W&T Offshore (WTI) 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Document Information [Line Items]
Entity Central Index Key	0001288403
Entity Registrant Name	W&T OFFSHORE INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-32414
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	72-1121985
Entity Address, Address Line One	Nine Greenway Plaza, Suite 300
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77046-0908
City Area Code	713
Local Phone Number	626-8525
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.00001
Trading Symbol	WTI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		141,778,318

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 56,532	$ 32,433
Receivables:
Oil and natural gas sales	21,407	57,367
Joint interest and other, net	10,361	19,400
Income taxes	0	1,861
Total receivables	31,768	78,628
Prepaid expenses and other assets (Note 1)	23,607	30,691
Total current assets	111,907	141,752
Oil and natural gas properties and other, net - at cost (Note 1)	694,304	748,798
Restricted deposits for asset retirement obligations	30,161	15,806
Deferred income taxes	87,470	63,916
Other assets (Note 1)	25,638	33,447
Total assets	949,480	1,003,719
Current liabilities:
Accounts payable	36,790	102,344
Undistributed oil and natural gas proceeds	20,250	29,450
Advance from joint interest partner	7,721	5,279
Asset retirement obligations	19,522	21,991
Accrued liabilities (Note 1)	44,460	30,896
Total current liabilities	128,743	189,960
Long-term debt: (Note 2)
Principal	632,460	730,000
Carrying value adjustments	(7,713)	(10,467)
Long term debt - carrying value	624,747	719,533
Asset retirement obligations, less current portion	362,213	333,603
Other liabilities (Note 1)	33,263	9,988
Commitments and contingencies	0	0
Shareholders’ deficit:
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued for dates presented	0	0
Common stock, $0.00001 par value; 200,000 shares authorized; 144,647 issued and 141,778 outstanding at September 30, 2020; 144,538 issued and 141,669 outstanding at December 31, 2019	1	1
Additional paid-in capital	550,192	547,050
Retained deficit	(725,512)	(772,249)
Treasury stock, at cost; 2,869 shares for both dates presented	(24,167)	(24,167)
Total shareholders’ deficit	(199,486)	(249,365)
Total liabilities and shareholders’ deficit	$ 949,480	$ 1,003,719

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	144,647	144,538
Common stock, shares outstanding (in shares)	141,778	141,669
Treasury stock, shares (in shares)	2,869	2,869

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 72,517	$ 132,221	$ 251,886	$ 383,002
Operating costs and expenses:
Lease operating expenses	36,437	47,185	119,525	130,982
Production taxes	1,266	588	3,325	1,321
Gathering and transportation	3,560	5,955	12,310	19,446
Depreciation, depletion, amortization and accretion	25,127	38,841	93,736	110,680
General and administrative expenses	14,476	10,106	34,067	37,543
Derivative loss (gain)	11,161	(5,853)	(35,337)	41,228
Total costs and expenses	92,027	96,822	227,626	341,200
Operating (loss) income	(19,510)	35,399	24,260	41,802
Interest expense, net	14,135	14,445	46,061	42,934
Gain on purchase of debt	0	0	(47,469)	0
Other expense, net	751	555	2,225	1,364
(Loss) income before income tax benefit	(34,396)	20,399	23,443	(2,496)
Income tax benefit	(21,057)	(55,500)	(23,294)	(67,023)
Net (loss) income	$ (13,339)	$ 75,899	$ 46,737	$ 64,527
Basic and diluted (loss) earnings per common share (in dollars per share)	$ (0.09)	$ 0.53	$ 0.33	$ 0.45
Oil and Condensate [Member]
Revenues:
Total revenues	$ 46,589	$ 102,786	$ 161,884	$ 298,684
Natural Gas Liquids [Member]
Revenues:
Total revenues	4,464	4,373	12,833	15,461
Natural Gas, Production [Member]
Revenues:
Total revenues	19,213	23,686	69,877	65,091
Product and Service, Other [Member]
Revenues:
Total revenues	$ 2,251	$ 1,376	$ 7,292	$ 3,766

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2018	140,644,000			2,869,000
Balances at Dec. 31, 2018	$ 1	$ 545,705	$ (846,335)	$ (24,167)	$ (324,796)
Share-based compensation	$ 0	2,429	0	$ 0	2,429
Stock Issued (in shares)	46			0
Stock Issued	$ 0	0	0	$ 0	0
Net income (loss)	$ 0	0	64,527	$ 0	64,527
Balances (in shares) at Sep. 30, 2019	140,690,000			2,869,000
Balances at Sep. 30, 2019	$ 1	548,134	(781,808)	$ (24,167)	(257,840)
Balances (in shares) at Jun. 30, 2019	140,690,000			2,869,000
Balances at Jun. 30, 2019	$ 1	546,886	(857,707)	$ (24,167)	(334,987)
Net income (loss)	0	0	75,899	0	75,899
Share-based compensation	$ 0	1,248	0	$ 0	1,248
Balances (in shares) at Sep. 30, 2019	140,690,000			2,869,000
Balances at Sep. 30, 2019	$ 1	548,134	(781,808)	$ (24,167)	(257,840)
Balances (in shares) at Dec. 31, 2019	141,669,000			2,869,000
Balances at Dec. 31, 2019	$ 1	547,050	(772,249)	$ (24,167)	(249,365)
Share-based compensation	$ 0	3,142	0	$ 0	3,142
Stock Issued (in shares)	109			0
Stock Issued	$ 0	0	0	$ 0	0
Net income (loss)	$ 0	0	46,737	$ 0	46,737
Balances (in shares) at Sep. 30, 2020	141,778,000			2,869,000
Balances at Sep. 30, 2020	$ 1	550,192	(725,512)	$ (24,167)	(199,486)
Balances (in shares) at Jun. 30, 2020	141,669,000			2,869,000
Balances at Jun. 30, 2020	$ 1	549,117	(712,173)	$ (24,167)	(187,222)
Share-based compensation	$ 0	1,075	0	$ 0	1,075
Stock Issued (in shares)	109			0
Stock Issued	$ 0	0	0	$ 0	0
Net income (loss)	$ 0	0	(13,339)	$ 0	(13,339)
Balances (in shares) at Sep. 30, 2020	141,778,000			2,869,000
Balances at Sep. 30, 2020	$ 1	$ 550,192	$ (725,512)	$ (24,167)	$ (199,486)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income	$ 46,737	$ 64,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	93,736	110,680
Amortization of debt items and other items	5,251	3,914
Share-based compensation	3,142	2,429
Derivative loss (gain)	(35,337)	41,228
Cash receipts on derivative settlements, net	42,028	17,583
Gain on purchase of debt	(47,469)	0
Deferred income taxes	(23,407)	(55,764)
Changes in operating assets and liabilities:
Oil and natural gas receivables	35,959	(3,822)
Joint interest receivables	9,039	(15,850)
Prepaid expenses and other assets	7,951	(14,211)
Income tax	1,993	17,165
Asset retirement obligation settlements	(2,788)	(7,740)
Cash advance from JV partner	2,442	15,847
Accounts payable, accrued liabilities and other	(24,539)	10,610
Net cash provided by operating activities	114,738	186,596
Investing activities:
Investment in oil and natural gas properties and equipment	(41,183)	(93,482)
Acquisition of property interest in oil and natural gas properties	(456)	(167,718)
Purchases of furniture, fixtures and other	(70)	(20)
Net cash used in investing activities	(41,709)	(261,220)
Borrowings on credit facility	25,000	150,000
Repayments on credit facility	(50,000)	(66,000)
Purchase of Senior Second Lien Notes	(23,930)	0
Debt issuance costs and other	0	(928)
Net cash (used in) provided by financing activities	(48,930)	83,072
Increase in cash and cash equivalents	24,099	8,448
Cash and cash equivalents, beginning of period	32,433	33,293
Cash and cash equivalents, end of period	$ 56,532	$ 41,741

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Basis of Presentation Operations. 100% 4. Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2019. Use of Estimates. Recent Events. 19” March 2020. nine September 30, 2020 three nine September 30, 2020. June September 2020 April 2020, 2020 three September 30, 2020 second 2020 2, Long-Term Deb 12, Subsequent Events Accounting Standard Updates effective January 1, 2020 Credit Losses - June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” not not Derivatives and Hedging - August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 not not Revenue Recognition 12 Paycheck Protection Program (“PPP”). April 15, 2020, 20, 20” 20, The Company submitted an application to the SBA on August 20, 2020, not not We have elected to follow the income approach under IAS 20 nine September 30, 2020 Lease operating expenses General and administrative expenses Interest expense, net nine September 30, 2020. may April 2022 1%. Credit Risk and Allowance for Credit Losses. nine September 30, 2020, December 31, 2019, ely 56% and three ten Joint interest and other, net Allowance for credit losses, December 31, 2019 $ 9,898 Additional provisions 288 Uncollectible accounts written off — Allowance for credit losses, September 30, 2020 $ 10,186 Prepaid Expenses and Other Assets. one September 30, 2020 December 31, 2019 Derivatives - current (1) $ 12,354 $ 7,266 Unamortized insurance/bond premiums 5,022 4,357 Prepaid deposits related to royalties 4,473 7,980 Prepayment to vendors 1,264 10,202 Other 494 886 Prepaid expenses and other assets $ 23,607 $ 30,691 ( 1 Includes closed contracts which have not Oil and Natural Gas Properties and Other, Net – At Cost. no September 30, 2020 December 31, 2019 Oil and natural gas properties and equipment, at cost $ 8,554,349 $ 8,532,196 Furniture, fixtures and other 20,387 20,317 Total property and equipment 8,574,736 8,552,513 Less: Accumulated depreciation, depletion and amortization 7,880,432 7,803,715 Oil and natural gas properties and other, net $ 694,304 $ 748,798 Other Assets (long-term). September 30, 2020 December 31, 2019 Right-of-Use assets (Note 7) $ 12,343 $ 7,936 Unamortized debt issuance costs 2,386 3,798 Investment in White Cap, LLC 3,218 2,590 Unamortized brokerage fee for Monza 1,378 3,423 Proportional consolidation of Monza's other assets (Note 4) 1,625 5,308 Derivative assets 3,692 2,653 Appeal bond deposits — 6,925 Other 996 814 Total other assets (long-term) $ 25,638 $ 33,447 Accrued Liabilities. September 30, 2020 December 31, 2019 Accrued interest $ 25,421 $ 10,180 Accrued salaries/payroll taxes/benefits 3,543 2,377 Incentive compensation plans 1,333 9,794 Litigation accruals 3,673 3,673 Lease liability (Note 7) 1,779 2,716 Derivatives - current 7,921 1,785 Other 790 371 Total accrued liabilities $ 44,460 $ 30,896 Other Liabilities (long-term). September 30, 2020 December 31, 2019 Dispute related to royalty deductions $ 4,687 $ 4,687 Dispute related to royalty-in-kind 250 250 Derivatives 6,222 — Lease liability (Note 7) 10,091 4,419 Black Elk escrow and other 12,013 632 Total other liabilities (long-term) $ 33,263 $ 9,988 Black Elk Escrow Restricted Deposits for Asset Retirement Obligations September 30, 2020. 11 Other Liabilities September 30, 2020 (

Note 2 - Long-term Debt

Note 2 - Long-term Debt	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	2. Long-Term Debt The components of our long-term debt are presented in the following table (in thousands): September 30, 2020 December 31, 2019 Credit Agreement borrowings $ 80,000 $ 105,000 Senior Second Lien Notes: Principal 552,460 625,000 Unamortized debt issuance costs (7,713 ) (10,467 ) Total Senior Second Lien Notes 544,747 614,533 Total long-term debt $ 624,747 $ 719,533 Credit Agreement On October 18, 2018, October 18, 2022. On June 17, 2020, not • Increased the interest rate margin by 25 basis points. • Amended the financial covenants as follows: • From the period ended June 30, 2020 December 31, 2021 ( not • During the Waiver Period, the Company will be required to maintain a 2.00 to 1.00 first four • Increase the requirement to provide first Availability under the Credit Agreement is subject to semi-annual redeterminations of our borrowing base and the next scheduled redetermination is in the fall of 2020. may The Credit Agreement is collateralized by a first 90% nine September 30, 2020 hic Letters of credit may September 30, 2020 December 31, 2019, 9.75% 2023 On October 18, 2018, 2023 9.75% November 1, 2023, , w h h includes amortization of debt issuance costs. Interest on the Senior Second Lien Notes is payable in arrears on May 1 November 1 During the nine September 30, 2020, The Senior Second Lien Notes are secured by a second not no Covenants As of September 30, 2020 Fair Value Measurements For information about fair value measurements of our long-term debt, refer to Note 3.

Note 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	3. Fair Value Measurements Derivative Financial Instruments We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 6, Derivative Financial Instruments The following table presents the fair value of our open derivative financial instruments (in thousands): September 30, 2020 December 31, 2019 Assets: Derivatives instruments - open contracts, current $ 7,809 $ 6,921 Derivatives instruments - open contracts, long-term 1,511 2,653 Liabilities: Derivatives instruments - open contracts, current 7,734 1,785 Derivatives instruments - open contracts, long-term 6,222 — Long-Term Debt We believe the carrying value of our debt under the Credit Agreement approximates fair value because the interest rates are variable and reflective of current market rates. The fair value of our Senior Second Lien Notes was measured using quoted prices, although the market is not 2 2, Long-Term Debt The following table presents the carrying value and fair value of our long-term debt (in thousands): September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 80,000 $ 80,000 $ 105,000 $ 105,000 Senior Second Lien Notes 544,747 379,623 614,533 597,188

Note 4 - Joint Venture Drilling

Note 4 - Joint Venture Drilling Program	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Joint Venture Drilling Program [Text Block]	4. Joint Venture Drilling Program In March 2018, two 2018 The members of Monza are made up of third third Monza is an entity separate from any other entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of Monza’s assets prior to any value in Monza becoming available to holders of its equity. The assets of Monza are not Through September 30, 2020, nine September 30, 2020, one not seven nine September 30, 2020. Through September 30, 2020, utions, including our contributions of working interest in the drilling projects, to Monza totaling $289.3 million and received cash distributions totaling $67.7 million. Our net contribution to Monza, reduced by distributions received, as of September 30, 2020 Consolidation and Carrying Amounts Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through September 30, 2020, no not not ficiary of Monza. As of September 30, 2020, Oil and natural gas properties and other, net Other assets December 31, 2019, Oil and natural gas properties and other, net Other assets nine September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019 Advances from joint interest partners nine September 30, 2020, Total revenues Operating costs and expenses nine September 30, 2019, Total revenues Operating costs and expenses

Note 5 - Asset Retirement Oblig

Note 5 - Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	5. Asset Retirement Obligations Our ARO represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives. A summary of the changes to our ARO is as follows (in thousands): Balances, December 31, 2019 $ 355,594 Liabilities settled (2,788 ) Accretion of discount 17,019 Liabilities incurred, including acquisitions 4,355 Revisions of estimated liabilities 7,555 Balances, September 30, 2020 381,735 Less current portion 19,522 Long-term $ 362,213

Note 6 - Derivative Financial I

Note 6 - Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Derivative Financial Instruments Our market risk exposure relates primarily to commodity prices and, from time to time, we use various derivative instruments to manage our exposure to this commodity price risk from sales of our crude oil and natural gas. All of the present derivative counterparties are also lenders or affiliates of lenders participating in our Credit Agreement. We are exposed to credit loss in the event of nonperformance by the derivative counterparties; however, we currently anticipate that each of our derivative counterparties will be able to fulfill their contractual obligations. We are not not We have elected not Net cash provided by operating activities We entered into commodity contracts for crude oil and natural gas which related to a portion of our expected future production. The crude oil contracts are based on West Texas Intermediate (“WTI”) crude oil prices and the natural gas contracts are based off the Henry Hub prices, both of which are quoted off the New York Mercantile Exchange (“NYMEX”). The open contracts as of September 30, 2020 Crude Oil: Open Swap Contracts, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Weighted Strike Price Jan 2021 - Dec 2021 4,000 1,460,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Crude Oil: Open Call Contracts - Bought, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Strike Price Oct 2020 - Dec 2020 10,000 920,000 $ 67.50 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Put Option Call Option Oct 2020 - Dec 2020 10,000 920,000 $ 45.00 $ 63.51 Jan.2021 - Feb 2022 2,056 750,422 $ 35.00 $ 50.00 ( 1 Bbls = Barrels Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec 2020 10,000 610,000 $ 2.03 Nov 2020 - Dec 2020 15,000 915,000 $ 2.21 Jan 2021 - Dec 2021 10,000 3,650,000 $ 2.62 Jan 2022 - Jan 2022 20,000 620,000 $ 2.79 Feb 2022 - Feb 2022 30,000 840,000 $ 2.79 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec. 2022 40,000 31,640,000 $ 3.00 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Call Option Nov 2020 - Dec 2020 10,000 610,000 $ 1.75 $ 2.58 Nov 2020 - Dec 2022 40,000 31,640,000 $ 1.83 $ 3.00 Jan 2021 - Dec 2021 30,000 10,950,000 $ 2.18 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50 ( 2 MMBtu = Million British Thermal Units The following amounts were recorded in the Condensed Consolidated Balance Sheets in the categories presented and include the fair value of open contracts, and closed contracts which had not September 30, December 31, 2020 2019 Prepaid expenses and other assets $ 12,354 $ 7,266 Other assets (long-term) 3,692 2,653 Accrued liabilities 7,921 1,785 Other liabilities (long-term) 6,222 — The amounts recorded on the Condensed Consolidated Balance Sheets are on a gross basis. If these were recorded on a net settlement basis, it would not Changes in the fair value and settlements of our commodity derivative contracts were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivative loss (gain) $ 11,161 $ (5,853 ) $ (35,337 ) $ 41,228 Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities Nine Months Ended September 30, 2020 2019 Cash receipts on derivative settlements, net $ 42,028 $ 17,583

Note 7 - Leases

Note 7 - Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	7. Leases Our contract arrangements accounted for under the applicable GAAP for lease contracts consist of office leases, a land lease and various pipeline right-of-way contracts. For these contracts, a right-of-use ("ROU") asset and lease liability was established based on our assumptions of the term, inflation rates and incremental borrowing rates. All of these lease contracts are operating leases. During the nine September 30, 2020, December 2020. February 2032. The term of each pipeline right-of-way contract is 10 years with various effective dates, and each has an option to renew for up to another ten 10 five 2085. We recorded ROU assets and lease liabilities using a discount rate of 9.75% for the office leases and 10.75% for the other leases due to their longer expected term. Amounts related to leases recorded within our Condensed Consolidated Balance Sheet are as follows (in thousands): September 30, 2020 December 31, 2019 ROU assets $ 12,343 $ 7,936 Lease liability: Accrued liabilities $ 1,779 $ 2,716 Other liabilities 10,091 4,419 Total lease liability $ 11,870 $ 7,135

Note 8 - Share-based Compensati

Note 8 - Share-based Compensation and Cash-based Incentive Compensation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	8. Share-Based Compensation and Cash-Based Incentive Compensation Awards to Employees. 2010, 2019, 2018 2017, may may As of September 30, 2020, one one RSUs currently outstanding relate to the 2019 2018 2019 2018 December second We recognize compensation cost for share-based payments to employees over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the RSUs granted during 2019, 2018 2017 All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. A summary of activity related to RSUs during the nine September 30, 2020 Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2019 1,614,722 $ 5.73 Forfeited (51,915 ) 6.10 Nonvested, September 30, 2020 1,562,807 5.71 For the outstanding RSUs issued to the eligible employees as of September 30, 2020, Restricted Stock Units 2020 787,203 2021 775,604 Total 1,562,807 Awards to Non-Employee Directors . 2004 2020, 2019, 2018 2017. second 2020, proved increasing the shares available by 500,000 shares. As of September 30, 2020, shares of common s one one We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award. Compensation cost is based on the fair value of the equity instrument on the date of grant. The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date. No The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless otherwise approved by the Board of Directors. Restricted Shares cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. A summary of activity related to Restricted Shares during the nine September 30, 2020 Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2019 123,180 $ 4.55 Granted 109,376 2.53 Vested (78,428 ) 3.57 Nonvested, September 30, 2020 154,128 $ 3.61 For the outstanding Restricted Shares issued to the non-employee directors as of September 30, 2020, Restricted Shares 2021 138,676 2022 15,452 Total 154,128 Share-Based Compensation. General and administrative expense No 2020 no 2020 not Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Share-based compensation expense from: Restricted stock units (1) $ 927 $ 1,178 $ 2,854 $ 2,219 Restricted Shares 148 70 288 210 Total $ 1,075 $ 1,248 $ 3,142 $ 2,429 ( 1 For the nine September 30, 2019, Unrecognized Share-Based Compensation. September 30, 2020, s $1.9 million and $0.4 November 2021 April 2022 Cash-Based Incentive Compensation. 2019 2018. one three No 2020 no 2020 2018, • For the 2019 four January 2019 February 2020 March 2020 2019 • In 2018, three • For the 2018 2018 September 2018 November 2020 2018 December 14, 2020 • For the 2018 2018 2018 January 2018 February 2019 2018 March 2019. A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Share-based compensation included in: General and administrative expenses $ 1,075 $ 1,248 $ 3,142 $ 2,429 Cash-based incentive compensation included in: Lease operating expense (1) — 672 849 951 General and administrative expenses (1) 154 1,679 3,944 5,017 Total charged to operating income $ 1,229 $ 3,599 $ 7,935 $ 8,397 ( 1 Includes adjustments of accruals to actual payments.

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Taxes Tax Benefit and Tax Rate. three nine September 30, 2020, three nine September 30, 2019, three nine September 30, 2020, March 27, 2020 163 July 28, 2020 three nine September 30, 2020 163 three September 30, 2019, nine September 30, 2019, $11.5 not Valuation Allowance. not not As of September 30, 2020 December 31, 2019, Calculation of Interim Provision for Income Tax. third 2020, not 19 may nine September 30, 2020 Income Taxes Receivable, Refunds and Payments. December 31, 2019, nine September 30, 2020. 2017 nine September 30, 2020, not three nine September 30, 2019, nine September 30, 2019, not The tax years 2017 2019

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	10. Earnings Per Share The following table presents the calculation of basic and diluted (loss) earnings per common share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net (loss) income $ (13,339 ) $ 75,899 $ 46,737 $ 64,527 Less portion allocated to nonvested shares — 1,345 549 1,272 Net (loss) income allocated to common shares $ (13,339 ) $ 74,554 $ 46,188 $ 63,255 Weighted average common shares outstanding 141,624 140,567 141,589 140,520 Basic and diluted (loss) earnings per common share $ (0.09 ) $ 0.53 $ 0.33 $ 0.45 Shares excluded due to being anti-dilutive (weighted-average) 1,677 — — —

Note 11 - Contingencies

Note 11 - Contingencies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Contingencies Appeal with the Office of Natural Resources Revenue (“ONRR”). 2009, 2010, 2010, 2010 first 2020. February 2, 2021. Royalties – “Unbundling” Initiative. 84 second 2015, not 10 not nine September 30, 2020 2019 not Notices of Proposed Civil Penalty Assessment. nine September 30, 2020 2019, not nine not 10 July 2012 January 2018. September 30, 2020 December 31, 2019, Other Claims. may no may not not

Note 12 - Subsequent Events

Note 12 - Subsequent Events	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent Events COVID- 19 September 30, 2020, 19 19 19 In response to the market changes, we reduced our capital expenditure budget in 2020, may Hurricanes Impact on our Production. second third 2020, October 2020, not October 2020. no October, fourth 2020.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Interim Financial Statements. not Operating results for interim periods are not may 10 December 31, 2019.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates.
Subsequent Events, Policy [Policy Text Block]	Recent Events. 19” March 2020. nine September 30, 2020 three nine September 30, 2020. June September 2020 April 2020, 2020 three September 30, 2020 second 2020 2, Long-Term Deb 12, Subsequent Events
New Accounting Pronouncements, Policy [Policy Text Block]	Accounting Standard Updates effective January 1, 2020 Credit Losses - June 2016, No. 2016 13, Financial Instruments – Credit Losses Topic 326 2016 13” not not Derivatives and Hedging - August 2017, No. 2017 12, Derivatives and Hedging (Topic 815 2017 12” 2017 12 not not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition 12
Paycheck Protection Program, Policy [Policy Text Block]	Paycheck Protection Program (“PPP”). April 15, 2020, 20, 20” 20, The Company submitted an application to the SBA on August 20, 2020, not not We have elected to follow the income approach under IAS 20 nine September 30, 2020 Lease operating expenses General and administrative expenses Interest expense, net nine September 30, 2020. may April 2022 1%.
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block]	Credit Risk and Allowance for Credit Losses. nine September 30, 2020, December 31, 2019, ely 56% and three ten Joint interest and other, net Allowance for credit losses, December 31, 2019 $ 9,898 Additional provisions 288 Uncollectible accounts written off — Allowance for credit losses, September 30, 2020 $ 10,186
Prepaid Expenses and Other Assets [Policy Text Block]	Prepaid Expenses and Other Assets. one September 30, 2020 December 31, 2019 Derivatives - current (1) $ 12,354 $ 7,266 Unamortized insurance/bond premiums 5,022 4,357 Prepaid deposits related to royalties 4,473 7,980 Prepayment to vendors 1,264 10,202 Other 494 886 Prepaid expenses and other assets $ 23,607 $ 30,691 ( 1 Includes closed contracts which have not
Property, Plant and Equipment, Policy [Policy Text Block]	Oil and Natural Gas Properties and Other, Net – At Cost. no September 30, 2020 December 31, 2019 Oil and natural gas properties and equipment, at cost $ 8,554,349 $ 8,532,196 Furniture, fixtures and other 20,387 20,317 Total property and equipment 8,574,736 8,552,513 Less: Accumulated depreciation, depletion and amortization 7,880,432 7,803,715 Oil and natural gas properties and other, net $ 694,304 $ 748,798
Other Noncurrent Assets [Policy Text Block]	Other Assets (long-term). September 30, 2020 December 31, 2019 Right-of-Use assets (Note 7) $ 12,343 $ 7,936 Unamortized debt issuance costs 2,386 3,798 Investment in White Cap, LLC 3,218 2,590 Unamortized brokerage fee for Monza 1,378 3,423 Proportional consolidation of Monza's other assets (Note 4) 1,625 5,308 Derivative assets 3,692 2,653 Appeal bond deposits — 6,925 Other 996 814 Total other assets (long-term) $ 25,638 $ 33,447
Accrued Liabilities Policy [Policy Text Block]	Accrued Liabilities. September 30, 2020 December 31, 2019 Accrued interest $ 25,421 $ 10,180 Accrued salaries/payroll taxes/benefits 3,543 2,377 Incentive compensation plans 1,333 9,794 Litigation accruals 3,673 3,673 Lease liability (Note 7) 1,779 2,716 Derivatives - current 7,921 1,785 Other 790 371 Total accrued liabilities $ 44,460 $ 30,896
Other Noncurrent Liabilities [Policy Text Block]	Other Liabilities (long-term). September 30, 2020 December 31, 2019 Dispute related to royalty deductions $ 4,687 $ 4,687 Dispute related to royalty-in-kind 250 250 Derivatives 6,222 — Lease liability (Note 7) 10,091 4,419 Black Elk escrow and other 12,013 632 Total other liabilities (long-term) $ 33,263 $ 9,988
Escrow Policy [Policy Text Block]	Black Elk Escrow Restricted Deposits for Asset Retirement Obligations September 30, 2020. 11 Other Liabilities September 30, 2020 (

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Allowance for credit losses, December 31, 2019 $ 9,898 Additional provisions 288 Uncollectible accounts written off — Allowance for credit losses, September 30, 2020 $ 10,186
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	September 30, 2020 December 31, 2019 Derivatives - current (1) $ 12,354 $ 7,266 Unamortized insurance/bond premiums 5,022 4,357 Prepaid deposits related to royalties 4,473 7,980 Prepayment to vendors 1,264 10,202 Other 494 886 Prepaid expenses and other assets $ 23,607 $ 30,691
Property, Plant and Equipment [Table Text Block]	September 30, 2020 December 31, 2019 Oil and natural gas properties and equipment, at cost $ 8,554,349 $ 8,532,196 Furniture, fixtures and other 20,387 20,317 Total property and equipment 8,574,736 8,552,513 Less: Accumulated depreciation, depletion and amortization 7,880,432 7,803,715 Oil and natural gas properties and other, net $ 694,304 $ 748,798
Schedule of Other Assets, Noncurrent [Table Text Block]	September 30, 2020 December 31, 2019 Right-of-Use assets (Note 7) $ 12,343 $ 7,936 Unamortized debt issuance costs 2,386 3,798 Investment in White Cap, LLC 3,218 2,590 Unamortized brokerage fee for Monza 1,378 3,423 Proportional consolidation of Monza's other assets (Note 4) 1,625 5,308 Derivative assets 3,692 2,653 Appeal bond deposits — 6,925 Other 996 814 Total other assets (long-term) $ 25,638 $ 33,447
Schedule of Accrued Liabilities [Table Text Block]	September 30, 2020 December 31, 2019 Accrued interest $ 25,421 $ 10,180 Accrued salaries/payroll taxes/benefits 3,543 2,377 Incentive compensation plans 1,333 9,794 Litigation accruals 3,673 3,673 Lease liability (Note 7) 1,779 2,716 Derivatives - current 7,921 1,785 Other 790 371 Total accrued liabilities $ 44,460 $ 30,896
Other Noncurrent Liabilities [Table Text Block]	September 30, 2020 December 31, 2019 Dispute related to royalty deductions $ 4,687 $ 4,687 Dispute related to royalty-in-kind 250 250 Derivatives 6,222 — Lease liability (Note 7) 10,091 4,419 Black Elk escrow and other 12,013 632 Total other liabilities (long-term) $ 33,263 $ 9,988

Note 2 - Long-term Debt (Tables

Note 2 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, 2020 December 31, 2019 Credit Agreement borrowings $ 80,000 $ 105,000 Senior Second Lien Notes: Principal 552,460 625,000 Unamortized debt issuance costs (7,713 ) (10,467 ) Total Senior Second Lien Notes 544,747 614,533 Total long-term debt $ 624,747 $ 719,533

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Derivative Assets at Fair Value [Table Text Block]	September 30, 2020 December 31, 2019 Assets: Derivatives instruments - open contracts, current $ 7,809 $ 6,921 Derivatives instruments - open contracts, long-term 1,511 2,653 Liabilities: Derivatives instruments - open contracts, current 7,734 1,785 Derivatives instruments - open contracts, long-term 6,222 —
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	September 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Liabilities: Credit Agreement $ 80,000 $ 80,000 $ 105,000 $ 105,000 Senior Second Lien Notes 544,747 379,623 614,533 597,188

Note 5 - Asset Retirement Obl_2

Note 5 - Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	Balances, December 31, 2019 $ 355,594 Liabilities settled (2,788 ) Accretion of discount 17,019 Liabilities incurred, including acquisitions 4,355 Revisions of estimated liabilities 7,555 Balances, September 30, 2020 381,735 Less current portion 19,522 Long-term $ 362,213

Note 6 - Derivative Financial_2

Note 6 - Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Crude Oil: Open Swap Contracts, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Weighted Strike Price Jan 2021 - Dec 2021 4,000 1,460,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Crude Oil: Open Call Contracts - Bought, Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Strike Price Oct 2020 - Dec 2020 10,000 920,000 $ 67.50 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Notional Quantity (Bbls/day) (1) Notional Quantity Put Option Call Option Oct 2020 - Dec 2020 10,000 920,000 $ 45.00 $ 63.51 Jan.2021 - Feb 2022 2,056 750,422 $ 35.00 $ 50.00 Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec 2020 10,000 610,000 $ 2.03 Nov 2020 - Dec 2020 15,000 915,000 $ 2.21 Jan 2021 - Dec 2021 10,000 3,650,000 $ 2.62 Jan 2022 - Jan 2022 20,000 620,000 $ 2.79 Feb 2022 - Feb 2022 30,000 840,000 $ 2.79 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec. 2022 40,000 31,640,000 $ 3.00 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Call Option Nov 2020 - Dec 2020 10,000 610,000 $ 1.75 $ 2.58 Nov 2020 - Dec 2022 40,000 31,640,000 $ 1.83 $ 3.00 Jan 2021 - Dec 2021 30,000 10,950,000 $ 2.18 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	September 30, December 31, 2020 2019 Prepaid expenses and other assets $ 12,354 $ 7,266 Other assets (long-term) 3,692 2,653 Accrued liabilities 7,921 1,785 Other liabilities (long-term) 6,222 — Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivative loss (gain) $ 11,161 $ (5,853 ) $ (35,337 ) $ 41,228
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block]	Nine Months Ended September 30, 2020 2019 Cash receipts on derivative settlements, net $ 42,028 $ 17,583

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Operating Lease, Lessee, Assets and Liabilities [Table Text Block]	September 30, 2020 December 31, 2019 ROU assets $ 12,343 $ 7,936 Lease liability: Accrued liabilities $ 1,779 $ 2,716 Other liabilities 10,091 4,419 Total lease liability $ 11,870 $ 7,135

Note 8 - Share-based Compensa_2

Note 8 - Share-based Compensation and Cash-based Incentive Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]	Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2019 1,614,722 $ 5.73 Forfeited (51,915 ) 6.10 Nonvested, September 30, 2020 1,562,807 5.71
Schedule of Nonvested Restricted Stock Units, Vesting Schedule [Table Text Block]	Restricted Stock Units 2020 787,203 2021 775,604 Total 1,562,807
Nonvested Restricted Stock Shares Activity [Table Text Block]	Restricted Shares Weighted Average Grant Date Fair Shares Value Per Share Nonvested, December 31, 2019 123,180 $ 4.55 Granted 109,376 2.53 Vested (78,428 ) 3.57 Nonvested, September 30, 2020 154,128 $ 3.61
Schedule of Nonvested Restricted Stock, Vesting Schedule [Table Text Block]	Restricted Shares 2021 138,676 2022 15,452 Total 154,128
Share-based Payment Arrangement, Cost by Plan [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Share-based compensation expense from: Restricted stock units (1) $ 927 $ 1,178 $ 2,854 $ 2,219 Restricted Shares 148 70 288 210 Total $ 1,075 $ 1,248 $ 3,142 $ 2,429
Schedule of Incentive Compensation Expense [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Share-based compensation included in: General and administrative expenses $ 1,075 $ 1,248 $ 3,142 $ 2,429 Cash-based incentive compensation included in: Lease operating expense (1) — 672 849 951 General and administrative expenses (1) 154 1,679 3,944 5,017 Total charged to operating income $ 1,229 $ 3,599 $ 7,935 $ 8,397

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net (loss) income $ (13,339 ) $ 75,899 $ 46,737 $ 64,527 Less portion allocated to nonvested shares — 1,345 549 1,272 Net (loss) income allocated to common shares $ (13,339 ) $ 74,554 $ 46,188 $ 63,255 Weighted average common shares outstanding 141,624 140,567 141,589 140,520 Basic and diluted (loss) earnings per common share $ (0.09 ) $ 0.53 $ 0.33 $ 0.45 Shares excluded due to being anti-dilutive (weighted-average) 1,677 — — —

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	Apr. 15, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Proceeds from Paycheck Protection Program Under CARES Act	$ 8,400
Increase (Decrease), Operating Lease Expense		$ (2,300)
Increase (Decrease), General and Administrative Expense		4,200
Increase (Decrease), Interest Expense, Net		1,900
Asset Retirement Obligation, Ending Balance		381,735	$ 355,594
Restricted Deposits for Asset Retirement Obligations [Member]
Escrow Deposit		13,900
Other Liabilities [Member]
Asset Retirement Obligation, Ending Balance		$ 11,100
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Major Oil and Gas Companies [Member]
Concentration Risk, Percentage		56.00%	63.00%
Number of Major Customers		3	3

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Credit Risk and Allowance for Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Allowance for credit losses, December 31, 2019	$ 9,898
Additional provisions	288
Uncollectible accounts written off	0
Allowance for credit losses, September 30, 2020	$ 10,186

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Derivatives - current	[1]	$ 12,354	$ 7,266
Unamortized insurance/bond premiums		5,022	4,357
Prepaid deposits related to royalties		4,473	7,980
Prepayment to vendors		1,264	10,202
Other		494	886
Prepaid expenses and other assets		$ 23,607	$ 30,691
[1]	Includes closed contracts which have not yet settled.

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Oil and natural gas properties and equipment, at cost	$ 8,554,349	$ 8,532,196
Furniture, fixtures and other	20,387	20,317
Total property and equipment	8,574,736	8,552,513
Less: Accumulated depreciation, depletion and amortization	7,880,432	7,803,715
Oil and natural gas properties and other, net	$ 694,304	$ 748,798

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Right-of-Use assets (Note 7)	$ 12,343	$ 7,936
Unamortized debt issuance costs	2,386	3,798
Investment in White Cap, LLC	3,218	2,590
Unamortized brokerage fee for Monza	1,378	3,423
Proportional consolidation of Monza's other assets (Note 4)	1,625	5,308
Derivative assets	3,692	2,653
Appeal bond deposits	0	6,925
Other assets, long-term	996	814
Total other assets (long-term)	$ 25,638	$ 33,447

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives - current	$ 7,921	$ 1,785
Total accrued liabilities	44,460	30,896
Accrued Liabilities [Member]
Accrued interest	25,421	10,180
Accrued salaries/payroll taxes/benefits	3,543	2,377
Incentive compensation plans	1,333	9,794
Litigation accruals	3,673	3,673
Lease liability (Note 7)	1,779	2,716
Other	$ 790	$ 371

Note 1 - Basis of Presentatio_8

Note 1 - Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Black Elk escrow and other	$ 12,013	$ 632
Total other liabilities (long-term)	33,263	9,988
Other Noncurrent Liabilities [Member]
Dispute related to royalty deductions	4,687	4,687
Dispute related to royalty-in-kind	250	250
Derivatives	6,222	0
Lease liability (Note 7)	$ 10,091	$ 4,419

Note 2 - Long-term Debt (Detail

Note 2 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Jun. 17, 2020	Oct. 18, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Gain (Loss) on Extinguishment of Debt, Total			$ 0	$ 0	$ 47,469	$ 0
Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 215,000						$ 30,000
Debt Instrument, Interest Rate, Increase (Decrease)	0.25%
Credit Agreement, Leverage Ratio	2
Credit Agreement, Minimum Percentage of Total Proved Reserves	90.00%	85.00%
Debt Instrument, Interest Rate During Period					3.70%
Letters of Credit Outstanding, Amount			4,400		$ 4,400			$ 5,800
Senior Second Lien Notes Due November 2023 [Member]
Debt Instrument, Face Amount		$ 625,000	$ 552,460		552,460			$ 625,000
Debt Instrument, Interest Rate, Stated Percentage		9.75%
Debt Instrument, Interest Rate, Effective Percentage		10.30%
Extinguishment of Debt, Amount					72,500
Repayments of Long-term Debt, Total					23,900
Gain (Loss) on Extinguishment of Debt, Total					47,500
Write off of Deferred Debt Issuance Cost					$ 1,100

Note 2 - Long-term Debt - Compo

Note 2 - Long-term Debt - Components of Long-term Debt (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019	Oct. 18, 2018
Debt instrument		$ 632,460	$ 730,000
Total long-term debt		624,747	719,533
Credit Agreement [Member]
Debt instrument	[1]	80,000	105,000
Total long-term debt		80,000	105,000
Senior Second Lien Notes Due November 2023 [Member]
Debt instrument	[1]	544,747	614,533
Principal		552,460	625,000	$ 625,000
Unamortized debt issuance costs		(7,713)	(10,467)
Total long-term debt		$ 544,747	$ 614,533
[1]	Defined below

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements - Fair Value of Open Derivative Financial Instruments (Details) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Derivatives - current	[1]	$ 12,354	$ 7,266
Derivative assets		3,692	2,653
Derivatives instruments - open contracts, current		7,921	1,785
Open Contracts [Member]
Derivatives - current		7,809	6,921
Derivative assets		1,511	2,653
Derivatives instruments - open contracts, current		7,734	1,785
Derivatives		$ 6,222	$ 0
[1]	Includes closed contracts which have not yet settled.

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Long-term Debt, Total	$ 624,747	$ 719,533
Credit Agreement [Member]
Long-term Debt, Total	80,000	105,000
Long-term debt, fair value	80,000	105,000
Senior Second Lien Notes Due November 2023 [Member]
Long-term Debt, Total	544,747	614,533
Long-term debt, fair value	$ 379,623	$ 597,188

Note 4 - Joint Venture Drilli_2

Note 4 - Joint Venture Drilling Program (Details Textual) - USD ($) $ in Thousands	Mar. 12, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment, Net, Ending Balance		$ 694,304		$ 694,304		$ 748,798
Other Assets, Noncurrent, Total		25,638		25,638		33,447
Asset Retirement Obligation, Ending Balance		381,735		381,735		355,594
Revenue from Contract with Customer, Excluding Assessed Tax, Total		72,517	$ 132,221	251,886	$ 383,002
Monza Energy, LLC [Member]
Property, Plant and Equipment, Net, Ending Balance		11,600		11,600
Other Assets, Noncurrent, Total		1,600		1,600
Asset Retirement Obligation, Ending Balance		200		200
Increase (Decrease) in Working Capital				1,600
JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member]
Minority Interest Ownership Percentage By Joint Venture	4.50%
Monza Energy, LLC [Member]
Property, Plant and Equipment, Net, Ending Balance						16,100
Other Assets, Noncurrent, Total						5,300
Asset Retirement Obligation, Ending Balance						100
Increase (Decrease) in Working Capital						2,700
Cash Call Balance		7,700		7,700		$ 5,300
Revenue from Contract with Customer, Excluding Assessed Tax, Total				6,700	7,400
Operating Costs and Expenses, Total				8,900	$ 4,600
Monza Energy, LLC [Member] | JV Drilling Program [Member]
Amount Committed by Investors	$ 361,400
Joint Venture Working Interest Percentage Contributed to Related Party	88.94%
Joint Venture Working Interest Percent	11.06%
Oil and Gas Revenue, Percent	30.00%
Well Cost, Percent	20.00%
Capital Contribution Payments from Related Party		289,300		289,300
Capital Contributions from Related Party During Period				67,700
Capital Contribution Payments to Related Party, Net		$ 52,500		$ 52,500
Monza Energy, LLC [Member] | JV Drilling Program [Member] | Mr. Tracy W. Krohn [Member]
Capital Commitment to Joint Venture	$ 14,500

Note 5 - Asset Retirement Obl_3

Note 5 - Asset Retirement Obligations - Changes to Asset Retirement Obligation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Balances, December 31, 2019	$ 355,594
Liabilities settled	(2,788)
Accretion of discount	17,019
Liabilities incurred, including acquisitions	4,355
Revisions of estimated liabilities	7,555
Balances, September 30, 2020	381,735
Less current portion	19,522	$ 21,991
Long-term	$ 362,213	$ 333,603

Note 6 - Derivative Financial_3

Note 6 - Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesbbl
NYMEX Crude Oil Calls [Member] | Open Crude Oil Derivative Contracts 2 [Member]
Period	10,000
Notional Quantity (Barrel of Oil)	920,000	[1]
Notional Quantity	67.50
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member]
Period	2,056
Notional Quantity (Barrel of Oil)	750,422	[1]
Notional Quantity	35
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | Put Option [Member]
Strike Price (in dollars per share) | $ / shares	$ 50
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member]
Period	10,000
Notional Quantity (Barrel of Oil)	920,000	[1]
Notional Quantity	45
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | Put Option [Member]
Strike Price (in dollars per share) | $ / shares	$ 63.51
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member]
Period	10,000
Notional Quantity (Barrel of Oil)	610,000	[2]
Notional Quantity	1.75	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Put Option [Member]
Strike Price (in dollars per share) | $ / shares	$ 2.58
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member]
Period	40,000
Notional Quantity (Barrel of Oil)	31,640,000	[2]
Notional Quantity	1.83	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | Put Option [Member]
Strike Price (in dollars per share) | $ / shares	$ 3
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member]
Period	30,000
Notional Quantity (Barrel of Oil)	10,950,000	[2]
Notional Quantity	2.18	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | Put Option [Member]
Strike Price (in dollars per share) | $ / shares	$ 3
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member]
Period	30,000
Notional Quantity (Barrel of Oil)	1,770,000	[2]
Notional Quantity	2.20	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | Put Option [Member]
Strike Price (in dollars per share) | $ / shares	$ 4.50
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 2 [Member]
Period	3,000
Notional Quantity (Barrel of Oil)	177,000
Notional Quantity	42.98
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 1 [Member]
Period	4,000
Notional Quantity (Barrel of Oil)	1,460,000	[1]
Notional Quantity	42.06	[1]
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, One [Member]
Period	10,000
Notional Quantity (Barrel of Oil)	610,000	[2]
Notional Quantity	2.03
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Two [Member]
Period	15,000
Notional Quantity (Barrel of Oil)	915,000	[2]
Notional Quantity	2.21
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Three [Member]
Period	10,000
Notional Quantity (Barrel of Oil)	3,650,000	[2]
Notional Quantity	2.62
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Four [Member]
Period	20,000
Notional Quantity (Barrel of Oil)	620,000	[2]
Notional Quantity	2.79
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Five [Member]
Period	30,000
Notional Quantity (Barrel of Oil)	840,000	[2]
Notional Quantity	2.79
NYMEX Natural Gas, Open Call Contracts [Member] | Natural Gas, Open Call Contracts, One [Member]
Period	40,000
Notional Quantity (Barrel of Oil)	31,640,000	[2]
Notional Quantity	3
[1]	Bbls = Barrels
[2]	MMBtu = Million British Thermal Units

Note 6 - Derivative Financial_4

Note 6 - Derivative Financial Instruments - Fair Value of Open and Closed Contracts Which Had Not Yet Settled (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Prepaid expenses and other assets	[1]	$ 12,354		$ 12,354		$ 7,266
Other assets (long-term)		3,692		3,692		2,653
Derivatives - current		7,921		7,921		1,785
Derivative loss (gain)		11,161	$ (5,853)	(35,337)	$ 41,228
Other Noncurrent Liabilities [Member]
Other liabilities (long-term)		6,222		6,222		0
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Prepaid Expenses and Other Current Assets [Member]
Prepaid expenses and other assets		12,354		12,354		7,266
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Assets [Member]
Other assets (long-term)		3,692		3,692		2,653
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Accrued Liabilities [Member]
Derivatives - current		7,921		7,921		1,785
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Liabilities [Member]
Other liabilities (long-term)		$ 6,222		$ 6,222		$ 0
[1]	Includes closed contracts which have not yet settled.

Note 6 - Derivative Financial_5

Note 6 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash receipts on derivative settlements, net	$ 42,028	$ 17,583

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual)	Sep. 30, 2020
Pipeline Right-of-way Contracts [Member]
Lessee, Operating Lease, Term of Contract (Year)	10 years
Lessee, Operating Lease, Renewal Term (Year)	10 years
Land Acquired in Mobile Bay Properties Acquisition [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years
Office Lease [Member]
Lessee, Operating Lease, Discount Rate	9.75%
Other Leases [Member]
Lessee, Operating Lease, Discount Rate	10.75%

Note 7 - Leases - Lessee Assets

Note 7 - Leases - Lessee Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ROU assets	$ 12,343	$ 7,936
Total lease liability	11,870	7,135
Other Noncurrent Assets [Member]
ROU assets	12,343	7,936
Accrued Liabilities [Member]
Accrued liabilities	1,779	2,716
Other Noncurrent Liabilities [Member]
Other liabilities	$ 10,091	$ 4,419

Note 8 - Share-based Compensa_3

Note 8 - Share-based Compensation and Cash-based Incentive Compensation (Details Textual) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended		12 Months Ended
		Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		10,874,043			10,874,043
Share-based Payment Arrangement, Expense		$ 1,075		$ 1,248	$ 3,142	$ 2,429
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Expense	[1]	927		1,178	2,854	2,219
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		1,900			1,900
Restricted Stock [Member]
Share-based Payment Arrangement, Expense		148		$ 70	288	$ 210
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 400			$ 400
Cash-based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Adjusted EBITDA Less Interest, Minimum							$ 200,000
Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		473,244			473,244
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)			500,000
Amended and Restated Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)					0
Share-based Payment Arrangement, Expense					$ 0
Cash-Based Awards, Granted in Period (in shares)					0
Cash-based Incentive Compensation					$ 0
[1]	For the six months ended June 30, 2019, share-based compensation expense includes adjustments for a former executive's forfeitures.

Note 8 - Share-based Compensa_4

Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Nonvested, units (in shares) | shares	1,614,722
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 5.73
Forfeited, units (in shares) | shares	(51,915)
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 6.10
Nonvested, units (in shares) | shares	1,562,807
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 5.71

Note 8 - Share-based Compensa_5

Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Stock Units Issued to Eligible Employees (Details) - Restricted Stock Units (RSUs) [Member] - shares	Sep. 30, 2020	Dec. 31, 2019
Awards expected to vest (in shares)	1,562,807	1,614,722
Vesting in 2020 [Member]
Awards expected to vest (in shares)	787,203
Vesting in 2021 [Member]
Awards expected to vest (in shares)	775,604

Note 8 - Share-based Compensa_6

Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Share Activity Related to Restricted Stock (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Nonvested, units (in shares) | shares	123,180
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.55
Granted (in shares) | shares	109,376
Granted (in dollars per share) | $ / shares	$ 2.53
Vested, units (in shares) | shares	(78,428)
Vested (in dollars per share) | $ / shares	$ 3.57
Nonvested, units (in shares) | shares	154,128
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 3.61

Note 8 - Share-based Compensa_7

Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Stock [Member] - shares	Sep. 30, 2020	Dec. 31, 2019
Awards expected to vest by period (in shares)	154,128	123,180
Vesting in 2021 [Member]
Awards expected to vest by period (in shares)	138,676
Vesting in 2022 [Member]
Awards expected to vest by period (in shares)	15,452

Note 8 - Share-based Compensa_8

Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based compensation expense		$ 1,075	$ 1,248	$ 3,142	$ 2,429
Restricted Stock Units (RSUs) [Member]
Share-based compensation expense	[1]	927	1,178	2,854	2,219
Restricted Stock [Member]
Share-based compensation expense		$ 148	$ 70	$ 288	$ 210
[1]	For the six months ended June 30, 2019, share-based compensation expense includes adjustments for a former executive's forfeitures.

Note 8 - Share-based Compensa_9

Note 8 - Share-based Compensation and Cash-based Incentive Compensation - Summary of Compensation Expense Related to Share-Based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based compensation expense		$ 1,075	$ 1,248	$ 3,142	$ 2,429
Total charged to operating income		1,229	3,599	7,935	8,397
General and Administrative Expense [Member]
Share-based compensation expense		1,075	1,248	3,142	2,429
Cash-based incentive compensation	[1]	154	1,679	3,944	5,017
Lease Operating Expense [Member]
Cash-based incentive compensation	[1]	$ 0	$ 672	$ 849	$ 951
[1]	Includes adjustments of accruals to actual payments.

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Income Tax Expense (Benefit), Total	$ (21,057)	$ (55,500)	$ (23,294)	$ (67,023)
Income Tax Benefit Cares Act	19,000		27,500
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount				(55,800)
Deferred Tax Assets, Valuation Allowance, Total	24,700		24,700		$ 54,400
Income Taxes Receivable, Current	$ 0		$ 0		$ 1,861
Proceeds from Income Tax Refunds		16,900		16,900
Interest Income Related to Income Tax Refunds		$ 500		$ 4,500
Open Tax Year			2017 2018 2019

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Schedule of Basic and Diluted (Loss) Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ (13,339)	$ 75,899	$ 46,737	$ 64,527
Less portion allocated to nonvested shares	0	1,345	549	1,272
Net (loss) income allocated to common shares	$ (13,339)	$ 74,554	$ 46,188	$ 63,255
Weighted average common shares outstanding (in shares)	141,624	140,567	141,589	140,520
Basic and diluted (loss) earnings per common share (in dollars per share)	$ (0.09)	$ 0.53	$ 0.33	$ 0.45
Shares excluded due to being anti-dilutive (weighted-average) (in shares)	1,677	0	0	0

Note 11 - Contingencies (Detail

Note 11 - Contingencies (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jul. 25, 2017	Dec. 31, 2010
Additional Royalty Due to Disallowed Deductions					$ 4,700
Bonds Posted to Appeal IBLA Decision				$ 7,200
Collateral for Bonds Posted Related to Appeal with IBLA				$ 6,900
Long-term Debt, Total	$ 624,747		$ 719,533
Paycheck Protection Program CARES Act [Member]
Long-term Debt, Total	0
BSEE [Member]
Payment for Civil Penalty	0	$ 0
Proposed Civil Penalties	7,700
Loss Contingency Accrual, Ending Balance	$ 3,500		$ 3,500