Carbon Energy (CRBO) 10-Q 14 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	10-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	Carbon Natural Gas Co
Entity Central Index Key	86264
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		108,158,780

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$697	$1,132
Accounts receivable:
Revenue	1,803	2,287
Joint interest billings and other	856	1,038
Commodity derivative asset	976	1,322
Prepaid expense, deposits and other current assets	237	141
Total current assets	4,569	5,920
Oil and gas properties, full cost method of accounting:
Proved, net	31,314	30,698
Unevaluated	2,812	2,789
Other property and equipment, net	275	304
Total property and equipment, net	34,401	33,791
Investments in affiliates (note 4)	1,010	1,009
Other long-term assets	455	911
Total assets	40,435	41,631
Current liabilities:
Accounts payable and accrued liabilities	6,276	7,792
Firm transportation contract obligations (note 11)	464	487
Total current liabilities	6,740	8,279
Non-current liabilities:
Firm transportation contract obligations (note 11)	742	852
Asset retirement obligation (note 2)	2,999	2,968
Notes payable (note 5)	2,900	2,100
Total non-current liabilities	6,641	5,920
Commitments (note 11)
Stockholders' equity:
Preferred stock, $0.01 par value; authorized 1,000,000 shares, no shares issued and outstanding at March 31, 2015 and December 31, 2014
Common stock, $0.01 par value; authorized 200,000,000 shares, 107,732,113 and 106,875,447 shares issued and outstanding at March 31, 2015 and December 31, 2014 respectively	1,077	1,069
Additional paid-in capital	53,483	53,160
Accumulated deficit	-30,462	-29,832
Total Carbon stockholders' equity	24,098	24,397
Non-controlling interests	2,956	3,035
Total stockholder's equity	27,054	27,432
Total liabilities and stockholders' equity	$40,435	$41,631

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Balance Sheets [Abstract]
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	107,732,113	106,875,447
Common stock, shares outstanding	107,732,113	106,875,447

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Oil and gas	$3,136	$6,096
Commodity derivative income (loss)	206	-490
Other income	51	91
Total revenue	3,393	5,697
Expenses:
Lease operating expenses	835	897
Transportation costs	398	484
Production and property taxes	199	444
General and administrative	1,875	1,589
Depreciation, depletion and amortization	645	764
Accretion of asset retirement obligations	31	29
Total expenses	3,983	4,207
Operating (loss) income	-590	1,490
Other income and (expense):
Interest expense	-44	-119
Other	-25
Equity investment income	1	3
Total other expense	-68	-116
(Loss) income before income taxes	-658	1,374
Provision for income taxes
Net (loss) income before non-controlling interests	-658	1,374
Net (loss) income attributable to non-controlling interests	-28	91
Net (loss) income attributable to controlling interest	($630)	$1,283
Net (loss) income per common share:
Basic	($0.01)	$0.01
Diluted	($0.01)	$0.01
Weighted average common shares outstanding:
Basic	105,934	113,021
Diluted	105,934	118,485

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (Unaudited) (USD $)	Total	Common Stock	Additional Paid-in Capital	Non-Controlling Interests	Accumulated Deficit
In Thousands, except Share data
Beginning balances at Dec. 31, 2014	$27,432	$1,069	$53,160	$3,035	($29,832)
Beginning balances, (in shares) at Dec. 31, 2014		106,875
Stock-based compensation	331		331
Restricted stock vested		8	-8
Restricted stock vested, shares		857
Non-controlling interest distributions, net	-51			-51
Net loss	-658			-28	-630
Ending balances at Mar. 31, 2015	$27,054	$1,077	$53,483	$2,956	$30,463
Ending balances, (in shares) at Mar. 31, 2015		107,732

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	($658)	$1,374
Items not involving cash:
Depreciation, depletion and amortization	645	764
Accretion of asset retirement obligations	31	29
Unrealized derivative loss	346	233
Stock-based compensation expense	331	321
Equity investment income	-1	-3
Net change in:
Accounts receivable	851	-391
Prepaid expenses, deposits and other current assets	-96	-75
Accounts payable, accrued liabilities and firm transportation contract obligations	-1,667	836
Net cash (used in) provided by operating activities	-218	3,088
Cash flows from investing activities:
Development of properties and equipment	-1,237	-2,216
Proceeds from disposition of assets		1,988
Other long-term assets	271	13
Net cash used in investing activities	-966	-215
Cash flows from financing activities:
Proceeds from notes payable	800	500
Payments on notes payable		-1,396
Distributions to non-controlling interests	-51	-57
Net cash provided by (used in) financing activities	749	-953
Net (decrease) increase in cash and cash equivalents	-435	1,920
Cash and cash equivalents, beginning of period	1,132	243
Cash and cash equivalents, end of period	$697	$2,163

Organization

Organization	3 Months Ended
	Mar. 31, 2015
Organization [Abstract]
Organization	Note 1 – Organization
	Carbon Natural Gas Company (“Carbon” or the “Company”) is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas in the United States. The Company’s business is comprised of the assets and properties of Nytis Exploration (USA) Inc. (“Nytis USA”) and its subsidiary Nytis Exploration Company LLC (“Nytis LLC”) which conducts the Company’s operations in the Appalachian and Illinois Basins. Collectively, Carbon, Nytis USA and Nytis LLC are referred to as the Company.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying unaudited Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of March 31, 2015 and the Company’s results of operations and cash flows for the three months ended March 31, 2015 and 2014. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results and other factors. For a more complete understanding of the Company’s operations, financial position and accounting policies, the unaudited financial statements and the notes thereto should be read in conjunction with the Company’s audited Consolidated Financial Statements for the year ended December 31, 2014 filed on Form 10-K with the Securities and Exchange Commission (“SEC”).
	In the course of preparing the unaudited financial statements, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenue and expenses and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and accordingly, actual results could differ from amounts initially established.
	Principles of Consolidation
	The Consolidated Financial Statements include the accounts of Carbon, Nytis USA and its consolidated subsidiary. Carbon owns 100% of Nytis USA. Nytis USA owns approximately 99% of Nytis LLC. Nytis LLC also holds an interest in various oil and gas partnerships.
	For partnerships where the Company has a controlling interest, the partnerships are consolidated. The Company is currently consolidating 46 partnerships. In these instances, the Company reflects the non-controlling ownership interest in partnerships and subsidiaries as non-controlling interests on its Consolidated Statements of Operations and also reflects the non-controlling ownership interests in the net assets of the partnerships as non-controlling interests within stockholders’ equity on its Consolidated Balance Sheets. All significant intercompany accounts and transactions have been eliminated.
	In accordance with established practice in the oil and gas industry, the Company’s Consolidated Financial Statements also include its pro-rata share of assets, liabilities, income, lease operating costs and general and administrative expenses of the oil and gas partnerships in which the Company has a non-controlling interest.
	Non-majority owned investments that do not meet the criteria for pro-rata consolidation are accounted for using the equity method when the Company has the ability to significantly influence the operating decisions of the investee. When the Company does not have the ability to significantly influence the operating decisions of an investee, the cost method is used. All transactions, if any, with investees have been eliminated in the accompanying Consolidated Financial Statements.
	Accounting for Oil and Gas Operations
	The Company uses the full cost method of accounting for oil and gas properties. Accordingly, all costs incidental to the acquisition, exploration and development of oil and gas properties, including costs of undeveloped leasehold, dry holes and leasehold equipment, are capitalized. Overhead costs incurred that are directly identified with acquisition, exploration and development activities undertaken by the Company for its own account, and which are not related to production, general corporate overhead or similar activities, are also capitalized.
	Unproved properties are excluded from amortized capitalized costs until it is determined whether or not proved reserves can be assigned to such properties. The Company assesses its unproved properties for impairment at least annually. Significant unproved properties are assessed individually.
	Capitalized costs are depleted by an equivalent unit-of-production method, converting oil to gas at the ratio of one barrel of oil to six thousand cubic feet of natural gas. Depletion is calculated using capitalized costs, including estimated asset retirement costs, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values.
	No gain or loss is recognized upon disposal of oil and gas properties unless such disposal significantly alters the relationship between capitalized costs and proved reserves. All costs related to production activities, including work-over costs incurred solely to maintain or increase levels of production from an existing completion interval, are charged to expense as incurred.
	The Company performs a ceiling test quarterly. The full cost ceiling test is a limitation on capitalized costs prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is not a fair value based measurement, rather it is a standardized mathematical calculation. The ceiling test provides that capitalized costs less related accumulated depletion and deferred income taxes may not exceed the sum of (1) the present value of future net revenue from estimated production of proved oil and gas reserves using the un-weighted arithmetic average of the first-day-of-the month price for the previous twelve month period, excluding the future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, at a discount factor of 10%; plus (2) the cost of properties not being amortized, if any; plus (3) the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any; less (4) income tax effects related to differences in the book and tax basis of oil and gas properties. Should the net capitalized costs exceed the sum of the components noted above, a ceiling test write-down would be recognized to the extent of the excess capitalized costs. Such impairments are permanent and cannot be recovered in future periods even if the sum of the components noted above exceeds the capitalized costs in future periods.
	For the three months ended March 31, 2015 and 2014, the Company did not recognize a ceiling test impairment as the Company’s full cost pool did not exceed the ceiling limitation. In December 2014, proceeds from the sale of the Company’s interests in certain leases in Kentucky and West Virginia below the Clinton Formation, referred to as the Deep Rights, were credited to the Company’s full cost pool, which decreased the Company’s net book value of its full cost pool while increasing its ceiling test cushion. Future declines in oil and natural gas prices, and increases in future operating expenses and future development costs could result in impairments of our oil and gas properties in future periods. Because the ceiling test uses the previous twelve month period average commodity prices, the effects of declining prices since mid-2014 will have greater impact on the average price used to value our reserves which could lower the ceiling test value in future quarters and result in an impairment of our oil and gas properties. The effects of the price decline will continue to impact the ceiling test value until such time the prices stabilize or improve. Impairment charges are a non-cash charge and accordingly, would not affect cash flow, but would adversely affect our net income and stockholders’ equity.
	Investments in Affiliates
	Investments in non-consolidated affiliates are accounted for under either the equity or cost method of accounting as appropriate. The cost method of accounting is used for investments in affiliates in which the Company has less than 20% of the voting interests of a corporate affiliate or less than a 5% interest of a partnership or limited liability company and does not have significant influence. Investments in non-consolidated affiliates, accounted for using the cost method of accounting, are recorded at cost. An impairment assessment of each investment is made annually to determine if a decline in the fair value of the investment, other than temporary, has occurred. A permanent impairment is recognized if a decline in the fair value occurs. If the Company holds between 20% and 50% of the voting interest in non-consolidated corporate affiliates or greater than a 5% interest of a partnership or limited liability company and exercises significant influence or control, the equity method of accounting is used to account for the investment. The Company’s investment in an affiliate that is accounted for using the equity method of accounting, increases or decreases by the Company’s share of the affiliate’s profits or losses and such profits or losses are recognized in the Company’s Consolidated Statements of Operations. The Company reviews equity method investments for impairment whenever events or changes in circumstances indicate that an other than temporary decline in value has occurred. The amount of the impairment is based on quoted market prices, where available, or other valuation techniques.
	Asset Retirement Obligations
	The Company’s asset retirement obligations (“ARO”) relate to future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and returning such land to its original condition. The fair value of a liability for an ARO is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depleted on a units-of-production basis as part of the full cost pool. Revisions to estimated AROs result in adjustments to the related capitalized asset and corresponding liability.
	The estimated ARO liability is based on estimated economic lives, estimates as to the cost to abandon the wells in the future, and federal and state regulatory requirements. The liability is discounted using a credit-adjusted risk-free rate estimated at the time the liability is incurred or increased as a result of a reassessment of expected cash flows and assumptions inherent in the estimation of the liability. Upward revisions to the liability could occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. AROs are valued utilizing Level 3 fair value measurement inputs.
	The following table is a reconciliation of the ARO for the three months ended March 31, 2015 and 2014:
	(in thousands)	Three Months Ended
		March 31,
		2015			2014
	Balance at beginning of period	$	2,968		$	2,699
	Accretion expense		31			29
	Additions during period		-			19
	Balance at end of period	$	2,999		$	2,747
	Earnings Per Common Share
	Basic earnings (loss) per common share is computed by dividing the net income (loss) attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period. The shares of restricted common stock granted to certain officers, directors and employees of the Company are included in the computation of basic net income (loss) per share only after the shares become fully vested. Diluted earnings per common share includes both the vested and unvested shares of restricted stock and the potential dilution that could occur upon exercise of options and warrants to acquire common stock, computed using the treasury stock method, which assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company with the proceeds from the exercise of options and warrants (which were assumed to have been made at the average market price of the common shares during the reporting period).
	The following table sets forth the calculation of basic and diluted (loss) income per share:
		Three Months Ended
		March 31,
		2015			2014
	Net (loss) income	$	(631	)	$	1,283
	Basic weighted-average common shares outstanding in period		105,934			113,021
	Add dilutive effects of stock options, warrants and nonvested shares of restricted stock		-			5,464
	Diluted weighted-average common shares outstanding in period		105,934			118,485
	Basic net (loss) income per common share	$	(0.01	)	$	0.01
	Diluted net (loss) income per common share	$	(0.01	)	$	0.01
	During the first quarter of 2015, the Company had a net loss and therefore, the diluted net loss per share calculation for that period excludes the anti-dilutive effect of approximately 2.7 million stock options and warrants and approximately 4.1 million nonvested shares of restricted stock. For the three months ended March 31, 2015 and 2014, approximately 4.7 million and 3.1 million restricted performance units, respectively, subject to future contingencies are excluded from the basic and diluted (loss) income per share.

Property_and_Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2015
Property and Equipment [Abstract]
Property and Equipment	Note 3 – Property and Equipment
	Net property and equipment as of March 31, 2015 and December 31, 2014 consists of the following:
	(in thousands)	31-Mar-15			December 31,
					2014
	Oil and gas properties:
	Proved oil and gas properties	$	96,457		$	95,233
	Unproved properties not subject to depletion		2,812			2,789
	Accumulated depreciation, depletion, amortization and impairment		(65,143	)		(64,535	)
	Net oil and gas properties		34,126			33,487
	Furniture and fixtures, computer hardware and software, and other equipment		1,139			1,131
	Accumulated depreciation and amortization		(864	)		(827	)
	Net other property and equipment		275			304
	Total net property and equipment	$	34,401		$	33,791
	As of March 31, 2015 and December 31, 2014, the Company had approximately $2.8 million of unproved oil and gas properties not subject to depletion. The costs not subject to depletion relate to unproved properties that are excluded from amortized capital costs until it is determined whether or not proved reserves can be assigned to such properties. The excluded properties are assessed for impairment at least annually. Subject to industry conditions, evaluation of most of these properties and the inclusion of their costs in amortized capital costs is expected to be completed within five years.
	During the three months ended March 31, 2015 and 2014, the Company capitalized general and administrative expenses applicable to development and exploration activities of approximately $132,000 and $122,000, respectively.
	Depletion expense related to oil and gas properties for the three months ended March 31, 2015 and 2014 was approximately $608,000, or $0.87 per Mcfe, and $726,000, or $0.96 per Mcfe, respectively. Depreciation and amortization expense related to furniture and fixtures, computer hardware and software and other equipment for the three months ended March 31, 2015 and 2014 was approximately $37,000 and $38,000, respectively.

Equity_Method_Investment

Equity Method Investment	3 Months Ended
	Mar. 31, 2015
Equity Method Investment [Abstract]
Equity Method Investment	Note 4 – Equity Method Investment
	The Company has a 50% interest in Crawford County Gas Gathering Company, LLC (“CCGGC”) which owns and operates pipelines and related gathering and treatment facilities. The Company’s gas production located in Illinois is gathered by CCGGC’s gathering facilities. The Company’s investment in CCGGC is accounted for under the equity method of accounting, and its share of income or loss is recognized. During the three months ended March 31, 2015 and 2014, the Company recorded equity method income of approximately $1,000 and $3,000, respectively, related to this investment.

Bank_Credit_Facility

Bank Credit Facility	3 Months Ended
	Mar. 31, 2015
Bank Credit Facility [Abstract]
Bank Credit Facility	Note 5 – Bank Credit Facility
	Nytis LLC’s credit facility with Bank of Oklahoma has a borrowing base of $20.0 million and a maximum line of credit available under hedging arrangements of $9.5 million. The credit facility matures in May 2017. Carbon and Nytis USA are guarantors of Nytis LLC’s obligations under its credit facility.
	No repayments of principal are required until maturity, except to the extent that outstanding balances exceed the borrowing base then in effect. The Company has the right both to repay principal at any time and to reborrow. Subject to the agreement between the Company and the lender, the size of the credit facility may be increased up to $50.0 million. The borrowing base is redetermined semi-annually, and the available borrowing amount could be increased or decreased as a result of such redeterminations. Under certain circumstances the lender may request an interim redetermination. The facility has variable interest rates based upon the ratio of outstanding debt to the borrowing base. Interest rates are based on either an Alternate Base Rate or LIBOR. The portion of the loan based on an “Alternate Base Rate” is determined by the rate per annum equal to 1.5% plus the greatest of the following: (a) the Federal Funds Rate for such day plus one-half of one percentage point, (b) the Prime Rate for such day or (c) LIBOR for a one-month LIBOR Interest Period plus one percentage point. The portion based on LIBOR is determined by the rate per annum equal to LIBOR plus between 2.5% and 3.25% for each LIBOR tranche. The credit facility includes a hedging component that provides a line of credit under commodity swap, exchange, collar, cap and fixed price agreements in addition to agreements designed to protect the Company against changes in interest and currency exchange rates.
	At March 31, 2015, there were approximately $2.9 million in outstanding borrowings and approximately $17.1 million of borrowing capacity available under the credit facility. The Company’s effective borrowing rate at March 31, 2015 was approximately 3.3%. The credit facility is collateralized by substantially all of the Company’s oil and gas assets. The credit facility includes terms that place limitations on certain types of activities including restrictions or requirements with respect to additional debt, liens, asset sales, hedging activities, investments, mergers and acquisitions, and the payment of dividends. The credit facility requires satisfaction of a minimum current ratio (the ratio of current assets (including borrowing base capacity) to current liabilities as defined) of 1.0 to 1.0 and a maximum funded debt ratio (the ratio of the outstanding balance of all interest bearing indebtedness to the sum of EBITDAX (net income plus interest expense, income taxes, depreciation, depletion, amortization, exploration and impairment expenses and other non-cash charges) for the most recently completed fiscal quarter times four) of 4.25 to 1.0 as of the end of any fiscal quarter.
	The Company is in compliance with all covenants associated with the credit agreement as of March 31, 2015.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 6 – Income Taxes
	The Company recognizes deferred income tax assets and liabilities for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company has net operating loss carryforwards available in certain jurisdictions to reduce future taxable income. Future tax benefits for net operating loss carryforwards are recognized to the extent that realization of these benefits is considered more likely than not. To the extent that available evidence raises doubt about the realization of a deferred income tax asset, a valuation allowance is established.
	At March 31, 2015, the Company has established a full valuation allowance against the balance of net deferred tax assets.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity [Abstract]
Stockholders' Equity	Note 7 – Stockholders’ Equity
	Authorized and Issued Capital Stock
	As of March 31, 2015, the Company had 200,000,000 shares of common stock authorized with a par value of $0.01 per share, of which 107,732,113 were issued and outstanding. The Company also had 1,000,000 shares of preferred stock authorized with a par value of $0.01 per share, none of which were issued and outstanding. During the first three months of 2015, the increase in the Company’s issued and outstanding common stock was a result of the vesting of restricted stock during the period.
	Equity Plans Prior to Merger
	Pursuant to the merger of Nytis USA with the Company (formerly known as St. Lawrence Seaway Corporation (“SLSC”)) in 2011, all options, warrants and restricted stock were adjusted to reflect the conversion ratio used in the merger. As of March 31, 2015, the Company has 163,076 options outstanding and exercisable, 2,696,133 warrants (including 250,000 warrants granted by SLSC prior to the merger) outstanding and exercisable and 978,454 shares of common stock outstanding that are subject to restricted stock agreements.
	Nytis USA Restricted Stock Plan
	As of March 31, 2015, there were 978,454 shares of restricted stock issued under the Nytis USA Restricted Stock Plan (“Nytis USA Plan”). The Company accounted for these grants at their intrinsic value. From the date of grant through March 31, 2013, the Company estimated that none of these shares would vest and accordingly, no compensation cost had been recorded through March 31, 2013.
	In June 2013, the vesting terms of these restricted stock grants were modified so that 25% of the shares would vest on the first of January from 2014 through 2017. As such, the Company is recognizing compensation expense for these restricted stock grants based on the fair value of the shares on the date the vesting terms were modified. Compensation expense recognized for these restricted stock grants was approximately $84,000 for the three months ended March 31, 2015. As of March 31, 2015, there was approximately $587,000 of unrecognized compensation costs related to these restricted stock grants which the Company expects will be recognized ratably over the next 21 months.
	Carbon Stock Incentive Plan
	In 2011, the stockholders of Carbon approved the adoption of Carbon’s 2011 Stock Incentive Plan (“Carbon Plan”), under which 12,600,000 shares of common stock were authorized for issuance to Carbon officers, directors, employees or consultants eligible to receive awards under the Carbon Plan.
	The Carbon Plan provides for granting Director Stock Awards to Non-Employee Directors and for granting Incentive Stock Options, Non-qualified Stock Options, Restricted Stock Awards, Performance Awards and Phantom Stock Awards, or a combination of the foregoing as is best suited to the circumstances of the particular employee, officer, director or consultant.
	Restricted Stock
	During the three months ended March 31, 2015, 420,000 shares of restricted stock were granted under the terms of the Carbon Plan in addition to 4,810,000 shares granted during previous years. For employees, these restricted stock awards vest ratably over a three-year service period. For non-employee directors the awards vest upon the earlier of a change in control of the Company or the date their membership on the Board of Directors is terminated other than for cause. The Company recognizes compensation expense for these restricted stock grants based on the estimated grant date fair value of the shares, amortized ratably over three years for employee awards (based on the required service period for vesting) and seven years for non-employee director awards (based on a market survey of the average tenure of directors among U.S. public companies). As of March 31, 2015, approximately 2.1 million of these restricted stock grants have vested.
	Compensation costs recognized for these restricted stock grants were approximately $160,000 and $150,000 for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, there was approximately $1.4 million of unrecognized compensation costs related to these restricted stock grants. This cost is expected to be recognized over the next 6.8 years.
	Restricted Performance Units
	As of March 31, 2015, approximately 4.8 million shares of restricted performance units have been granted under the terms of the Carbon Plan. The performance units represent a contractual right to receive one share of the Company’s common stock subject to the terms and conditions of the agreements including the achievement of the price of the Company’s stock, net asset value per share, net production and adjusted EBITDA (defined as net income (loss) before interest expense, taxes, depreciation, depletion, amortization, accretion of asset retirement obligations, ceiling test write downs of oil and gas properties and the gain or loss on sold investments or properties) per share relative to a defined peer group and the lapse of forfeiture restrictions pursuant to the terms and conditions of the agreements, including for certain of the grants, the requirement of continuous employment by the grantee prior to a change in control of the Company. Based on the relative achievement of performance, approximately 4.7 million of the restricted performance units are outstanding as of March 31, 2015.
	The Company accounts for the performance units granted during 2012 and 2014 at their fair value determined at the date of grant. The final measurement of compensation cost will be based on the number of performance units that ultimately vest. At March 31, 2015, the Company estimated that none of the performance units granted in 2012 and 2014 would vest due to change in control and other performance provisions and accordingly, no compensation cost has been recorded. As of March 31, 2015, if change in control and other performance provisions pursuant to the terms and conditions of these agreements are met in full, the estimated unrecognized compensation cost related to the performance units granted in 2012 and 2014 would be approximately $2.2 million.
	The performance units granted in 2013 contain specific vesting provisions, no change in control provisions nor any performance conditions other than stock price performance. Due to different earning requirements compared to the performance units granted in 2012 and 2014, the Company recognizes compensation expense for the performance units granted in 2013 based on the grant date fair value of the performance units, amortized ratably over three years (the performance period). The fair value of the performance units granted in 2013 was estimated using a Monte Carlo simulation (“MCS”) valuation model using the following key assumptions: no expected dividends, volatility of our stock and those of defined peer companies used to determine our performance relative to the defined peer group, a risk free interest rate and an expected life of three years. For each of the three months ended March 31, 2015 and 2014, compensation costs related to the performance units granted in 2013 were approximately $86,000. As of March 31, 2015, there was approximately $386,000 of unrecognized compensation costs related to performance units granted in 2013. These costs are expected to be recognized over the next year.

Accounts_Payable_and_Accrued_L

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	Note 8 – Accounts Payable and Accrued Liabilities
	Accounts payable and accrued liabilities at March 31, 2015 and December 31, 2014 consist of the following:
	(in thousands)	31-Mar-15		December 31, 2014
	Accounts payable	$	990	$	742
	Oil and gas revenue payable to oil and gas property owners		1,324		1,296
	Production taxes payable		100		132
	Drilling advances received from joint venture partner		2,230		2,354
	Accrued drilling costs		99		166
	Accrued lease operating costs		41		74
	Accrued ad valorem taxes		828		1,194
	Accrued general and administrative expenses		423		1,247
	Accrued income taxes payable		77		377
	Other liabilities		164		210
	Total accounts payable and accrued liabilities	$	6,276	$	7,792

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 9 – Fair Value Measurements
	Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
		Level 1:	Quoted prices are available in active markets for identical assets or liabilities;
		Level 2:	Quoted prices in active markets for similar assets or liabilities that are observable for the asset or liability; or
		Level 3:	Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flow models or valuations.
	Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s policy is to recognize transfers in and/or out of the fair value hierarchy as of the end of the reporting period for which the event or change in circumstances caused the transfer. The Company has consistently applied the valuation techniques discussed below for all periods presented.
	The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 by level within the fair value hierarchy:
	(in thousands)		Fair Value Measurements Using
			Level 1		Level 2		Level 3		Total
	31-Mar-15
	Assets:
	Commodity derivatives		$	-	$	976	$	-	$	976
	31-Dec-14
	Assets:
	Commodity derivatives		$	-	$	1,322	$	-	$	1,322
	As of March 31, 2015, the Company’s commodity derivative financial instruments are comprised of four natural gas swap agreements and one oil swap agreement. The fair values of the swap agreements are determined under the income valuation technique using a discounted cash flow model. The valuation model requires a variety of inputs, including contractual terms, published forward prices, volatilities for options, and discount rates, as appropriate. The Company’s estimates of fair value of derivatives include consideration of the counterparty’s credit worthiness, the Company’s credit worthiness and the time value of money. The consideration of these factors resulted in an estimated exit-price for each derivative asset or liability under a market place participant’s view. All of the significant inputs are observable, either directly or indirectly; therefore, the Company’s derivative instruments are included within the Level 2 fair value hierarchy. The counterparty in all of the Company’s commodity derivative financial instruments is the lender in the Company’s bank credit facility.
	Assets Measured and Recorded at Fair Value on a Non-recurring Basis
	The fair value of the following liabilities measured and recorded at fair value on a non-recurring basis are based on unobservable pricing inputs and therefore, are included within the Level 3 fair value hierarchy.
	The Company uses the income valuation technique to estimate the fair value of asset retirement obligations using the amounts and timing of expected future dismantlement costs, credit-adjusted risk-free rates and time value of money. During the three months ended March 31, 2015 and 2014, the Company recorded asset retirement obligations for additions of approximately nil and $19,000, respectively. See Note 2 for additional information.

Physical_Delivery_Contracts_an

Physical Delivery Contracts and Commodity Derivatives	3 Months Ended
	Mar. 31, 2015
Physical Delivery Contracts and Commodity Derivatives [Abstract]
Physical Delivery Contracts and Oil and Gas Derivatives	Note 10– Physical Delivery Contracts and Oil and Gas Derivatives
	The Company has historically used commodity-based derivative contracts to manage exposures to commodity price on certain of its oil and natural gas production. The Company does not hold or issue derivative financial instruments for speculative or trading purposes. The Company also enters into oil and natural gas physical delivery contracts to effectively provide price hedges. Because these contracts are not expected to be net cash settled, they are considered to be normal sales contracts and not derivatives. Therefore, these contracts are not recorded at fair value in the Consolidated Financial Statements.
	At March 31, 2015, the Company has a fixed price contract requiring physical deliveries for approximately 530 Bbl/month at an average sales price of $96.75 per barrel from April 2015 through August 2015. The Company’s other physical oil and gas sales contracts provide for sale prices at regional market index prices.
	The Company’s swap agreements as of March 31, 2015 are summarized in the table below:
			Natural Gas						Oil
						Weighted					Weighted
						Average					Average
	Period		MMBtu			Price (a)			Bbl		Price (b)
	Apr - Jun 2015			170,000		$	4.04			3,000	$	94.8
	Jul - Sep 2015			180,000		$	4.05			2,000	$	94.8
	Oct - Dec 2015			180,000		$	4.05			-		-
	Jan - Mar 2016			30,000		$	4.2			-		-
	Apr-16			10,000		$	4.2			-		-
		(a)	NYMEX Henry Hub Natural Gas futures contract for the respective delivery month.
		(b)	NYMEX Light Sweet Crude West Texas Intermediate futures contract for the respective delivery month.
	For its swap instruments, the Company receives from the counterparty a fixed price for the hedged commodity and pays a floating price to the counterparty. The fixed-price payment and the floating-price payment are netted, resulting in a net amount due to or from the counterparty.
	The following table summarizes the fair value of the derivatives recorded in the Consolidated Balance Sheets. These derivative instruments are not designated as cash flow hedging instruments for accounting purposes:
	(in thousands)		March 31,			December 31,
			2015			2014
	Commodity derivative contracts:
	Current assets		$	976		$	1,322
	The table below summarizes the realized and unrealized gains and losses related to the Company’s derivative instruments for the three months ended March 31, 2015 and 2014. These realized and unrealized gains and losses are recorded and included in commodity derivative income (loss) in the accompanying Consolidated Statements of Operations.
	(in thousands)		Three Months Ended
			March 31,
			2015			2014
	Commodity derivative contracts:
	Realized gains (losses)		$	552		$	(257	)
	Unrealized losses			(346	)		(233	)
	Total realized and unrealized gains (losses), net		$	206		$	(490	)
	Realized gains and losses are included in cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows.
	The counterparty in all of the Company’s derivative instruments is the lender in the Company’s bank credit facility. Accordingly, the Company is not required to post collateral since the bank is secured by the Company’s oil and gas assets. The Company nets its derivative instrument fair value amounts executed with its counterparty pursuant to an ISDA master agreement, which provides for the net settlement over the term of the contract and in the event of default or termination of the contract. The following table summarizes the location and fair value amounts of all derivative instruments in the Consolidated Balance Sheet as of March 31, 2015, as well as the gross recognized derivative assets, liabilities and amounts offset in the Consolidated Balance Sheet:
									Net
			Gross						Recognized
			Recognized			Gross			Fair Value
			Assets/			Amounts			Assets/
	Balance Sheet Classification		Liabilities			Offset			Liabilities
	Commodity derivative assets:
	Current derivative asset		$	976		$	-		$	976
	Total derivative assets		$	976		$	-		$	976
	Due to the volatility of oil and natural gas prices, the estimated fair values of the Company’s derivatives are subject to large fluctuations from period to period.

Commitments

Commitments	3 Months Ended
	Mar. 31, 2015
Commitments [Abstract]
Commitments	Note 11 – Commitments
	The Company has entered into long-term firm transportation contracts to ensure the transport to its purchaser a portion of its gas production. Firm transportation volumes and the related demand charges for the remaining term of these contracts at March 31, 2015 are summarized in the table below.
	Period	Dekatherms per day	Demand Charges
	Apr 2015 - Oct 2015	5,950	$0.20 - $0.65
	Nov 2015 - Apr 2018	4,450	$0.20 - $0.65
	May 2018 - May 2020	2,150	$0.20
	Jun 2020 – May 2036	1,000	$0.20
	A liability of approximately $1.2 million related to firm transportation contracts assumed in a 2011 asset acquisition, which represents the remaining commitment, is reflected on the Company’s Consolidated Balance Sheet as of March 31, 2015. The fair value of these firm transportation obligations were determined based upon the contractual obligations assumed by the Company and discounted based upon the Company’s effective borrowing rate. These contractual obligations are being amortized on a monthly basis as the Company pays these firm transportation obligations in the future.

Supplemental_Cash_Flow_Disclos

Supplemental Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Disclosures [Abstract]
Supplemental Cash Flow Disclosures	Note 12 – Supplemental Cash Flow Disclosure
	Supplemental cash flow disclosures for the three months ended March 31, 2015 and 2014 are presented below:
		Three Months Ended
		March 31,
	(in thousands)	2015		2014
	Cash paid during the period for:
	Interest	$	26	$	115
	Income taxes	$	325	$	-
	Non-cash transactions:
	Increase in net asset retirement obligations	$	-	$	19
	Increase (decrease) in accounts payable and accrued liabilities included in oil and gas properties	$	18	$	(735	)
	Decrease in accounts receivable included in oil and gas property proceeds	$	-	$	350

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 13 – Subsequent Events
	On December 15, 2014, Nytis LLC together with Liberty Energy LLC, (the “Sellers”) completed a preliminary closing in accordance with a Purchase and Sale Agreement (the “PSA”) entered into on October 15, 2014 for the sale of a portion of Nytis LLC’s interest in rights below the base of the Clinton Formation (the “Deep Rights”) underlying certain oil and gas leases located in Kentucky and West Virginia (the “Leases”).
	At the preliminary closing, the buyer provided to the Sellers a description of title defects attributable to the Leases. The parties estimated that the extent of title defects was less than the twenty percent (20%) threshold provided in the PSA that would have permitted either buyer or Sellers to terminate the transaction.
	A final closing is scheduled to occur in the second quarter of 2015 at which time the Sellers’ will present to the buyer curative work. The buyer may accept or reject the Sellers’ curative work or may accept or reject substitute acreage. If the buyer does not accept Sellers’ curative work or substitute acreage, a downward revision of the purchase price will occur.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited Consolidated Financial Statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company’s financial position as of March 31, 2015 and the Company’s results of operations and cash flows for the three months ended March 31, 2015 and 2014. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the full year because of the impact of fluctuations in prices received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results and other factors. For a more complete understanding of the Company’s operations, financial position and accounting policies, the unaudited financial statements and the notes thereto should be read in conjunction with the Company’s audited Consolidated Financial Statements for the year ended December 31, 2014 filed on Form 10-K with the Securities and Exchange Commission (“SEC”).
	In the course of preparing the unaudited financial statements, management makes various assumptions, judgments and estimates to determine the reported amount of assets, liabilities, revenue and expenses and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events and accordingly, actual results could differ from amounts initially established.
Principles of Consolidation	Principles of Consolidation
	The Consolidated Financial Statements include the accounts of Carbon, Nytis USA and its consolidated subsidiary. Carbon owns 100% of Nytis USA. Nytis USA owns approximately 99% of Nytis LLC. Nytis LLC also holds an interest in various oil and gas partnerships.
	For partnerships where the Company has a controlling interest, the partnerships are consolidated. The Company is currently consolidating 46 partnerships. In these instances, the Company reflects the non-controlling ownership interest in partnerships and subsidiaries as non-controlling interests on its Consolidated Statements of Operations and also reflects the non-controlling ownership interests in the net assets of the partnerships as non-controlling interests within stockholders’ equity on its Consolidated Balance Sheets. All significant intercompany accounts and transactions have been eliminated.
	In accordance with established practice in the oil and gas industry, the Company’s Consolidated Financial Statements also include its pro-rata share of assets, liabilities, income, lease operating costs and general and administrative expenses of the oil and gas partnerships in which the Company has a non-controlling interest.
	Non-majority owned investments that do not meet the criteria for pro-rata consolidation are accounted for using the equity method when the Company has the ability to significantly influence the operating decisions of the investee. When the Company does not have the ability to significantly influence the operating decisions of an investee, the cost method is used. All transactions, if any, with investees have been eliminated in the accompanying Consolidated Financial Statements.
Accounting for Oil and Gas Operations	Accounting for Oil and Gas Operations
	The Company uses the full cost method of accounting for oil and gas properties. Accordingly, all costs incidental to the acquisition, exploration and development of oil and gas properties, including costs of undeveloped leasehold, dry holes and leasehold equipment, are capitalized. Overhead costs incurred that are directly identified with acquisition, exploration and development activities undertaken by the Company for its own account, and which are not related to production, general corporate overhead or similar activities, are also capitalized.
	Unproved properties are excluded from amortized capitalized costs until it is determined whether or not proved reserves can be assigned to such properties. The Company assesses its unproved properties for impairment at least annually. Significant unproved properties are assessed individually.
	Capitalized costs are depleted by an equivalent unit-of-production method, converting oil to gas at the ratio of one barrel of oil to six thousand cubic feet of natural gas. Depletion is calculated using capitalized costs, including estimated asset retirement costs, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values.
	No gain or loss is recognized upon disposal of oil and gas properties unless such disposal significantly alters the relationship between capitalized costs and proved reserves. All costs related to production activities, including work-over costs incurred solely to maintain or increase levels of production from an existing completion interval, are charged to expense as incurred.
	The Company performs a ceiling test quarterly. The full cost ceiling test is a limitation on capitalized costs prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is not a fair value based measurement, rather it is a standardized mathematical calculation. The ceiling test provides that capitalized costs less related accumulated depletion and deferred income taxes may not exceed the sum of (1) the present value of future net revenue from estimated production of proved oil and gas reserves using the un-weighted arithmetic average of the first-day-of-the month price for the previous twelve month period, excluding the future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, at a discount factor of 10%; plus (2) the cost of properties not being amortized, if any; plus (3) the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any; less (4) income tax effects related to differences in the book and tax basis of oil and gas properties. Should the net capitalized costs exceed the sum of the components noted above, a ceiling test write-down would be recognized to the extent of the excess capitalized costs. Such impairments are permanent and cannot be recovered in future periods even if the sum of the components noted above exceeds the capitalized costs in future periods.
	For the three months ended March 31, 2015 and 2014, the Company did not recognize a ceiling test impairment as the Company’s full cost pool did not exceed the ceiling limitation. In December 2014, proceeds from the sale of the Company’s interests in certain leases in Kentucky and West Virginia below the Clinton Formation, referred to as the Deep Rights, were credited to the Company’s full cost pool, which decreased the Company’s net book value of its full cost pool while increasing its ceiling test cushion. Future declines in oil and natural gas prices, and increases in future operating expenses and future development costs could result in impairments of our oil and gas properties in future periods. Because the ceiling test uses the previous twelve month period average commodity prices, the effects of declining prices since mid-2014 will have greater impact on the average price used to value our reserves which could lower the ceiling test value in future quarters and result in an impairment of our oil and gas properties. The effects of the price decline will continue to impact the ceiling test value until such time the prices stabilize or improve. Impairment charges are a non-cash charge and accordingly, would not affect cash flow, but would adversely affect our net income and stockholders’ equity.
Investments in Affiliates	Investments in Affiliates
	Investments in non-consolidated affiliates are accounted for under either the equity or cost method of accounting as appropriate. The cost method of accounting is used for investments in affiliates in which the Company has less than 20% of the voting interests of a corporate affiliate or less than a 5% interest of a partnership or limited liability company and does not have significant influence. Investments in non-consolidated affiliates, accounted for using the cost method of accounting, are recorded at cost. An impairment assessment of each investment is made annually to determine if a decline in the fair value of the investment, other than temporary, has occurred. A permanent impairment is recognized if a decline in the fair value occurs. If the Company holds between 20% and 50% of the voting interest in non-consolidated corporate affiliates or greater than a 5% interest of a partnership or limited liability company and exercises significant influence or control, the equity method of accounting is used to account for the investment. The Company’s investment in an affiliate that is accounted for using the equity method of accounting, increases or decreases by the Company’s share of the affiliate’s profits or losses and such profits or losses are recognized in the Company’s Consolidated Statements of Operations. The Company reviews equity method investments for impairment whenever events or changes in circumstances indicate that an other than temporary decline in value has occurred. The amount of the impairment is based on quoted market prices, where available, or other valuation techniques.
Asset Retirement Obligations	Asset Retirement Obligations
	The Company’s asset retirement obligations (“ARO”) relate to future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage and returning such land to its original condition. The fair value of a liability for an ARO is recorded in the period in which it is incurred and the cost of such liability is recorded as an increase in the carrying amount of the related long-lived asset by the same amount. The liability is accreted each period and the capitalized cost is depleted on a units-of-production basis as part of the full cost pool. Revisions to estimated AROs result in adjustments to the related capitalized asset and corresponding liability.
	The estimated ARO liability is based on estimated economic lives, estimates as to the cost to abandon the wells in the future, and federal and state regulatory requirements. The liability is discounted using a credit-adjusted risk-free rate estimated at the time the liability is incurred or increased as a result of a reassessment of expected cash flows and assumptions inherent in the estimation of the liability. Upward revisions to the liability could occur due to changes in estimated abandonment costs or well economic lives, or if federal or state regulators enact new requirements regarding the abandonment of wells. AROs are valued utilizing Level 3 fair value measurement inputs.
	The following table is a reconciliation of the ARO for the three months ended March 31, 2015 and 2014:
	2015  2014
	(in thousands)	Three Months Ended
		March 31,
	Balance at beginning of period	$	2,968		$	2,699
	Accretion expense		31			29
	Additions during period		-			19
	Balance at end of period	$	2,999		$	2,747
Earnings Per Common Share	Earnings Per Common Share
	Basic earnings (loss) per common share is computed by dividing the net income (loss) attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period. The shares of restricted common stock granted to certain officers, directors and employees of the Company are included in the computation of basic net income (loss) per share only after the shares become fully vested. Diluted earnings per common share includes both the vested and unvested shares of restricted stock and the potential dilution that could occur upon exercise of options and warrants to acquire common stock, computed using the treasury stock method, which assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company with the proceeds from the exercise of options and warrants (which were assumed to have been made at the average market price of the common shares during the reporting period).
	The following table sets forth the calculation of basic and diluted (loss) income per share:
		Three Months Ended
		March 31,
		2015			2014
	Net (loss) income	$	(631	)	$	1,283
	Basic weighted-average common shares outstanding in period		105,934			113,021
	Add dilutive effects of stock options, warrants and nonvested shares of restricted stock		-			5,464
	Diluted weighted-average common shares outstanding in period		105,934			118,485
	Basic net (loss) income per common share	$	(0.01	)	$	0.01
	Diluted net (loss) income per common share	$	(0.01	)	$	0.01
	During the first quarter of 2015, the Company had a net loss and therefore, the diluted net loss per share calculation for that period excludes the anti-dilutive effect of approximately 2.7 million stock options and warrants and approximately 4.1 million nonvested shares of restricted stock. For the three months ended March 31, 2015 and 2014, approximately 4.7 million and 3.1 million restricted performance units, respectively, subject to future contingencies are excluded from the basic and diluted (loss) income per share.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of reconciliation of the ARO	(in thousands)	Three Months Ended
		March 31,
		2015			2014
	Balance at beginning of period	$	2,968		$	2,699
	Accretion expense		31			29
	Additions during period		-			19
	Balance at end of period	$	2,999		$	2,747
Schedule of basic and diluted (loss) income per share		Three Months Ended
		March 31,
		2015			2014
	Net (loss) income	$	(631	)	$	1,283
	Basic weighted-average common shares outstanding in period		105,934			113,021
	Add dilutive effects of stock options, warrants and nonvested shares of restricted stock		-			5,464
	Diluted weighted-average common shares outstanding in period		105,934			118,485
	Basic net (loss) income per common share	$	(0.01	)	$	0.01
	Diluted net (loss) income per common share	$	(0.01	)	$	0.01

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2015
Property and Equipment [Abstract]
Summary of net property and equipment	(in thousands)	31-Mar-15			December 31, 2014
	Oil and gas properties:
	Proved oil and gas properties	$	96,457		$	95,233
	Unproved properties not subject to depletion		2,812			2,789
	Accumulated depreciation, depletion, amortization and impairment		(65,143	)		(64,535	)
	Net oil and gas properties		34,126			33,487
	Furniture and fixtures, computer hardware and software, and other equipment		1,139			1,131
	Accumulated depreciation and amortization		(864	)		(827	)
	Net other property and equipment		275			304
	Total net property and equipment	$	34,401		$	33,791

Accounts_Payable_and_Accrued_L1

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Summary of accounts payable and accrued liabilities
	(in thousands)	31-Mar-15		December 31, 2014
	Accounts payable	$	990	$	742
	Oil and gas revenue payable to oil and gas property owners		1,324		1,296
	Production taxes payable		100		132
	Drilling advances received from joint venture partner		2,230		2,354
	Accrued drilling costs		99		166
	Accrued lease operating costs		41		74
	Accrued ad valorem taxes		828		1,194
	Accrued general and administrative expenses		423		1,247
	Accrued income taxes payable		77		377
	Other liabilities		164		210
	Total accounts payable and accrued liabilities	$	6,276	$	7,792

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements [Abstract]
Summary of financial assets and liabilities at fair value
	(in thousands)	Fair Value Measurements Using
		Level 1		Level 2		Level 3		Total
	31-Mar-15
	Assets:
	Commodity derivatives	$	-	$	976	$	-	$	976
	31-Dec-14
	Assets:
	Commodity derivatives	$	-	$	1,322	$	-	$	1,322

Physical_Delivery_Contracts_an1

Physical Delivery Contracts and Commodity Derivatives (Tables)	3 Months Ended
	Mar. 31, 2015
Physical Delivery Contracts and Commodity Derivatives [Abstract]
Schedule of swap agreements
		Natural Gas							Oil
					Weighted						Weighted
					Average						Average
	Period	MMBtu			Price (a)				Bbl		Price (b)
	Apr - Jun 2015		170,000		$	4.04				3,000	$	94.8
	Jul - Sep 2015		180,000		$	4.05				2,000	$	94.8
	Oct - Dec 2015		180,000		$	4.05				-		-
	Jan - Mar 2016		30,000		$	4.2				-		-
	Apr-16		10,000		$	4.2				-		-
Schedule of fair value of the derivatives recorded
	(in thousands)	31-Mar-15			31-Dec-14
	Commodity derivative contracts:
	Current assets	$	976		$	1,322
Schedule of realized and unrealized gains and losses
	(in thousands)	Three Months Ended
		March 31,
		2015			2014
	Commodity derivative contracts:
	Realized gains (losses)	$	552		$	(257	)
	Unrealized losses		(346	)		(233	)
	Total realized and unrealized gains (losses), net	$	206		$	(490	)
Schedule of fair value amounts of all derivative instruments assets and liabilities								Net
		Gross							Recognized
		Recognized			Gross				Fair Value
		Assets/			Amounts				Assets/
	Balance Sheet Classification	Liabilities			Offset				Liabilities
	Commodity derivative assets:
	Current derivative asset	$	976		$	-			$	976
	Total derivative assets	$	976		$	-			$	976

Commitments_Tables

Commitments (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments [Abstract]
Summary of firm transportation volumes and related demand charges	Period	Dekatherms per day	Demand Charges
	Apr 2015 - Oct 2015	5,950	$0.20 - $0.65
	Nov 2015 - Apr 2018	4,450	$0.20 - $0.65
	May 2018 - May 2020	2,150	$0.20
	Jun 2020 – May 2036	1,000	$0.20

Supplemental_Cash_Flow_Disclos1

Supplemental Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Disclosures [Abstract]
Supplemental cash flow disclosures		Three Months Ended
		March 31,
	(in thousands)	2015		2014
	Cash paid during the period for:
	Interest	$	26	$	115
	Income taxes	$	325	$	-
	Non-cash transactions:
	Increase in net asset retirement obligations	$	-	$	19
	Increase (decrease) in accounts payable and accrued liabilities included in oil and gas properties	$	18	$	(735	)
	Decrease in accounts receivable included in oil and gas property proceeds	$	-	$	350

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Summary of reconciliation of the ARO
Balance at beginning of period	$2,968	$2,699
Accretion expense	31	29
Additions during period		19
Balance at end of period	$2,999	$2,747

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 1) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Net (loss) income	($630)	$1,283
Basic weighted-average common shares outstanding in period	105,934	113,021
Add dilutive effects of stock options, warrants and nonvested shares of restricted stock		5,464
Diluted weighted-average common shares outstanding in period	105,934	118,485
Basic net (loss) income per common share	($0.01)	$0.01
Diluted net (loss) income per common share	($0.01)	$0.01

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Summary of Significant Accounting Policies (Textual)
Number of consolidated partnerships	46
Cost method investments, additional information	The cost method of accounting is used for investments in affiliates in which the Company has less than 20% of the voting interests of a corporate affiliate or less than a 5% interest of a partnership or limited liability company and does not have significant influence.
Equity method investment, additional information	If the Company holds between 20% and 50% of the voting interest in non-consolidated corporate affiliates or greater than a 5% interest of a partnership or limited liability company and exercises significant influence or control, the equity method of accounting is used to account for the investment.
Warrant [Member]
Summary of Significant Accounting Policies (Textual)
Anti-dilutive earnings per shares	4,100,000
Stock Options [Member]
Summary of Significant Accounting Policies (Textual)
Anti-dilutive earnings per shares	2,700,000
Restricted Performance Units [Member]
Summary of Significant Accounting Policies (Textual)
Common stock equivalent restricted to future contingencies	4.7	3.1
Nytis LLC [Member]
Summary of Significant Accounting Policies (Textual)
Percentage of ownership interest in the subsidiary	99.00%
Nytis Usa [Member]
Summary of Significant Accounting Policies (Textual)
Percentage of ownership interest in the subsidiary	100.00%

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Oil and gas properties
Accumulated depreciation, depletion, amortization and impairment	($65,143)	($64,535)
Net oil and gas properties	34,126	33,487
Furniture and fixtures, computer hardware and software, and other equipment	1,139	1,131
Accumulated depreciation and amortization	-864	-827
Net other property and equipment	275	304
Total net property and equipment	34,401	33,791
Proved oil and gas properties [Member]
Oil and gas properties
Oil and gas properties, gross	96,457	95,233
Unproved properties not subject to depletion [Member]
Oil and gas properties
Oil and gas properties, gross	$2,812	$2,789

Property_and_Equipment_Details1

Property and Equipment (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
	Per_Mcfe	Per_Mcfe
Property and Equipment (Textual)
Depletion expense related to oil and gas properties	$2,800,000	$2,800,000
Capitalized general and administrative expenses	132,000,000	122,000,000
Depletion expense related to oil and gas properties	608,000,000	726,000,000
Depletion expense related to oil and gas properties (in dollars per Mcfe)	0.87	0.96
Depreciation and amortization expense	$37,000,000	$38,000,000

Equity_Method_Investment_Detai

Equity Method Investment (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Equity Method Investment (Textual)
Ownership interest percentage in crawford county gas gathering company, LLC	50.00%
Equity investment income (loss) in crawford county gas gathering company, LLC	$1	$3

Bank_Credit_Facility_Details

Bank Credit Facility (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Bank Credit Facility (Textual)
Current borrowing base	$20
Maximum line of credit available under hedging arrangements	9.5
Line of credit facility maturity date	31-May-17
Maximum borrowing base	50
Outstanding borrowings	2.9
Additional borrowing capacity available	$17.10
Effective borrowing rate (as a percent)	3.30%
Minimum [Member]
Bank Credit Facility (Textual)
Current ratio required to be maintained	1
Funded Debt Ratio required to be maintained	1
Maximum [Member]
Bank Credit Facility (Textual)
Current ratio required to be maintained	1
Funded Debt Ratio required to be maintained	4.25
Credit facility [Member]
Bank Credit Facility (Textual)
Variable interest rate basis	The portion of the loan based on an "Alternate Base Rate" is determined by the rate per annum equal to 1.5% plus the greatest of the following: (a) the Federal Funds Rate for such day plus one-half of one percentage point, (b) the Prime Rate for such day or (c) LIBOR for a one-month LIBOR Interest Period plus one percentage point.
Credit facility [Member] | LIBOR [Member] | Minimum [Member]
Bank Credit Facility (Textual)
Percentage points added to the reference rate	2.50%
Credit facility [Member] | LIBOR [Member] | Maximum [Member]
Bank Credit Facility (Textual)
Percentage points added to the reference rate	3.25%

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	3 Months Ended		12 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jun. 25, 2013	Dec. 31, 2012
Stockholders' Equity (Textual)
Common stock, shares authorized	200,000,000		200,000,000
Common stock, par value (in dollars per share)	$0.01		0.01
Common stock, shares issued	107,732,113		106,875,447
Common stock, shares outstanding	107,732,113		106,875,447
Preferred stock, shares authorized	1,000,000		1,000,000
Preferred stock, par value (in dollars per share)	$0.01		0.01
Preferred stock, shares issued
Preferred stock, shares outstanding
Number of warrants granted in period	4,810,000
Compensation costs for restricted stock grants	$84,000	$86,000
Unrecognized compensation cost	587,000
Restricted performance units	4,800,000
Warrant [Member]
Stockholders' Equity (Textual)
Number of warrants granted by SLSC	250,000
Restricted Stock Units (RSUs) [Member]
Stockholders' Equity (Textual)
Number of warrants granted in period	420,000
Compensation costs for restricted stock grants	160,000	150,000
Unrecognized compensation cost	1,400,000
Expected period of recognition of unrecognized compensation costs	6 years 9 months 18 days
Value of restricted stock grants have vested	2,100,000
Restricted Performance Units [Member]
Stockholders' Equity (Textual)
Compensation costs for restricted stock grants		86,000
Unrecognized compensation cost	386,000		2,200,000		2,200,000
Restricted performance units	4,700,000
Common Stock Purchase Agreement [Member]
Stockholders' Equity (Textual)
Repurchase of company's common stock from a shareholder			8,200,000
Equity Plans Prior To Merger [Member] | Stock Options [Member]
Stockholders' Equity (Textual)
Number of shares outstanding	163,076
Number of shares exercisable	163,076
Equity Plans Prior To Merger [Member] | Warrant [Member]
Stockholders' Equity (Textual)
Number of shares outstanding	2,696,133
Equity Plans Prior To Merger [Member] | Restricted Stock Units (RSUs) [Member]
Stockholders' Equity (Textual)
Number of shares outstanding	978,454
Nytis USA Restricted Stock Plan [Member]
Stockholders' Equity (Textual)
Vesting terms of restricted stock	The vesting terms of these restricted stock grants were modified so that 25% of the shares would vest on the first of January from 2014 through 2017.
Unrecognized compensation cost	$587,000
Expected period of recognition of unrecognized compensation costs	21 months
Vesting, percentage				25.00%
Carbon 2011 Stock Incentive Plan [Member] | Officer [Member]
Stockholders' Equity (Textual)
Stock incentive plan, common stock shares authorized	12,600,000

Accounts_Payable_and_Accrued_L2

Accounts Payable and Accrued Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$990	$742
Oil and gas revenue payable to oil and gas property owners	1,324	1,296
Production taxes payable	100	132
Drilling advances received from joint venture partner	2,230	2,354
Accrued drilling costs	99	166
Accrued lease operating costs	41	74
Accrued ad valorem taxes	828	1,194
Accrued general and administrative expenses	423	1,247
Accrued income taxes payable	77	377
Other liabilities	164	210
Total accounts payable and accrued liabilities	$6,276	$7,792

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Commodity derivatives	$976	$1,322
Recurring basis [Member] | Level 1 [Member]
Assets:
Commodity derivatives
Recurring basis [Member] | Level 2 [Member]
Assets:
Commodity derivatives	976	1,322
Recurring basis [Member] | Level 3 [Member]
Assets:
Commodity derivatives

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details Textual) (USD $)	Mar. 31, 2015	Mar. 31, 2014
In Thousands, unless otherwise specified
Fair Value Measurements Textual [Abstract]
Asset retirement obligation	$19,000	$19,000

Physical_Delivery_Contracts_an2

Physical Delivery Contracts and Commodity Derivatives (Details) (Swap [Member])	Mar. 31, 2015
Apr - Jun 2015 [Member] | Natural Gas [Member] | NYMEX Henry Hub Natural Gas Futures Contract [Member]
Summary of swap agreements
Quantity	170,000
Weighted Average Price	4.04	[1]
Apr - Jun 2015 [Member] | Oil [Member] | NYMEX Light Sweet Crude West Texas Intermediate Futures Contract [Member]
Summary of swap agreements
Quantity	3,000
Weighted Average Price	94.8	[2]
Jul - Sep 2015 [Member] | Natural Gas [Member] | NYMEX Henry Hub Natural Gas Futures Contract [Member]
Summary of swap agreements
Quantity	180,000
Weighted Average Price	4.05	[1]
Jul - Sep 2015 [Member] | Oil [Member] | NYMEX Light Sweet Crude West Texas Intermediate Futures Contract [Member]
Summary of swap agreements
Quantity	2,000
Weighted Average Price	94.8	[2]
Oct - Dec 2015 [Member] | Natural Gas [Member] | NYMEX Henry Hub Natural Gas Futures Contract [Member]
Summary of swap agreements
Quantity	180,000
Weighted Average Price	4.05	[1]
Oct - Dec 2015 [Member] | Oil [Member] | NYMEX Light Sweet Crude West Texas Intermediate Futures Contract [Member]
Summary of swap agreements
Quantity
Weighted Average Price		[2]
Jan - Mar 2016 [Member] | Natural Gas [Member] | NYMEX Henry Hub Natural Gas Futures Contract [Member]
Summary of swap agreements
Quantity	30,000
Weighted Average Price	4.2	[1]
Jan - Mar 2016 [Member] | Oil [Member] | NYMEX Light Sweet Crude West Texas Intermediate Futures Contract [Member]
Summary of swap agreements
Quantity
Weighted Average Price		[2]
Apr 2016 [Member] | Natural Gas [Member] | NYMEX Henry Hub Natural Gas Futures Contract [Member]
Summary of swap agreements
Quantity	10,000
Weighted Average Price	4.2	[1]
Apr 2016 [Member] | Oil [Member] | NYMEX Light Sweet Crude West Texas Intermediate Futures Contract [Member]
Summary of swap agreements
Quantity
Weighted Average Price		[2]
[1]	(a) NYMEX Henry Hub Natural Gas futures contract for the respective delivery month.
[2]	(b) NYMEX Light Sweet Crude West Texas Intermediate futures contract for the respective delivery month.

Physical_Delivery_Contracts_an3

Physical Delivery Contracts and Commodity Derivatives (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Commodity derivative contracts:
Current assets	$976	$1,322

Physical_Delivery_Contracts_an4

Physical Delivery Contracts and Commodity Derivatives (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Commodity derivative contracts:
Unrealized losses	($346)	($233)
Commodity derivative contracts [Member]
Commodity derivative contracts:
Realized gains (losses)	552	-257
Unrealized losses	-346	-233
Total realized and unrealized (losses) gains, net	$206	($490)

Physical_Delivery_Contracts_an5

Physical Delivery Contracts and Commodity Derivatives (Details 3) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Commodity derivative assets:
Current derivative asset	$976	$1,322
Total derivative assets	976
Gross Recognized Assets/Liabilities [Member]
Commodity derivative assets:
Current derivative asset	976
Total derivative assets	976
Gross Amounts Offset [Member]
Commodity derivative assets:
Current derivative asset
Total derivative assets
Net Recognized Fair Value Assets/Liabilities [Member]
Commodity derivative assets:
Current derivative asset	976
Total derivative assets	$976

Physical_Delivery_Contracts_an6

Physical Delivery Contracts and Commodity Derivatives (Details Textual) (April 2015 through August 2015)	3 Months Ended
	Mar. 31, 2015
April 2015 through August 2015
Physical Delivery Contracts and Commodity Derivatives (Textual)
Physical deliveries required for fixed price contracts (in Bbl per month)	530
Average sales price (in dollars per Bbl)	96.75

Commitments_Details

Commitments (Details)	3 Months Ended
	Mar. 31, 2015
	Dekatherm
Apr 2015 - Oct 2015
Capacity levels (Dekatherms per day)	5,950
Apr 2015 - Oct 2015 | Maximum [Member]
Demand charges (in dollars per dekatherm)	0.65
Apr 2015 - Oct 2015 | Minimum [Member]
Demand charges (in dollars per dekatherm)	0.2
Nov 2015 - Apr 2018
Capacity levels (Dekatherms per day)	4,450
Nov 2015 - Apr 2018 | Maximum [Member]
Demand charges (in dollars per dekatherm)	0.65
Nov 2015 - Apr 2018 | Minimum [Member]
Demand charges (in dollars per dekatherm)	0.2
May 2018 - May 2020
Capacity levels (Dekatherms per day)	2,150
Demand charges (in dollars per dekatherm)	0.2
Jun 2020 - May 2036
Capacity levels (Dekatherms per day)	1,000
Demand charges (in dollars per dekatherm)	0.2

Commitments_Details_Textual

Commitments (Details Textual) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
Commitments (Textual)
Liability related to firm transportation contracts assumed	$1.20

Supplemental_Cash_Flow_Disclos2

Supplemental Cash Flow Disclosures (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash paid during the period for:
Interest	$26	$115
Income taxes	325
Non-cash transactions:
Increase in net asset retirement obligations		19
Increase (decrease) in accounts payable and accrued liabilities included in oil and gas properties	18	-735
Decrease in accounts receivable included in oil and gas property proceeds		$350

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent Event [Member])	3 Months Ended
	Mar. 31, 2015
Subsequent Event [Member]
Subsequent Event [Line Items]
Product Liability Contingency, Description	Less than the twenty percent (20%) .