W&T Offshore (WTI) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
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	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	5718 Westheimer Road, Suite 700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057-5745
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		142,304,770

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 53,359	$ 43,726
Receivables:
Oil and natural gas sales	49,931	38,830
Joint interest, net	15,234	10,840
Total receivables	65,165	49,670
Prepaid expenses and other assets (Note 1)	15,350	13,832
Total current assets	133,874	107,228
Oil and natural gas properties and other, net – at cost: (Note 1)	668,969	686,878
Restricted deposits for asset retirement obligations	29,699	29,675
Deferred income taxes	94,535	94,331
Other assets (Note 1)	22,613	22,470
Total assets	949,690	940,582
Current liabilities:
Accounts payable	43,714	48,612
Undistributed oil and natural gas proceeds	25,338	19,167
Asset retirement obligations	26,402	17,188
Accrued liabilities (Note 1)	64,420	29,880
Income tax payable	153	153
Total current liabilities	160,027	115,000
Long-term debt: (Note 2)
Principal	600,460	632,460
Unamortized debt issuance costs	(6,622)	(7,174)
Long-term debt, net	593,838	625,286
Asset retirement obligations, less current portion	372,495	375,516
Other liabilities (Note 1)	31,780	32,938
Deferred income taxes	128	128
Commitments and contingencies (Note 10)	0	0
Shareholders’ deficit:
Preferred stock, $0.00001 par value; 20,000 shares authorized; 0 issued at March 31, 2021 and December 31, 2020	0	0
Common stock, $0.00001 par value; 200,000 shares authorized; 145,174 issued and 142,305 outstanding at March 31, 2021 and at December 31, 2020	1	1
Additional paid-in capital	550,793	550,339
Retained deficit	(735,205)	(734,459)
Treasury stock, at cost; 2,869 shares at March 31, 2021 and December 31, 2020	(24,167)	(24,167)
Total shareholders’ deficit	(208,578)	(208,286)
Total liabilities and shareholders’ deficit	$ 949,690	$ 940,582

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
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)	145,174	145,174
Common stock, shares outstanding (in shares)	142,305	142,305
Treasury stock, shares (in shares)	2,869	2,869

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 125,647	$ 124,128
Operating costs and expenses:
Lease operating expenses	42,357	54,775
Production taxes	1,996	916
Gathering and transportation	4,319	5,449
Depreciation, depletion, amortization and accretion	26,637	39,126
General and administrative expenses	10,712	13,963
Derivative loss (gain)	24,578	(61,912)
Total costs and expenses	110,599	52,317
Operating income	15,048	71,811
Interest expense, net	15,034	17,110
Gain on debt transactions	0	(18,501)
Other expense, net	963	723
(Loss) income before income tax (benefit) expense	(949)	72,479
Income tax (benefit) expense	(203)	6,499
Net (loss) income	$ (746)	$ 65,980
Basic and diluted (loss) earnings per common share (in dollars per share)	$ (0.01)	$ 0.46
Oil and Condensate [Member]
Revenues:
Total revenues	$ 78,140	$ 84,650
Natural Gas Liquids [Member]
Revenues:
Total revenues	9,359	6,452
Natural Gas, Production [Member]
Revenues:
Total revenues	36,209	29,300
Product and Service, Other [Member]
Revenues:
Total revenues	$ 1,939	$ 3,726

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balances (in shares) at Dec. 31, 2019	141,669			2,869
Balances at Dec. 31, 2019	$ 1	$ 547,050	$ (772,249)	$ (24,167)	$ (249,365)
Share-based compensation	0	1,048	0	0	1,048
Net (loss) income	$ 0	0	65,980	$ 0	65,980
Balances (in shares) at Mar. 31, 2020	141,669			2,869
Balances at Mar. 31, 2020	$ 1	548,098	(706,269)	$ (24,167)	(182,337)
Balances (in shares) at Dec. 31, 2020	142,305			2,869
Balances at Dec. 31, 2020	$ 1	550,339	(734,459)	$ (24,167)	(208,286)
Share-based compensation	0	454	0	0	454
Net (loss) income	$ 0	0	(746)	$ 0	(746)
Stock Issued (in shares)	0			0
Stock Issued	$ 0	0	0	$ 0	0
Balances (in shares) at Mar. 31, 2021	142,305			2,869
Balances at Mar. 31, 2021	$ 1	$ 550,793	$ (735,205)	$ (24,167)	$ (208,578)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Operating activities:
Net (loss) income	$ (746)	$ 65,980
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	26,637	39,126
Amortization of debt items and other items	2,019	1,625
Share-based compensation	454	1,048
Derivative loss (gain)	24,578	(61,912)
Derivative cash (payments) receipts, net	(4,604)	4,404
Gain on debt transactions	0	(18,501)
Deferred income taxes	(203)	6,499
Changes in operating assets and liabilities:
Oil and natural gas receivables	(11,101)	21,954
Joint interest receivables	(4,394)	7,123
Prepaid expenses and other assets	(7,575)	11,011
Asset retirement obligation settlements	(962)	(249)
Cash advances from JV partners	(1,023)	13,006
Accounts payable, accrued liabilities and other	21,884	(6,790)
Net cash provided by operating activities	44,964	84,324
Investing activities:
Investment in oil and natural gas properties and equipment	(1,575)	(9,542)
Changes in operating assets and liabilities associated with investing activities	(1,758)	(24,033)
Acquisition of property interests	0	(2,002)
Purchases of furniture, fixtures and other	2	(70)
Net cash used in investing activities	(3,331)	(35,647)
Financing activities:
Repayments on credit facility	(32,000)	(25,000)
Purchase of Senior Second Lien Notes	0	(8,536)
Net cash used in financing activities	(32,000)	(33,536)
Increase in cash and cash equivalents	9,633	15,141
Cash and cash equivalents, beginning of period	43,726	32,433	$ 32,433
Cash and cash equivalents, end of period	$ 53,359	$ 47,574	$ 43,726

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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, 2020 Use of Estimates. Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12" 2019 12 740 2019 12 December 15, 2020. not Revenue Recognition 12 Employee Retention Credit. 2021 December 27, 2020, three March 31, 2021 General and administrative expenses Credit Risk and Allowance for Credit Losses. three March 31, 2021 December 31, 2020 ely 67% and ten Joint interest and other, net March 31, 2021 December 31, 2020. Prepaid Expenses and Other Assets. one March 31, 2021 December 31, 2020 Derivatives - current (1) $ 2,701 $ 2,752 Unamortized insurance/bond premiums 5,163 4,717 Prepaid deposits related to royalties 4,536 4,473 Prepayment to vendors 1,966 1,429 Other 984 461 Prepaid expenses and other assets $ 15,350 $ 13,832 ( 1 Includes closed contracts which have not Oil and Natural Gas Properties and Other, Net – At Cost. no March 31, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,570,371 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,591,216 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,922,247 7,901,478 Oil and natural gas properties and other, net $ 668,969 $ 686,878 Other Assets (long-term). March 31, 2021 December 31, 2020 Right-of-Use assets $ 11,218 $ 11,509 Unamortized debt issuance costs 1,591 2,094 Investment in White Cap, LLC 2,872 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 4) 4,073 1,782 Derivatives 1,731 2,762 Other 1,128 998 Total other assets (long-term) $ 22,613 $ 22,470 Accrued Liabilities. March 31, 2021 December 31, 2020 Accrued interest $ 25,420 $ 10,389 Accrued salaries/payroll taxes/benefits 3,902 4,009 Litigation accruals 530 436 Lease liability 484 394 Derivatives 32,703 13,620 Other 1,381 1,032 Total accrued liabilities $ 64,420 $ 29,880 Other Liabilities (long-term). March 31, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 3,514 4,384 Lease liability 11,257 11,360 Black Elk escrow 11,103 11,103 Other 659 624 Total other liabilities (long-term) $ 31,780 $ 32,938

Note 2 - Long-term Debt

Note 2 - Long-term Debt	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Credit Agreement borrowings $ 48,000 $ 80,000 Senior Second Lien Notes: Principal 552,460 552,460 Unamortized debt issuance costs (6,622 ) (7,174 ) Total Senior Second Lien Notes 545,838 545,286 Total long-term debt, net $ 593,838 $ 625,286 Credit Agreement On October 18, 2018, October 18, 2022. January 6, 2021 , March 31, 2021, • The borrowing base was $190.0 million. • Letters of credit may • From the period ended June 30, 2020 December 31, 2021 ( not 1.00 March 31, 2022 • During the Waiver Period, the Company will be required to maintain a 2.00 to 1.00 first four • The Current Ratio, as defined in the Credit Agreement, must be maintained at greater than 1.00 to 1.00. Availability under the Credit Agreement is subject to semi-annual redeterminations of our borrowing base and the next scheduled redetermination is in the spring of 2021. may The Credit Agreement is collateralized by a first March 31, 2021 December 31, 2020 three March 31, 2021 hic 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 year ended December 31, 2020, No three March 31, 2021 March 31, 2021 December 31, 2020. The Senior Second Lien Notes are secured by a second not no Covenants As of March 31, 2021 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	3 Months Ended
	Mar. 31, 2021
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): March 31, 2021 December 31, 2020 Assets: Derivatives instruments - open contracts, current $ 2,691 $ 2,705 Derivatives instruments - open contracts, long-term 1,731 2,762 Liabilities: Derivatives instruments - open contracts, current 29,227 13,291 Derivatives instruments - open contracts, long-term 3,514 4,384 Long-Term Debt We believe the net 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 net value and fair value of our long-term debt (in thousands): March 31, 2021 December 31, 2020 Net Value Fair Value Net Value Fair Value Liabilities: Credit Agreement $ 48,000 $ 48,000 $ 80,000 $ 80,000 Senior Second Lien Notes 545,838 490,087 545,286 393,352 Total 593,838 538,087 625,286 473,352

Note 4 - Joint Venture Drilling

Note 4 - Joint Venture Drilling Program	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 nine 2020, one second 2021. seven nine March 31, 2021 Through March 31, 2021 utions, including our contributions of working interest in the drilling projects, to Monza totaling $302.4 million and received cash distributions totaling $71.5 million. Our net contribution to Monza, reduced by distributions received, as of March 31, 2021 Consolidation and Carrying Amounts Our interest in Monza is considered to be a variable interest that we account for using proportional consolidation. Through March 31, 2021 no not not ficiary of Monza. As of March 31, 2021 Oil and natural gas properties and other, net Other assets December 31, 2020 Oil and natural gas properties and other, net Other assets three March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Advances from joint interest partners three March 31, 2021 Total revenues Operating costs and expenses December 31, 2020 in the Condensed Consolidated Statement of Operations, we recorded $8.4 million in Total revenues Operating costs and expenses

Note 5 - Asset Retirement Oblig

Note 5 - Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2021
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, 2020 $ 392,704 Liabilities settled (962 ) Accretion of discount 5,868 Revisions of estimated liabilities 1,287 Balances, March 31, 2021 398,897 Less current portion 26,402 Long-term $ 372,495

Note 6 - Derivative Financial I

Note 6 - Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 Crude Oil: Open Swap Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Weighted Strike Price Apr 2021 - Dec 2021 4,000 1,100,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Mar 2022 - May 2022 2,044 188,006 $ 42.33 Mar 2022 - Sept 2022 1,615 345,638 $ 54.53 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 200 55,000 $ 40.00 $ 54.90 Apr 2021 - Feb 2022 2,273 759,237 $ 38.50 $ 56.65 Mar 2022 - May 2022 2,000 184,000 $ 35.00 $ 48.50 Mar 2022 - Sept 2022 1,615 345,638 $ 45.00 $ 62.50 ( 1 Bbls = Barrels Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Apr 2021 - Dec 2021 10,000 2,750,000 $ 2.62 Jan 2022 20,000 620,000 $ 2.79 Feb 2022 30,000 840,000 $ 2.79 Mar 2022 - May 2022 10,544 970,075 $ 2.69 Mar 2022 - Sept 2022 10,628 2,274,311 $ 2.44 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec. 2022 40,000 25,600,000 $ 3.00 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 30,000 8,250,000 $ 2.18 $ 3.00 Apr 2021 - Dec. 2022 40,000 25,600,000 $ 1.83 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50 Mar 2022 - May 2022 10,000 920,000 $ 2.25 $ 3.40 ( 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 March 31, December 31, 2021 2020 Prepaid expenses and other assets $ 2,701 $ 2,752 Other assets (long-term) 1,731 2,762 Accrued liabilities 32,703 13,620 Other liabilities (long-term) 3,514 4,384 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 contracts are recorded on the Condensed Consolidated Statements of Operations as Derivative loss (gain) Three Months Ended March 31, 2021 2020 Realized loss (gain) $ 8,244 $ (9,392 ) Unrealized loss (gain) 16,334 (52,520 ) Derivative loss (gain) $ 24,578 $ (61,912 ) Cash receipts on commodity derivative contract settlements, net, are included within Net cash provided by operating activities Three Months Ended March 31, 2021 2020 Derivative cash (payments) receipts, net $ (4,604 ) $ 4,404

Note 7 - Share-based Awards and

Note 7 - Share-based Awards and Cash-based Awards	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	7. Share-Based Awards and Cash-Based Awards Awards to Employees. 2010. no three March 31, 2021 none 2020. may may As of March 31, 2021 one one RSUs currently outstanding relate to the 2019 2019 December second March 31, 2021 2021. 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 were determined using the Company’s closing price on the grant date. We also estimate forfeitures, resulting in the recognition of compensation cost only for those awards that are expected to actually vest. 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 three March 31, 2021 Restricted Stock Units Weighted Average Grant Date Fair Units Value Per Unit Nonvested, December 31, 2020 763,688 $ 4.51 Forfeited (19,880 ) 4.51 Nonvested, March 31, 2021 743,808 4.51 Awards to Non-Employee Directors . 2004 2020, three March 31, 2021 second 2020, proved increasing the shares available under the Director Compensation Plan by 500,000 shares. As of March 31, 2021 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 forfeitures were estimated for the non-employee directors’ awards. 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. There was no three March 31, 2021 For the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2021 Restricted Shares 2021 138,676 2022 15,452 Total 154,128 Share-Based Compensation. General and administrative expense 2021 three March 31, 2021 not Three Months Ended March 31, 2021 2020 Share-based compensation expense from: Restricted stock units $ 338 $ 978 Restricted Shares 116 70 Total $ 454 $ 1,048 Unrecognized Share-Based Compensation. March 31, 2021 s $0.9 million and $0.1 November 2021 April 2022 Cash-Based Incentive Compensation. 2019. No 2020, 2020 one 2019 three February 15, 2021 , not 2021. • The 2021 March 15, 2021 April 15, 2021, three March 31, 2021 • For the 2019 four January 2019 February 2020 March 2020 2019 A summary of compensation expense related to share-based awards and cash-based awards is as follows (in thousands): Three Months Ended March 31, 2021 2020 Share-based compensation included in: General and administrative expenses $ 454 $ 1,048 Cash-based incentive compensation included in: Lease operating expense (1) 839 849 General and administrative expenses (1) 2,682 3,631 Total charged to operating income $ 3,975 $ 5,528 ( 1 Includes adjustments of accruals to actual payments.

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes Tax (Benefit) Expense and Tax Rate. three March 31, 2021 2020 three March 31, 2021, three March 31, 2020, March 27, 2020. 163 three March 31, 2021 three March 31, 2020. Valuation Allowance. not not As of March 31, 2021 December 31, 2020, Income Taxes Receivable, Refunds and Payments. March 31, 2021 December 31, 2020, not . March 31, 2020, June 30, 2020. 2017 three March 31, 2021 2020, not The tax years 2017 2020

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	9. 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 March 31, 2021 2020 Net (loss) income $ (746 ) $ 65,980 Less portion allocated to nonvested shares — 791 Net (loss) income allocated to common shares $ (746 ) $ 65,189 Weighted average common shares outstanding 142,151 141,546 Basic and diluted (loss) earnings per common share $ (0.01 ) $ 0.46 Shares excluded due to being anti-dilutive (weighted-average) — —

Note 10 - Contingencies

Note 10 - Contingencies	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Contingencies Appeal with the Office of Natural Resources Revenue (“ONRR”). 2009 , 2010 , 2010 , 2010 first 2020 . Royalties – “Unbundling” Initiative. 2016, 84 second 2015, not 10 not three March 31, 2021 2020 not Notices of Proposed Civil Penalty Assessment. January 2021, nine July 2012 January 2018, three first March 2021 . 2022 . three March 31, 2021 not Other Claims. may no may not not

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020
Use of Estimates, Policy [Policy Text Block]	Use of Estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	Accounting Standards Updates effective January 1, 2021 Simplifying the Accounting for Income Taxes. December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12" 2019 12 740 2019 12 December 15, 2020. not
Revenue from Contract with Customer [Policy Text Block]	Revenue Recognition 12
Paycheck Protection Program, Policy [Policy Text Block]	Employee Retention Credit. 2021 December 27, 2020, three March 31, 2021 General and administrative expenses
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block]	Credit Risk and Allowance for Credit Losses. three March 31, 2021 December 31, 2020 ely 67% and ten Joint interest and other, net March 31, 2021 December 31, 2020.
Prepaid Expenses and Other Assets [Policy Text Block]	Prepaid Expenses and Other Assets. one March 31, 2021 December 31, 2020 Derivatives - current (1) $ 2,701 $ 2,752 Unamortized insurance/bond premiums 5,163 4,717 Prepaid deposits related to royalties 4,536 4,473 Prepayment to vendors 1,966 1,429 Other 984 461 Prepaid expenses and other assets $ 15,350 $ 13,832 ( 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 March 31, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,570,371 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,591,216 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,922,247 7,901,478 Oil and natural gas properties and other, net $ 668,969 $ 686,878
Other Noncurrent Assets [Policy Text Block]	Other Assets (long-term). March 31, 2021 December 31, 2020 Right-of-Use assets $ 11,218 $ 11,509 Unamortized debt issuance costs 1,591 2,094 Investment in White Cap, LLC 2,872 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 4) 4,073 1,782 Derivatives 1,731 2,762 Other 1,128 998 Total other assets (long-term) $ 22,613 $ 22,470
Accrued Liabilities Policy [Policy Text Block]	Accrued Liabilities. March 31, 2021 December 31, 2020 Accrued interest $ 25,420 $ 10,389 Accrued salaries/payroll taxes/benefits 3,902 4,009 Litigation accruals 530 436 Lease liability 484 394 Derivatives 32,703 13,620 Other 1,381 1,032 Total accrued liabilities $ 64,420 $ 29,880
Other Noncurrent Liabilities [Policy Text Block]	Other Liabilities (long-term). March 31, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 3,514 4,384 Lease liability 11,257 11,360 Black Elk escrow 11,103 11,103 Other 659 624 Total other liabilities (long-term) $ 31,780 $ 32,938

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	March 31, 2021 December 31, 2020 Derivatives - current (1) $ 2,701 $ 2,752 Unamortized insurance/bond premiums 5,163 4,717 Prepaid deposits related to royalties 4,536 4,473 Prepayment to vendors 1,966 1,429 Other 984 461 Prepaid expenses and other assets $ 15,350 $ 13,832
Property, Plant and Equipment [Table Text Block]	March 31, 2021 December 31, 2020 Oil and natural gas properties and equipment, at cost $ 8,570,371 $ 8,567,509 Furniture, fixtures and other 20,845 20,847 Total property and equipment 8,591,216 8,588,356 Less: Accumulated depreciation, depletion, amortization and impairment 7,922,247 7,901,478 Oil and natural gas properties and other, net $ 668,969 $ 686,878
Schedule of Other Assets, Noncurrent [Table Text Block]	March 31, 2021 December 31, 2020 Right-of-Use assets $ 11,218 $ 11,509 Unamortized debt issuance costs 1,591 2,094 Investment in White Cap, LLC 2,872 2,699 Unamortized brokerage fee for Monza — 626 Proportional consolidation of Monza's other assets (Note 4) 4,073 1,782 Derivatives 1,731 2,762 Other 1,128 998 Total other assets (long-term) $ 22,613 $ 22,470
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2021 December 31, 2020 Accrued interest $ 25,420 $ 10,389 Accrued salaries/payroll taxes/benefits 3,902 4,009 Litigation accruals 530 436 Lease liability 484 394 Derivatives 32,703 13,620 Other 1,381 1,032 Total accrued liabilities $ 64,420 $ 29,880
Other Noncurrent Liabilities [Table Text Block]	March 31, 2021 December 31, 2020 Dispute related to royalty deductions $ 5,247 $ 5,467 Derivatives 3,514 4,384 Lease liability 11,257 11,360 Black Elk escrow 11,103 11,103 Other 659 624 Total other liabilities (long-term) $ 31,780 $ 32,938

Note 2 - Long-term Debt (Tables

Note 2 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, 2021 December 31, 2020 Credit Agreement borrowings $ 48,000 $ 80,000 Senior Second Lien Notes: Principal 552,460 552,460 Unamortized debt issuance costs (6,622 ) (7,174 ) Total Senior Second Lien Notes 545,838 545,286 Total long-term debt, net $ 593,838 $ 625,286

Note 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Derivative Assets at Fair Value [Table Text Block]	March 31, 2021 December 31, 2020 Assets: Derivatives instruments - open contracts, current $ 2,691 $ 2,705 Derivatives instruments - open contracts, long-term 1,731 2,762 Liabilities: Derivatives instruments - open contracts, current 29,227 13,291 Derivatives instruments - open contracts, long-term 3,514 4,384
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	March 31, 2021 December 31, 2020 Net Value Fair Value Net Value Fair Value Liabilities: Credit Agreement $ 48,000 $ 48,000 $ 80,000 $ 80,000 Senior Second Lien Notes 545,838 490,087 545,286 393,352 Total 593,838 538,087 625,286 473,352

Note 5 - Asset Retirement Obl_2

Note 5 - Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	Balances, December 31, 2020 $ 392,704 Liabilities settled (962 ) Accretion of discount 5,868 Revisions of estimated liabilities 1,287 Balances, March 31, 2021 398,897 Less current portion 26,402 Long-term $ 372,495

Note 6 - Derivative Financial_2

Note 6 - Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Crude Oil: Open Swap Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Weighted Strike Price Apr 2021 - Dec 2021 4,000 1,100,000 $ 42.06 Jan 2022 - Feb 2022 3,000 177,000 $ 42.98 Mar 2022 - May 2022 2,044 188,006 $ 42.33 Mar 2022 - Sept 2022 1,615 345,638 $ 54.53 Crude Oil: Open Collar Contracts - Priced off WTI (NYMEX) Period Average Notional Quantity (Bbls/day) (1) Notional Quantity (Bbls) (1) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 200 55,000 $ 40.00 $ 54.90 Apr 2021 - Feb 2022 2,273 759,237 $ 38.50 $ 56.65 Mar 2022 - May 2022 2,000 184,000 $ 35.00 $ 48.50 Mar 2022 - Sept 2022 1,615 345,638 $ 45.00 $ 62.50 Natural Gas: Open Swap Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Apr 2021 - Dec 2021 10,000 2,750,000 $ 2.62 Jan 2022 20,000 620,000 $ 2.79 Feb 2022 30,000 840,000 $ 2.79 Mar 2022 - May 2022 10,544 970,075 $ 2.69 Mar 2022 - Sept 2022 10,628 2,274,311 $ 2.44 Natural Gas: Open Call Contracts, Bought, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Strike Price Nov 2020 - Dec. 2022 40,000 25,600,000 $ 3.00 Natural Gas: Open Collar Contracts, Priced off Henry Hub (NYMEX) Period Average Notional Quantity (MMBtu/day) (2) Notional Quantity (MMBtu) (2) Put Option Weighted Strike Price (Bought) Call Option Weighted Strike Price (Sold) Apr 2021 - Dec 2021 30,000 8,250,000 $ 2.18 $ 3.00 Apr 2021 - Dec. 2022 40,000 25,600,000 $ 1.83 $ 3.00 Jan 2022 - Feb 2022 30,000 1,770,000 $ 2.20 $ 4.50 Mar 2022 - May 2022 10,000 920,000 $ 2.25 $ 3.40
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block]	March 31, December 31, 2021 2020 Prepaid expenses and other assets $ 2,701 $ 2,752 Other assets (long-term) 1,731 2,762 Accrued liabilities 32,703 13,620 Other liabilities (long-term) 3,514 4,384 Three Months Ended March 31, 2021 2020 Realized loss (gain) $ 8,244 $ (9,392 ) Unrealized loss (gain) 16,334 (52,520 ) Derivative loss (gain) $ 24,578 $ (61,912 )
Schedule of Cash Receipts and Payments on Commodity Derivative Contract Settlements [Table Text Block]	Three Months Ended March 31, 2021 2020 Derivative cash (payments) receipts, net $ (4,604 ) $ 4,404

Note 7 - Share-based Awards a_2

Note 7 - Share-based Awards and Cash-based Awards (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 763,688 $ 4.51 Forfeited (19,880 ) 4.51 Nonvested, March 31, 2021 743,808 4.51
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 March 31, 2021 2020 Share-based compensation expense from: Restricted stock units $ 338 $ 978 Restricted Shares 116 70 Total $ 454 $ 1,048
Schedule of Incentive Compensation Expense [Table Text Block]	Three Months Ended March 31, 2021 2020 Share-based compensation included in: General and administrative expenses $ 454 $ 1,048 Cash-based incentive compensation included in: Lease operating expense (1) 839 849 General and administrative expenses (1) 2,682 3,631 Total charged to operating income $ 3,975 $ 5,528

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2021 2020 Net (loss) income $ (746 ) $ 65,980 Less portion allocated to nonvested shares — 791 Net (loss) income allocated to common shares $ (746 ) $ 65,189 Weighted average common shares outstanding 142,151 141,546 Basic and diluted (loss) earnings per common share $ (0.01 ) $ 0.46 Shares excluded due to being anti-dilutive (weighted-average) — —

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 9.1	$ 9.1
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Major Oil and Gas Companies [Member]
Concentration Risk, Percentage	67.00%	62.00%
Number of Major Customers	3	3
General and Administrative Expense [Member]
Employee Retention Credit	$ 2.1

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Schedule of Amounts Recorded in Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Derivatives - current	[1]	$ 2,701	$ 2,752
Unamortized insurance/bond premiums		5,163	4,717
Prepaid deposits related to royalties		4,536	4,473
Prepayment to vendors		1,966	1,429
Other		984	461
Prepaid expenses and other assets		$ 15,350	$ 13,832
[1]	Includes both open and closed contracts.

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Schedule of Oil and Natural Gas Properties and Other, Net at Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Oil and natural gas properties and equipment, at cost	$ 8,570,371	$ 8,567,509
Furniture, fixtures and other	20,845	20,847
Total property and equipment	8,591,216	8,588,356
Less: Accumulated depreciation, depletion, amortization and impairment	7,922,247	7,901,478
Oil and natural gas properties and other, net	$ 668,969	$ 686,878

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Schedule of Other Assets (Long-term) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Right-of-Use assets	$ 11,218	$ 11,509
Unamortized debt issuance costs	1,591	2,094
Investment in White Cap, LLC	2,872	2,699
Unamortized brokerage fee for Monza	0	626
Proportional consolidation of Monza's other assets (Note 4)	4,073	1,782
Derivatives	1,731	2,762
Other assets, long-term	1,128	998
Total other assets (long-term)	$ 22,613	$ 22,470

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Total accrued liabilities	$ 64,420	$ 29,880
Accrued Liabilities [Member]
Accrued interest	25,420	10,389
Accrued salaries/payroll taxes/benefits	3,902	4,009
Litigation accruals	530	436
Lease liability	484	394
Derivatives	32,703	13,620
Other	$ 1,381	$ 1,032

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Schedule of Other Liabilities (Long-term) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Total other liabilities (long-term)	$ 31,780	$ 32,938
Other Noncurrent Liabilities [Member]
Dispute related to royalty deductions	5,247	5,467
Derivatives	3,514	4,384
Lease liability	11,257	11,360
Black Elk escrow	11,103	11,103
Other	$ 659	$ 624

Note 2 - Long-term Debt (Detail

Note 2 - Long-term Debt (Details Textual) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Oct. 18, 2018USD ($)
Gain (Loss) on Extinguishment of Debt, Total	$ 0	$ 18,501
Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 190,000
Credit Agreement, Maximum Leverage Ratio	3
Credit Agreement, Leverage Ratio	2
Credit Agreement, Minimum Current Ratio	1
Credit Agreement, Minimum Percentage of Total Proved Reserves	90.00%
Letters of Credit Outstanding, Amount	$ 4,400		$ 4,400
Line of Credit Facility, Interest Rate During Period	3.10%
Credit Agreement [Member] | Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 30,000
Senior Second Lien Notes Due November 2023 [Member]
Debt Instrument, Face Amount	$ 552,460		552,460	$ 625,000
Debt Instrument, Interest Rate, Stated Percentage				9.75%
Debt Instrument, Interest Rate, Effective Percentage				9.20%
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		Mar. 31, 2021	Dec. 31, 2020	Oct. 18, 2018
Debt instrument		$ 600,460	$ 632,460
Total long-term debt, net		593,838	625,286
Credit Agreement [Member]
Debt instrument	[1]	48,000	80,000
Total long-term debt, net		48,000	80,000
Senior Second Lien Notes Due November 2023 [Member]
Debt instrument	[1]	545,838	545,286
Principal		552,460	552,460	$ 625,000
Unamortized debt issuance costs		(6,622)	(7,174)
Total long-term debt, net		$ 545,838	$ 545,286
[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		Mar. 31, 2021	Dec. 31, 2020
Derivatives - current	[1]	$ 2,701	$ 2,752
Derivatives instruments - open contracts, long-term		1,731	2,762
Open Contracts [Member]
Derivatives - current		2,691	2,705
Derivatives instruments - open contracts, long-term		1,731	2,762
Derivatives instruments - open contracts, current		29,227	13,291
Derivatives		$ 3,514	$ 4,384
[1]	Includes both open and closed contracts.

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Long-term debt, carrying value	$ 593,838	$ 625,286
Long-term debt, fair value	538,087	473,352
Credit Agreement [Member]
Long-term debt, carrying value	48,000	80,000
Long-term debt, fair value	48,000	80,000
Senior Second Lien Notes Due November 2023 [Member]
Long-term debt, carrying value	545,838	545,286
Long-term debt, fair value	$ 490,087	$ 393,352

Note 4 - Joint Venture Drilli_2

Note 4 - Joint Venture Drilling Program (Details Textual) - USD ($) $ in Thousands	Mar. 12, 2018	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment, Net, Ending Balance		$ 668,969		$ 686,878
Other Assets, Noncurrent, Total		22,613		22,470
Asset Retirement Obligation, Ending Balance		398,897		392,704
Revenue from Contract with Customer, Excluding Assessed Tax, Total		125,647	$ 124,128
Monza Energy, LLC [Member]
Property, Plant and Equipment, Net, Ending Balance		8,000
Other Assets, Noncurrent, Total		4,100
Asset Retirement Obligation, Ending Balance		200		200
Increase (Decrease) in Working Capital		1,600		1,300
JV Drilling Program [Member] | Monza Energy, LLC [Member]
Capital Contribution Payments from Related Party		302,400
Capital Contributions from Related Party During Period		71,500
Capital Contribution Payments to Related Party, Net		53,000
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				9,900
Other Assets, Noncurrent, Total				1,800
Cash Call Balance		6,300		7,300
Revenue from Contract with Customer, Excluding Assessed Tax, Total		2,500		8,400
Operating Costs and Expenses, Total		$ 3,400		$ 12,100
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%
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	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Balances, December 31, 2020	$ 392,704
Liabilities settled	(962)
Accretion of discount	5,868
Revisions of estimated liabilities	1,287
Balances, March 31, 2021	398,897
Less current portion	26,402	$ 17,188
Long-term	$ 372,495	$ 375,516

Note 6 - Derivative Financial_3

Note 6 - Derivative Financial Instruments - Summary of Open Commodity Derivative Contracts (Details)	3 Months Ended
	Mar. 31, 2021MMBTU$ / sharesbbl
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 1 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	4,000	[1]
Notional Quantity	1,100,000	[1]
Strike Price (in dollars per share)	$ 42.06
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 2 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	3,000	[1]
Notional Quantity	177,000	[1]
Strike Price (in dollars per share)	$ 42.98
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 3 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	2,044	[1]
Notional Quantity	188,006	[1]
Strike Price (in dollars per share)	$ 42.33
NYMEX Crude Oil Swap [Member] | Open Crude Oil Derivative Contracts 4 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	1,615	[1]
Notional Quantity	345,638	[1]
Strike Price (in dollars per share)	$ 54.53
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	200	[1]
Notional Quantity	55,000	[1]
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 40
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 1 [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 54.90
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	2,273	[1]
Notional Quantity	759,237	[1]
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 38.50
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 2 [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 56.65
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 3 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	2,000	[1]
Notional Quantity	184,000	[1]
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 3 [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 35
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 3 [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 48.50
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 4 [Member]
Notional Quantity (Bbls/day) (Barrel of Oil) | bbl	1,615	[1]
Notional Quantity	345,638	[1]
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 4 [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 45
NYMEX Crude Oil Collar [Member] | Open Crude Oil Derivative Contracts 4 [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 62.50
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, One [Member]
Notional Quantity	2,750,000	[2]
Strike Price (in dollars per share)	$ 2.62
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	10,000	[2]
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Two [Member]
Notional Quantity	620,000	[2]
Strike Price (in dollars per share)	$ 2.79
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	20,000	[2]
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Three [Member]
Notional Quantity	840,000	[2]
Strike Price (in dollars per share)	$ 2.79
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	30,000	[2]
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Four [Member]
Notional Quantity	970,075	[2]
Strike Price (in dollars per share)	$ 2.69
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	10,544	[2]
NYMEX Natural Gas Open Swap Contracts [Member] | Natural Gas, Open Swap Contracts, Five [Member]
Notional Quantity	2,274,311	[2]
Strike Price (in dollars per share)	$ 2.44
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	10,628	[2]
NYMEX Natural Gas, Open Call Contracts [Member] | Natural Gas, Open Call Contracts [Member]
Notional Quantity	25,600,000	[2]
Strike Price (in dollars per share)	$ 3
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	40,000	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member]
Notional Quantity	8,250,000	[2]
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	30,000	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 2.18
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, One [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 3
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member]
Notional Quantity	25,600,000	[2]
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	40,000	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 1.83
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Two [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 3
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member]
Notional Quantity	1,770,000	[2]
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	30,000	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 2.20
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Three [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 4.50
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member]
Notional Quantity	920,000	[2]
Notional Quantity (MMBtu/day) (Millions of British Thermal Unit) | MMBTU	10,000	[2]
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | Put Option [Member]
Strike Price (in dollars per share)	$ 2.25
NYMEX Natural Gas Two Way Collars [Member] | Natural Gas, Open Collar Contracts, Four [Member] | Call Option [Member]
Strike Price (in dollars per share)	$ 3.40
[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
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Prepaid expenses and other assets	[1]	$ 2,701		$ 2,752
Other assets (long-term)		1,731		2,762
Realized loss (gain)		8,244	$ (9,392)
Unrealized loss (gain)		16,334	(52,520)
Derivative loss (gain)		24,578	$ (61,912)
Accrued Liabilities [Member]
Derivatives		32,703		13,620
Other Noncurrent Liabilities [Member]
Other liabilities (long-term)		3,514		4,384
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Prepaid Expenses and Other Current Assets [Member]
Prepaid expenses and other assets		2,701		2,752
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Assets [Member]
Other assets (long-term)		1,731		2,762
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Accrued Liabilities [Member]
Derivatives		32,703		13,620
Open Contracts and Closed Contracts Which Had Not Yet Been Settled [Member] | Other Noncurrent Liabilities [Member]
Other liabilities (long-term)		$ 3,514		$ 4,384
[1]	Includes both open and closed contracts.

Note 6 - Derivative Financial_5

Note 6 - Derivative Financial Instruments - Cash Receipts on Commodity Derivative Contract Settlements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative cash (payments) receipts, net	$ (4,604)	$ 4,404

Note 7 - Share-based Awards a_3

Note 7 - Share-based Awards and Cash-based Awards (Details Textual) - USD ($) $ in Thousands	Feb. 15, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		10,347,591
Share-based Payment Arrangement, Expense		$ 454		$ 1,048
Cash Based Discretionary Incentive Compensation	$ 7,600	$ 3,500
Directors Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)		473,244	500,000
Share-based Payment Arrangement, Expense		$ 0		0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)		0
Share-based Payment Arrangement, Expense		$ 116		70
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 100
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)		19,880
Share-based Payment Arrangement, Expense		$ 338		$ 978
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 900
Cash-based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Adjusted EBITDA Less Interest, Minimum					$ 200,000

Note 7 - Share-based Awards a_4

Note 7 - Share-based Awards and Cash-based Awards - Summary of Share Activity Related to Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Nonvested, units (in shares) | shares	763,688
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.51
Forfeited, units (in shares) | shares	(19,880)
Forfeited, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.51
Nonvested, units (in shares) | shares	743,808
Nonvested, weighted average grant date fair value per unit (in dollars per share) | $ / shares	$ 4.51

Note 7 - Share-based Awards a_5

Note 7 - Share-based Awards and Cash-based Awards - Schedule of Outstanding Restricted Shares Issued to Non-employee Directors (Details) - Restricted Stock [Member]	Mar. 31, 2021shares
Awards expected to vest by period (in shares)	154,128
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 7 - Share-based Awards a_6

Note 7 - Share-based Awards and Cash-based Awards - Summary of Incentive Compensation Expense Under Share-based Payment Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation expense	$ 454	$ 1,048
Restricted Stock Units (RSUs) [Member]
Share-based compensation expense	338	978
Restricted Stock [Member]
Share-based compensation expense	$ 116	$ 70

Note 7 - Share-based Awards a_7

Note 7 - Share-based Awards and Cash-based Awards - Summary of Compensation Expense Related to Share-based Awards and Cash-Based Awards (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Share-based compensation expense		$ 454	$ 1,048
Total charged to operating income		3,975	5,528
General and Administrative Expense [Member]
Share-based compensation expense		454	1,048
Cash-based incentive compensation	[1]	2,682	3,631
Lease Operating Expense [Member]
Cash-based incentive compensation	[1]	$ 839	$ 849
[1]	Includes adjustments of accruals to actual payments.

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Expense (Benefit), Total	$ (203)	$ 6,499
Effective Income Tax Rate Reconciliation, Percent, Total	21.40%	9.00%
Deferred Tax Assets, Valuation Allowance, Total	$ 22,000		$ 22,400
Income Taxes Receivable, Current	0	$ 1,900	$ 0
Proceeds from Income Tax Refunds	$ 0	$ 0
Open Tax Year	2017 2018 2019 2020

Note 9 - Earnings Per Share - S

Note 9 - 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
	Mar. 31, 2021	Mar. 31, 2020
Net (loss) income	$ (746)	$ 65,980
Less portion allocated to nonvested shares	0	791
Net (loss) income allocated to common shares	$ (746)	$ 65,189
Weighted average common shares outstanding (in shares)	142,151	141,546
Basic and diluted (loss) earnings per common share (in dollars per share)	$ (0.01)	$ 0.46
Shares excluded due to being anti-dilutive (weighted-average) (in shares)	0	0

Note 10 - Contingencies (Detail

Note 10 - Contingencies (Details Textual)	3 Months Ended
	Mar. 31, 2021USD ($)	Jul. 25, 2017USD ($)	Dec. 31, 2010USD ($)
Additional Royalty Due to Disallowed Deductions			$ 4,700,000
Bonds Posted to Appeal IBLA Decision		$ 7,200,000
Collateral for Bonds Posted Related to Appeal with IBLA	$ 8,200,000	$ 6,900,000
BSEE [Member]
Loss Contingency, Number of Claims Filed	9
Proposed Civil Penalties	$ 7,700,000
Settlement Agreement, Annual Instalments, Value	720,000
Payment for Civil Penalty	$ 0