American Eagle Energy 10-Q 8 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	7-May-14
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	AMERICAN EAGLE ENERGY Corp
Entity Central Index Key	1282613
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Trading Symbol	AMZG
Entity Common Stock, Shares Outstanding		30,448,714

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash	$20,156	$25,888
Trade receivables	8,918	9,466
Income tax receivable	0	25
Prepaid expenses	368	128
Total current assets	29,442	35,507
Equipment and leasehold improvements, net of accumulated depreciation and amortization of $530 and $490, respectively	174	210
Oil and gas properties, full-cost method - subject to amortization, net of accumulated depletion of $40,855 and $35,332, respectively	174,994	226,918
Marketable securities	741	756
Other assets	6,531	7,543
Total assets	211,882	270,934
Current liabilities:
Accounts payable and accrued liabilities	40,310	49,065
Bonds payable, net of discount of $1,451 and $1,532, respectively (Note 9)	173,549	173,467
Total current liabilities	213,859	222,532
Asset retirement obligation	1,358	1,428
Total liabilities	215,217	223,960
Stockholders’ equity (deficit):
Common stock, $.001 par value, 48,611 shares authorized and 30,449 shares outstanding	30	30
Additional paid-in capital	147,639	147,275
Accumulated deficit	-151,004	-100,331
Total stockholders’ equity	-3,335	46,974
Total liabilities and stockholders’ equity	$211,882	$270,934

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets [Parenthetical] (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
Equipment and leasehold improvements, accumulated depreciation and amortization	$530	$490
Oil and gas properties - subject to amortization, accumulated depletion	40,855	35,332
Discount on bonds payable	$1,451	$1,532
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	48,611	48,611
Common stock, shares outstanding (in shares)	30,449	30,449

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Oil and gas revenues	$6,874	$12,545
Operating expenses:
Oil and gas production costs	3,574	3,653
General and administrative expenses	2,357	2,017
Depletion, depreciation and amortization	5,562	3,636
Impairment of oil and gas properties	40,028	0
Total operating expenses	51,521	9,306
Total operating income (loss)	-44,647	3,239
Other income (expense)
Interest and dividend income	0	17
Interest expense	-5,992	-3,215
Realized gains on derivatives	0	116
Change in fair value of derivatives	0	-1,823
Change in fair value of marketable securities	-15	0
Total other income (expense)	-6,007	-4,905
Loss before taxes	-50,654	-1,666
Income tax expense (benefit)	19	-638
Net loss	-50,673	-1,028
Net loss per common share:
Basic (in dollars per share)	($1.66)	($0.06)
Diluted (in dollars per share)	($1.66)	($0.06)
Weighted average number of shares outstanding:
Basic (in shares)	30,449	18,557
Diluted (in shares)	30,449	18,557
Net loss	-50,673	-1,028
Other comprehensive income (loss):
Unrealized losses on securities, net of tax	0	-43
Foreign currency translation adjustments	0	156
Comprehensive loss	($50,673)	($915)

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows provided by (used in) operating activities:
Net loss	($50,673)	($1,028)
Non-cash transactions:
Stock-based compensation	364	454
Depletion, depreciation and amortization	5,562	3,636
Accretion of discount on asset retirement obligation	15	22
Amortization of deferred financing costs	1,097	380
Amortization of bond discount	82	0
Provision for deferred income tax benefit	0	-631
Impairment of oil and gas properties	40,028	0
Change in fair value of derivatives	0	1,823
Change in fair value of marketable securities	15	0
Changes in operating assets and liabilities:
Income taxes receivable	25	-25
Trade receivables	-1,698	4,375
Prepaid expense	-240	-146
Accounts payable and accrued liabilities	1,250	-1,476
Net cash provided by (used in) operating activities	-4,173	7,384
Cash flows used in investing activities:
Additions to oil and gas properties	-10,958	-67,350
Proceeds from sale of oil and gas properties	9,488	0
Additions to equipment and leasehold improvements	-4	-82
Purchases of marketable securities	0	-9
Net cash used in investing activities	-1,474	-67,441
Cash flows provided by (used in) financing activities:
Proceeds from issuance of stock	0	78,299
Payment of deferred restructuring costs	-85	0
Net cash provided by (used in) financing activities	-85	78,299
Effect of exchange rate changes on cash	0	-11
Net change in cash	-5,732	18,231
Cash - beginning of period	25,888	31,850
Cash - end of period	$20,156	$50,081

Description_of_Business

Description of Business	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]		1	Description of Business
	American Eagle Energy Corporation (the “Company”) was incorporated in the state of Nevada in March 2003 under the name Golden Hope Resources Corp. In July 2005, the Company changed its name to Eternal Energy Corp. In December 2011, the Company changed its name to American Eagle Energy Corporation, in connection with its acquisition of, and merger with, American Eagle Energy Inc.
	The Company engages in the acquisition, exploration and development of oil and gas properties, and is primarily focused on extracting proved oil reserves from those properties. As of March 31, 2015, the Company had entered into participation agreements related to oil and gas exploration and development projects in the Spyglass Area, located in Divide County, North Dakota, and Sheridan County, Montana. In addition, the Company owns working interests in mineral leases located in Richland, Roosevelt and Toole Counties in Montana.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2	Summary of Significant Accounting Policies
	Interim Financial Information
	The unaudited condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles for interim financial statements in accordance with Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation have been included. Operating results for the three-month periods ended March 31, 2015 and 2014 are not necessarily indicative of results that may be expected for the year ended December 31, 2015. The condensed, consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2014.
	The December 31, 2014 condensed consolidated balance sheet was derived from audited financial statements. The auditor’s opinion that accompanied the December 31, 2014 consolidated financial statements contained an explanatory paragraph regarding the Company’s ability to continue as a going concern.
	Basis of Presentation
	The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, AMZG, Inc., EERG Energy ULC (Canadian) and AEE Canada Inc. (Canadian). All material intercompany accounts, transactions and profits have been eliminated.

Going_Concern

Going Concern	3 Months Ended
	Mar. 31, 2015
Going Concern [Abstract]
Going Concern [Text Block]		3	Going Concern
	As of March 31, 2015, the Company has a working capital deficit of approximately $184.4 million, which includes the classification of the Company’s Bonds as current liabilities (See Note 9). In addition, the Company is in default under the terms of the Indenture related to its outstanding Bonds, as a result of paying only a portion of the interest that was due on the Bonds as of March 31, 2015.
	The sharp decline in oil prices that occurred during the latter part of 2014, and the continued depressed pricing, has materially reduced the revenues that were generated from the sale of the Company’s oil and gas production volumes during that period, which, in turn, negatively affected the Company’s year-end working capital balance. The potential for future oil prices to remain at their current price levels for an extended period of time raises substantial doubt regarding the Company’s ability to continue as a going concern. For purposes of this discussion, the term “substantial doubt” refers to concerns that a company may not be able to meet its obligations when they come due.
	Should the prevailing oil prices as of March 31, 2015 remain in effect for an extended period of time, it is likely that the Company would need to pursue some form of asset sale, debt restructuring or capital raising effort in order to fund its operations and to service its existing debt during the next twelve months. The Company’s management is actively developing plans to improve its working capital position and/or to reduce its future debt service costs, through the aforementioned means, in order to remain a going concern for the foreseeable future. If the Company is unable to restructure its Bonds, obtain additional debt or equity financing or achieve adequate proceeds from the sale of assets, the Company may file a voluntary petition for reorganization relief under Chapter 11 of the Bankruptcy Code in order to provide additional time to identify an appropriate solution to its financial situation and to implement a plan of reorganization aimed at improving its capital structure.

Marketable_Securities_and_Fair

Marketable Securities and Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Text Block]	4	Marketable Securities and Fair Value of Financial Instruments
	Available-for-sale marketable securities at March 31, 2015 and December 31, 2014 consisted of the following (in thousands):
					Gains in		Losses in
					Accumulated		Accumulated
			Estimated		Other		Other
			Fair		Comprehensive		Comprehensive
			Value		Income		Income
	31-Mar-15
	Noncurrent assets:
	Common stocks		$	741	$	-	$	-
	31-Dec-14
	Noncurrent assets:
	Common stocks		$	756	$	-	$	-
	The fair value of substantially all securities is determined by quoted market prices. There were no sales of marketable securities during the three-month periods ended March 31, 2015 and 2014.
	Fair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 or 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Hierarchy Level 3 inputs are inputs that are not observable in the market.
	The fair value of the Company’s financial instruments, measured on a recurring basis at March 31, 2015 and December 31, 2014, were as follows (in thousands):
	March 31, 2015		Level 1		Level 2		Level 3		Total
	Marketable securities		$	741	$	-	$	-	$	741
	December 31, 2014		Level 1		Level 2		Level 3		Total
	Marketable securities		$	756	$	-	$	-	$	756

Oil_Gas_Properties

Oil & Gas Properties	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets Disclosure [Text Block]	5	Oil & Gas Properties
	Purchase of Oil and Gas Properties
	In March 2014, the Company exercised its option to purchase additional net revenue and working interests in proved producing and proved undeveloped properties located within the Spyglass Area from a certain working interest partner. The transaction closed on March 26, 2014 with an effective date of June 1, 2013. The gross purchase price for the acquired interests totaled $47.0 million. The net purchase price, after taking into consideration revenues and operating expenses associated with the acquired interests from the period June 1, 2013 through the closing date, totaled approximately $41.4 million. The acquisition of the additional net revenue and working interests was funded with proceeds received from a March 2014 public offering, as discussed in Note 13).
	Supplemental Pro Forma Information (Unaudited)
	The Company’s condensed consolidated statement of income for the three-month period ended March 31, 2015 includes revenues and oil and gas operating expenses related to the net revenue and working interests acquired via the exercise of the purchase option. Had the purchase of these additional net revenue and working interests occurred on January 1, 2014, the Company’s consolidated financial statements for the three-month period ended March 31, 2014 would have been as follows (in thousands):
	Pro forma revenues		$	15,719
	Pro forma net income (loss)		$	-381
	Pro forma income (loss) per share - basic		$	-0.01
	Pro forma income (loss) per share – diluted		$	-0.01
	Also in March 2014, the Company acquired certain undeveloped acreage from the same working interest partner at a price of approximately $7.5 million.
	Sales of Oil and Gas Properties
	In January 2015, the Company sold its net revenue and working interests in certain non-operated wells to SM Energy. Cash proceeds received from the sale totaled approximately $9.5 million.
	Impairment of Oil and Gas Properties
	Pursuant to full cost accounting rules, and as a result of the sharp decline in oil prices during the fourth quarter of 2014 and the first quarter of 2015, the Company recognized impairment expenses related to its oil and gas properties, subject to amortization, of approximately $40.0 million during the three-month period ended March 31, 2015. Impairment of oil and gas properties represents a non-cash charge against the Company’s earnings. Because SEC rules require proved oil and gas reserves to be valued using an unweighted arithmetic average of oil and gas prices on the first day of each month for the preceding twelve-month period, and because forecasted oil prices for 2015 may be lower than what was experienced during 2014, it is likely that we will recognize additional impairments during 2015 that will be material to our financial results.

Carry_Agreement

Carry Agreement	3 Months Ended
	Mar. 31, 2015
Carry Agreement [Abstract]
Carry Agreement Disclosure [Text Block]	6	Carry Agreement
	In August 2013, the Company entered into a Carry agreement (the “Carry Agreement”) with the a third-party working interest partner (the “Carry Agreement Partner”), pursuant to which (i) that Carry Agreement Partner agreed to fund 100% of the Company’s working interest share of the drilling and completion costs of up to five new oil and gas wells to be located within the Spyglass Area, up to 120% of the original AFE amount, and (ii) the Company agreed to convey, for a limited duration, 50% of its revenue interest in the pre-payout revenues of each carried well and 50% of its working interest in the pre-payout operating costs of each carried well, to the Carry Agreement Partner.  In the event that the gross drilling and completion cost of a carried well exceeds 120% of the AFE amount, the Company and the Carry Agreement Partner will share in the excess costs based on the working interests stipulated in the Carry Agreement.
	Pursuant to the terms of the Carry Agreement, 50% of the Company’s net revenue interest in each well will be conveyed to the Carry Agreement Partner for a period of two years or until such a time when the working interest partner has recouped 112% of the carried drilling and completion costs of the well, whichever occurs sooner.  In the event that the Carry Agreement Partner has not recouped 112% of the carried drilling and completion costs by the end of the second year of production, the Company has agreed to make cash payments to the Carry Agreement Partner in the amount of the shortfall.  Once the Carry Agreement Partner has recouped 112% of the carried drilling and completion costs of a well, the conveyed working interest and net revenue interest will revert to the Company.
	As of March 31, 2015, all five of the wells to be drilled pursuant to the Carry Agreement have been completed. To date, the Company has received approximately $19.2 million of funding under the Carry Agreement. This amount is net of cumulative revenues and oil and gas operating costs associated with the carried wells, which were conveyed to the Carry Agreement Partner pursuant to the terms of the Carry Agreement. As noted above, the Carry Agreement Partner is entitled to receive a 12% return on the amount of capitalized drilling and completion costs that it has funded on the Company’s behalf.
	As of March 31, 2015, the cost of drilling and completing one of the five wells exceeded the 120% of AFE cost threshold. Accordingly, the Company has recorded its portion of excess drilling and completion costs associated with this well, totaling approximately $2.8 million as of March 31, 2015. None of the five wells covered by the Second Carry Agreement has achieved payout as of March 31, 2015.

FarmOut_Agreement

Farm-Out Agreement	3 Months Ended
	Mar. 31, 2015
Farm-Out Agreement [Abstract]
Farm-Out Agreement Disclosure [Text Block]	7	Farm-Out Agreement
	In August 2013, the Company entered into a Farm-Out Agreement (the “Farm-Out Agreement”) with the same Carry Agreement Partner, pursuant to which (i) that Carry Agreement Partner agreed to fund 100% of the Company’s working interest share of the drilling and completion costs of up to six new oil and gas wells to be located within the original Spyglass and West Spyglass sections of the Spyglass Property and (ii) the Company will convey, for a period of time, 100% of its net revenue interest in the pre-payout revenues of each farm-out well and 100% of its working interest in the pre-payout operating costs of each farm-out well, to the Carry Agreement Partner, until such a time when the Carry Agreement Partner has recouped 112% of the drilling and completion costs associated with each well.  Once the Carry Agreement Partner has recouped 112% of the drilling and completion costs of a well, the Carry Agreement Partner will convey 30% of the Company’s original working and net revenue interests in each farm-out well back to the Company.
	As of March 31, 2015, all six of the wells drilled pursuant to the Farm-Out Agreement have been completed. None of the six wells covered by the Farm-Out Agreement has achieved payout as of March 31, 2015.

Credit_Facility

Credit Facility (Credit Facility [Member])	3 Months Ended
	Mar. 31, 2015
Credit Facility [Member]
Debt Disclosure [Text Block]	8	Credit Facility
	In August 2013, the Company entered into a $200 million credit facility with Morgan Stanley Capital Group (the “Credit Facility”), which was comprised of a $68 million initial term loan (the “Initial Term Loan”), a $40 million term loan to be used to fund certain working interest purchases (the “Spyglass Tranche A Loan”) and an uncommitted term loan of up to $92 million (the “Tranche B Loan”). The Credit Facility was collateralized by, among other things, the Company’s oil and gas properties and future oil and gas sales derived from such properties.
	In July 2014, the Company borrowed approximately $2.2 million in connection with the amendment of certain financial covenants contained in the original Credit Facility agreement.
	In August 2014, the Company repaid all amounts then-outstanding under the Credit Facility with funds received from the issuance of certain bonds (see Note 9).
	The Credit Facility had a five-year term and carried a variable interest rate ranging from approximately 5.5% to 10.5%. Interest expense related to the Credit Facility totaled approximately $2.8 million for the three-month period ended March 31, 2014.
	The Company incurred investment banking fees and closing costs totaling approximately $7.8 million in connection with the negotiation and closing of the Credit Facility. The Company capitalized these items as deferred financing costs, and began amortizing these costs over the life of the Credit Facility using the effective interest method. The amortization of deferred financing costs is included as a component of the Company’s interest expense for the period. The Company amortized approximately $380,000 of deferred financing costs related to the Credit Facility during the three-month period ended March 31, 2014.

Bonds_Payable

Bonds Payable (Bonds [Member])	3 Months Ended
	Mar. 31, 2015
Bonds [Member]
Debt Disclosure [Text Block]	9	Bonds Payable
	In August 2014, the Company issued a series of 11% secured bonds (the “Bonds”) through a Rule 144A / Regulation S private offering. The Bonds mature on September 1, 2019 and have an aggregate gross value of $175 million. The Bonds were issued at a discount (99.059%), resulting in a discount of approximately $1.6 million. Net proceeds received from the issuance of the Bonds approximated $167.3 million, net of the bond discount, investment banking fees and closing costs. A portion of the net proceeds received from the issuance of the Bonds was used to repay in full the then-outstanding balance of the Credit Facility (see Note 8). The Company is amortizing the bond discount over the life of the bonds using the effective interest method. Amortization of the Bond discount totaled approximately $83,000 for the three-month period ended March 31, 2015.
	The Bonds bear interest at a rate of 11% annually. Interest on the Bonds is payable in arrears each March 1st and September 1st. Interest expense related to the Bonds totaled approximately $4.8 million for the three-month period ended March 31, 2015.
	On March 1, 2015, the Company elected to defer the payment of approximately $9.8 million of interest due on the bonds. The terms of the Bond Indenture provide for a 30-day grace period, during which the interest payment can be paid without triggering an event of default. The Company did not pay the interest due on the Bonds prior to the expiration of the 30-day grace period. As a result, the Company is in default under the terms of the Bond Indenture as of March 31, 2015.
	On April 2, 2015, the Company entered into a Forbearance Agreement with four holders (the “Ad Hoc Group”) who collectively own or manage in excess of 50% of the par value of the Bonds. Pursuant to the terms of the Forbearance Agreement, the Company paid $4.0 million of the interest that was due on the Bonds as of March 1, 2015. The terms of the Forbearance Agreement prevent the holders of the Bonds from exercising their right to call the Bonds for a period of 45 days (the “Forbearance Period”). Unless amended, the Forbearance Period will expire on May 15, 2015. Given the existence of an event of default as of the date of these financial statements, and the uncertainty with respect to whether the Company will be able to pay the remaining interest due on the Bonds prior to expiration of the Forbearance Period, the Company has classified the Bonds as a current liability on its balance sheets as of March 31, 2015 and December 31, 2014.
	The Company incurred investment banking fees and closing costs totaling approximately $7.2 million in connection with the issuance of the Bonds. The Company has capitalized these items as deferred financing costs, and is amortizing these costs over the life of the Bonds using the effective interest method. The amortization of deferred financing costs is included as a component of the Company’s interest expense for the period. The Company amortized deferred financing costs related to the Bonds of approximately $369,000 for the three-month period ended March 31, 2015.
	The Bond Indenture contains customary affirmative and negative covenants for financial instruments of this nature, including limitations on the Company with respect to dividends, distributions and additional future borrowings. The Company was not in compliance with all covenants required by the Bond Indenture as of March 31, 2015. The Bonds are secured by a second priority lien on virtually all of the Company’s assets.
	The Bonds traded on the open market at a significant discount during the first quarter of 2015. On March 18, 2015, the date of the last recorded public trade of the bonds during the three-month period ended March 31, 2015, Bonds with an aggregate par value of $1.0 million were traded at a discounted price of $0.32 on the dollar, which suggests that the aggregate fair market value of the Bonds outstanding as of March 31, 2015 might be approximately $56.0 million. The actual trade price represents a Hierarchy Level 1 input for the purpose of estimating fair market value.

Senior_Secured_Revolving_Credi

Senior Secured Revolving Credit Facility (Revolving Credit Facility [Member])	3 Months Ended
	Mar. 31, 2015
Revolving Credit Facility [Member]
Debt Disclosure [Text Block]	10	Senior Secured Revolving Credit Facility
	In August 2014, the Company entered into a Senior Secured Credit Facility (the “Senior Credit Facility”) with SunTrust Robinson Humphrey, Inc. (“SunTrust”), which provided for the initial availability of up to $35 million of borrowing capacity. The borrowing capacity of the Senior Credit Facility was to be periodically evaluated and adjusted based on, among other things, the discounted value of the Company’s oil and gas reserves. Given falling oil prices throughout the fourth quarter of 2014, SunTrust elected to perform a borrowing capacity redetermination as of December 31, 2014, at which time the borrowing capacity was reduced to zero. The Senior Credit Facility was terminated on March 31, 2015 at SunTrust’s request. At no time did the Company borrow funds under the Senior Credit Facility.
	The Company incurred investment banking fees and closing costs totaling approximately $779,000 in connection with the establishment of the Senior Credit Facility. The Company capitalized these items as deferred financing costs, and began amortizing these costs over the life of the Senior Credit Facility using a method that approximates the effective interest method. The amortization of deferred financing costs is included as a component of the Company’s interest expense for the period. The Company amortized approximately $39,000 of deferred financing costs related to the Bonds during the three-month period ended March 31, 2015. Upon the termination of the Senior Credit Facility on March 31, 2015, the Company wrote-off the remaining, unamortized deferred financing costs associated with the Senior Credit Facility, which totaled approximately $689,000.
	The Senior Credit Facility contained customary affirmative and negative covenants for borrowings of this type, including limitations on the Company with respect to transactions with affiliates, hedging agreements, dividends and distributions, operations in respect of the property that secures its collective obligations under the Senior Credit Facility, indebtedness, investments, and changes in business. The Senior Credit Facility also contained a number of financial covenants, including the maintaining of a current ratio of no less than 1.0 and a ratio of total debt to EBITDAX of no more than 4.0. The Company was not in compliance with these covenants prior to the termination of the Senior Credit Facility on March 31, 2015 or for the period ended March 31, 2015.

Price_Swap_Derivatives

Price Swap Derivatives	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	11	Price Swap Derivatives
	As a condition of the Credit Facility (see Note 8), the Company was required to enter into commodity price swap agreements covering up to 85% of its projected five-year future production on its proved, developed, producing properties. The Company did not designate the price swap agreements as hedges. Accordingly, management elected not to apply hedge accounting to these derivatives but, instead, recognized the changes in the fair value of the price swap agreements in its statement of operations in the period in which such unrealized changes in fair value occur. The Company recognized unrealized losses on the price swaps associated with the Credit Facility of approximately $1.8 million for the three-month period ended March 31, 2014. The price swap agreements were fully settled in August 2014 in conjunction with the full-repayment of the then-outstanding balance of the Credit Facility (see Note 8).

Asset_Retirement_Obligation

Asset Retirement Obligation	3 Months Ended
	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	12	Asset Retirement Obligation
	The Company has recorded asset retirement obligations, which represent the discounted future plugging and abandonment costs for operated and non-operated wells located within its Spyglass Property. As of March 31, 2015 and December 31, 2014, the consolidated discounted value of the Company’s asset retirement obligations was approximately $1.4 million. The projected plugging dates for wells in which the Company owns a working interest ranges from December 31, 2015 to December 2034.

Equity_Transactions

Equity Transactions	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	13	Equity Transactions
	Reverse Split
	In March 2014, the Company completed a 1-for-4 reverse split of its common stock.
	Public Offering
	In March 2014, the Company sold 12,650,000 shares of its common stock in a public offering at a price of $6.60 per share. The sale of stock was completed pursuant to the Company’s December 2013 shelf registration. Proceeds from the sale, net of expenses, broker fees and commissions, totaled approximately $78.3 million.
	Shares Reserved for Future Issuance
	As of March 31, 2015 and December 31, 2014, the Company had reserved 1,991,150 shares for future issuance upon exercise of outstanding options.
	The Company recognized stock-based compensation expense associated with its outstanding stock options of approximately $364,000 and $454,000 for the three-month periods ended March 31, 2015 and 2014, respectively.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	14	Earnings Per Share
	The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three-month periods ended March 31, 2015 and 2014 (in thousands, except for per share data):
			2015		2014
	Net loss		$	-50,673	$	-1,028
	Weighted average number of common shares outstanding			30,449		18,556
	Incremental shares from the assumed exercise of dilutive stock options			-		-
	Diluted common shares outstanding			30,449		18,556
	Net loss per share - basic		$	-1.66	$	-0.06
	Net loss per share - diluted		$	-1.66	$	-0.06
	Because the Company recognized a net loss for the three-month periods ended March 31, 2015 and 2014, the calculation of diluted loss per share is the same as the calculation of basis loss per share, as the effect of including any incremental shares from the assumed exercise of dilutive stock options would be anti-dilutive. The number of anti-dilutive shares that have been excluded from the calculation of diluted loss per share for the three month-periods ended March 31, 2015 and 2014 is approximately 12.4 million and 648,000, respectively.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	15	Related Party Transactions
	The Company is under contract through February 2016 to sell 100% of its oil, gas and liquids production to Power Energy Partners LP (“Power Energy”) at prevailing market rates. As of March 31, 2015, Power Energy holds 2,250,000 shares of the Company’s common stock.
	The Company’s Chairman and its Chief Operating Officer each owns overriding royalty interests in certain of the Company’s operated wells. The overriding royalty interests were obtained prior the Company’s acquisition of AEE, Inc. in December 2011. Aggregate royalties paid to these individuals totaled approximately $84,000 and $335,000 for the three-month periods ended March 31, 2015 and 2014, respectively.

Subsequent_Event

Subsequent Event	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	16	Subsequent Event
	As discussed in Note 9, the Company entered into a Forbearance Agreement with four Bond holders, who collectively own or manage in excess of 50% of the par value of the Bonds. On April 2, 2015, pursuant to the terms of the Forbearance Agreement, the Company paid $4.0 million of the interest that was due on the Bonds as of March 1, 2015.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Interim Financial Information [Policy Text Block]	Interim Financial Information
	The unaudited condensed consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles for interim financial statements in accordance with Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation have been included. Operating results for the three-month periods ended March 31, 2015 and 2014 are not necessarily indicative of results that may be expected for the year ended December 31, 2015. The condensed, consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2014.
	The December 31, 2014 condensed consolidated balance sheet was derived from audited financial statements. The auditor’s opinion that accompanied the December 31, 2014 consolidated financial statements contained an explanatory paragraph regarding the Company’s ability to continue as a going concern.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
	The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, AMZG, Inc., EERG Energy ULC (Canadian) and AEE Canada Inc. (Canadian). All material intercompany accounts, transactions and profits have been eliminated.

Marketable_Securities_and_Fair1

Marketable Securities and Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities [Table Text Block]	Available-for-sale marketable securities at March 31, 2015 and December 31, 2014 consisted of the following (in thousands):
				Gains in		Losses in
				Accumulated		Accumulated
		Estimated		Other		Other
		Fair		Comprehensive		Comprehensive
		Value		Income		Income
	31-Mar-15
	Noncurrent assets:
	Common stocks	$	741	$	-	$	-
	31-Dec-14
	Noncurrent assets:
	Common stocks	$	756	$	-	$	-
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The fair value of the Company’s financial instruments, measured on a recurring basis at March 31, 2015 and December 31, 2014, were as follows (in thousands):
	March 31, 2015	Level 1		Level 2		Level 3		Total
	Marketable securities	$	741	$	-	$	-	$	741
	December 31, 2014	Level 1		Level 2		Level 3		Total
	Marketable securities	$	756	$	-	$	-	$	756

Oil_Gas_Properties_Tables

Oil & Gas Properties (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	Had the purchase of these additional net revenue and working interests occurred on January 1, 2014, the Company’s consolidated financial statements for the three-month period ended March 31, 2014 would have been as follows (in thousands):
	Pro forma revenues	$	15,719
	Pro forma net income (loss)	$	-381
	Pro forma income (loss) per share - basic	$	-0.01
	Pro forma income (loss) per share – diluted	$	-0.01

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Reconciliation [Table Text Block]	The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three-month periods ended March 31, 2015 and 2014 (in thousands, except for per share data):
		2015		2014
	Net loss	$	-50,673	$	-1,028
	Weighted average number of common shares outstanding		30,449		18,556
	Incremental shares from the assumed exercise of dilutive stock options		-		-
	Diluted common shares outstanding		30,449		18,556
	Net loss per share - basic	$	-1.66	$	-0.06
	Net loss per share - diluted	$	-1.66	$	-0.06

Going_Concern_Details_Textual

Going Concern (Details Textual) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
Going Concern [Line Items]
Working Capital Deficit	$184.40

Marketable_Securities_and_Fair2

Marketable Securities and Fair Value of Financial Instruments (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Noncurrent assets:
Estimated Fair Value	$741	$756
Marketable Securites [Member]
Noncurrent assets:
Estimated Fair Value	741	756
Gains in Accumulated Other Comprehensive Income	0	0
Losses in Accumulated Other Comprehensive Income	$0	$0

Marketable_Securities_and_Fair3

Marketable Securities and Fair Value of Financial Instruments (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$741	$756
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	741	756
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$0	$0

Oil_Gas_Properties_Details

Oil & Gas Properties (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015
Business Acquisition [Line Items]
Pro forma revenues	$15,719
Pro forma net income (loss)	($381)
Pro forma income (loss) per share - basic (in dollars per share)	($0.01)
Pro forma income (loss) per share - diluted (in dollars per share)	($0.01)

Oil_Gas_Properties_Details_Tex

Oil & Gas Properties (Details Textual) (USD $)	1 Months Ended	3 Months Ended		10 Months Ended	1 Months Ended
	Jan. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Mar. 26, 2014	Mar. 31, 2014
Business Acquisition [Line Items]
Proceeds from Sale of Equity Method Investments	$9,500,000
Impairment Of Oil and Gas Properties		40,028,000	0
Spyglass Property [Member]
Business Acquisition [Line Items]
Payments to Acquire Additional Interest in Subsidiaries				47,000,000
Business Combination, Consideration Transferred				41,400,000
Undeveloped Acreage Property [Member]
Business Acquisition [Line Items]
Payments to Acquire Additional Interest in Subsidiaries					$7,500,000

Carry_Agreement_Details_Textua

Carry Agreement (Details Textual) (USD $)	3 Months Ended	1 Months Ended	12 Months Ended
	Mar. 31, 2015	Aug. 31, 2013	Dec. 31, 2013
Carry Agreement [Line Items]
Excess Drilling And Completion Costs	$2,800,000
Capitalized Drilling and Completion Costs Percentage Return to Carry Agreement Partner	12.00%
First Carry Agreement [Member]
Carry Agreement [Line Items]
Drilling Cost Limit Percentage		120.00%
Working Partner Interest Revenue Description	the Company agreed to convey, for a limited duration, 50% of its revenue interest in the pre-payout revenues of each carried well and 50% of its working interest in the pre-payout operating costs of each carried well, to the Carry Agreement Partner.
Working Partner Interest Revenue Description Year One	In the event that the gross drilling and completion cost of a carried well exceeds 120% of the AFE amount, the Company and the Carry Agreement Partner will share in the excess costs based on the working interests stipulated in the Carry Agreement.
Working Partner Interest Revenue Description Year Two	Pursuant to the terms of the Carry Agreement, 50% of the Company’s net revenue interest in each well will be conveyed to the Carry Agreement Partner for a period of two years or until such a time when the working interest partner has recouped 112% of the carried drilling and completion costs of the well, whichever occurs sooner. In the event that the Carry Agreement Partner has not recouped 112% of the carried drilling and completion costs by the end of the second year of production, the Company has agreed to make cash payments to the Carry Agreement Partner in the amount of the shortfall.
Increase Percentage Of Working Interest Considered As Revenue To Partner	120.00%
Second Carry Agreement [Member]
Carry Agreement [Line Items]
Working Interest Partner Funding Percentage On Company Working Interest Share Of Drilling and Completion Costs			100.00%
Drilling Cost Limit Percentage	120.00%
Increase Percentage Of Working Interest Considered As Revenue To Partner	112.00%
Fund Received Under Carry Agreement	19,200,000
Company Total Working Interest Share Of Drilling and Completion Costs	$0

FarmOut_Agreement_Details_Text

Farm-Out Agreement (Details Textual) (Farm - Out Agreement [Member])	1 Months Ended	3 Months Ended
	Aug. 31, 2013	Mar. 31, 2015
Farm - Out Agreement [Member]
Farm-Out Agreements Disclosure [Line Items]
Working Interest Partner Funding Percentage On Company Working Interest Share Of Drilling and Completion Costs	100.00%
Increase Percentage Of Working Interest Considered As Revenue To Partner	30.00%
Working Partner Interest Revenue Description		In August 2013, the Company entered into a Farm-Out Agreement (the “Farm-Out Agreement”) with the same Carry Agreement Partner, pursuant to which (i) that Carry Agreement Partner agreed to fund 100% of the Company’s working interest share of the drilling and completion costs of up to six new oil and gas wells to be located within the original Spyglass and West Spyglass sections of the Spyglass
Working Partner Interest Revenue Description One		(ii) the Company will convey, for a period of time, 100% of its net revenue interest in the pre-payout revenues of each farm-out well and 100% of its working interest in the pre-payout operating costs of each farm-out well, to the Carry Agreement Partner, until such a time when the Carry Agreement Partner has recouped 112% of the drilling and completion costs associated with each well.
Working Partner Interest Revenue Description Two		Once the Carry Agreement Partner has recouped 112% of the drilling and completion costs of a well, the Carry Agreement Partner will convey 30% of the Company’s original working and net revenue interests in each farm-out well back to the Company.

Credit_Facility_Details_Textua

Credit Facility (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jul. 31, 2014	Aug. 31, 2013
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount			$2,200,000
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions, Total	7,800,000
Minimum [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	5.50%
Maximum [Member]
Line of Credit Facility [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	10.50%
MSCG Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				200,000,000
Amortization of Financing Costs		380,000
Initial Term Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				68,000,000
Interest Expense, Debt, Total		2,800,000
Spyglass Tranche A Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				40,000,000
Tranche B Loan [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Face Amount				$92,000,000

Bonds_Payable_Details_Textual

Bonds Payable (Details Textual) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended	1 Months Ended
	Mar. 01, 2015	Mar. 31, 2015	Mar. 31, 2014	Apr. 02, 2015	Aug. 31, 2014	Jul. 31, 2014
Amortization of Debt Discount (Premium)		$82,000	$0
Interest Expense, Total		5,992,000	3,215,000
Debt Instrument, Face Amount						2,200,000
Debt Instrument, Periodic Payment, Interest	9,800,000
Ad Hoc Group [Member]
Interest Paid				4,000,000
Percentage of Bonds Owned				50.00%
Bonds [Member]
Debt Instrument, Interest Rate, Stated Percentage		11.00%			11.00%
Debt Instrument, Maturity Date					1-Sep-19
Long-term Debt, Gross					175,000,000
Debt Instrument Discount Percentage					99.06%
Debt Instrument, Unamortized Discount (Premium), Net					1,600,000
Proceeds from Issuance of Debt					167,300,000
Amortization of Debt Discount (Premium)		83,000
Debt Issuance Cost		7,200,000
Amortization of Financing Costs		369,000
Interest Expense, Total		4,800,000
Percentage of Bonds Owned		50.00%
Public Utility, Bonds [Member]
Debt Instrument, Face Amount		1,000,000
Public Trade Bonds Discounted Price		0.32
Bonds Fair Value Disclosure		$56,000,000

Senior_Secured_Revolving_Credi1

Senior Secured Revolving Credit Facility (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Aug. 31, 2014
Line of Credit Facility [Line Items]
Unamortized deferred financing costs	$689,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity		35,000,000
Debt Issuance Cost	779,000
Amortization of Financing Costs	$39,000
Debt Instrument, Covenant Description	The Senior Credit Facility also contained a number of financial covenants, including the maintaining of a current ratio of no less than 1.0 and a ratio of total debt to EBITDAX of no more than 4.0. The Company was not in compliance with these covenants prior to the termination of the Senior Credit Facility on March 31, 2015 or for the period ended March 31, 2015.

Price_Swap_Derivatives_Details

Price Swap Derivatives (Details Textual) (Revolving Credit Facility [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revolving Credit Facility [Member]
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives		$1.80
Percentage of future production covered under commodity price swap agreement	85.00%

Asset_Retirement_Obligation_De

Asset Retirement Obligation (Details Textual) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets Retirement Obligation [Line Items]
Asset retirement obligation	$1,358	$1,428
Asset Retirement Obligations, Description	The projected plugging dates for wells in which the Company owns a working interest ranges from December 31, 2015 to December 2034.

Equity_Transactions_Details_Te

Equity Transactions (Details Textual) (USD $)	1 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stockholders Equity, Reverse Stock Split	1-for-4 reverse split
Stock Issued During Period, Shares, New Issues		2,250,000
Proceeds from issuance of stock		$0	$78,299
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		1,991,150		1,991,150
Share-based Compensation, Total		364	454
Public Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of stock	78,300
Common Stock [Member] | Public Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, New Issues	12,650,000
Sale of Stock, Price Per Share (in dollars per share)	6.6		$6.60

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Line Items]
Net loss	($50,673)	($1,028)
Weighted average number of common shares outstanding (in shares)	30,449	18,557
Incremental shares from the assumed exercise of dilutive stock options (in shares)	0	0
Diluted common shares outstanding (in shares)	30,449	18,557
Net loss per share - basic (in dollars per share)	($1.66)	($0.06)
Net loss per share - diluted (in dollars per share)	($1.66)	($0.06)

Earnings_Per_Share_Details_Tex

Earnings Per Share (Details Textual)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,400,000	648,000

Related_Party_Transactions_Det

Related Party Transactions (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
Contract To Sell Oil, Gas And Liquids Production, Percentage	100.00%
Stock Issued During Period, Shares, New Issues	2,250,000
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Payments for Royalties	$84,000	$335,000

Subsequent_Event_Details_Textu

Subsequent Event (Details Textual) (Bonds [Member], USD $)	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Apr. 02, 2015
Subsequent Event [Line Items]
Percentage of Bonds Owned	50.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Interest Paid		$4