Abraxas Petroleum (AXAS) 10-Q8 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 07, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'ABRAXAS PETROLEUM CORP	'
Entity Central Index Key	'0000867665	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	105,384,703

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$3,742	$5,205
Accounts receivable, net:	'	'
Joint owners	5,299	15,493
Oil and gas production	22,572	16,625
Other	980	1,497
Total accounts receivable	28,851	33,615
Derivative asset â€“ current	113	85
Other current assets	362	644
Total current assets	33,068	39,549
Oil and gas properties, full cost method of accounting:	'	'
Proved	652,158	564,755
Other property and equipment	39,213	38,959
Total	691,371	603,714
Less accumulated depreciation, depletion, and amortization	-440,322	-423,069
Total property and equipment â€“ net	251,049	180,645
Deferred financing fees, net	2,366	2,140
Derivative asset â€“ long-term	0	925
Other assets	391	391
Total assets	286,874	223,650
Current liabilities:	'	'
Accounts payable	49,003	52,793
Oil and gas production payable	16,509	23,810
Accrued interest	79	31
Other accrued expenses	2,106	1,231
Derivative liability â€“ current	6,318	2,728
Current maturities of long-term debt	2,181	2,142
Total current liabilities	76,196	82,735
Long-term debt, excluding current maturities	44,850	41,790
Other liabilities	57	57
Derivative liability â€“ long-term	5,785	2,274
Future site restoration	9,747	9,888
Total liabilities	136,635	136,744
Commitments and Contingencies	'	'
Stockholdersâ€™ Equity	'	'
Preferred stock, par value $0.01 per share, authorized 1,000,000 shares; -0- issued and outstanding	0	0
Common stock, par value $0.01 per share, authorized 200,000,000 shares; 105,346,011 and 92,906,049 issued and outstanding, respectively	1,053	929
Additional paid-in capital	308,696	253,193
Accumulated deficit	-158,871	-166,609
Accumulated other comprehensive loss	-639	-607
Total stockholdersâ€™ equity	150,239	86,906
Total liabilities and stockholdersâ€™ equity	$286,874	$223,650

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Stockholdersâ€™ Equity	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	105,346,011	92,906,049
Common stock, shares outstanding (in shares)	105,346,011	92,906,049

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue:	'	'	'	'
Oil and gas production revenues	$33,548	$21,478	$59,398	$42,641
Other	11	16	54	49
Total revenue	33,559	21,494	59,452	42,690
Operating costs and expenses:	'	'	'	'
Lease operating expenses	5,772	6,166	11,664	12,628
Production taxes	2,838	1,911	5,042	3,838
Depreciation, depletion, and amortization	9,242	5,776	16,877	12,285
Asset Impairment Charges	0	1,977	0	1,977
General and administrative (including stock-based compensation of $1,029, $669, $1,468 and $1,142, respectively)	3,117	2,797	5,940	5,327
Operating costs and expenses	20,969	18,627	39,523	36,055
Operating income	12,590	2,867	19,929	6,635
Other (income) expense:	'	'	'	'
Interest income	-1	0	-1	-1
Interest expense	783	1,259	1,391	2,467
Amortization of deferred financing fees	280	343	629	676
Loss on derivative contracts - Realized	1,356	783	2,090	1,708
Loss (gain) on derivative contracts - Unrealized	7,136	-7,485	8,080	-6,864
Other	2	14	2	101
Total other (income) expense	9,556	-5,086	12,191	-1,913
Net income before income tax	3,034	7,953	7,738	8,548
Income tax expense	0	87	0	87
Net income	$3,034	$7,866	$7,738	$8,461
Net income (loss) per common share - basic (in dollars per share)	$0.03	$0.09	$0.08	$0.09
Net income (loss) per common share - diluted (in dollars per share)	$0.03	$0.08	$0.08	$0.09
Weighted average shares outstanding - basic (shares)	93,448	92,351	93,009	92,323
Weighted average shares outstanding - diluted (shares)	97,322	93,361	95,844	93,311

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating costs and expenses:	'	'	'	'
Stock-based compensation	$1,029	$669	$1,468	$1,142

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Other Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Consolidated net income	$3,034	$7,866	$7,738	$8,461
Other comprehensive income (loss):	'	'	'	'
Change in unrealized value of investments	0	56	0	49
Foreign currency translation adjustment	30	-266	-32	-397
Other comprehensive income (loss)	30	-210	-32	-348
Comprehensive income	$3,064	$7,656	$7,706	$8,113

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Operating Activities	'	'
Net income	$7,738	$8,461
Adjustments to reconcile net income to net	'	'
Change in derivative fair value	7,998	-6,840
Depreciation, depletion, and amortization	16,877	12,285
Asset Impairment Charges	0	1,977
Amortization of deferred financing fees	629	676
Accretion of future site restoration	290	335
Stock-based compensation	1,468	1,142
Changes in operating assets and liabilities:	'	'
Accounts receivable	4,766	-6,474
Other	281	4,941
Accounts payable and accrued expenses	-10,594	6,268
Net cash provided by operating activities	29,453	22,771
Investing Activities	'	'
Capital expenditures, including purchases and development of properties	-92,770	-33,466
Proceeds from sale of oil and gas properties	5,471	3,192
Net cash used in investing activities	-87,299	-30,274
Financing Activities	'	'
Proceeds from long-term borrowings	48,000	21,000
Payments on long-term borrowings	-44,901	-13,101
Proceeds from Issuance of Common Stock	53,958	0
Increase (Decrease) in Deferred Charges	-855	-96
Exercise of stock options	201	44
Other	-26	-29
Net cash provided by financing activities	56,377	7,818
Effect of exchange rate changes on cash	6	56
(Decrease) increase in cash	-1,463	371
Cash and equivalents, at beginning of period	5,205	2,061
Cash and equivalents, at end of period	3,742	2,432
Supplemental disclosure of cash flow information:	'	'
Interest paid	$1,052	$2,256

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Note 1. Basis of Presentation

	The accounting policies followed by Abraxas Petroleum Corporation and its subsidiaries (the “Company”) are set forth in the notes to the Company’s audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 17, 2014. Such policies have been continued without change. Also, refer to the notes to those financial statements for additional details of the Company’s financial condition, results of operations, and cash flows. All material items included in those notes have not changed except as a result of normal transactions in the interim, or as disclosed within this report. The accompanying interim condensed consolidated financial statements have not been audited by our independent registered public accountants, but in the opinion of management, reflect all adjustments necessary for a fair presentation of the financial position and results of operations. Any and all adjustments are of a normal and recurring nature. Although management believes the unaudited interim related disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the SEC. The results of operations and the cash flows for the period ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.


	Consolidation Principles

	The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”) and a wholly-owned foreign subsidiary, Canadian Abraxas Petroleum, ULC (“Canadian Abraxas”).

	Canadian Abraxas’ assets and liabilities are translated to U.S. dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are accumulated as a separate component of stockholders’ equity.

	Rig Accounting

	In accordance with SEC Regulation S-X, no income is to be recognized in connection with contractual drilling services performed in connection with properties in which the Company or its affiliates holds an ownership, or other economic interest. Any income not recognized as a result of this limitation is to be credited to the full cost pool and recognized through lower amortization as reserves are produced.

	Use of Estimates

	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

	New Accounting Standards and Disclosures

	Revenue Recognition

	The Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) in May 2014 which provides accounting guidance for all revenue arising from contracts to provide goods or services to customers. The requirements from the new ASU are effective for interim and annual periods beginning after December 15, 2016, and early adoption is not permitted. The standard allows for either full retrospective adoption or modified retrospective adoption. At this time, we are evaluating the guidance to determine the method of adoption and the impact of this ASU on our financial statements and related disclosures, if any.


	Stock-based Compensation and Option Plans

	Stock Options

	The Company currently utilizes a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors.

	The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented:



	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2014				2013				2014				2013
	$	807			$	558			$	1,114			$	920


	The following table summarizes the Company’s stock option activity for the six months ended June 30, 2014:


						Weighted				Weighted
			Number			Average				Average
			of			Option				Grant
			Shares			Exercise				Date Fair
						Price Per				Value
						Share				Per Share
	Outstanding, December 31, 2013		5,400			$	2.77			$	1.98

	Granted		1,020			$	3.36			$	2.43

	Exercised		(351	)		$	2.69			$	1.86

	Canceled		(67	)		$	2.97			$	2.11

	Outstanding, June 30, 2014		6,002			$	2.87			$	2.06


	Additional information related to stock options at June 30, 2014 and December 31, 2013 is as follows:


		June 30,			December 31,
		2014			2013
Options exercisable		4,069			3,828


As of June 30, 2014, there was approximately $3.3 million of unamortized compensation expense related to outstanding stock options that will be recognized in 2014 through 2017.

Restricted Stock Awards

Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods.

The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2014:


		Number			Weighted
		of			Average
		Shares			Grant Date
					Fair Value
					Per Share
Unvested, December 31, 2013		355			$	3.24

Granted		762			3.15

Vested/Released		(5	)		2.94

Forfeited		(20	)		3.47

Unvested, June 30, 2014		1,092			$	3.18


The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented:


Three Months Ended								Six Months Ended
June 30,								June 30,
2014				2013				2014				2013
$	222			$	111			$	354			$	222


As of June 30, 2014, there was approximately $2.5 million of unamortized compensation expense relating to outstanding restricted shares that will be recognized in 2014 through 2017.

Common Stock Offering

On June 24, 2014, we completed a public offering of 11.5 million common shares at $5.00 per share. The offering was made pursuant to an effective shelf registration statement on Form S-3 previously filed by the Company with the SEC. We received proceeds of approximately $54.0 million after deducting discounts and offering costs. The proceeds from this offering were used to repay indebtedness under our credit facility.

Oil and Gas Properties

The Company follows the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful, as well as unsuccessful, exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of the unamortized capitalized cost or the cost ceiling. The cost ceiling is calculated as PV-10, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. We calculate the projected income tax effect using the “short-cut” method for the cost ceiling test calculation. Costs in excess of the cost ceiling are charged to proved property impairment expense. No gain or loss is recognized upon sale or disposition of oil and gas properties, except where the sale or disposition causes a significant change in the relationship between capitalized cost and the estimated quantity of proved reserves. We apply the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. At June 30, 2013, our net capitalized costs of oil and gas properties in the United States did not exceed the cost ceiling of our estimated proved reserves; however, the net capitalized cost of oil and gas properties in Canada exceeded the cost ceiling by $2.0 million resulting in a write down for the six months ended June 30, 2013. At June 30, 2014, our net capitalized costs of oil and gas properties in the United States and Canada did not exceed the cost ceiling of our estimated proved reserves.

Restoration, Removal and Environmental Liabilities

The Company is subject to extensive federal, provincial, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum substances at various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefit are expensed.

Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component are fixed or reliably determinable.

The Company accounts for asset retirement obligations based on the guidance of ASC 410 which addresses accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of a liability for an asset's retirement obligation be recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. For all periods presented, we have included estimated future costs of abandonment and dismantlement in our full cost amortization base and amortize these costs as a component of our depletion expense in the accompanying condensed consolidated financial statements.

The following table summarizes the Company’s asset retirement obligation transactions for the six months ended June 30, 2014 and the year ended December 31, 2013:


		June 30,				December 31,
		2014				2013
Beginning asset retirement obligation		$	9,888			$	11,381

New wells placed on production and other		151				222

Deletions related to property disposals and plugging costs		(437		)		(2,491		)
Accretion expense		290				638

Revisions and other		(145		)		138

Ending asset retirement obligation		$	9,747			$	9,888

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 2. Income Taxes

	The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the tax rates and laws expected to be in effect when the differences are expected to reverse.

	For the three and six months ended June 30, 2014, there was no current or deferred income tax expense or benefit due to loss carryforwards. Valuation allowances have been recorded against such benefits in prior periods.

	The Company accounts for uncertain tax positions under the provisions of ASC 740-10. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2014, the Company did not have any accrued interest or penalties related to uncertain tax positions. The tax years 2003 through 2013 remain open to examination by the tax jurisdictions to which the Company is subject.

	At December 31, 2013, the Company had, subject to the limitation discussed below, $141.9 million of net operating loss carryforwards for U.S. tax purposes and $21.8 million of net operating loss carryforwards for Canadian tax purposes. The U.S. loss carryforward will expire in varying amounts through 2032 and the Canadian loss carryforward will expire in 2033, if not utilized.

	Uncertainties exist as to the future utilization of the operating loss carryforwards under the criteria set forth under ASC 740-10 “Income Taxes”. Therefore, we have established a valuation allowance of $75.6 million for deferred tax assets at December 31, 2013.

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Long-Term Debt	'

	Note 3. Long-Term Debt

	The following table summarizes the Company’s long-term debt:



			June 30,			31-Dec-13
			2014
	Credit facility		$	37,000		$	33,000

	Rig loan agreement		5,586			6,378

	Real estate lien note		4,445			4,554

			47,031			43,932

	Less current maturities		(2,181		)	(2,142		)
			$	44,850		$	41,790


	Credit Facility

	We have a senior secured credit facility with Société Générale, as administrative agent and issuing lender, and certain other lenders, which we refer to as the credit facility. As of June 30, 2014, $37.0 million was outstanding under the credit facility.

	The credit facility has a maximum commitment of $300.0 million and availability is subject to a borrowing base. As of June 30, 2014 we had a borrowing base of $162.5 million. The borrowing base is determined semi-annually by the lenders based upon our reserve reports, one of which must be prepared by our independent petroleum engineers and one of which may be prepared internally. The amount of the borrowing base is calculated by the lenders based upon their valuation of our Proved reserves securing the facility, utilizing these reserve reports, and their own internal decisions. In addition, the lenders, in their sole discretion, are able to make one additional borrowing base redetermination during any six-month period between scheduled redeterminations and we are able to request one redetermination during any six-month period between scheduled redeterminations. The borrowing base will be automatically reduced in connection with any sales of producing properties with a market value of 5% or more of our then-current borrowing base and in connection with any hedge termination which could reduce the collateral value by 5% or more. Our borrowing base of $162.5 million was determined based upon our reserve report dated December 31, 2013. Our borrowing base can never exceed the $300.0 million maximum commitment amount. Outstanding amounts under the credit facility bear interest at (a) the greater of (1) the reference rate announced from time to time by Société Générale, (2) the Federal Funds Rate plus 0.5%, and (3) a rate determined by Société Générale as the daily one-month LIBOR plus, in each case, (b) 0.75%—1.75%, depending on the utilization of the borrowing base, or, if we elect LIBOR plus 1.75%—2.75%, depending on the utilization of the borrowing base. At June 30, 2014 the interest rate on the credit facility was 1.9% based on 1-month LIBOR borrowings and the level of utilization.

	Subject to earlier termination rights and events of default, the stated maturity date of the credit facility is June 30, 2018. Interest is payable quarterly on reference rate advances and not less than quarterly on LIBOR advances. We are permitted to terminate the credit facility and are able, from time to time, to permanently reduce the lenders’ aggregate commitment under the credit facility in compliance with certain notice and dollar increment requirements.

	Each of our subsidiaries has guaranteed our obligations under the credit facility on a senior secured basis. Obligations under the credit facility are secured by a first priority perfected security interest, subject to certain permitted encumbrances, in all of our and our subsidiary guarantors’ material property and assets, other than Raven Drilling.

	Under the credit facility, we are subject to customary covenants, including certain financial covenants and reporting requirements. We are required to maintain a current ratio, as of the last day of each quarter of not less than 1.00 to 1.00 and an interest coverage ratio of not less than 2.50 to 1.00. We are also required as of the last day of each quarter to maintain a debt to EBITDAX ratio as of the last day of each quarter of not more than 4.00 to 1.00. The current ratio is defined as the ratio of consolidated current assets to consolidated current liabilities. For the purposes of this calculation, current assets include the portion of the borrowing base which is undrawn but excludes any cash deposited with a counter-party to a hedging arrangement and any assets representing a valuation account arising from the application of ASC 815 and ASC 410-20 and current liabilities exclude the current portion of long-term debt and any liabilities representing a valuation account arising from the application of ASC 815 and ASC 410-20. The interest coverage ratio is defined as the ratio of consolidated EBITDAX to consolidated interest expense for the four fiscal quarters ended on the calculation date. For the purposes of this calculation, EBITDAX is defined as the sum of consolidated net income plus interest expense, oil and gas exploration expenses, income, franchise or margin taxes, depreciation, amortization, depletion and other non-cash charges including non-cash charges resulting from the application of ASC 718, ASC 815 and ASC 410-20 plus all realized net cash proceeds arising from the settlement or monetization of any hedge contracts plus expenses incurred in connection with the negotiation, execution, delivery and performance of the Credit Facility plus expenses incurred in connection with any acquisition permitted under the Credit Facility plus expenses incurred in connection with any offering of senior unsecured notes, subordinated debt or equity plus up to $1.0 million of extraordinary expenses in any 12-month period plus extraordinary losses minus all non-cash items of income which were included in determining consolidated net income, including all non-cash items resulting from the application of ASC 815 and ASC 410-20. Interest expense includes total interest, letter of credit fees and other fees and expenses incurred in connection with any debt. The total debt to EBITDAX ratio is defined as the ratio of total debt to consolidated EBITDAX for the four fiscal quarters ended on the calculation date. For the purposes of this calculation, total debt is the outstanding principal amount of debt, excluding debt associated with the office building, Raven Drilling’s rig loan and obligations with respect to surety bonds and derivative contracts.

	At June 30, 2014, we were in compliance with all of our debt covenants. As of June 30, 2014, the interest coverage ratio was 20.66 to 1.00, the total debt to EBITDAX ratio was 0.62 to 1.00 and our current ratio was 2.34 to 1.00.

	The credit facility contains a number of covenants that, among other things, restrict our ability to:

	•	incur or guarantee additional indebtedness;

	•	transfer or sell assets;

	•	create liens on assets;

	•	engage in transactions with affiliates other than on an “arm’s length” basis;

	•	make any change in the principal nature of our business; and

	•	permit a change of control.

	The credit facility also contains customary events of default, including nonpayment of principal or interest, violations of covenants, cross default and cross acceleration to certain other indebtedness, bankruptcy and material judgments and liabilities.

	Rig Loan Agreement

	On September 19, 2011, Raven Drilling entered into a rig loan agreement with RBS Asset Finance, Inc. to finance the costs of purchasing and refurbishing an Oilwell 2,000 hp diesel electric drilling rig (the “Collateral”). The rig loan agreement provided for interim borrowings payable to Raven Drilling until the final amount of the loan was determined.

	On February 14, 2012, Raven Drilling finalized the note with respect to the rig loan agreement. The principal amount of the note is $7.0 million and bears interest at 4.26%. Interest only is due for the first 18-months of the note and thereafter, the note will amortize in full over the remaining life of the note. Interest and principal, when required, is payable monthly. Subject to earlier prepayment provisions and events of default, the stated maturity date of the note is February 14, 2017. As of June 30, 2014, $5.6 million was outstanding under the rig loan agreement.

	Abraxas Petroleum has guaranteed Raven Drilling’s obligations under the rig loan agreement and associated note. Obligations under the rig loan agreement are secured by a first priority perfected security interest, subject to certain permitted encumbrances, in the Collateral.

	Real Estate Lien Note

	On May 9, 2008, the Company entered into an advancing line of credit in the amount of $5.4 million for the purchase and finish out of a building to serve as its corporate headquarters. This note was refinanced in November 2008. The note was modified on April 4, 2013, reducing the interest to a fixed rate of 4.25%, and was further modified on July 20, 2013 to extend the maturity date to July 20, 2023. The note is payable in monthly installments of principal and interest of $34,354 based on a twenty year amortization. Beginning August 20, 2018, the interest rate will adjust to the bank's current prime rate plus 1.00% with a maximum annual rate of 7.25% The note is secured by a first lien deed of trust on the property and improvements. As of June 30, 2014, $4.4 million was outstanding on the note.

Income_Per_Share

Income Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Income Per Share	'
	Note 4. Income Per Share

	The following table sets forth the computation of basic and diluted income per share:



		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	Numerator:
	Net income	$	3,034	$	7,866	$	7,738	$	8,461

	Denominator:
	Denominator for basic income per share -
	Weighted-average shares	93,448		92,351		93,009		92,323


	Effect of dilutive securities:
	Stock options and restricted stock	3,874		1,010		2,835		988



	Denominator for diluted income per share -

	Weighted-average shares and assumed conversions	97,322		93,361		95,844		93,311


	Net income per common share – basic	$	0.03	$	0.09	$	0.08	$	0.09



	Net income per common share – diluted	$	0.03	$	0.08	$	0.08	$	0.09

Hedging_Program_and_Derivative

Hedging Program and Derivatives	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Hedging Program and Derivatives	'
	Note 5. Hedging Program and Derivatives

	The derivative instruments we utilize are based on index prices that may and often do differ from the actual oil and gas prices realized in our operations. Management has elected not to apply hedge accounting as prescribed by ASC 815. Accordingly, fluctuations in the market value of the derivative contracts are recognized in earnings during the current period.

	The following table sets forth our derivative contracts at June 30, 2014:



		Fixed Price Swap
		Oil – WTI					Oil - Brent					Oil - LLS			Gas
	Contract Periods	Daily Volume (Bbl)		Swap Price (per Bbl)			Daily Volume (Bbl)			Swap Price (per Bbl)		Daily Volume (Bbl)	Swap Price (per Bbl)		Daily Volume (Mcf)	Swap Price (per Mcf)
	2014	1,535		$	91.87		—			$	—	98	$	101.26	3,150	$	4.07

	2015	921		$	85		125			$	96.78	—	$	—	1,450	$	4.08

	2016	948		$	84.1		—			$	—	—	$	—	—	$	—

	2017	493		$	84.18		—			$	—	—	$	—	—	$	—


	At June 30, 2014, the aggregate fair value of our commodity derivative contracts was a liability of approximately $12.0 million.

	The following table illustrates the impact of derivative contracts on the Company’s balance sheet:


	Fair Value of Derivative Instruments as of June 30, 2014
		Asset Derivatives				Liability Derivatives
	Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Commodity price derivatives	Derivatives – current	$	113		Derivatives – current		$	6,318

	Commodity price derivatives	Derivatives - long-term	—			Derivatives - long-term		5,785

			$	113				$	12,103





	Fair Value of Derivative Instruments as of December 31, 2013
		Asset Derivatives				Liability Derivatives
	Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Commodity price derivatives	Derivatives – current	$	85		Derivatives – current		$	2,728

	Commodity price derivatives	Derivatives – long-term	925			Derivatives – long-term		2,274

			$	1,010				$	5,002


	Gains and losses from derivative activities are reflected as “Loss (gain) on derivative contracts” in the accompanying condensed consolidated statements of operations.

Fair_Value

Fair Value	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value	'
	Note 6. Fair Value

	Fair Value Hierarchy—ASC 820-10 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows:


	•	Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.


	•	Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.


	•	Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

	A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company is further required to assess the creditworthiness of the counter-party to the derivative contract. The results of the assessment of non-performance risk, based on the counter-party’s credit risk, could result in an adjustment of the carrying value of the derivative instrument. The following tables set forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):



			Quoted Prices		Significant
			in Active		Other
			Markets for		Observable		Significant		Balance as of June 30,
			Identical		Inputs		Unobservable		2014
			Assets		(Level 2)		Inputs (Level 3)
			(Level 1)
	Assets:
	NYMEX Fixed Price Derivative contracts		$	—	$	113	$	—	$	113

	Total Assets		$	—	$	113	$	—	$	113

	Liabilities:

	NYMEX Fixed Price Derivative contracts		$	—	$	12,103	$	—	$	12,103

	Total Liabilities		$	—	$	12,103	$	—	$	12,103





			Quoted Prices		Significant
			in Active		Other
			Markets for		Observable		Significant		Balance as of
			Identical		Inputs		Unobservable		December 31,
			Assets		(Level 2)		Inputs (Level 3)		2013
			(Level 1)
	Assets:
	NYMEX Fixed Price Derivative contracts		$	—	$	1,010	$	—	$	1,010

	Total Assets		$	—	$	1,010	$	—	$	1,010

	Liabilities:

	NYMEX Fixed Price Derivative contracts		$	—	$	5,002	$	—	$	5,002

	Total Liabilities		$	—	$	5,002	$	—	$	5,002


	The Company’s derivative contracts consist of NYMEX-based fixed price commodity swaps and Brent-based fixed price commodity swaps. The NYMEX-based and Brent based fixed price derivative contracts are indexed to their respective futures contracts, which are actively traded for the underlying commodity and commonly used in the energy industry. As the fair value of these derivative contracts is based on a number of inputs, including contractual volumes and prices stated in each derivative contract, current and future NYMEX commodity prices, and quantitative models that are based upon readily observable market parameters that are actively quoted and can be validated through external sources, we have characterized these derivative contracts as Level 2.

	Other Financial Instruments

	The carrying amounts of our cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. The carrying value of our debt approximates fair value as the interest rates are market rates and this debt is considered Level 2.

Business_Segments

Business Segments	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Business Segments	'
	Note 7. Business Segments

	The following tables provide the Company’s geographic operating segment data for the three and six months ended June 30, 2014 and 2013:


			Three Months Ended June 30, 2014
			U.S.			Canada				Corporate				Total
	Revenues:
	Oil and gas production		$	33,181		$	367			$	—			$	33,548

	Other		—			—				11				11

			33,181			367				11				33,559

	Expenses:

	Lease operating		5,585			187				—				5,772

	Production taxes		2,838			—				—				2,838

	Depreciation, depletion and amortization		9,044			136				62				9,242

	General and administrative		508			56				2,553				3,117

	Net interest		140			6				636				782

	Amortization of deferred financing fees		—			—				280				280

	Loss on derivative contracts - Realized		—			—				1,356				1,356

	Loss on derivative contracts - Unrealized		—			—				7,136				7,136

	Other		—			—				2				2

	Net income (loss)		$	15,066		$	(18	)		$	(12,014	)		$	3,034






			Three Months Ended June 30, 2013
			U.S.			Canada				Corporate				Total
	Revenues:
	Oil and gas production		$	20,946		$	532			$	—			$	21,478

	Other		—			—				16				16

			20,946			532				16				21,494

	Expenses (income):

	Lease operating		5,783			383				—				6,166

	Production taxes		1,906			5				—				1,911

	Depreciation, depletion and amortization		5,411			302				63				5,776

	Impairment		—			1,977				—				1,977

	General and administrative		486			186				2,125				2,797

	Net interest		157			5				1,097				1,259

Amortization of deferred financing fees		—			—				343				343

Loss on derivative contracts - Realized		—			—				783				783

(Gain) on derivative contracts - Unrealized		—			—				(7,485		)		(7,485		)

Other		—			—				14				14

Income tax expense		—			—				87				87

Net income (loss)		$	7,203		$	(2,326	)		$	2,989			$	7,866




		Six Months Ended June 30, 2014
		U.S.			Canada				Corporate				Total
Revenues:
Oil and gas production		$	58,656		$	742			$	—			$	59,398

Other		—			—				54				54

		58,656			742				54				59,452

Expenses:

Lease operating		11,230			434				—				11,664

Production taxes		5,042			—				—				5,042

Depreciation, depletion and amortization		16,481			272				124				16,877

General and administrative		1,017			404				4,519				5,940

Net interest		278			12				1,100				1,390

Amortization of deferred financing fees		—			—				629				629

Loss on derivative contracts - Realized		—			—				2,090				2,090

Loss on derivative contracts - Unrealized		—			—				8,080				8,080

Other		—			—				2				2

Net income (loss)		$	24,608		$	(380	)		$	(16,490	)		$	7,738





		Six Months Ended June 30, 2013
		U.S.			Canada				Corporate				Total
Revenues:
Oil and gas production		$	41,504		$	1,137			$	—			$	42,641

Other		—			—				49				49

		41,504			1,137				49				42,690

Expenses:

Lease operating		11,587			1,041				—				12,628

Production taxes		3,833			5				—				3,838

Depreciation, depletion and amortization		11,625			535				125				12,285

Impairment		—			1,977				—				1,977

General and administrative		961			341				4,025				5,327

Net interest		323			11				2,132				2,466

Amortization of deferred financing fees		—			—				676				676

Loss on derivative contracts - Realized		—			—				1,708				1,708

(Gain) on derivative contracts - Unrealized		—			—				(6,864		)		(6,864		)

Other		—			—				101				101

Income tax expense		—			—				87				87

Net income (loss)		$	13,175		$	(2,773	)		$	(1,941	)		$	8,461



The following table provides the Company’s geographic asset data as of June 30, 2014 and December 31, 2013:


Segment Assets:		June 30,			December 31,
		2014			2013
United States		$	277,407		$	213,212

Canada		1,467			1,640

Corporate		8,000			8,798

		$	286,874		$	223,650

Contingencies_Litigation

Contingencies - Litigation	6 Months Ended
Contingencies - Litigation	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Contingencies - Litigation	'
	Note 8. Contingencies – Litigation

	From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. At June 30, 2014, the Company was not engaged in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on its operations.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Consolidation Principles	'
	Consolidation Principles

	The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”) and a wholly-owned foreign subsidiary, Canadian Abraxas Petroleum, ULC (“Canadian Abraxas”).

	Canadian Abraxas’ assets and liabilities are translated to U.S. dollars at period-end exchange rates. Income and expense items are translated at average rates of exchange prevailing during the period. Translation adjustments are accumulated as a separate component of stockholders’ equity.
Rig Accounting	'
	Rig Accounting

	In accordance with SEC Regulation S-X, no income is to be recognized in connection with contractual drilling services performed in connection with properties in which the Company or its affiliates holds an ownership, or other economic interest. Any income not recognized as a result of this limitation is to be credited to the full cost pool and recognized through lower amortization as reserves are produced.
Use of Estimates	'
	Use of Estimates

	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Stock-based Compensation and Option Plans	'
	Stock-based Compensation and Option Plans

	Stock Options

	The Company currently utilizes a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors.

	The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented:



	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2014				2013				2014				2013
	$	807			$	558			$	1,114			$	920


	The following table summarizes the Company’s stock option activity for the six months ended June 30, 2014:


						Weighted				Weighted
			Number			Average				Average
			of			Option				Grant
			Shares			Exercise				Date Fair
						Price Per				Value
						Share				Per Share
	Outstanding, December 31, 2013		5,400			$	2.77			$	1.98

	Granted		1,020			$	3.36			$	2.43

	Exercised		(351	)		$	2.69			$	1.86

	Canceled		(67	)		$	2.97			$	2.11

	Outstanding, June 30, 2014		6,002			$	2.87			$	2.06


	Additional information related to stock options at June 30, 2014 and December 31, 2013 is as follows:


			June 30,			December 31,
			2014			2013
	Options exercisable		4,069			3,828


	As of June 30, 2014, there was approximately $3.3 million of unamortized compensation expense related to outstanding stock options that will be recognized in 2014 through 2017.

	Restricted Stock Awards

	Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods.

	The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2014:


			Number			Weighted
			of			Average
			Shares			Grant Date
						Fair Value
						Per Share
	Unvested, December 31, 2013		355			$	3.24

	Granted		762			3.15

	Vested/Released		(5	)		2.94

Forfeited		(20	)		3.47

Unvested, June 30, 2014		1,092			$	3.18


The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented:


Three Months Ended								Six Months Ended
June 30,								June 30,
2014				2013				2014				2013
$	222			$	111			$	354			$	222


As of June 30, 2014, there was approximately $2.5 million of unamortized compensation expense relating to outstanding restricted shares that will be recognized in 2014 through 2017.
Oil and Gas Properties	'
	Oil and Gas Properties

	The Company follows the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful, as well as unsuccessful, exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of the unamortized capitalized cost or the cost ceiling. The cost ceiling is calculated as PV-10, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. We calculate the projected income tax effect using the “short-cut” method for the cost ceiling test calculation. Costs in excess of the cost ceiling are charged to proved property impairment expense. No gain or loss is recognized upon sale or disposition of oil and gas properties, except where the sale or disposition causes a significant change in the relationship between capitalized cost and the estimated quantity of proved reserves. We apply the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. At June 30, 2013, our net capitalized costs of oil and gas properties in the United States did not exceed the cost ceiling of our estimated proved reserves; however, the net capitalized cost of oil and gas properties in Canada exceeded the cost ceiling by $2.0 million resulting in a write down for the six months ended June 30, 2013. At June 30, 2014, our net capitalized costs of oil and gas properties in the United States and Canada did not exceed the cost ceiling of our estimated proved reserves.
Restoration, Removal and Environmental Liabilities	'
	Restoration, Removal and Environmental Liabilities

	The Company is subject to extensive federal, provincial, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum substances at various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefit are expensed.

	Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component are fixed or reliably determinable.

	The Company accounts for asset retirement obligations based on the guidance of ASC 410 which addresses accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of a liability for an asset's retirement obligation be recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated over the estimated useful life of the related asset. For all periods presented, we have included estimated future costs of abandonment and dismantlement in our full cost amortization base and amortize these costs as a component of our depletion expense in the accompanying condensed consolidated financial statements.

	The following table summarizes the Company’s asset retirement obligation transactions for the six months ended June 30, 2014 and the year ended December 31, 2013:


			June 30,				December 31,
			2014				2013
	Beginning asset retirement obligation		$	9,888			$	11,381

	New wells placed on production and other		151				222

	Deletions related to property disposals and plugging costs		(437		)		(2,491		)
	Accretion expense		290				638

	Revisions and other		(145		)		138

	Ending asset retirement obligation		$	9,747			$	9,888

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock Options Activity	'
	The following table summarizes the Company’s stock option activity for the six months ended June 30, 2014:


						Weighted				Weighted
			Number			Average				Average
			of			Option				Grant
			Shares			Exercise				Date Fair
						Price Per				Value
						Share				Per Share
	Outstanding, December 31, 2013		5,400			$	2.77			$	1.98

	Granted		1,020			$	3.36			$	2.43

	Exercised		(351	)		$	2.69			$	1.86

	Canceled		(67	)		$	2.97			$	2.11

	Outstanding, June 30, 2014		6,002			$	2.87			$	2.06

Additional Information Related To Stock Options	'
	Additional information related to stock options at June 30, 2014 and December 31, 2013 is as follows:


			June 30,			December 31,
			2014			2013
	Options exercisable		4,069			3,828

Restricted Stock Activity	'
	The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2014:


			Number			Weighted
			of			Average
			Shares			Grant Date
						Fair Value
						Per Share
	Unvested, December 31, 2013		355			$	3.24

	Granted		762			3.15

	Vested/Released		(5	)		2.94

	Forfeited		(20	)		3.47

	Unvested, June 30, 2014		1,092			$	3.18

Asset Retirement Obligation Transactions	'
	The following table summarizes the Company’s asset retirement obligation transactions for the six months ended June 30, 2014 and the year ended December 31, 2013:


			June 30,				December 31,
			2014				2013
	Beginning asset retirement obligation		$	9,888			$	11,381

	New wells placed on production and other		151				222

	Deletions related to property disposals and plugging costs		(437		)		(2,491		)
	Accretion expense		290				638

	Revisions and other		(145		)		138

	Ending asset retirement obligation		$	9,747			$	9,888

Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock-Based Compensation Expense	'
	The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented:


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2014				2013				2014			2013
	$	222			$	111			$	354		$	222

Stock Options [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Stock-Based Compensation Expense	'
	The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented:



	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2014				2013				2014			2013
	$	807			$	558			$	1,114		$	920

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Long-Term Debt	'
	The following table summarizes the Company’s long-term debt:



		June 30,			31-Dec-13
		2014
	Credit facility	$	37,000		$	33,000

	Rig loan agreement	5,586			6,378

	Real estate lien note	4,445			4,554

		47,031			43,932

	Less current maturities	(2,181		)	(2,142		)
		$	44,850		$	41,790

Income_Per_Share_Tables

Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Computation of Basic and Diluted Net Income Per Share	'
	The following table sets forth the computation of basic and diluted income per share:



		Three Months Ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
	Numerator:
	Net income	$	3,034	$	7,866	$	7,738	$	8,461

	Denominator:
	Denominator for basic income per share -
	Weighted-average shares	93,448		92,351		93,009		92,323


	Effect of dilutive securities:
	Stock options and restricted stock	3,874		1,010		2,835		988



	Denominator for diluted income per share -

	Weighted-average shares and assumed conversions	97,322		93,361		95,844		93,311


	Net income per common share – basic	$	0.03	$	0.09	$	0.08	$	0.09



	Net income per common share – diluted	$	0.03	$	0.08	$	0.08	$	0.09

Hedging_Program_and_Derivative1

Hedging Program and Derivatives (Tables)	6 Months Ended
	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Contract Position and Additional Hedges	'
	The following table sets forth our derivative contracts at June 30, 2014:



		Fixed Price Swap
		Oil – WTI					Oil - Brent					Oil - LLS			Gas
	Contract Periods	Daily Volume (Bbl)		Swap Price (per Bbl)			Daily Volume (Bbl)			Swap Price (per Bbl)		Daily Volume (Bbl)	Swap Price (per Bbl)		Daily Volume (Mcf)	Swap Price (per Mcf)
	2014	1,535		$	91.87		—			$	—	98	$	101.26	3,150	$	4.07

	2015	921		$	85		125			$	96.78	—	$	—	1,450	$	4.08

	2016	948		$	84.1		—			$	—	—	$	—	—	$	—

	2017	493		$	84.18		—			$	—	—	$	—	—	$	—

Impact of Derivative Contracts on Balance Sheet	'
	The following table illustrates the impact of derivative contracts on the Company’s balance sheet:


	Fair Value of Derivative Instruments as of June 30, 2014
		Asset Derivatives				Liability Derivatives
	Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Commodity price derivatives	Derivatives – current	$	113		Derivatives – current		$	6,318

	Commodity price derivatives	Derivatives - long-term	—			Derivatives - long-term		5,785

			$	113				$	12,103





	Fair Value of Derivative Instruments as of December 31, 2013
		Asset Derivatives				Liability Derivatives
	Derivatives not designated as hedging instruments	Balance Sheet Location	Fair Value			Balance Sheet Location		Fair Value
	Commodity price derivatives	Derivatives – current	$	85		Derivatives – current		$	2,728

	Commodity price derivatives	Derivatives – long-term	925			Derivatives – long-term		2,274

			$	1,010				$	5,002

Fair_Value_Tables

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Assets and Liabilities Measured At Fair Value	'
	The following tables set forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands):



		Quoted Prices		Significant
		in Active		Other
		Markets for		Observable		Significant		Balance as of June 30,
		Identical		Inputs		Unobservable		2014
		Assets		(Level 2)		Inputs (Level 3)
		(Level 1)
	Assets:
	NYMEX Fixed Price Derivative contracts	$	—	$	113	$	—	$	113

	Total Assets	$	—	$	113	$	—	$	113

	Liabilities:

	NYMEX Fixed Price Derivative contracts	$	—	$	12,103	$	—	$	12,103

	Total Liabilities	$	—	$	12,103	$	—	$	12,103





		Quoted Prices		Significant
		in Active		Other
		Markets for		Observable		Significant		Balance as of
		Identical		Inputs		Unobservable		December 31,
		Assets		(Level 2)		Inputs (Level 3)		2013
		(Level 1)
	Assets:
	NYMEX Fixed Price Derivative contracts	$	—	$	1,010	$	—	$	1,010

	Total Assets	$	—	$	1,010	$	—	$	1,010

	Liabilities:

	NYMEX Fixed Price Derivative contracts	$	—	$	5,002	$	—	$	5,002

	Total Liabilities	$	—	$	5,002	$	—	$	5,002

Business_Segments_Tables

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Entity's Operating Segment Data and Asset Data	'
	The following tables provide the Company’s geographic operating segment data for the three and six months ended June 30, 2014 and 2013:


			Three Months Ended June 30, 2014
			U.S.			Canada				Corporate				Total
	Revenues:
	Oil and gas production		$	33,181		$	367			$	—			$	33,548

	Other		—			—				11				11

			33,181			367				11				33,559

	Expenses:

	Lease operating		5,585			187				—				5,772

	Production taxes		2,838			—				—				2,838

	Depreciation, depletion and amortization		9,044			136				62				9,242

	General and administrative		508			56				2,553				3,117

	Net interest		140			6				636				782

	Amortization of deferred financing fees		—			—				280				280

	Loss on derivative contracts - Realized		—			—				1,356				1,356

	Loss on derivative contracts - Unrealized		—			—				7,136				7,136

	Other		—			—				2				2

	Net income (loss)		$	15,066		$	(18	)		$	(12,014	)		$	3,034






			Three Months Ended June 30, 2013
			U.S.			Canada				Corporate				Total
	Revenues:
	Oil and gas production		$	20,946		$	532			$	—			$	21,478

	Other		—			—				16				16

			20,946			532				16				21,494

	Expenses (income):

	Lease operating		5,783			383				—				6,166

	Production taxes		1,906			5				—				1,911

	Depreciation, depletion and amortization		5,411			302				63				5,776

	Impairment		—			1,977				—				1,977

	General and administrative		486			186				2,125				2,797

	Net interest		157			5				1,097				1,259

	Amortization of deferred financing fees		—			—				343				343

Loss on derivative contracts - Realized		—			—				783				783

(Gain) on derivative contracts - Unrealized		—			—				(7,485		)		(7,485		)

Other		—			—				14				14

Income tax expense		—			—				87				87

Net income (loss)		$	7,203		$	(2,326	)		$	2,989			$	7,866




		Six Months Ended June 30, 2014
		U.S.			Canada				Corporate				Total
Revenues:
Oil and gas production		$	58,656		$	742			$	—			$	59,398

Other		—			—				54				54

		58,656			742				54				59,452

Expenses:

Lease operating		11,230			434				—				11,664

Production taxes		5,042			—				—				5,042

Depreciation, depletion and amortization		16,481			272				124				16,877

General and administrative		1,017			404				4,519				5,940

Net interest		278			12				1,100				1,390

Amortization of deferred financing fees		—			—				629				629

Loss on derivative contracts - Realized		—			—				2,090				2,090

Loss on derivative contracts - Unrealized		—			—				8,080				8,080

Other		—			—				2				2

Net income (loss)		$	24,608		$	(380	)		$	(16,490	)		$	7,738





		Six Months Ended June 30, 2013
		U.S.			Canada				Corporate				Total
Revenues:
Oil and gas production		$	41,504		$	1,137			$	—			$	42,641

Other		—			—				49				49

		41,504			1,137				49				42,690

Expenses:

Lease operating		11,587			1,041				—				12,628

Production taxes		3,833			5				—				3,838

Depreciation, depletion and amortization		11,625			535				125				12,285

Impairment		—			1,977				—				1,977

General and administrative		961			341				4,025				5,327

Net interest		323			11				2,132				2,466

Amortization of deferred financing fees		—			—				676				676

Loss on derivative contracts - Realized		—			—				1,708				1,708

(Gain) on derivative contracts - Unrealized		—			—				(6,864		)		(6,864		)

Other		—			—				101				101

Income tax expense		—			—				87				87

Net income (loss)		$	13,175		$	(2,773	)		$	(1,941	)		$	8,461

Geographic Operating Segment and Asset Data	'
	The following table provides the Company’s geographic asset data as of June 30, 2014 and December 31, 2013:


	Segment Assets:		June 30,			December 31,
			2014			2013
	United States		$	277,407		$	213,212

	Canada		1,467			1,640

	Corporate		8,000			8,798

			$	286,874		$	223,650

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Basis of Presentation (Details) (USD $)	Jun. 24, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 24, 2014	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Stock-based compensation expense	'	$1,029,000	$669,000	$1,468,000	$1,142,000	'	'	'
Entity's asset retirement obligation transactions [Roll Forward]	'	'	'	'	'	'	'	'
Beginning asset retirement obligation	'	'	'	9,888,000	11,381,000	11,381,000	'	'
New wells placed on production and other	'	'	'	151,000	'	222,000	'	'
Deletions related to property disposals and plugging costs	'	'	'	-437,000	'	-2,491,000	'	'
Accretion expense	'	'	'	290,000	335,000	638,000	'	'
Revisions	'	'	'	-145,000	'	138,000	'	'
Ending asset retirement obligation	'	9,747,000	'	9,747,000	'	9,888,000	'	'
Stock Issued During Period, Shares, New Issues	11,500,000	'	'	'	'	'	'	'
Shares Issued, Price Per Share	'	'	'	'	'	'	$5	'
Proceeds from Issuance of Common Stock	54,000,000	'	'	53,958,000	0	'	'	'
Working Capital (Deficit) [Abstract]	'	'	'	'	'	'	'	'
Current liabilities	'	76,196,000	'	76,196,000	'	82,735,000	'	'
Current assets	'	33,068,000	'	33,068,000	'	39,549,000	'	'
Accounts receivable	'	28,851,000	'	28,851,000	'	33,615,000	'	'
Cash and cash equivalents	'	3,742,000	2,432,000	3,742,000	2,432,000	5,205,000	'	2,061,000
Trade payables, current	'	49,003,000	'	49,003,000	'	52,793,000	'	'
Revenues due third parties	'	16,509,000	'	16,509,000	'	23,810,000	'	'
Derivative liabilities, current	'	6,318,000	'	6,318,000	'	2,728,000	'	'
Current maturities of long-term debt	'	2,181,000	'	2,181,000	'	2,142,000	'	'
Stock Options [Member]	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Stock-based compensation expense	'	807,000	558,000	1,114,000	920,000	'	'	'
Number of Shares [Abstract]	'	'	'	'	'	'	'	'
Outstanding, beginning (in shares)	'	'	'	5,400,000	'	'	'	'
Granted (in shares)	'	'	'	1,020,000	'	'	'	'
Exercised (in shares)	'	'	'	-351,000	'	'	'	'
Canceled (in shares)	'	'	'	-67,000	'	'	'	'
Outstanding, ending (in shares)	'	6,002,000	'	6,002,000	'	'	'	'
Weighted Average Option Exercise Price Per Share [Abstract]	'	'	'	'	'	'	'	'
Outstanding, beginning (in dollars per share)	'	'	'	$2.77	'	'	'	'
Granted (in dollars per share)	'	'	'	$3.36	'	'	'	'
Exercised (in dollars per share)	'	'	'	$2.69	'	'	'	'
Canceled (in dollars per share)	'	'	'	$2.97	'	'	'	'
Outstanding, ending (in dollars per share)	'	$2.87	'	$2.87	'	'	'	'
Weighted Average Grant Date Fair Value Per Share [Abstract]	'	'	'	'	'	'	'	'
Outstanding, beginning (in dollars per share)	'	'	'	$1.98	'	'	'	'
Granted (in dollars per share)	'	'	'	$2.43	'	'	'	'
Exercised (in dollars per share)	'	'	'	$1.86	'	'	'	'
Canceled (in dollars per share)	'	'	'	$2.11	'	'	'	'
Outstanding, ending (in dollars per share)	'	$2.06	'	$2.06	'	'	'	'
Options exercisable (in shares)	'	4,069,000	'	4,069,000	'	3,828,000	'	'
Unamortized compensation expense	'	3,300,000	'	3,300,000	'	'	'	'
Restricted Stock Awards [Member]	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Stock-based compensation expense	'	222,000	111,000	354,000	222,000	'	'	'
Weighted Average Grant Date Fair Value Per Share [Abstract]	'	'	'	'	'	'	'	'
Unamortized compensation expense	'	2,500,000	'	2,500,000	'	'	'	'
Number of Shares [Abstract]	'	'	'	'	'	'	'	'
Unvested, beginning (in shares)	'	'	'	355,000	'	'	'	'
Granted (in shares)	'	'	'	762,000	'	'	'	'
Vested/Released (in shares)	'	'	'	-5,000	'	'	'	'
Forfeited (in shares)	'	'	'	-20,000	'	'	'	'
Unvested, ending (in shares)	'	1,092,000	'	1,092,000	'	'	'	'
Weighted Average Grant Date Fair value Per Share [Abstract]	'	'	'	'	'	'	'	'
Unvested, beginning (in dollars per share)	'	'	'	$3.24	'	'	'	'
Granted (in dollars per share)	'	'	'	$3.15	'	'	'	'
Vested/Released (in dollars per share)	'	'	'	$2.94	'	'	'	'
Forfeited (in dollars per share)	'	'	'	$3.47	'	'	'	'
Unvested, ending (in dollars per share)	'	$3.18	'	$3.18	'	'	'	'
Canada	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Unamortized Costs Capitalized Less Related Deferred Income Taxes Exceed Ceiling Limitations, Expense	'	'	'	'	$2,000,000	'	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended			6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	U.S. tax [Member]	Canadian Tax [Member]	Canadian Tax [Member]
Operating Loss Carryforwards [Line Items]	'	'	'	'	'	'	'
Income tax expense	$0	$87,000	$0	$87,000	'	'	'
Accrued interest or penalties related to uncertain tax positions	0	'	0	'	'	'	'
Net operating loss carryforwards	'	'	'	'	$141,900,000	'	$21,800,000
Expiration dates of operating loss carryforwards	'	'	'	'	'	31-Dec-33	'

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)

6 Months Ended

0 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Feb. 14, 2012

Sep. 19, 2011

Jul. 20, 2013

Jun. 30, 2014

Dec. 31, 2013

Apr. 04, 2013

9-May-08

Minimum [Member]

Maximum [Member]

Senior Secured Credit facility [Member]

Rig loan agreement [Member]

Real estate lien note [Member]

Long-term debt [Abstract]

Long-term debt

$47,031,000

$43,932,000

$37,000,000

$33,000,000

$5,586,000

$6,378,000

$4,445,000

$4,554,000

Less current maturities

-2,181,000

-2,142,000

Long-term debt, excluding current maturities

44,850,000

41,790,000

Credit Facility [Abstract]

Maximum borrowing capacity

300,000,000

Current borrowing base

162,500,000

Term of borrowing base redetermination

'6 months

Market value of property (in hundredths)

5.00%

Reduced collateral value (in hundredths)

5.00%

Percentage added to variable rate of interest (in hundredths)

1.75%

2.75%

Description of variable rate basis

'LIBOR

Percentage added to reference rate (in hundredths)

0.50%

0.75%

1.75%

Interest rate on credit facility (in hundredths)

1.90%

Financial covenants, minimum current ratio

Financial covenants, interest coverage ratio

2.5

Financial covenants, total debt To EBITDAX ratio

Interest coverage ratio

20.66

Total debt to EBITDAX ratio

0.62

Current ratio

2.34

Rig Loan Agreement [Abstract]

Power of diesel electric drilling rig (in horsepower)

2,000

Maximum amount that can be borrowed under rig loan agreement

5,600,000

7,000,000

5,400,000

Interest rate on debt (in hundredths)

4.26%

Real Estate Lien Note [Abstract]

Fixed interest rate on note (in hundredths)

4.00%

Monthly installments of principal and interest

34,354

Debt Instrument, Basis Spread on Variable Rate, Expected Rate

1.00%

Maturity date of note

20-Jul-23

Maximum rate on variable rate note

7.25%

Long Term Debt, Amortization Term

'20 years

Line of Credit Facility, Amount Outstanding

$4,400,000

Income_Per_Share_Details

Income Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'	'	'
Net income	$3,034	$7,866	$7,738	$8,461
Denominator for basic income per share -	'	'	'	'
Weighted-average shares	93,448	92,351	93,009	92,323
Effect of dilutive securities:	'	'	'	'
Stock options and restricted stock	3,874	1,010	2,835	988
Weighted-average shares and assumed conversions	97,322	93,361	95,844	93,311
Net income (loss) per common share - diluted (in dollars per share)	$0.03	$0.09	$0.08	$0.09
Net income (loss) per common share - diluted (in dollars per share)	$0.03	$0.08	$0.08	$0.09

Hedging_Program_and_Derivative2

Hedging Program and Derivatives (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Derivative Assets - Current [Member]

Derivative Assets - Noncurrent [Member]

Derivative Liabilities - Current [Member]

Derivative Liabilities - Noncurrent [Member]

Oil â€“ WTI

Oil - Brent

Oil - LLS

Natural Gas - NYMEX

2014 [Member]

2015 [Member]

2016 [Member]

2017 [Member]

2014 [Member]

2015 [Member]

2016 [Member]

2017 [Member]

2014 [Member]

2015 [Member]

2016 [Member]

2017 [Member]

2014 [Member]

2015 [Member]

2016 [Member]

2017 [Member]

bbl

Mcf

Oil and Gas Delivery Commitments and Contracts [Line Items]

Daily Volume (Bbl / Mcf)

1,535

921

948

493

125

3,150

1,450

Swap Price (per Bbl / per Mcf)

91.87

84.1

84.18

96.78

101.26

4.07

4.08

Derivatives, Fair Value [Line Items]

Fair value of commodity derivative contract

$12,000,000

Impact of derivative contracts on balance sheet [Abstract]

Derivative asset â€“ current

113,000

85,000

113,000

85,000

Derivative asset - noncurrent

925,000

Derivative assets, Total

113,000

1,010,000

Derivative liability â€“ current

6,318,000

2,728,000

6,318,000

2,728,000

Derivative liability - noncurrent

5,785,000

2,274,000

5,785,000

2,274,000

Derivative liabilities, Total

$12,103,000

$5,002,000

Fair_Value_Details

Fair Value (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets [Abstract]	'	'
Fixed Price Derivative contracts	$113	$1,010
Liabilities [Abstract]	'	'
Fixed Price Derivative contracts	12,103	5,002
Recurring Basis [Member]	'	'
Assets [Abstract]	'	'
Fixed Price Derivative contracts	113	1,010
Total Assets	113	1,010
Liabilities [Abstract]	'	'
Fixed Price Derivative contracts	12,103	5,002
Total Liabilities	12,103	5,002
Recurring Basis [Member] \| Significant Other Observable Inputs (Level 2)	'	'
Assets [Abstract]	'	'
Fixed Price Derivative contracts	113	1,010
Total Assets	113	1,010
Liabilities [Abstract]	'	'
Fixed Price Derivative contracts	12,103	5,002
Total Liabilities	$12,103	$5,002

Business_Segments_Details

Business Segments (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Revenues [Abstract]	'	'	'	'	'
Oil and gas production revenues	$33,548	$21,478	$59,398	$42,641	'
Other	11	16	54	49	'
Total revenue	33,559	21,494	59,452	42,690	'
Expenses:	'	'	'	'	'
Lease operating expenses	5,772	6,166	11,664	12,628	'
Production taxes	2,838	1,911	5,042	3,838	'
Depreciation, depletion, and amortization	9,242	5,776	16,877	12,285	'
Asset Impairment Charges	0	1,977	0	1,977	'
General and administrative	3,117	2,797	5,940	5,327	'
Net interest	782	1,259	1,390	2,466	'
Amortization of deferred financing fees	280	343	629	676	'
Loss on derivative contracts - Realized	1,356	783	2,090	1,708	'
Loss (gain) on derivative contracts - Unrealized	7,136	-7,485	8,080	-6,864	'
Other	2	14	2	101	'
Income tax expense	0	87	0	87	'
Net income	3,034	7,866	7,738	8,461	'
Segment Assets [Abstract]	'	'	'	'	'
Total segment assets	286,874	'	286,874	'	223,650
U.S.	'	'	'	'	'
Revenues [Abstract]	'	'	'	'	'
Oil and gas production revenues	33,181	20,946	58,656	41,504	'
Other	0	0	0	0	'
Total revenue	33,181	20,946	58,656	41,504	'
Expenses:	'	'	'	'	'
Lease operating expenses	5,585	5,783	11,230	11,587	'
Production taxes	2,838	1,906	5,042	3,833	'
Depreciation, depletion, and amortization	9,044	5,411	16,481	11,625	'
Asset Impairment Charges	'	0	'	0	'
General and administrative	508	486	1,017	961	'
Net interest	140	157	278	323	'
Amortization of deferred financing fees	0	0	0	0	'
Loss on derivative contracts - Realized	0	0	0	0	'
Loss (gain) on derivative contracts - Unrealized	0	0	0	0	'
Other	0	0	0	0	'
Income tax expense	'	0	'	0	'
Net income	15,066	7,203	24,608	13,175	'
Segment Assets [Abstract]	'	'	'	'	'
Total segment assets	277,407	'	277,407	'	213,212
Canada	'	'	'	'	'
Revenues [Abstract]	'	'	'	'	'
Oil and gas production revenues	367	532	742	1,137	'
Other	0	0	0	0	'
Total revenue	367	532	742	1,137	'
Expenses:	'	'	'	'	'
Lease operating expenses	187	383	434	1,041	'
Production taxes	0	5	0	5	'
Depreciation, depletion, and amortization	136	302	272	535	'
Asset Impairment Charges	'	1,977	'	1,977	'
General and administrative	56	186	404	341	'
Net interest	6	5	12	11	'
Amortization of deferred financing fees	0	0	0	0	'
Loss on derivative contracts - Realized	0	0	0	0	'
Loss (gain) on derivative contracts - Unrealized	0	0	0	0	'
Other	0	0	0	0	'
Income tax expense	'	0	'	0	'
Net income	-18	-2,326	-380	-2,773	'
Segment Assets [Abstract]	'	'	'	'	'
Total segment assets	1,467	'	1,467	'	1,640
Corporate	'	'	'	'	'
Revenues [Abstract]	'	'	'	'	'
Oil and gas production revenues	0	0	0	0	'
Other	11	16	54	49	'
Total revenue	11	16	54	49	'
Expenses:	'	'	'	'	'
Lease operating expenses	0	0	0	0	'
Production taxes	0	0	0	0	'
Depreciation, depletion, and amortization	62	63	124	125	'
Asset Impairment Charges	'	0	'	0	'
General and administrative	2,553	2,125	4,519	4,025	'
Net interest	636	1,097	1,100	2,132	'
Amortization of deferred financing fees	280	343	629	676	'
Loss on derivative contracts - Realized	1,356	783	2,090	1,708	'
Loss (gain) on derivative contracts - Unrealized	7,136	-7,485	8,080	-6,864	'
Other	2	14	2	101	'
Income tax expense	'	87	'	87	'
Net income	-12,014	2,989	-16,490	-1,941	'
Segment Assets [Abstract]	'	'	'	'	'
Total segment assets	$8,000	'	$8,000	'	$8,798