U.S. Energy (USEG) 10-Q 19 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 15, 2017
Document And Entity Information
Entity Registrant Name	US ENERGY CORP
Entity Central Index Key	101,594
Document Type	10-Q
Trading Symbol	USEG
Document Period End Date	Mar. 31, 2017
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 Common Stock, Shares Outstanding		6,134,506
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and equivalents	$ 2,164	$ 2,518
Oil and gas sales receivable	659	562
Discontinued operations - assets of mining segment	114	114
Assets available for sale	653	653
Marketable securities	861	947
Other current assets	254	95
Total current assets	4,705	4,889
Oil and gas properties under full cost method:
Unevaluated properties and exploratory wells in progress	4,664	4,664
Evaluated properties	87,919	87,834
Less accumulated depreciation, depletion and amortization	(82,901)	(82,640)
Net oil and gas properties	9,682	9,858
Other assets:
Property and equipment, net	1,817	1,864
Other assets	121	156
Total other assets	1,938	2,020
Total assets	16,325	16,767
Accounts payable and accrued liabilities:
Payable to Major Operator	2,923	2,710
Contingent ownership interests	1,383	1,430
Other	1,176	743
Accrued compensation and benefits	61	49
Current portion of long-term debt	6,000	6,000
Total current liabilities	11,543	10,932
Noncurrent liabilities:
Asset retirement obligations	1,053	1,045
Warrant liability	690	1,030
Other liabilities	1	2
Total noncurrent liabilities	1,744	2,077
Shareholders' equity:
Preferred stock, par value $0.01 per share. Authorized 100,000 shares, 50,000 shares of series A Convertible Preferred Stock outstanding as of March 31, 2017 and December 31, 2016; liquidation preference of $2,302 as of March 31, 2017.	1	1
Common stock, $0.01 par value; unlimited shares authorized; 6,134,506 and 4,699,956 shares issued and outstanding, respectively	61	61
Additional paid-in capital	127,681	127,576
Accumulated deficit	(124,565)	(123,825)
Other comprehensive loss	(140)	(55)
Total shareholders' equity	3,038	3,758
Total liabilities and shareholders' equity	$ 16,325	$ 16,767

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	100,000	100,000
Liquidation preference shares	$ 2,302
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
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

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Oil	$ 1,240	$ 864
Natural gas and liquids	507	202
Total revenue	1,747	1,066
Oil and gas operations:
Production costs	1,053	1,030
Depreciation, depletion and amortization	270	782
Impairment of oil and gas properties		6,957
General and administrative:
Compensation and benefits, including directors and contract employees	176	139
Stock-based compensation	106	34
Professional fees, insurance and other	880	576
Total operating expenses	2,485	9,518
Operating loss	(738)	(8,452)
Other income (expense):
Realized gain (loss) on oil price risk derivatives		882
Unrealized gain (loss) on oil price risk derivatives		(573)
Gain on investments		9
Rental and other income/(loss)	(216)	21
Warrant fair value adjustment	340
Interest expense	(125)	(162)
Other expense	(1)
Total other income (expense)	(2)	177
Loss from continuing operations	(740)	(8,275)
Discontinued operations:
Discontinued operations		(2,327)
Loss from discontinued operations		(2,327)
Net loss	(740)	(10,602)
Change in fair value of marketable equity securities	(86)
Comprehensive loss	(826)	(10,602)
Loss from continuing operations applicable to common shareholders
Loss from continuing operations	(740)	(8,275)
Accrued dividends related to Series A Convertible Preferred Stock	(69)	(34)
Loss from continuing operations applicable to common shareholders	$ (809)	$ (8,309)
Loss per share- basic & diluted
Continuing operations (in dollars per share)	$ (0.14)	$ (1.76)
Discontinued operations (in dollars per share)		(0.49)
Total (in dollars per share)	(0.14)	(2.25)
Weighted average shares outstanding
Basic and diluted (in shares)	$ 5,834,568	$ 4,705,500

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (740)	$ (10,602)
Loss from discontinued operations		2,327
Loss from continuing operations	(740)	(8,275)
Adjustments to reconcile loss from continuing operations to net cash used in operating activities:
Depreciation, depletion and amortization	304	818
Impairment of oil and gas properties		6,957
Change in fair value of oil price risk derivative		573
Stock-based compensation and services	106	34
Warrant fair value adjustment	(340)
Other	28	105
Decrease (increase) in:
Oil and gas sales receivable	(96)	517
Other assets	(140)	(298)
Increase (decrease) in:
Accounts payable and accrued liabilities	533	(465)
Accrued compensation and benefits	12	(1,072)
Net cash used in operating activities	(333)	(1,106)
Cash flows from investing activities:
Capital expenditures	(21)	(1)
Net cash used in investing activities:	(21)	(1)
Cash flows from financing activities:
Proceeds from issuance of preferred stock		1
Net cash provided by financing activities		1
Discontinued operations:
Net cash used in operating activities		(327)
Net cash used in discontinued operations		(327)
Net decrease in cash and equivalents	(354)	(1,433)
Cash and equivalents, beginning of year	2,518	3,354
Cash and equivalents, end of year	2,164	1,921
Non-cash investing and financing activities:
Issuance of preferred stock in disposition of mining segment		$ 2,000

ORGANIZATION, OPERATIONS AND SI

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
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 referred to as the “Company” or “U.S. Energy”) 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. Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. We have substantial debt obligations and our ongoing capital and operating expenditures will exceed the revenue we expect to receive from our oil and natural gas operations in the near future. If we are unable to raise substantial additional funding, refinance existing indebtedness or consummate significant asset sales on a timely basis and/or on acceptable terms, we may be required to significantly curtail our business and operations. The consolidated financial statements included in this report on Form 10-Q have been prepared on a going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not reflect any adjustments that might be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern is subject to, among other factors, our ability to monetize assets, our ability to obtain financing or refinance existing indebtedness, our ability to continue our cost cutting efforts, oil and gas commodity prices, our ability to recognize, acquire and develop strategic interests and prospects, the speed and cost with which we can develop our prospects and the ability to adapt our business by integrating specific operations associated with operating companies. There can be no assurance that we will be able to obtain additional funding on a timely basis and on satisfactory terms, or at all. In addition, no assurance can be given that any such funding, if obtained, will be adequate to meet our capital needs and support our growth. If additional funding cannot be obtained on a timely basis and on satisfactory terms, then our operations would be materially negatively impacted and we may be unable to continue as a going concern. If we become unable to continue as a going concern, we may find it necessary to file a voluntary petition for reorganization under the Bankruptcy Code in order to provide us additional time to identify an appropriate solution to our financial situation and implement a plan of reorganization aimed at improving our capital structure. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016. Our financial condition as of March 31, 2017, and operating results for the three months ended March 31, 2017 are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2017. 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. 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 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. This update is not expected to have a significant impact on the Company’s financial statements. 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 is not expected to have a significant impact on the Company’s financial statements. 2016-05 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 Receipts and Cash Payments 2017-03 In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections and Investments – Equity Method and Joint Ventures

LIQUIDITY & GOING CONCERN

LIQUIDITY & GOING CONCERN	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY & GOING CONCERN	2. LIQUIDITY & GOING CONCERN As of March 31, 2017, the Company has a working capital deficit of $6.8 million and an accumulated deficit of $124.6 million. Additionally, the Company incurred a net loss of $0.7 million for the three months ended March 31, 2017. As of March 31, 2017, the Company failed to remain in compliance with financial covenants in its credit agreement. Accordingly, the entire balance of $6.0 million is required to be classified as a current liability. On May 2, 2017, the credit facility between U.S. Energy Corp.’s wholly-owned subsidiary, Energy One and Wells Fargo was sold, assigned and transferred to APEG Energy II, L.P. (“APEG”). APEG purchased and assumed all of Wells Fargo’s rights and obligations as the lender to Energy One under the credit facility. Concurrently, U.S. Energy Corp., Energy One and APEG entered into a Limited Forbearance Agreement dated May 2, 2017. The Company believes that the Forbearance Agreement will provide the parties sufficient time to work toward a long-term solution that enables the Company to execute its operational strategy and ensure value for existing shareholders. Please refer to Note 13 entitled “Subsequent Events” for further information. As of March 31, 2017, the Company had cash and equivalents of $2.2 million. Management believes overhead and mining expense reductions have poised the Company to survive the current low commodity price environment. However, there can be no assurance that the Company will be able to complete future financings, dispositions or acquisitions on acceptable terms or at all. The significantly lower oil price environment that we have experienced since late 2014 has substantially decreased our cash flows from operating activities. Sustained low oil prices could significantly reduce or eliminate our planned capital expenditures. If production is not replaced through the acquisition or drilling of new wells our production levels will lower due to the natural decline of production from existing wells. Our strategy is to continue to (1) maintain adequate liquidity and selectively participate in new drilling and completion activities, subject to economic and industry conditions, (2) pursue acquisition and disposition opportunities as available liquidity permits and (3) evaluate various avenues to strengthen our balance sheet and improve our liquidity position. We expect to fund any near-term capital requirements and working capital needs from current cash on hand. Our activity could be further curtailed if our cash flows decline from expected levels. Because production from existing oil and natural gas wells declines over time, further reductions of capital expenditures used to drill and complete new oil and natural gas wells would likely result in lower levels of oil and natural gas production in the future.

OIL PRICE RISK DERIVATIVES

OIL PRICE RISK DERIVATIVES	3 Months Ended
	Mar. 31, 2017
Price Risk Derivatives [Abstract]
OIL PRICE RISK DERIVATIVES	3. OIL PRICE RISK DERIVATIVES The Company’s wholly-owned subsidiary Energy One has historically entered into crude oil derivative contracts (“economic hedges”). 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 March 31, 2017, the Company did not have any outstanding crude oil derivative contracts. Unrealized gains and losses resulting from derivatives are recorded at fair value in the consolidated balance sheet. Changes in fair value, as well as realized gains (losses) arising upon derivative contract settlements, are included in the “change in unrealized gain (loss) on oil price risk derivatives” in the consolidated statements of operations. For the three months ended March 31, 2017 and 2016, the Company’s unrealized losses from derivatives amounted to $0 and $0.6 million, respectively. Please refer to Note 13 entitled “Subsequent Events” for more information.

CEILING TEST FOR OIL AND GAS PR

CEILING TEST FOR OIL AND GAS PROPERTIES	3 Months Ended
	Mar. 31, 2017
Ceiling Test For Oil And Gas Properties
CEILING TEST FOR OIL AND GAS PROPERTIES	4. CEILING TEST FOR OIL AND GAS PROPERTIES The reserves used in the Company’s full cost ceiling test incorporate assumptions regarding pricing and discount rates in the determination of present value. In the calculation of the ceiling test as of March 31, 2017, the Company used a price of $42.09 per barrel for oil and $2.65 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. These prices compare to $42.75 per barrel for oil and $2.48 per MMbtu for natural gas used in the calculation of the Ceiling Test as of December 31, 2016. The discount factor used was 10%. For the three months ended March 31, 2017 and 2016, ceiling test impairment charges for the Company’s oil and gas properties amounted to $0 and $6,957, respectively.

DISCONTINUED OPERATIONS AND PRE

DISCONTINUED OPERATIONS AND PREFERRED STOCK ISSUANCE	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS AND PREFERRED STOCK ISSUANCE	5. DISCONTINUED OPERATIONS AND PREFERRED STOCK ISSUANCE Disposition of Mining Segment In February 2006, the Company reacquired the Mt. Emmons molybdenum mining properties (the “Property”). 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. 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. 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 March 31, 2017 and December 31, 2016: 2017 2016 Assets retained by the Company: Performance bonds $ 114 $ 114 Total assets of discontinued operations $ 114 $ 114 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”) to MEM 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 approximately $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 accrues 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 on the first business day of the succeeding calendar quarter. At issuance, the aggregate fair value of the Preferred Stock was $2,000 based on the initial liquidation preference of $40 per share. The “Adjusted Liquidation Preference” is initially $40 per share of Preferred Stock, 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 was initially convertible into approximately 13.33 shares of the Company’s $0.01 par value common stock (the “Conversion Rate”) for an aggregate of 666,667 shares of common stock. The Conversion Rate is subject to anti-dilution adjustments for stock splits, stock dividends, certain reorganization events, and to price-based anti-dilution protections if the Company subsequently issues shares for less than 90% of fair value on the date of issuance. 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 approximately 793,000 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. However, the Company’s Board of Directors has the ability to prevent any change of control that could trigger a redemption obligation related to the Preferred Stock. During the first quarter of 2016, the Company recorded 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 recorded 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 operations are presented separately in the accompanying financial statements. Presented below are the components for the three months ended March 31, 2017 and 2016: 2017 2016 Issuance of preferred stock to induce disposition $ - $ (1,999 ) Operating expenses of mining segment: Water treatment plant - (211 ) Mine property holding costs - (117 ) Total results for discontinued operations $ - $ (2,327 )

DEBT

DEBT	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
DEBT	6. DEBT Energy One, a wholly-owned subsidiary the Company, has a credit facility with Wells Fargo Bank, National Association (“Wells Fargo”). As of March 31, 2017 and 2016, outstanding borrowings under the credit facility amounted to $6.0 million. As of March 31, 2017 and 2016, the borrowing base was $6.0 million. 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 7.39% as of March 31, 2017. 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. As of March 31, 2017, Energy One and the Company were not in compliance with any of the financial covenants. Because the Company projects that it is unlikely that Energy One will regain compliance with all of the financial covenants before the July 30, 2017 maturity date, outstanding borrowings of $6.0 million are presented as a current liability in the accompanying consolidated balance sheet as of March 31, 2017. On May 2, 2017, the credit facility between U.S. Energy Corp.’s wholly-owned subsidiary, Energy One and Wells Fargo was sold, assigned and transferred to APEG Energy II, L.P. (“APEG”). APEG purchased and assumed all of Wells Fargo’s rights and obligations as the lender to Energy One under the credit facility. Concurrently, U.S. Energy Corp., Energy One and APEG entered into a Limited Forbearance Agreement dated May 2, 2017. The Company believes that the Forbearance Agreement will provide the parties sufficient time to work toward a long-term solution that enables the Company to execute its operational strategy and ensure value for existing shareholders. The credit facility requires the Company’s compliance with certain restricted financial covenants. The Company previously violated the financial ratio covenants for the fiscal quarters ended September 30, 2016 and December 31, 2016, which constituted an event of default under the credit agreement, and the violation of said covenants has continued in 2017. Subject to continued performance and compliance by the Company and Energy One with the terms and conditions of the Forbearance Agreement and credit facility, APEG has agreed not to exercise its rights and remedies arising as a result of certain existing and prospective events of default under the credit facility until July 30, 2017. Commencing on May 2, 2017, interest shall accrue on the outstanding principal balance of the loans under the credit facility at a rate of 8.75% per annum. In the event of default under the Forbearance Agreement, the forbearance period will terminate immediately and, without further notice or opportunity to cure, APEG will be entitled to exercise all of its rights and remedies under the credit facility and Forbearance Agreement, including acceleration of the debt and foreclosure. Please refer to Note 13 entitled “Subsequent Events” for more information.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES Commitments Lessee 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 is ongoing and 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 Action – Willerson Lease. Arbitration of Employment Claim. Contingent Ownership Interests. 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 beginning primarily in the quarterly period ending June 30, 2016, 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 March 31, 2017, 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	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	8. 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. As discussed in Note 5, 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 1.0 million shares of common stock at a net price of $1.50 per share. Concurrently, the investors received warrants to purchase 1.0 million 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 Options For the three months ended March 31, 2017 and 2016, total stock-based compensation expense related to stock options was $18,000 and $21,000 respectively. As of March 31, 2017, there was $62,000 of unrecognized expense related to unvested stock options, which will be recognized as stock-based compensation expense through January 2018. For the three months ended March 31, 2017, no stock options were granted, exercised, forfeited or expired. Presented below is information about stock options outstanding and exercisable as of March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Shares Price (1) Shares Price (1) Stock options outstanding 390,525 $ 20.64 390,525 $ 20.64 Stock options exercisable 381,640 $ 20.79 376,084 $ 20.97 (1) Represents the weighted average price. The following table summarizes information for stock options outstanding and exercisable at March 31, 2017: 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 7.8 51,231 $ 9.00 49,504 12.48 12.48 12.48 6.3 49,504 12.48 98,396 13.92 17.10 15.01 2.5 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 3.2 381,640 $ 20.97 As of March 31, 2017, 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 $0.89 per share on March 31, 2017, there was no intrinsic value related to stock options outstanding as of March 31, 2017. Restricted Stock Grants In January 2015, the Board of Directors granted 340,711 shares of restricted stock under the 2012 Equity Plan to four officers of the Company. These shares originally vested annually over a period of three years. However, during 2015 vesting was accelerated for three of the four officers in connection with severance agreements for an aggregate of 240,711 shares. The remaining 100,000 shares vested for 33,333 shares in both January 2016 and January 2017 and the remaining shares will vest for 33,334 shares in January 2018. The fair market value of the 340,711 shares on the date of grant was approximately $511,000. 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. The vesting of 292,500 of such shares was accelerated in May 2017 in connection with the resignations of members of the Company’s Board of Directors. The closing price of the Company’s common stock on the grant date was $1.74, which is expected to result in an aggregate compensation charge of $611,000 as the stock vests. For the three months ended March 31, 2017 and 2016, total stock-based compensation expense related to restricted stock grants was $88,000 and $13,000 respectively. As of March 31, 2017, there was $84,000 of unrecognized expense related to unvested restricted stock grants, which will be recognized as stock-based compensation expense through January 2018.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES For Federal income tax purposes, as of December 31, 2016 the Company had net operating loss and percentage depletion carryovers of approximately $74.7 million and $2.5 million, respectively. 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 $0.7 million which are available to offset future federal income taxes over an indefinite period. The Company has established a valuation allowance for all deferred tax assets including the net operating loss and alternative minimum tax credit carryforwards discussed above since the “more likely than not” realization criterion was not met as of March 31, 2017 and 2016. Accordingly, the Company did not recognize an income tax benefit for the three months ended March 31, 2017 and 2016. The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than-not” threshold to be recognized. As of March 31, 2017, gross unrecognized tax benefits are immaterial and there was no change in such benefits during the three months ended March 31, 2017. The Company does not expect significant increase or decrease to the uncertain tax positions within the next twelve months.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	10. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed based on the weighted average number of common shares outstanding. For the three months ended March 31, 2017 and 2016, common stock equivalents excluded from the calculation of weighted average shares because they were antidilutive are as follows: 2017 2016 Stock options 390,525 390,525 (1) Unvested shares of restricted common stock 356,555 11,111 (1) Total 747,080 401,636 (1) Includes weighted average number of shares for options and shares of restricted stock issued during the period.

SIGNIFICANT CONCENTRATIONS

SIGNIFICANT CONCENTRATIONS	3 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
SIGNIFICANT CONCENTRATIONS	11. 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. Approximately 27% of the Company’s proved developed oil and gas reserve quantities are associated with wells that are operated by a single operator (the “Major Operator”). As of March 31, 2017 and December 31, 2016, the Company had a liability to the Major Operator of $2,923,000 and $2,710,000 respectively, 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 March 31, 2017, this liability is not expected to be fully settled until the first quarter of 2020, but under higher pricing scenarios the Company expects the liability will be repaid from future production. Accordingly, the aggregate balances are presented as current liabilities in the accompanying consolidated balance sheets.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	12. 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: 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. Warrant Valuation Methodologies 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 and valued as a level 3 liability and are accounted for at fair value with changes in fair value reported in earnings. The Company estimated the value of the warrants issued with the Securities Purchase Agreement on December 31, 2016 to be $1,030,000, or $1.03 per warrant, using the Monte Carlo model with the following assumptions: a term expiring June 21, 2022, exercise price of $2.05, stock price of $1.28, average volatility rate of 90%, and a risk-free interest rate of 2.01%. The Company re-measured the warrants as of March 31, 2017, using the same Monte Carlo model, using the following assumptions: a term expiring June 21, 2022, exercise price of $2.05, stock price of $0.89, average volatility rate of 88%, and a risk-free interest rate of 1.97%. As of March 31, 2017, the fair value of the warrants was $690,000, or $0.69 per warrant, and was recorded as a liability on the accompanying consolidated balance sheets. An increase in any of the variables would cause an increase in the fair value of the warrants. Likewise, a decrease in any variable would cause a decrease in the value of the warrants. 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 6 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 March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable equity securities: Sutter Gold Mining Company $ 15 $ - $ - $ 15 $ 16 $ - $ - $ 16 Anfield Resources, Inc. 846 - - 846 930 - - 930 Total $ 861 $ - $ - $ 861 $ 946 $ - $ - $ 946 Outstanding warrant liability $ - $ - $ 690 $ 690 $ - $ - $ 1,030 $ 1,030 The following table presents a reconciliation of changes in assets and liabilities measured at fair value on a recurring basis for the period ended March 31, 2017 and the year ended December 31, 2016. Assets Liabilities Marketable Securities Sutter Anfield Warrants (Level 1) (Level 1) (Level 3) Net Fair value, December 31, 2016 $ 16 $ 930 $ 1,030 $ 1,976 Total net losses included in: Other comprehensive loss (1 ) - - (1 ) Fair value adjustments included in net loss: Net unrealized gain on warrant fair value adjustment - - (340 ) (340 ) Net unrealized loss on Anfield shares - (84 ) - (84 ) Fair value, March 31, 2017 $ 15 $ 846 690 $ 1,551

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS On April 5, 2017, for the period beginning May 1, 2017 through December 31, 2017, the Company entered into crude oil swap contracts for 300 barrels per day at $52.40 per barrel. On May 2, 2017, the credit facility between U.S. Energy Corp.’s wholly-owned subsidiary, Energy One and Wells Fargo was sold, assigned and transferred to APEG Energy II, L.P. (“APEG”). APEG purchased and assumed all of Wells Fargo’s rights and obligations as the lender to Energy One under the credit facility. Concurrently, U.S. Energy Corp., Energy One and APEG entered into a Limited Forbearance Agreement dated May 2, 2017. The Company believes that the Forbearance Agreement will provide the parties sufficient time to work toward a long-term solution that enables the Company to execute its operational strategy and ensure value for existing shareholders. The credit facility requires the Company’s compliance with certain restricted financial covenants. The Company previously violated the financial ratio covenants for the fiscal quarters ended September 30, 2016 and December 31, 2016, which constituted an event of default under the credit agreement, and the violation of said covenants has continued in 2017. Subject to continued performance and compliance by the Company and Energy One with the terms and conditions of the Forbearance Agreement and credit facility, APEG has agreed not to exercise its rights and remedies arising as a result of certain existing and prospective events of default under the credit facility until July 30, 2017. Commencing on May 2, 2017, interest shall accrue on the outstanding principal balance of the loans under the credit facility at a rate of 8.75% per annum. In the event of default under the Forbearance Agreement, the forbearance period will terminate immediately and, without further notice or opportunity to cure, APEG will be entitled to exercise all of its rights and remedies under the credit facility and Forbearance Agreement, including acceleration of the debt and foreclosure. For additional information please see the 8-K filed by the Company on May 8, 2017.

ORGANIZATION, OPERATIONS AND 19

ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations U.S. Energy Corp. (collectively with its subsidiaries referred to as the “Company” or “U.S. Energy”) 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.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the consolidated financial statements have been included. We have substantial debt obligations and our ongoing capital and operating expenditures will exceed the revenue we expect to receive from our oil and natural gas operations in the near future. If we are unable to raise substantial additional funding, refinance existing indebtedness or consummate significant asset sales on a timely basis and/or on acceptable terms, we may be required to significantly curtail our business and operations. The consolidated financial statements included in this report on Form 10-Q have been prepared on a going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not reflect any adjustments that might be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern is subject to, among other factors, our ability to monetize assets, our ability to obtain financing or refinance existing indebtedness, our ability to continue our cost cutting efforts, oil and gas commodity prices, our ability to recognize, acquire and develop strategic interests and prospects, the speed and cost with which we can develop our prospects and the ability to adapt our business by integrating specific operations associated with operating companies. There can be no assurance that we will be able to obtain additional funding on a timely basis and on satisfactory terms, or at all. In addition, no assurance can be given that any such funding, if obtained, will be adequate to meet our capital needs and support our growth. If additional funding cannot be obtained on a timely basis and on satisfactory terms, then our operations would be materially negatively impacted and we may be unable to continue as a going concern. If we become unable to continue as a going concern, we may find it necessary to file a voluntary petition for reorganization under the Bankruptcy Code in order to provide us additional time to identify an appropriate solution to our financial situation and implement a plan of reorganization aimed at improving our capital structure. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016. Our financial condition as of March 31, 2017, and operating results for the three months ended March 31, 2017 are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2017.
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.
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 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. This update is not expected to have a significant impact on the Company’s financial statements. 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 is not expected to have a significant impact on the Company’s financial statements. 2016-05 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 Receipts and Cash Payments 2017-03 In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections and Investments – Equity Method and Joint Ventures

DISCONTINUED OPERATIONS AND P20

DISCONTINUED OPERATIONS AND PREFERRED STOCK ISSUANCE (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
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 March 31, 2017 and December 31, 2016: 2017 2016 Assets retained by the Company: Performance bonds $ 114 $ 114 Total assets of discontinued operations $ 114 $ 114
Schedule of components of discontinued operations	Presented below are the components for the three months ended March 31, 2017 and 2016: 2017 2016 Issuance of preferred stock to induce disposition $ - $ (1,999 ) Operating expenses of mining segment: Water treatment plant - (211 ) Mine property holding costs - (117 ) Total results for discontinued operations $ - $ (2,327 )

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Schedule of number of options available for grant as well as the intrinsic value of the options outstanding and exercisable	Presented below is information about stock options outstanding and exercisable as of March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Shares Price (1) Shares Price (1) Stock options outstanding 390,525 $ 20.64 390,525 $ 20.64 Stock options exercisable 381,640 $ 20.79 376,084 $ 20.97 (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 exercisable at March 31, 2017: 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 7.8 51,231 $ 9.00 49,504 12.48 12.48 12.48 6.3 49,504 12.48 98,396 13.92 17.10 15.01 2.5 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 3.2 381,640 $ 20.97

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of antidilutive weighted average shares	For the three months ended March 31, 2017 and 2016, common stock equivalents excluded from the calculation of weighted average shares because they were antidilutive are as follows: 2017 2016 Stock options 390,525 390,525 (1) Unvested shares of restricted common stock 356,555 11,111 (1) Total 747,080 401,636 (1) Includes weighted average number of shares for options and shares of restricted stock issued during the period.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Marketable equity securities: Sutter Gold Mining Company $ 15 $ - $ - $ 15 $ 16 $ - $ - $ 16 Anfield Resources, Inc. 846 - - 846 930 - - 930 Total $ 861 $ - $ - $ 861 $ 946 $ - $ - $ 946 Outstanding warrant liability $ - $ - $ 690 $ 690 $ - $ - $ 1,030 $ 1,030
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 period ended March 31, 2017 and the year ended December 31, 2016. Assets Liabilities Marketable Securities Sutter Anfield Warrants (Level 1) (Level 1) (Level 3) Net Fa ir value, December 31, 2016 $ 16 $ 930 $ 1,030 $ 1,976 Total net losses included in: Other comprehensive loss (1 ) - - (1 ) Fair value adjustments included in net loss: Net unrealized gain on warrant fair value adjustment - - (340 ) (340 ) Net unrealized loss on Anfield shares - (84 ) - (84 ) Fair value, March 31, 2017 $ 15 $ 846 690 $ 1,55 1

LIQUIDITY & GOING CONCERN (Deta

LIQUIDITY & GOING CONCERN (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Working capital deficit	$ (6,800)
Accumulated deficit	(124,565)		$ (123,825)
Net loss	(740)	$ (10,602)
Cash and equivalents	2,200
Energy One LLC [Member] | Senior Credit Agreement [Member] | Current Liabilities [Member]
Outstanding amount of credit facility	$ 6,000

OIL PRICE RISK DERIVATIVES (Det

OIL PRICE RISK DERIVATIVES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Price Risk Derivatives [Abstract]
Unrealized gain (loss) on oil price risk derivatives		$ (573)

CEILING TEST FOR OIL AND GAS 26

CEILING TEST FOR OIL AND GAS PROPERTIES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Discount rate	10.00%
Impairment of oil and gas properties		$ 6,957
Oil (bbls) [Member]
Reserves	$42.09 per barrel		$42.75 per barrel
Natural Gas (mcfe) [Member]
Reserves	$2.65 per MMbtu		$2.48 per MMbtu

DISCONTINUED OPERATIONS AND P27

DISCONTINUED OPERATIONS AND PREFERRED STOCK ISSUANCE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Assets retained by the Company:
Performance bonds	$ 114	$ 114
Total assets of discontinued operations	$ 114	$ 114

DISCONTINUED OPERATIONS AND P28

DISCONTINUED OPERATIONS AND PREFERRED STOCK ISSUANCE (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Issuance of preferred stock to induce disposition		$ (1,999)
Operating expenses of mining segment:
Water treatment plant		(211)
Mine property holding costs		(117)
Total results for discontinued operations		$ (2,327)

DISCONTINUED OPERATIONS AND P29

DISCONTINUED OPERATIONS AND PREFERRED STOCK ISSUANCE (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Feb. 29, 2016
Preferred shares authorized	100,000	100,000
Adjusted liquidation preference value	$ 2,302
Common stock shares	6,134,506	4,699,956
Series A Convertible Preferred Stock [Member]
Preferred shares authorized			50,000
Freeport-McMoRan Inc. [Member] | Series A Convertible Preferred Stock Purchase Agreement [Member]
Adjusted liquidation preference value	$ 2
Convertible preferred stock	13.33
Common stock shares	666,667
Common Stock issued upon conversion	793,000
Cash consideration paid	$ 2
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 approximately $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%

DEBT (Details Narrative)

DEBT (Details Narrative) - Energy One LLC [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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] | Current Liabilities [Member]
Short-term Debt [Line Items]
Outstanding amount of credit facility	$ 6,000
Maturity date	Jul. 30, 2017
Wells Fargo Bank, National Association [Member] | Credit Facility [Member]
Short-term Debt [Line Items]
Outstanding amount of credit facility	$ 6,000	$ 6,000
Borrowing base	$ 6,000	$ 6,000
Description of collateral	Energy One’s oil and gas producing properties and substantially all of the Company’s cash and equivalents.
Credit facility term	6 months
Interest rate	7.39%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2013a	Mar. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)	Dec. 31, 2007USD ($)	Dec. 31, 2016USD ($)	Nov. 30, 2015USD ($)
Lessee future minimum rental commitment of 2017						$ 59
Professional fees		$ 880	$ 576
Rental and other income/(loss)		(216)	$ 21
Contingent ownership interests		1,383			$ 1,430
Quiet Title Action - Willerson Lease [Member] | Chesapeake Exploration, LLC [Member]
Proceeds from the settlement		175
Precentage of lease acquired	15.00%
Area of lease acquired | a	4,244
Damages sought value		1,171
Legal fees		75,000
Professional fees		165
Rental and other income/(loss)		$ 13
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%
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 $35,000

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - $ / shares		Mar. 31, 2017	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Stock options outstanding		390,525	390,525
Stock options outstanding (in dollars per share)	[1]	$ 20.64	$ 20.64
Stock options exercisable		381,640	376,084
Stock options exercisable (in dollars per shares)	[1]	$ 20.79	$ 20.97
[1]	Represents the weighted average price.

SHAREHOLDERS' EQUITY (Details 1

SHAREHOLDERS' EQUITY (Details 1) - $ / shares		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding		390,525	390,525
Weighted Average	[1]	$ 20.64	$ 20.64
Options Exercisable		381,640	376,084
Weighted Average Exercisable	[1]	$ 20.79	$ 20.97
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		7 years 9 months 18 days
Options Exercisable		51,231
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 18 days
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 6 months
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		381,640
Weighted Average Exercisable		$ 20.97
[1]	Represents the weighted average price.

SHAREHOLDERS' EQUITY (Details N

SHAREHOLDERS' EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 21, 2016	Sep. 23, 2016	Jan. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Feb. 29, 2016
Preferred shares authorized				100,000		100,000
Preferred shares, par value (in dollars per share)				$ 0.01		$ 0.01
Net share price (in dollars per share)				$ 0.89
Option outstanding shares				390,525		390,525
Share based compensation				$ 18	$ 21
Unrecognized share based compansation				$ 62
Exercisable shares				381,640		376,084
Stock vested				$ 611
Restricted Stock [Member]
Share based compensation				88	$ 13
Unrecognized share based compansation				$ 84
Equity and Performance Incentive Plan 2012 [Member] | Management [Member]
Option outstanding shares		58,500
Equity and Performance Incentive Plan 2012 [Member] | Restricted Stock [Member]
Option outstanding shares		351,000
Shares granted per shares		$ 1.74
Number of shares vested		292,500
Four Officers [Member] | Equity and Performance Incentive Plan 2012 [Member] | Restricted Stock [Member]
Option outstanding shares			340,711
Vested period			3 years
Number of shares vested			100,000
Fair value of shares granted			$ 511
Four Officers [Member] | Equity and Performance Incentive Plan 2012 [Member] | Restricted Stock [Member] | January 2016 [Member]
Number of shares vested			33,333
Four Officers [Member] | Equity and Performance Incentive Plan 2012 [Member] | Restricted Stock [Member] | January 2017 [Member]
Number of shares vested			33,333
Four Officers [Member] | Equity and Performance Incentive Plan 2012 [Member] | Restricted Stock [Member] | January 2018 [Member]
Number of shares vested			33,334
Four Officers [Member] | Equity and Performance Incentive Plan 2012 [Member] | Restricted Stock [Member] | Severance Agreements [Member]
Exercisable shares			240,711
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
Preferred Stock [Member]
Preferred shares authorized				100,000
Preferred shares, par value (in dollars per share)				$ 0.01
Series A Convertible Preferred Stock [Member]
Preferred shares authorized							50,000

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net operating loss carryovers		$ 7,470
Depletion carryovers		$ 2,500
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
	Mar. 31, 2017	Mar. 31, 2016
Total	747,080	401,636
Stock Options [Member]
Total	390,525	390,525	[1]
Unvested Shares Of Restricted Common Stock [Member]
Total	356,555	11,111	[1]
[1]	Includes weighted average number of shares for options and shares of restricted stock issued during the period.

SIGNIFICANT CONCENTRATIONS (Det

SIGNIFICANT CONCENTRATIONS (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Oil And Gas Sales [Member] | Operator B [Member]
Concentration Risk [Line Items]
Operator liability & overpayments	$ 2,923	$ 2,710

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding warrant liability	$ 690	$ 1,030
Recurring Measurements [Member] | Total [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	861	946
Outstanding warrant liability	690	1,030
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	15	16
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	846	930
Level 1 [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	861	946
Outstanding warrant liability
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	15	16
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	846	930
Level 2 [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Outstanding warrant liability
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
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
Level 3 [Member] | Recurring Measurements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total
Outstanding warrant liability	690	1,030
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
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

FAIR VALUE MEASUREMENTS (Deta39

FAIR VALUE MEASUREMENTS (Details 1) - Recurring Measurements [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Net Asset (Liability) [RollForward]
Fair value	$ 1,976
Total net losses included in:
Other comprehensive loss	(1)
Fair value adjustments included in net loss:
Net unrealized gain on warrant fair value adjustment	(340)
Net unrealized loss on Anfield Shares	(84)
Fair value	1,551
Level 1 [Member] | Sutter Gold Mining Company [Member] | Equity Securities [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	16
Total net losses included in:
Other comprehensive loss	(1)
Fair value adjustments included in net loss:
Net unrealized gain on warrant fair value adjustment
Net unrealized loss on Anfield Shares
Fair value	15
Level 1 [Member] | Anfield Resources, Inc. [Member] | Equity Securities [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	930
Total net losses included in:
Other comprehensive loss
Fair value adjustments included in net loss:
Net unrealized gain on warrant fair value adjustment
Net unrealized loss on Anfield Shares	(84)
Fair value	846
Level 3 [Member] | Warrant [Member]
Fair Value, Net Asset (Liability) [RollForward]
Fair value	1,030
Total net losses included in:
Other comprehensive loss
Fair value adjustments included in net loss:
Net unrealized gain on warrant fair value adjustment	(340)
Net unrealized loss on Anfield Shares
Fair value	$ 690

FAIR VALUE MEASUREMENTS (Deta40

FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2016	Mar. 31, 2017
Warrant Liability	$ 1,030	$ 690
Stock price (in dollars per share)		$ 0.89
Warrant [Member] | Securities Purchase Agreement [Member]
Warrant Liability	$ 1,030	$ 690
Warrat exercise price (in dollars per shre)	$ 1.03	$ 0.69
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	$ 0.89
Volatility rate	90.00%	88.00%
Risk-free interest rate	2.01%	1.97%

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member]	May 02, 2017	Apr. 05, 2017$ / sharesbbl
Forbearance Agreement [Member] | APEG Energy II, L.P. [Member]
Interest rate of credit facility	8.75%
Crude Oil Swap Contracts [Member]
Quantity of barrels | bbl		300
Strike price per barrels | $ / shares		$ 52.40