long-term development strategy whereby the Company entered into the following agreements: A. The Company entered into an Acquisition Agreement (the “Acquisition Agreement”) with Mt. Emmons Mining Company, a subsidiary of Freeport-McMoRan Inc. (“MEM”), whereby MEM acquired the Property which consists of the Mt. Emmons mine site located in Gunnison County, Colorado, including the Keystone Mine, the WTP and other related properties. Under the Acquisition Agreement, MEM replaced the Company as the permittee and operator of the WTP and will discharge the obligation of the Company to operate the WTP from and after the closing in accordance with the applicable permits issued by the Colorado Department of Public Health and Environment. The Company did not receive any cash consideration for the disposition; the sole consideration for the transfer was that MEM assumed the Company’s obligations to operate the WTP and to pay the future mine holding costs for portions of the Property that it desires to retain. As a result of the subsequent disposition of the Property as described above, the Company determined that an impairment charge of $22,620 was required to be recorded in the fourth quarter of 2015. Presented below is calculation of the impairment charge: Net book value of assets conveyed $ 22,824 Asset retirement obligations assumed by Purchaser (204) Impairment charge recognized in 2015 $ 22,620 Under U.S. GAAP, the disposal of a segment is reported as discontinued operations in the Company’s financial statements. Presented below are the assets and liabilities associated with the Company’s mining segment as of December 31, 2016 and 2015, along with the impact of the impairment charge: 2016 2015 Assets retained by the Company: Performance bonds $ 114 $ 114 Net assets conveyed to Purchaser: Undeveloped mining claims - 21,942 Mining equipment - 1,774 Less accumulated depreciation of mining equipment - (892) Less write-down due to impairment - (22,620) Net book value of assets conveyed - 204 Total assets of discontinued operations $ 114 $ 318 Asset retirement obligations assumed by Purchaser $ - $ 204 B. Concurrent with entry into the Acquisition Agreement and as additional consideration for MEM to accept transfer of the Property, the Company entered into a Series A Convertible Preferred Stock Purchase Agreement (the “Series A Purchase Agreement”) with MEM, whereby the Company issued 50,000 shares of newly designated Series A Convertible Preferred Stock (the “Preferred Stock”) in exchange for (i) MEM accepting the transfer of the Property and replacing the Company as the permittee and operator of the WTP, and (ii) the payment of $1 to the Company. The Series A Purchase Agreement contains customary representations and warranties on the part of the Company. As contemplated by the Acquisition Agreement and the Series A Purchase Agreement and as approved by the Company’s Board of Directors, the Company filed with the Secretary of State of the State of Wyoming Articles of Amendment containing a Certificate of Designations with respect to the Preferred Stock (the “Certificate of Designations”). Pursuant to the Certificate of Designations, the Company designated 50,000 shares of its authorized preferred stock as Series A Convertible Preferred Stock. The Preferred Stock will accrue dividends at a rate of 12.25% per annum of the Adjusted Liquidation Preference (as defined); such dividends are not payable in cash but are accrued and compounded quarterly in arrears. The “Adjusted Liquidation Preference” is initially $40 per share of Preferred Stock for an aggregate of $2,000, with increases each quarter by the accrued quarterly dividend. The Preferred Stock is senior to other classes or series of shares of the Company with respect to dividend rights and rights upon liquidation. No dividend or distribution will be declared or paid on junior stock, including the Company’s common stock, (1) unless approved by the holders of Preferred Stock and (2) unless and until a like dividend has been declared and paid on the Preferred Stock on an as-converted basis. At the option of the holder, each share of Preferred Stock may initially be converted into 13.33 shares of the Company’s $0.01 par value Common Stock (the “Conversion Rate”) for an aggregate of 666,667 shares. The Conversion Rate is subject to anti-dilution adjustments for stock splits, stock dividends and certain reorganization events and to price-based anti-dilution protections. Each share of Preferred Stock will be convertible into a number of shares of Common Stock equal to the ratio of the initial conversion value to the conversion value as adjusted for accumulated dividends multiplied by the Conversion Rate. In no event will the aggregate number of shares of Common Stock issued upon conversion be greater than 793,349 shares. The Preferred Stock will generally not vote with the Company’s Common Stock on an as-converted basis on matters put before the Company’s shareholders. The holders of the Preferred Stock have the right to approve specified matters as set forth in the Certificate of Designations and have the right to require the Company to repurchase the Preferred Stock in connection with a change of control. During the first quarter of 2017, the Company expects to record the fair value of the Preferred Stock based on the initial liquidation preference of $2,000. Since the cash consideration paid by MEM for the Preferred Stock was a nominal amount, the Company expects to record a charge to operations of approximately $2,000 associated with the issuance. C. Concurrent with entry into the Acquisition Agreement and the Series A Purchase Agreement, the Company and MEM entered into an Investor Rights Agreement, which provides MEM rights to certain information and Board observer rights. MEM has agreed that it, along with its affiliates, will not acquire more than 16.86% of the Company’s issued and outstanding shares of Common Stock. In addition, MEM has the right to demand registration of the shares of Common Stock issuable upon conversion of the Preferred Stock under the Securities Act of 1933, as amended. Combined Results of Operations for Discontinued Operations The results of operations of the discontinued mining and apartment complex operations are presented separately for all periods presented in the accompanying financial statements. Presented below are the components for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Operating results for apartment complex: Rental revenue $ - $ - $ - Operating expenses - - - Net earnings for apartment complex - - - Operating expenses of mining segment: Water treatment plant (254 ) (1,737 ) (1,875 ) Mine property holding costs (2,194 ) (1,133 ) (1,110 ) Impairment of mining asset - (22,620 ) - Depreciation of mine equipment - (122 ) (123 ) Total expenses for mining segment (2,448 ) (25,612 ) (3,108 ) Total results for discontinued operations $ (2,448 ) $ (25,612 ) $ (3,108 )

DEBT

DEBT	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
DEBT	7. DEBT Energy One, a wholly-owned subsidiary the Company, has a credit facility with Wells Fargo Bank, National Association (“Wells Fargo”). As of December 31, 2016 and 2015, outstanding borrowings under the credit facility amounted to $6,000. As of December 31, 2016 and 2015, the borrowing base was $6,000. Borrowings under the credit facility are collateralized by Energy One’s oil and gas producing properties and substantially all of the Company’s cash and equivalents. Each borrowing under the agreement has a term of six months, but can be continued at the Company’s election through July 2017 if the Company remains in compliance with the covenants under the credit facility. The weighted average interest rate on this debt is 3.20% as of December 31, 2016. Energy One is required to comply with customary affirmative covenants and with certain negative covenants. The principal negative financial covenants do not permit (i) the interest coverage ratio (EBITDAX to interest expense) to be less than 3.0 to 1; (ii) total debt to EBITDAX to be greater than 3.5 to 1; and (iii) the current ratio to be less than 1.0 to 1.0. EBITDAX is defined in the Credit Agreement as consolidated net income, plus non-cash charges. Additionally, the Credit Agreement prohibits or limits Energy One’s ability to incur additional debt, pay cash dividends and other restricted payments, sell assets, enter into transactions with affiliates, and to merge or consolidate with another company. The Company is a guarantor of Energy One’s obligations under the Credit Agreement. In July 2015, the Company and Wells Fargo Bank entered into a third amendment (the "Third Amendment") to the agreement governing the credit facility (as amended, the "Senior Credit Agreement"). The Third Amendment provides for, among other things: (i) a limited waiver with respect to the restricted payments covenant pursuant to which a transfer of $5,000 from Energy One to the Company was permitted in 2015; (ii) a limited waiver of the current ratio covenant as it relates to the fiscal quarters ended June 30, 2015 and September 30, 2015; and (iii) a borrowing base of $7,000, subject to further adjustment from time to time in accordance with the Senior Credit Agreement. In December 2015, Wells Fargo made a further reduction in the borrowing base to $6,000. In August 2016, the Company and Wells Fargo Bank entered into a fourth amendment (the “Fourth Amendment”) to the agreement governing the Credit Facility. The Fourth Amendment provides for, among other things, a limited waiver of the negative financial covenants for the fiscal quarters ended March 31, 2016 and June 30, 2016. As of December 31, 2016, Energy One and the Company were not in compliance with any of the financial covenants and are not expected to regain compliance before the maturity of the credit facility on July 30, 2017. Because the Company projects that it is unlikely that Energy One will regain compliance with all of the financial covenants within the next 12 months, outstanding borrowings of $6,000 are presented as a current liability in the accompanying consolidated balance sheet as of December 31, 2016. In the event that Energy One is unable to obtain an amendment or waiver of the Senior Credit Agreement to address the anticipated future breaches of the financial covenants, and other actual or potential future breaches that may occur, Wells Fargo could elect to declare some or all of the Company’s debt to be immediately due and payable and could elect to terminate its commitment and cease making further loans.

EXECUTIVE RETIREMENT AND SEVERA

EXECUTIVE RETIREMENT AND SEVERANCE	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
EXECUTIVE RETIREMENT AND SEVERANCE	8. EXECUTIVE RETIREMENT AND SEVERANCE In October 2005, the Board of Directors adopted an Executive Retirement Policy (the “Retirement Plan”) for the benefit of certain executive officers of the Company. To be eligible to participate in the Retirement Plan, the executive officer was required to serve as one of the designated executive officers for at least 15 years, reached the age of 60, and been an employee of the Company on December 31, 2010. Upon retirement, the executive was entitled to cash payments equaling 50% of the greater of (i) the amount of compensation earned as base cash pay on the final regular pay check or (ii) the average annual pay, less all bonuses, received over the last five years of employment with the Company. The Company periodically engaged the services of a third party actuary to determine the estimated liability under the Retirement Plan. Presented below is a summary of changes in the liability for the years ended December 31, 2016 and 2015: 2016 2015 Balance, beginning of year $ 583 $ 1,309 Adjustment to fair value - 45 Payment of retirement benefits (583 ) (694 ) Negotiated settlement at discount and other - (77 ) Balance, end of year $ 0 $ 583 As of December 31, 2016 and 2015, the current portion of the Company’s liability under the Retirement Plan amounted to $0 and $583, respectively. These amounts are included in accrued compensation and benefits in the accompanying consolidated balance sheets, and the remainder of the liability is included in other long-term liabilities. Total compensation expense under the Retirement Plan for the years ended December 31, 2016 and 2015 was $3 and $45, respectively. In order to fund the Retirement Plan obligation, the Company periodically made cash contributions to a separate trust account that was managed by an independent trustee. As of December 31, 2014, the Company had funded $1,291 in the trust account, which is recorded as other long term assets in the consolidated balance sheet as of December 31, 2014. The trust account was invested in debt and equity securities until December 2015 when the trust was terminated and the investments were liquidated for cash in the amount of $1,271 which was included in cash and equivalents as of December 31, 2015. The Company and the Retirement Plan participants mutually agreed to terminate the Retirement Plan in December 2015, and all obligations were settled through cash payments during the first quarter of 2016. In connection with the early retirement of the former COO, effective January 1, 2015 the Company entered into a 12-month consulting agreement with an affiliate of the former executive to provide assistance with matters related to the Company’s mining properties. The total payments under the consulting agreement amounted to $274, which is included in mine property holding costs within discontinued operations in the accompanying statement of operations for the year ended December 31, 2015. During 2016, the Company made total payments of $3 for employee severance. During 2015, the Company entered into severance agreements with three former executive officers that provided for total payments of $379. The Company also incurred severance costs of $125 related to other employees of the Company, resulting in total severance expense of $504 for the year ended December 31, 2015.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Dec. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	9. ASSET RETIREMENT OBLIGATIONS The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations for the years ended December 31, 2016 and 2015: 2016 2015 Oil and Gas Mining Oil and Gas Mining Balance, beginning of year $ 1,038 $ 204 $ 945 $ 188 Accretion of discount 33 - 32 16 Sold/Plugged (26) (204) - - Liabilities incurred - - 61 - Balance, end of year $ 1,045 $ - $ 1,038 $ 204 As discussed further in Note 6, asset retirement obligations related to the Company’s mining segment are presented as discontinued operations in the accompanying balance sheets.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Commitments 401(k) Plan. Lessee Operating Leases. Lessor Operating Leases. Letter of Credit. Contingencies From time to time, the Company is party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not expect these matters to have a materially adverse effect on the Company’s financial position or results of operations. Following are currently pending legal matters: North Dakota Properties. On January 28, 2013, the District Court Northwest Judicial District issued an Order for Partial Summary Judgment holding that the State of North Dakota as part of its title to the beds of navigable waterways owns the minerals in the area between the ordinary high and low watermarks on these waterways, and that this public title excludes ownership and any proprietary interest by riparian landowners. This issue has been appealed to the North Dakota Supreme Court. The Company’s legal position is aligned with Brigham, who will continue to provide legal counsel in this case for the benefit of all working interest owners. The Company is also a party to litigation that seeks to reform certain assignments of mineral interests it acquired from Brigham. This matter involves the depth below the surface to which the assignments were effective. The plaintiff is seeking to reform the agreement such that the Company’s assignment would be revised to be 12 feet closer to the surface. This dispute affects one of the Company’s producing wells. The ultimate outcome of these matters cannot presently be determined. However, in management’s opinion the likelihood of a material adverse outcome is remote. Accordingly, adjustments, if any, that might result from the resolution of this matter have not been reflected in the accompanying consolidated financial statements. Quiet Title Actions. In September 2013, the Company acquired from Chesapeake a 15% working interest in approximately 4,244 gross mineral acres referred to as the Willerson lease. In January 2014, Willerson inquired if their lease had terminated due to the failure to achieve production in paying quantities pursuant to the terms of the lease. The Company along with Crimson and Liberty filed a declaratory judgment action in the District Court of Dimmit County in May 2014 seeking a determination from the court that the lease remains valid and in effect. The lessors counterclaimed for breach of contract, trespass, and related causes of action. In January 2016, the lessors filed a third-party petition alleging breach of contract, trespass, and related causes of action against Chesapeake and EXCO Operating Company, LP. As of December 31, 2016, unevaluated oil and gas properties includes $1,171 related to the leasehold costs that are subject to this matter. Adjustments, if any, that might result from the resolution of this matter have not been reflected in the accompanying consolidated financial statements. The matter has settled in 2017 with the Company’s portion being $75,000 plus the related legal fees. Legal fees are still being determined. Arbitration of Employment Claim. Contingent Ownership Interests. Contingent Gain for Joint Interest Audit Recoveries. Anfield Gain Contingency. · Issuance of $2,500 in Anfield common shares to the Company. The Anfield shares are to be held in escrow and released in tranches over a 36-month period. Pursuant to the agreement, if any of the share issuances result in the Company holding in excess of 20% of the then issued and outstanding shares of Anfield (the “Threshold”), such shares in excess of the Threshold would not be issued at that time, but deferred to the next scheduled share issuance. If, upon the final scheduled share issuance the number of shares to be issued exceeds the Threshold, the value in excess of the Threshold is payable to the Company in cash, · $2,500 payable in cash upon 18 months of continuous commercial production, and · $2,500 payable in cash upon 36 months of continuous commercial production. The first tranche of common shares resulted in the issuance of 7,436,505 shares of Anfield with a market value of $750,000 and such shares were delivered to us in September 2015. The second tranche of shares resulted in the issuance of 3,937,652 additional shares of Anfield with a market value of $750,000, and such shares were delivered to us in September 2016. Since the trading volume in Anfield shares has increased since we took possession, we determined a mark-to-market technique would be the most appropriate method to determine the fair value for Anfield shares. The primary factor in using a mark-to-market valuation in determining the fair value of Anfield shares is justified because of our belief that due to the increased liquidity in the stock, using current market prices for Anfield shares reflects the most accurate fair value calculation. At December 31, 2016, we determined the fair value of the Anfield shares to be approximately $0.9 million. The timing of any future receipt of cash from Anfield is not determinable and there can be no assurance that any cash will ever be received from Anfield or that the shares received from Anfield will ever be liquidated for cash.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	11. SHAREHOLDERS’ EQUITY Preferred Stock The Company’s articles of incorporation authorize the issuance of up to 100,000 shares of preferred stock, $0.01 par value. Shares of preferred stock may be issued with such dividend, liquidation, voting and conversion features as may be determined by the Board of Directors without shareholder approval. The Company is authorized to issue 50,000 shares of Series P preferred stock in connection with a shareholder rights plan that expired in 2011. As discussed in Note 6, in February 2016 the Board of Directors approved the designation of 50,000 shares of Series A Convertible Preferred Stock in connection with the disposition of the Company’s mining segment. Warrants On December 21, 2016, the Company completed a registered direct offering of 1,000,000 shares of common stock at a net price of $1.50 per share. Concurrently, the investors received warrants to purchase 1,000,000 shares of Common Stock of the Company at an exercise price of $2.05 per share, subject to adjustment, for a period of five years from closing. The total net proceeds received by the Company was approximately $1.32 million. The fair value of the warrants upon issuance was $1.24 million, with the remaining $0.08 million being attributed to common stock. The warrants contain a dilutive issuance and other liability provisions which cause the warrants to be accounted for as a liability. Such warrant instruments are initially recorded as a liability and are accounted for at fair value with changes in fair value reported in earnings. Stock Option Plans Employee Stock Option Plans. subsequently In June 2012 the Board of Directors adopted, and the shareholders subsequently approved, the U.S. Energy Corp. 2012 Equity and Performance Incentive Plan (the “2012 Equity Plan”). The 2012 Equity Plan, as amended and approved by shareholders in June 2015, reserves for issuance to the Company’s employees and Directors a total of 3,200,000 shares of the Company’s common stock. The 2012 Equity Plan has a term of 10 years which expires in June 2022. As of December 31, 2016, options for a total of 390,525 shares are outstanding under the 2012 Equity Plan and expire on various dates through January 2025. Director and Advisory Board Members Option Plan. A summary of the combined activity in the 2001 ISOP, the 2012 Equity Plan, and the 2008 Director SOP for the years ended December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Shares Price (1) Shares Price (1) Shares Price (1) Outstanding, beginning of year 390,525 $ 20.64 2,276,079 $ 3.78 2,646,949 $ 3.56 Granted - - 340,711 1.50 60,000 3.77 Forfeited - - - - (3,333 ) 2.08 Expired - - (273,768 ) 3.86 - - Exercised - - - - (427,537 ) 2.46 Outstanding, end of year 390,525 $ 20.64 2,343,022 $ 3.44 2,276,079 $ 3.78 Shares restated after 6 to 1 split 390,525 $ 20.64 390,525 $ 20.64 379,347 $ 22.69 Exercisable, end of year 2,194,022 $ 3.53 2,194,022 $ 3.53 2,031,413 $ 3.92 Shares restated after 6 to 1 split 376,084 $ 20.97 365,693 $ 21.17 338,569 $ 22.75 (1) Represents the weighted average price. No stock options were exercised during the years ended December 31, 2016 and 2015. During the year ended December 31, 2014, a total of 427,537 stock options were exercised through the payment of nominal cash consideration and the surrender of 257,253 shares valued at $1,106. The aggregate intrinsic value of options exercised in 2014 was $788. The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2016: Options Outstanding Options Exercisable Number Exercise Price Remaining Number Weighted of Range Weighted Contractual of Average Shares Low High Average Term (years) Shares Exercise Price 56,786 $ 9.00 $ 9.00 $ 9.00 8.0 45,675 $ 9.00 49,504 12.48 12.48 12.48 6.5 49,504 12.48 98,396 13.92 17.10 15.01 2.8 98,396 15.01 185,839 22.62 30.24 29.35 1.0 182,509 29.48 390,525 $ 9.00 $ 30.24 $ 20.64 3.2 376,084 $ 20.97 The following table sets forth the number of options available for grant as well as the intrinsic value of the options outstanding and exercisable as of December 31, 2016, 2015 and 2014: 2016 2015 2014 Shares available for future grants - 2,108,578 790,000 Shares restated after 6 to 1 split - 351,430 131,667 Aggregate intrinsic value for options: Outstanding - - - Exercisable $ - $ - $ - In connection with severance agreements entered into with employees during 2015, an aggregate of 1,617,689 outstanding stock options would have expired upon termination of employment. However, the Company agreed to permit exercise until the original expiration dates specified in the option agreements. Accordingly, the Company determined the fair value of the options at the date of modification and recorded additional compensation expense which amounted to an aggregate of $109. As of December 31, 2016, no shares are available for future grants under the Company’s stock option plans. Based upon the closing price for the Company’s common stock of $1.28 per share on December 30, 2016, there was no intrinsic value related to stock options outstanding as of December 31, 2016. For the years ended December 31, 2016, 2015 and 2014, total stock-based compensation expense associated with stock options, including the modification charge discussed above, was $213, $948 and $318, respectively. As of December 31, 2016, there was $80 of unrecognized expense related to unvested stock options, which will be recognized as stock-based compensation expense through January 2018. The weighted average fair value per share for options granted for the years ended December 31, 2015 and 2014 was $0.88 and $2.27, respectively, and no options were granted in 2016. In estimating the fair value of options, the Company used the Black-Scholes option-pricing model with the following weighted average assumptions: 2015 2014 Expected lives (in years) 6.0 6.0 Risk-free interest rate 1.77 % 2.06 % Expected volatility 63.36 % 65.45 % Expected dividend yield 0.00 % 0.00 % Restricted Stock Grants. On September 23, 2016, the Board of Directors granted restricted stock to each member of the Board for 58,500 shares per Board member for an aggregate grant of 351,000 shares. Such shares vest for 50% of the shares on September 23, 2017 and the remaining 50% of the shares vest on September 23, 2018. The closing price of the Company’s common stock on the grant date was $1.74, which will result in an aggregate compensation charge of $611 over the two-year vesting period. The 351,000 shares of restricted common stock were granted pursuant to the Company’s 2012 Equity Plan, which provides that each grant constitutes an immediate transfer of ownership that entitles the Board members to voting, dividend and other ownership rights. However, the shares of restricted stock are subject to a substantial risk of forfeiture until vesting occurs. Prior to vesting, the shares are not permitted to be sold or transferred and the directors do not maintain physical custody of the shares. Employee Stock Ownership Plan The Board of Directors of the Company adopted the U.S. Energy Corp. 1989 Employee Stock Ownership Plan ("ESOP") in 1989, for the benefit of all the Company’s employees. Employees become eligible to participate in the ESOP after one year of service which must consist of at least 1,000 hours worked. Employees become 20% vested after three years of service and increase their vesting by 20% each year thereafter until such time as they are fully vested after seven years of service. On an annual basis, the Company historically contributed shares of its common stock to the ESOP with an aggregate fair value equal to 10% of compensation for employees that were eligible to participate. Employees were not eligible for ESOP contributions to the extent that their annual taxable compensation exceeded $265 for 2015. All shares of the Company’s common stock contributed to the ESOP have been allocated to specific employees and are vested. Total shares held by the ESOP as of September 30, 2016 and December 31, 2015 were 90,112 and 131,518, respectively. In September 2016, the Company’s Board of Directors agreed to terminate the ESOP, which is expected to result in a distribution of the remaining shares held by the ESOP to the vested employees during the first quarter of 2017. For the year ended December 31, 2016, total stock-based compensation expense related to the ESOP was $23. No expense related to the ESOP has been recorded since June 30, 2016 since the Company’s Board of Directors has not determined if a discretionary contribution will be made for 2016. On July 7, 2016, the Board of Directors elected to issue 68,128 shares of the Company’s common stock with a fair value of $2.49 per share to settle this obligation.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The Company incurred a net loss for each of the years ended December 31, 2016, 2015 and 2014, and the Company has recorded valuation allowances for its net deferred tax assets for each of those years. Accordingly, the Company has not recognized a benefit for income taxes in the accompanying financial statements. Income tax benefit using the Company’s effective income tax rate differs from the U.S. Federal Statutory income tax rate due to the following: 2016 2015 2014 Income tax benefit at federal statutory rate $ 4,801 $ 31,585 $ 711 State income tax benefit, net of federal impact 292 1,440 34 Incentive stock options and restricted stock not deductible for tax purposes - (269 ) (79 ) Percentage depletion carryover 19 - 129 Other, net 534 171 (183 ) Increase in valuation allowance (5,646 ) (32,927 ) (612 ) Income tax benefit (expense) $ - $ - $ - The components of deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets: Net operating loss carryover $ 26,739 $ 19,947 Property and equipment 14,575 15,645 Percentage depletion and contribution carryovers 2,512 2,433 Alternative minimum tax credit carryover 706 706 Equity method investment and other 547 630 Deferred compensation liability 12 262 Asset retirement obligations 377 442 Stock-based compensation (44) 302 Total deferred tax assets 45,424 40,367 Deferred tax liabilities: Property and equipment - - Oil price risk derivatives - (538) Other (4 ) (4) Total deferred tax liabilities (4 ) (542) Net deferred tax assets 45,420 39,825 Less valuation allowance (45,420 ) (39,825) Net deferred tax asset $ - $ - The Company has net operating loss carryovers as of December 31, 2016 of approximately $74,715 for federal income tax purposes. The net operating loss carryovers may be carried back two years and forward twenty years from the year the net operating loss was generated. The net operating losses may be used to offset future taxable income and expire in varying amounts through 2035. In addition, the Company has alternative minimum tax credit carry-forwards of approximately $700 which are available to offset future federal income taxes over an indefinite period. The statute of limitations is closed for the tax years through 2010. The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than-not” threshold to be recognized. During the years ended December 31, 2016, 2015 and 2014, no adjustments were recognized for uncertain tax positions.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	13. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed based on the weighted average number of common shares outstanding. The calculation of diluted earnings (loss) per share adds dilutive stock options computed using the treasury stock method as follows: 2016 2015 2014 Basic weighted average common shares outstanding 4,768,013 4,677,500 4,638,833 Plus dilutive stock options using treasury stock method - - 44,334 Diluted weighted average common shares outstanding 4,768,013 4,677,500 4,683,167 For the years ended December 31, 2016, 2015 and 2014, common stock equivalents excluded from the calculation of weighted average shares because they were antidilutive are as follows: 2016 2015 2014 Stock options 398,360 390,504 225,866 Unvested shares of restricted common stock 24,832 16,667 - Total 423,192 407,171 225,866

SIGNIFICANT CONCENTRATIONS

SIGNIFICANT CONCENTRATIONS	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
SIGNIFICANT CONCENTRATIONS	14. SIGNIFICANT CONCENTRATIONS The Company has exposure to credit risk in the event of nonpayment by the joint interest operators of the Company’s oil and gas properties. During the years ended December 31, 2016, 2015 and 2014, three joint interest operators accounted for the following percentages of the Company’s oil and gas sales: Operator 2016 2015 2014 A 16 % 20 % 38 % B 32 % 35 % 28 % C 29 % 25 % 20 % Approximately 22% of the Company’s proved developed oil and gas reserve quantities are associated with wells that are operated by operator B (the “Major Operator”) as shown in the table above. As of December 31, 2016, the Company had a liability to the Major Operator of $2,710 for accrued operating expenses and overpayments of net revenues when the Major Operator failed to recognize that the Company’s ownership interest reverted after payout was achieved for certain wells during 2014 and 2015. Beginning in the second quarter of 2015, the Major Operator began withholding the Company’s net revenues from all wells that it operates for the Company and management expects the Major Operator will continue to withhold the Company’s net revenues until this liability is paid in full. Based on the oil and gas prices and costs used in the Company’s reserve report as of December 31, 2016, this liability is expected to be settled in full by the first quarter of 2017, but under higher pricing scenarios it is possible that the entire liability could be repaid earlier. Accordingly, the aggregate balance of $2,710 is presented as a current liability in the accompanying consolidated balance sheet as of December 31, 2016. Substantially all of the Company’s cash and equivalents are in accounts with a single financial institution and the balances typically exceed federally insured limits. The Company has not experienced any losses in such accounts. During the years ended December 31, 2015 and 2014 the Company operated in two business segments, the oil and gas industry and the mining industry. As discussed in Note 6, in February 2016 the Company disposed of its mining operations and, accordingly, the mining operations and assets are presented under discontinued operations in the accompanying financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	15. FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various methods including market, income and cost approaches. Based on these approaches, the Company often utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 - Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 2 - Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 2 also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or 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; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data. The Company has processes and controls in place to attempt to ensure that fair value is reasonably estimated. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. Where market information is not available to support internal valuations, independent reviews of the valuations are performed and any material exposures are evaluated through a management review process. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies used for complex financial instruments measured at fair value: Oil Price Risk Derivative Valuation Methodologies The Company determines its estimate of the fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets, quotes from third parties, the credit rating of the counterparty and the Company’s own credit rating. In consideration of counterparty credit risk, the Company assessed the likelihood that the counterparty to the derivative would default by failing to make any contractually required payments. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. There were no derivative contracts in place at December 31, 2016. The crude oil derivative markets are highly active. Although the Company’s derivative instruments are valued using indices, the instruments themselves are traded with third-party counterparties and are not openly traded on an exchange. As such, the Company has classified these instruments as Level 2. Warrant Valuation Methodologies The warrants issued by the Company are classified as liabilities on the balance sheet because the warrants contain a contingent put and other liability type provisions. The shares underlying the warrants are contingently redeemable and are subject to remeasurement at each balance sheet date, and any changes in fair value will be recognized as a component of other (expense) income on the accompanying consolidated statements of operations. The Company estimated the value of the warrants issued with the Securities Purchase Agreement on December 22, 2016, the date of issuance, to be $1,240,000 using a Monte Carlo model. As of December 31, 2016, the fair value of the warrants was $1,030,000 and was recorded as a liability on the accompanying balance sheet. An increase in any of the model variables would cause an increase in the fair value of the warrants. Likewise, a decrease in any model variable would cause a decrease in the value of the warrants. Marketable Equity Securities Valuation Methodologies The fair value of available for sale securities is based on quoted market prices obtained from independent pricing services. Accordingly, the Company has classified these instruments as Level 1. Executive Retirement Liability Valuation Methodologies The executive retirement program is a standalone liability for which there is no available market price, principal market, or market participants. The Company records the estimated fair value of the long-term liability for estimated future payments under the executive retirement program based on the discounted value of estimated future payments associated with each individual in the program. The inputs available for this estimate are unobservable and are therefore classified as Level 3 inputs. Other Financial Instruments The carrying amount of cash and equivalents, oil and gas sales receivable, other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of those instruments. The recorded amounts for the Senior Secured Revolving Credit Facility discussed in Note 7 approximates the fair market value due to the variable nature of the interest rates, and the fact that market interest rates have remained substantially the same since the latest amendment to the credit facility. Recurring Fair Value Measurements Recurring measurements of the fair value of assets and liabilities as of December 31, 2016 and 2015 are as follows: December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable equity securitites: Sutter Gold Mining Company (1) $ - $ 16 $ - $ 16 $ - $ 13 $ - $ 13 Anfield Resources, Inc. (2) 930 - - 930 - - 238 238 Outstanding Warrants 1,030 Crude oil price risk derivatives - - - - - 1,634 - 1,634 Total $ 930 $ 16 $ 1,030 $ 1,976 $ 25 $ 1,647 $ 238 $ 1,885 Executive retirement liability $ - $ - $ - $ - $ - $ - $ 584 $ 584 (1) Due to a less active market for this investment, during the fourth quarter of 2015 the Company transferred this investment from Level 1 to Level 2 of the fair value hierarchy. (2) Because the trading volume of Anfield shares have increased since we took possession, we determined a mark-to-market technique would be most appropriate to determine the fair value for Anfield shares. Previously, the Company used alternative methods to determine fair value upon receipt of the shares in September 2015, which requires classification under Level 3 of the fair value hierarchy. The Company has reclassified the Anfield shares under Level 1 of the fair value hierarchy. The following table presents a reconciliation of changes in assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2016 and 2015: Assets Liabilities Marketable Securities Crude Oil Crude Oil Executive Sutter Sutter Anfield Derivatives Derivatives Retirement Warrants (Level 1) (Level 2) (Level 1) (Level 2) (Level 2) (Level 3) (Level 3) Net Fair value, December 31, 2014 25 - - - - (1,309 ) - (1,284 ) Total net losses included in: Other comprehensive loss (12 ) - - - - - - (12 ) Fair value adjustments included in net loss: Net realized losses on oil price risk derivatives - - - (35 ) (40 ) - - (75 ) Net unrealized gains on oil price risk derivatives - - - 1,634 - - - 1,634 Retirement expense - - - - - (45 ) - (45 ) Transfer from Level 1 to Level 2 (13 ) 13 - - - - - - Acquisition of investment - 238 - - - - 238 Discount negotiated on settlement - - - - - 77 - 77 Offset of derivative assets and liabilities - - - (40 ) 40 - - - Cash settlements paid - - - 75 - 694 - 769 Fair value, December 31, 2015 $ - $ 13 $ 238 $ 1,634 $ - $ (583 ) $ 1,302 Total net losses included in: Other comprehensive loss - 3 - - - - 695 Fair value adjustments included in net loss: Net realized losses on oil price risk derivatives - - - - - - - Net unrealized gains on oil price risk derivatives - - - - - - - Net unrealized gain on warrant valuation (210 ) Net unrealized loss on Anfield Shares (58 ) Retirement expense - - - - - - - Transfer from Level 1 to Level 2 - - - - - - - - Issuance of warrants 1,240 Acquisition of investment - 750 - - - - Discount negotiated on settlement - - - - - - - Offset of derivative assets and liabilities - - - (194 ) - - (194 ) Cash settlements paid - - - (1,440 ) - 583 (857 ) Fair value, December 31, 2016 $ - $ 16 $ 930 $ - $ - $ - 1,030 $ 1,976

UNAUDITED SUPPLEMENTAL OIL AND

UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION	12 Months Ended
	Dec. 31, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION	16. UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION Oil and Gas Reserves (Unaudited) Proved reserves are estimated quantities of oil, NGLs and natural gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Oil and gas prices used are the average price during the 12-month period prior to the effective date of the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements. Proved developed reserves are reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. The Company emphasizes that reserve estimates are inherently imprecise and that estimates of new discoveries and undeveloped locations are more imprecise than estimates of established producing oil and gas properties. Accordingly, these estimates are expected to change as future information becomes available. Proved oil and gas reserve quantities at December 31, 2016, 2015 and 2014 and the related discounted future net cash flows before income taxes are based on the estimates prepared by Jane E. Trusty for 2016 and 2015 and by Cawley, Gillespie & Associates, Inc. for 2014. Such estimates have been prepared in accordance with guidelines established by the Securities and Exchange Commission. All of the Company’s estimated proved reserves are located in the United States. The Company’s estimated quantities of proved oil and gas reserves and changes in net proved reserves are summarized below for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Oil Gas Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 1,615,180 2,477,930 4,119,736 3,211,245 3,459,713 2,371,908 Revisions of previous estimates (795,459 ) (584,494 ) (2,377,364 ) (206,912 ) (262,570 ) 802,241 Discoveries and extensions 23,841 20,336 94,458 27,102 1,583,292 1,006,659 Sale of minerals in place (53,853) (57,258) - - (330,871 ) (156,482 ) Production (132,429 ) (477,351 ) (221,650 ) (553,505 ) (329,828 ) (813,081 ) Reserve quantities, end of year 657,280 1,379,163 1,615,180 2,477,930 4,119,736 3,211,245 Proved developed reserves, end of year 657,280 1,379,163 1,248,750 2,068,190 1,754,668 1,892,446 (1) Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL. Standardized Measure (Unaudited) The Company computes a standardized measure of future net cash flows and changes therein relating to estimated proved reserves in accordance with authoritative accounting guidance. The assumptions used to compute the standardized measure are those prescribed by the FASB and the SEC. These assumptions do not necessarily reflect the Company’s expectations of actual revenues to be derived from those reserves, nor their present value amount. The limitations inherent in the reserve quantity estimation process, as discussed previously, are equally applicable to the standardized measure computations since these reserve quantity estimates are the basis for the valuation process. Future cash inflows and production and development costs are determined by applying prices and costs, including transportation, quality, and basis differentials, to the year-end estimated future reserve quantities. The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure: 2016 2015 2014 Oil per Bbl $ 42.75 $ 43.54 $ 85.63 Gas per Mcfe (1) $ 2.48 $ 3.36 $ 8.84 (1) Consists of the weighted average price for natural gas in mcf plus NGL’s converted to mcf using a factor of 6 mcf for each barrel of NGL. Future operating costs are determined based on estimates of expenditures to be incurred in developing and producing the proved reserves in place at the end of the period using year-end costs and assuming continuation of existing economic conditions. Estimated future income taxes are computed using the current statutory income tax rates, including consideration for estimated future statutory depletion. The resulting future net cash flows are reduced to present value amounts by applying a 10 percent annual discount factor. The standardized measure of discounted future net cash flows relating to the Company’s proved oil and gas reserves is as follows as of December 31, 2016, 2015 and 2014: 2016 2015 2014 Future cash inflows $ 27,769 $ 78,646 $ 381,156 Future cash outflows: Production costs (18,814) (44,685 ) (149,450 ) Development costs - (8,050 ) (70,770 ) Income taxes - - (12,719 ) Future net cash flows 8,955 25,911 148,217 10% annual discount factor (2,208) (8,143 ) (66,328 ) Standardized measure of discounted future net cash flows $ 6,747 $ 17,768 $ 81,889 Changes in Standardized Measure (Unaudited) The changes in the standardized measure of future net cash flows relating to proved oil and gas reserves for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Standardized measure, beginning of year $ 17,768 $ 81,889 $ 104,853 Sales of oil and gas, net of production costs (3,102 ) (2,944 ) (21,741) Net changes in prices and production costs (9,248 ) (96,586 ) (17,376) Changes in estimated future development costs 6,590 51,998 (1,869) Extensions and discoveries 167 2,260 14,706 Sale of minerals in place (78) - (13,339) Revisions in previous quantity estimates (6,791 ) (27,693 ) (4,815) Previously estimated development costs incurred - - 7,175 Net changes in income taxes - 3,306 6,924 Accretion of discount 1,777 8,189 10,090 Changes in timing and other (336 ) (2,651 ) (2,719) Standardized measure, end of year $ 6,747 $ 17,768 $ 81,889

QUARTERLY FINANCIAL DATA (Unaud

QUARTERLY FINANCIAL DATA (Unaudited)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (Unaudited)	17. QUARTERLY FINANCIAL DATA (Unaudited) The Company’s quarterly financial information for the two-year period ended December 31, 2016 is as follows: Year Ended December 31, 2015 Year Ended December 31, 2016 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Oil and gas sales $ 2,679 $ 3,285 $ 2,622 $ 1,710 $ 1,066 $ 1,996 $ 1,867 $ 817 Operating expenses: Impairment of oil and gas properties (19,240 ) (3,208 ) (21,446 ) (13,782) (6,957 ) (2,611 ) - - Other (1) (6,174 ) (5,266 ) (5,534 ) (4,710) (2,561 ) (3,061 ) (2,761 ) 276 Operating income (loss) (1) $ (22,735 ) $ (5,189 ) $ (24,358 ) $ (16,782 ) $ (8,452 ) $ (3,676 ) $ (894 ) $ 1,093 Income (loss) from continuing operations (1) $ (22,919 ) $ (5,542 ) $ (22,785 ) $ (16,038 ) $ (8,275 ) $ (4,206 ) $ (265 ) $ 1,074 Discontinued operations (784 ) (738 ) (866 ) (23,224 ) (2,327 ) (10 ) - (111) Net income (loss) $ (23,703 ) $ (6,280 ) $ (23,651 ) $ (39,262 ) $ (10,602 ) $ (4,216 ) $ (265 ) $ 963 Income (loss) per share - basic (1)(2) Continuing operations $ (4.90 ) $ (1.19 ) $ (4.87 ) $ (3.42 ) $ (1.76 ) $ (0.89 ) $ (0.06 ) $ 0.23 Discontinued operations (0.17 ) (0.16 ) (0.19 ) (4.96 ) (0.49 ) (0.00 ) - - Total $ (5.07 ) $ (1.35 ) $ (5.06 ) $ (8.38 ) $ (2.25 ) $ (0.89 ) $ (0.06 ) $ 0.23 Income (loss) per share - diluted (1)(2) Continuing operations $ (4.90 ) $ (1.19 ) $ (4.87 ) $ (3.42 ) $ (1.76 ) $ (0.89 ) $ (0.06 ) $ 0.23 Discontinued operations (0.17 ) (0.16 ) (0.19 ) (4.96 ) (0.49 ) (0.00 ) - - Total $ (5.07 ) $ (1.35 ) $ (5.06 ) $ (8.38 ) $ (2.25 ) $ (0.89 ) $ (0.06 ) $ 0.23 Weighted average shares outstanding: Basic 4,674,667 4,674,667 4,675,167 4,685,167 4,705,500 4,705,000 4,768,000 4,768,013 Diluted (1) 4,674,666 4,674,667 4,675,167 4,685,167 4,705,500 4,705,000 4,768,000 4,768,013 (1) Amounts have been restated from amounts reported in previous reports to retroactively present the impact of Discontinued Operations as discuss further in Note 6. (2) Earnings per share amounts may not sum due to rounding. The Company’s quarterly reserve reports are prepared based on a trailing 12-month average for benchmark oil and gas prices. The weighted average oil price used to prepare reserve estimates and to calculate the Full Cost Ceiling limitation for the first quarter of 2017 is expected to increase. Assuming other variables remain substantially unchanged, the Company does not expect to record an impairment charge during the first quarter of 2017. As discussed in Note 7, as of December 31, 2016, the Company and Energy One were not in compliance with any of the financial covenants under their credit facilities and the lender has not provided a limited waiver for the Company’s noncompliance.

ORGANIZATION, OPERATIONS AND 24

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations U.S. Energy Corp. (collectively with its subsidiaries Energy One LLC, Highlands Ranch LLC, and Remington Village, LLC referred to as the “Company”) was incorporated in the State of Wyoming on January 26, 1966. The Company’s principal business activities are focused in the acquisition, exploration and development of oil and gas properties in the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. 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 gas reserves that are used in the calculation of depreciation, depletion, amortization and impairment of the carrying value of evaluated oil and gas properties; production and commodity price estimates used to record accrued oil and gas sales receivable; valuation of commodity derivative instruments; the impact of commodity prices and other events affecting impairment of mining properties; 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 gas, these estimates could change in the near term and such changes could be material.
Principles of Consolidation	Principles of Consolidation The accompanying financial statements include the accounts of the Company and its wholly-owned subsidiary Energy One LLC (“Energy One”). All inter-company balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation of the accompanying financial statements.
Cash and Equivalents	Cash and Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Oil and Gas Sales Receivable	Oil and Gas Sales Receivable The Company’s accounts receivable consist primarily of receivables from joint interest operators for the Company’s share of oil, gas, and natural gas liquids (“NGLs”). Generally, the Company’s oil and gas sales receivable are collected within three months and the Company has had minimal bad debts. Collectability is dependent upon the financial wherewithal of the joint interest operators and is influenced by the general economic conditions of the industry. Receivables are not collateralized. As of December 31, 2016 and 2015, the Company had not provided for an allowance for doubtful accounts.
Marketable Equity Securities	Marketable Equity Securities The Company categorizes its marketable equity securities as available-for-sale. Accordingly, increases or decreases in the fair value are generally presumed to be temporary and are recorded as a component of shareholders’ equity within comprehensive income or loss. The Company periodically evaluates if cumulative losses are indicative of other than temporary impairment whereby a loss is recognized when management determines that the value is unlikely to recover to the Company’s cost basis. Gains or losses from sales are recorded in operations when realized.
Oil and Gas Properties	Oil and Gas Properties The Company follows the full cost method of accounting for its oil and gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and gas properties are capitalized and accumulated in a country-wide cost center. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from property disposals are credited against accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center are subject to depreciation, depletion and amortization (“DD&A”) using the equivalent unit-of-production method, based on total proved oil and gas reserves. For financial statement presentation, DD&A includes accretion expense related to asset retirement obligations. Excluded from amounts subject to DD&A are costs associated with unevaluated properties, including exploratory wells in progress. Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability, or the cost center ceiling (the “Ceiling Test”). The cost center ceiling is defined as the sum of (i) estimated future net revenue, discounted at 10% per annum, from proved reserves, based on average prices per barrel of oil and per MMbtu of natural gas at the first day of each month in the 12-month period prior to the end of the reporting period; and costs, adjusted for contract provisions and financial derivatives that hedge the Company’s oil and gas revenue and asset retirement obligations, (ii) the cost of unevaluated properties not being amortized, and (iii) the lower of cost or market value of unproved properties included in the cost being amortized, reduced by (iv) the income tax effects related to differences between the book and tax basis of the crude oil and gas properties. If the net book value reduced by the related net deferred income tax liability (if any) and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required in the period in which the impairment occurs. Since all of the Company’s oil and gas properties are located within the United States, the Company only has one cost center for which a quarterly Ceiling Test is performed.
Property and Equipment	Property and Equipment Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives as follows: Years Real estate: Buildings 20 to 45 Building improvements 10 to 25 Land improvements 10 to 35 Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20 Vehicles and other 5
Discontinued Operations- Mining Properties	Discontinued Operations- Mining Properties Effective January 1, 2015, the Company adopted new accounting guidance related to the recognition and presentation of discontinued operations in its financial statements. Under the revised guidance, beginning in 2015 only disposals of businesses that represent strategic shifts that have a major effect on an organization’s operations and financial results will be reported in discontinued operations. Accordingly, as discussed in Note 6, the Company’s disposal of its mining segment qualified for reporting as discontinued operations in the accompanying financial statements. The Company capitalized all costs incidental to the acquisition of mining properties. Mining equipment was depreciated using the straight line method over estimated useful lives that ranged from 10 to 20 years. Costs of operating a related water treatment plant on the mine property, holding costs to maintain permits, mining exploration costs and general corporate overhead were expensed as incurred. Capitalized costs were charged to operations to the extent it was subsequently determined that the mine property is not economic due to permanent decreases in market prices of commodities, excessive production costs, depletion of the mineral resource, or other factors.
Long-Lived Assets	Long-Lived Assets The Company evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount may not be recoverable. If estimated future cash flows, on an undiscounted basis, are less than the carrying amount of the related asset, an asset impairment charge is recognized, and measured as the amount by which the carrying value exceeds the estimated fair value. Changes in significant assumptions underlying future cash flow estimates may have a material effect on the Company’s financial position and results of operations. Long-lived assets are classified as held for sale when the Company commits to a plan to sell the assets. Such assets are classified within current assets if there is reasonable certainty that the sale will take place within one year. Upon classification as held for sale, long-lived assets are no longer depreciated or depleted, and a measurement for impairment is performed to determine if there is any excess of carrying value over fair value less costs to sell. Subsequent changes to estimated fair value less the cost to sell will impact the measurement of assets held for sale if the fair value is determined to be less than the carrying value of the assets.
Derivative Instruments	Derivative Instruments The Company uses derivative instruments, typically costless collars and fixed-rate swaps, to manage price risk underlying its oil and gas production. All derivative instruments are recorded in the consolidated balance sheets at fair value. The Company offsets fair value amounts recognized for derivative instruments executed with the same counterparty. Although the Company does not designate any of its derivative instruments as cash flow hedges, such derivative instruments provide an economic hedge of the Company’s exposure to commodity price risk associated with forecasted future oil and gas production. These contracts are accounted for using the mark-to-market accounting method and accordingly, the Company recognizes all unrealized and realized gains and losses that are related to these contracts currently in earnings and classifies them as gain (loss) on derivative instruments, net in the Company’s consolidated statements of operations. The Company may also use puts, calls and basis swaps in the future.
Warrant Liability	Warrant Liability From time to time we may have financial instruments such as warrants that may be classified as liabilities when either (a) the holders possess rights to net cash settlement, (b) physical or net equity settlement is not in our control, or (c) the instruments contain other provisions that causes us to conclude that they are not indexed to our equity. Such instruments are initially recorded at fair value and subsequently adjusted to fair value at the end of each reporting period through earnings. Accordingly, warrants are accounted for as a liability. This warrant liability is accounted for at fair value with changes in fair value reported in earnings.
Asset Retirement Obligations	Asset Retirement Obligations The Company records the estimated fair value of restoration and reclamation liabilities related to its oil and gas properties and its inactive mining properties as of the date that the liability is incurred. The Company reviews the liability each quarter and determines if a change in estimate is required, and accretion of the discounted liability is recorded based on the passage of time. Final determinations are made during the fourth quarter of each year. The Company deducts any actual funds expended for restoration and reclamation during the quarter in which it occurs.
Revenue Recognition	Revenue Recognition The Company derives revenue primarily from the sale of produced oil, natural gas, and NGLs. In the accompanying statements of operations, revenue from gas includes sales of both natural gas and NGLs. The Company reports revenue as the gross amount received before taking into account production taxes and transportation costs, which are reported separately as expenses and are included in lease operating expense in the accompanying statements of operations. The Company records oil and gas revenue under the sales method of accounting. Gas balancing obligations as of December 31, 2016 and 2015 were not significant. Revenue is recorded in the month that the production is delivered to the purchaser. At the end of each month, the Company estimates the amount of production delivered to the purchaser and the price the Company will receive. The Company uses its knowledge of its properties, their historical performance, market prices, and other factors as the basis for these estimates. Revenues from real estate operations are reported on a gross revenue basis and are recorded at the time the service is provided.
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair market value of the award as of the grant date. The Company computes the fair values of its options granted to employees using the Black Scholes pricing model. The Company recognizes the cost of the equity awards over the period during which an employee is required to provide service in exchange for the award, usually the vesting period. For awards granted which contain a graded vesting schedule, and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. Stock-based compensation expense is recognized based on awards ultimately expected to vest whereby estimates of forfeitures are based upon historical experience.
Income Taxes	Income Taxes The Company recognizes deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets, liabilities and carry forwards. Additionally, the Company recognizes deferred tax assets for the expected future effects of all deductible temporary differences, loss carry forwards and tax credit carry forwards. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for any tax benefits which, based on current circumstances, are not expected to be realized. At December 31, 2016 and 2015, management believed it was more likely than not that such tax benefits would not be realized and a valuation allowance has been provided. The Company would recognize any interest and penalties related to uncertain tax positions as a component of income tax expense.
Earnings Per Share	Earnings Per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding. Diluted net income (loss) per share is calculated by dividing net income or loss by the diluted weighted average common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of in-the-money outstanding stock options. When there is a loss from continuing operations, all potentially dilutive shares are anti-dilutive and are excluded from the calculation of net income (loss) per share. The treasury stock method is used to measure the dilutive impact of in-the-money stock options.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is used to refer to net income (loss) plus other comprehensive income (loss). Other comprehensive income (loss) is comprised of revenues, expenses, gains, and losses that under GAAP are reported as separate components of shareholders’ equity instead of net income (loss).
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”. This comprehensive guidance will replace all existing revenue recognition guidance and is effective for annual reporting periods beginning after December 15, 2017, and interim periods therein. This update is not expected to have a significant impact on the Company’s financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” that will require management to evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statements are issued on both an interim and annual basis. Management will be required to provide certain footnote disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. This ASU becomes effective for annual periods beginning in 2016 and for interim reporting periods starting in the first quarter of 2017. This update did not have a significant impact on the Company’s financial statements. In November 2014, the FASB issued ASU 2014-16, “Derivatives and Hedging: Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity”. This ASU does not change the current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required, but clarifies how current GAAP should be interpreted in the evaluation of the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share, reducing existing diversity in practice. This ASU became effective for interim periods beginning on January 1, 2016. This update did not have a significant impact on the Company’s financial statements. In January 2015, the FASB issued ASU 2015-01, “Income Statement—Extraordinary and Unusual Items”, that will simplify income statement classification by removing the concept of extraordinary items from GAAP. Upon adoption, the separate disclosure of extraordinary items after income from continuing operations in the income statement will no longer be permitted. The Company adopted this standard as of January 1, 2016. This update did not have a significant impact on the Company’s financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation: Amendments to the Consolidation Analysis”. The new standard is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The new guidance must be adopted for interim and annual financial statements issued for the year ending December 31, 2016. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. During 2015, the FASB issued ASUs No. 2015-03 and No. 2015-15 titled “Interest-Imputation of Interest”, which generally requires the presentation of debt issuance costs as a direct deduction from the carrying amount of the related debt liabilities. However, for debt issuance costs related to line-of-credit arrangements, the Company will be permitted to continue presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement. The Company does not have any outstanding deferred lines of credit at this time. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU is intended to improve the recognition and measurement of financial instruments. Among other things, this ASU requires certain equity investments to be measured at fair value with changes in fair value recognized in net income. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods therein. In February 2016, the FASB issued ASU 2016-02, Leases, which will supersede the existing guidance for lease accounting. This ASU will require lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. This guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, and early adoption is permitted. This update did not have a significant impact on the Company’s financial statements. 2016-05 In March 2016, the FASB issued ASU 2016-05 , Derivative Contract Novations 2016-06 In March 2016, the FASB issued ASU 2016-06 , Derivatives and Hedging: Contingent Put and Call Options in Debt Instruments. is not expected to 2016-11 In May 2016, the FASB issued ASU No. 2016-11, Revenue Recognition Derivatives and Hedging 2016-15 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows : Classification of Certain Cash Receipts and Cash Payments 2016-18 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) 2017-03 In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections and Investments – Equity Method and Joint Ventures 2017-04 In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other Simplifying the Test for Goodwill Impairment 2017-05 In February 2017, the FASB issued Update No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets

ORGANIZATION, OPERATIONS AND 25

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
Organization Operations And Significant Accounting Policies Tables
Schedule of property and equipment useful life	Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives as follows: Years Real estate: Buildings 20 to 45 Building improvements 10 to 25 Land improvements 10 to 35 Administrative assets: Computers and software 3 to 10 Office furniture and equipment 5 to 20 Vehicles and other 5

OIL AND GAS PRODUCING ACTIVIT26

OIL AND GAS PRODUCING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2016
Oil and Gas Property [Abstract]
Schedule of net costs incurred in the purchase of proved and unproved properties, and in exploration and development activities	The following table presents the Company’s capitalized costs associated with oil and gas producing activities as of December 31, 2016 and 2015: 2016 2015 Oil and Gas Properties: Unevaluated properties: Unproved leasehold costs $ 4,664 $ 5,664 Exploratory wells in progress - - Evaluated properties in full cost pool 87,834 97,912 Less accumulated depreciation, depletion and amortization (82,640 ) (80,144 ) Net capitalized costs $ 9,858 $ 23,432
Schedule of unevaluated leasehold costs were incurred	As of December 31, 2015, unevaluated oil and gas properties consisted solely of unproved lease acquisition costs of $5.7 million. As of December 31, 2016 2015 Year Incurred 2010 $ - $ - 2011 2,686 2,686 2012 267 267 2013 525 1,525 2014 1,153 1,153 2015 33 33 2016 0 $ 4,664 $ 5,664
Schedule of costs incurred in oil and gas property acquisition, exploration and development activities	Costs incurred in oil and gas property acquisition, exploration and development activities, all of which have been capitalized, are summarized as follows for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Acquisition costs: Proved properties $ 42 $ 1,658 $ 552 Unproved properties - 632 4,167 Development costs (4) 61 8,037 Exploration costs (1,496 ) 369 14,791 Total (1) $ (1,458) $ 2,720 $ 27,547 (1) Includes amounts related to estimated asset retirement obligations reduction of $(24) and additions $61 for the years ended December 31, 2016 and 2015, respectively. The development costs and exploration costs include a reduction in interest of some wells which in prior years were in dispute.
Schedule of operations from oil and gas producing activities	Presented below are the results of operations from oil and gas producing activities for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Oil and gas sales $ 5,746 $ 10,296 $ 32,379 Production costs (2,728 ) (7,352 ) (10,638 ) Depreciation, depletion and amortization (2,529 ) (8,412 ) (14,685 ) Impairment of oil and gas properties (9,568 ) (57,676 ) - Results of operations from oil and gas producing activities $ (9,079 ) $ (63,144 ) $ 7,056

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment consists of the following as of December 31, 2016 and 2015: 2016 2015 Real estate: Land $ 380 $ 1,033 Buildings 4,012 4,012 Land improvements 641 641 Administrative assets: Computers and software 368 368 Office furniture and equipment 222 220 Vehicles and other 51 51 Total 5674 6,325 Less accumulated depreciation (3,810 ) (3,667 ) Real estate and administrative assets, net $ 1,864 $ 2,658

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of impairment charge	Presented below is calculation of the impairment charge: Net book value of assets conveyed $ 22,824 Asset retirement obligations assumed by Purchaser (204) Impairment charge recognized in 2015 $ 22,620
Schedule of assets and liabilities associated with the mining segment	Presented below are the assets and liabilities associated with the Company’s mining segment as of December 31, 2016 and 2015, along with the impact of the impairment charge: 2016 2015 Assets retained by the Company: Performance bonds $ 114 $ 114 Net assets conveyed to Purchaser: Undeveloped mining claims - 21,942 Mining equipment - 1,774 Less accumulated depreciation of mining equipment - (892 ) Less write-down due to impairment - (22,620 ) Net book value of assets conveyed - 204 Total assets of discontinued operations $ 114 $ 318 Asset retirement obligations assumed by Purchaser $ - $ 204
Schedule of components of discontinued operations	Presented below are the components for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Operating results for apartment complex: Rental revenue $ - $ - $ - Operating expenses - - - Net earnings for apartment complex - - - Operating expenses of mining segment: Water treatment plant (254 ) (1,737 ) (1,875 ) Mine property holding costs (2,194 ) (1,133 ) (1,110 ) Impairment of mining asset - (22,620 ) - Depreciation of mine equipment - (122 ) (123 ) Total expenses for mining segment (2,448 ) (25,612 ) (3,108 ) Total results for discontinued operations $ (2,448 ) $ (25,612 ) $ (3,108 )

EXECUTIVE RETIREMENT AND SEVE29

EXECUTIVE RETIREMENT AND SEVERANCE (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of changes in the liability	Presented below is a summary of changes in the liability for the years ended December 31, 2016 and 2015: 2016 2015 Balance, beginning of year $ 583 $ 1,309 Adjustment to fair value - 45 Payment of retirement benefits (583 ) (694 ) Negotiated settlement at discount and other - (77 ) Balance, end of year $ 0 $ 583

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Schedule of reconciliation of the changes in the liabilities for asset retirement obligations	The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations for the years ended December 31, 2016 and 2015: 2016 2015 Oil and Gas Mining Oil and Gas Mining Balance, beginning of year $ 1,038 $ 204 $ 945 $ 188 Accretion of discount 33 - 32 16 Sold/Plugged (26) (204) - - Liabilities incurred - - 61 - Balance, end of year $ 1,045 $ - $ 1,038 $ 204

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of stock options	A summary of the combined activity in the 2001 ISOP, the 2012 Equity Plan, and the 2008 Director SOP for the years ended December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Shares Price (1) Shares Price (1) Shares Price (1) Outstanding, beginning of year 390,525 $ 20.64 2,276,079 $ 3.78 2,646,949 $ 3.56 Granted - - 340,711 1.50 60,000 3.77 Forfeited - - - - (3,333 ) 2.08 Expired - - (273,768 ) 3.86 - - Exercised - - - - (427,537 ) 2.46 Outstanding, end of year 390,525 $ 20.64 2,343,022 $ 3.44 2,276,079 $ 3.78 Shares restated after 6 to 1 split 390,525 $ 20.64 390,525 $ 20.64 379,347 $ 22.69 Exercisable, end of year 2,194,022 $ 3.53 2,194,022 $ 3.53 2,031,413 $ 3.92 Shares restated after 6 to 1 split 376,084 $ 20.97 365,693 $ 21.17 338,569 $ 22.75 (1) Represents the weighted average price.
Schedule of stock options outstanding and for stock options exercisable	The following table summarizes information for stock options outstanding and for stock options exercisable at December 31, 2016: Options Outstanding Options Exercisable Number Exercise Price Remaining Number Weighted of Range Weighted Contractual of Average Shares Low High Average Term (years) Shares Exercise Price 56,786 $ 9.00 $ 9.00 $ 9.00 8.0 45,675 $ 9.00 49,504 12.48 12.48 12.48 6.5 49,504 12.48 98,396 13.92 17.10 15.01 2.8 98,396 15.01 185,839 22.62 30.24 29.35 1.0 182,509 29.48 390,525 $ 9.00 $ 30.24 $ 20.64 3.2 376,084 $ 20.97
Schedule of number of options available for grant as well as the intrinsic value of the options outstanding and exercisable	The following table sets forth the number of options available for grant as well as the intrinsic value of the options outstanding and exercisable as of December 31, 2016, 2015 and 2014: 2016 2015 2014 Shares available for future grants - 2,108,578 790,000 Shares restated after 6 to 1 split - 351,430 131,667 Aggregate intrinsic value for options: Outstanding - - - Exercisable $ - $ - $ -
Schedule of assumprtions fair value of options	In estimating the fair value of options, the Company used the Black-Scholes option-pricing model with the following weighted average assumptions: 2015 2014 Expected lives (in years) 6.0 6.0 Risk-free interest rate 1.77 % 2.06 % Expected volatility 63.36 % 65.45 % Expected dividend yield 0.00 % 0.00 %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of effective income tax	Income tax benefit using the Company’s effective income tax rate differs from the U.S. Federal Statutory income tax rate due to the following: 2016 2015 2014 Income tax benefit at federal statutory rate $ 4,801 $ 31,585 $ 711 State income tax benefit, net of federal impact 292 1,440 34 Incentive stock options and restricted stock not deductible for tax purposes - (269 ) (79 ) Percentage depletion carryover 19 - 129 Other, net 534 171 (183 ) Increase in valuation allowance (5,646 ) (32,927 ) (612 ) Income tax benefit (expense) $ - $ - $ -
Schedule of deferred tax assets and liabilities	The components of deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets: Net operating loss carryover $ 26,739 $ 19,947 Property and equipment 14,575 15,645 Percentage depletion and contribution carryovers 2,512 2,433 Alternative minimum tax credit carryover 706 706 Equity method investment and other 547 630 Deferred compensation liability 12 262 Asset retirement obligations 377 442 Stock-based compensation (44) 302 Total deferred tax assets 45,424 40,367 Deferred tax liabilities: Property and equipment - - Oil price risk derivatives - (538) Other (4 ) (4) Total deferred tax liabilities (4 ) (542) Net deferred tax assets 45,420 39,825 Less valuation allowance (45,420 ) (39,825) Net deferred tax asset $ - $ -

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of dilutive stock options computed using the treasury stock	The calculation of diluted earnings (loss) per share adds dilutive stock options computed using the treasury stock method as follows: 2016 2015 2014 Basic weighted average common shares outstanding 4,768,013 4,677,500 4,638,833 Plus dilutive stock options using treasury stock method - - 44,334 Diluted weighted average common shares outstanding 4,768,013 4,677,500 4,683,167
Schedule of antidilutive weighted average shares	For the years ended December 31, 2016, 2015 and 2014, common stock equivalents excluded from the calculation of weighted average shares because they were antidilutive are as follows: 2016 2015 2014 Stock options 398,360 390,504 225,866 Unvested shares of restricted common stock 24,832 16,667 - Total 423,192 407,171 225,866

SIGNIFICANT CONCENTRATIONS (Tab

SIGNIFICANT CONCENTRATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Schedule of three joint interest operators accounted for oil and gas sales	During the years ended December 31, 2016, 2015 and 2014, three joint interest operators accounted for the following percentages of the Company’s oil and gas sales: Operator 2016 2015 2014 A 16 % 20 % 38 % B 32 % 35 % 28 % C 29 % 25 % 20 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of recurring measurements of the fair value of assets and liabilities	Recurring measurements of the fair value of assets and liabilities as of December 31, 2016 and 2015 are as follows: December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable equity securitites: Sutter Gold Mining Company (1) $ - $ 16 $ - $ 16 $ - $ 13 $ - $ 13 Anfield Resources, Inc. (2) 930 - - 930 - - 238 238 Outstanding Warrants 1,030 Crude oil price risk derivatives - - - - - 1,634 - 1,634 Total $ 930 $ 16 $ 1,030 $ 1,976 $ 25 $ 1,647 $ 238 $ 1,885 Executive retirement liability $ - $ - $ - $ - $ - $ - $ 584 $ 584 (1) Due to a less active market for this investment, during the fourth quarter of 2015 the Company transferred this investment from Level 1 to Level 2 of the fair value hierarchy. (2) Because the trading volume of Anfield shares have increased since we took possession, we determined a mark-to-market technique would be most appropriate to determine the fair value for Anfield shares. Previously, the Company used alternative methods to determine fair value upon receipt of the shares in September 2015, which requires classification under Level 3 of the fair value hierarchy. The Company has reclassified the Anfield shares under Level 1 of the fair value hierarchy.
Schedule of reconciliation of changes in assets and liabilities measured at fair value on a recurring basis	The following table presents a reconciliation of changes in assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2016 and 2015: Assets Liabilities Marketable Securities Crude Oil Crude Oil Executive Sutter Sutter Anfield Derivatives Derivatives Retirement Warrants (Level 1) (Level 2) (Level 1) (Level 2) (Level 2) (Level 3) (Level 3) Net Fair value, December 31, 2014 25 - - - - (1,309 ) - (1,284 ) Total net losses included in: Other comprehensive loss (12 ) - - - - - - (12 ) Fair value adjustments included in net loss: Net realized losses on oil price risk derivatives - - - (35 ) (40 ) - - (75 ) Net unrealized gains on oil price risk derivatives - - - 1,634 - - - 1,634 Retirement expense - - - - - (45 ) - (45 ) Transfer from Level 1 to Level 2 (13 ) 13 - - - - - - Acquisition of investment - 238 - - - - 238 Discount negotiated on settlement - - - - - 77 - 77 Offset of derivative assets and liabilities - - - (40 ) 40 - - - Cash settlements paid - - - 75 - 694 - 769 Fair value, December 31, 2015 $ - $ 13 $ 238 $ 1,634 $ - $ (583 ) $ 1,302 Total net losses included in: Other comprehensive loss - 3 - - - - 695 Fair value adjustments included in net loss: Net realized losses on oil price risk derivatives - - - - - - - Net unrealized gains on oil price risk derivatives - - - - - - - Net unrealized gain on warrant valuation (210 ) Net unrealized loss on Anfield Shares (58 ) Retirement expense - - - - - - - Transfer from Level 1 to Level 2 - - - - - - - - Issuance of warrants 1,240 Acquisition of investment - 750 - - - - Discount negotiated on settlement - - - - - - - Offset of derivative assets and liabilities - - - (194 ) - - (194 ) Cash settlements paid - - - (1,440 ) - 583 (857 ) Fair value, December 31, 2016 $ - $ 16 $ 930 $ - $ - $ - 1,030 $ 1,976

UNAUDITED SUPPLEMENTAL OIL AN36

UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of proved oil and gas reserves and changes in net proved reserves	The Company’s estimated quantities of proved oil and gas reserves and changes in net proved reserves are summarized below for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Oil Gas Oil Gas Oil Gas (bbls) (mcfe) (1) (bbls) (mcfe) (1) (bbls) (mcfe) (1) Total proved reserves: Reserve quantities, beginning of year 1,615,180 2,477,930 4,119,736 3,211,245 3,459,713 2,371,908 Revisions of previous estimates (795,459 ) (584,494 ) (2,377,364 ) (206,912 ) (262,570 ) 802,241 Discoveries and extensions 23,841 20,336 94,458 27,102 1,583,292 1,006,659 Sale of minerals in place (53,853) (57,258) - - (330,871 ) (156,482 ) Production (132,429 ) (477,351 ) (221,650 ) (553,505 ) (329,828 ) (813,081 ) Reserve quantities, end of year 657,280 1,379,163 1,615,180 2,477,930 4,119,736 3,211,245 Proved developed reserves, end of year 657,280 1,379,163 1,248,750 2,068,190 1,754,668 1,892,446 (1) Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.
Schedule of prices as adjusted for transportation, quality	The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure: 2016 2015 2014 Oil per Bbl $ 42.75 $ 43.54 $ 85.63 Gas per Mcfe (1) $ 2.48 $ 3.36 $ 8.84 (1) Consists of the weighted average price for natural gas in mcf plus NGL’s converted to mcf using a factor of 6 mcf for each barrel of NGL.
Schedule of standardized measure of discounted future net cash flows	The standardized measure of discounted future net cash flows relating to the Company’s proved oil and gas reserves is as follows as of December 31, 2016, 2015 and 2014: 2016 2015 2014 Future cash inflows $ 27,769 $ 78,646 $ 381,156 Future cash outflows: Production costs (18,814) (44,685 ) (149,450 ) Development costs - (8,050 ) (70,770 ) Income taxes - - (12,719 ) Future net cash flows 8,955 25,911 148,217 10% annual discount factor (2,208) (8,143 ) (66,328 ) Standardized measure of discounted future net cash flows $ 6,747 $ 17,768 $ 81,889
Schedule of standardized measure of future net cash flows	The changes in the standardized measure of future net cash flows relating to proved oil and gas reserves for the years ended December 31, 2016, 2015 and 2014 are as follows: 2016 2015 2014 Standardized measure, beginning of year $ 17,768 $ 81,889 $ 104,853 Sales of oil and gas, net of production costs (3,102 ) (2,944 ) (21,741) Net changes in prices and production costs (9,248 ) (96,586 ) (17,376) Changes in estimated future development costs 6,590 51,998 (1,869) Extensions and discoveries 167 2,260 14,706 Sale of minerals in place (78) - (13,339) Revisions in previous quantity estimates (6,791 ) (27,693 ) (4,815) Previously estimated development costs incurred - - 7,175 Net changes in income taxes - 3,306 6,924 Accretion of discount 1,777 8,189 10,090 Changes in timing and other (336 ) (2,651 ) (2,719) Standardized measure, end of year $ 6,747 $ 17,768 $ 81,889

QUARTERLY FINANCIAL DATA (Una37

QUARTERLY FINANCIAL DATA (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly financial information	The Company’s quarterly financial information for the two-year period ended December 31, 2016 is as follows: Year Ended December 31, 2015 Year Ended December 31, 2016 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Oil and gas sales $ 2,679 $ 3,285 $ 2,622 $ 1,710 $ 1,066 $ 1,996 $ 1,867 $ 817 Operating expenses: Impairment of oil and gas properties (19,240 ) (3,208 ) (21,446 ) (13,782) (6,957 ) (2,611 ) - - Other (1) (6,174 ) (5,266 ) (5,534 ) (4,710) (2,561 ) (3,061 ) (2,761 ) 276 Operating income (loss) (1) $ (22,735 ) $ (5,189 ) $ (24,358 ) $ (16,782 ) $ (8,452 ) $ (3,676 ) $ (894 ) $ 1,093 Income (loss) from continuing operations (1) $ (22,919 ) $ (5,542 ) $ (22,785 ) $ (16,038 ) $ (8,275 ) $ (4,206 ) $ (265 ) $ 1,074 Discontinued operations (784 ) (738 ) (866 ) (23,224 ) (2,327 ) (10 ) - (111) Net income (loss) $ (23,703 ) $ (6,280 ) $ (23,651 ) $ (39,262 ) $ (10,602 ) $ (4,216 ) $ (265 ) $ 963 Income (loss) per share - basic (1)(2) Continuing operations $ (4.90 ) $ (1.19 ) $ (4.87 ) $ (3.42 ) $ (1.76 ) $ (0.89 ) $ (0.06 ) $ 0.23 Discontinued operations (0.17 ) (0.16 ) (0.19 ) (4.96 ) (0.49 ) (0.00 ) - - Total $ (5.07 ) $ (1.35 ) $ (5.06 ) $ (8.38 ) $ (2.25 ) $ (0.89 ) $ (0.06 ) $ 0.23 Income (loss) per share - diluted (1)(2) Continuing operations $ (4.90 ) $ (1.19 ) $ (4.87 ) $ (3.42 ) $ (1.76 ) $ (0.89 ) $ (0.06 ) $ 0.23 Discontinued operations (0.17 ) (0.16 ) (0.19 ) (4.96 ) (0.49 ) (0.00 ) - - Total $ (5.07 ) $ (1.35 ) $ (5.06 ) $ (8.38 ) $ (2.25 ) $ (0.89 ) $ (0.06 ) $ 0.23 Weighted average shares outstanding: Basic 4,674,667 4,674,667 4,675,167 4,685,167 4,705,500 4,705,000 4,768,000 4,768,013 Diluted (1) 4,674,666 4,674,667 4,675,167 4,685,167 4,705,500 4,705,000 4,768,000 4,768,013 (1) Amounts have been restated from amounts reported in previous reports to retroactively present the impact of Discontinued Operations as discuss further in Note 6. (2) Earnings per share amounts may not sum due to rounding.

ORGANIZATION, OPERATIONS AND 38

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2016
Buildings [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Buildings [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	45 years
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Land Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Land Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	35 years
Computers and Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computers and Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Office Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Office Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Vehicles and Other [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

ORGANIZATION, OPERATIONS AND 39

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Percentage of estimated future net revenue, discounted	10.00%
Mining Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Mining Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years

LIQUIDITY (Details Narrative)

LIQUIDITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 21, 2016	Feb. 29, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 20, 2016
Working capital deficit											$ (6,042)
Accumulated deficit			$ 123,825				$ 109,705				123,825	$ 109,705
Net loss			963	$ (265)	$ (4,216)	$ (10,602)	$ (39,262)	$ (23,651)	$ (6,280)	$ (23,703)	(14,120)	(92,896)	$ (2,091)
Impairment charge											22,620	22,620
Number of shares offerring	1,000,000
Shares issued, price per share	$ 1.50
Proceeds from issuance of common stock	$ 13,200										1,317
Cash and equivalents			$ 2,500								2,500
Common Stock [Member]
Net loss
Investor [Member] | Warrant [Member]
Number of shares offerring	1,000,000
Proceeds from issuance of common stock	$ 12,400
Exercise price (in dollars per share)														$ 2.05
Warrant term	5 years
Investor [Member] | Common Stock [Member]
Proceeds from issuance of common stock	$ 80
Series A Convertible Preferred Stock [Member]
Impairment charge		$ 22,620
Aggregate annual expenses		$ 3

OIL AND GAS PRODUCING ACTIVIT41

OIL AND GAS PRODUCING ACTIVITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Unevaluated properties:
Unproved leasehold costs	$ 4,664	$ 5,664
Exploratory wells in progress
Evaluated properties in full cost pool	87,834	97,912
Less accumulated depreciation, depletion and amortization	(82,640)	(80,144)
Net capitalized costs	$ 9,858	$ 23,432

OIL AND GAS PRODUCING ACTIVIT42

OIL AND GAS PRODUCING ACTIVITIES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Unproved leasehold costs	$ 4,664	$ 5,664
Unproved Properties Capitalized Costs 2010 [Member]
Unproved leasehold costs
Unproved Properties Capitalized Costs 2011 [Member]
Unproved leasehold costs	2,686	2,686
Unproved Properties Capitalized Costs 2012 [Member]
Unproved leasehold costs	267	267
Unproved Properties Capitalized Costs 2013 [Member]
Unproved leasehold costs	525	1,525
Unproved Properties Capitalized Costs 2014 [Member]
Unproved leasehold costs	1,153	1,153
Unproved Properties Capitalized Costs 2015 [Member]
Unproved leasehold costs	33	$ 33
Unproved Properties Capitalized Costs 2016 [Member]
Unproved leasehold costs	$ 0

OIL AND GAS PRODUCING ACTIVIT43

OIL AND GAS PRODUCING ACTIVITIES (Details 2) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisition costs:
Proved properties		$ 42	$ 1,658	$ 552
Unproved properties			632	4,167
Development costs		(4)	61	8,037
Exploration costs		(1,496)	369	14,791
Total	[1]	$ (1,458)	$ 2,720	$ 27,547
[1]	Includes amounts related to estimated asset retirement obligations reduction of $(24) and additions $61 for the years ended December 31, 2016 and 2015, respectively. The development costs and exploration costs include a reduction in interest of some wells which in prior years were in dispute.

OIL AND GAS PRODUCING ACTIVIT44

OIL AND GAS PRODUCING ACTIVITIES (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Oil and Gas Property [Abstract]
Oil and gas sales	$ 5,746	$ 10,296	$ 32,379
Production costs	(2,728)	(7,352)	(10,638)
Depreciation, depletion and amortization	(2,529)	(8,412)	(14,685)
Impairment of oil and gas properties	(9,568)	(57,676)
Results of operations from oil and gas producing activities	$ (9,079)	$ (63,144)	$ 7,056

OIL AND GAS PRODUCING ACTIVIT45

OIL AND GAS PRODUCING ACTIVITIES (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	May 31, 2014USD ($)aNumber	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)$ / Unit	Dec. 31, 2015USD ($)$ / Unit	Dec. 31, 2014USD ($)$ / Unit
Gross aquired (in acres) | a	16
Net aquired (in acres) | a	286
Transaction cost	$ 12,200
Unproved properties		$ 4,664				$ 5,664				$ 4,664	$ 5,664
Net (Gross) acquired (in acres) | a	0.62
Adjustments related to revenue receivable and accounts payable	$ 681
Reduction of evaluated properties	$ 11,500
Proceeds from settlement										$ 1,500
Discount rate										10.00%
Impairment of the oil and gas properties				$ (2,611)	$ (6,957)	(13,782)	$ (21,446)	$ (3,208)	$ (19,240)	$ 9,568	$ 57,676
Depreciation, depletion and amortization per equivelent BOE | $ / Unit										11.93	26.80	31.56
Unproved lease acquisition costs										$ 4,700	$ 5,700
Transferred unproved properties						2,500
Asset retirement obligations		$ (24)				$ 61				$ (24)	$ 61
Oil (bbls) [Member]
Reserves										$42.75 per barrel
Natural Gas (mcfe) [Member]
Reserves										$2.48 per MMbtu
Participation Agreement [Member]
Percentage of business interest aqcuired	33.00%
Gross aquired (in acres) | a	12,100
Net aquired (in acres) | a	3,384
Transaction cost	$ 3,900
Amount of unevaluated properties										$ 252
Participation Agreement [Member] | Farm-in Acreage [Member]
Gross aquired (in acres) | a	8,080
Net aquired (in acres) | a	2,203
Participation Agreement [Member] | Primary Leasehold Acreage [Member]
Gross aquired (in acres) | a	4,020
Net aquired (in acres) | a	1,181
Participation Agreement [Member] | Primary Leasehold Acreage [Member] | Well [Member] | 12.5% Carried Working Interest [Member]
Number of initial well | Number	2
Number of drilled well | Number	10
Participation Agreement [Member] | Primary Leasehold Acreage [Member] | Well [Member] | 12.5% Retained Working Interest [Member]
Number of drilled well | Number	10
Percentage of project payout	100.00%
Participation Agreement [Member] | Primary Leasehold Acreage [Member] | Well [Member] | 25% Back-In Working Interest [Member]
Percentage of project payout	115.00%

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total	$ 5,674	$ 6,325
Less accumulated depreciation	(3,810)	(3,667)
Real estate and administrative assets, net	1,864	2,658
Land [Member]
Property, Plant and Equipment [Line Items]
Total	380	1,033
Buildings [Member]
Property, Plant and Equipment [Line Items]
Total	4,012	4,012
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total	641	641
Computers and Software [Member]
Property, Plant and Equipment [Line Items]
Total	368	368
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total	222	220
Vehicles and Other [Member]
Property, Plant and Equipment [Line Items]
Total	$ 51	$ 51

PROPERTY AND EQUIPMENT, NET (47

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 142	$ 145	$ 148

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Net book value of assets conveyed	$ 22,824
Asset retirement obligations assumed by Purchaser	(204)	$ (204)
Impairment charge recognized in 2015	$ 22,620	$ 22,620

DISCONTINUED OPERATIONS (Deta49

DISCONTINUED OPERATIONS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Assets retained by the Company:
Performance bonds	$ 114	$ 114
Net assets conveyed to Purchaser:
Undeveloped mining claims		21,942
Mining equipment		1,774
Less accumulated depreciation of mining equipment		(892)
Less write-down due to impairment	(22,620)	(22,620)
Net book value of assets conveyed		204
Total assets of discontinued operations	114	318
Asset retirement obligations assumed by Purchaser	$ 204	$ 204

DISCONTINUED OPERATIONS (Deta50

DISCONTINUED OPERATIONS (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating results for apartment complex:
Rental revenue
Operating expenses
Net earnings for apartment complex
Operating expenses of mining segment:
Water treatment plant	(254)	(1,737)	(1,875)
Mine property holding costs	(2,194)	(1,133)	(1,110)
Impairment loss on discontinued operations		(22,620)
Depreciation of mine equipment		(122)	(123)
Total expenses for mining segment	(2,448)	(25,612)	(3,108)
Total results for discontinued operations	$ (2,448)	$ (25,612)	$ (3,108)

DISCONTINUED OPERATIONS (Deta51

DISCONTINUED OPERATIONS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 29, 2016	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Impairment charge				$ 22,620	$ 22,620
Preferred shares authorized			100,000	100,000	100,000
Adjusted liquidation preference value				$ 2,232
Common stock shares			4,699,956	6,134,506	4,699,956
Series A Convertible Preferred Stock [Member]
Aggregate annual expenses	$ 3
Impairment charge	$ 22,620
Preferred shares authorized	50,000
Freeport-McMoRan Inc. [Member] | Series A Convertible Preferred Stock Purchase Agreement [Member]
Convertible preferred stock				13.33
Common stock shares				666,667
Common Stock issued upon conversion				793,349
Freeport-McMoRan Inc. [Member] | Series A Convertible Preferred Stock Purchase Agreement [Member] | Subsequent Event [Member]
Adjusted liquidation preference value		$ 2,000
Cash consideration paid		$ 2,000
Freeport-McMoRan Inc. [Member] | Series A Convertible Preferred Stock Purchase Agreement [Member] | Series A Convertible Preferred Stock [Member]
Shares issued				50,000
Decription of transfer property				(i) MEM accepting the transfer of the Property and replacing the Company as the permittee and operator of the WTP, and (ii) the payment of $1 to the Company. The Series A Purchase Agreement contains customary representations and warranties on the part of the Company. As contemplated by the Acquisition Agreement and the Series A Purchase Agreement and as approved by the Company’s Board of Directors, the Company filed with the Secretary of State of the State of Wyoming Articles of Amendment containing a Certificate of Designations with respect to the Preferred Stock (the “Certificate of Designations”).
Preferred shares authorized				50,000
Percentage of dividend rate				12.25%
Adjusted liquidation preference per share				$ 40
Adjusted liquidation preference value				$ 2
Freeport-McMoRan Inc. [Member] | Investor Rights Agreement [Member]
Percentage of outstanding shares acquire				16.86%
Mt. Emmons Molybdenum Mining Properties [Member] | Freeport-McMoRan Inc. [Member]
Impairment charge			$ 22,620
Water Treatment Plant [Member] | Mt. Emmons Molybdenum Mining Properties [Member]
Aggregate annual expenses			$ 3,000			$ 3,000	$ 3,000
Water Treatment Plant [Member] | Mt. Emmons Molybdenum Mining Properties [Member] | United Kingdom, Pounds [Member]
Market price (in dollars per share)			$ 5		$ 5	$ 11	$ 11

DEBT (Details Narrative)

DEBT (Details Narrative) - Energy One LLC [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Credit Agreement [Member]
Short-term Debt [Line Items]
Description of covenants	(i) the interest coverage ratio (EBITDAX to interest expense) to be less than 3.0 to 1; (ii) total debt to EBITDAX to be greater than 3.5 to 1; and (iii) the current ratio to be less than 1.0 to 1.0. EBITDAX is defined in the Credit Agreement as consolidated net income, plus non-cash charges.
Senior Credit Agreement [Member]
Short-term Debt [Line Items]
Borrowing base	$ 7
Description of restricted payment	(i) a limited waiver with respect to the restricted payments covenant pursuant to which a transfer of $5,000 from Energy One to the Company was permitted in 2015.
Senior Credit Agreement [Member] | Current Liabilities [Member]
Short-term Debt [Line Items]
Outstanding amount of credit facility	$ 6
Wells Fargo Bank, National Association [Member] | Credit Facility [Member]
Short-term Debt [Line Items]
Outstanding amount of credit facility	6	$ 6
Borrowing base	$ 6	6
Description of collateral	Oil and gas producing properties and substantially all of the Company’s cash and equivalents.
Credit facility term	6 months
Interest rate	3.20%
Wells Fargo [Member] | Senior Credit Agreement [Member]
Short-term Debt [Line Items]
Borrowing base		$ 6

EXECUTIVE RETIREMENT AND SEVE53

EXECUTIVE RETIREMENT AND SEVERANCE (Details) - Executive Retirement Policy [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Postemployment Benefits Liability [Roll Forward]
Balance, beginning of year	$ 583	$ 1,309
Adjustment to fair value		45
Payment of retirement benefits	(583)	(694)
Negotiated settlement at discount and other		(77)
Balance, end of year	$ 0	$ 583

EXECUTIVE RETIREMENT AND SEVE54

EXECUTIVE RETIREMENT AND SEVERANCE (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Severance costs	$ 3	$ 504
Executive Retirement Policy [Member]
Defined Benefit Plan Disclosure [Line Items]
Description about plan terms	The executive officer was required to serve as one of the designated executive officers for at least 15 years, reached the age of 60, and been an employee of the Company on December 31, 2010. Upon retirement, the executive was entitled to cash payments equaling 50% of the greater of (i) the amount of compensation earned as base cash pay on the final regular pay check or (ii) the average annual pay, less all bonuses, received over the last five years of employment with the Company.
Current portion of retirement liablity	$ 0	583
Total compensation expense	3	45
Cash funded contributions towards plan			$ 1,291
Cash and equivalents		1,271
Severance costs	$ 3
Executive Retirement Policy [Member] | Severance Agreements [Member]
Defined Benefit Plan Disclosure [Line Items]
Severance costs		504
Executive Retirement Policy [Member] | Former Chief Operating Officer [Member] | Consulting Agreement [Member]
Defined Benefit Plan Disclosure [Line Items]
Officers compensation		274
Executive Retirement Policy [Member] | Former Three Executive Officer [Member] | Severance Agreements [Member]
Defined Benefit Plan Disclosure [Line Items]
Officers compensation		379
Executive Retirement Policy [Member] | Other Employee [Member] | Severance Agreements [Member]
Defined Benefit Plan Disclosure [Line Items]
Severance costs		$ 125

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance, beginning of year	$ 61
Oil and Gas Properties [Member]
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance, beginning of year	1,038	$ 945
Accretion of discount	33	32
Sold/Plugged	(26)
Liabilities incurred		61
Balance, end of year	1,045	1,038
Mining [Member]
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance, beginning of year	204	188
Accretion of discount		16
Sold/Plugged	(204)
Liabilities incurred
Balance, end of year		$ 204

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Thousands	Dec. 21, 2016shares	Oct. 31, 2013USD ($)	Sep. 30, 2013a	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2007USD ($)	Nov. 30, 2015USD ($)
Lessee future minimum rental commitment of 2017								$ 59
Rental income				$ 83	$ 103	$ 95
Number of common shares issued | shares	1,000,000
Contingent ownership interests				1,430	3,108
Major Operator [Member] | Contingent Gain For Joint Interest Audit Recoveries [Member]
Cost incurred on major operator				5,269
Quiet Title Action - Willerson Lease [Member] | Chesapeake Exploration, LLC [Member]
Name of defendant		Exploration, LLC (“Chesapeake”), Crimson Exploration Operating, Inc. (“Crimson”), EXCO Operating Company, LP, OOGC America, Inc., Energy One and Liberty Energy, LLC (“Liberty”).
Allegations		801 gross acre oil and gas lease (“Lease”) located in Dimmit County, Texas. Crimson, Energy One and Liberty received an assignment from Chesapeake of the Lease, in which Energy One had a 30% working interest.
Proceeds from the settlement		$ 1,500
Precentage of lease acquired			15.00%
Area of lease acquired | a			4,244
Damages sought value				1,171
Legal fees				$ 75,000
Quiet Title Action - Willerson Lease [Member] | Former Employee [Member] | Executive Severance and Non-Compete Agreement [Member]
Allegations				Change of control and termination of employment without cause.
Damages sought value				$ 1,800
Anfield Gain Contingency [Member] | Uranium One Inc. [Member] | Tranche One [Member]
Number of common shares issued | shares				7,436,505
Fair value of common shares issued				$ 750
Anfield Gain Contingency [Member] | Uranium One Inc. [Member] | Tranche One [Member] | Other Income [Member]
Fair value of common shares issued				$ 900
Anfield Gain Contingency [Member] | Uranium One Inc. [Member] | Tranche Two [Member]
Number of common shares issued | shares				3,937,652
Fair value of common shares issued				$ 750
Anfield Gain Contingency [Member] | Uranium One Inc. [Member] | Asset Purchase Agreement [Member]
Additional consideration received							$ 40,000
Anfield Gain Contingency [Member] | Anfield Resources, Inc. [Member] | Asset Purchase Agreement [Member]
Stock acquired				$ 2,500
Description of consideration provided				Shares are to be held in escrow and released in tranches over a 36-month period
Percentage of outstanding and issued shares				20.00%
Contingent Gain For Joint Interest Audit Recoveries [Member]
Fair value of common shares issued				$ 1,600
Cost incurred on major operator				1,919
Amount of refund issued to joint interest owners					606
Cancellation of charges					4,432
Amount related to review					231
Letter of Credit [Member]
Security deposit				$ 35
Expiration date				Sep. 30, 2017
Letter of Credit [Member] | Certificates of Deposit [Member]
Description of collateral for the letter of credit				Collateral for the letter of credit is a certificate of deposit for $35.
401(k) Plan [Member]
Percentage of employees salary deferrals				50.00%
Maximum contribution per employee				$ 4
Vontribution recognized				$ 0	$ 37	$ 48

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - $ / shares		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of year		2,343,022	2,276,079	2,646,949
Granted			340,711	60,000
Forfeited				(3,333)
Expired			(273,768)
Exercised				(427,537)
Outstanding, end of year		390,525	2,343,022	2,276,079
Shares restated after 6 to 1 split		390,525	390,525	379,347
Exercisable, end of year		2,194,022	2,194,022	2,031,413
Shares restated after 6 to 1 split		376,084	365,693	338,569
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of year	[1]	$ 3.44	$ 3.78	$ 3.56
Granted	[1]		1.5	3.77
Forfeited	[1]			2.08
Expired	[1]		3.86
Exercised	[1]			2.46
Outstanding, end of year	[1]	20.64	3.44	3.78
Shares restated after 6 to 1 split	[1]	20.64	20.64	22.69
Exercisable, end of year	[1]	3.53	3.53	3.92
Shares restated after 6 to 1 split	[1]	$ 20.97	$ 21.17	$ 22.75
[1]	Represents the weighted average price.

SHAREHOLDERS' EQUITY (Details 1

SHAREHOLDERS' EQUITY (Details 1) - $ / shares		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding		390,525	2,343,022	2,276,079	2,646,949
Weighted Average	[1]	$ 20.64	$ 3.44	$ 3.78	$ 3.56
Options Exercisable		2,194,022	2,194,022	2,031,413
Weighted Average Exercisable	[1]	$ 3.53	$ 3.53	$ 3.92
Exercise Price $9.00 to $9.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding		56,786
Weighted Average		$ 9
Contractual Term		8 years
Options Exercisable		45,675
Weighted Average Exercisable		$ 9
Exercise Price $12.48 to $12.48 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding		49,504
Weighted Average		$ 12.48
Contractual Term		6 years 6 months
Options Exercisable		49,504
Weighted Average Exercisable		$ 12.48
Exercise Price $13.92 to $17.10 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding		98,396
Weighted Average		$ 15.01
Contractual Term		2 years 9 months 18 days
Options Exercisable		98,396
Weighted Average Exercisable		$ 15.01
Exercise Price $22.62 to $30.24 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding		185,839
Weighted Average		$ 29.35
Contractual Term		1 year
Options Exercisable		182,509
Weighted Average Exercisable		$ 29.48
Exercise Price $9.00 to $30.24 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding		390,525
Weighted Average		$ 20.64
Contractual Term		3 years 2 months 12 days
Options Exercisable		376,084
Weighted Average Exercisable		$ 20.97
[1]	Represents the weighted average price.

SHAREHOLDERS' EQUITY (Details 2

SHAREHOLDERS' EQUITY (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Shares available for future grants		2,108,578	790,000
Shares restated after 6 to 1 split		351,430	131,667
Aggregate intrinsic value for options:
Outstanding	$ 0
Exercisable

SHAREHOLDERS' EQUITY (Details 3

SHAREHOLDERS' EQUITY (Details 3)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Expected lives	6 years	6 years
Risk-free interest rate	1.77%	2.06%
Expected volatility	63.36%	65.45%
Expected dividend yield	0.00%	0.00%

SHAREHOLDERS' EQUITY (Details N

SHAREHOLDERS' EQUITY (Details Narrative)) - USD ($) $ / shares in Units, $ in Thousands		Dec. 21, 2016	Sep. 23, 2016	Jul. 07, 2016	Jan. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Feb. 29, 2016	Dec. 31, 2013
Preferred shares authorized						100,000	100,000
Preferred shares, par value (in dollars per share)						$ 0.01	$ 0.01
Number of share issued		1,000,000
Option outstanding shares						390,525	2,343,022	2,276,079			2,646,949
Shares granted per shares	[1]						$ 1.5	$ 3.77
Reserves for issuance shares							2,108,578	790,000
Stock options were exercised								427,537
Surrender shares								257,253
Value of surrender shares								$ 1,106
Aggregate intrinsic value of options exercised								788
Share based compensation						$ 213	$ 948	$ 318
Unrecognized expense related to unvested stock options						$ 80
Expiration period						2018-01
Weighted average fair value per share							$ 0.88	$ 2.27
Exercisable shares						2,194,022	2,194,022	2,031,413
Registered Direct Offering [Member]
Number of share issued		1,000,000
Net share price (in dollars per share)		$ 1.50
Net proceeds from offering		$ 1,320
Registered Direct Offering [Member] | Warrant [Member]
Net proceeds from offering		$ 1,240
Number of warrant called		1,000,000
Warrant excercise price (in dollars per share)		$ 2.05
Warrant term		5 years
Registered Direct Offering [Member] | Common Stock [Member]
Net proceeds from offering		$ 80
Employees [Member] | Severance Agreements [Member]
Option outstanding shares						1,617,689
Additional compensation expense						$ 109
Incentive Stock Option Plan 2001 [Member]
Percentage of outstanding shares						25.00%
Expired period						10 years
Expired date						2011-12
Option outstanding shares						360,746
Plan expired date						2018-09
Equity and Performance Incentive Plan 2012 [Member] | Restricted Stock [Member]
Option outstanding shares			351,000
Description about vesting shares			Shares vest for 50% of the shares on September 23, 2017 and the remaining 50% of the shares vest on September 23, 2018.
Shares granted per shares			$ 1.74
Vested period			2 years
Compensation expense			$ 611
Equity and Performance Incentive Plan 2012 [Member] | Employees and Directors [Member]
Expired period						10 years
Expired date						2022-06
Option outstanding shares						390,525
Reserves for issuance shares						3,200,000
Plan expired date						2025-01
Equity and Performance Incentive Plan 2012 [Member] | Four Officers [Member] | Restricted Stock [Member]
Option outstanding shares					340,711
Vested period					3 years
Equity and Performance Incentive Plan 2012 [Member] | Four Officers [Member] | Severance Agreements [Member] | Restricted Stock [Member]
Surrender shares					88,637
Exercisable shares					240,711
Stock Option Plan 2008 Director [Member]
Percentage of outstanding shares						1.00%
Expired period						10 years
Option outstanding shares						29,779
Plan expired date						2024-09
Employee Stock Ownership Plan 1989 [Member]
Expired period						7 years
Share based compensation						$ 23
Vested period						3 years
Description of ESOP						Employees become eligible to participate in the ESOP after one year of service which must consist of at least 1,000 hours worked.
Percentage of vesting						20.00%
Total shares held by the ESOP							131,518		90,112
Shares contributions ESOP				68,128
ESOP Price per share				$ 2.49
Compensation expense							$ 265
Preferred Stock [Member]
Preferred shares authorized						100,000
Preferred shares, par value (in dollars per share)						$ 0.01
Series P Preferred Stock [Member]
Preferred shares authorized						50,000
Series A Convertible Preferred Stock [Member]
Preferred shares authorized										50,000
[1]	Represents the weighted average price.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate	$ 4,801	$ 31,585	$ 711
State income tax benefit, net of federal impact	292	1,440	34
Incentive stock options and restricted stock not deductible for tax purposes		(269)	(79)
Percentage depletion carryover	19		129
Other, net	534	171	(183)
Increase in valuation allowance	(5,646)	(32,927)	(612)
Income tax benefit (expense)

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Net operating loss carryover	$ 26,739	$ 19,947
Property and equipment	14,575	15,645
Percentage depletion and contribution carryovers	2,512	2,433
Alternative minimum tax credit carryover	706	706
Equity method investment and other	547	630
Deferred compensation liability	12	262
Asset retirement obligations	377	442
Stock-based compensation	(44)	302
Total deferred tax assets	45,424	40,367
Deferred tax liabilities:
Property and equipment
Oil price risk derivatives		(538)
Other	(4)	(4)
Total deferred tax liabilities	(4)	(542)
Net deferred tax assets	45,420	39,825
Less valuation allowance	(45,420)	(39,825)
Net deferred tax asset

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carryovers	$ 74,715
Description of limitation of use	The net operating loss carryovers may be carried back two years and forward twenty years from the year the net operating loss was generated. The net operating losses may be used to offset future taxable income and expire in varying amounts through 2035.
Minimum tax credit carry-forwards	$ 700

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - shares	3 Months Ended																12 Months Ended
	Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding	4,768,013		4,768,000		4,705,000		4,705,500		4,685,167		4,675,167		4,674,667		4,674,667		4,768,013	4,677,500	4,638,833
Plus dilutive stock options using treasury stock method																			44,334
Diluted weighted average common shares outstanding	4,768,013	[1]	4,768,000	[1]	4,705,000	[1]	4,705,500	[1]	4,685,167	[1]	4,675,167	[1]	4,674,667	[1]	4,674,666	[1]	4,768,013	4,677,500	4,683,167
[1]	Amounts have been restated from amounts reported in previous reports to retroactively present the impact of Discontinued Operations as discuss further in Note 6.

EARNINGS (LOSS) PER SHARE (De66

EARNINGS (LOSS) PER SHARE (Details 1) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total	423,192	407,171	225,866
Stock Options [Member]
Total	398,360	390,504	225,866
Unvested Shares Of Restricted Common Stock [Member]
Total	24,832	16,667

SIGNIFICANT CONCENTRATIONS (Det

SIGNIFICANT CONCENTRATIONS (Details) - Oil And Gas Sales [Member]	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operator A [Member]
Concentration Risk [Line Items]
Joint interest percent	16.00%	20.00%	38.00%
Operator B [Member]
Concentration Risk [Line Items]
Joint interest percent	32.00%	35.00%	28.00%
Operator C [Member]
Concentration Risk [Line Items]
Joint interest percent	29.00%	25.00%	20.00%

SIGNIFICANT CONCENTRATIONS (D68

SIGNIFICANT CONCENTRATIONS (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Concentration Risk [Line Items]
Payable to major operator	$ 2,710	$ 4,159
Oil And Gas Sales [Member] | Operator B [Member]
Concentration Risk [Line Items]
Operator liability & overpayments	2,710
Payable to major operator	$ 2,710

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding warrant liability		$ 1,030
Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding warrant liability		1,240
Recurring Measurements [Member] | Total [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		946	1,885
Outstanding warrant liability		1,030
Total		1,030	584
Recurring Measurements [Member] | Total [Member] | Executive Retirement Program Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Executive retirement liability			584
Recurring Measurements [Member] | Crude Oil Derivatives Assets [Member] | Total [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crude oil price risk derivatives			1,634
Recurring Measurements [Member] | Equity Securities [Member] | Total [Member] | Sutter Gold Mining Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[1]	16	13
Recurring Measurements [Member] | Equity Securities [Member] | Total [Member] | Anfield Resources, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[2]	930	238
Level 1 [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		930	25
Outstanding warrant liability
Total
Level 1 [Member] | Recurring Measurements [Member] | Executive Retirement Program Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Executive retirement liability
Level 1 [Member] | Recurring Measurements [Member] | Crude Oil Derivatives Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crude oil price risk derivatives
Level 1 [Member] | Recurring Measurements [Member] | Equity Securities [Member] | Sutter Gold Mining Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[1]
Level 1 [Member] | Recurring Measurements [Member] | Equity Securities [Member] | Anfield Resources, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[2]	930
Level 2 [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		16	1,647
Outstanding warrant liability
Total
Level 2 [Member] | Recurring Measurements [Member] | Executive Retirement Program Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Executive retirement liability
Level 2 [Member] | Recurring Measurements [Member] | Crude Oil Derivatives Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crude oil price risk derivatives			1,634
Level 2 [Member] | Recurring Measurements [Member] | Equity Securities [Member] | Sutter Gold Mining Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[1]	16	13
Level 2 [Member] | Recurring Measurements [Member] | Equity Securities [Member] | Anfield Resources, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[2]
Level 3 [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total			238
Outstanding warrant liability		1,030
Total		1,030	584
Level 3 [Member] | Recurring Measurements [Member] | Executive Retirement Program Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Executive retirement liability			584
Level 3 [Member] | Recurring Measurements [Member] | Crude Oil Derivatives Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Crude oil price risk derivatives
Level 3 [Member] | Recurring Measurements [Member] | Equity Securities [Member] | Sutter Gold Mining Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[1]
Level 3 [Member] | Recurring Measurements [Member] | Equity Securities [Member] | Anfield Resources, Inc. [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable equity securitites	[2]		$ 238
[1]	Due to a less active market for this investment, during the fourth quarter of 2015 the Company transferred this investment from Level 1 to Level 2 of the fair value hierarchy.
[2]	Because the trading volume of Anfield shares have increased since we took possession, we determined a mark-to-market technique would be most appropriate to determine the fair value for Anfield shares. Previously, the Company used alternative methods to determine fair value upon receipt of the shares in September 2015, which requires classification under Level 3 of the fair value hierarchy. The Company has reclassified the Anfield shares under Level 1 of the fair value hierarchy.

FAIR VALUE MEASUREMENTS (Deta70

FAIR VALUE MEASUREMENTS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair value adjustments included in net loss:
Issuance of warrants	$ 1,030
Recurring Measurements [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	1,302	(1,284)
Total net losses included in:
Other comprehensive loss	3	(12)
Fair value adjustments included in net loss:
Net realized losses on oil price risk derivatives		(75)
Net unrealized gains on oil price risk derivatives		1,634
Net unrealized gain on warrant valuation	(210)
Net unrealized loss on Anfield Shares	(58)
Retirement expense		(45)
Transfer from Level 1 to Level 2
Issuance of warrants	1,240
Acquisition of investment	750	238
Discount negotiated on settlement		77
Offset of derivative assets and liabilities	(194)
Cash settlements paid (received)	(857)	769
Fair value	1,976	1,302
Level 1 [Member] | Recurring Measurements [Member]
Fair value adjustments included in net loss:
Issuance of warrants
Level 1 [Member] | Recurring Measurements [Member] | Sutter Gold Mining Company [Member] | Equity Securities [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value		25
Total net losses included in:
Other comprehensive loss		(12)
Fair value adjustments included in net loss:
Net realized losses on oil price risk derivatives
Net unrealized gains on oil price risk derivatives
Retirement expense
Transfer from Level 1 to Level 2		(13)
Acquisition of investment
Discount negotiated on settlement
Offset of derivative assets and liabilities
Cash settlements paid (received)
Fair value
Level 1 [Member] | Recurring Measurements [Member] | Anfield Resources, Inc. [Member] | Equity Securities [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value
Total net losses included in:
Other comprehensive loss
Fair value adjustments included in net loss:
Net unrealized loss on Anfield Shares	(58)
Acquisition of investment	750	238
Level 2 [Member] | Recurring Measurements [Member]
Fair value adjustments included in net loss:
Issuance of warrants
Level 2 [Member] | Recurring Measurements [Member] | Crude Oil Derivatives Liability[Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value
Fair value adjustments included in net loss:
Net realized losses on oil price risk derivatives		(40)
Net unrealized gains on oil price risk derivatives
Retirement expense
Transfer from Level 1 to Level 2
Discount negotiated on settlement
Offset of derivative assets and liabilities		40
Fair value
Level 2 [Member] | Recurring Measurements [Member] | Crude Oil Derivatives Assets [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	1,634
Fair value adjustments included in net loss:
Net realized losses on oil price risk derivatives	0	(35)
Net unrealized gains on oil price risk derivatives		1,634
Offset of derivative assets and liabilities	(194)	(40)
Cash settlements paid (received)	(1,440)	75
Fair value		1,634
Level 2 [Member] | Recurring Measurements [Member] | Sutter Gold Mining Company [Member] | Equity Securities [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	13
Total net losses included in:
Other comprehensive loss	3
Fair value adjustments included in net loss:
Transfer from Level 1 to Level 2		13
Fair value	16	13
Level 3 [Member] | Recurring Measurements [Member]
Fair value adjustments included in net loss:
Issuance of warrants	1,030
Level 3 [Member] | Recurring Measurements [Member] | Executive Retirement Program Liability [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	(583)	(1,309)
Fair value adjustments included in net loss:
Retirement expense		(45)
Discount negotiated on settlement		77
Cash settlements paid (received)	583	694
Fair value		(583)
Level 3 [Member] | Recurring Measurements [Member] | Warrant [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value
Fair value adjustments included in net loss:
Net unrealized gain on warrant valuation	(210)
Issuance of warrants	1,240
Fair value	1,030
Level 3 [Member] | Recurring Measurements [Member] | Anfield Resources, Inc. [Member] | Equity Securities [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	238
Fair value adjustments included in net loss:
Fair value	$ 930	$ 238

FAIR VALUE MEASUREMENTS (Deta71

FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 21, 2016	Dec. 31, 2016	Dec. 31, 2015
Warrant Liability		$ 1,030
Warrant [Member] | Securities Purchase Agreement [Member]
Warrant Liability	$ 1,240	$ 1,030
Warrat exercise price (in dollars per shre)	$ 1.24	$ 1.03
Term expiration date	Jun. 21, 2022	Jun. 21, 2022
Exercise price (in dollars per share)	$ 2.05	$ 2.05
Stock price (in dollars per share)		$ 1.28
Volatility rate	90.00%	90.00%
Risk-free interest rate	2.12%	2.01%

UNAUDITED SUPPLEMENTAL OIL AN72

UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Details) - bbl		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Oil (bbls) [Member]
Proved Developed and Undeveloped Reserves [Roll Forward]
Reserve quantities, beginning of year		1,615,180	4,119,736	3,459,713
Revisions of previous estimates		(795,459)	(2,377,364)	(262,570)
Discoveries and extensions		23,841	94,458	1,583,292
Sale of minerals in place		(53,853)		(330,871)
Production		(132,429)	(221,650)	(329,828)
Reserve quantities, end of year		657,280	1,615,180	4,119,736
Proved developed reserves, end of year		657,280	1,248,750	1,754,668
Natural Gas (mcfe) [Member]
Proved Developed and Undeveloped Reserves [Roll Forward]
Reserve quantities, beginning of year	[1]	2,477,930	3,211,245	2,371,908
Revisions of previous estimates	[1]	(584,494)	(206,912)	802,241
Discoveries and extensions	[1]	20,336	27,102	1,006,659
Sale of minerals in place	[1]	(57,258)		(156,482)
Production	[1]	(477,351)	(553,505)	(813,081)
Reserve quantities, end of year	[1]	1,379,163	2,477,930	3,211,245
Proved developed reserves, end of year	[1]	1,379,163	2,068,190	1,892,446
[1]	Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.

UNAUDITED SUPPLEMENTAL OIL AN73

UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Details 1) - $ / Unit		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Oil (bbls) [Member]
Disclosure of Other Reserve Information [Abstract]
Sales Prices		42.75	43.54	85.63
Natural Gas (mcfe) [Member]
Disclosure of Other Reserve Information [Abstract]
Sales Prices	[1]	2.48	3.36	8.84
[1]	Consists of the weighted average price for natural gas in mcf plus NGL's converted to mcf using a factor of 6 mcf for each barrel of NGL.

UNAUDITED SUPPLEMENTAL OIL AN74

UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Future cash inflows	$ 27,769	$ 78,646	$ 381,156
Future cash outflows:
Production costs	(18,814)	(44,685)	(149,450)
Development costs		(8,050)	(70,770)
Income taxes			(12,719)
Future net cash flows	8,955	25,911	148,217
10% annual discount factor	(2,208)	(8,143)	(66,328)
Standardized measure of discounted future net cash flows	$ 6,747	$ 17,768	$ 81,889	$ 104,853

UNAUDITED SUPPLEMENTAL OIL AN75

UNAUDITED SUPPLEMENTAL OIL AND GAS INFORMATION (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Oil and Gas Reserves [Roll Forward]
Standardized measure, beginning of year	$ 17,768	$ 81,889	$ 104,853
Sales of oil and gas, net of production costs	(3,102)	(2,944)	(21,741)
Net changes in prices and production costs	(9,248)	(96,586)	(17,376)
Changes in estimated future development costs	6,590	51,998	(1,869)
Extensions and discoveries	167	2,260	14,706
Sale of minerals in place	(78)		(13,339)
Revisions in previous quantity estimates	(6,791)	(27,693)	(4,815)
Previously estimated development costs incurred			7,175
Net changes in income taxes		3,306	6,924
Accretion of discount	1,777	8,189	10,090
Changes in timing and other	(336)	(2,651)	(2,719)
Standardized measure, end of year	$ 6,747	$ 17,768	$ 81,889

QUARTERLY FINANCIAL DATA (Una76

QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended																12 Months Ended
		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Oil and gas sales		$ 81		$ 1,867		$ 1,996		$ 1,066		$ 1,710		$ 2,622		$ 3,285		$ 2,679		$ 4,689	$ 9,047	$ 28,331
Operating expenses:
Impairment of oil and gas properties						(2,611)		(6,957)		(13,782)		(21,446)		(3,208)		(19,240)		9,568	57,676
Other	[1]	276		(2,761)		(3,061)		(2,561)		(4,710)		(5,534)		(5,266)		(6,174)
Operating income (loss)		1,093	[1]	(894)	[1]	(3,676)	[1]	(8,452)	[1]	(16,782)	[1]	(24,358)	[1]	(5,189)	[1]	(22,735)	[1]	(11,929)	(69,064)	620
Income (loss) from continuing operations		107	[1]	(265)	[1]	(4,206)	[1]	(8,275)	[1]	(16,038)	[1]	(22,785)	[1]	(5,542)	[1]	(22,919)	[1]	(11,672)	(67,284)	1,017
Discontinued operations		(111)				(10)		(2,327)		(23,224)		(866)		(738)		(784)		(2,448)	(25,612)	(3,108)
Net income (loss)		$ 963		$ (265)		$ (4,216)		$ (10,602)		$ (39,262)		$ (23,651)		$ (6,280)		$ (23,703)		$ (14,120)	$ (92,896)	$ (2,091)
Income (loss) per share - basic:
Continuing operations (in dollars per share)		$ 0.23	[1],[2]	$ (0.06)	[1],[2]	$ (0.89)	[1],[2]	$ (1.76)	[1],[2]	$ (3.42)	[1],[2]	$ (4.87)	[1],[2]	$ (1.19)	[1],[2]	$ (4.90)	[1],[2]	$ (2.50)	$ (14.38)	$ 0.04
Discontinued operations (in dollars per share)			[1],[2]		[1],[2]	0	[1],[2]	(0.49)	[1],[2]	(4.96)	[1],[2]	(0.19)	[1],[2]	(0.16)	[1],[2]	(0.17)	[1],[2]	(0.51)	(5.48)	(0.12)
Total (in dollars per share)		0.23		(0.06)		(0.89)		(2.25)		(8.38)		(5.06)		(1.34)		(5.07)		$ (3.01)	$ (19.86)	$ (0.08)
Income (loss) per share - diluted:
Continuing operations (in dollars per share)	[1],[2]	0.23		(0.06)		(0.89)		(1.76)		(3.42)		(4.87)		(1.19)		(4.90)
Discontinued operations (in dollars per share)	[1],[2]					0		(0.49)		(4.96)		(0.19)		(0.16)		(0.17)
Total (in dollars per share)		$ 0.23		$ (0.06)		$ (0.89)		$ (2.25)		$ (8.38)		$ (5.06)		$ (1.35)		$ (5.07)
Weighted average shares outstanding:
Basic (in shares)		4,768,013		4,768,000		4,705,000		4,705,500		4,685,167		4,675,167		4,674,667		4,674,667		4,768,013	4,677,500	4,638,833
Diluted (in shares)		4,768,013	[1]	4,768,000	[1]	4,705,000	[1]	4,705,500	[1]	4,685,167	[1]	4,675,167	[1]	4,674,667	[1]	4,674,666	[1]	4,768,013	4,677,500	4,683,167
[1]	Amounts have been restated from amounts reported in previous reports to retroactively present the impact of Discontinued Operations as discuss further in Note 6.
[2]	Earnings per share amounts may not sum due to rounding.