PrimeEnergy Resources (PNRG) 10-Q 18 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 15, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	PrimeEnergy Resources Corporation
Entity Central Index Key	0000056868
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	PNRG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		1,936,000
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-7406
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	9821 Katy Freeway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	713
Local Phone Number	735-0000
Entity Tax Identification Number	84-0637348

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 11,067	$ 10,347
Accounts receivable, net	17,651	14,208
Prepaid obligations	482	733
Other current assets	40	40
Total Current Assets	29,240	25,328
Property and Equipment
Oil and gas properties at cost	541,419	539,484
Less: Accumulated depletion and depreciation	(373,000)	(359,742)
Oil and gas properties, net	168,419	179,742
Field and office equipment at cost	27,175	27,080
Less: Accumulated depreciation	(22,760)	(22,159)
Field and office equipment, net	4,415	4,921
Total Property and Equipment, Net	172,834	184,663
Derivative asset long-term and other assets	898	923
Total Assets	202,972	210,914
Current Liabilities
Accounts payable	6,355	7,282
Accrued liabilities	7,481	7,821
Due to related Parties	12	52
Current portion of asset retirement and other long-term obligations	1,576	1,630
Derivative liability short-term	9,791	4,935
Total Current Liabilities	25,215	21,720
Long-Term Bank Debt	0	36,000
Asset Retirement Obligations	12,726	13,222
Derivative Liability Long-Term	0	650
Deferred Income Taxes	45,028	38,743
Other Long-Term Obligations	1,974	1,488
Total Liabilities	84,943	111,823
Commitments and Contingencies
Equity
Common stock, $.10 par value; 2022 and 2021: Authorized: 2,810,000 shares, outstanding 2022: 1,952,645 shares; outstanding 2021: 1,992,077 shares	281	281
Paid-in capital	7,555	7,555
Retained earnings	151,027	128,902
Treasury stock, at cost; 2022: 857,355 shares; 2021: 817,923	(40,834)	(37,647)
Total Equity	118,029	99,091
Total Liabilities and Equity	$ 202,972	$ 210,914

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	2,810,000	2,810,000
Common stock, shares outstanding	1,952,645	1,992,077
Treasury stock, shares	857,355	817,923

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Realized (loss) on derivative instruments, net	$ (5,888)	$ (701)	$ (9,707)	$ (913)
Unrealized gain (loss) on derivative instruments, net	2,933	(5,057)	(4,206)	(5,968)
Other income	0	0	29	29
Total Revenues	35,698	11,977	61,911	24,981
Costs and Expenses
Lease operating expense	9,213	4,434	17,934	8,901
Field service expense	3,540	1,837	6,540	3,255
Depreciation, depletion, amortization and accretion on discounted liabilities	7,021	6,610	14,199	13,107
General and administrative expense	2,418	2,184	9,090	4,200
Total Costs and Expenses	22,192	15,065	47,763	29,463
Gain on Sale and Exchange of Assets	845	106	14,836	106
Income (Loss) from Operations	14,351	(2,982)	28,984	(4,376)
Other Income (Expense)
Interest Expense	(150)	(484)	(499)	(1,007)
Income (Loss) Before Provision for (Benefit from) Income Taxes	14,201	(3,466)	28,485	(5,383)
(Benefit) Provision for Income Taxes	3,218	(1,054)	6,360	(1,514)
Net (Loss) Income	10,983	(2,412)	22,125	(3,869)
Less: Net (Loss) Attributable to Non-Controlling Interests	0	(9)	0	(11)
Net Income (Loss) Attributable to PrimeEnergy	$ 10,983	$ (2,403)	$ 22,125	$ (3,858)
Basic Income (Loss) Per Common Share	$ 5.57	$ (1.2)	$ 11.18	$ (1.93)
Diluted Income (Loss) Per Common Share	$ 4.02	$ (1.2)	$ 8.08	$ (1.93)
Oil sales [Member]
Revenues
Oil, gas and service income	$ 25,838	$ 10,664	$ 52,143	$ 19,934
Natural gas sales [Member]
Revenues
Oil, gas and service income	4,657	2,292	8,403	3,950
Natural gas liquids sales [Member]
Revenues
Oil, gas and service income	4,422	2,404	8,273	4,149
Oil and gas service [Member]
Revenues
Oil, gas and service income	$ 3,736	$ 2,375	$ 6,976	$ 3,800

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid in capital	Retained Earnings [Member]	Treasury Stock [Member]	Total Stockholders' Equity – PrimeEnergy [Member]	Non-Controlling Interest [Member]	Shares Outstanding [Member]
Balance at Dec. 31, 2020	$ 97,998	$ 281	$ 7,541	$ 126,804	$ (37,502)	$ 97,124	$ 874
Balance, shares at Dec. 31, 2020								1,994,177
Net Income (Loss)	(3,869)			(3,858)		(3,858)	(11)
Balance at Jun. 30, 2021	94,129	281	7,541	122,946	(37,502)	93,266	863
Balance, shares at Jun. 30, 2021								1,994,177
Balance at Dec. 31, 2021	99,091	281	7,555	128,902	(37,647)	99,091	0
Balance, shares at Dec. 31, 2021								1,992,077
Purchase 39,432 shares of Common stock	(3,187)				(3,187)	(3,187)		$ (39,432)
Net Income (Loss)	22,125			22,125		22,125	0
Balance at Jun. 30, 2022	$ 118,029	$ 281	$ 7,555	$ 151,027	$ (40,834)	$ 118,029	$ 0
Balance, shares at Jun. 30, 2022								1,952,645

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2022 shares
Repurchase of common stock, shares	39,432

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net Income (loss)	$ 22,125	$ (3,869)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion on discounted liabilities	14,199	13,107
Gain on sale and exchange of assets	(14,836)	(106)
Unrealized loss on derivative instruments, net	4,206	5,968
Deferred income taxes	6,285	(1,514)
Changes in assets and liabilities:
Accounts receivable	(3,443)	(3,022)
Due to related parties	(40)	(38)
Prepaid and other assets	251	(939)
Accounts payable	(927)	3,327
Accrued liabilities	(340)	(1,490)
Net Cash Provided by Operating Activities	27,480	11,424
Cash Flows from Investing Activities:
Capital expenditures, including exploration expense	(2,409)	(3,729)
Proceeds from sale of properties and equipment	14,836	106
Net Cash Provided by (Used in) Investing Activities	12,427	(3,623)
Cash Flows from Financing Activities:
Purchase of stock for treasury	(3,187)	0
Proceeds from long-term bank debt and other long-term obligations	0	3,000
Repayment of long-term bank debt and other long-term obligations	(36,000)	(8,000)
Net Cash Used in Financing Activities	(39,187)	(5,000)
Net Increase in Cash and Cash Equivalents	720	2,801
Cash and Cash Equivalents at the Beginning of the Period	10,347	996
Cash and Cash Equivalents at the End of the Period	11,067	3,797
Supplemental Disclosures:
Income taxes paid	75	0
Interest paid	$ 481	$ 1,009

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	(1) Basis of Presentation: The accompanying condensed consolidated financial statements of PrimeEnergy Resources Corporation (“PrimeEnergy” or the “Company”) have not been audited by independent public accountants. Pursuant to applicable Securities and Exchange Commission (“SEC”) rules and regulations, the accompanying interim financial statements do not include all disclosures presented in annual financial statements and the reader should refer to the Company’s Form 10-K six As of June 30, 2022, PrimeEnergy’s significant accounting policies are consistent with those discussed in Note 1—Description of Operations and Significant Accounting Policies of its consolidated financial statements contained in PrimeEnergy’s Annual Report on Form 10-K

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Acquisitions and Dispositions	(2) Acquisitions and Dispositions In the first quarter of 2022, the Company sold 1,809 net leasehold acres in Reagan and Midland Counties, Texas through two separate transactions receiving gross proceeds of $14.0 million. In the second quarter of 2022, the Company sold 241 net acres in Canadian County, Oklahoma for $845,000 .

Additional Balance Sheet Inform

Additional Balance Sheet Information	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Additional Balance Sheet Information	(3) Additional Balance Sheet Information: Certain balance sheet amounts are comprised of the following: (Thousands of dollars) June 30, 2022 December 31, 2021 Accounts Receivable Joint interest billing $ 2,975 $ 1,902 Trade receivables 1,638 1,429 Oil and gas sales 12,454 11,154 Other 955 94 18,022 14,579 Less: Allowance for doubtful accounts (371 ) (371 ) Total $ 17,651 $ 14,208 Accounts Payable: Trade $ 2,991 $ 2,390 Royalty and other owners 2,246 2,802 Partner advances 1,062 1,209 Other 56 881 Total $ 6,355 $ 7,282 Accrued Liabilities: Compensation and related expenses $ 4,367 $ 3,919 Property costs 2,216 2,901 Taxes 813 893 Other 85 108 Total $ 7,481 $ 7,821

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term Debt: Bank Debt: On February 15, 2017, the Company and its lenders entered into a Third Amended and Restated Credit Agreement (the “2017 Credit Agreement”) with a maturity date of February 15, 2021. Under the 2017 Credit Agreement, the Company has a revolving line of credit and letter of credit facility of up to $300 million subject to a borrowing base that is determined semi-annually by the lenders based upon the Company’s financial statements and the estimated value of the Company’s oil and gas properties, in accordance with the Lenders’ customary practices for oil and gas loans. The credit facility is secured by substantially all of the Company’s oil and gas properties. The 2017 Credit Agreement includes terms and covenants that require the Company to maintain a minimum current ratio and total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio, as defined, and restrictions are placed on the payment of dividends, the amount of treasury stock the Company may purchase, commodity hedge agreements, and loans and investments in its consolidated subsidiaries and limited partnerships. On December 20, 2021 the company entered into a Seventh Amendment to the 2017 Credit Agreement and Citibank N.A was appointed as successor administrative agent replacing PNC Bank. Under this amendment the Company’s borrowing base is $50 million. Borrowings under the 2017 Credit Agreement will bear interest at alternate base rate (ABR) plus an applicable margin ranging from 2.00% to 3.00% or at the Company’s option, at a rate equal to the secured overnight financing rate (SOFR rate) as administered by the SOFR Administrator, in this case the Federal Reserve Bank of New York, plus an applicable margin ranging from 3.00% to 4.00%. The 2017 Credit Agreement matures February 11, 2023. The current borrowing base review and maturity extension was completed on July 5, 2022. The Company’s borrowings under this credit facility approximates fair value because the interest rates are variable and reflective of market rates. On June 30, 2022, the Company had no borrowings outstanding under its revolving credit facility and $50 million was available for future borrowings. The combined weighted average interest rate paid on outstanding bank borrowings subject to ABR base rate and SOFR interest was 5.98% for the six months ended June 30, 2022 as compared to 5.31% for the six months ended June 30, 2021. On July 5, 2022 , the Company and its lenders entered into a Fourth Amended and Restated Credit Agreement (the “2022 Credit Agreement”) with a maturity date of June 1, 2026. Under the 2022 Credit Agreement, the Company has a revolving line of credit and letter of credit facility of up to $300 million subject to a borrowing base that is determined semi-annually by the lenders based upon the Company’s financial statements and the estimated value of the Company’s oil and gas properties, in accordance with the Lenders’ customary practices for oil and gas loans. The initial borrowing base of the agreement is $75 million. The credit facility is secured by substantially all of the Company’s oil and gas properties. The 2022 Credit Agreement includes terms and covenants that require the Company to maintain a minimum current ratio and total indebtedness to EBITDAX (earnings before depreciation, depletion, amortization, taxes, interest expense and exploration costs) ratio, as defined, and restrictions are placed on the payment of dividends, the amount of treasury stock the Company may purchase, and commodity hedge agreements. As of August 15, 2022 the Company has no borrowings outstanding under its current revolving credit facility.

Other Long-Term Obligations and

Other Long-Term Obligations and Commitments	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Other Long-Term Obligations and Commitments	(5) Other Long-Term Obligations and Commitments: Operating Leases: The Company leases office facilities under operating leases and recognizes lease expense on a straight-line basis over the lease term. Leased assets and liabilities are initially recorded at commencement date based on the present value of lease payments over the lease term. A new finance lease for office equipment is included in property and equipment, other current liabilities and other long-term liabilities this quarter. As most of the Company’s lease contracts do not provide an implicit discount rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The weighted average discount rate used was 5.5%. Certain leases may contain variable costs above the minimum required payments and are not included in the right-of-use Operating lease costs for the six months ended June 30, 2022 was $306 thousand. Cash payments included in the operating lease cost for the six months ended June 30, 2022 was $324 thousand. The weighted-average remaining operating lease terms is 9 months. The Company amended certain leases for office space in Texas providing for payments of $349,000 in 2022, $251,000 in 2023, $106,000 in 2024 and $27,000 in 2025. Rent expense for office space six months ended June 30, 2022 and 2021 was $392,000 and $328,000, respectively. The payment schedule for the Company’s operating lease obligations as of June 30, 2022 is as follows: (Thousands of dollars) Operating Leases 2022 $ 349 2023 $ 251 2024 $ 106 2025 27 Total undiscounted lease payments $ 733 Less: Amount associated with discounting (66 ) Net operating lease liabilities $ 667 Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the six (Thousands of dollars) June 30, 2022 Asset retirement obligation at December 31, 2021 $ 14,295 Liabilities settled (835 ) Accretion expense 339 Asset retirement obligation at June 30, 2022 $ 13,799 The Company’s liability is determined using significant assumptions, including current estimates of plugging and abandonment costs, annual inflation of these costs, the productive life of wells and a risk-adjusted interest rate. Changes in any of these assumptions can result in significant revisions to the estimated asset retirement obligation. Revisions to the asset retirement obligation are recorded with an offsetting change to producing properties, resulting in prospective changes to depreciation, depletion and amortization expense and accretion of discount. Because of the subjectivity of assumptions and the relatively long life of most of the Company’s wells, the costs to ultimately retire the wells may vary significantly from previous estimates.

Contingent Liabilities

Contingent Liabilities	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	(6) Contingent Liabilities: The Company is subject to environmental laws and regulations. Management believes that future expenses, before recoveries from third parties, if any, will not have a material effect on the Company’s financial condition. This opinion is based on expenses incurred to date for remediation and compliance with laws and regulations, which have not been material to the Company’s results of operations. From time to time, the Company is party to certain legal actions arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, management does not expect these matters to have a materially adverse effect on the financial position or results of operations of the Company.

Stock Options and Other Compens

Stock Options and Other Compensation	6 Months Ended
	Jun. 30, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options and Other Compensation	(7) Stock Options and Other Compensation: In May 1989, non-statutory

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	(8) Related Party Transactions: Payables owed to related parties primarily represent receipts collected by the Company as agent for the joint venture partners, which may include members of the Company’s Board of Directors, for oil and gas sales net of expenses.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Financial Instruments	(9) Financial Instruments Fair Value Measurements: Authoritative guidance on fair value measurements defines fair value, establishes a framework for measuring fair value and stipulates the related disclosure requirements. The Company follows a three-level hierarchy, prioritizing and defining the types of inputs used to measure fair value. The fair values of the Company’s interest rate swaps, natural gas and crude oil price collars and swaps are designated as Level 3. The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021: June 30, 2022 Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2022 (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ — $ — Total assets $ — $ — $ — $ — Liabilities Commodity derivative contracts $ — $ — $ (9,791 ) $ (9,791 ) Total liabilities $ — $ — $ (9,791 ) $ (9,791 ) December 31, 2021 Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2021 (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ — $ — Total assets $ — $ — $ — $ — Liabilities Total liabilities $ — $ — $ (5,585 ) $ (5,585 ) The derivative contracts were measured based on quotes from the Company’s counterparties. Such quotes have been derived using valuation models that consider various inputs including current market and contractual prices for the underlying instruments, quoted forward prices for natural gas and crude oil, volatility factors and interest rates, such as a LIBOR curve for a similar length of time as the derivative contract term as applicable. These estimates are verified using comparable NYMEX futures contracts or are compared to multiple quotes obtained from counterparties for reasonableness. The significant unobservable inputs for Level 3 derivative contracts include basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties’ valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022. (Thousands of dollars) Net Liabilities – December 31, 2021 $ (5,585 ) Total realized and unrealized (gains) losses: Included in earnings (a) (13,913 ) Purchases, sales, issuances and settlements 9,707 Net Liabilities — June 30, 2022 $ (9,791 ) (a) Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments. Derivative Instruments: The Company is exposed to commodity price and interest rate risk, and management considers periodically the Company’s exposure to cash flow variability resulting from the commodity price changes and interest rate fluctuations. Futures, swaps and options are used to manage the Company’s exposure to commodity price risk inherent in the Company’s oil and gas production operations. The Company does not apply hedge accounting to any of its commodity-based derivatives. Both realized and unrealized gains and losses associated with commodity derivative instruments are recognized in earnings. The following table sets forth the effect of derivative instruments on the consolidated balance sheets at June 30, 2022 and December 31, 2021: Fair Value (Thousands of dollars) Balance Sheet Location June 30, 2022 December 31, 2021 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term $ (7,722 ) $ (3,992 ) Natural gas commodity contracts Derivative liability short-term (2,069 ) (943 ) Crude oil commodity contracts Derivative liability long-term — (490 ) Natural gas commodity contracts Derivative liability long-term — (160 ) Total derivative instruments $ (9,791 ) $ (5,585 ) The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2022 and 2021: Location of gain/loss recognized in income Amount of gain/loss recognized in income (Thousands of dollars) 2022 2021 Derivatives not designated as cash- Natural gas commodity contracts Unrealized (loss) on derivative instruments, net $ (966 ) $ (1,085 ) Crude oil commodity contracts Unrealized (loss) on derivative instruments, net (3,240 ) (4,883 ) Natural gas commodity contracts Realized (loss) on derivative instruments, net (1,986 ) (277 ) Crude oil commodity contracts Realized (loss) on derivative instruments, net (7,721 ) (636 ) $ (13,913 ) $ (6,681 )

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings per Share	(10) Earnings Per Share: Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect per share amounts that would have resulted if dilutive potential common stock had been converted to common stock in gain periods. The following reconciles amounts reported in the financial statements: Six Months Ended June 30, 2022 2021 Net (In 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Net Loss (In 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Basic $ 22,125 1,979,690 $ 11.18 $ (3,858 ) 1,994,177 $ (1.93 ) Effect of dilutive securities: Options (a) — 756,879 — — Diluted $ 22,125 2,736,569 $ 8.08 $ (3,858 ) 1,994,177 $ (1.93 ) Three Months Ended June 30, 2022 2021 Net Income 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Net Loss (In 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Basic $ 10,983 1,972,979 $ 5.57 $ (2,403 ) 1,994,177 $ (1.20 ) Effect of dilutive securities: Options (a) — 757,185 — — Diluted $ 10,983 2,730,164 $ 4.02 $ (2,403 ) 1,994,177 $ (1.20 ) (a) The effect of the 767,500 outstanding stock options is anti-dilutive for the three and six months ended June 30, 2021 due to the net loss for these periods.

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Components of Balance Sheet Amounts	Certain balance sheet amounts are comprised of the following: (Thousands of dollars) June 30, 2022 December 31, 2021 Accounts Receivable Joint interest billing $ 2,975 $ 1,902 Trade receivables 1,638 1,429 Oil and gas sales 12,454 11,154 Other 955 94 18,022 14,579 Less: Allowance for doubtful accounts (371 ) (371 ) Total $ 17,651 $ 14,208 Accounts Payable: Trade $ 2,991 $ 2,390 Royalty and other owners 2,246 2,802 Partner advances 1,062 1,209 Other 56 881 Total $ 6,355 $ 7,282 Accrued Liabilities: Compensation and related expenses $ 4,367 $ 3,919 Property costs 2,216 2,901 Taxes 813 893 Other 85 108 Total $ 7,481 $ 7,821

Other Long-Term Obligations a_2

Other Long-Term Obligations and Commitments (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of Operating and Financing Lease Obligation	The payment schedule for the Company’s operating lease obligations as of June 30, 2022 is as follows: (Thousands of dollars) Operating Leases 2022 $ 349 2023 $ 251 2024 $ 106 2025 27 Total undiscounted lease payments $ 733 Less: Amount associated with discounting (66 ) Net operating lease liabilities $ 667
Reconciliation of Liability for Plugging and Abandonment Costs	A reconciliation of the liability for plugging and abandonment costs for the six (Thousands of dollars) June 30, 2022 Asset retirement obligation at December 31, 2021 $ 14,295 Liabilities settled (835 ) Accretion expense 339 Asset retirement obligation at June 30, 2022 $ 13,799

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021: June 30, 2022 Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at June 30, 2022 (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ — $ — Total assets $ — $ — $ — $ — Liabilities Commodity derivative contracts $ — $ — $ (9,791 ) $ (9,791 ) Total liabilities $ — $ — $ (9,791 ) $ (9,791 ) December 31, 2021 Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2021 (Thousands of dollars) Assets Commodity derivative contracts $ — $ — $ — $ — Total assets $ — $ — $ — $ — Liabilities Total liabilities $ — $ — $ (5,585 ) $ (5,585 )
Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3	The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy for the six months ended June 30, 2022. (Thousands of dollars) Net Liabilities – December 31, 2021 $ (5,585 ) Total realized and unrealized (gains) losses: Included in earnings (a) (13,913 ) Purchases, sales, issuances and settlements 9,707 Net Liabilities — June 30, 2022 $ (9,791 ) (a) Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments.
Effect of Derivative Instruments on Consolidated Balance Sheets	The following table sets forth the effect of derivative instruments on the consolidated balance sheets at June 30, 2022 and December 31, 2021: Fair Value (Thousands of dollars) Balance Sheet Location June 30, 2022 December 31, 2021 Liability Derivatives: Derivatives not designated as cash-flow hedging instruments: Crude oil commodity contracts Derivative liability short-term $ (7,722 ) $ (3,992 ) Natural gas commodity contracts Derivative liability short-term (2,069 ) (943 ) Crude oil commodity contracts Derivative liability long-term — (490 ) Natural gas commodity contracts Derivative liability long-term — (160 ) Total derivative instruments $ (9,791 ) $ (5,585 )
Effect of Derivative Instruments on Consolidated Statements of Operations	The following table sets forth the effect of derivative instruments on the consolidated statements of operations for the six months ended June 30, 2022 and 2021: Location of gain/loss recognized in income Amount of gain/loss recognized in income (Thousands of dollars) 2022 2021 Derivatives not designated as cash- Natural gas commodity contracts Unrealized (loss) on derivative instruments, net $ (966 ) $ (1,085 ) Crude oil commodity contracts Unrealized (loss) on derivative instruments, net (3,240 ) (4,883 ) Natural gas commodity contracts Realized (loss) on derivative instruments, net (1,986 ) (277 ) Crude oil commodity contracts Realized (loss) on derivative instruments, net (7,721 ) (636 ) $ (13,913 ) $ (6,681 )

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) per Share	The following reconciles amounts reported in the financial statements: Six Months Ended June 30, 2022 2021 Net (In 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Net Loss (In 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Basic $ 22,125 1,979,690 $ 11.18 $ (3,858 ) 1,994,177 $ (1.93 ) Effect of dilutive securities: Options (a) — 756,879 — — Diluted $ 22,125 2,736,569 $ 8.08 $ (3,858 ) 1,994,177 $ (1.93 ) Three Months Ended June 30, 2022 2021 Net Income 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Net Loss (In 000’s) Weighted Average Number of Shares Outstanding Per Share Amount Basic $ 10,983 1,972,979 $ 5.57 $ (2,403 ) 1,994,177 $ (1.20 ) Effect of dilutive securities: Options (a) — 757,185 — — Diluted $ 10,983 2,730,164 $ 4.02 $ (2,403 ) 1,994,177 $ (1.20 ) (a) The effect of the 767,500 outstanding stock options is anti-dilutive for the three and six months ended June 30, 2021 due to the net loss for these periods.

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022 USD ($) a	Jun. 30, 2022 USD ($) a
OKLAHOMA
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses | $		$ 845,000
TEXAS
Business Acquisition [Line Items]
Number of Acres Sold | a	1,809
Proceeds from Divestiture of Businesses | $	$ 14,000
CANADA
Business Acquisition [Line Items]
Number of Acres Sold | a		241

Additional Balance Sheet Info_3

Additional Balance Sheet Information - Components of Balance Sheet Amounts (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts Receivable:
Joint interest billing	$ 2,975	$ 1,902
Trade receivables	1,638	1,429
Oil and gas sales	12,454	11,154
Other	955	94
Accounts Receivable, Gross	18,022	14,579
Less: Allowance for doubtful accounts	(371)	(371)
Total	17,651	14,208
Accounts Payable:
Trade	2,991	2,390
Royalty and other owners	2,246	2,802
Partner advances	1,062	1,209
Other	56	881
Total	6,355	7,282
Accrued Liabilities:
Compensation and related expenses	4,367	3,919
Property costs	2,216	2,901
Taxes	813	893
Other	85	108
Total	$ 7,481	$ 7,821

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)		6 Months Ended
	Dec. 20, 2021	Jun. 30, 2022	Aug. 15, 2022	Jul. 05, 2022	Feb. 15, 2017
Debt Instrument [Line Items]
Credit facility remaining borrowing capacity		$ 50,000,000
Subsequent Event [Member]
Debt Instrument [Line Items]
Outstanding borrowings under revolving credit facility			$ 0
Subsequent Event [Member] | 2022 Credit Agreement
Debt Instrument [Line Items]
Credit facility borrowing capacity				$ 300,000,000
Equipment Loan, face amount				$ 75,000,000
2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Credit facility borrowing capacity					$ 300,000,000
Credit agreement date		Feb. 15, 2017
Line of credit facility, expiration date		Feb. 15, 2021
Equipment Loan, face amount	$ 50,000,000
Equipment Loan, maturity date	Feb. 11, 2023
2017 Credit Agreement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	3%
LIBOR Margin Rate	4%
2017 Credit Agreement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	2%
LIBOR Margin Rate	3%
Base Rate And Libor [Member] | 2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument basis weighted average interest rate spread on variable rate		5.31%
Base Rate And Libor [Member] | Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instrument basis weighted average interest rate spread on variable rate		5.98%

Other Long-Term Obligations a_3

Other Long-Term Obligations and Commitments - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Lease period description	The Company leases office facilities under operating leases and recognizes lease expense on a straight-line basis over the lease term. Leased assets and liabilities are initially recorded at commencement date based on the present value of lease payments over the lease term
Rent expense for office space	$ 392,000	$ 328,000
Lease Payments With in One Year	349,000
Lease Payments Due Next year	251,000
Lease payments due next two years	106,000
Lease payments due next third years	$ 27,000
Weighted-average discount rate	5.50%
Operating lease weighted-average remaining lease term	9 months
Operating Lease Payments	$ 324,000
Operating Lease, Cost	$ 306,000

Other Long-Term Obligations a_4

Other Long-Term Obligations and Commitments - Summary of Operating and Financing Lease Obligation (Detail)	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 349,000
2023	251,000
2024	106,000
2025	27,000
Total undiscounted lease payments	733,000
Less: Amount associated with discounting	(66,000)
Net operating lease liabilities	$ 667,000

Other Long-Term Obligations a_5

Other Long-Term Obligations and Commitments - Reconciliation of Liability for Plugging and Abandonment Costs (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Asset retirement obligation	$ 14,295
Liabilities settled	(835)
Accretion expense	339
Asset retirement obligation	$ 13,799

Stock Options and Other Compe_2

Stock Options and Other Compensation - Additional Information (Detail)	Jun. 30, 2022 $ / shares shares	Jun. 30, 2021 $ / shares shares	May 31, 1989 Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, shares | shares	767,500	767,500
Number of key executive officers to whom non-statutory stock options granted | Officers			4
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average exercise price | $ / shares	$ 1	$ 1
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average exercise price | $ / shares	$ 1.25	$ 1.25
Nonstatutory Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable, shares | shares	767,500	767,500

Financial Instruments - Schedul

Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Derivative assets	$ 0	$ 0
Liabilities
Derivative liabilities	(9,791)	(5,585)
Commodity Contract [Member]
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	(9,791)
Significant Unobservable Inputs (Level 3) [Member]
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	(9,791)	(5,585)
Significant Unobservable Inputs (Level 3) [Member] | Commodity Contract [Member]
Assets
Derivative assets	0	$ 0
Liabilities
Derivative liabilities	$ (9,791)

Financial Instruments - Sched_2

Financial Instruments - Schedule of Changes in Fair Value of Financial Assets and Liabilities Classified as Level 3 (Detail) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Liabilities at beginning of period	$ (5,585)
Total realized and unrealized (gains) losses:
Included in earnings	(13,913)	[1]
Purchases, sales, issuances and settlements	9,707
Net Liabilities end of period	$ (9,791)
[1]Derivative instruments are reported in revenues as realized gain/loss and on a separately reported line item captioned unrealized gain/loss on derivative instruments.

Financial Instruments - Effect

Financial Instruments - Effect of Derivative Instruments on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Total derivative instruments	$ (9,791)	$ (5,585)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative liability short-term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	(2,069)	(943)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Derivative liability Long Term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities		(160)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative liability short-term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ (7,722)	(3,992)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Derivative liability Long Term [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ (490)

Financial Instruments - Effec_2

Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	$ (13,913)	$ (6,681)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Unrealized (loss) on derivative instruments, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	(966)	(1,085)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Natural Gas Commodity Contracts [Member] | Realized (loss) on derivative instruments, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	(1,986)	(277)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Unrealized (loss) on derivative instruments, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	(3,240)	(4,883)
Derivatives Not Designated as Cash-Flow Hedging Instruments [Member] | Crude Oil Commodity Contracts [Member] | Realized (loss) gain on derivative instruments, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain/loss recognized in income	$ (7,721)	$ (636)

Earnings per Share - Computatio

Earnings per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net (Loss) Income, Basic	$ 10,983	$ (2,403)	$ 22,125	$ (3,858)
Net (Loss) Income, Diluted	$ 10,983	$ (2,403)	$ 22,125	$ (3,858)
Weighted Average Number of Shares Outstanding, Basic	1,972,979	1,994,177	1,979,690	1,994,177
Weighted Average Number of Shares Outstanding, Options	757,185		756,879
Weighted Average Number of Shares Outstanding, Diluted	2,730,164	1,994,177	2,736,569	1,994,177
Per Share Amount, Basic	$ 5.57	$ (1.2)	$ 11.18	$ (1.93)
Per Share Amount, Diluted	$ 4.02	$ (1.2)	$ 8.08	$ (1.93)

Earnings per Share - Additional

Earnings per Share - Additional Information (Detail) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	767,500	767,500