Contango Oil & Gas (MCF) 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 10, 2021
Document And Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	CONTANGO OIL & GAS CO
Title of 12(b) Security	Common Stock
Trading Symbol	MCF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		200,686,671
Entity Central Index Key	0001071993
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,596	$ 1,383
Accounts receivable, net	54,330	37,862
Prepaid expenses	3,778	3,360
Current derivative asset	2,294	2,996
Inventory	535	442
Deposits and other	100	763
Total current assets	62,633	46,806
Oil and natural gas properties, successful efforts method of accounting:
Proved properties	1,534,757	1,274,508
Unproved properties	16,280	16,201
Other property and equipment	1,912	1,669
Accumulated depreciation, depletion, amortization and impairment	(1,197,904)	(1,190,475)
Total property, plant and equipment, net	355,045	101,903
OTHER NON-CURRENT ASSETS:
Investments in affiliates	6,793	6,793
Long-term derivative asset	128	497
Right-of-use lease assets	7,404	5,448
Debt issuance costs	2,493	1,782
Deposits	1,813	7,038
Total other non-current assets	18,631	21,558
TOTAL ASSETS	436,309	170,267
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	109,823	83,970
Current derivative liability	8,733	1,317
Current asset retirement obligations	4,197	4,249
Total current liabilities	122,753	89,536
NON-CURRENT LIABILITIES:
Long-term debt	101,969	12,369
Long-term derivative liability	5,258	1,648
Asset retirement obligations	109,960	48,523
Lease liabilities	3,482	2,624
Total non-current liabilities	220,669	65,164
TOTAL LIABILITIES	343,422	154,700
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SHAREHOLDERS’ EQUITY:
Common stock, $0.04 par value, 400,000,000 shares authorized, 199,393,595 shares issued and 199,255,698 shares outstanding at March 31, 2021, 173,830,390 shares issued and 173,737,816 shares outstanding at December 31, 2020	7,963	6,941
Additional paid-in capital	615,949	535,192
Treasury shares at cost (137,897 shares at March 31, 2021 and 92,574 shares at December 31, 2020)	(414)	(248)
Accumulated deficit	(530,611)	(526,318)
Total shareholders’ equity	92,887	15,567
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 436,309	$ 170,267

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.04	$ 0.04
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	199,393,595	173,830,390
Common stock, shares outstanding	199,267,434	173,737,816
Treasury stock, shares	126,161	92,574

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Revenues	$ 59,950	$ 34,573
EXPENSES:
Operating expenses	27,478	19,257
Exploration expenses	196	398
Depreciation, depletion and amortization	9,143	12,854
Impairment and abandonment of oil and natural gas properties	3	145,878
General and administrative expenses	11,359	7,651
Total expenses	48,179	186,038
OTHER INCOME (EXPENSE):
Gain from investment in affiliates, net of income taxes		286
Gain from sale of assets	217	27
Interest expense	(1,197)	(1,213)
Gain (loss) on derivatives, net	(16,080)	46,699
Other income	1,535	805
Total other income (expense)	(15,525)	46,604
NET LOSS BEFORE INCOME TAXES	(3,754)	(104,861)
Income tax provision	(539)	(394)
NET LOSS	$ (4,293)	$ (105,255)
NET LOSS PER SHARE:
Basic	$ (0.02)	$ (0.80)
Diluted	$ (0.02)	$ (0.80)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	192,271	131,338
Diluted	192,271	131,338
Oil and condensate sales
REVENUES:
Revenues	$ 36,993	$ 22,782
Natural gas sales
REVENUES:
Revenues	14,492	8,170
Natural gas liquids sales
REVENUES:
Revenues	8,281	$ 3,621
Other operating revenues
REVENUES:
Revenues	$ 184

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,293)	$ (105,255)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	9,143	12,854
Impairment of oil and natural gas properties	0	145,878
Amortization of debt issuance costs	178	177
Gain on sale of assets	(217)	(27)
Gain from investment in affiliates		(286)
Stock-based compensation	1,779	350
Non-cash mark-to-market loss (gain) on derivative instruments	13,639	(41,391)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable & other receivables	(12,139)	10,761
Increase in prepaid expenses	(194)	(245)
Increase in inventory	(93)	(1)
Increase (decrease) in accounts payable & advances from joint owners	11,016	(14,326)
Increase (decrease) in other accrued liabilities	4,304	(1,951)
Decrease in income taxes receivable, net		241
Increase in income taxes payable, net	578	192
Decrease (increase) in deposits and other	7,038	(7,219)
Net cash provided by (used in ) operating activities	30,739	(248)
CASH FLOWS FROM INVESTING ACTIVITIES:
Oil & natural gas exploration & development expenditures	(1,862)	(9,492)
Acquisition of oil & natural gas properties	(117,555)
Sale of oil & gas properties	199	5
Write off of fully depreciated oil and gas properties	(307)
Net cash used in investing activities	(119,525)	(9,487)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under Credit Agreement	127,000	37,000
Repayments under Credit Agreement	(37,400)	(27,000)
Net proceeds (costs) from equity offerings	453	(47)
Purchase of treasury stock	(166)	(157)
Debt issuance costs	(888)
Net cash provided by financing activities	88,999	9,796
NET CHANGE IN CASH AND CASH EQUIVALENTS	213	61
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,383	1,624
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 1,596	$ 1,685

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2019	$ 108	$ 5,148	$ 471,778	$ (18)	$ (360,976)	$ 116,040
Balance, shares at Dec. 31, 2019	2,700,000	128,977,816
Equity offering-common stock			(47)			(47)
Treasury shares at cost				(157)		(157)
Treasury shares at cost, shares		(49,474)
Restricted shares activity		$ 3	(3)
Restricted shares activity, shares		77,485
Stock-based compensation			350			350
Net loss					(105,255)	(105,255)
Balance at Mar. 31, 2020	$ 108	$ 5,151	472,078	(175)	(466,231)	10,931
Balance, shares at Mar. 31, 2020	2,700,000	129,005,827
Balance at Dec. 31, 2020		$ 6,941	535,192	(248)	(526,318)	$ 15,567
Balance, shares at Dec. 31, 2020		173,737,816				173,737,816
Equity offering-common stock		$ 5	448			$ 453
Equity offering-common stock, shares		117,000
Mid-Con acquisitions		$ 1,015	78,514			79,529
Mid-Con acquisition (in shares)		25,409,164
Treasury shares at cost				(166)		(166)
Treasury shares at cost, shares		(33,587)
Restricted shares activity		$ 2	(2)
Restricted shares activity, shares		37,041
Stock-based compensation			1,797			1,797
Net loss					(4,293)	(4,293)
Balance at Mar. 31, 2021		$ 7,963	$ 615,949	$ (414)	$ (530,611)	$ 92,887
Balance, shares at Mar. 31, 2021		199,267,434				199,267,434

Organization and Business

Organization and Business	3 Months Ended
	Mar. 31, 2021
Organization And Business [Abstract]
Organization and Business	1. Organization and Business Contango Oil & Gas Company (collectively with its subsidiaries, “Contango” or the “Company”) is a Fort Worth, Texas based independent oil and natural gas company. The Company’s business is to maximize production and cash flow from its onshore properties primarily located in its Midcontinent, Permian, Rockies and other smaller onshore areas and its offshore properties in the shallow waters of the Gulf of Mexico and use that cash flow to explore, develop and acquire oil and natural gas properties across the United States. The following table lists the Company’s primary producing regions as of March 31, 2021: Region Formation Midcontinent Cleveland, Bartlesville, Mississippian, Woodford and others Permian San Andres, Yeso, Bone Springs, Wolfcamp and others Rockies Sussex, Shannon, Muddy, Phosphoria, Embar-Tensleep, Madison and others Other Woodbine, Lewisville, Buda, Georgetown, Eagleford and Offshore Gulf of Mexico properties in water depths off of Louisiana in less than 300 feet Impact of the COVID-19 Pandemic · work from home initiatives for all but critical staff and the implementation of social distancing measures; · a company-wide effort to cut costs throughout the Company’s operations; · utilization of the Company’s available storage capacity to temporarily store a portion of its production for later sale at higher prices when advantageous to do so; · suspension of all drilling from the second-half of 2020 through the quarter ended March 31, 2021, with the expectation to recommence value added drilling in 2021; · potential acquisitions of PDP-heavy assets, with attractive, discounted valuations, in stressed/distressed scenarios or from non-natural owners like investment or lender firms that obtained ownership through a corporate restructuring. Capital Allocation Strategy From the Company’s initial entry into the Southern Delaware Basin in 2016 and through early 2019, the Company was focused on the development of its Southern Delaware Basin acreage in Pecos County, Texas . In the first quarter of 2020, the Company suspended further drilling in this area in response to the dramatic decline in oil prices and further suspended all drilling in the second quarter of 2020. As of March 31, 2021, the Company was producing from eighteen wells over its approximate 16,200 gross operated (7,500 company net) acre position in West Texas, prospective for the Wolfcamp A, Wolfcamp B and Second Bone Spring formations. The Company’s planned 2021 capital expenditure budget has increased to $24 - $27 million from previous guidance of $13 - $16 million for recompletions, facility upgrades, waterflood development and select drilling in West Texas (expected 1.5 net locations, 3 gross locations), among other things. The increase in planned capital expenditures reflects, in part, development opportunities in the Company’s recently acquired properties as part of the Mid-Con Acquisition and the Silvertip Acquisition (both as defined below), coupled with recent strength in crude oil prices. The capital expenditure program will continue to be evaluated for revision throughout the year. During the three months ended March 31, 2021, the Company incurred capital expenditures of approximately $1.6 million primarily related to redevelopment activities of newly acquired properties in its Midcontinent region. The Company believes that its internally generated cash flow will be more than adequate to fund its initial capital expenditure budget and any increase to such initial 2021 capital expenditure budget, when and if such increase is deemed appropriate. The Company plans to retain the flexibility to be more aggressive in its drilling plans should results exceed expectations, commodity prices continue to improve or if the Company reduces drilling and completion costs in certain areas, thereby making an expansion of its drilling program an appropriate business decision. The Company plans to continue to make balance sheet strength a priority in 2021 and intends to continue to evaluate certain acquisition opportunities that may arise in this challenging commodity price environment. The Company will also aim to pursue additional “fee for service” opportunities similar to that entered into with Mid-Con (defined below) in June 2020 prior to its later acquisition, as well as pursue growth through the acquisition of PDP-heavy assets. Any excess cash flow will likely be used to reduce borrowings outstanding under the Company’s Credit Agreement (as defined below). The Company intends to keenly focus on continuing to reduce lease operating costs on its legacy and newly-acquired assets, reducing general and administrative expenses, improving cash margins and lowering its exposure to asset retirement obligations through the possible sale of non-core properties. On January 21, 2021, the Company closed on the acquisition of Mid-Con Energy Partners, LP (“Mid-Con”), in an all-stock merger transaction in which Mid-Con became a direct, wholly owned subsidiary of Contango (the “Mid-Con Acquisition”). A total of 25,409,164 shares of Contango common stock were issued as consideration in the Mid-Con Acquisition. Effective upon the closing of the Mid-Con Acquisition, the Company’s borrowing base under its Credit Agreement increased from $75.0 million to $130.0 million, with an automatic $10.0 million reduction in the borrowing base on March 31, 2021. See Note 3 – “Acquisitions” and Note 10 – “Long-Term Debt” for further details. On February 1, 2021, the Company closed on the acquisition of certain oil and natural gas properties located in the Big Horn Basin in Wyoming and Montana, in the Powder River Basin in Wyoming and in the Permian Basin in West Texas and New Mexico (collectively the “Silvertip Acquisition”) for aggregate consideration of approximately $58.0 million. After customary closing adjustments, including the results of operations during the period between the effective date of August 1, 2020 and the closing date, the net consideration paid was approximately $53.2 million. See Note 3 – “Acquisitions” for more information. On May 3, 2021, the Company entered into the Fifth Amendment to the Credit Agreement which provides for, among other things, an increase in the Company’s borrowing base from $120.0 million to $250.0 million, effective May 3, 2021, expands the bank group from nine to eleven banks and includes less restrictive hedge requirements and certain modifications to financial covenants . See Note 13 – “Subsequent Events” for further details.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accounting policies followed by the Company are set forth in the notes to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”). Please refer to the notes to the financial statements included in the 2020 Form 10-K for additional details of the Company’s financial condition, results of operations and cash flows. No material items included in those notes have changed except as a result of normal transactions in the interim or as disclosed within this interim report. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the SEC, including instructions to Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the 2020 Form 10-K. These unaudited interim consolidated results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. The Company’s consolidated financial statements include the accounts of Contango Oil & Gas Company and its subsidiaries after elimination of all material intercompany balances and transactions. All wholly owned subsidiaries are consolidated. The Company’s investment in Exaro Energy III LLC (“Exaro”), through its wholly owned subsidiary, Contaro Company, is accounted for using the equity method of accounting, and therefore, the Company does not include its share of individual operating results, production or reserves in those reported for the Company’s consolidated results of operations. Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. On the consolidated statements of operations, the Company’s working interest percentage share of the overhead billed to the 8/8s joint account for wells it operates has been reclassified from operating expenses to general and administrative expenses. Oil and Natural Gas Properties - Successful Efforts The Company’s application of the successful efforts method of accounting for its oil and natural gas exploration and production activities requires judgment as to whether particular wells are developmental or exploratory, since lease acquisition costs and all development costs are capitalized, whereas exploratory drilling costs are continuously capitalized until the results are determined. If proved reserves are not discovered, the drilling costs are expensed as exploration costs. Other exploration related costs, such as seismic costs and other geological and geophysical expenses, are expensed as incurred. The results from a drilling operation can take considerable time to analyze, and the determination that commercial reserves have been discovered requires both judgment and application of industry experience. Wells may be completed that are assumed to be productive, but then actually deliver oil and natural gas in quantities insufficient to be economic, which may result in the abandonment and/or impairment of the wells at a later date. On occasion, wells are drilled which have targeted geologic structures that are both developmental and exploratory in nature, and in such instances an allocation of costs is required to properly account for the results. Delineation seismic costs incurred to select development locations within a productive oil or natural gas field are typically treated as development costs and capitalized, but often these seismic programs extend beyond the proved reserve areas, and therefore, management must estimate the portion of seismic costs to expense as exploratory. The evaluation of oil and natural gas leasehold acquisition costs included in unproved properties for write-off or impairment requires management’s judgment on exploratory costs related to drilling activity in a given area. Drilling activities in an area by other companies may also effectively condemn leasehold positions. Impairment of Long-Lived Assets Pursuant to GAAP, when circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future cash flows on a field-by-field basis to the unamortized capitalized cost of the assets in that field. If the estimated future undiscounted cash flows, based on the Company’s estimate of future reserves, oil and natural gas prices, operating costs and production levels from oil and natural gas reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to its fair value. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties. Additionally, the Company may use appropriate market data to determine fair value. No impairment of proved properties was recorded during the three months ended March 31, 2021. In the first quarter of 2020, the COVID-19 pandemic and the resulting deterioration in the global demand for oil, combined with the failure by OPEC and Russia to reach an agreement on lower production quotas until April 2020, caused a dramatic increase in the supply of oil, a corresponding decrease in commodity prices, and reduced the demand for all commodity products. Consequently, during the three months ended March 31, 2020, the Company recorded a $143.3 million non-cash charge for proved property impairment of its onshore properties related to the dramatic decline in commodity prices, the “PV-10” (present value, discounted at a 10% rate) of its proved reserves, and the associated change in its then forecasted development plans for its proved, undeveloped locations. Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value of those properties, with any such impairment charged to expense in the period. No impairment of unproved properties was recorded during the three months ended March 31, 2021. The Company recorded a $2.6 million non-cash charge for unproved impairment expense during the three months ended March 31, 2020 related to expiring leases in the Company’s Midcontinent region. Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Potentially dilutive securities, including unexercised stock options, performance stock units and unvested restricted stock, have not been considered when their effect would be antidilutive. The Company excluded 42,518 shares or units, and 366,749 shares or units of potentially dilutive securities during the three months ended March 31, 2021 and 2020, respectively, as they were antidilutive. Subsidiary Guarantees Contango Oil & Gas Company, as the parent company of its subsidiaries, filed a registration statement on Form S-3 on December 18, 2020 with the SEC to register, among other securities, debt securities that the Company may issue from time to time. Contango Resources, Inc., Contango Midstream Company, Contango Operators, Inc., Contaro Company, Contango Alta Investments, Inc. and any other of the Company’s future subsidiaries specified in any future prospectus supplement (each a “Subsidiary Guarantor”) are co-registrants with the Company under the registration statement, and the registration statement also registered guarantees of debt securities by such Subsidiary Guarantors. The Subsidiary Guarantors are wholly-owned by the Company, either directly or indirectly, and any guarantee by the Subsidiary Guarantors will be full and unconditional. The Company has no assets or operations independent of the Subsidiary Guarantors, and there are no significant restrictions upon the ability of the Subsidiary Guarantors to distribute funds to the Company. Finally, the Company’s wholly-owned subsidiaries do not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Company in the form of loans, advances or cash dividends by such subsidiary without the consent of a third party. Revenue Recognition Sales of oil, condensate, natural gas and natural gas liquids (“NGLs”) are recognized at the time control of the products are transferred to the customer. Generally, the Company’s gas processing and purchase agreements indicate that the processors take control of the Company’s gas at the inlet of the plant, and that control of residue gas is returned to the Company at the outlet of the plant. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs. The Company delivers oil and condensate to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes custody, title and risk of loss of the product. Generally, the Company’s contracts have an initial term of one year or longer but continue month to month unless written notification of termination in a specified time period is provided by either party to the contract. The Company receives purchaser statements from the majority of its customers, but there are a few contracts where the Company prepares the invoice. Payment is unconditional upon receipt of the statement or invoice. Based upon the Company’s past experience with its current purchasers and expertise in the market, collectability is probable, and there have not been payment issues with the Company’s purchasers over the past year or currently. The Company records revenue in the month production is delivered to the purchaser. Settlement statements may not be received for 30 to 90 days after the date production is delivered, and therefore the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. Differences between the Company’s estimates and the actual amounts received for product sales are generally recorded in the following month that payment is received. Any differences between the Company’s revenue estimates and actual revenue received historically have not been significant. The Company has internal controls in place for its revenue estimation accrual process. The Company will continue to review all new or modified revenue contracts on a quarterly basis for proper treatment. Leases The Company recognizes a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term on the Company’s consolidated balance sheet. The Company does not include leases with an initial term of less than twelve months on the balance sheet. The Company recognizes payments on these leases within “Operating expenses” on its consolidated statements of operations. The Company has modified procedures to its existing internal controls to review any new contracts which contain a physical asset on a quarterly basis and determine if an arrangement is, or contains, a lease at inception. The Company will continue to review all new or modified contracts on a quarterly basis for proper treatment. See Note 7 – “Leases” for additional information. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) related to the calculation of credit losses on financial instruments. All financial instruments not accounted for at fair value will be impacted, including the Company’s trade and joint interest billing receivables. Allowances are to be measured using a current expected credit loss model as of the reporting date that is based on historical experience, current conditions and reasonable and supportable forecasts. This is significantly different from the current model that increases the allowance when losses are probable. Initially, ASU 2016-13 was effective for all public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and will be applied with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The FASB subsequently issued ASU 2019-04 (“ASU 2019-04”), Codification Improvements to Financial Instruments - Credit Losses (Topic 326), Derivatives (Topic 815) and Financial Instruments (Topic 825) and ASU 2019-05 (“ASU 2019-05”), Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-04 and ASU 2019-05 provide certain codification improvements related to implementation of ASU 2016-13 and targeted transition relief consisting of an option to irrevocably elect the fair value option for eligible instruments. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates. This amendment deferred the effective date of ASU 2016-13 from January 1, 2020 to January 1, 2023 for calendar year-end smaller reporting companies, which includes the Company. The Company plans to defer the implementation of ASU 2016-13, and the related updates. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. ASU 2020-04 will be in effect through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which further clarifies certain topics in ASU 2020-04, such as expedients and exceptions. The Company is currently assessing the potential impact of ASU 2020-04 and ASU 2021-01 on its consolidated financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2021
Acquisitions
Acquisitions	3. Acquisitions Mid-Con Acquisition On October 25, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement’) with Mid-Con and Mid-Con Energy GP, LLC, the general partner of Mid-Con (“Mid-Con GP”), pursuant to which Mid-Con would merge with and into Michael Merger Sub LLC, a Delaware limited liability company and a wholly-owned, direct subsidiary of the Company. The Mid-Con Acquisition, which closed on January 21, 2021, was unanimously approved by the conflicts committee of the board of directors of Mid-Con, by the full board of directors of Mid-Con, by the disinterested directors of the board of directors of the Company and was subject to shareholder and unitholder approvals and other customary conditions to closing. At the effective time of the Mid-Con Acquisition (the “Effective Time”), each common unit representing limited partner interests in Mid-Con issued and outstanding immediately prior to the Effective Time (other than treasury units or units held by Mid-Con GP) was converted automatically into the right to receive 1.75 shares of the Company’s common stock. A total of 25,409,164 shares of Contango common stock were issued as consideration in the Mid-Con Acquisition. As of January 21, 2021, John C. Goff, Chairman of the Board of Directors of the Company, beneficially owned approximately 56.4% of the common units of Mid-Con, and Travis Goff, John C. Goff’s son and the President of Goff Capital, Inc., served on the board of directors of the general partner of Mid-Con. The Company’s senior management team is running the combined company, and Contango’s board of directors remains intact as the board of directors of the combined company. The combined company is headquartered in Fort Worth, Texas. The Mid-Con Acquisition was accounted for as a business combination using the acquisition method of accounting under FASB ASC 805, Business Combinations (“ASC 805”). Therefore, the purchase price was allocated to the assets acquired and the liabilities assumed based on their estimated acquisition date fair values based on then currently available information. A combination of a discounted cash flow model and market data was used by the Company in determining the fair value of the oil and natural gas properties. Significant inputs into the calculation included future commodity prices, estimated volumes of oil and natural gas reserves, expectations for the timing and amount of future development and operating costs, future plugging and abandonment costs and a risk adjusted discount rate. The preliminary purchase price assessment remains an ongoing process and is subject to change for up to one year subsequent to the closing of the Mid-Con Acquisition. The following table sets forth the Company’s preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date (in thousands): Purchase Price Allocation Consideration: Cash $ 14,520 Exchange ratio of Contango shares for Mid-Con common units 1.75 Contango common stock to be issued to Mid-Con unitholders 25,409 Issue price $ 3.13 Stock consideration 79,530 Payment of revolving credit facility 68,667 Total consideration $ 148,197 Fair value of liabilities assumed: Accounts payable $ 8,892 Asset retirement obligations 28,252 Total fair value of liabilities assumed $ 37,144 Fair value of assets acquired: Cash and cash equivalents $ 3,110 Accounts receivable 5,191 Current derivative asset 1,544 Prepaid expenses 225 Proved oil and natural gas properties 173,878 Other property and equipment 243 Other non-current assets 1,150 Total fair value of assets acquired $ 185,341 Silvertip Acquisition On November 27, 2020, the Company entered into a purchase agreement (“the Purchase Agreement”) to acquire certain oil and natural gas properties located in the Big Horn Basin in Wyoming and Montana, in the Powder River Basin in Wyoming and in the Permian Basin in West Texas and New Mexico, for aggregate consideration of approximately $58.0 million in cash. In connection with the execution of the Purchase Agreement, the Company paid $7.0 million as a deposit for its obligations under the Purchase Agreement, which is included in the consolidated balance sheet as of December 31, 2020. The Silvertip Acquisition closed on February 1, 2021, and a balance of $46.2 million was paid upon closing, after customary closing adjustments, including the results of operations during the period between the effective date of August 1, 2020 and the closing date. The Silvertip Acquisition was accounted for using the accounting for asset acquisitions under ASC 805. Under the accounting for asset acquisitions, the Silvertip Acquisition was recorded using a cost accumulation and allocation model under which the cost of the acquisition was allocated on a relative fair value basis to the assets acquired and liabilities assumed. For asset acquisitions under ASC 805, acquisition-related transaction costs are capitalized as a component of the cost of the assets acquired. A summary of the consideration paid and the preliminary relative fair value of the assets acquired and liabilities assumed, which is subject to change based upon the final settlement statement that is expected to be provided to Contango in the second quarter of 2021, is as follows (in thousands): Purchase Price Allocation Consideration: Purchase price $ 58,000 Closing adjustments (4,739) Total consideration 53,261 Acquisition transaction costs 109 Total cash paid $ 53,370 Fair value of liabilities assumed: Accounts payable $ 423 Lease liabilities 1,014 Asset retirement obligations 32,367 Total relative fair value of liabilities assumed $ 33,804 Fair value of assets acquired: Proved oil and natural gas properties $ 86,160 Right-of-use lease assets 1,014 Total relative fair value of assets acquired $ 87,174 Pro Forma Information The following unaudited pro forma combined condensed financial data for the year ended December 31, 2020 was derived from the historical financial statements of the Company after giving effect to the Mid-Con Acquisition and the Silvertip Acquisition, as if they had occurred on January 1, 2020. The below information reflects pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including the depletion of the fair-valued proved oil and natural gas properties acquired in the Mid-Con Acquisition and the Silvertip Acquisition. The pro forma results of operations do not include any cost savings or other synergies that may result from the acquisition or any estimated costs that have been or will be incurred by the Company to integrate the assets acquired. The pro forma consolidated statement of operations data has been included for comparative purposes only, is not necessarily indicative of the results that might have occurred had the acquisition taken place on January 1, 2020 and is not intended to be a projection of future results. (In thousands except for per share amounts) Year Ended December 31, 2020 Revenues $ 202,442 Net loss $ (191,975) Basic loss per share $ (0.97) Diluted loss per share $ (0.97)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements The Company’s determination of fair value incorporates not only the credit standing of the counterparties involved in transactions with the Company resulting in receivables on the Company’s consolidated balance sheets, but also the impact of the Company’s nonperformance risk on its own liabilities. 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 (exit price). A fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 measurements are inputs that are observable for assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. The Company utilizes market data or 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. The Company classifies fair value balances based on the observability of those inputs. The following table sets forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were accounted for at fair value as of March 31, 2021. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. There have been no transfers between Level 1, Level 2 or Level 3. Fair value information for financial assets and liabilities was as follows as of March 31, 2021 (in thousands): Total Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Derivatives Commodity price contracts - assets $ 2,422 $ — $ 2,422 $ — Commodity price contracts - liabilities $ (13,991) $ — $ (13,991) $ — Derivatives listed above are recorded in “Current derivative asset or liability” and “Long-term derivative asset or liability” on the Company’s consolidated balance sheet and include swaps and costless collars that are carried at fair value. The Company records the net change in the fair value of these positions in “Gain (loss) on derivatives, net” in its consolidated statements of operations. The Company is able to value the assets and liabilities based on observable market data for similar instruments, which resulted in reporting its derivatives as Level 2. This observable data includes the forward curves for commodity prices based on quoted market prices and implied volatility factors related to changes in the forward curves. See Note 5 – “Derivative Instruments” for additional discussion of derivatives. As of March 31, 2021, the Company’s derivative contracts were all with major institutions with investment grade credit ratings which are believed to have minimal credit risk, which primarily are lenders within the Company’s bank group. As such, the Company is exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts discussed above; however, the Company does not anticipate such nonperformance. Estimates of the fair value of financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, accounts receivable and accounts payable approximates their carrying value due to their short-term nature. The estimated fair value of the Company’s Credit Agreement approximates carrying value because the facility interest rate approximates current market rates and is reset at least every quarter. See Note 10 – “Long-Term Debt” for further information. Impairments The Company tests proved oil and natural gas properties for impairment when events and circumstances indicate a decline in the recoverability of the carrying value of such properties, such as a downward revision of the reserve estimates or lower commodity prices. The Company estimates the undiscounted future cash flows expected in connection with the oil and natural gas properties on a field-by-field basis and compares such future cash flows to the unamortized capitalized costs of the properties. If the estimated future undiscounted cash flows are lower than the unamortized capitalized cost, the capitalized cost is reduced to its fair value. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties. Additionally, the Company may use appropriate market data to determine fair value. Because these significant fair value inputs are typically not observable, impairments of long-lived assets are classified as a Level 3 fair value measure. Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value, with any such impairment charged to expense in the period. Asset Retirement Obligations The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and natural gas properties. The factors used to determine fair value include, but are not limited to, estimated future plugging and abandonment costs and expected lives of the related reserves. As there is no corroborating market activity to support the assumptions used, the Company has designated these liabilities as Level 3.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments [Abstract]
Derivative Instruments	5. Derivative Instruments The Company is exposed to certain risks relating to its ongoing business operations, such as commodity price risk. Derivative contracts are typically utilized to hedge the Company’s exposure to price fluctuations and reduce the variability in the Company’s cash flows associated with anticipated sales of future oil and natural gas production. The Company typically hedges a substantial, but varying, portion of anticipated oil and natural gas production for future periods. The Company believes that these derivative arrangements, although not free of risk, allow it to achieve a more predictable cash flow and to reduce exposure to commodity price fluctuations. However, derivative arrangements limit the benefit of increases in the prices of oil, natural gas and natural gas liquids sales. Moreover, because its derivative arrangements apply only to a portion of its production, the Company’s strategy provides only partial protection against declines in commodity prices. Such arrangements may expose the Company to risk of financial loss in certain circumstances. The Company continuously reevaluates its hedging program in light of changes in production, market conditions, commodity price forecasts and requirements under its Credit Agreement. As of March 31, 2021, the Company’s oil and natural gas derivative positions consisted of swaps and costless collars. Swaps are designed so that the Company receives or makes payments based on a differential between fixed and variable prices for oil and natural gas. A costless collar consists of a purchased put option and a sold call option, which establishes a minimum and maximum price, respectively, that the Company will receive for the volumes under the contract. It is the Company’s policy to enter into derivative contracts only with counterparties that are creditworthy institutions deemed by management as competent and competitive market makers. The Company does not post collateral, nor is it exposed to potential margin calls, under any of these contracts, as they are secured under the Credit Agreement (as defined below) or under unsecured lines of credit with non-bank counterparties. See Note 10 – “Long-Term Debt” for further information regarding the Credit Agreement. The Company has elected not to designate any of its derivative contracts for hedge accounting. Accordingly, derivatives are carried at fair value on the consolidated balance sheets as assets or liabilities, with the changes in the fair value included in the consolidated statements of operations for the period in which the change occurs. The Company records the net change in the mark-to-market valuation of these derivative contracts, as well as all payments and receipts on settled derivative contracts, in “Gain (loss) on derivatives, net” on the consolidated statements of operations. The Company currently has derivative contracts in place to cover production periods through the first quarter of 2023, which include hedges novated from Mid-Con and additional hedges entered into in the first quarter of 2021. As of March 31, 2021, the Company’s oil derivative contracts include hedges for 1.6 MMBbls of remaining 2021 production with an average floor price of $55.16 per barrel and 1.4 MMBbls of 2022 production with an average floor price of $50.24 per barrel. As of March 31, 2021, the Company’s natural gas derivative contracts include 9.2 Bcf of remaining 2021 production with an average floor price of $2.66 per MMBtu and 10.1 Bcf of 2022 production with an average floor price of $2.60 per MMBtu. Approximately 97% of the Company’s hedges are swaps, and the Company has no three-way collars or short puts. As of March 31, 2021, the following financial derivative instruments were in place (fair value in thousands): Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil April 2021 - July 2021 Swap 12,000 Bbls $ 50.00 (1) (429) Oil Aug 2021 - Sept 2021 Swap 10,000 Bbls $ 50.00 (1) (157) Oil April 2021 - July 2021 Swap 62,000 Bbls $ 52.00 (1) (1,720) Oil Aug 2021 - Sept 2021 Swap 55,000 Bbls $ 52.00 (1) (642) Oil Oct 2021 - Dec 2021 Swap 64,000 Bbls $ 52.00 (1) (904) Oil April 2021 Swap 20,647 Bbls $ 55.78 (1) (70) Oil May 2021 Swap 20,563 Bbls $ 55.78 (1) (69) Oil June 2021 Swap 20,487 Bbls $ 55.78 (1) (65) Oil July 2021 Swap 20,412 Bbls $ 55.78 (1) (56) Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil Aug 2021 Swap 20,301 Bbls $ 55.78 (1) (47) Oil Sept 2021 Swap 20,228 Bbls $ 55.78 (1) (37) Oil Oct 2021 Swap 20,155 Bbls $ 55.78 (1) (27) Oil Nov 2021 Swap 20,084 Bbls $ 55.78 (1) (19) Oil Dec 2021 Swap 20,012 Bbls $ 55.78 (1) (9) Oil April 2021 Collar 20,647 Bbls $ - (1) (38) Oil May 2021 Collar 20,563 Bbls $ - (1) (48) Oil June 2021 Collar 20,487 Bbls $ - (1) (49) Oil July 2021 Collar 20,412 Bbls $ - (1) (45) Oil Aug 2021 Collar 20,301 Bbls $ - (1) (40) Oil Sept 2021 Collar 20,228 Bbls $ - (1) (33) Oil Oct 2021 Collar 20,155 Bbls $ - (1) (27) Oil Nov 2021 Collar 20,084 Bbls $ - (1) (20) Oil Dec 2021 Collar 20,012 Bbls $ - (1) (12) Oil April 2021 - Oct 2021 Swap 25,000 Bbls $ 54.77 (1) (630) Oil Nov 2021 - Dec 2021 Swap 15,000 Bbls $ 54.77 (1) (52) Oil April 2021 Swap 50,000 Bbls $ 63.13 (1) 198 Oil May 2021 Swap 50,000 Bbls $ 62.71 (1) 179 Oil June 2021 Swap 50,000 Bbls $ 62.17 (1) 162 Oil July 2021 Swap 50,000 Bbls $ 61.50 (1) 149 Oil Aug 2021 Swap 50,000 Bbls $ 60.94 (1) 143 Oil Sep 2021 Swap 50,000 Bbls $ 60.38 (1) 139 Oil Oct 2021 Swap 50,000 Bbls $ 59.89 (1) 137 Oil Nov 2021 Swap 50,000 Bbls $ 59.46 (1) 136 Oil Dec 2021 Swap 50,000 Bbls $ 59.01 (1) 136 Oil April 2022 - Oct 2022 Swap 25,000 Bbls $ 42.04 (1) (2,098) Oil Jan 2022 Swap 60,000 Bbls $ 52.94 (1) (177) Oil Feb 2022 Swap 60,000 Bbls $ 52.65 (1) (175) Oil March 2022 Swap 60,000 Bbls $ 52.29 (1) (175) Oil April 2022 Swap 47,500 Bbls $ 51.98 (1) (139) Oil May 2022 Swap 45,000 Bbls $ 51.71 (1) (131) Oil June 2022 Swap 45,000 Bbls $ 51.41 (1) (130) Oil July 2022 Swap 45,000 Bbls $ 51.13 (1) (129) Oil Aug 2022 Swap 45,000 Bbls $ 50.89 (1) (128) Oil Sep 2022 Swap 45,000 Bbls $ 50.65 (1) (127) Oil Oct 2022 Swap 45,000 Bbls $ 50.45 (1) (128) Oil Nov 2022 Swap 55,000 Bbls $ 50.26 (1) (153) Oil Dec 2022 Swap 55,000 Bbls $ 50.22 (1) (151) Oil Jan 2023 Swap 57,500 Bbls $ 49.81 (1) (157) Oil Feb 2023 Swap 57,500 Bbls $ 49.63 (1) (155) Oil Jan 2022 Swap 60,000 Bbls $ 52.96 (1) (176) Oil Feb 2022 Swap 60,000 Bbls $ 52.66 (1) (175) Oil March 2022 Swap 60,000 Bbls $ 52.27 (1) (176) Oil April 2022 Swap 47,500 Bbls $ 51.96 (1) (140) Oil May 2022 Swap 45,000 Bbls $ 51.72 (1) (131) Oil June 2022 Swap 45,000 Bbls $ 51.42 (1) (130) Oil July 2022 Swap 45,000 Bbls $ 51.13 (1) (129) Oil Aug 2022 Swap 45,000 Bbls $ 50.90 (1) (128) Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil Sep 2022 Swap 45,000 Bbls $ 50.66 (1) (127) Oil Oct 2022 Swap 45,000 Bbls $ 50.47 (1) (125) Oil Nov 2022 Swap 55,000 Bbls $ 50.26 (1) (153) Oil Dec 2022 Swap 55,000 Bbls $ 50.01 (1) (152) Oil Jan 2023 Swap 57,500 Bbls $ 49.79 (1) (158) Oil Feb 2023 Swap 57,500 Bbls $ 49.62 (1) (156) Natural Gas April 2021 - July 2021 Swap 120,000 MMBtus $ 2.51 (2) (66) Natural Gas Aug 2021 - Sept 2021 Swap 10,000 MMBtus $ 2.51 (2) (5) Natural Gas April 2021 - July 2021 Swap 120,000 MMBtus $ 2.51 (2) (69) Natural Gas Aug 2021 - Sept 2021 Swap 10,000 MMBtus $ 2.51 (2) (5) Natural Gas April 2021 - Oct 2021 Swap 400,000 MMBtus $ 2.51 (2) (514) Natural Gas Nov 2021 - Dec 2021 Swap 580,000 MMBtus $ 2.51 (2) (448) Natural Gas April 2021 - Nov 2021 Swap 70,000 MMBtus $ 2.36 (2) (197) Natural Gas Dec 2021 Swap 350,000 MMBtus $ 2.36 (2) (211) Natural Gas April 2021 - July 2021 Swap 350,000 MMBtus $ 2.96 (2) 436 Natural Gas Aug 2021 - Oct 2021 Swap 500,000 MMBtus $ 2.96 (2) 316 Natural Gas Nov 2021 Swap 450,000 MMBtus $ 2.96 (2) 58 Natural Gas Jan 2022 - March 2022 Swap 780,000 MMBtus $ 2.54 (2) (960) Natural Gas April 2022 - July 2022 Swap 650,000 MMBtus $ 2.52 (2) 100 Natural Gas Aug 2022 - Oct 2022 Swap 350,000 MMBtus $ 2.52 (2) 3 Natural Gas Jan 2022 - March 2022 Swap 250,000 MMBtus $ 3.15 (2) 148 Natural Gas April 2022 Swap 175,000 MMBtus $ 2.51 (2) 5 Natural Gas May 2022 - July 2022 Swap 150,000 MMBtus $ 2.51 (2) 18 Natural Gas Aug 2022 - Oct 2022 Swap 400,000 MMBtus $ 2.51 (2) 2 Natural Gas Nov 2022 - Feb 2023 Swap 750,000 MMBtus $ 2.72 (2) (105) Total net fair value of derivative instruments (in thousands) $ (11,569) (1) Based on West Texas Intermediate oil prices. (2) Based on Henry Hub NYMEX natural gas prices. The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of March 31, 2021 (in thousands): Gross Netting (1) Total Assets $ 2,422 $ — $ 2,422 Liabilities $ (13,991) $ — $ (13,991) (1) Represents counterparty netting under agreements governing such derivatives. The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of December 31, 2020 (in thousands): Gross Netting (1) Total Assets $ 3,493 $ — $ 3,493 Liabilities $ (2,965) $ — $ (2,965) (1) Represents counterparty netting under agreements governing such derivatives. The following table summarizes the effect of derivative contracts on the consolidated statements of operations for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Oil contracts $ (1,882) $ 2,797 Natural gas contracts (559) 2,511 Realized gain (loss) $ (2,441) $ 5,308 Oil contracts $ (13,786) $ 40,727 Natural gas contracts 147 664 Non-cash mark-to-market gain (loss) $ (13,639) $ 41,391 Gain (loss) on derivatives, net $ (16,080) $ 46,699

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2021
Stock-Based Compensation [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation 2009 Incentive Compensation Plan The Company has in place the Contango Oil & Gas Company Third Amended and Restated 2009 Incentive Compensation Plan (the “2009 Plan”) which allows for stock options, restricted stock or performance stock units to be awarded to executive officers, directors and employees as a performance-based award. Restricted Stock During the three months ended March 31, 2021, the Company issued 37,041 restricted stock awards to the members of the board of directors, in lieu of cash fees earned during the fourth quarter of 2020, which vested immediately. The weighted average fair value of the restricted shares granted during the three months ended March 31, 2021, was $2.91 per share, with a total fair value of approximately $0.1 million. There were no forfeitures of restricted stock during the three months ended March 31, 2021. The Company recognized approximately $0.5 million in restricted stock compensation expense during the three months ended March 31, 2021, related to restricted stock previously granted to its officers, employees and directors. As of March 31, 2021, an additional $1.9 million of compensation expense related to restricted stock remained to be recognized over the remaining weighted-average vesting period of 2.0 years. Approximately 6.2 million shares remained available for grant under the 2009 Incentive Compensation Plan as of March 31, 2021, assuming PSUs (as defined below) are settled at 100% of target. In May 2021, the Company granted 1,413,189 shares of restricted common stock to employees, which vest ratably over three years, as part of their overall compensation package. There were no grants or forfeitures of restricted stock during the three months ended March 31, 2020. The Company recognized approximately $0.2 million in restricted stock compensation expense during the three months ended March 31, 2020, related to restricted stock previously granted to its officers, employees and directors. Performance Stock Units Performance stock units (“PSUs”) represent the opportunity to receive shares of the Company’s common stock at the time of settlement. The number of shares to be awarded upon settlement of the PSUs may range from 0% to 300% of the targeted number of PSUs stated in the award agreements, contingent upon the achievement of certain share price appreciation targets compared to share appreciation of a specific peer group or peer group index over a three-year period. The PSUs vest at the end of the three-year performance period, with the final number of shares to be issued determined at that time, based on the Company’s share performance during the period compared to the average performance of the peer group. Compensation expense associated with PSUs is based on the grant date fair value of a single PSU as determined using the Monte Carlo simulation model, which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As it is intended that the PSUs will be settled with shares of the Company’s common stock after three years, the PSU awards are accounted for as equity awards, and the fair value is calculated on the grant date. The simulation model calculates the payout percentage based on the stock price performance over the performance period. The concluded fair value is based on the average achievement percentage over all the iterations. The resulting fair value expense is amortized over the life of the PSU award. There were no grants or forfeitures of PSUs during the three months ended March 31, 2021. The Company recognized approximately $1.3 million in stock compensation expense related to previously granted PSUs during the three months ended March 31, 2021. As of March 31, 2021, an additional $10.5 million of compensation expense related to PSUs remained to be recognized over the remaining weighted-average vesting period of 2.1 years. In May 2021, the Company granted 1,772,066 PSUs to its executive officers and certain employees as part of their overall compensation package. The performance period will be measured between May 1, 2021 and April 30, 2024. The weighted average fair value of these granted PSUs is currently undergoing evaluation via the Monte Carlo simulation model. There were no grants or forfeitures of PSUs during the three months ended March 31, 2020. In January 2020, 77,485 shares of the PSUs granted in 2017 vested, of which 22,972 PSUs were withheld for taxes, and are included with the restricted stock activity in the consolidated statement of shareholders’ equity. The Company recognized approximately $0.1 million in stock compensation expense related to PSUs during the three months ended March 31, 2020. Stock Options Under the fair value method of accounting for stock options, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows. For the three months ended March 31, 2021 and 2020, there was no excess tax benefit recognized. Compensation expense related to stock option grants is recognized over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. No stock options were granted or forfeited during the three months ended March 31, 2021 or 2020. During the three months ended March 31, 2021, no stock options were exercised, and 19,268 stock options expired. During the three months ended March 31, 2020, no stock options were exercised, and 329 stock options expired. As of March 31, 2021, there were 579 stock options vested and exercisable. The exercise price for such options ranges from $35.00 to $38.98 per share, with an average remaining contractual life of 1.0 years.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases
Leases	7 . Leases During the three months ended March 31, 2021, the Company acquired several contracts in the Mid-Con Acquisition and the Silvertip Acquisition related to compressors, vehicle leases and office space with terms of twelve months or more, which qualify as operating or finance leases. The Company also entered into a new contract for its headquarters office in Fort Worth, Texas. As of March 31, 2021, the Company’s operating leases were for compressors and office space, and the Company’s finance leases were for vehicles, compressors and office equipment. The Company also has compressor contracts which are on a month-to-month basis, and while it is probable the contracts will be renewed on a monthly basis, the compressors can be easily substituted or cancelled by either party, with minimal penalties. Leases with these terms are not included on the Company’s balance sheet and are recognized on the consolidated statements of operations on a straight-line basis over the lease term. The following table summarizes the balance sheet information related to the Company’s leases as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Operating lease right of use asset (1) $ 3,920 $ 2,452 Operating lease liability - current (2) $ (2,703) $ (1,832) Operating lease liability - long-term (3) (1,101) (522) Total operating lease liability $ (3,804) $ (2,354) Financing lease right of use asset (1) $ 3,484 $ 2,996 Financing lease liability - current (2) $ (1,161) $ (940) Financing lease liability - long-term (3) (2,381) (2,102) Total financing lease liability $ (3,542) $ (3,042) (1) Included in “Right-of-use lease assets” on the consolidated balance sheet. (2) Included in “Accounts payable and accrued liabilities” on the consolidated balance sheet. (3) Included in “Lease liabilities” on the consolidated balance sheet. The Company’s leases generally do not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating and financing lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease. The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company’s leases as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Weighted Average Remaining Lease Terms (in years): Operating leases Financing leases Weighted Average Discount Rate: Operating leases Financing leases Maturities for the Company’s lease liabilities on the consolidated balance sheet as of March 31, 2021, were as follows (in thousands): March 31, 2021 Operating Leases Financing Leases 2021 (remaining after March 31, 2021) $ 2,846 $ 1,339 2022 843 1,206 2023 199 918 2024 110 428 2025 — 1 Total future minimum lease payments 3,998 3,892 Less: imputed interest (194) (350) Present value of lease liabilities $ 3,804 $ 3,542 The following table summarizes expenses related to the Company’s leases for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Operating lease cost (1) (2) $ 933 $ 687 Financing lease cost - amortization of right-of-use assets 279 135 Financing lease cost - interest on lease liabilities 53 24 Administrative lease cost (3) 19 19 Short-term lease cost (1) (4) 518 437 Total lease cost $ 1,802 $ 1,302 (1) This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners. (2) Costs related to office leases and compressors with lease terms of twelve months or more. (3) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (4) Costs related primarily to generators and compressor agreements with lease terms of more than one month and less than one year. During the three months ended March 31, 2021, there were $1.0 million and $0.3 million in cash payments related to the Company’s operating leases and financing leases, respectively. During the three months ended March 31, 2020, there were $0.7 million and $0.2 million in cash payments related to the Company’s operating leases and financing leases, respectively.

Other Financial Information

Other Financial Information	3 Months Ended
	Mar. 31, 2021
Other Financial Information [Abstract]
Other Financial Information	8. Other Financial Information The following table provides additional detail for accounts receivable, prepaid expenses and accounts payable and accrued liabilities which are presented on the consolidated balance sheets (in thousands): March 31, 2021 December 31, 2020 Accounts receivable: Trade receivables (1) $ 39,714 $ 20,306 Receivable for Alta Resources distribution 1,712 1,712 Joint interest billings 13,956 15,637 Income taxes receivable 268 268 Other receivables 950 2,209 Allowance for doubtful accounts (2,270) (2,270) Total accounts receivable $ 54,330 $ 37,862 Prepaid expenses: Prepaid insurance $ 3,051 $ 2,825 Other (2) 727 535 Total prepaid expenses $ 3,778 $ 3,360 Accounts payable and accrued liabilities: Royalties and revenue payable (1) $ 35,000 $ 23,701 Legal suspense related to revenues (3) 29,433 27,983 Advances from partners 159 76 Accrued exploration and development 240 490 Trade payables (1) 21,429 14,273 Accrued general and administrative expenses 5,512 6,191 Accrued operating expenses (1) 10,264 5,755 Accrued operating and finance leases 3,863 2,772 Other accounts payable and accrued liabilities 3,923 2,729 Total accounts payable and accrued liabilities $ 109,823 $ 83,970 (1) Increase in 2021 primarily due to the Mid-Con Acquisition and the Silvertip Acquisition. (2) Other prepaids primarily includes software licenses. (3) Suspended revenues primarily relate to amounts for which there is some question as to valid ownership, unknown addresses of payees or some other payment dispute. Included in the table below are supplemental cash flow disclosures and non-cash investing activities during the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Cash payments: Interest payments $ 808 $ 1,267 Income tax payments $ (60) $ (7) Non-cash investing activities in the consolidated statements of cash flows: Increase (decrease) in accrued capital expenditures $ 158 $ (4,676) The Company issued a total of 25,409,164 shares of Contango common stock at the closing of the Mid-Con Acquisition. See Note 3 – “Acquisitions” for more information.

Investment In Exaro Energy III

Investment In Exaro Energy III LLC	3 Months Ended
	Mar. 31, 2021
Investment In Exaro Energy III LLC [Abstract]
Investment In Exaro Energy III LLC	9. Investment in Exaro Energy III LLC The Company maintains an ownership interest in Exaro of approximately 37%. The Company’s share in the equity of Exaro at March 31, 2021 was approximately $6.8 million. The Company accounts for its ownership in Exaro using the equity method of accounting, and therefore, does not include its share of individual operating results, production or reserves in those reported for the Company’s consolidated results. The Company’s gain or loss attributable to its share in Exaro’s results of operations for the three months ended March 31, 2021 was de minimis. The Company recognized a gain of $0.3 million, net of no tax expense, attributable to its share in Exaro’s results of operations for the three months ended March 31, 2020.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Long-Term Debt
Long-Term Debt	10. Long-Term Debt Credit Agreement On September 17, 2019, the Company entered into its new revolving credit agreement with JPMorgan Chase Bank and other lenders (as amended, the “Credit Agreement”), which established a borrowing base of $65 million. The Credit Agreement matures on September 17, 2024. The borrowing base is subject to semi-annual redeterminations which will occur on or around May 1 st and November 1 st of each year. On October 30, 2020, the Company entered into the Third Amendment to the Credit Agreement, which became effective on January 21, 2021, upon the satisfaction of certain conditions, including the consummation of the Mid-Con Acquisition. See Note 3 – “Acquisitions” for more information. The Third Amendment provides for, among other things, (i) a 25 basis point increase in the applicable margin at each level of the borrowing base utilization-based pricing grid, (ii) an increase of the borrowing base from $75.0 million to $130.0 million on the effective date of the Third Amendment with a $10.0 million automatic stepdown in the borrowing base on March 31, 2021, (iii) certain modifications to the Company’s minimum hedging covenant including requiring hedging for at least 75% of the Company’s projected PDP volumes for 24 full calendar months on or prior to 30 days after the effective date of the Third Amendment and on April 1 and October 1 of each calendar year and (iv) the addition of three new banks to the lender group. The Company’s borrowing base was decreased to $120.0 million on March 31, 2021, per the Third Amendment. On January 21, 2021, the Company entered into the Fourth Amendment to the Credit Agreement, which was related to the transfer of a letter of credit for Mid-Con. The semi-annual redetermination occurred in May 2021, as regularly scheduled, and resulted in an increase in the borrowing base from $130.0 million to $250.0 million, per the Fifth Amendment to the Credit Agreement, as discussed below. As of March 31, 2021, the Company had approximately $98.6 million outstanding under the Credit Agreement, $2.9 million in outstanding letters of credit and borrowing availability of $18.5 million under the Credit Agreement. As of December 31, 2020, the Company had approximately $9.0 million outstanding under the Credit Agreement and $1.9 million in an outstanding letter of credit. The Company initially incurred $1.8 million of arrangement and upfront fees in connection with the Credit Agreement and incurred an additional $1.6 million in fees for the first amendment to the Credit Agreement, which is to be amortized over the five-year term of the Credit Agreement. No fees were paid for the Second Amendment. The Company incurred $1.0 million in fees related to the Third Amendment, which became effective upon the closing of the Mid-Con Acquisition on January 21, 2021, of which $0.1 million were incurred during the fourth quarter of 2020. During the three months ended March 31, 2021, the Company amortized debt issuance costs of $0.2 million related to the Credit Agreement. As of March 31, 2021, the remaining amortizable balance of these fees was $2.5 million, which will be amortized through September 17, 2024. Total interest expense under the Company’s Credit Agreement, including commitment fees, was approximately $1.2 million for each of the three months ended March 31, 2021 and 2020. The weighted average interest rates in effect at March 31, 2021 and December 31, 2020 were 3.9% and 2.9%, respectively. The Credit Agreement is collateralized by liens on substantially all of the Company’s oil and natural gas properties and other assets and security interests in the stock of its wholly owned and/or controlled subsidiaries. The Company’s wholly owned and/or controlled subsidiaries are also required to join as guarantors under the Credit Agreement. The Credit Agreement contains customary and typical restrictive covenants. The Credit Agreement requires a Current Ratio of greater than or equal to 1.0:1.0 and a Leverage Ratio of less than or equal to 3.5:1.0, both as defined in the Credit Agreement. The Second Amendment included a waiver of the Current Ratio and Leverage Ratio requirements until the quarter ending March 31, 2022. However, the Fifth Amendment (as defined below), reinstates the Current Ratio and Leverage Ratio requirements beginning in the second quarter of 2021 and reduces the Leverage Ratio to less than or equal to 3.25:1.0. Additionally, the Second Amendment, among other things, includes provisions requiring monthly aged accounts payable reports and typical anti-cash hoarding and cash sweep provisions with respect to a consolidated cash balance in excess of $5.0 million. The Credit Agreement also contains events of default that may accelerate repayment of any borrowings and/or termination of the facility. Events of default include, but are not limited to, a going concern qualification, payment defaults, breach of certain covenants, bankruptcy, insolvency or change of control events. As of March 31, 2021, the Company was in compliance with all of its covenants under the Credit Agreement. On May 3, 2021, the Company entered into the Fifth Amendment to the Credit Agreement (the “Fifth Amendment”) which provides for, among other things, an increase in the Company’s borrowing base from $120.0 million to $250.0 million, effective May 3, 2021, expands the bank group from nine to eleven banks and includes less restrictive hedge requirements and certain modifications to the financial covenants . See Note 13 – “Subsequent Events” for further details. Adjusted for the borrowing base increase to $250.0 million, effective on May 3, 2021, the Company had approximately $86.7 million outstanding under the Credit Agreement and $2.9 million in outstanding letters of credit, with borrowing availability of $160.4 million as of April 30, 2021. Paycheck Protection Program Loan On April 10, 2020, the Company entered into a promissory note evidencing an unsecured loan in the amount of approximately $3.4 million (the “PPP Loan”) made to the Company under the Paycheck Protection Program (the “PPP”). The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on March 27, 2020, and is administered by the U.S. Small Business Administration. The PPP Loan to the Company was made through JPMorgan Chase Bank, N.A and is included in “Long-Term Debt” on the Company’s consolidated balance sheet. The PPP Loan matures on the two-year anniversary of the funding date and bears interest at a fixed rate of 1.00% per annum. Monthly principal and interest payments, less the amount of any potential forgiveness (discussed below), will commence after the six-month anniversary of the funding date. The promissory note evidencing the PPP Loan provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. The Company may prepay the principal of the PPP Loan at any time without incurring any prepayment charges. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loans granted under the PPP, subject to an audit. Under the CARES Act, loan forgiveness is available, subject to limitations, for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments and covered utilities during either: (1) the eight-week period beginning on the funding date; or (2) the 24-week period beginning on the funding date. Forgiveness is reduced if full-time employee headcount declines, or if salaries and wages for employees with salaries of $100,000 or less annually are reduced by more than 25%. The Company utilized the PPP Loan amount for qualifying expenses during the 24-week coverage period, and on September 30, 2020, submitted its application for forgiveness of all of the PPP Loan in accordance with the terms of the CARES Act and related guidance. The Company is currently waiting on a response from the Small Business Administration to its application for forgiveness. In the event the PPP Loan or any portion thereof is forgiven, the amount forgiven is applied to the outstanding principal.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Taxes [Abstract]
Income Taxes	11. Income Taxes The Company’s income tax provision for continuing operations consists of the following (in thousands): Three Months Ended March 31, 2021 2020 Current tax provision: Federal $ — $ 275 State 539 119 Total $ 539 $ 394 Total tax provision: Federal $ — $ 275 State 119 Total income tax provision: $ $ 394 State income tax expense relates to income taxes for the quarter which are expected to be owed to the states of Louisiana and Oklahoma resulting from activities within those states and, in each case, that are not shielded by existing Federal tax attributes. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the amount of deferred tax liabilities, level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company believes it is not more-likely-than-not that it will realize the benefits of these deductible differences. As of March 31, 2021, the Company had federal net operating loss (“NOL”) carryforwards of approximately $407.9 million and state NOLs of $26.5 million. The Federal NOL carryforwards are made up of: (i) those acquired in the merger with Crimson Exploration, Inc. in 2013 and (ii) from subsequent taxable losses during the years 2014 through 2020, due to lower commodity prices and utilization of various elections available to the Company in expensing capital expenditures incurred in the development of oil and natural gas properties. Generally, these NOLs are available to reduce future taxable income and the related income tax liability subject to the limitations set forth in Internal Revenue Code Section 382 related to changes of more than 50% of ownership of the Company’s stock by 5% or greater shareholders over a three-year period (a Section 382 Ownership Change) from the time of such an ownership change. The Company experienced two separate Section 382 Ownership Changes in connection with two of its equity offerings occurring in 2018 and 2019, respectively (the “Ownership Changes”). Market conditions at the time of the 2019 Ownership Change had diminished from the time of the 2018 Ownership Change, thus subjecting virtually all of the Company’s tax attributes to an annual limitation of $0.7 million a year (in pre-tax dollars). This lower annual limitation resulting from the 2019 Ownership Change effectively eliminates the ability to utilize these tax attributes in the future. As a result of the Ownership Changes, the Company has recorded a valuation allowance against substantially all of its NOLs and other deferred tax assets. The Company determined the activity during the three months ended March 31, 2021 resulted in no Section 382 Ownership Change. The valuation allowance balances at March 31, 2021 for federal and state purposes are approximately $139.7 million and approximately $6.1 million, respectively. The Consolidated Appropriations Act of 2021 was signed into law on December 27, 2020 to provide a response by the Federal government to the pandemic, and it contains numerous tax breaks and extensions for businesses. One such provision is a change in the deductibility of meals paid to a restaurant expense. For meals paid to a restaurant in calendar years 2021 and 2022, there is no limitation on meals (compared to a 50% prior limitation). For the quarter ended March 31, 2021, the Company is claiming a 100% benefit for qualifying meal expenses.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Legal Proceedings From time to time, the Company is involved in legal proceedings relating to claims associated with its properties, operations or business or arising from disputes with vendors in the normal course of business, including the material matters discussed below. In January 2016, the Company was named as the defendant in a lawsuit filed in the District Court for Harris County in Texas by a third-party operator. The Company participated in the drilling of a well in 2012, which experienced serious difficulties during the initial drilling, which eventually led to the plugging and abandoning of the wellbore prior to reaching the target depth. In dispute is whether the Company is responsible for the additional costs related to the drilling difficulties and plugging and abandonment. In September 2019, the case went to trial, and the court ruled in favor of the plaintiff. Prior to the judgment, the Company had approximately $1.1 million in accounts payable related to the disputed costs associated with this case. As a result of the judgment, during the three months ended September 30, 2019, the Company recorded an additional $2.1 million liability for the final judgment plus fees and interest. The Company filed an appeal with the appellate court for a review of the initial trial court’s decision. On January 23, 2021, the appellate court notified both parties that it would begin reviewing the merits of the case beginning on February 23, 2021. On March 3, 2021, the appellate court affirmed the trial court’s decision. The Company has filed a petition with the Texas Supreme Court requesting a review of the appellate court’s decision and is awaiting a response. While many of these matters involve inherent uncertainty and the Company is unable at the date of this filing to estimate an amount of possible loss with respect to certain of these matters, the Company believes that the amount of the liability, if any, ultimately incurred with respect to these proceedings or claims will not have a material adverse effect on its consolidated financial position as a whole or on its liquidity, capital resources or future annual results of operations. The Company maintains various insurance policies that may provide coverage when certain types of legal proceedings are determined adversely.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Fifth Amendment to the Credit Agreement On May 3, 2021, the Company entered into the Fifth Amendment to the Credit Agreement. The Fifth Amendment provides for, among other things, (i) an increase in the borrowing base from $120.0 million to $250.0 million, (ii) the reinstatement of the Current Ratio test of a minimum of 1.0:1.0 beginning with the quarter ending June 30, 2021, (iii) a slight reduction in the maximum Debt/Adj. EBITDAX from no greater than 3.5:1.0 to no greater than 3.25:1.0, (iv) a reduction in the Company’s rolling hedge requirements as a percentage of hedgeable oil and natural gas production on an equivalent barrel basis and other minor changes which are more administrative in nature. The Fifth Amendment also expands the bank group from nine to eleven banks and is effective as of May 3, 2021. The Company incurred $1.4 million in fees related to the Fifth Amendment, which will be amortized over the remaining term of the Credit Agreement, beginning in the second quarter of 2021. Adjusted for the borrowing base increase to $250.0 million, effective on May 3, 2021, the Company had approximately $86.7 million outstanding under the Credit Agreement and $2.9 million in outstanding letters of credit, with borrowing availability of $160.4 million as of April 30, 2021. Newly Elected Board of Directors On April 28, 2021, the Board of Directors of the Company (the “Board”) increased the size of the Board from five to seven directors and appointed Karen Simon and Janet Pasque to fill the vacancies created by the expansion of the Board, effective on April 28, 2021. Concurrent with their election as directors of the Company, Ms. Pasque was appointed to the Compensation Committee and Nominating Committee of the Board and Ms. Simon was appointed to the Audit Committee and Nominating Committee of the Board. The Board determined that Ms. Pasque and Ms. Simon are both independent directors under the applicable rules and regulations of the SEC and within the meaning of the NYSE American listing standards. Adoption of Change of Control Severance Plan On April 28, 2021, the Company adopted the Contango Oil & Gas Company Change in Control Severance Plan (the “Change in Control Plan”), which provides “double trigger” severance payments and benefits to all employees including the Company’s named executive officers. The policy provides an eligible participant with certain payments and benefits in the event that the participant experiences a qualifying termination event within the 18-month period following a change in control. In the event that an eligible executive’s employment is terminated without cause by the employer or for good reason by the executive within the 18-month period following the occurrence of a change in control, the Company’s Chief Executive Officer and the Company’s President would become entitled to receive 250%, and the Company’s Senior Vice President and Chief Financial Officer would become entitled to receive 200%, of the sum of the executive’s annual base salary and target annual cash bonus. In addition, the executive would receive (1) a prorated annual cash bonus for the year of termination based on actual performance; (2) Company-paid COBRA continuation coverage for up to 18 months following the date of termination; (3) reimbursement for up to $10,000 in outplacement services; and (4) any outstanding unvested PSU equity awards held by the executive will remain outstanding and vest based on the greatest of (a) actual performance through the execution date of the definitive documentation governing the change in control, (b) actual performance through the date of the participant’s termination of employment, or (c) the target number of shares granted under such PSU award. The Change in Control Plan contains a modified cutback provision whereby payments payable to an executive may be reduced if doing so would put the executive in a more advantageous after-tax provision than if payments were not reduced and the executive became subject to excise taxes under Section 4999 of the Code. Adoption of Executive Severance Plan On April 28, 2021, the Company adopted the Contango Oil & Gas Company Executive Severance Plan (the “Severance Plan”), which provides severance payments and benefits to its named executive officers outside the context of a change in control. The Severance Plan provides an eligible participant with payments and benefits in the event of involuntary termination without cause or other termination due to a good reason. In the event of such a qualifying termination under the Severance Plan, the participant would become entitled to receive in the case of the Company’s Chief Executive Officer and the Company’s President, 150%, and in the case of the Company’s Senior Vice President and Chief Financial Officer, 100%, of the sum of the participant’s annual base salary and target bonus. In addition, the participant would receive (1) a prorated annual cash bonus for the year of termination based on actual performance; (2) Company-paid COBRA continuation coverage for up to 18 months following the date of termination; (3) reimbursement for up to $10,000 in outplacement services; (4) all outstanding unvested time-based equity awards held by the executive will 100% accelerate and become exercisable or settle (as applicable); and (5) a pro-rated portion of any outstanding unvested PSU awards held by the executive will remain outstanding and vest based on actual performance over the applicable performance period.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the SEC, including instructions to Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the unaudited consolidated financial statements have been included. All such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the 2020 Form 10-K. These unaudited interim consolidated results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021. The Company’s consolidated financial statements include the accounts of Contango Oil & Gas Company and its subsidiaries after elimination of all material intercompany balances and transactions. All wholly owned subsidiaries are consolidated. The Company’s investment in Exaro Energy III LLC (“Exaro”), through its wholly owned subsidiary, Contaro Company, is accounted for using the equity method of accounting, and therefore, the Company does not include its share of individual operating results, production or reserves in those reported for the Company’s consolidated results of operations. Certain amounts in prior-period financial statements have been reclassified to conform to the current period’s presentation. On the consolidated statements of operations, the Company’s working interest percentage share of the overhead billed to the 8/8s joint account for wells it operates has been reclassified from operating expenses to general and administrative expenses.
Oil and Natural Gas Properties - Successful Efforts	Oil and Natural Gas Properties - Successful Efforts The Company’s application of the successful efforts method of accounting for its oil and natural gas exploration and production activities requires judgment as to whether particular wells are developmental or exploratory, since lease acquisition costs and all development costs are capitalized, whereas exploratory drilling costs are continuously capitalized until the results are determined. If proved reserves are not discovered, the drilling costs are expensed as exploration costs. Other exploration related costs, such as seismic costs and other geological and geophysical expenses, are expensed as incurred. The results from a drilling operation can take considerable time to analyze, and the determination that commercial reserves have been discovered requires both judgment and application of industry experience. Wells may be completed that are assumed to be productive, but then actually deliver oil and natural gas in quantities insufficient to be economic, which may result in the abandonment and/or impairment of the wells at a later date. On occasion, wells are drilled which have targeted geologic structures that are both developmental and exploratory in nature, and in such instances an allocation of costs is required to properly account for the results. Delineation seismic costs incurred to select development locations within a productive oil or natural gas field are typically treated as development costs and capitalized, but often these seismic programs extend beyond the proved reserve areas, and therefore, management must estimate the portion of seismic costs to expense as exploratory. The evaluation of oil and natural gas leasehold acquisition costs included in unproved properties for write-off or impairment requires management’s judgment on exploratory costs related to drilling activity in a given area. Drilling activities in an area by other companies may also effectively condemn leasehold positions.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Pursuant to GAAP, when circumstances indicate that proved properties may be impaired, the Company compares expected undiscounted future cash flows on a field-by-field basis to the unamortized capitalized cost of the assets in that field. If the estimated future undiscounted cash flows, based on the Company’s estimate of future reserves, oil and natural gas prices, operating costs and production levels from oil and natural gas reserves, are lower than the unamortized capitalized cost, then the capitalized cost is reduced to its fair value. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and capital expenditures and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and natural gas properties. Additionally, the Company may use appropriate market data to determine fair value. No impairment of proved properties was recorded during the three months ended March 31, 2021. In the first quarter of 2020, the COVID-19 pandemic and the resulting deterioration in the global demand for oil, combined with the failure by OPEC and Russia to reach an agreement on lower production quotas until April 2020, caused a dramatic increase in the supply of oil, a corresponding decrease in commodity prices, and reduced the demand for all commodity products. Consequently, during the three months ended March 31, 2020, the Company recorded a $143.3 million non-cash charge for proved property impairment of its onshore properties related to the dramatic decline in commodity prices, the “PV-10” (present value, discounted at a 10% rate) of its proved reserves, and the associated change in its then forecasted development plans for its proved, undeveloped locations. Unproved properties are reviewed quarterly to determine if there has been impairment of the carrying value of those properties, with any such impairment charged to expense in the period. No impairment of unproved properties was recorded during the three months ended March 31, 2021. The Company recorded a $2.6 million non-cash charge for unproved impairment expense during the three months ended March 31, 2020 related to expiring leases in the Company’s Midcontinent region.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Potentially dilutive securities, including unexercised stock options, performance stock units and unvested restricted stock, have not been considered when their effect would be antidilutive. The Company excluded 42,518 shares or units, and 366,749 shares or units of potentially dilutive securities during the three months ended March 31, 2021 and 2020, respectively, as they were antidilutive.
Subsidiary Guarantees	Subsidiary Guarantees Contango Oil & Gas Company, as the parent company of its subsidiaries, filed a registration statement on Form S-3 on December 18, 2020 with the SEC to register, among other securities, debt securities that the Company may issue from time to time. Contango Resources, Inc., Contango Midstream Company, Contango Operators, Inc., Contaro Company, Contango Alta Investments, Inc. and any other of the Company’s future subsidiaries specified in any future prospectus supplement (each a “Subsidiary Guarantor”) are co-registrants with the Company under the registration statement, and the registration statement also registered guarantees of debt securities by such Subsidiary Guarantors. The Subsidiary Guarantors are wholly-owned by the Company, either directly or indirectly, and any guarantee by the Subsidiary Guarantors will be full and unconditional. The Company has no assets or operations independent of the Subsidiary Guarantors, and there are no significant restrictions upon the ability of the Subsidiary Guarantors to distribute funds to the Company. Finally, the Company’s wholly-owned subsidiaries do not have restricted assets that exceed 25% of net assets as of the most recent fiscal year end that may not be transferred to the Company in the form of loans, advances or cash dividends by such subsidiary without the consent of a third party.
Revenue Recognition	Revenue Recognition Sales of oil, condensate, natural gas and natural gas liquids (“NGLs”) are recognized at the time control of the products are transferred to the customer. Generally, the Company’s gas processing and purchase agreements indicate that the processors take control of the Company’s gas at the inlet of the plant, and that control of residue gas is returned to the Company at the outlet of the plant. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs. The Company delivers oil and condensate to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes custody, title and risk of loss of the product. Generally, the Company’s contracts have an initial term of one year or longer but continue month to month unless written notification of termination in a specified time period is provided by either party to the contract. The Company receives purchaser statements from the majority of its customers, but there are a few contracts where the Company prepares the invoice. Payment is unconditional upon receipt of the statement or invoice. Based upon the Company’s past experience with its current purchasers and expertise in the market, collectability is probable, and there have not been payment issues with the Company’s purchasers over the past year or currently. The Company records revenue in the month production is delivered to the purchaser. Settlement statements may not be received for 30 to 90 days after the date production is delivered, and therefore the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. Differences between the Company’s estimates and the actual amounts received for product sales are generally recorded in the following month that payment is received. Any differences between the Company’s revenue estimates and actual revenue received historically have not been significant. The Company has internal controls in place for its revenue estimation accrual process. The Company will continue to review all new or modified revenue contracts on a quarterly basis for proper treatment.
Leases	Leases The Company recognizes a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term on the Company’s consolidated balance sheet. The Company does not include leases with an initial term of less than twelve months on the balance sheet. The Company recognizes payments on these leases within “Operating expenses” on its consolidated statements of operations. The Company has modified procedures to its existing internal controls to review any new contracts which contain a physical asset on a quarterly basis and determine if an arrangement is, or contains, a lease at inception. The Company will continue to review all new or modified contracts on a quarterly basis for proper treatment. See Note 7 – “Leases” for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) related to the calculation of credit losses on financial instruments. All financial instruments not accounted for at fair value will be impacted, including the Company’s trade and joint interest billing receivables. Allowances are to be measured using a current expected credit loss model as of the reporting date that is based on historical experience, current conditions and reasonable and supportable forecasts. This is significantly different from the current model that increases the allowance when losses are probable. Initially, ASU 2016-13 was effective for all public companies for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and will be applied with a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The FASB subsequently issued ASU 2019-04 (“ASU 2019-04”), Codification Improvements to Financial Instruments - Credit Losses (Topic 326), Derivatives (Topic 815) and Financial Instruments (Topic 825) and ASU 2019-05 (“ASU 2019-05”), Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. ASU 2019-04 and ASU 2019-05 provide certain codification improvements related to implementation of ASU 2016-13 and targeted transition relief consisting of an option to irrevocably elect the fair value option for eligible instruments. In November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates. This amendment deferred the effective date of ASU 2016-13 from January 1, 2020 to January 1, 2023 for calendar year-end smaller reporting companies, which includes the Company. The Company plans to defer the implementation of ASU 2016-13, and the related updates. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. ASU 2020-04 will be in effect through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which further clarifies certain topics in ASU 2020-04, such as expedients and exceptions. The Company is currently assessing the potential impact of ASU 2020-04 and ASU 2021-01 on its consolidated financial statements

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of pro forma information	(In thousands except for per share amounts) Year Ended December 31, 2020 Revenues $ 202,442 Net loss $ (191,975) Basic loss per share $ (0.97) Diluted loss per share $ (0.97)
Mid-Con [Member]
Schedule of assets acquired and liabilities assumed	Purchase Price Allocation Consideration: Cash $ 14,520 Exchange ratio of Contango shares for Mid-Con common units 1.75 Contango common stock to be issued to Mid-Con unitholders 25,409 Issue price $ 3.13 Stock consideration 79,530 Payment of revolving credit facility 68,667 Total consideration $ 148,197 Fair value of liabilities assumed: Accounts payable $ 8,892 Asset retirement obligations 28,252 Total fair value of liabilities assumed $ 37,144 Fair value of assets acquired: Cash and cash equivalents $ 3,110 Accounts receivable 5,191 Current derivative asset 1,544 Prepaid expenses 225 Proved oil and natural gas properties 173,878 Other property and equipment 243 Other non-current assets 1,150 Total fair value of assets acquired $ 185,341
Silvertip Acquisition [Member]
Schedule of assets acquired and liabilities assumed	Purchase Price Allocation Consideration: Purchase price $ 58,000 Closing adjustments (4,739) Total consideration 53,261 Acquisition transaction costs 109 Total cash paid $ 53,370 Fair value of liabilities assumed: Accounts payable $ 423 Lease liabilities 1,014 Asset retirement obligations 32,367 Total relative fair value of liabilities assumed $ 33,804 Fair value of assets acquired: Proved oil and natural gas properties $ 86,160 Right-of-use lease assets 1,014 Total relative fair value of assets acquired $ 87,174

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Schedule Of Fair Value Of Financial Assets And (Liabilities)	Fair value information for financial assets and liabilities was as follows as of March 31, 2021 (in thousands): Total Fair Value Measurements Using Carrying Value Level 1 Level 2 Level 3 Derivatives Commodity price contracts - assets $ 2,422 $ — $ 2,422 $ — Commodity price contracts - liabilities $ (13,991) $ — $ (13,991) $ —

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments [Abstract]
Schedule Of Derivative Contracts	As of March 31, 2021, the following financial derivative instruments were in place (fair value in thousands): Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil April 2021 - July 2021 Swap 12,000 Bbls $ 50.00 (1) (429) Oil Aug 2021 - Sept 2021 Swap 10,000 Bbls $ 50.00 (1) (157) Oil April 2021 - July 2021 Swap 62,000 Bbls $ 52.00 (1) (1,720) Oil Aug 2021 - Sept 2021 Swap 55,000 Bbls $ 52.00 (1) (642) Oil Oct 2021 - Dec 2021 Swap 64,000 Bbls $ 52.00 (1) (904) Oil April 2021 Swap 20,647 Bbls $ 55.78 (1) (70) Oil May 2021 Swap 20,563 Bbls $ 55.78 (1) (69) Oil June 2021 Swap 20,487 Bbls $ 55.78 (1) (65) Oil July 2021 Swap 20,412 Bbls $ 55.78 (1) (56) Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil Aug 2021 Swap 20,301 Bbls $ 55.78 (1) (47) Oil Sept 2021 Swap 20,228 Bbls $ 55.78 (1) (37) Oil Oct 2021 Swap 20,155 Bbls $ 55.78 (1) (27) Oil Nov 2021 Swap 20,084 Bbls $ 55.78 (1) (19) Oil Dec 2021 Swap 20,012 Bbls $ 55.78 (1) (9) Oil April 2021 Collar 20,647 Bbls $ - (1) (38) Oil May 2021 Collar 20,563 Bbls $ - (1) (48) Oil June 2021 Collar 20,487 Bbls $ - (1) (49) Oil July 2021 Collar 20,412 Bbls $ - (1) (45) Oil Aug 2021 Collar 20,301 Bbls $ - (1) (40) Oil Sept 2021 Collar 20,228 Bbls $ - (1) (33) Oil Oct 2021 Collar 20,155 Bbls $ - (1) (27) Oil Nov 2021 Collar 20,084 Bbls $ - (1) (20) Oil Dec 2021 Collar 20,012 Bbls $ - (1) (12) Oil April 2021 - Oct 2021 Swap 25,000 Bbls $ 54.77 (1) (630) Oil Nov 2021 - Dec 2021 Swap 15,000 Bbls $ 54.77 (1) (52) Oil April 2021 Swap 50,000 Bbls $ 63.13 (1) 198 Oil May 2021 Swap 50,000 Bbls $ 62.71 (1) 179 Oil June 2021 Swap 50,000 Bbls $ 62.17 (1) 162 Oil July 2021 Swap 50,000 Bbls $ 61.50 (1) 149 Oil Aug 2021 Swap 50,000 Bbls $ 60.94 (1) 143 Oil Sep 2021 Swap 50,000 Bbls $ 60.38 (1) 139 Oil Oct 2021 Swap 50,000 Bbls $ 59.89 (1) 137 Oil Nov 2021 Swap 50,000 Bbls $ 59.46 (1) 136 Oil Dec 2021 Swap 50,000 Bbls $ 59.01 (1) 136 Oil April 2022 - Oct 2022 Swap 25,000 Bbls $ 42.04 (1) (2,098) Oil Jan 2022 Swap 60,000 Bbls $ 52.94 (1) (177) Oil Feb 2022 Swap 60,000 Bbls $ 52.65 (1) (175) Oil March 2022 Swap 60,000 Bbls $ 52.29 (1) (175) Oil April 2022 Swap 47,500 Bbls $ 51.98 (1) (139) Oil May 2022 Swap 45,000 Bbls $ 51.71 (1) (131) Oil June 2022 Swap 45,000 Bbls $ 51.41 (1) (130) Oil July 2022 Swap 45,000 Bbls $ 51.13 (1) (129) Oil Aug 2022 Swap 45,000 Bbls $ 50.89 (1) (128) Oil Sep 2022 Swap 45,000 Bbls $ 50.65 (1) (127) Oil Oct 2022 Swap 45,000 Bbls $ 50.45 (1) (128) Oil Nov 2022 Swap 55,000 Bbls $ 50.26 (1) (153) Oil Dec 2022 Swap 55,000 Bbls $ 50.22 (1) (151) Oil Jan 2023 Swap 57,500 Bbls $ 49.81 (1) (157) Oil Feb 2023 Swap 57,500 Bbls $ 49.63 (1) (155) Oil Jan 2022 Swap 60,000 Bbls $ 52.96 (1) (176) Oil Feb 2022 Swap 60,000 Bbls $ 52.66 (1) (175) Oil March 2022 Swap 60,000 Bbls $ 52.27 (1) (176) Oil April 2022 Swap 47,500 Bbls $ 51.96 (1) (140) Oil May 2022 Swap 45,000 Bbls $ 51.72 (1) (131) Oil June 2022 Swap 45,000 Bbls $ 51.42 (1) (130) Oil July 2022 Swap 45,000 Bbls $ 51.13 (1) (129) Oil Aug 2022 Swap 45,000 Bbls $ 50.90 (1) (128) Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil Sep 2022 Swap 45,000 Bbls $ 50.66 (1) (127) Oil Oct 2022 Swap 45,000 Bbls $ 50.47 (1) (125) Oil Nov 2022 Swap 55,000 Bbls $ 50.26 (1) (153) Oil Dec 2022 Swap 55,000 Bbls $ 50.01 (1) (152) Oil Jan 2023 Swap 57,500 Bbls $ 49.79 (1) (158) Oil Feb 2023 Swap 57,500 Bbls $ 49.62 (1) (156) Natural Gas April 2021 - July 2021 Swap 120,000 MMBtus $ 2.51 (2) (66) Natural Gas Aug 2021 - Sept 2021 Swap 10,000 MMBtus $ 2.51 (2) (5) Natural Gas April 2021 - July 2021 Swap 120,000 MMBtus $ 2.51 (2) (69) Natural Gas Aug 2021 - Sept 2021 Swap 10,000 MMBtus $ 2.51 (2) (5) Natural Gas April 2021 - Oct 2021 Swap 400,000 MMBtus $ 2.51 (2) (514) Natural Gas Nov 2021 - Dec 2021 Swap 580,000 MMBtus $ 2.51 (2) (448) Natural Gas April 2021 - Nov 2021 Swap 70,000 MMBtus $ 2.36 (2) (197) Natural Gas Dec 2021 Swap 350,000 MMBtus $ 2.36 (2) (211) Natural Gas April 2021 - July 2021 Swap 350,000 MMBtus $ 2.96 (2) 436 Natural Gas Aug 2021 - Oct 2021 Swap 500,000 MMBtus $ 2.96 (2) 316 Natural Gas Nov 2021 Swap 450,000 MMBtus $ 2.96 (2) 58 Natural Gas Jan 2022 - March 2022 Swap 780,000 MMBtus $ 2.54 (2) (960) Natural Gas April 2022 - July 2022 Swap 650,000 MMBtus $ 2.52 (2) 100 Natural Gas Aug 2022 - Oct 2022 Swap 350,000 MMBtus $ 2.52 (2) 3 Natural Gas Jan 2022 - March 2022 Swap 250,000 MMBtus $ 3.15 (2) 148 Natural Gas April 2022 Swap 175,000 MMBtus $ 2.51 (2) 5 Natural Gas May 2022 - July 2022 Swap 150,000 MMBtus $ 2.51 (2) 18 Natural Gas Aug 2022 - Oct 2022 Swap 400,000 MMBtus $ 2.51 (2) 2 Natural Gas Nov 2022 - Feb 2023 Swap 750,000 MMBtus $ 2.72 (2) (105) Total net fair value of derivative instruments (in thousands) $ (11,569) Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil April 2021 - July 2021 Swap 12,000 Bbls $ 50.00 (1) (429) Oil Aug 2021 - Sept 2021 Swap 10,000 Bbls $ 50.00 (1) (157) Oil April 2021 - July 2021 Swap 62,000 Bbls $ 52.00 (1) (1,720) Oil Aug 2021 - Sept 2021 Swap 55,000 Bbls $ 52.00 (1) (642) Oil Oct 2021 - Dec 2021 Swap 64,000 Bbls $ 52.00 (1) (904) Oil April 2021 Swap 20,647 Bbls $ 55.78 (1) (70) Oil May 2021 Swap 20,563 Bbls $ 55.78 (1) (69) Oil June 2021 Swap 20,487 Bbls $ 55.78 (1) (65) Oil July 2021 Swap 20,412 Bbls $ 55.78 (1) (56) Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil Aug 2021 Swap 20,301 Bbls $ 55.78 (1) (47) Oil Sept 2021 Swap 20,228 Bbls $ 55.78 (1) (37) Oil Oct 2021 Swap 20,155 Bbls $ 55.78 (1) (27) Oil Nov 2021 Swap 20,084 Bbls $ 55.78 (1) (19) Oil Dec 2021 Swap 20,012 Bbls $ 55.78 (1) (9) Oil April 2021 Collar 20,647 Bbls $ - (1) (38) Oil May 2021 Collar 20,563 Bbls $ - (1) (48) Oil June 2021 Collar 20,487 Bbls $ - (1) (49) Oil July 2021 Collar 20,412 Bbls $ - (1) (45) Oil Aug 2021 Collar 20,301 Bbls $ - (1) (40) Oil Sept 2021 Collar 20,228 Bbls $ - (1) (33) Oil Oct 2021 Collar 20,155 Bbls $ - (1) (27) Oil Nov 2021 Collar 20,084 Bbls $ - (1) (20) Oil Dec 2021 Collar 20,012 Bbls $ - (1) (12) Oil April 2021 - Oct 2021 Swap 25,000 Bbls $ 54.77 (1) (630) Oil Nov 2021 - Dec 2021 Swap 15,000 Bbls $ 54.77 (1) (52) Oil April 2021 Swap 50,000 Bbls $ 63.13 (1) 198 Oil May 2021 Swap 50,000 Bbls $ 62.71 (1) 179 Oil June 2021 Swap 50,000 Bbls $ 62.17 (1) 162 Oil July 2021 Swap 50,000 Bbls $ 61.50 (1) 149 Oil Aug 2021 Swap 50,000 Bbls $ 60.94 (1) 143 Oil Sep 2021 Swap 50,000 Bbls $ 60.38 (1) 139 Oil Oct 2021 Swap 50,000 Bbls $ 59.89 (1) 137 Oil Nov 2021 Swap 50,000 Bbls $ 59.46 (1) 136 Oil Dec 2021 Swap 50,000 Bbls $ 59.01 (1) 136 Oil April 2022 - Oct 2022 Swap 25,000 Bbls $ 42.04 (1) (2,098) Oil Jan 2022 Swap 60,000 Bbls $ 52.94 (1) (177) Oil Feb 2022 Swap 60,000 Bbls $ 52.65 (1) (175) Oil March 2022 Swap 60,000 Bbls $ 52.29 (1) (175) Oil April 2022 Swap 47,500 Bbls $ 51.98 (1) (139) Oil May 2022 Swap 45,000 Bbls $ 51.71 (1) (131) Oil June 2022 Swap 45,000 Bbls $ 51.41 (1) (130) Oil July 2022 Swap 45,000 Bbls $ 51.13 (1) (129) Oil Aug 2022 Swap 45,000 Bbls $ 50.89 (1) (128) Oil Sep 2022 Swap 45,000 Bbls $ 50.65 (1) (127) Oil Oct 2022 Swap 45,000 Bbls $ 50.45 (1) (128) Oil Nov 2022 Swap 55,000 Bbls $ 50.26 (1) (153) Oil Dec 2022 Swap 55,000 Bbls $ 50.22 (1) (151) Oil Jan 2023 Swap 57,500 Bbls $ 49.81 (1) (157) Oil Feb 2023 Swap 57,500 Bbls $ 49.63 (1) (155) Oil Jan 2022 Swap 60,000 Bbls $ 52.96 (1) (176) Oil Feb 2022 Swap 60,000 Bbls $ 52.66 (1) (175) Oil March 2022 Swap 60,000 Bbls $ 52.27 (1) (176) Oil April 2022 Swap 47,500 Bbls $ 51.96 (1) (140) Oil May 2022 Swap 45,000 Bbls $ 51.72 (1) (131) Oil June 2022 Swap 45,000 Bbls $ 51.42 (1) (130) Oil July 2022 Swap 45,000 Bbls $ 51.13 (1) (129) Oil Aug 2022 Swap 45,000 Bbls $ 50.90 (1) (128) Commodity Period Derivative Volume/Month Price/Unit Fair Value Oil Sep 2022 Swap 45,000 Bbls $ 50.66 (1) (127) Oil Oct 2022 Swap 45,000 Bbls $ 50.47 (1) (125) Oil Nov 2022 Swap 55,000 Bbls $ 50.26 (1) (153) Oil Dec 2022 Swap 55,000 Bbls $ 50.01 (1) (152) Oil Jan 2023 Swap 57,500 Bbls $ 49.79 (1) (158) Oil Feb 2023 Swap 57,500 Bbls $ 49.62 (1) (156) Natural Gas April 2021 - July 2021 Swap 120,000 MMBtus $ 2.51 (2) (66) Natural Gas Aug 2021 - Sept 2021 Swap 10,000 MMBtus $ 2.51 (2) (5) Natural Gas April 2021 - July 2021 Swap 120,000 MMBtus $ 2.51 (2) (69) Natural Gas Aug 2021 - Sept 2021 Swap 10,000 MMBtus $ 2.51 (2) (5) Natural Gas April 2021 - Oct 2021 Swap 400,000 MMBtus $ 2.51 (2) (514) Natural Gas Nov 2021 - Dec 2021 Swap 580,000 MMBtus $ 2.51 (2) (448) Natural Gas April 2021 - Nov 2021 Swap 70,000 MMBtus $ 2.36 (2) (197) Natural Gas Dec 2021 Swap 350,000 MMBtus $ 2.36 (2) (211) Natural Gas April 2021 - July 2021 Swap 350,000 MMBtus $ 2.96 (2) 436 Natural Gas Aug 2021 - Oct 2021 Swap 500,000 MMBtus $ 2.96 (2) 316 Natural Gas Nov 2021 Swap 450,000 MMBtus $ 2.96 (2) 58 Natural Gas Jan 2022 - March 2022 Swap 780,000 MMBtus $ 2.54 (2) (960) Natural Gas April 2022 - July 2022 Swap 650,000 MMBtus $ 2.52 (2) 100 Natural Gas Aug 2022 - Oct 2022 Swap 350,000 MMBtus $ 2.52 (2) 3 Natural Gas Jan 2022 - March 2022 Swap 250,000 MMBtus $ 3.15 (2) 148 Natural Gas April 2022 Swap 175,000 MMBtus $ 2.51 (2) 5 Natural Gas May 2022 - July 2022 Swap 150,000 MMBtus $ 2.51 (2) 18 Natural Gas Aug 2022 - Oct 2022 Swap 400,000 MMBtus $ 2.51 (2) 2 Natural Gas Nov 2022 - Feb 2023 Swap 750,000 MMBtus $ 2.72 (2) (105) Total net fair value of derivative instruments (in thousands) $ (11,569) (1) Based on West Texas Intermediate oil prices. (2) Based on Henry Hub NYMEX natural gas prices.
Schedule Of Fair Value Of Commodity Derivatives	The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of March 31, 2021 (in thousands): Gross Netting (1) Total Assets $ 2,422 $ — $ 2,422 Liabilities $ (13,991) $ — $ (13,991) (1) Represents counterparty netting under agreements governing such derivatives. The following summarizes the fair value of commodity derivatives outstanding on a gross and net basis as of December 31, 2020 (in thousands): Gross Netting (1) Total Assets $ 3,493 $ — $ 3,493 Liabilities $ (2,965) $ — $ (2,965) (1) Represents counterparty netting under agreements governing such derivatives.
Schedule Of Derivative Contracts On Operations	The following table summarizes the effect of derivative contracts on the consolidated statements of operations for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Oil contracts $ (1,882) $ 2,797 Natural gas contracts (559) 2,511 Realized gain (loss) $ (2,441) $ 5,308 Oil contracts $ (13,786) $ 40,727 Natural gas contracts 147 664 Non-cash mark-to-market gain (loss) $ (13,639) $ 41,391 Gain (loss) on derivatives, net $ (16,080) $ 46,699

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases
Summary of balance sheet information related to the leases	7 . Leases During the three months ended March 31, 2021, the Company acquired several contracts in the Mid-Con Acquisition and the Silvertip Acquisition related to compressors, vehicle leases and office space with terms of twelve months or more, which qualify as operating or finance leases. The Company also entered into a new contract for its headquarters office in Fort Worth, Texas. As of March 31, 2021, the Company’s operating leases were for compressors and office space, and the Company’s finance leases were for vehicles, compressors and office equipment. The Company also has compressor contracts which are on a month-to-month basis, and while it is probable the contracts will be renewed on a monthly basis, the compressors can be easily substituted or cancelled by either party, with minimal penalties. Leases with these terms are not included on the Company’s balance sheet and are recognized on the consolidated statements of operations on a straight-line basis over the lease term. The following table summarizes the balance sheet information related to the Company’s leases as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Operating lease right of use asset (1) $ 3,920 $ 2,452 Operating lease liability - current (2) $ (2,703) $ (1,832) Operating lease liability - long-term (3) (1,101) (522) Total operating lease liability $ (3,804) $ (2,354) Financing lease right of use asset (1) $ 3,484 $ 2,996 Financing lease liability - current (2) $ (1,161) $ (940) Financing lease liability - long-term (3) (2,381) (2,102) Total financing lease liability $ (3,542) $ (3,042) (1) Included in “Right-of-use lease assets” on the consolidated balance sheet. (2) Included in “Accounts payable and accrued liabilities” on the consolidated balance sheet. (3) Included in “Lease liabilities” on the consolidated balance sheet.
Summary of weighted average remaining lease terms and weighted average discount rates	The table below presents the weighted average remaining lease terms and weighted average discount rates for the Company’s leases as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Weighted Average Remaining Lease Terms (in years): Operating leases Financing leases Weighted Average Discount Rate: Operating leases Financing leases
Summary of operating lease maturities	Maturities for the Company’s lease liabilities on the consolidated balance sheet as of March 31, 2021, were as follows (in thousands): March 31, 2021 Operating Leases Financing Leases 2021 (remaining after March 31, 2021) $ 2,846 $ 1,339 2022 843 1,206 2023 199 918 2024 110 428 2025 — 1 Total future minimum lease payments 3,998 3,892 Less: imputed interest (194) (350) Present value of lease liabilities $ 3,804 $ 3,542
Summary of finance lease maturities	March 31, 2021 Operating Leases Financing Leases 2021 (remaining after March 31, 2021) $ 2,846 $ 1,339 2022 843 1,206 2023 199 918 2024 110 428 2025 — 1 Total future minimum lease payments 3,998 3,892 Less: imputed interest (194) (350) Present value of lease liabilities $ 3,804 $ 3,542
Summary of lease costs	March 31, 2021 Operating Leases Financing Leases 2021 (remaining after March 31, 2021) $ 2,846 $ 1,339 2022 843 1,206 2023 199 918 2024 110 428 2025 — 1 Total future minimum lease payments 3,998 3,892 Less: imputed interest (194) (350) Present value of lease liabilities $ 3,804 $ 3,542 The following table summarizes expenses related to the Company’s leases for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Operating lease cost (1) (2) $ 933 $ 687 Financing lease cost - amortization of right-of-use assets 279 135 Financing lease cost - interest on lease liabilities 53 24 Administrative lease cost (3) 19 19 Short-term lease cost (1) (4) 518 437 Total lease cost $ 1,802 $ 1,302 (1) This total does not reflect amounts that may be reimbursed by other third parties in the normal course of business, such as non-operating working interest owners. (2) Costs related to office leases and compressors with lease terms of twelve months or more. (3) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (4) Costs related primarily to generators and compressor agreements with lease terms of more than one month and less than one year.

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
	Mar. 31, 2021
Other Financial Information [Abstract]
Schedule Of Additional Financial Details	The following table provides additional detail for accounts receivable, prepaid expenses and accounts payable and accrued liabilities which are presented on the consolidated balance sheets (in thousands): March 31, 2021 December 31, 2020 Accounts receivable: Trade receivables (1) $ 39,714 $ 20,306 Receivable for Alta Resources distribution 1,712 1,712 Joint interest billings 13,956 15,637 Income taxes receivable 268 268 Other receivables 950 2,209 Allowance for doubtful accounts (2,270) (2,270) Total accounts receivable $ 54,330 $ 37,862 Prepaid expenses: Prepaid insurance $ 3,051 $ 2,825 Other (2) 727 535 Total prepaid expenses $ 3,778 $ 3,360 Accounts payable and accrued liabilities: Royalties and revenue payable (1) $ 35,000 $ 23,701 Legal suspense related to revenues (3) 29,433 27,983 Advances from partners 159 76 Accrued exploration and development 240 490 Trade payables (1) 21,429 14,273 Accrued general and administrative expenses 5,512 6,191 Accrued operating expenses (1) 10,264 5,755 Accrued operating and finance leases 3,863 2,772 Other accounts payable and accrued liabilities 3,923 2,729 Total accounts payable and accrued liabilities $ 109,823 $ 83,970 (1) Increase in 2021 primarily due to the Mid-Con Acquisition and the Silvertip Acquisition. (2) Other prepaids primarily includes software licenses. (3) Suspended revenues primarily relate to amounts for which there is some question as to valid ownership, unknown addresses of payees or some other payment dispute.
Schedule Of Supplemental Disclosures	Included in the table below are supplemental cash flow disclosures and non-cash investing activities during the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Cash payments: Interest payments $ 808 $ 1,267 Income tax payments $ (60) $ (7) Non-cash investing activities in the consolidated statements of cash flows: Increase (decrease) in accrued capital expenditures $ 158 $ (4,676)

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Taxes [Abstract]
Components Of Income Tax Provision	The Company’s income tax provision for continuing operations consists of the following (in thousands): Three Months Ended March 31, 2021 2020 Current tax provision: Federal $ — $ 275 State 539 119 Total $ 539 $ 394 Total tax provision: Federal $ — $ 275 State 119 Total income tax provision: $ $ 394

Organization and Business (Deta

Organization and Business (Details) $ in Thousands	Feb. 01, 2021USD ($)	Jan. 21, 2021USD ($)shares	Nov. 27, 2020USD ($)	Mar. 31, 2021USD ($)aitem	Mar. 31, 2020USD ($)	Feb. 01, 2021USD ($)	Dec. 31, 2020USD ($)	May 03, 2021USD ($)	Jan. 20, 2021USD ($)	Sep. 17, 2020USD ($)
Number of wells | item				18
Gross acres | a				16,200
Net acres | a				7,500
Exploration and development expenditures				$ 1,862	$ 9,492
Wells to be drilled, net | item				1.5
Wells to be drilled, gross | item				3
Minimum [Member]
Capital expenditure budget				$ 24,000			$ 13,000
Maximum [Member]
Capital expenditure budget				27,000			$ 16,000
JPMorgan Chase Bank [Member]
Borrowing capacity		$ 130,000		120,000					$ 75,000	$ 65,000
Periodic borrowing base reduction		$ 10,000		10,000
JPMorgan Chase Bank [Member] | Subsequent Event [Member]
Borrowing capacity								$ 250,000
Mid-Con [Member]
Mid-Con acquisition (in shares) | shares		25,409,164
Cash consideration for acquisition		$ 14,520
Silvertip Acquisition [Member]
Initial purchase price	$ 58,000		$ 58,000
Cash consideration for acquisition	$ 53,261					$ 53,200
Midcontinent Region [Member]
Exploration and development expenditures				$ 1,600

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2021
Policies
Term of contract	1 year
Minimum [Member]
Policies
Period settlement statements are received	30 days
Maximum [Member]
Policies
Period settlement statements are received	90 days

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Significant Accounting Policies [Line Items]
Impairment of oil and natural gas properties	$ 0	$ 145,878
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	42,518	366,749
Restricted assets, percent of net assets	25.00%
Proved property [Member]
Significant Accounting Policies [Line Items]
Impairment of oil and natural gas properties		$ 143,300
Unproved property [Member]
Significant Accounting Policies [Line Items]
Impairment of oil and natural gas properties	$ 0	$ 2,600

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Feb. 01, 2021	Jan. 21, 2021	Nov. 27, 2020	Mar. 31, 2021	Mar. 31, 2020
Acquisition
Acquisition deposit				$ (7,038)	$ 7,219
Mid-Con [Member]
Acquisition
Right to receive shares (in shares)		1.75
Mid-Con acquisition (in shares)		25,409,164
Mid-Con [Member] | Mid-Con [Member] | John C Goff [Member]
Acquisition
Equity method investment, ownership percentage		56.40%
Silvertip Acquisition [Member]
Acquisition
Acquisition deposit			$ 7,000
Remaining cash payment	$ 46,200

Acquisitions - Consideration (D

Acquisitions - Consideration (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 01, 2021	Jan. 21, 2021	Nov. 27, 2020	Feb. 01, 2021
Mid-Con [Member]
Consideration:
Cash		$ 14,520
Exchange ratio of Contango shares for Mid-Con common units (in shares)		1.75
Contango common stock to be issued to Mid-Con unitholders (in shares)		25,409,164
Issue price (in dollars per share)		$ 3.13
Stock consideration (in dollars)		$ 79,530
Payment of revolving credit facility		68,667
Total consideration		148,197
Liabilities Assumed:
Accounts payable		8,892
Asset retirement obligations		28,252
Total liabilities assumed		37,144
Assets Acquired:
Cash and cash equivalents		3,110
Accounts receivable		5,191
Current derivative asset		1,544
Prepaid expenses		225
Proved oil and natural gas properties		173,878
Other property and equipment		243
Other non-current assets		1,150
Total assets acquired		$ 185,341
Silvertip Acquisition [Member]
Consideration:
Initial purchase price	$ 58,000		$ 58,000
Cash	53,261			$ 53,200
Closing adjustments	(4,739)
Total consideration	53,370
Acquisition transaction costs	109			109
Liabilities Assumed:
Accounts payable	423			423
Lease liabilities	1,014			1,014
Asset retirement obligations	32,367			32,367
Total liabilities assumed	33,804			33,804
Assets Acquired:
Proved oil and natural gas properties	86,160			86,160
Right-of-use lease assets	1,014			1,014
Total assets acquired	$ 87,174			$ 87,174

Acquisitions - Pro Forma (Detai

Acquisitions - Pro Forma (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / shares
Pro forma information
Revenue | $	$ 202,442
Net loss | $	$ (191,975)
Basic earnings per share (in dollars per share) | $ / shares	$ (0.97)
Diluted earnings per share (in dollars per share) | $ / shares	$ (0.97)

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Thousands	Mar. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - assets	$ 2,422
Commodity price contracts - liabilities	13,991
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity price contracts - assets	2,422
Commodity price contracts - liabilities	$ 13,991

Derivative Instruments - Deriva

Derivative Instruments - Derivative Contracts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)itemMMBblsBcf$ / item$ / bbl$ / MMBTU
Derivative [Line Items]
Fair Value | $	$ (11,569)
Swap [Member]
Derivative [Line Items]
Percentage of hedge	97.00%
Oil [Member] | Derivative Contract Period 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | MMBbls	1.6
Average floor price | $ / bbl	55.16
Oil [Member] | Derivative Contract Period 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | MMBbls	1.4
Average floor price | $ / bbl	50.24
Oil [Member] | Collar Options [Member] | Derivative Contract Period April 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,647
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (38)
Oil [Member] | Collar Options [Member] | Derivative Contract Period May 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,563
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (48)
Oil [Member] | Collar Options [Member] | Derivative Contract Period June 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,487
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (49)
Oil [Member] | Collar Options [Member] | Derivative Contract Period July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,412
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (45)
Oil [Member] | Collar Options [Member] | Derivative Contract Period August 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,301
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (40)
Oil [Member] | Collar Options [Member] | Derivative Contract Period September 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,228
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (33)
Oil [Member] | Collar Options [Member] | Derivative Contract Period October 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,155
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (27)
Oil [Member] | Collar Options [Member] | Derivative Contract Period November 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,084
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (20)
Oil [Member] | Collar Options [Member] | Derivative Contract Period December 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,012
Price/Unit-Swap	58.80
Price/Unit-Floor	52
Fair Value | $	$ (12)
Oil [Member] | Swap [Member] | Derivative Contract Period April 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,647
Price/Unit-Swap	55.78
Fair Value | $	$ (70)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period April 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	63.13
Fair Value | $	$ 198
Oil [Member] | Swap [Member] | Derivative Contract Period April to July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	12,000
Price/Unit-Swap	50
Fair Value | $	$ (429)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period April to July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	62,000
Price/Unit-Swap	52
Fair Value | $	$ (1,720)
Oil [Member] | Swap [Member] | Derivative Contract Period April to October 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	25,000
Price/Unit-Swap	54.77
Fair Value | $	$ (630)
Oil [Member] | Swap [Member] | Derivative Contract Period May 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,563
Price/Unit-Swap	55.78
Fair Value | $	$ (69)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period May 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	62.71
Fair Value | $	$ 179
Oil [Member] | Swap [Member] | Derivative Contract Period June 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,487
Price/Unit-Swap	55.78
Fair Value | $	$ (65)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period June 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	62.17
Fair Value | $	$ 162
Oil [Member] | Swap [Member] | Derivative Contract Period July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,412
Price/Unit-Swap	55.78
Fair Value | $	$ (56)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	61.50
Fair Value | $	$ 149
Oil [Member] | Swap [Member] | Derivative Contract Period August 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,301
Price/Unit-Swap	55.78
Fair Value | $	$ (47)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period August 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	60.94
Fair Value | $	$ 143
Oil [Member] | Swap [Member] | Derivative Contract Period August to September 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	10,000
Price/Unit-Swap	50
Fair Value | $	$ (157)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period August to September 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	55,000
Price/Unit-Swap	52
Fair Value | $	$ (642)
Oil [Member] | Swap [Member] | Derivative Contract Period September 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,228
Price/Unit-Swap	55.78
Fair Value | $	$ (37)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period September 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	60.38
Fair Value | $	$ 139
Oil [Member] | Swap [Member] | Derivative Contract Period October 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,155
Price/Unit-Swap	55.78
Fair Value | $	$ (27)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period October 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	59.89
Fair Value | $	$ 137
Oil [Member] | Swap [Member] | Derivative Contract Period October to December 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	64,000
Price/Unit-Swap	52
Fair Value | $	$ (904)
Oil [Member] | Swap [Member] | Derivative Contract Period November 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,084
Price/Unit-Swap	55.78
Fair Value | $	$ (19)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period November 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	59.46
Fair Value | $	$ 136
Oil [Member] | Swap [Member] | Derivative Contract Period November to December 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	15,000
Price/Unit-Swap	54.77
Fair Value | $	$ (52)
Oil [Member] | Swap [Member] | Derivative Contract Period December 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	20,012
Price/Unit-Swap	55.78
Fair Value | $	$ (9)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period December 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	50,000
Price/Unit-Swap	59.01
Fair Value | $	$ 136
Oil [Member] | Swap [Member] | Derivative Contract Period January 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	60,000
Price/Unit-Swap	52.94
Fair Value | $	$ (177)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period January 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	60,000
Price/Unit-Swap	52.96
Fair Value | $	$ (176)
Oil [Member] | Swap [Member] | Derivative Contract Period February 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	60,000
Price/Unit-Swap	52.65
Fair Value | $	$ (175)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period February 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	60,000
Price/Unit-Swap	52.66
Fair Value | $	$ (175)
Oil [Member] | Swap [Member] | Derivative Contract Period March 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	60,000
Price/Unit-Swap	52.29
Fair Value | $	$ (175)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period March 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	60,000
Price/Unit-Swap	52.27
Fair Value | $	$ (176)
Oil [Member] | Swap [Member] | Derivative Contract Period April 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	47,500
Price/Unit-Swap	51.98
Fair Value | $	$ (139)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period April 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	47,500
Price/Unit-Swap	51.96
Fair Value | $	$ (140)
Oil [Member] | Swap [Member] | Derivative Contract Period April To October 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	25,000
Price/Unit-Swap	42.04
Fair Value | $	$ (2,098)
Oil [Member] | Swap [Member] | Derivative Contract Period May 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	51.71
Fair Value | $	$ (131)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period May 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	51.72
Fair Value | $	$ (131)
Oil [Member] | Swap [Member] | Derivative Contract Period June 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	51.41
Fair Value | $	$ (130)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period June 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	51.42
Fair Value | $	$ (130)
Oil [Member] | Swap [Member] | Derivative Contract Period July 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	51.13
Fair Value | $	$ (129)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period July 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	51.13
Fair Value | $	$ (129)
Oil [Member] | Swap [Member] | Derivative Contract Period August 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	50.89
Fair Value | $	$ (128)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period August 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	50.90
Fair Value | $	$ (128)
Oil [Member] | Swap [Member] | Derivative Contract Period September 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	50.65
Fair Value | $	$ (127)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period September 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	50.66
Fair Value | $	$ (127)
Oil [Member] | Swap [Member] | Derivative Contract Period October 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	50.45
Fair Value | $	$ (128)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period October 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	45,000
Price/Unit-Swap	50.47
Fair Value | $	$ (125)
Oil [Member] | Swap [Member] | Derivative Contract Period November 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	55,000
Price/Unit-Swap	50.26
Fair Value | $	$ (153)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period November 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	55,000
Price/Unit-Swap	50.26
Fair Value | $	$ (153)
Oil [Member] | Swap [Member] | Derivative Contract Period December 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	55,000
Price/Unit-Swap	50.22
Fair Value | $	$ (151)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period December 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	55,000
Price/Unit-Swap	50.01
Fair Value | $	$ (152)
Oil [Member] | Swap [Member] | Derivative Contract Period January 2023 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	57,500
Price/Unit-Swap	49.81
Fair Value | $	$ (157)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period January 2023 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	57,500
Price/Unit-Swap	49.79
Fair Value | $	$ (158)
Oil [Member] | Swap [Member] | Derivative Contract Period February 2023 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	57,500
Price/Unit-Swap	49.63
Fair Value | $	$ (155)
Oil [Member] | Swap [Member] | Derivative Contract 2 Period February 2023 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	57,500
Price/Unit-Swap	49.62
Fair Value | $	$ (156)
Natural Gas [Member] | Derivative Contract Period 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | Bcf	9.2
Average floor price | $ / MMBTU	2.66
Natural Gas [Member] | Derivative Contract Period 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | Bcf	10.1
Average floor price | $ / MMBTU	2.60
Natural Gas [Member] | Swap [Member] | Derivative Contract Period April to July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	120,000
Price/Unit-Swap	2.51
Fair Value | $	$ (66)
Natural Gas [Member] | Swap [Member] | Derivative Contract 2 Period April to July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	120,000
Price/Unit-Swap	2.51
Fair Value | $	$ (69)
Natural Gas [Member] | Swap [Member] | Derivative Contract 3 Period April To July 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	350,000
Price/Unit-Swap	2.96
Fair Value | $	$ 436
Natural Gas [Member] | Swap [Member] | Derivative Contract Period April to October 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	400,000
Price/Unit-Swap	2.51
Fair Value | $	$ (514)
Natural Gas [Member] | Swap [Member] | Derivative Contract Period April to November 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	70,000
Price/Unit-Swap	2.36
Fair Value | $	$ (197)
Natural Gas [Member] | Swap [Member] | Derivative Contract Period August to September 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	10,000
Price/Unit-Swap	2.51
Fair Value | $	$ (5)
Natural Gas [Member] | Swap [Member] | Derivative Contract 2 Period August to September 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	10,000
Price/Unit-Swap	2.51
Fair Value | $	$ (5)
Natural Gas [Member] | Swap [Member] | Derivative Contract Period August to October 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	500,000
Price/Unit-Swap	2.96
Fair Value | $	$ 316
Natural Gas [Member] | Swap [Member] | Derivative Contract Period November 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	450,000
Price/Unit-Swap	2.96
Fair Value | $	$ 58
Natural Gas [Member] | Swap [Member] | Derivative Contract Period November to December 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	580,000
Price/Unit-Swap	2.51
Fair Value | $	$ (448)
Natural Gas [Member] | Swap [Member] | Derivative Contract Period December 2021 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	350,000
Price/Unit-Swap	2.36
Fair Value | $	$ (211)
Natural Gas [Member] | Swap [Member] | Derivative Contract Period January to March 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	780,000
Price/Unit-Swap	2.54
Fair Value | $	$ (960)
Natural Gas [Member] | Swap [Member] | Derivative Contract 2 Period January To March 2022 Member
Derivative [Line Items]
Commodity Derivative Flow Rate | item	250,000
Price/Unit-Swap	3.15
Fair Value | $	$ 148
Natural Gas [Member] | Swap [Member] | Derivative Contract Period April 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	175,000
Price/Unit-Swap	2.51
Fair Value | $	$ 5
Natural Gas [Member] | Swap [Member] | Derivative Contract Period April To July 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	650,000
Price/Unit-Swap	2.52
Fair Value | $	$ 100
Natural Gas [Member] | Swap [Member] | Derivative Contract Period May To July 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	150,000
Price/Unit-Swap	2.51
Fair Value | $	$ 18
Natural Gas [Member] | Swap [Member] | Derivative Contract Period August to October 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	350,000
Price/Unit-Swap	2.52
Fair Value | $	$ 3
Natural Gas [Member] | Swap [Member] | Derivative Contract Period August To October 2022 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	400,000
Price/Unit-Swap	2.51
Fair Value | $	$ 2
Natural Gas [Member] | Swap [Member] | Derivative Contract November 2022 Period to February 2023 [Member]
Derivative [Line Items]
Commodity Derivative Flow Rate | item	750,000
Price/Unit-Swap	2.72
Fair Value | $	$ (105)

Derivative Instruments - Fair V

Derivative Instruments - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Total	$ 2,422
Liabilities:
Total	(13,991)
Commodity Derivatives [Member]
Assets
Gross	2,422	$ 3,493
Total	2,422	3,493
Liabilities:
Gross	(13,991)	(2,965)
Total	$ (13,991)	$ (2,965)

Derivative Instruments - Operat

Derivative Instruments - Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	$ (2,441)	$ 5,308
Non-cash mark-to-market gain (loss)	(13,639)	41,391
Gain (loss) on derivatives, net	(16,080)	46,699
Oil [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(1,882)	2,797
Non-cash mark-to-market gain (loss)	(13,786)	40,727
Natural Gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss)	(559)	2,511
Non-cash mark-to-market gain (loss)	$ 147	$ 664

Stock Based Compensation - NonO

Stock Based Compensation - NonOptions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	May 31, 2021	Jan. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation
Shares available for grant			6,200,000
Restricted Stock [Member]
Activity, shares
Granted (in shares)	1,413,189			0
Canceled/Forfeited (in shares)			0	0
Activity, weighted average fair value
Granted (in dollars per share)			$ 2.91
Stock-based compensation
Vesting period	3 years
Value of issued stock			$ 0.1
Stock-based compensation expense			0.5	$ 0.2
Compensation expense not yet recognized			$ 1.9
Remaining period to recognize compensation expense			2 years
Restricted Stock [Member] | Board of Directors [Member]
Activity, shares
Granted (in shares)			37,041
Performance Stock Units [Member]
Activity, shares
Granted (in shares)	1,772,066	77,485	0	0
Canceled/Forfeited (in shares)			0	0
Stock-based compensation
Vesting period			3 years
Stock-based compensation expense			$ 1.3	$ 0.1
Compensation expense not yet recognized			$ 10.5
Remaining period to recognize compensation expense			2 years 1 month 6 days
Target (as a percent)			100.00%
Withheld for taxes (in shares)		22,972
Performance Stock Units [Member] | Minimum [Member]
Stock-based compensation
Target (as a percent)			0.00%
Performance Stock Units [Member] | Maximum [Member]
Stock-based compensation
Target (as a percent)			300.00%

Stock Based Compensation - Opti

Stock Based Compensation - Options (Details) - Employee Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Option roll forward
Stock options granted in period (in shares)	0	0
Exercise of stock options, shares	0	0
Expired / Forfeited (in shares)	(19,268)	(329)
Exercisable, end of year (in shares)	579
Stock-based compensation
Options exercise price, minimum (in dollars per share)	$ 35
Options exercise price, maximum (in dollars per share)	$ 38.98
Granted vested options, remaining contractual term	1 year
Excess tax benefit from exercise/cancellation of stock options	$ 0	$ 0

Leases - Balance sheet (Details

Leases - Balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Balance sheet information
Operating lease right of use asset	$ 3,920	$ 2,452
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Right-of-use lease assets	Right-of-use lease assets
Operating lease liability - current	$ (2,703)	$ (1,832)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Operating lease liability - long-term	$ (1,101)	$ (522)
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities
Total operating lease liability	$ (3,804)	$ (2,354)
Financing lease right of use asset	$ 3,484	$ 2,996
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Right-of-use lease assets	Right-of-use lease assets
Financing lease liability - current	$ (1,161)	$ (940)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Financing lease liability - long-term	$ (2,381)	$ (2,102)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities
Total financing lease liability	$ (3,542)	$ (3,042)

Leases - Lease Terms and Discou

Leases - Lease Terms and Discount (Details)	Mar. 31, 2021	Dec. 31, 2020
Leases
Weighted Average Remaining Lease Terms-Operating leases	1 year 8 months 1 day	1 year 5 months 19 days
Weighted Average Remaining Lease Terms-Financing leases	2 years 11 months 16 days	3 years 2 months 27 days
Weighted Average Discount Rate: Operating leases	5.94%	5.72%
Weighted Average Discount Rate: Financing leases	5.94%	5.92%

Leases - Future Maturities (Det

Leases - Future Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating lease maturities
2021 (remaining after March 31, 2021)	$ 2,846
2022	843
2023	199
2024	110
Total operating lease liability	3,998
Less: imputed interest	(194)
Present value of lease liabilities	3,804	$ 2,354
Finance lease maturities
2021 (remaining after March 31, 2021)	1,339
2022	1,206
2023	918
2024	428
2025	1
Total financing lease liability	3,892
Less: imputed interest	(350)
Present value of lease liabilities	$ 3,542	$ 3,042

Leases - Costs (Details)

Leases - Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases
Operating lease cost	$ 933	$ 687
Financing lease cost - amortization of right-of-use assets	279	135
Financing lease cost - interest on lease liabilities	53	24
Administrative lease cost	19	19
Short-term lease cost	518	437
Total lease cost	1,802	1,302
Cash payments relating to operating leases	1,000	700
Cash payments relating to finance leases	$ 300	$ 200

Other Financial Information - B

Other Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts receivable:
Trade receivables	$ 39,714	$ 20,306
Receivable for Alta Resources distribution	1,712	1,712
Joint interest billings	13,956	15,637
Income taxes receivable	268	268
Other receivables	950	2,209
Allowance for doubtful accounts	(2,270)	(2,270)
Total accounts receivable	54,330	37,862
Prepaid Expenses
Prepaid insurance	3,051	2,825
Other	727	535
Total prepaid expenses	3,778	3,360
Accounts payable and accrued liabilities:
Royalties and revenue payable	35,000	23,701
Legal suspense related to revenues	29,433	27,983
Advances from partners	159	76
Accrued exploration and development	240	490
Trade payables	21,429	14,273
Accrued general and administrative expenses	5,512	6,191
Accrued operating expenses	10,264	5,755
Accrued operating and finance leases	3,863	2,772
Other accounts payable and accrued liabilities	3,923	2,729
Total accounts payable and accrued liabilities	$ 109,823	$ 83,970

Other Financial Information - C

Other Financial Information - Cash Flow (Details) - USD ($) $ in Thousands	Jan. 21, 2021	Mar. 31, 2021	Mar. 31, 2020
Cash payments:
Interest payments		$ 808	$ 1,267
Income tax payments		(60)	(7)
Non-cash investing activities in the consolidated statements of cash flows:
Increase (decrease) in accrued capital expenditures		$ 158	$ (4,676)
Mid-Con [Member]
Non-cash investing activities in the consolidated statements of cash flows:
Contango common stock to be issued to Mid-Con unitholders (in shares)	25,409,164

Investment in Exaro Energy II_2

Investment in Exaro Energy III LLC (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Schedule of Equity Method Investments Financials
Gain from investment in affiliates, net of income taxes	$ 286
Exaro Energy III LLC [Member]
Schedule of Equity Method Investments Financials
Equity method investment, ownership percentage		37.00%
Share of equity in investment		$ 6,800
Gain from investment in affiliates, net of income taxes	300
Tax (expense) benefit from equity investment	$ 0

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands	May 03, 2021USD ($)	Jan. 21, 2021USD ($)	Jun. 09, 2020USD ($)	Apr. 10, 2020USD ($)	Nov. 01, 2019USD ($)	Sep. 17, 2019USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Jan. 20, 2021USD ($)	Sep. 17, 2020USD ($)
Debt Instrument [Line Items]
Debt issuance costs incurred							$ 888
Amortization of debt issuance costs							178		$ 177
Interest expense							1,197		1,213
Paycheck Protection Program, CARES Act [Member]
Debt Instrument [Line Items]
Original term of loan				2 years
Loan amount				$ 3,400
Stated interest rate (as a percent)				1.00%
JPMorgan Chase Bank [Member]
Debt Instrument [Line Items]
Borrowing capacity		$ 130,000					120,000			$ 75,000	$ 65,000
Applicable margin rate increase (decrease) (as a percent)		0.25%
Periodic borrowing base reduction		$ 10,000					10,000
Credit facility amount outstanding							98,600	$ 9,000
Letters of credit amount outstanding							2,900	1,900
Line of credit, available							18,500
Hedging requirement percentage		75.00%
Debt issuance costs incurred		$ 1,000	$ 0		$ 1,600	$ 1,800		$ 100
Original term of loan						5 years
Amortization of debt issuance costs							200
Remaining balance debt issue costs							2,500
Interest expense							$ 1,200		$ 1,200
Weighted average interest rate (as a percent)							3.90%	2.90%
Current ratio, minimum						1
Leverage ratio, maximum						3.5
Maximum cash balance			$ 5,000
JPMorgan Chase Bank [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Borrowing capacity	$ 250,000
Credit facility amount outstanding	86,700
Letters of credit amount outstanding	2,900
Line of credit, available	160,400
Debt issuance costs incurred	$ 1,400
Current ratio, minimum	1
Leverage ratio, maximum	3.25

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Current tax provision:
Federal		$ 275
State	$ 539	119
Total	539	394
Total tax provision:
Federal		275
State	539	119
Income tax provision	$ 539	$ 394

Income Taxes - (Details)

Income Taxes - (Details) $ in Millions	Mar. 31, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Annual carryover limitation	$ 0.7
Federal [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance	139.7
Operating loss carryforwards	407.9
State [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance	6.1
Operating loss carryforwards	$ 26.5

Commitments and Contingencies (

Commitments and Contingencies (Details) - Litigation Case Harris County [Member] $ in Millions	3 Months Ended
	Sep. 30, 2019USD ($)
Loss Contingency
Loss contingency provision accrual increase	$ 2.1
Accounts payable	$ 1.1

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	May 03, 2021USD ($)	Jan. 21, 2021USD ($)	Jun. 09, 2020USD ($)	Nov. 01, 2019USD ($)	Sep. 17, 2019USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 20, 2021USD ($)	Sep. 17, 2020USD ($)
Subsequent Event [Line Items]
Debt issuance costs incurred						$ 888
JPMorgan Chase Bank [Member]
Subsequent Event [Line Items]
Borrowing capacity		$ 130,000				120,000		$ 75,000	$ 65,000
Current ratio, minimum					1
Leverage ratio, maximum					3.5
Debt issuance costs incurred		$ 1,000	$ 0	$ 1,600	$ 1,800		$ 100
Credit facility amount outstanding						98,600	9,000
Letters of credit amount outstanding						2,900	$ 1,900
Line of credit, available						$ 18,500
Subsequent Event [Member] | JPMorgan Chase Bank [Member]
Subsequent Event [Line Items]
Borrowing capacity	$ 250,000
Current ratio, minimum	1
Leverage ratio, maximum	3.25
Debt issuance costs incurred	$ 1,400
Credit facility amount outstanding	86,700
Letters of credit amount outstanding	2,900
Line of credit, available	$ 160,400