Mid-Con Energy Partners (MCEP) 10-Q 15 Jun 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Jun. 08, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	MCEP
Entity Registrant Name	Mid-Con Energy Partners, LP
Entity Current Reporting Status	Yes
Entity Central Index Key	0001527709
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Document Transition Report	false
Title of 12(b) Security	Common Units Representing Limited Partner Interests
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Entity Common Stock, Shares Outstanding		14,311,522
Entity Address, State or Province	OK
Entity File Number	1-35374
Entity Tax Identification Number	45-2842469
Entity Address, Address Line One	2431 East 61st Street
Entity Address, Address Line Two	Suite 850
Entity Address, City or Town	Tulsa
Entity Address, Postal Zip Code	74136
City Area Code	918
Local Phone Number	743-7575

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 213	$ 255
Accounts receivable	4,780	6,853
Derivative financial instruments	15,731
Prepaid expenses	202	87
Assets held for sale		365
Total current assets	20,926	7,560
Oil and natural gas properties, successful efforts method
Proved properties	264,490	261,375
Unproved properties	4,266	3,125
Other property and equipment	1,220	1,262
Accumulated depletion, depreciation, amortization and impairment	(93,472)	(72,303)
Total property and equipment, net	176,504	193,459
Derivative financial instruments	6,225	730
Other assets	870	1,020
Total assets	204,525	202,769
Accounts payable
Trade	630	320
Related parties	1,914	6,902
Derivative financial instruments		1,944
Accrued liabilities	187	795
Other current liabilities	438	430
Current debt	74,000
Total current liabilities	77,169	10,391
Long-term debt		68,000
Other long-term liabilities	344	457
Asset retirement obligations	31,296	30,265
Commitments and contingencies
General partner	(762)	(793)
Limited partners - 1,557,851 and 1,541,215 units issued and outstanding, respectively	58,314	56,656
Total equity	57,552	55,863
Total liabilities, convertible preferred units and equity	204,525	202,769
Class A Convertible Preferred Units [Member]
Accounts payable
Convertible preferred units	23,287	22,964
Class B Convertible Preferred Units [Member]
Accounts payable
Convertible preferred units	$ 14,877	$ 14,829

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2020	Dec. 31, 2019
Limited partners, units issued	1,557,851	1,541,215
Limited partners, units outstanding	1,557,851	1,541,215
Class A Convertible Preferred Units [Member]
Convertible Preferred Units, shares issued	11,627,906	11,627,906
Convertible Preferred Units, shares outstanding	11,627,906	11,627,906
Class B Convertible Preferred Units [Member]
Convertible Preferred Units, shares issued	9,803,921	9,803,921
Convertible Preferred Units, shares outstanding	9,803,921	9,803,921

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Gain (loss) on derivatives, net	$ 24,952	$ (12,198)
Total revenues	38,455	3,018
Operating costs and expenses
Lease operating expenses	8,138	6,830
Production and ad valorem taxes	1,070	1,282
Other operating expenses	584	473
Impairment of proved oil and natural gas properties	18,332	0
Depreciation, depletion and amortization	2,836	3,098
Accretion of discount on asset retirement obligations	399	328
General and administrative	3,052	2,662
Total operating costs and expenses	34,411	14,673
Gain on sales of oil and natural gas properties, net		9,469
Income (loss) from operations	4,044	(2,186)
Other (expense) income
Interest income	1	8
Interest expense	(1,274)	(1,615)
Other income	12	5
Total other expense	(1,261)	(1,602)
Net income (loss)	2,783	(3,788)
Less: Distributions to preferred unitholders	1,172	1,149
Less: General partner's interest in net income (loss)	31	(45)
Limited partners' interest in net income (loss)	$ 1,580	$ (4,892)
Limited partners' interest in net income (loss) per unit
Basic	$ 1.02	$ (3.19)
Diluted	$ 0.07	$ (3.19)
Weighted average limited partner units outstanding
Limited partner units (basic)	1,550	1,532
Limited partner units (diluted)	23,020	1,532
Oil Sales [Member]
Revenues
Revenue	$ 12,982	$ 14,594
Natural Gas Sales [Member]
Revenues
Revenue	283	250
Other Operating Revenues [Member]
Revenues
Revenue	$ 238	$ 372

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash flows from operating activities
Net income (loss)		$ 2,783	$ (3,788)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Depreciation, depletion and amortization		2,836	3,098
Debt issuance costs amortization		150	178
Accretion of discount on asset retirement obligations		399	328	$ 1,596
Impairment of proved oil and natural gas properties		18,332
(Gain) loss on derivatives, net		(24,952)	12,198
Cash settlements received for matured derivatives, net		1,783	143
Gain on sales of oil and natural gas properties			(9,469)
Non-cash equity-based compensation		78	334
Changes in operating assets and liabilities
Accounts receivable		2,072	(1,217)
Prepaid expenses and other assets		(115)	(369)
Accounts payable - trade and accrued liabilities		(304)	432
Accounts payable - related parties		(3,818)	(2,999)
Net cash used in operating activities		(756)	(1,131)
Cash flows from investing activities
Acquisitions of oil and natural gas properties		(111)	(2,796)
Additions to oil and natural gas properties		(4,682)	(3,057)
Additions to other property and equipment		(58)
Proceeds from sales of oil and natural gas properties			32,502
Proceeds from sale of other assets		365
Net cash (used in) provided by investing activities		(4,486)	26,649
Cash flows from financing activities
Proceeds from line of credit		6,000	7,000
Payments on line of credit	$ (32,000)		(32,000)
Net cash provided by (used in) financing activities		5,200	(25,800)
Net decrease in cash and cash equivalents		(42)	(282)
Beginning cash and cash equivalents		255	467	467
Ending cash and cash equivalents	$ 185	213	185	$ 255
Class A Convertible Preferred Units [Member]
Cash flows from financing activities
Distributions to convertible preferred units		(500)	(500)
Class B Convertible Preferred Units [Member]
Cash flows from financing activities
Distributions to convertible preferred units		$ (300)	$ (300)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Class A Convertible Preferred Units [Member]	Class B Convertible Preferred Units [Member]	General Partner [Member]	Limited Partners [Member]	Limited Partners [Member]Class A Convertible Preferred Units [Member]	Limited Partners [Member]Class B Convertible Preferred Units [Member]
Balance at Dec. 31, 2018	$ 60,409			$ (786)	$ 61,195
Balance, Units at Dec. 31, 2018					1,522
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity-based compensation	334				$ 334
Equity-based compensation, Units					19
Distributions to convertible preferred units		$ (500)	$ (300)			$ (500)	$ (300)
Accretion of beneficial conversion feature of convertible preferred units		(301)	(48)			(301)	(48)
Net Income (loss)	(3,788)			(45)	$ (3,743)
Balance at Mar. 31, 2019	55,806			(831)	$ 56,637
Balance, Units at Mar. 31, 2019					1,541
Balance at Dec. 31, 2019	55,863			(793)	$ 56,656
Balance, Units at Dec. 31, 2019					1,541
Increase (Decrease) in Partners' Capital [Roll Forward]
Equity-based compensation	78				$ 78
Equity-based compensation, Units					17
Distributions to convertible preferred units		(500)	(300)			(500)	(300)
Accretion of beneficial conversion feature of convertible preferred units		$ (323)	$ (49)			$ (323)	$ (49)
Net Income (loss)	2,783			31	$ 2,752
Balance at Mar. 31, 2020	$ 57,552			$ (762)	$ 58,314
Balance, Units at Mar. 31, 2020					1,558

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Operations	Note 1. Organization and Nature of Operations Nature of Operations Mid-Con Energy Partners, LP (“we,” “our,” “us,” the “Partnership” or the “Company”) is a publicly held Delaware limited partnership formed in July 2011 that engages in the ownership, acquisition and development of producing oil and natural gas properties in North America, with a focus on enhanced oil recovery (“EOR”). Our limited partner units (“common units”) are listed under the symbol “MCEP” on the NASDAQ. Our general partner is Mid-Con Energy GP, LLC, a Delaware limited liability company. Basis of Presentation Our unaudited condensed consolidated financial statements are prepared pursuant to the rules and regulations of the SEC. These financial statements have not been audited by our independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2019, is derived from the audited financial statements. Accordingly, certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in this Form 10-Q. We believe that the presentations and disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with our Annual Report. All intercompany transactions and account balances have been eliminated. Liquidity and Going Concern These financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business. At March 31, 2020, the Partnership was not in compliance with the leverage ratio covenant of our credit agreement. On June 4, 2020, Amendment 15 to the credit agreement was executed, decreasing the borrowing base of the credit agreement from $95.0 million to $64.0 million, establishing a repayment schedule for the borrowing base deficiency and waiving the March 31, 2020, leverage ratio noncompliance. However, we did not receive a waiver for more than one year from the balance sheet date, resulting in borrowings payable of $74.0 million being classified as current liabilities at March 31, 2020. See Note 14 in this section for additional information on Amendment 15 to the credit agreement. The Partnership’s total current liabilities of $77.2 million exceeded our total current assets of $20.9 million at March 31, 2020. Our ability to continue as a going concern is dependent on the re-negotiation of our revolving credit facility, or other measures such as the sale of assets or raising additional capital. There is no assurance, however, that such discussions will result in a refinancing of the credit facility on acceptable terms, if at all, or provide any specific amount of additional liquidity. These factors raise substantial doubt over the Partnership’s ability to continue as a going concern for at least one year from the date that these financial statements are issued, and therefore, whether we will realize our assets and extinguish our liabilities in the normal course of business and at the amounts stated in the unaudited condensed consolidated financial statements. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty, nor do they include adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Partnership be unable to continue as a going concern. Non-cash Investing and Supplemental Cash Flow Information The following presents the non-cash investing and supplemental cash flow information for the periods presented: Three Months Ended March 31, (in thousands) 2020 2019 Non-cash investing information Change in oil and natural gas properties - assets received in exchange $ — $ 38,533 Change in oil and natural gas properties - accrued capital expenditures $ (1,530 ) $ 58 Change in oil and natural gas properties - accrued acquisitions $ 360 $ (954 ) Supplemental cash flow information Cash paid for interest $ 1,057 $ 1,677

Acquisitions, Divestitures and

Acquisitions, Divestitures and Assets Held for Sale	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisitions, Divestitures and Assets Held for Sale	Note 2. Acquisitions, Divestitures and Assets Held for Sale We adopted ASU No. 2017-01, “ Business Combinations Assets and liabilities assumed in acquisitions accounted for as business combinations are recorded in our unaudited condensed consolidated balance sheets at their estimated fair values as of the acquisition date using assumptions that represent Level 3 fair value measurement inputs. See Note 5 in this section for additional discussion of our fair value measurements. Results of operations attributable to the acquisition subsequent to the closing are included in our unaudited condensed consolidated statements of operations. The operations and cash flows of divested properties are eliminated from our ongoing operations. Strategic Transaction In March 2019, we simultaneously closed the previously announced definitive agreements to sell substantially all of our oil and natural gas properties located in Texas for $60.0 million and to purchase certain oil and natural gas properties located in Osage, Grady and Caddo Counties in Oklahoma for an aggregate purchase price of $27.5 million, both agreements subject to customary purchase price adjustments. We received net proceeds of $32.5 million at the close of this Strategic Transaction (“Strategic Transaction”) of which $32.0 million was used to reduce borrowings outstanding on our revolving credit facility. The acquired properties were accounted for as an asset acquisition. A gain on the sale of oil and natural gas properties of $9.5 million was reported in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2019. The following table presents revenues and expenses of the oil and natural gas properties sold included in the accompanying unaudited condensed consolidated statements of operations for the periods presented: Three Months Ended March 31, (in thousands) 2020 2019 Oil and natural gas sales $ — $ 4,650 Expenses (1) $ — $ 3,374 (1) Assets Held for Sale On January 23, 2020, we closed the sale of land in Southern Oklahoma for a net cash settlement of $0.4 million. At December 31, 2019, the carrying value of $0.4 million was presented in “Assets held for sale” in our unaudited condensed consolidated balance sheets.

Equity Awards

Equity Awards	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Awards	Note 3. Equity Awards We have a long-term incentive program (the “Long-Term Incentive Program”) for employees, officers, consultants and directors of our general partner and its affiliates, including Mid-Con Energy Operating, LLC (“Mid-Con Energy Operating”) and ME3 Oilfield Service, LLC (“ME3 Oilfield Service”), who perform services for us. The Long-Term Incentive Program allows for the award of unit options, unit appreciation rights, unrestricted units, restricted units, phantom units, distribution equivalent rights granted with phantom units and other types of awards. The Long-Term Incentive Program is administered by the voting members of our general partner, and approved by the Board of Directors of our general partner (the “Board”). If an employee terminates employment prior to the restriction lapse date, the awarded units are forfeited and canceled and are no longer considered issued and outstanding. The following table shows the number of existing awards and awards available under the Long-Term Incentive Program at March 31, 2020: Number of Common Units (1) Approved and authorized awards 3,514,000 Unrestricted units granted (1,383,204 ) Restricted units granted, net of forfeitures (399,424 ) Equity-settled phantom units granted, net of forfeitures (1,445,003 ) Awards available for future grant 286,369 (1) We recognized $0.1 million and $0.3 million of total equity-based compensation expense for the three months ended March 31, 2020 and 2019, respectively. These costs are reported as a component of general and administrative expenses (“G&A”) in our unaudited condensed consolidated statements of operations. Unrestricted Unit Awards During the three months ended March 31, 2020, we granted 32,666 unrestricted units with an average grant date fair value of $0.26 per unit. During the three months ended March 31, 2019, we granted 50,000 unrestricted units with an average grant date fair value of $1.04 per unit. Equity-Settled Phantom Unit Awards Equity-settled phantom units vest over a period of two or three years. During the three months ended March 31, 2020, we did not grant any equity-settled phantom units. During the three months ended March 31, 2019, we granted 510,000 equity-settled phantom units with a two-year vesting period and 63,000 equity-settled phantom units with a three-year vesting period A summary of our equity-settled phantom unit awards for the three months ended March 31, 2020, is presented below: Number of Equity-Settled Phantom Units (1) Average Grant Date Fair Value per Unit Outstanding at December 31, 2019 570,999 $ 1.25 Units vested (300,000 ) 1.33 Units forfeited (45,666 ) 1.16 Outstanding at March 31, 2020 225,333 $ 1.15 (1)

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 4. Derivative Financial Instruments Our risk management program is intended to reduce our exposure to commodity price volatility and to assist with stabilizing cash flows. Accordingly, we utilize commodity derivative contracts (swaps, calls, puts and collars) to manage a portion of our exposure to commodity prices. We enter into commodity derivative contracts or modify our portfolio of existing commodity derivative contracts when we believe market conditions or other circumstances suggest that it is prudent or as required by our lenders. We account for our commodity derivative contracts at fair value. See Note 5 in this section for a description of our fair value measurements. We do not designate derivatives as hedges for accounting purposes; therefore, the mark-to-market adjustment reflecting the change in the fair value of our commodity derivative contracts is recorded in current period earnings. When prices for oil are volatile, a significant portion of the effect of our hedging activities consists of non-cash gains or losses due to changes in the fair value of our commodity derivative contracts. In addition to mark-to-market adjustments, gains or losses arise from net amounts paid or received on monthly settlements, proceeds from or payments for termination of contracts prior to their expiration and premiums paid or received for new contracts. Any deferred premiums are recorded as a liability and recognized in earnings as the related contracts mature. Gains and losses on derivatives are included in cash flows from operating activities. Pursuant to the accounting standard that permits netting of assets and liabilities where the right of offset exists, we present the fair value of commodity derivative contracts on a net basis. At March 31, 2020, our commodity derivative contracts were in a net asset position with a fair value of $22.0 million, whereas at December 31, 2019, our commodity derivative contracts were in a net liability position with a fair value of $1.2 million. All of our commodity derivative contracts are with major financial institutions that are also lenders under our revolving credit facility. Should one of these financial counterparties not perform, we may not realize the benefit of some of our commodity derivative contracts under lower commodity prices and we could incur a loss. As of March 31, 2020, all of our counterparties have performed pursuant to the terms of their commodity derivative contracts. The following tables summarize the gross fair value by the appropriate balance sheet classification, even when the derivative financial instruments are subject to netting arrangements and qualify for net presentation, in our unaudited condensed consolidated balance sheets at March 31, 2020, and December 31, 2019: (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Unaudited Condensed Consolidated Balance Sheets Net Amounts Presented in the Unaudited Condensed Consolidated Balance Sheets March 31, 2020 Assets Derivative financial instruments - current asset $ 15,767 $ (36 ) $ 15,731 Derivative financial instruments - long-term asset 6,398 (173 ) 6,225 Total 22,165 (209 ) 21,956 Liabilities Derivative financial instruments - current liability (36 ) 36 — Derivative financial instruments - long-term liability (173 ) 173 — Total (209 ) 209 — Net asset $ 21,956 $ — $ 21,956 (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Unaudited Condensed Consolidated Balance Sheets Net Amounts Presented in the Unaudited Condensed Consolidated Balance Sheets December 31, 2019 Assets Derivative financial instruments - long-term asset $ 1,635 $ (905 ) $ 730 Total 1,635 (905 ) 730 Liabilities Derivative financial instruments - current liability (1,944 ) — (1,944 ) Derivative financial instruments - long-term liability (905 ) 905 — Total (2,849 ) 905 (1,944 ) Net liability $ (1,214 ) $ — $ (1,214 ) The following table presents the impact of derivative financial instruments and their location within the unaudited condensed consolidated statements of operations: Three Months Ended March 31, (in thousands) 2020 2019 Net settlements on matured derivatives $ 1,783 $ 143 Net change in fair value of derivatives 23,169 (12,341 ) Total gain (loss) on derivatives, net $ 24,952 $ (12,198 ) At March 31, 2020, and December 31, 2019, our commodity derivative contracts had maturities at various dates through December 2021 and were comprised of commodity price swap and collar contracts. At March 31, 2020, we had the following oil derivatives net positions: Period Covered Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price Total Bbls Hedged/day Index Swaps - 2020 $ 55.87 $ — $ — 1,882 NYMEX-WTI Swaps - 2021 $ 55.78 $ — $ — 672 NYMEX-WTI Collars - 2021 $ — $ 52.00 $ 58.80 672 NYMEX-WTI At December 31, 2019, we had the following oil derivatives net positions: Period Covered Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price Total Bbls Hedged/day Index Swaps - 2020 $ 55.81 $ — $ — 1,931 NYMEX-WTI Swaps - 2021 $ 55.78 $ — $ — 672 NYMEX-WTI Collars - 2021 $ — $ 52.00 $ 58.80 672 NYMEX-WTI

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Note 5. Fair Value Disclosures Fair Value of Financial Instruments The carrying amounts reported in our unaudited condensed consolidated balance sheets for cash, accounts receivable and accounts payable approximate their fair values. The carrying amount of debt under our revolving credit facility approximates fair value because the revolving credit facility’s variable interest rate resets frequently and approximates current market rates available to us. We account for our commodity derivative contracts at fair value as discussed in “Assets and Liabilities Measured at Fair Value on a Recurring Basis” below. Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Assets and liabilities recorded in the balance sheet are categorized based on the inputs to the valuation technique as follows: Level 1 - Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. We consider active markets to be those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an on-going basis. Level 2 - Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 instruments primarily include swap, call, put and collar contracts. Level 3 - Financial assets and liabilities for which values are based on prices or valuation approaches that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy in a liquid environment, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. We had no transfers in or out of Levels 1, 2 or 3 for the three months ended March 31, 2020, and for the year ended December 31, 2019. Our estimates of fair value have been determined at discrete points in time based on relevant market data. These estimates involve uncertainty and cannot be determined with precision. There were no material changes in valuation approach or related inputs for the three months ended March 31, 2020, and for the year ended December 31, 2019. Assets and Liabilities Measured at Fair Value on a Recurring Basis We account for commodity derivative contracts and their corresponding deferred premiums at fair value on a recurring basis utilizing certain pricing models. Inputs to the pricing models include publicly available prices from a compilation of data gathered from third parties and brokers. We validate the data provided by third parties by understanding the pricing models used, obtaining market values from other pricing sources, analyzing pricing data in certain situations and confirming that those securities trade in active markets. Any deferred premiums associated with our commodity derivative contracts are categorized as Level 3, as we utilize a net present value calculation to determine the valuation. See Note 4 in this section for a summary of our derivative financial instruments. The following sets forth, by level within the hierarchy, the fair value of our assets and liabilities measured at fair value on a recurring basis as of March 31, 2020, and December 31, 2019: (in thousands) Level 1 Level 2 Level 3 Fair Value March 31, 2020 Derivative financial instruments - asset $ — $ 22,165 $ — $ 22,165 Derivative financial instruments - liability $ — $ 209 $ — $ 209 December 31, 2019 Derivative financial instruments - asset $ — $ 1,635 $ — $ 1,635 Derivative financial instruments - liability $ — $ 2,849 $ — $ 2,849 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Asset Retirement Obligations We estimate the fair value of our asset retirement obligations (“ARO”) based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding such factors as the existence of a legal obligation for ARO, amounts and timing of settlements, the credit-adjusted risk-free rate to be used and inflation rates. See Note 6 in this section for a summary of changes in ARO. Acquisitions The estimated fair values of proved oil and natural gas properties acquired in business combinations are based on a discounted cash flow model and market assumptions as to future commodity prices, projections of estimated quantities of oil and natural gas reserves, expectations for timing and amount of future development and operating costs, projections of future rates of production, expected recovery rates and risk-adjusted discount rates at the acquisition date. Based on the unobservable nature of certain of the inputs, the estimated fair value of the oil and natural gas properties acquired is deemed to use Level 3 inputs. See Note 2 in this section for further discussion of our acquisitions. Reserves We calculate the estimated fair values of reserves and properties using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of reserves, future operating and developmental costs, future commodity prices, a market-based weighted average cost of capital rate and the rate at which future cash flows are discounted to estimate present value. We discount future values by a per annum rate of 10% because we believe this amount approximates our long-term cost of capital and accordingly, is well aligned with our internal business decisions. The underlying commodity prices embedded in our estimated cash flows begin with Level 1 NYMEX-WTI forward curve pricing, less Level 3 assumptions that include location, pricing adjustments and quality differentials. Impairment The need to test oil and natural gas assets for impairment may result from significant declines in sales prices or downward revisions in estimated quantities of oil and natural gas reserves. If the carrying value of the long-lived assets exceeds the estimated undiscounted future net cash flows, an impairment expense is recognized for the difference between the estimated fair value and the carrying value of the assets. Due to the unprecedented decline in oil prices, we recorded impairment expense of $18.3 million for the three months ended March 31, 2020. There was no impairment expense for the three months ended March 31, 2019.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Note 6. Asset Retirement Obligations We have obligations under our lease agreements and federal regulations to remove equipment and restore land at the end of oil and natural gas operations. These ARO are primarily associated with plugging and abandoning wells. We typically incur this liability upon acquiring or successfully drilling a well and determine our ARO by calculating the present value of estimated cash flow related to the estimated future liability. Determining the removal and future restoration obligation requires management to make estimates and judgments, including the ultimate settlement amounts, inflation factors, credit-adjusted risk-free rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. We are required to record the fair value of a liability for the ARO in the period in which it is incurred with a corresponding increase in the carrying amount of the related long-lived asset. We review our assumptions and estimates of future ARO on an annual basis, or more frequently, if an event or circumstances occur that would impact our assumptions. To the extent future revisions to these assumptions impact the present value of the abandonment liability, management will make corresponding adjustments to both the ARO and the related oil and natural gas property asset balance. The liability is accreted each period toward its future value and is recorded in our unaudited condensed consolidated statements of operations. The discounted capitalized cost is amortized to expense through the depreciation calculation over the life of the assets based on proved developed reserves. Upon settlement of the liability, a gain or loss is recognized to the extent the actual costs differ from the recorded liability. As of March 31, 2020, and December 31, 2019, our ARO were reported as asset retirement obligations in our unaudited condensed consolidated balance sheets. Changes in our ARO for the periods indicated are presented in the following table: (in thousands) Three Months Ended March 31, 2020 Year Ended December 31, 2019 Asset retirement obligations - beginning of period $ 30,265 $ 26,001 Liabilities incurred for new wells and interest 632 8,840 Liabilities settled upon plugging and abandoning wells — (24 ) Liabilities removed upon sale of wells — (5,795 ) Revision of estimates — (353 ) Accretion expense 399 1,596 Asset retirement obligations - end of period $ 31,296 $ 30,265

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Note 7. Debt We had outstanding borrowings under our revolving credit facility of $74.0 million and $68.0 million at March 31, 2020, and December 31, 2019, respectively. Our current revolving credit facility matures in May 2021. Borrowings under the facility are secured by liens on not less than 90% of the value of our proved reserves. As of March 31, 2020, we were not in compliance with our leverage ratio covenant, which was waived in Amendment 15 to the credit agreement, executed June 4, 2020. See Note 14 in this section for further information on Amendment 15 to the credit agreement. The borrowing base of our revolving credit facility is collectively determined by our lenders based on the value of our proved oil and natural gas reserves using assumptions regarding future prices, costs and other variables. The borrowing base is subject to scheduled redeterminations in the spring and fall of each year with an additional redetermination, either at our request or at the request of the lenders, during the period between each scheduled borrowing base redetermination. An additional borrowing base redetermination may be made at the request of the lenders in connection with a material disposition of our properties or a material liquidation of a hedge contract. Our spring 2020 redetermination was finalized in June 2020. The next regularly scheduled semi-annual redetermination is expected to be completed in the fall of 2020. At March 31, 2020, borrowings under the revolving credit facility bore interest at a floating rate based on, at our election, the greater of the prime rate of Wells Fargo Bank, National Association, the federal funds effective rate plus 0.50% and the one month adjusted London Interbank Offered Rate (“LIBOR”) plus 1.0%, all of which are subject to a margin that varies from 1.75% to 2.75% per annum according to the borrowing base usage (which is the ratio of outstanding borrowings and letters of credit to the borrowing base then in effect), or the applicable LIBOR plus a margin that varies from 2.75% to 3.75% per annum according to the borrowing base usage. For the three months ended March 31, 2020, the average effective rate was 5.19 We may use borrowings under the revolving credit facility for acquiring and developing oil and natural gas properties, for working capital purposes, for general partnership purposes and for funding distributions to our unitholders. The revolving credit facility includes customary affirmative and negative covenants, such as limitations on the creation of new indebtedness and on certain liens, and restrictions on certain transactions and payments, including distributions, and requires us to maintain hedges covering projected production. If we fail to perform our obligations under these and other covenants, the revolving credit commitments may be terminated and any outstanding indebtedness under the credit agreement, together with accrued interest, could be declared immediately due and payable. On March 28, 2019, in conjunction with closing the Strategic Transaction and serving as our spring redetermination, Amendment 13 to the credit agreement was executed, decreasing our borrowing base to $110.0 million. The amendment also required that the leverage ratio be calculated on a building, period-annualized basis, beginning the second quarter of 2019. See Note 2 in this section for further discussion of the Strategic Transaction. On December 6, 2019, Amendment 14 to the credit agreement was executed, decreasing the borrowing base of the Partnership’s revolving credit facility to $95.0 million. The amendment also extended the maturity date of the revolving credit facility to May 1, 2021, and provided for a benchmark rate replacement to address the transition of LIBOR in 2021. Under the terms of the amendment, the Partnership is required to have a Consolidated Funded Indebtedness to Consolidated EBITDAX of less than 3.0 to 1.0 to make any borrowings above the borrowing cap of $85.0 million, and must maintain a maximum Leverage Ratio of Consolidated Funded Indebtedness to Consolidated EBITDAX that does not exceed: • 4.0 to 1.0 for the quarter ending December 31, 2019, • 3.75 to 1.0 for the quarter ending March 31, 2020, and • 3.5 to 1.0 for the quarter ending June 30, 2020, and thereafter.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. Commitments and Contingencies Services Agreement As of March 31, 2020, we were a party to a services agreement with Mid-Con Energy Operating pursuant to which Mid-Con Energy Operating provided certain services to us including management, administrative and operational services. We reimbursed Mid-Con Energy Operating, on a monthly basis, for the allocable expenses it incurred in its performance under the services agreement. See Note 10 in this section for additional information. See Note 14 in this section for further information on the termination of this services agreement. Employment Agreements As of March 31, 2020, our general partner had entered into employment agreements with Charles R. Olmstead and Jeffrey R. Olmstead. The employment agreements automatically renewed for one-year terms on August 1st of each year unless either we or the employee gave written notice of termination by the preceding February. Pursuant to the employment agreements, each employee served in his respective position with our general partner, as set forth above, and had duties, responsibilities and authority as the Board specified from time to time, in roles consistent with such positions that were assigned to them. The agreements stipulated that if there was a change of control, termination of employment, with cause or without cause, or death of the executive certain payments would be made to the executive officer. These payments, depending on the reason for termination, ranged from $0.1 million to $0.3 million, including the value of vesting of any outstanding units at March 31, 2020. See Note 14 in this section for further information on the termination of these employment agreements. Change in Control Severance Plan On July 24, 2019, the Board adopted a Change in Control Severance Plan that provides severance benefits to certain key management employees of the general partner and its affiliates. The Change in Control Severance Plan provides for the payment of cash compensation and certain other benefits to eligible employees in the event of a change in control and a qualifying termination of employment. The obligations under the Change in Control Severance Plan are generally based on the terminated employee’s cash compensation and position within the Partnership. Depending on the facts and circumstances associated with a potential change in control, the total payments made pursuant to the Change in Control Severance Plan could be material. No liability has been recorded at March 31, 2020, associated with the Change in Control Severance Plan. For a more detailed description of the Change in Control Severance Plan, please refer to our Current Report on Form 8-K filed on July 26, 2019. Legal Although we may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business, we are not currently a party to any material legal proceedings. In addition, we are not aware of any material legal or governmental proceedings against us under the various environmental protection statutes to which we are subject.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	Note 9. Equity Common Units At March 31, 2020, and December 31, 2019, the Partnership’s equity consisted of 1,557,851 On May 5, 2015, we entered into an Equity Distribution Agreement to sell, from time to time through or to the Managers (as defined in the agreement), up to $50.0 million in common units representing limited partner interests. In connection with the purchase agreement for the Class A Preferred Units described below, we suspended sales of common units pursuant to the Equity Distribution Agreement effective as of the closing date until August 11, 2021, without the consent of a majority of the holders of the outstanding Preferred Units. Our Partnership Agreement requires us to distribute all of our available cash on a quarterly basis. Our available cash is our cash on hand at the end of a quarter after the payment of our expenses and the establishment of reserves for future capital expenditures and operational needs, including cash from working capital borrowings. As of March 31, 2020, cash distributions to our common units continued to be indefinitely suspended. Our credit agreement stipulates written consent from our lenders is required in order to reinstate common unit distributions. Management and the Board will continue to evaluate, on a quarterly basis, the appropriate level of cash reserves in determining future distributions. The suspension of common unit cash distributions is designed to preserve liquidity and reallocate excess cash flow towards capital expenditure projects and debt reduction to maximize long-term value for our unitholders. There is no assurance as to future cash distributions since they are dependent upon our projections for future earnings, cash flows, capital requirements, financial conditions and other factors. Preferred Units As of March 31, 2020, the Partnership had issued Class A and Class B Preferred Units (collectively, the “Preferred Units”). Per accounting guidance, we were required to allocate a portion of the proceeds from Preferred Units to a beneficial conversion feature based on the intrinsic value of the beneficial conversion feature. The intrinsic value was calculated at the commitment date based on the difference between the fair value of the common units at the issuance date (number of common units issuable at conversion multiplied by the per-share value of our common units at the issuance date) and the proceeds attributed to the class of Preferred Units. The beneficial conversion feature was accreted using the effective yield method over the period from the closing date to the effective date of the holder’s conversion right. The holders of our Preferred Units were entitled to certain rights that were senior to the rights of holders of common units, such as rights to distributions and rights upon liquidation of the Partnership. We paid holders of Preferred Units a cumulative, quarterly cash distribution on Preferred Units then outstanding at an annual rate of 8.0%, or in the event that the Partnership’s existing secured indebtedness prevented the payment of a cash distribution to all holders of the Preferred Units, in kind (additional Class A or Class B Preferred Units), at an annual rate of 10.0%. Such distributions were paid for each such quarter within 45 days after such quarter end, or as otherwise permitted to accumulate pursuant to the Partnership Agreement. Prior to August 11, 2021, each holder of Preferred Units had the right, subject to certain conditions, to convert all or a portion of their Preferred Units into common units representing limited partner interests in the Partnership on a one-for-one basis, subject to adjustment for splits, subdivisions, combinations and reclassifications of the common units. Upon conversion of the Preferred Units, the Partnership would pay any distributions (to the extent accrued and unpaid as of the then most recent Preferred Units distribution date) on the converted units in cash, or in the event that the Partnership’s existing secured indebtedness prevents the payment of a cash distribution to all holders of the Preferred Units, in kind (additional Class A or Class B Preferred Units), at an annual rate of 10.0%. See Note 14 in this section for further information on the conversion of the Preferred Units into common units. Class A Preferred Units On August 11, 2016, we completed a private placement of 11,627,906 Class A Preferred Units for an aggregate offering price of $25.0 million. The Class A Preferred Units were issued at a price of $2.15 per Class A Preferred Unit. Proceeds from this issuance were used to fund an acquisition and for general partnership purposes, including the reduction of borrowings under our revolving credit facility. We received net proceeds of $24.6 million in connection with the issuance of these Class A Preferred Units. We allocated these net proceeds, on a relative fair value basis, to the Class A Preferred Units ($18.6 million) and the beneficial conversion feature ($6.0 million). Accretion of the beneficial conversion feature was $0.3 million for the three months ended March 31, 2020 and 2019. The registration statement registering resales of common units issued or to be issued upon conversion of the Class A Preferred Units was declared effective by the SEC on June 14, 2017. At March 31, 2020, the Partnership had accrued $0.5 million for the first quarter 2020 distributions. The following table summarizes cash distributions paid on our Class A Preferred Units during the three months ended March 31, 2020: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2020 October 1, 2019 - December 31, 2019 $ 0.0430 $ 500 The following table summarizes cash distributions paid on our Class A Preferred Units during the three months ended March 31, 2019: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2019 October 1, 2018 - December 31, 2018 $ 0.0430 $ 500 Class B Preferred Units On January 31, 2018, we completed a private placement of 9,803,921 Class B Preferred Units for an aggregate offering price of $15.0 million. The Class B Preferred Units were issued at a price of $1.53 per Class B Preferred Unit. Proceeds from this issuance were used to fund the acquisition of certain oil and natural gas properties located in Campbell and Converse Counties, Wyoming, and for general partnership purposes, including the reduction of borrowings under our revolving credit facility. We received net proceeds of $14.9 million in connection with the issuance of these Class B Preferred Units. We allocated these net proceeds, on a relative fair value basis, to the Class B Preferred Units ($14.2 million) and the beneficial conversion feature ($0.7 million). Accretion of the beneficial conversion feature was $0.05 million for the three months ended March 31, 2020 and 2019. The registration statement registering resales of common units issued or to be issued upon conversion of the Class B Preferred Units was declared effective by the SEC on May 25, 2018. At March 31, 2020, the Partnership had accrued $0.3 million for the first quarter 2020 distributions. The following table summarizes cash distributions paid on our Class B Preferred Units during the three months ended March 31, 2020: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2020 October 1, 2019 - December 31, 2019 $ 0.0306 $ 300 The following table summarizes cash distributions paid on our Class B Preferred Units during the three months ended March 31, 2019: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2019 October 1, 2018 - December 31, 2018 $ 0.0306 $ 300 Allocation of Net Income or Loss Net income or loss is allocated to our general partner in proportion to its pro rata ownership during the period. The remaining net income or loss is allocated to the limited partner unitholders net of Preferred Unit distributions, including accretion of the Preferred Unit beneficial conversion feature. In the event of net income, diluted net income per partner unit reflects the potential dilution of non-vested restricted stock awards and the conversion of Preferred Units.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions Agreements with Affiliates The following agreements were negotiated among affiliated parties and, consequently, are not the result of arm’s length negotiations. The following is a description of those agreements that were entered into with the affiliates of our general partner and with our general partner. Services Agreement As of March 31, 2020, we were party to a services agreement with our affiliate, Mid-Con Energy Operating, pursuant to which Mid-Con Energy Operating provided certain services to us, including managerial, administrative and operational services. The operational services included marketing, geological and engineering services. We reimbursed Mid-Con Energy Operating, on a monthly basis, for the allocable expenses it incurred in its performance under the services agreement. These expenses included, among other things, salary, bonus, incentive compensation and other amounts paid to persons who performed services for us or on our behalf and other expenses allocated by Mid-Con Energy Operating to us. These expenses were included in G&A in our unaudited condensed consolidated statements of operations. Operating Agreements As of March 31, 2020, we, along with various third parties with an ownership interest in the same property, were parties to standard oil and natural gas joint operating agreements with our affiliate, Mid-Con Energy Operating. We and those third parties paid Mid-Con Energy Operating overhead associated with operating our properties and for its direct and indirect expenses that were chargeable to the wells under their respective operating agreements. The majority of these expenses were included in LOE in our unaudited condensed consolidated statements of operations. See Note 14 in this section for further information on the agreement by Mid-Con Energy Operating to resign as operator under these joint operating agreements as of July 1, 2020. Oilfield Services As of March 31, 2020, we were party to operating agreements, pursuant to which our affiliate, Mid-Con Energy Operating, billed us for oilfield services performed by our affiliates, ME3 Oilfield Service and ME2 Well Services, LLC. These amounts were either included in LOE in our unaudited condensed consolidated statements of operations or were capitalized as part of oil and natural gas properties in our unaudited condensed consolidated balance sheets. Other Agreements As of March 31, 2020, we were party to monitoring fee agreements with Bonanza Fund Management, Inc. (“Bonanza”), a Class A Preferred Unitholder, and Goff Focused Strategies, LLC (“GFS”), a Class B Preferred Unitholder, pursuant to which we paid Bonanza and GFS a quarterly monitoring fee in connection with monitoring the purchasers’ investments in the Preferred Units. These expenses were included in G&A in our unaudited condensed consolidated statements of operations. The following table summarizes the related party transactions for the periods indicated: Three Months Ended March 31, (in thousands) 2020 2019 Services agreement $ 1,420 $ 769 Operating agreements 2,531 2,836 Oilfield services 1,734 1,097 Other agreements 80 80 $ 5,765 $ 4,782 At March 31, 2020, we had a net payable to our affiliate, Mid-Con Energy Operating, of $1.9 million, comprised of a joint interest billing payable of $2.7 million and a payable for operating services and other miscellaneous items of $0.3 million, offset by an oil and natural gas revenue receivable of $1.1 million. At December 31, 2019, we had a net payable to our affiliate, Mid-Con Energy Operating, of $6.9 million, comprised of a joint interest billing payable of $7.8 million and a payable for operating services and other miscellaneous items of $0.8 million, offset by an oil and natural gas revenue receivable of $1.7 million. These amounts were included in accounts payable-related parties in our unaudited condensed consolidated balance sheets.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	Note 11. Revenue Recognition We adopted ASC 606 effective January 1, 2018, using the modified retrospective approach. ASC 606 supersedes previous revenue recognition requirements in ASC 605 and includes a five-step revenue recognition model to depict the transfer of goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Under ASC 605, we followed the sales method of accounting for oil and natural gas sales revenues in which revenues were recognized on our share of actual proceeds from oil and natural gas sold to purchasers. Revenue recognition required for our oil and natural gas sales contracts by ASC 606 does not differ from revenue recognition required under ASC 605 to account for such contracts. Therefore, we concluded that there was no change in our revenue recognition under ASC 606 and the cumulative effect of applying the new standard to all outstanding contracts as of January 1, 2018, did not result in an adjustment to retained earnings. We had no significant natural gas imbalances at March 31, 2020 and 2019. Revenue from Contracts with Customers Under our oil and natural gas sales contracts, enforceable rights and obligations arise at the time production occurs on dedicated leases as the Partnership promises to deliver goods in the form of oil or natural gas production on contractually-specified leases to the purchasers. Sales of oil and natural gas are recognized at the point that control of the product is transferred to the customer; title and risk of loss to the product generally transfers at the delivery point specified in the contract. We do not extract natural gas liquids (“NGLs”) from our natural gas production prior to the sale and transfer of title of the natural gas stream to our purchasers. While some of our purchasers extracted NGLs from the natural gas stream sold by us to them, we had no ownership in such NGLs. The Partnership commits and dedicates for sale all of the oil or natural gas production from contractually agreed-upon leases to the purchaser. Our oil contract pricing provisions are tied to a market index, with certain marketing adjustments, including location and quality differentials as well as certain embedded marketing fees. The majority of our natural gas contract pricing provisions are tied to a market index less customary deductions, such as gathering, processing and transportation. Payment is typically received 30 to 60 days after the date production is delivered. Transaction Price Allocated to Remaining Performance Obligations Our oil and natural gas sales are generally short-term in nature, with a contract term of one year or less. For those contracts, we have utilized the practical expedient in ASC 606-10-50-14, exempting the Partnership from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. For our oil and natural gas sales contracts, the variable consideration related to variable production is not estimated because the uncertainty related to the consideration is resolved as the barrel of oil (“Bbl”) and Mcf of natural gas are transferred to the customer each day. Therefore, we have utilized the practical expedient in ASC 606-10-50-14(a), which states the Partnership is not required to disclose the transaction price allocated to remaining performance obligations for specific situations in which the Partnership does not need to estimate variable consideration to recognize revenue. Contract Balances Our oil and natural gas sales contracts do not give rise to contract assets or liabilities under ASC 606.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Note 12. Leases We adopted ASC 842, as amended, on January 1, 2019, using the modified retrospective approach. The modified retrospective approach provided a method for recording existing leases at adoption and allowed for a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The adoption of this standard did not result in an adjustment to retained earnings. We elected the transition package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected the optional transition practical expedient to not evaluate existing or expired land easements that were not previously accounted for as leases under ASC 840, Leases We lease office space in Tulsa, Oklahoma, Abilene, Texas, and Gillette, Wyoming. Per the short-term accounting policy election, leases with an initial term of 12 months or less were not recorded on the balance sheet, and we recognize lease expense for these leases on a straight-line basis over the term of the lease. Most of our leases include an option to renew. The exercise of the lease renewal options is at our discretion. A summary of our leases is presented below: (in thousands) Classification Three Months Ended March 31, 2020 Year Ended December 31, 2019 Assets Operating Other property and equipment $ 735 $ 835 Total lease assets $ 735 $ 835 Liabilities Current operating Other current liabilities $ 438 $ 430 Non-current operating Other long-term liabilities 344 457 Total lease liabilities $ 782 $ 887 Three Months Ended March 31, Classification 2020 2019 Operating lease expense (1)(2) G&A expense $ 72 $ 66 Weighted average remaining lease term (months) Operating leases 21 32 Weighted average discount rate Operating leases 5.7 % 5.7 % (1) (2) Future minimum lease payments under the non-cancellable operating leases are presented in the following table: (in thousands) Operating Leases Remaining 2020 $ 365 2021 471 Total lease maturities 836 Less: interest 54 Present value of lease liabilities $ 782

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2020
Accounting Changes And Error Corrections [Abstract]
New Accounting Standards	Note 13. New Accounting Standards In June 2016, the FASB issued ASC 326, Financial Instruments- Credit Losses which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. For smaller reporting companies, this guidance is effective for fiscal years beginning after December 15, 2022, and early adoption is permitted. We plan to adopt this standard on January 1, 2023, and are currently evaluating the impact of the adoption on our consolidated financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 14. Subsequent Events Transformational Recapitalization The Partnership announced on June 5, 2020, that we had completed strategic recapitalization transactions (the “Recapitalization Transactions”), resulting in significant changes to our capital structure and governance to strengthen our balance sheet, create alignment across all unitholders, reduce costs and streamline operations , thereby creating immediate and sustainable value for all unitholders. As part of the Recapitalization Transactions, the holders of all of the Partnership’s Preferred Units, led by Goff Capital, Inc., (“Goff Capital”) converted their Preferred Units to common units at an average conversion price of $3.12/unit. In addition, the equity holders of the general partner contributed the ownership of the general partner to the Partnership in exchange for common units. In connection with these Recapitalization Transactions, the limited partnership agreement of the Partnership has been amended, the directors of the general partner have resigned, and a new Board has been elected by written consent of affiliates of Goff Capital that now hold a majority of the outstanding common units. Following these transactions, the Partnership had 14,311,522 common units outstanding. The Recapitalization Transactions closed on June 4, 2020. For a more detailed description of the Recapitalization Transactions, please refer to our Current Report on Form 8-K filed on June 10, 2020. Election of New Board Members and Departure of Board Members On June 5, 2020, the Partnership announced that Mr. Robert Boulware, Mr. Travis Goff and Mr. Fred Reynolds were elected to the Board. On June 10, 2020, the Partnership announced that the Board, acting by unanimous written consent, adopted resolutions on June 8, 2020, that expanded the size of the Board from three to four and appointed Mr. Caperton White to serve as the fourth member of the Board. Mr. Robert Boulware served as President and CEO of ING Funds Distributor, LLC. Mr. Boulware’s experience also includes executive and management positions with WESAV Financial, Bank of America and Western Savings. Since 2008, he has served on the Brighthouse Funds Trustee Board as Chairman of the Investment Committee and as a member of the Nominating and Governance and Audit Committees. He has also served since 2013 as Board Trustee for the Vertical Capital Fund, where he is the Lead Independent Director and a member of the Audit Committee and Nominating and Governance Committee. Since 2014, Mr. Boulware has served as Board Trustee with the Sharespost 100 Fund, where he is currently Chairman of the Board, as well as Chairman of the Audit Committee and Nominating and Governance Committee. He also has served on the Board of Gainsco Auto Insurance since 2005 as Director, Chairman of the Audit Committee and member of the Compensation Committee. Mr. Boulware received his BSBA from Northern Arizona University at Flagstaff, Arizona. Mr. Travis Goff is President of Goff Capital, a Fort Worth, Texas-based family office. Goff Capital is the family office of John Goff, which directly invests in public securities as well as private equity in a variety of industries. Mr. Goff manages all existing and potential private and public investments for Goff Capital. Mr. Goff is a graduate of the University of Texas at Austin and began his career at Morgan Stanley in New York, working in both the investment banking and principal investing platforms. He currently serves as a Board Member of several companies in the oil and gas, manufacturing and media and entertainment industries. Mr. Fred N. Reynolds is the principal owner of Fred S. Reynolds & Associates, a petroleum engineering consulting firm located in Fort Worth, Texas. Mr. Reynolds graduated in 1979 with a Bachelor of Science in Petroleum Engineering from the University of Oklahoma. Following graduation, Mr. Reynolds worked for Chevron U.S.A. and Equity Oil Company as a drilling and completion engineer and Engineering Manager, before joining his father and forming the petroleum engineering consulting firm of Fred S. Reynolds & Associates in 1983. Mr. Caperton White is President of Holly Oak Minerals Management, which manages over 40,000 gross mineral acres. Mr. White, a licensed Certified Public Accountant, previously worked at KPMG. He has significant transactional and restructuring experience. Mr. White received a Bachelor of Business Administration in Finance and a Master of Science in Accounting from the Cox School of Business at Southern Methodist University. Departing Board members include Mr. Charles R. “Randy” Olmstead, Mr. Fred Ball Jr., Mr. John (“J.W.”) Brown, Mr. Peter A. Leidel and Mr. Cameron Smith, who resigned in connection with the Recapitalization Transactions. Mr. Wilkie S. Colyer, Jr., the President and CEO of Contango Oil & Gas Company (“Contango”), the parent of the new operator of the Partnership’s properties, also resigned from the Board, as announced on June 5, 2020. Resignation of Senior Executive Management The Partnership announced the resignations of Mr. Randy Olmstead, Chief Executive Officer, and Mr. Jeffrey R. Olmstead, former Chief Executive Officer and President (prior to serving on a sabbatical), from their positions as officers of the general partner on June 10, 2020. In connection with the Recapitalization Transactions, the Participation and Restrictive Covenant Agreements with Mr. Randy Olmstead and Mr. Jeffrey R. Olmstead under the Change in Control Severance Plan were terminated, and none of the parties’ rights or obligations thereunder survive termination. Any outstanding phantom units, restricted units or other awards granted to either executive under our Long-Term Incentive Plan were immediately vested and non-forfeitable as of termination. Amendment 15 to Credit Agreement and Borrowing Base Determination Amendment 15 to the credit agreement was effective as of June 1, 2020. This amendment to the credit agreement, among other changes: • decreased the borrowing base from $95.0 million to $64.0 million and established a monthly repayment schedule beginning June 1, 2020, through November 1, 2020, for the $11.0 million borrowing base deficiency; • permitted the Recapitalization Transactions; • introduced anti-cash hoarding provisions and restrictive covenants on capital and general and administrative spending; • provided for all loans to bear payment-in-kind interest, capitalized on a quarterly basis; • excluded certain assumed liabilities from the Current Ratio calculation for the quarters ending June 30, 2020, September 30, 2020, and December 31, 2020; and • required the Partnership’s Leverage Ratio of Consolidated Funded Indebtedness to Consolidated EBITDAX not to exceed: o 5.75 to 1.00 for the quarter ending June 30, 2020, o 5.00 to 1.00 for the quarter ending September 30, 2020, o 4.50 to 1.00 for the quarter ending December 31, 2020, and o 4.25 to 1.00 for the quarter ending March 31, 2021, and thereafter. Appointment of Contango Resources, Inc. as Operator for the Partnership The Partnership has entered into a Management Services Agreement (“MSA”) with Contango Resources, Inc. (“Contango Resources”) effective as of July 1, 2020. Under the MSA, Contango Resources will provide management and administrative services and serve as operator of the Partnership’s assets for a flat fee arrangement of $4.0 million annually, plus a maximum $2.0 million termination fee, which is expected to generate pro forma annual cash savings of approximately $6.5 million compared with 2019. Contango will also receive warrants to acquire common units of the Partnership within ten business days of July 1, 2020, further aligning it with equity holders. Delay of Filing On May 12, 2020, we filed a Current Report on Form 8-K giving notice that the Partnership intended to delay the filing of our Quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2020. The Partnership relied on the SEC order (SEC Release 34-88465), to delay the filing of our Quarterly Report. Reverse Stock Split On April 9, 2020, the previously approved 1-for-20 reverse unit split on the Partnership’s common units became effective after market close. The unaudited condensed consolidated financial statements were adjusted for the reverse stock split.

Organization and Nature of Op_2

Organization and Nature of Operations (Policies)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our unaudited condensed consolidated financial statements are prepared pursuant to the rules and regulations of the SEC. These financial statements have not been audited by our independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2019, is derived from the audited financial statements. Accordingly, certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in this Form 10-Q. We believe that the presentations and disclosures made are adequate to make the information not misleading. The unaudited condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These interim financial statements should be read in conjunction with our Annual Report. All intercompany transactions and account balances have been eliminated.
Liquidity and Going Concern	Liquidity and Going Concern These financial statements have been prepared on a going concern basis, which contemplates the continuity of normal business activities and the realization of assets and settlement of liabilities in the normal course of business. At March 31, 2020, the Partnership was not in compliance with the leverage ratio covenant of our credit agreement. On June 4, 2020, Amendment 15 to the credit agreement was executed, decreasing the borrowing base of the credit agreement from $95.0 million to $64.0 million, establishing a repayment schedule for the borrowing base deficiency and waiving the March 31, 2020, leverage ratio noncompliance. However, we did not receive a waiver for more than one year from the balance sheet date, resulting in borrowings payable of $74.0 million being classified as current liabilities at March 31, 2020. See Note 14 in this section for additional information on Amendment 15 to the credit agreement. The Partnership’s total current liabilities of $77.2 million exceeded our total current assets of $20.9 million at March 31, 2020. Our ability to continue as a going concern is dependent on the re-negotiation of our revolving credit facility, or other measures such as the sale of assets or raising additional capital. There is no assurance, however, that such discussions will result in a refinancing of the credit facility on acceptable terms, if at all, or provide any specific amount of additional liquidity. These factors raise substantial doubt over the Partnership’s ability to continue as a going concern for at least one year from the date that these financial statements are issued, and therefore, whether we will realize our assets and extinguish our liabilities in the normal course of business and at the amounts stated in the unaudited condensed consolidated financial statements. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty, nor do they include adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Partnership be unable to continue as a going concern.

Organization and Nature of Op_3

Organization and Nature of Operations (Tables)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Non-cash Investing and Cash Flow Supplemental Disclosures	The following presents the non-cash investing and supplemental cash flow information for the periods presented: Three Months Ended March 31, (in thousands) 2020 2019 Non-cash investing information Change in oil and natural gas properties - assets received in exchange $ — $ 38,533 Change in oil and natural gas properties - accrued capital expenditures $ (1,530 ) $ 58 Change in oil and natural gas properties - accrued acquisitions $ 360 $ (954 ) Supplemental cash flow information Cash paid for interest $ 1,057 $ 1,677

Acquisitions, Divestitures an_2

Acquisitions, Divestitures and Assets Held for Sale, Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2020
Texas Assets [Member]
Divestiture Information	The following table presents revenues and expenses of the oil and natural gas properties sold included in the accompanying unaudited condensed consolidated statements of operations for the periods presented: Three Months Ended March 31, (in thousands) 2020 2019 Oil and natural gas sales $ — $ 4,650 Expenses (1) $ — $ 3,374 (1)

Equity Awards (Tables)

Equity Awards (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of awards under Long-Term Incentive program	The following table shows the number of existing awards and awards available under the Long-Term Incentive Program at March 31, 2020: Number of Common Units (1) Approved and authorized awards 3,514,000 Unrestricted units granted (1,383,204 ) Restricted units granted, net of forfeitures (399,424 ) Equity-settled phantom units granted, net of forfeitures (1,445,003 ) Awards available for future grant 286,369 (1)
Summary of equity-settled units	A summary of our equity-settled phantom unit awards for the three months ended March 31, 2020, is presented below: Number of Equity-Settled Phantom Units (1) Average Grant Date Fair Value per Unit Outstanding at December 31, 2019 570,999 $ 1.25 Units vested (300,000 ) 1.33 Units forfeited (45,666 ) 1.16 Outstanding at March 31, 2020 225,333 $ 1.15 (1)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Estimated Fair Value of Derivative Assets and Liabilities	The following tables summarize the gross fair value by the appropriate balance sheet classification, even when the derivative financial instruments are subject to netting arrangements and qualify for net presentation, in our unaudited condensed consolidated balance sheets at March 31, 2020, and December 31, 2019: (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Unaudited Condensed Consolidated Balance Sheets Net Amounts Presented in the Unaudited Condensed Consolidated Balance Sheets March 31, 2020 Assets Derivative financial instruments - current asset $ 15,767 $ (36 ) $ 15,731 Derivative financial instruments - long-term asset 6,398 (173 ) 6,225 Total 22,165 (209 ) 21,956 Liabilities Derivative financial instruments - current liability (36 ) 36 — Derivative financial instruments - long-term liability (173 ) 173 — Total (209 ) 209 — Net asset $ 21,956 $ — $ 21,956 (in thousands) Gross Amounts Recognized Gross Amounts Offset in the Unaudited Condensed Consolidated Balance Sheets Net Amounts Presented in the Unaudited Condensed Consolidated Balance Sheets December 31, 2019 Assets Derivative financial instruments - long-term asset $ 1,635 $ (905 ) $ 730 Total 1,635 (905 ) 730 Liabilities Derivative financial instruments - current liability (1,944 ) — (1,944 ) Derivative financial instruments - long-term liability (905 ) 905 — Total (2,849 ) 905 (1,944 ) Net liability $ (1,214 ) $ — $ (1,214 )
Impact of Derivative Financial Instruments within Condensed Consolidated Statement of Operations	The following table presents the impact of derivative financial instruments and their location within the unaudited condensed consolidated statements of operations: Three Months Ended March 31, (in thousands) 2020 2019 Net settlements on matured derivatives $ 1,783 $ 143 Net change in fair value of derivatives 23,169 (12,341 ) Total gain (loss) on derivatives, net $ 24,952 $ (12,198 )
Commodity Contracts	At March 31, 2020, and December 31, 2019, our commodity derivative contracts had maturities at various dates through December 2021 and were comprised of commodity price swap and collar contracts. At March 31, 2020, we had the following oil derivatives net positions: Period Covered Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price Total Bbls Hedged/day Index Swaps - 2020 $ 55.87 $ — $ — 1,882 NYMEX-WTI Swaps - 2021 $ 55.78 $ — $ — 672 NYMEX-WTI Collars - 2021 $ — $ 52.00 $ 58.80 672 NYMEX-WTI At December 31, 2019, we had the following oil derivatives net positions: Period Covered Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price Total Bbls Hedged/day Index Swaps - 2020 $ 55.81 $ — $ — 1,931 NYMEX-WTI Swaps - 2021 $ 55.78 $ — $ — 672 NYMEX-WTI Collars - 2021 $ — $ 52.00 $ 58.80 672 NYMEX-WTI

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of fair value measurements	The following sets forth, by level within the hierarchy, the fair value of our assets and liabilities measured at fair value on a recurring basis as of March 31, 2020, and December 31, 2019: (in thousands) Level 1 Level 2 Level 3 Fair Value March 31, 2020 Derivative financial instruments - asset $ — $ 22,165 $ — $ 22,165 Derivative financial instruments - liability $ — $ 209 $ — $ 209 December 31, 2019 Derivative financial instruments - asset $ — $ 1,635 $ — $ 1,635 Derivative financial instruments - liability $ — $ 2,849 $ — $ 2,849

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Changes in Asset Retirement Obligations	As of March 31, 2020, and December 31, 2019, our ARO were reported as asset retirement obligations in our unaudited condensed consolidated balance sheets. Changes in our ARO for the periods indicated are presented in the following table: (in thousands) Three Months Ended March 31, 2020 Year Ended December 31, 2019 Asset retirement obligations - beginning of period $ 30,265 $ 26,001 Liabilities incurred for new wells and interest 632 8,840 Liabilities settled upon plugging and abandoning wells — (24 ) Liabilities removed upon sale of wells — (5,795 ) Revision of estimates — (353 ) Accretion expense 399 1,596 Asset retirement obligations - end of period $ 31,296 $ 30,265

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Class A Preferred Units [Member]
Cash Distributions - Preferred Unitholders	The following table summarizes cash distributions paid on our Class A Preferred Units during the three months ended March 31, 2020: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2020 October 1, 2019 - December 31, 2019 $ 0.0430 $ 500 The following table summarizes cash distributions paid on our Class A Preferred Units during the three months ended March 31, 2019: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2019 October 1, 2018 - December 31, 2018 $ 0.0430 $ 500
Class B Preferred Units [Member]
Cash Distributions - Preferred Unitholders	The following table summarizes cash distributions paid on our Class B Preferred Units during the three months ended March 31, 2020: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2020 October 1, 2019 - December 31, 2019 $ 0.0306 $ 300 The following table summarizes cash distributions paid on our Class B Preferred Units during the three months ended March 31, 2019: Date Paid Period Covered Distribution per Unit Total Distributions (in thousands) February 14, 2019 October 1, 2018 - December 31, 2018 $ 0.0306 $ 300

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the related party transactions for the periods indicated: Three Months Ended March 31, (in thousands) 2020 2019 Services agreement $ 1,420 $ 769 Operating agreements 2,531 2,836 Oilfield services 1,734 1,097 Other agreements 80 80 $ 5,765 $ 4,782

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Summary of Leases	A summary of our leases is presented below: (in thousands) Classification Three Months Ended March 31, 2020 Year Ended December 31, 2019 Assets Operating Other property and equipment $ 735 $ 835 Total lease assets $ 735 $ 835 Liabilities Current operating Other current liabilities $ 438 $ 430 Non-current operating Other long-term liabilities 344 457 Total lease liabilities $ 782 $ 887 Three Months Ended March 31, Classification 2020 2019 Operating lease expense (1)(2) G&A expense $ 72 $ 66 Weighted average remaining lease term (months) Operating leases 21 32 Weighted average discount rate Operating leases 5.7 % 5.7 % (1) (2)
Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases	Future minimum lease payments under the non-cancellable operating leases are presented in the following table: (in thousands) Operating Leases Remaining 2020 $ 365 2021 471 Total lease maturities 836 Less: interest 54 Present value of lease liabilities $ 782

Organization and Nature of Op_4

Organization and Nature of Operations - Additional Information (Details) - USD ($) $ in Thousands	Jun. 04, 2020	Jun. 01, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 06, 2019	Mar. 28, 2019
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Current debt			$ 74,000
Total current liabilities			77,169	$ 10,391
Total current assets			$ 20,926	$ 7,560
Revolving Credit Facility [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Line of credit facility borrowing base reduced amount					$ 95,000	$ 110,000
Subsequent Event [Member] | Revolving Credit Facility [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Line of credit facility, borrowing capacity	$ 95,000	$ 95,000
Line of credit facility borrowing base reduced amount	$ 64,000

Organization and Nature of Op_5

Organization and Nature of Operations - Non-cash Investing and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Non-cash investing information
Change in oil and natural gas properties - assets received in exchange		$ 38,533
Change in oil and natural gas properties - accrued capital expenditures	$ (1,530)	58
Change in oil and natural gas properties - accrued acquisitions	360	(954)
Supplemental cash flow information
Cash paid for interest	$ 1,057	$ 1,677

Acquisitions, Divestitures an_3

Acquisitions, Divestitures and Assets Held for Sale - Strategic Transaction - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Proceeds from sales of oil and natural gas properties		$ 32,502
Payment of borrowings outstanding under revolving credit facility	$ 32,000	32,000
Gain on sales of oil and natural gas properties, net		9,469
Texas Assets [Member]
Business Acquisition [Line Items]
Aggregate sale price	60,000	60,000
Proceeds from sales of oil and natural gas properties	32,500
Gain on sales of oil and natural gas properties, net		$ 9,500
Oklahoma Assets [Member]
Business Acquisition [Line Items]
Assets purchased under asset acquisition	$ 27,500

Acquisitions, Divestitures an_4

Acquisitions, Divestitures and Assets Held for Sale - Divestiture Information (Details) - Texas Assets [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Divestiture [Line Items]
Divestiture oil and gas revenue	$ 4,650
Divestiture oil and gas expense	$ 3,374	[1]
[1]	Expenses include lease operating expenses ("LOE"), production and ad valorem taxes, accretion and depletion.

Acquisitions, Divestitures an_5

Acquisitions, Divestitures and Assets Held for Sale - Assets Held for Sale - Additional Information (Details) - USD ($) $ in Thousands	Jan. 23, 2020	Dec. 31, 2019
Divestiture [Line Items]
Assets held for sale		$ 365
Southern Oklahoma
Divestiture [Line Items]
Cash settlement, net	$ 400
Assets held for sale		$ 400

Equity Awards - Awards availabl

Equity Awards - Awards available for future grant (Details) - Long-Term Incentive Plan [Member]	Mar. 31, 2020shares	[1]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Approved and authorized awards	3,514,000
Unrestricted units granted	(1,383,204)
Restricted units granted, net of forfeitures	(399,424)
Equity-settled phantom units granted, net of forfeitures	(1,445,003)
Awards available for future grant	286,369
[1]	The common units presented above do not reflect the reverse stock split effective April 9, 2020. At March 31, 2020, awards available for future grant on a pro forma adjusted basis were 14,318. See Note 14 in this section for further information regarding the reverse stock split.

Equity Awards - Awards availa_2

Equity Awards - Awards available for future grant (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stockholders' equity note, stock split description	These common units were retroactively adjusted for the impact of the reverse stock split that occurred on April 9, 2020.
Long-Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stockholders' equity note, stock split description	The common units presented above do not reflect the reverse stock split effective April 9, 2020.
Number of awards available for future grant on a pro forma adjusted	14,318

Equity Awards - Additional Info

Equity Awards - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Long-Term Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based compensation expense	$ 0.1	$ 0.3

Equity Awards - Unrestricted Un

Equity Awards - Unrestricted Units - Additional Information (Details) - Unrestricted Common Units [Member] - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units granted	32,666	50,000
Average grant date fair value per unit, granted	$ 0.26	$ 1.04

Equity Awards - Equity-Settled

Equity Awards - Equity-Settled Phantom Units - Additional Information (Details) - Equity-Settled Phantom Units [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs	$ 0.2
Weighted average period, unrecognized costs	12 months
Tranche Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		2 years
Units granted		510,000
Tranche Three [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Units granted		63,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years

Equity Awards - Equity-Settle_2

Equity Awards - Equity-Settled Phantom Units (Details) - Equity-Settled Phantom Units [Member]	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of units
Outstanding, beginning of period | shares	570,999	[1]
Units vested | shares	(300,000)	[1]
Units forfeited | shares	(45,666)	[1]
Outstanding, end of period | shares	225,333	[1]
Weighted Average Grant Date Fair Value per Phantom Unit
Average fair value per unit, outstanding, beginning of period | $ / shares	$ 1.25
Average grant date fair value per unit, vested | $ / shares	1.33
Average grant date fair value per unit, forfeited | $ / shares	1.16
Average fair value per unit, outstanding, ending of period | $ / shares	$ 1.15
[1]	The common units presented above do not reflect the reverse stock split effective April 9, 2020. At March 31, 2020, awards available for future grant on a pro forma adjusted basis were 14,318. See Note 14 in this section for further information regarding the reverse stock split.

Equity Awards - Equity-Settle_3

Equity Awards - Equity-Settled Phantom Units (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stockholders' equity note, stock split description	These common units were retroactively adjusted for the impact of the reverse stock split that occurred on April 9, 2020.
Equity-Settled Phantom Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stockholders' equity note, stock split description	The equity-settled phantom units presented above do not reflect the reverse stock split effective April 9, 2020.
Number of outstanding number of equity-settled phantom units on a pro forma adjusted	11,267

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair value	$ 21,956	$ (1,214)

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Gross Fair Value by Appropriate Balance Sheet Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Derivative Asset, Fair Value, Gross Asset	$ 22,165	$ 1,635
Gross Amounts Offset	(209)	(905)
Net Amount presented - Balance Sheet	21,956	730
Liabilities
Gross Amounts of Recognized Liabilities	(209)	(2,849)
Gross Amounts Offset	209	905
Net Amount presented - Balance Sheet	0	(1,944)
Gross Amount of Recognized Assets and Liabilities	21,956
Gross Amounts Offset	0	0
Net Assets (Liability) Presented - Balance Sheet	21,956	(1,214)
Gross Amounts of Recognized Liabilities	(209)	(2,849)
Gross Amounts Offset	209	905
Net Amount presented - Balance Sheet	0	(1,944)
Current Asset [Member]
Assets
Derivative Asset, Fair Value, Gross Asset	15,767
Gross Amounts Offset	(36)
Net Amount presented - Balance Sheet	15,731
Long Term Asset [Member]
Assets
Derivative Asset, Fair Value, Gross Asset	6,398	1,635
Gross Amounts Offset	(173)	(905)
Net Amount presented - Balance Sheet	6,225	730
Current Liability [Member]
Liabilities
Gross Amounts of Recognized Liabilities	(36)	(1,944)
Gross Amounts Offset	36	0
Net Amount presented - Balance Sheet	0	(1,944)
Gross Amounts of Recognized Liabilities	(36)	(1,944)
Gross Amounts Offset	36	0
Net Amount presented - Balance Sheet	0	(1,944)
Long Term Liability [Member]
Liabilities
Gross Amounts of Recognized Liabilities	(173)	(905)
Gross Amounts Offset	173	905
Net Amount presented - Balance Sheet	0	0
Gross Amounts of Recognized Liabilities	(173)	(905)
Gross Amounts Offset	173	905
Net Amount presented - Balance Sheet	$ 0	$ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Impact of Derivative Financial Instruments within Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Net settlements on matured derivatives	$ 1,783	$ 143
Net change in fair value of derivatives	23,169	(12,341)
Total gain (loss) on derivatives, net	$ 24,952	$ (12,198)

Derivative Financial Instrume_6

Derivative Financial Instruments - Commodity Contracts (Details) - $ / bbl	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Swap [Member] | Period Covered-2020 [Member]
Derivative [Line Items]
Weighted Average Fixed Price	55.87	55.81
Total Bbls Hedged/day	1,882	1,931
Derivative, Underlying Basis	NYMEX-WTI	NYMEX-WTI
Swap [Member] | Period Covered-2021 [Member]
Derivative [Line Items]
Weighted Average Fixed Price	55.78	55.78
Total Bbls Hedged/day	672	672
Derivative, Underlying Basis	NYMEX-WTI	NYMEX-WTI
Collars [Member] | Period Covered-2021 [Member]
Derivative [Line Items]
Weighted Average Floor Price	52	52
Weighted Average Ceiling Price	58.80	58.80
Total Bbls Hedged/day	672	672
Derivative, Underlying Basis	NYMEX-WTI	NYMEX-WTI

Fair Value Disclosures - Assets

Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on Recurring Basis and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - asset	$ 21,956	$ 730
Derivative financial instruments - liability	0	1,944
Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - asset	22,165	1,635
Derivative financial instruments - liability	209	2,849
Level 1 [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - asset	0	0
Derivative financial instruments - liability	0	0
Level 2 [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - asset	22,165	1,635
Derivative financial instruments - liability	209	2,849
Level 3 [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments - asset	0	0
Derivative financial instruments - liability	$ 0	$ 0

Fair Value Disclosures - Additi

Fair Value Disclosures - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Impairment expense	$ 18,332	$ 0
Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	0.10

Asset Retirement Obligations -

Asset Retirement Obligations - Changes in Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Asset Retirement Obligation [Roll Forward]
Asset retirement obligations - beginning of period	$ 30,265	$ 26,001	$ 26,001
Liabilities incurred for new wells and interest	632		8,840
Liabilities settled upon plugging and abandoning wells			(24)
Liabilities removed upon sale of wells			(5,795)
Revision of estimates			(353)
Accretion expense	399	$ 328	1,596
Asset retirement obligations - end of period	$ 31,296		$ 30,265

Debt - Additional Information (

Debt - Additional Information (Details) - Revolving Credit Facility [Member]	Dec. 06, 2019USD ($)	Jun. 30, 2020	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 28, 2019USD ($)
Line of Credit Facility Line Items
Revolving credit facility			$ 74,000,000	$ 68,000,000
Revolving credit facility maturity date	May 1, 2021		May 31, 2021
Minimum secured loan percentage on lien proved reserves			90.00%
Average effective rate			5.19%
Unused portion of borrowing base, percentage fee			0.50%
Line of credit facility borrowing base reduced amount	$ 95,000,000				$ 110,000,000
Borrowing cap	$ 85,000,000
Federal Funds Effective Swap Rate [Member]
Line of Credit Facility Line Items
Debt instrument, percentage points added to reference rate			0.50%
LIBOR [Member]
Line of Credit Facility Line Items
Debt instrument, percentage points added to reference rate			1.00%
Benchmark rate replacement to address the transition	2021
Minimum [Member]
Line of Credit Facility Line Items
Debt instrument, percentage points added to reference rate			1.75%
Unused portion of borrowing base, percentage fee			2.75%
Consolidated Funded Indebtedness to Consolidated EBITDAX	1			1
Minimum [Member] | Required to Maintain [Member]
Line of Credit Facility Line Items
Consolidated Funded Indebtedness to Consolidated EBITDAX		1	1
Minimum [Member] | LIBOR [Member]
Line of Credit Facility Line Items
Debt instrument, percentage points added to reference rate			2.75%
Maximum [Member]
Line of Credit Facility Line Items
Debt instrument, percentage points added to reference rate			2.75%
Unused portion of borrowing base, percentage fee			3.75%
Consolidated Funded Indebtedness to Consolidated EBITDAX	3			4
Maximum [Member] | Required to Maintain [Member]
Line of Credit Facility Line Items
Consolidated Funded Indebtedness to Consolidated EBITDAX		3.5	3.75
Maximum [Member] | LIBOR [Member]
Line of Credit Facility Line Items
Debt instrument, percentage points added to reference rate			3.75%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Commitments Contingencies And Litigation [Line Items]
Liability recorded due to change in severance plan	$ 0
Minimum [Member]
Commitments Contingencies And Litigation [Line Items]
Employee Termination Expenses	100,000
Maximum [Member]
Commitments Contingencies And Litigation [Line Items]
Employee Termination Expenses	$ 300,000

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	May 05, 2015	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Limited partners, units outstanding		1,557,851	1,541,215
Stockholders' equity note, stock split description		These common units were retroactively adjusted for the impact of the reverse stock split that occurred on April 9, 2020.
Maximum proceeds under equity distribution agreement - suspended	$ 50,000,000
Mid-Con Energy Partners LP [Member]
Class of Stock [Line Items]
Limited partnership interest		98.90%	98.80%

Equity - Preferred Units - Addi

Equity - Preferred Units - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2021	Jan. 31, 2018	Aug. 11, 2016	Mar. 31, 2020	Mar. 31, 2019
Preferred Units [Member]
Class of Stock [Line Items]
Days after quarter end distribution paid				45 days
Preferred Units [Member] | Cash Dividends [Member]
Class of Stock [Line Items]
Dividend rate (percentage)				8.00%
Preferred Units [Member] | In Kind Dividends [Member]
Class of Stock [Line Items]
Dividend rate (percentage)				10.00%
Preferred Units [Member] | In Kind Dividends [Member] | Forecast [Member]
Class of Stock [Line Items]
Dividend rate (percentage)	10.00%
Class A Preferred Units [Member]
Class of Stock [Line Items]
Preferred Units, Issued			11,627,906
Proceeds from sale of convertible preferred units, gross			$ 25,000
Price per share for preferred units (in dollars per share)			$ 2.15
Proceeds from sale of convertible preferred units, net of offering costs			$ 24,600
Net proceeds allocated, fair value basis, to Preferred Units			18,600
Allocation of value to beneficial conversion feature of convertible preferred units			$ 6,000
Accretion of beneficial conversion				$ 300	$ 300
Preferred units distribution accrued				500
Class B Preferred Units [Member]
Class of Stock [Line Items]
Preferred units distribution accrued				300
Class B Preferred Units [Member] | Private Placement [Member]
Class of Stock [Line Items]
Preferred Units, Issued		9,803,921
Proceeds from sale of convertible preferred units, gross		$ 15,000
Proceeds from sale of convertible preferred units, net of offering costs		14,900
Net proceeds allocated, fair value basis, to Preferred Units		14,200
Allocation of value to beneficial conversion feature of convertible preferred units		$ 700
Accretion of beneficial conversion				$ 50	$ 50
Price per share for preferred units		$ 1.53

Equity - Cash Distributions Pre

Equity - Cash Distributions Preferred Unitholders (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 14, 2020	Feb. 14, 2019	Mar. 31, 2020	Mar. 31, 2019
Class A Preferred Units [Member] | October 1, 2019 - December 31, 2019 [Member]
Preferred Units [Line Items]
Date Paid			Feb. 14, 2020
Distribution per Unit	$ 0.0430
Total Distributions	$ 500
Class A Preferred Units [Member] | October 1, 2018 - December 31, 2018 [Member]
Preferred Units [Line Items]
Date Paid				Feb. 14, 2019
Distribution per Unit		$ 0.0430
Total Distributions		$ 500
Class B Preferred Units [Member] | October 1, 2019 - December 31, 2019 [Member]
Preferred Units [Line Items]
Date Paid			Feb. 14, 2020
Distribution per Unit	$ 0.0306
Total Distributions	$ 300
Class B Preferred Units [Member] | October 1, 2018 - December 31, 2018 [Member]
Preferred Units [Line Items]
Date Paid				Feb. 14, 2019
Distribution per Unit		$ 0.0306
Total Distributions		$ 300

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Details) - Mid-Con Energy Operating [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Services agreement	$ 1,420	$ 769
Operating agreements	2,531	2,836
Oilfield services	1,734	1,097
Other agreements	80	80
Total	$ 5,765	$ 4,782

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Mid-Con Energy Operating [Member] - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Other transactions of related party	$ 1.9	$ 6.9
Joint interest billing payable	2.7	7.8
Operating services and other miscellaneous items payable	0.3	0.8
Oil and natural gas revenue receivable	$ 1.1	$ 1.7

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Significant natural gas imbalances	$ 0	$ 0
Revenue, performance obligation, description of timing	one year or less
Revenue, remaining performance obligation, expected timing of satisfaction	one year or less
Revenue, practical expedient, initial application and transition, nondisclosure of transaction price allocation to remaining performance obligation	true
Minimum [Member]
Disaggregation Of Revenue [Line Items]
Payments collection period after date of production delivered	30 days
Maximum [Member]
Disaggregation Of Revenue [Line Items]
Payments collection period after date of production delivered	60 days

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Lessee Lease Description [Line Items]
Lease assets	$ 735	$ 835
Lease liabilities	$ 782	$ 887
ASC 842 [Member]
Lessee Lease Description [Line Items]
Lease assets			$ 1,200
Lease liabilities			$ 1,300

Leases - Summary of Leases (Det

Leases - Summary of Leases (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Assets
Operating		$ 735		$ 835
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]		us-gaap:PropertyPlantAndEquipmentOther
Total lease assets		$ 735		835
Liabilities
Current operating		$ 438		430
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesCurrent
Non-current operating		$ 344		457
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]		us-gaap:OtherLiabilitiesNoncurrent
Total lease liabilities		$ 782		$ 887
Operating leases, Weighted average remaining lease term (months)		21 months	32 months
Operating leases, Weighted average discount rate		5.70%	5.70%
G&A expense [Member]
Lessee Lease Description [Line Items]
Operating lease expense	[1],[2]	$ 72	$ 66
[1]	Includes short-term leases.
[2]	There is not a material difference between cash paid and amortized expense.

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Remaining 2020	$ 365
2021	471
Total lease maturities	836
Less: interest	54
Present value of lease liabilities	$ 782	$ 887

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions

Jul. 01, 2020USD ($)

Jun. 05, 2020

Jun. 04, 2020USD ($)$ / sharesshares

Jun. 01, 2020USD ($)

Apr. 09, 2020shares

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Nov. 01, 2020USD ($)

Dec. 06, 2019USD ($)

Mar. 28, 2019USD ($)

Revolving Credit Facility [Member]

Subsequent Event [Line Items]

Line of credit facility borrowing base reduced amount

$ 95

$ 110

Revolving Credit Facility [Member] | Forecast [Member]

Subsequent Event [Line Items]

Line of credit facility borrowing base reduced amount

$ 64

Leverage ratio

4.25

4.50

5

5.75

Contango Resources [Member] | Management Services Agreement [Member] | Asset Management [Member]

Subsequent Event [Line Items]

Agreement effective date

July 1, 2020

Contango Resources [Member] | Forecast [Member] | Management Services Agreement [Member] | Asset Management [Member]

Subsequent Event [Line Items]

Expected annual cash savings

$ 6.5

Flat fee arrangement cost

4

Contango Resources [Member] | Forecast [Member] | Management Services Agreement [Member] | Asset Management [Member] | Maximum [Member]

Subsequent Event [Line Items]

Termination fees included in flat fee

$ 2

Subsequent Event [Member]

Subsequent Event [Line Items]

Description of amendment in board composition

On June 5, 2020, the Partnership announced that Mr. Robert Boulware, Mr. Travis Goff and Mr. Fred Reynolds were elected to the Board. On June 10, 2020, the Partnership announced that the Board, acting by unanimous written consent, adopted resolutions on June 8, 2020, that expanded the size of the Board from three to four and appointed Mr. Caperton White to serve as the fourth member of the Board

Reverse stock split conversion ratio | shares

0.05

Subsequent Event [Member] | Revolving Credit Facility [Member]

Subsequent Event [Line Items]

Line of credit facility, borrowing capacity

$ 95

$ 95

Line of credit facility borrowing base reduced amount

$ 64

Line of credit facility borrowing base deficiency amount

$ 11

Subsequent Event [Member] | Mid-Con Energy Operating [Member]

Subsequent Event [Line Items]

Average conversion price | $ / shares

3.12

Number of common units outstanding | shares

14,311,522