Abraxas Petroleum (AXAS) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 06, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	ABRAXAS PETROLEUM CORP
Entity Central Index Key	867,665
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		165,889,901

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 819	$ 0
Accounts receivable:
Joint owners, net	4,548	677
Oil and gas production sales	11,933	11,595
Other	0	1,252
Total accounts receivable	16,481	13,524
Derivative asset	1,056	54
Assets held for sale	0	9,685
Other current assets	740	676
Total current assets	19,096	23,939
Oil and gas properties, full cost method of accounting:
Proved	881,325	794,634
Other property and equipment	38,833	38,569
Total	920,158	833,203
Less accumulated depreciation, depletion, amortization and impairment	(715,665)	(696,892)
Total property and equipment, net	204,493	136,311
Deferred financing fees, net	1,190	818
Derivative asset	1,561	0
Other assets	265	580
Total assets	226,605	161,648
Current liabilities:
Accounts payable	27,017	18,397
Joint interest oil and gas production payable	8,834	8,937
Accrued interest	90	44
Other accrued expenses	750	571
Derivative liability	2,621	2,382
Current maturities of long-term debt	259	786
Total current liabilities	39,571	31,117
Long-term debt – less current maturities	67,421	96,616
Other liabilities	132	157
Derivative liability long-term	957	6,630
Future site restoration	8,847	8,623
Total liabilities	116,928	143,143
Commitments and contingencies (Note 7)
Stockholders’ Equity:
Preferred stock, par value $0.01 per share – authorized 1,000,000 shares; -0- shares issued and outstanding	0	0
Common stock, par value $0.01 per share, authorized 400,000,000 shares; 165,889,901 and 135,094,017 issued and outstanding at September 30, 2017 and December 31, 2016, respectively	1,659	1,351
Additional paid-in capital	414,732	343,982
Accumulated deficit	(306,714)	(326,828)
Total stockholders’ equity	109,677	18,505
Total liabilities and stockholders’ equity	$ 226,605	$ 161,648

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Stockholders’ 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)	400,000,000	200,000,000
Common stock, shares issued (in shares)	165,889,901	135,094,017
Common stock, shares outstanding (in shares)	165,889,901	135,094,017

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Oil and gas production revenues	$ 24,707,000	$ 13,972,000	$ 56,630,000	$ 34,517,000
Other	15,000	4,000	46,000	31,000
Revenues	24,722,000	13,976,000	56,676,000	34,548,000
Operating costs and expenses:
Lease operating	4,089,000	4,599,000	11,628,000	13,609,000
Production and ad valorem taxes	2,045,000	1,200,000	4,823,000	3,602,000
Rig expense	0	192,000	0	534,000
Depreciation, depletion, and amortization	7,877,000	6,371,000	17,666,000	17,932,000
Proved property impairment	0	3,806,000	0	67,626,000
General and administrative (including stock-based compensation of $750, $768, $2,499 and $2,410, respectively)	5,057,000	2,760,000	10,692,000	8,238,000
Operating costs and expenses	19,068,000	18,928,000	44,809,000	111,541,000
Operating income (loss)	5,654,000	(4,952,000)	11,867,000	(76,993,000)
Other (income) expense:
Interest income	0	0	1,000	1,000
Interest expense	868,000	960,000	1,876,000	3,350,000
Amortization of deferred financing fees	100,000	151,000	354,000	763,000
(Gain) loss on derivative contracts	5,456,000	(2,429,000)	(10,375,000)	10,346,000
(Gain) on sale of non-oil and gas assets	0	(374,000)	(102,000)	(374,000)
Total other (income) expense	6,424,000	(1,692,000)	(8,248,000)	14,084,000
Income (loss) before income tax	(770,000)	(3,260,000)	20,115,000	(91,077,000)
Income tax (expense) benefit	0	0	0	0
Net income (loss)	$ (770,000)	$ (3,260,000)	$ 20,115,000	$ (91,077,000)
Net (loss) income per common share
Net income (loss) per common share - basic (in usd per share	$ 0	$ (0.02)	$ 0.13	$ (0.77)
Net income (loss) per common share - diluted (in usd per share)	$ 0	$ (0.02)	$ 0.12	$ (0.77)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)	163,508	133,546	160,031	118,274
Weighted average shares outstanding, diluted (shares)	163,508	133,546	161,597	118,274
Oil [Member]
Revenues:
Oil and gas production revenues	$ 21,339,000	$ 12,713,000	$ 48,153,000	$ 31,380,000
Natural Gas [Member]
Revenues:
Oil and gas production revenues	1,873,000	1,014,000	4,918,000	2,444,000
Natural Gas Liquids [Member]
Revenues:
Oil and gas production revenues	$ 1,495,000	$ 245,000	$ 3,559,000	$ 693,000

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating costs and expenses:
Stock-based compensation	$ 750	$ 768	$ 2,499	$ 2,410

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating Activities
Net income (loss)	$ 20,115	$ (91,077)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gain on sale of non-oil and gas assets	(102)	(374)
Net (gain) loss on derivative contracts	(10,375)	10,346
Derivative contract settlements	3,416	3,187
Monetization of derivative contracts	0	14,370
Depreciation, depletion, and amortization	17,666	17,932
Proved property impairment	0	67,626
Amortization of deferred financing fees	354	763
Accretion of future site restoration	338	381
Stock-based compensation	2,499	2,410
Non-cash director compensation	0	40
Changes in operating assets and liabilities:
Accounts receivable	(2,957)	(2,651)
Other assets	(812)	1,454
Accounts payable and accrued expenses	(7,883)	(2,182)
Net cash provided by operating activities	22,259	22,225
Investing Activities
Capital expenditures, including purchases and development of properties	(71,518)	(24,632)
Proceeds from the sale of oil and gas properties	15,098	13,571
Proceeds from the sale of non-oil and gas assets	204	4,022
Net cash used in by investing activities	(56,216)	(7,039)
Financing Activities
Proceeds from long-term borrowings	60,000	14,000
Payments on long-term borrowings	(89,722)	(59,739)
Proceeds from issuance of common stock	65,224	27,135
Deferred financing fees	(726)	(171)
Exercise of stock options	0	49
Net cash (used in) provided by financing activities	34,776	(18,726)
Increase (decrease) in cash and cash equivalents	819	(3,540)
Cash and cash equivalents at beginning of period	0	3,540
Cash and cash equivalents at end of period	819	0
Supplemental disclosure of cash flow information:
Interest paid	1,427	3,395
Non-cash investing and financing activities
Issuance of stock for acquisition of oil and gas properties	3,335	0
Change in capital expenditures included in accounts payable	16,510	0
Non-cash investing and financing activities	$ 19,845	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2016 filed with the SEC on March 16, 2017. 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, and 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 three and nine month periods ended September 30, 2017 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, 2016. 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”). 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 hold 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. Recently Adopted and New Accounting Standards and Disclosures In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is deemed to be a business. Determining whether a transferred asset constitutes a business is important because the accounting for a business combination differs from that of an asset acquisition. The definition of a business also affects the accounting for dispositions. Under the new standard, when substantially all of the fair value of assets acquired is concentrated in a single asset, or a group of similar assets, the assets acquired would not represent a business and business combination accounting would not be required. The new standard may result in more transactions being accounted for as asset acquisitions rather than business combinations. The standard is effective for interim and annual periods beginning after December 15, 2017 and shall be applied prospectively. Early adoption of this standard is permitted. The Company adopted this standard in the third quarter of 2017. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements for the three months ended September 30, 2017. In February 2016, the FASB issued ASU 2016-02 “ Leases, " which supersedes ASC 840 “Leases ” and creates a new topic, ASC 842 "Leases." This update requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier application permitted. This update will be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the effect of this update on our consolidated financial statements and related disclosures. I n May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The objective of ASU 2014-09 is greater consistency and comparability across industries by using a five-step model to recognize revenue from customer contracts. ASU 2014-09 also contains some new disclosure requirements under GAAP. In August 2015, the FASB issued ASU No. 2015-14, Deferral of the Effective Date . ASU 2015-14 defers the effective date of the new revenue standard by one year, making it effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In 2016, the FASB issued additional accounting standards updates to clarify the implementation guidance of ASU 2014-09. The Company is currently determining the impacts of the new revenue standard on its contracts. The Company is currently completing a detailed analysis of its revenue streams at the individual contract level to evaluate the impact of the new revenue standard on its consolidated financial statements. Oil sales represent approximately 85% of total revenue, with gas and NGL sales comprising the remainder. The Company has identified and reviewed oil sales contracts that comprised approximately 90% of oil revenue through June 30, 2017. Based on current assessments completed to date, we do not expect the adoption of this standard will have a material impact on net earnings, however, this conclusion is subject to change. The Company has identified and reviewed gas contracts comprising approximately 87% of our gas and NGL sales through June 30, 2017 and we are still in the process of completing our analysis. The Company’s disclosures surrounding revenue recognition will be more substantial upon adoption. The Company will complete its evaluation during the fourth quarter of 2017 and will adopt this new standard on January 1, 2018, using the modified retrospective method with a cumulative adjustment to retained earnings. 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 Nine Months Ended 2017 2016 2017 2016 $ 376 $ 579 $ 1,445 $ 1,514 The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2017 (shares in thousands): Number of Shares (thousands) Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2016 8,154 $ 2.39 $ 1.70 Granted 317 1.81 1.18 Exercised (5 ) 0.97 0.65 Forfeited (149 ) 3.58 2.19 Outstanding, September 30, 2017 8,317 $ 2.35 $ 1.67 As of September 30, 2017 , there was approximately $2.0 million of unamortized compensation expense related to outstanding stock options that will be recognized from 2017 through 2020. 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 nine months ended September 30, 2017 : Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2016 1,492 $ 3.47 Granted 44 1.75 Vested/Released (47 ) 3.07 Forfeited (1 ) 2.63 Unvested, September 30, 2017 1,488 $ 3.43 The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Nine Months Ended 2017 2016 2017 2016 $ 374 $ 189 $ 1,054 $ 896 As of September 30, 2017 , there was approximately $1.0 million of unamortized compensation expense relating to outstanding restricted shares that will be recognized in 2017 through 2020. 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 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 unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 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. Costs in excess of the present value of estimated net revenue from proved reserves discounted at 10% are charged to proved property impairment expense. No gain or loss is recognized upon sale or disposition of oil and gas properties for full cost accounting companies with proceeds accounted for as an adjustment of capitalized cost. An exception to this rule occurs when the adjustment to the full cost pool results in a significant alteration of the relationship between capitalized cost and proved reserves. The Company applies the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. At September 30, 2017 , our net capitalized costs of oil and gas properties did not exceed the cost ceiling of our estimated proved reserves. At September 30, 2016 , our net capitalized costs of oil and gas properties exceeded the present value of our estimated proved reserves by approximately $3.8 million , resulting in the recognition of an impairment for the three months of $3.8 million . For the nine months ended September 30, 2016 , proved property impairments of $67.6 million were recognized. Impairment calculations did not consider the impact of our commodity derivative positions as generally accepted accounting principles only allow the inclusion of derivatives designated as cash flow hedges. Further write-downs in subsequent quarters are reasonably likely to occur if the trailing 12-month commodity prices fall as compared to the commodity prices used in prior quarters. Restoration, Removal and Environmental Liabilities The Company is subject to extensive federal, 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 is fixed or reliably determinable. The Company accounts for future site restoration 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 future site restoration obligation transactions for the nine months ended September 30, 2017 and the year ended December 31, 2016: September 30, 2017 December 31, 2016 Beginning future site restoration obligation $ 8,623 $ 9,679 New wells placed on production and other 450 119 Deletions related to property disposals and plugging costs (485 ) (1,832 ) Accretion expense 338 491 Revisions and other (79 ) 166 Ending future site restoration obligation $ 8,847 $ 8,623

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	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 nine months ended September 30, 2017 , there was no income tax benefit due to net operating loss carryforwards and the Company recorded a full valuation allowance against its net deferred taxes. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2017 , the Company did not have any accrued interest or penalties related to uncertain tax positions. The tax years 2012 through 2016 remain open to examination by the tax jurisdictions to which the Company is subject. At December 31, 2016, the Company had, subject to the limitation discussed below, $233.6 million of net operating loss carryforwards for U.S. tax purposes. The loss carryforward will expire in varying amounts through 2036, if not utilized. Uncertainties exist as to the future utilization of the operating loss carryforwards. Therefore, the Company has established a valuation allowance of $137.8 million for deferred tax assets at December 31, 2016.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The following is a description of the Company’s debt as of September 30, 2017 and December 31, 2016, respectively: September 30, 2017 December 31, 2016 Senior secured credit facility $ 64,000 $ 93,000 Rig loan agreement — 535 Real estate lien note 3,680 3,867 67,680 97,402 Less current maturities (259 ) (786 ) $ 67,421 $ 96,616 Credit Facility The Company has 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 September 30, 2017 , $64.0 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. At September 30, 2017 , the Company had a borrowing base of $115.0 million . As of November 6, 2017, in connection with the semi-annual redetermination, the borrowing base was increased to $135.0 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. Outstanding borrowings in excess of the borrowing base must be repaid immediately or we must pledge additional oil and gas properties or other assets as collateral. The Company does not currently have any substantial unpledged assets and we may not have the financial resources to make any mandatory principal payments. In addition, a reduction of the borrowing base could also cause us to fail to be in compliance with the financial covenants described below. The Company's 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. The Company's borrowing base can never exceed the $300.0 million maximum commitment amount. Outstanding amounts under the credit facility bear interest (a) at any time an event of default exists, at 3% per annum plus the amounts set forth below, and (b) at all other times, at the greater of (x) the reference rate announced from time to time by Société Générale, (y) the Federal Funds Rate plus 0.5% , and (z) a rate determined by Société Générale as the daily one-month LIBOR plus, in each case, (b) 1.5% - 2.5% , depending on the utilization of the borrowing base, or, if we elect, LIBOR plus, in each case, 2.5% - 3.5% depending on the utilization of the borrowing base. At September 30, 2017 , the interest rate on the credit facility was approximately 4.23% assuming LIBOR borrowings. Subject to earlier termination rights and events of default, the stated maturity date of the credit facility is May 16, 2021 . 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 the Company's 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. The collateral is required to include properties comprising at least 90% of the PV-10 of our proven reserves. The Company has also granted our lenders a security interest in our headquarters building. Under the credit facility, the Company is subject to customary covenants, including certain financial covenants and reporting requirements. The Company is required to maintain a current ratio, as defined in the credit facility, 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. The Company is also required as of the last day of each quarter to maintain a total debt to EBITDAX ratio of not more than 3.50 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 loss, 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 headquarters building and obligations with respect to surety bonds and derivative contracts . At September 30, 2017 , the Company was in compliance with all of these financial covenants. As of September 30, 2017 , the interest coverage ratio was 20.77 to 1.00, the total debt to EBITDAX ratio was 1.29 to 1.00, and our current ratio was 1.88 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 certain additional covenants including requirements that: • 100% of the net proceeds from any terminations of derivative contracts must be used to repay amounts outstanding under the credit facility; and • if the sum of our cash on hand plus liquid investments exceeds $10.0 million , then the amount in excess of $10.0 million must be used to pay amounts outstanding under the credit facility. 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. As of September 30, 2017 , we were in compliance with all of the terms of our credit facility. Real Estate Lien Note The Company has a real estate lien note secured by a first lien deed of trust on the property and improvements which serves as its corporate headquarters. The note bears interest at a fixed rate of 4.25% and is payable in monthly installments of $ 34,354 . Beginning August 20, 2018, the interest rate will adjust to the bank's then current prime rate plus 1.00% with a maximum rate of 7.25% . The maturity date of the note is July 20, 2023 . As of September 30, 2017 , and December 31, 2016 , $3.7 million and $3.9 million , respectively, were outstanding on the note.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Numerator: Net income (loss) $ (770 ) $ (3,260 ) $ 20,115 $ (91,077 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 163,508 133,546 160,031 118,274 Effect of dilutive securities: Stock options and restricted shares — — 1,566 — Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 163,508 133,546 161,597 118,274 Net income (loss) per common share - basic $ 0.00 $ (0.02 ) $ 0.13 $ (0.77 ) Net income (loss) per common share - diluted $ 0.00 $ (0.02 ) $ 0.12 $ (0.77 ) Basic net income (loss) per share, excluding any dilutive effects of stock options and unvested restricted stock, is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share is computed in a manner similar to basic; however diluted net income (loss) per share reflects the assumed conversion of all potentially dilutive securities. For the three and nine months ended September 30, 2016 , potential shares of 1,766 and 1,724 , respectively and for the three months ended September 30, 2017 , potential shares of 1,346 related to unvested restricted shares and options were excluded from the calculation of diluted net income (loss) per share since their inclusion would have been anti-dilutive due to losses incurred in the period. There were no shares excluded for the nine months ended September 30, 2017 .

Hedging Program and Derivatives

Hedging Program and Derivatives	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedging Program and Derivatives	Hedging Program and Derivatives The derivative contracts we utilize are based on index prices that may and often do differ from the actual oil and gas prices realized in our operations. Our derivative contracts do not qualify for hedge accounting; therefore, fluctuations in the market value of the derivative contracts are recognized in earnings during the current period. There are no netting agreements relating to these derivative contracts and there is no policy to offset. The following table sets forth the summary position of our derivative contracts as of September 30, 2017 : Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2017 4,062 $ 52.82 2018 2,649 $ 48.53 2019 1,200 $ 54.54 Basis Swap 2017 500 $ 0.65 Gas Contract Period Daily Volume (Mmbtu) Floor (Put) Ceiling (Call) Collar Contracts 2017 5,000 $ 3.00 $ 3.90 The following table illustrates the impact of derivative contracts on the Company’s balance sheet: Fair Value of Derivative Contracts as of September 30, 2017 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 $ 1,056 Derivatives – current $ 2,621 Commodity price derivatives Derivatives – long-term 1,561 Derivatives – long-term 957 $ 2,617 $ 3,578 Fair Value of Derivative Contracts as of December 31, 2016 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 $ 54 Derivatives – current $ 2,382 Commodity price derivatives Derivatives – long-term — Derivatives – long-term 6,630 $ 54 $ 9,012

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Assets and liabilities measured at fair value are categorized 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 sets forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 , and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of September 30, 2017 Assets: NYMEX fixed price derivative contracts $ — $ 2,575 $ — $ 2,575 NYMEX collars/basis differential swaps $ — $ — $ 42 $ 42 Total Assets $ — $ 2,575 $ 42 $ 2,617 Liabilities: NYMEX fixed price derivative contracts $ — $ 3,564 $ — $ 3,564 NYMEX collars/basis differential swaps — — 14 14 Total Liabilities $ — $ 3,564 $ 14 $ 3,578 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2016 Assets: NYMEX fixed price derivative contracts $ — $ 35 $ — $ 35 NYMEX collars — — 19 19 Total Assets $ — $ 35 $ 19 $ 54 Liabilities: NYMEX fixed price derivative contracts $ — $ 8,759 $ — $ 8,759 NYMEX collars/basis differential swaps — — 253 253 Total Liabilities $ — $ 8,759 $ 253 $ 9,012 The Company’s derivative contracts consisted of NYMEX-based fixed price swaps, basis differential swaps and collar contracts as of September 30, 2017 and as of December 31, 2016. Under fixed price swaps, we receive a fixed price for our production and pay a variable market price to the contract counter-party. Under a basis differential swap, if the market price is above the fixed price we pay the counter-party, if the market price is below the fixed price, the counter-party pays us. Under a collar contract, we pay the counterparty if the market price is above the ceiling price (short call) and the counterparty pays us if the market price is below the floor price (long put). The NYMEX-based fixed price derivative swaps, basis swaps and collar contracts are indexed to NYMEX futures contracts, which are actively traded, for the underlying commodity and are commonly used in the energy industry. A number of financial institutions and large energy companies act as counter-parties to these type of derivative contracts. As the fair value of NYMEX-based fixed price swaps are 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. In order to verify the third party valuation, we enter the various inputs into a model and compare our results to the third party for reasonableness. The fair value of the collar and basis differential swap instruments are based on inputs that are not as observable as the fixed price swaps. In addition to the actively quoted market price, variables such as time value, volatility and other unobservable inputs are used. Accordingly, these instruments have been classified as Level 3. The following is additional information for the Company's recurring fair value measurements using significant unobservable inputs (Level 3 inputs) for the nine months ended September 30, 2017 . Unobservable inputs at January 1, 2017 $ (234 ) Changes in market value 189 Settlements during the period 73 Unobservable inputs at September 30, 2017 $ 28 Nonrecurring Fair Value Measurements The Company follows the provisions of ASC 820-10 for nonfinancial assets and liabilities measured at fair value on a nonrecurring basis. As it relates to the Company, ASC 820-10 applies to certain nonfinancial assets and liabilities as may be acquired in a business combination and thereby measured at fair value and the initial recognition of asset retirement obligations for which fair value is used. The asset retirement obligation estimates are derived from historical costs as well as management’s expectation of future cost environments. As there is no corroborating market activity to support the assumptions used, the Company has designated these liabilities as Level 3. A reconciliation of the beginning and ending balances of the Company’s asset retirement obligation is presented in Note 1. Other Financial Instruments The carrying amounts of our cash, cash equivalents, restricted cash, accounts receivable and accounts payable 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.

Contingencies and Contingencies

Contingencies and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 September 30, 2017 , the Company was not involved in any legal proceedings that are expected, individually or in the aggregate, to have a material adverse effect on its financial position or results of operations.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions and Divestitures	Acquisitions and divestitures On July 11, 2017 the Company closed on the acquisition of mineral acreage in Ward County, Texas. The closing purchase price for this acreage was $20.9 million . This transaction did not meet the criteria of a business combination and was accordingly accounted for as a property acquisition. Proceeds from the Company's credit facility were used to fund this acquisition. On July 14, 2017, the Company closed on the divestiture of a portion of its Powder River Basin assets for approximately $4.6 million . Proceeds from this sale were used to repay amounts outstanding under the Company's credit facility. No gain or loss was recognized on this transaction. On August 9, 2017, the Company closed on a transaction, which the Company refers to as the Cayanosa Draw transaction, in which it acquired oil and gas properties and 973 net mineral acres ( 853 net mineral acres with Bone Spring and Wolfcamp rights) for $3.4 million in cash, after purchase price adjustments, 2.0 million shares of Abraxas Petroleum common stock, all of Abraxas’ ownership interest of the surface estate of the ranch located in Pecos County, Texas known as Coyanosa Draw Ranch and one-half of Abraxas’ owned mineral interests under the Coyanosa Draw Ranch. This transaction did not meet the criteria of a business combination and was accordingly accounted for as a property acquisition.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 6, 2017, in connection with the fall redetermination,the Companys' borrowing base under its credit facility was increased to $135.0 million .

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
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”).
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 hold 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.
Recently Adopted and New Accounting Standards and Disclosures	Recently Adopted and New Accounting Standards and Disclosures In January 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is deemed to be a business. Determining whether a transferred asset constitutes a business is important because the accounting for a business combination differs from that of an asset acquisition. The definition of a business also affects the accounting for dispositions. Under the new standard, when substantially all of the fair value of assets acquired is concentrated in a single asset, or a group of similar assets, the assets acquired would not represent a business and business combination accounting would not be required. The new standard may result in more transactions being accounted for as asset acquisitions rather than business combinations. The standard is effective for interim and annual periods beginning after December 15, 2017 and shall be applied prospectively. Early adoption of this standard is permitted. The Company adopted this standard in the third quarter of 2017. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements for the three months ended September 30, 2017. In February 2016, the FASB issued ASU 2016-02 “ Leases, " which supersedes ASC 840 “Leases ” and creates a new topic, ASC 842 "Leases." This update requires lessees to recognize a lease liability and a lease asset for all leases, including operating leases, with a term greater than 12 months on its balance sheet. The update also expands the required quantitative and qualitative disclosures surrounding leases. This update is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years, with earlier application permitted. This update will be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the effect of this update on our consolidated financial statements and related disclosures. I n May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The objective of ASU 2014-09 is greater consistency and comparability across industries by using a five-step model to recognize revenue from customer contracts. ASU 2014-09 also contains some new disclosure requirements under GAAP. In August 2015, the FASB issued ASU No. 2015-14, Deferral of the Effective Date . ASU 2015-14 defers the effective date of the new revenue standard by one year, making it effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. In 2016, the FASB issued additional accounting standards updates to clarify the implementation guidance of ASU 2014-09. The Company is currently determining the impacts of the new revenue standard on its contracts. The Company is currently completing a detailed analysis of its revenue streams at the individual contract level to evaluate the impact of the new revenue standard on its consolidated financial statements. Oil sales represent approximately 85% of total revenue, with gas and NGL sales comprising the remainder. The Company has identified and reviewed oil sales contracts that comprised approximately 90% of oil revenue through June 30, 2017. Based on current assessments completed to date, we do not expect the adoption of this standard will have a material impact on net earnings, however, this conclusion is subject to change. The Company has identified and reviewed gas contracts comprising approximately 87% of our gas and NGL sales through June 30, 2017 and we are still in the process of completing our analysis. The Company’s disclosures surrounding revenue recognition will be more substantial upon adoption. The Company will complete its evaluation during the fourth quarter of 2017 and will adopt this new standard on January 1, 2018, using the modified retrospective method with a cumulative adjustment to retained earnings.
Stock Options	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.
Restricted Stock Awards	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.
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 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 unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 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. Costs in excess of the present value of estimated net revenue from proved reserves discounted at 10% are charged to proved property impairment expense. No gain or loss is recognized upon sale or disposition of oil and gas properties for full cost accounting companies with proceeds accounted for as an adjustment of capitalized cost. An exception to this rule occurs when the adjustment to the full cost pool results in a significant alteration of the relationship between capitalized cost and proved reserves. The Company applies the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented. At September 30, 2017 , our net capitalized costs of oil and gas properties did not exceed the cost ceiling of our estimated proved reserves. At September 30, 2016 , our net capitalized costs of oil and gas properties exceeded the present value of our estimated proved reserves by approximately $3.8 million , resulting in the recognition of an impairment for the three months of $3.8 million . For the nine months ended September 30, 2016 , proved property impairments of $67.6 million were recognized. Impairment calculations did not consider the impact of our commodity derivative positions as generally accepted accounting principles only allow the inclusion of derivatives designated as cash flow hedges. Further write-downs in subsequent quarters are reasonably likely to occur if the trailing 12-month commodity prices fall as compared to the commodity prices used in prior quarters.
Restoration, Removal and Environmental Liabilities	Restoration, Removal and Environmental Liabilities The Company is subject to extensive federal, 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 is fixed or reliably determinable. The Company accounts for future site restoration 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Stock Options Activity and Related Compensation Expense	The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented: Three Months Ended Nine Months Ended 2017 2016 2017 2016 $ 376 $ 579 $ 1,445 $ 1,514 The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2017 (shares in thousands): Number of Shares (thousands) Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2016 8,154 $ 2.39 $ 1.70 Granted 317 1.81 1.18 Exercised (5 ) 0.97 0.65 Forfeited (149 ) 3.58 2.19 Outstanding, September 30, 2017 8,317 $ 2.35 $ 1.67
Schedule of Unvested Restricted Stock Activity and Related Compensation Expense	The following table summarizes the Company’s restricted stock activity for the nine months ended September 30, 2017 : Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2016 1,492 $ 3.47 Granted 44 1.75 Vested/Released (47 ) 3.07 Forfeited (1 ) 2.63 Unvested, September 30, 2017 1,488 $ 3.43 The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Nine Months Ended 2017 2016 2017 2016 $ 374 $ 189 $ 1,054 $ 896
Asset Retirement Obligations	The following table summarizes the Company’s future site restoration obligation transactions for the nine months ended September 30, 2017 and the year ended December 31, 2016: September 30, 2017 December 31, 2016 Beginning future site restoration obligation $ 8,623 $ 9,679 New wells placed on production and other 450 119 Deletions related to property disposals and plugging costs (485 ) (1,832 ) Accretion expense 338 491 Revisions and other (79 ) 166 Ending future site restoration obligation $ 8,847 $ 8,623

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-term Debt	The following is a description of the Company’s debt as of September 30, 2017 and December 31, 2016, respectively: September 30, 2017 December 31, 2016 Senior secured credit facility $ 64,000 $ 93,000 Rig loan agreement — 535 Real estate lien note 3,680 3,867 67,680 97,402 Less current maturities (259 ) (786 ) $ 67,421 $ 96,616

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share data) Numerator: Net income (loss) $ (770 ) $ (3,260 ) $ 20,115 $ (91,077 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 163,508 133,546 160,031 118,274 Effect of dilutive securities: Stock options and restricted shares — — 1,566 — Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 163,508 133,546 161,597 118,274 Net income (loss) per common share - basic $ 0.00 $ (0.02 ) $ 0.13 $ (0.77 ) Net income (loss) per common share - diluted $ 0.00 $ (0.02 ) $ 0.12 $ (0.77 )

Hedging Program and Derivativ20

Hedging Program and Derivatives (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Contract Position	The following table sets forth the summary position of our derivative contracts as of September 30, 2017 : Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2017 4,062 $ 52.82 2018 2,649 $ 48.53 2019 1,200 $ 54.54 Basis Swap 2017 500 $ 0.65 Gas Contract Period Daily Volume (Mmbtu) Floor (Put) Ceiling (Call) Collar Contracts 2017 5,000 $ 3.00 $ 3.90
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 Contracts as of September 30, 2017 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 $ 1,056 Derivatives – current $ 2,621 Commodity price derivatives Derivatives – long-term 1,561 Derivatives – long-term 957 $ 2,617 $ 3,578 Fair Value of Derivative Contracts as of December 31, 2016 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 $ 54 Derivatives – current $ 2,382 Commodity price derivatives Derivatives – long-term — Derivatives – long-term 6,630 $ 54 $ 9,012

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	The following tables sets forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 , and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of September 30, 2017 Assets: NYMEX fixed price derivative contracts $ — $ 2,575 $ — $ 2,575 NYMEX collars/basis differential swaps $ — $ — $ 42 $ 42 Total Assets $ — $ 2,575 $ 42 $ 2,617 Liabilities: NYMEX fixed price derivative contracts $ — $ 3,564 $ — $ 3,564 NYMEX collars/basis differential swaps — — 14 14 Total Liabilities $ — $ 3,564 $ 14 $ 3,578 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2016 Assets: NYMEX fixed price derivative contracts $ — $ 35 $ — $ 35 NYMEX collars — — 19 19 Total Assets $ — $ 35 $ 19 $ 54 Liabilities: NYMEX fixed price derivative contracts $ — $ 8,759 $ — $ 8,759 NYMEX collars/basis differential swaps — — 253 253 Total Liabilities $ — $ 8,759 $ 253 $ 9,012
Schedule of Reciuring Fair Value Measurements Using Significant Unobservable Inputs	The following is additional information for the Company's recurring fair value measurements using significant unobservable inputs (Level 3 inputs) for the nine months ended September 30, 2017 . Unobservable inputs at January 1, 2017 $ (234 ) Changes in market value 189 Settlements during the period 73 Unobservable inputs at September 30, 2017 $ 28

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Share-Based Payments
Stock-based compensation expense	$ 750	$ 768	$ 2,499	$ 2,410
Discount rate used in future net cash flows relating to proved oil and gas reserves (percent)			10.00%
Proved property impairment	0	3,806	$ 0	67,626
Entity's asset retirement obligation transactions [Roll Forward]
Beginning future site restoration obligation			8,623
New wells placed on production and other			450		$ 119
Deletions related to property disposals and plugging costs			(485)		(1,832)
Accretion expense			338	381	491
Revisions and other			(79)		166
Ending future site restoration obligation	$ 8,847		$ 8,847		$ 8,623
Employee Stock Option [Member]
Number of Shares (thousands)
Outstanding, December 31, 2016			8,154
Granted			317
Exercised			(5)
Cancelled			(149)
Outstanding, September 30, 2017	8,317		8,317		8,154
Weighted Average Option Exercise Price Per Share
Outstanding, December 31, 2016			$ 2.39
Granted			1.81
Exercised			0.97
Forfeited			3.58
Outstanding, September 30, 2017	$ 2.35		2.35		$ 2.39
Weighted Average Grant Date Fair Value Per Share
Outstanding, December 31, 2016			1.70
Granted			1.18
Exercised			0.65
Cancelled			2.19
Outstanding, September 30, 2017	$ 1.67		$ 1.67		$ 1.70
Share-Based Payments
Stock-based compensation expense	$ 376	579	$ 1,445	1,514
Unamortized compensation cost expected to be recognized in 2016 through 2020	$ 2,000		$ 2,000
Restricted Stock [Member]
Number of Shares (thousands)
Unvested, December 31, 2016			1,492
Granted			44
Vested/Released			(47)
Forfeited			(1)
Unvested, September 30, 2017	1,488		1,488		1,492
Weighted Average Grant Date Fair Value Per Share (in US$ per share)
Unvested, December 31, 2016			$ 3.47
Granted			1.75
Vested/Released			3.07
Forfeited			2.63
Unvested, September 30, 2017	$ 3.43		$ 3.43		$ 3.47
Share-Based Payments
Stock-based compensation expense	$ 374	$ 189	$ 1,054	$ 896
Unamortized compensation cost expected to be recognized in 2016 through 2020	$ 1,000		$ 1,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 0	$ 0	$ 0	$ 0
Net operating loss carryforward					$ 233,600,000
Deferred tax asset valuation allowance					$ 137,800,000

Long-Term Debt (Details)

Long-Term Debt (Details)	Apr. 01, 2016USD ($)	Sep. 30, 2017USD ($)report	Nov. 06, 2017USD ($)	Dec. 31, 2016USD ($)
Long-term debt [Abstract]
Long-term debt		$ 67,680,000		$ 97,402,000
Less current maturities		(259,000)		(786,000)
Long-term debt – less current maturities		67,421,000		96,616,000
Credit Facility [Abstract]
Maximum borrowing capacity		300,000,000
Current borrowing base		$ 115,000,000
Number of reserve reports prepared by independent petroleum engineers | report		1
Number of reserve report prepared internally | report		1
Financial Covenants, Minimum Current Ratio		1
Financial covenants, interest coverage ratio		2.5
Financial covenants, total debt To EBITDAX ratio		3.5
Interest Coverage Ratio		20.77
Total debt to ebitdax ratio		1.29
Current Ratio		1.88
Line of Credit, Covenant, Cash and Liquid Investments Triggering Credit Repayment	$ 10,000,000
Senior Secured Credit Facility [Member]
Long-term debt [Abstract]
Long-term debt		$ 64,000,000		93,000,000
Credit Facility [Abstract]
Market value of property (in hundredths)		5.00%
Reduced collateral value (in hundredths)		5.00%
Percentage added to variable rate (in hundredths)		0.50%
Interest rate on credit facility (in hundredths)		4.23%
Line of Credit, Minimum Default Interest Rate	3.00%
Senior Secured Credit Facility [Member] | Minimum [Member]
Credit Facility [Abstract]
Percentage added to reference rate (in hundredths)		1.50%
Percentage added to variable rate (in hundredths)		2.50%
Senior Secured Credit Facility [Member] | Maximum [Member]
Credit Facility [Abstract]
Percentage added to reference rate (in hundredths)		2.50%
Percentage added to variable rate (in hundredths)		3.50%
Rig Loan Agreement [Member]
Long-term debt [Abstract]
Long-term debt		$ 0		535,000
Real Estate Lien Note [Member]
Long-term debt [Abstract]
Long-term debt		$ 3,680,000		$ 3,867,000
Credit Facility [Abstract]
Maturity date of debt instrument		Jul. 20, 2023
Real Estate Lien Note [Abstract]
Fixed interest rate on note (in hundredths)		4.25%
Monthly installments of principal and interest		$ 34,354
Interest rate adjustment over prime (in hundredths)		1.00%
Real Estate Lien Note [Member] | Maximum [Member]
Real Estate Lien Note [Abstract]
Interest rate adjustment over prime (in hundredths)		7.25%
Subsequent Event [Member]
Credit Facility [Abstract]
Current borrowing base			$ 135,000,000

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator [Abstract]
Net income (loss)	$ (770)	$ (3,260)	$ 20,115	$ (91,077)
Denominator [Abstract]
Denominator for basic earnings per share – weighted-average common shares outstanding (shares)	163,508,000	133,546,000	160,031,000	118,274,000
Effect of dilutive securities: Stock options and restricted shares (shares)	0	0	1,566,000	0
Dilutive potential common shares [Abstract]
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and warrants (in shares)	163,508,000	133,546,000	161,597,000	118,274,000
Earnings Per Share, Basic [Abstract]
Net income (loss) per common share - basic (in usd per share	$ 0	$ (0.02)	$ 0.13	$ (0.77)
Earnings Per Share, Diluted [Abstract]
Net income (loss) per common share - diluted (in usd per share)	$ 0	$ (0.02)	$ 0.12	$ (0.77)
Stock options excluded from the calculation of diluted income (loss) per share (in shares)	1,346	1,766	0	1,724

Hedging Program and Derivativ26

Hedging Program and Derivatives (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)bblMMBTU$ / bbl$ / MMBTU	Dec. 31, 2016USD ($)
Impact of derivative contracts on balance sheet [Abstract]
Derivative asset - current	$ 1,056	$ 54
Derivative asset - long-term	1,561	0
Derivative Assets	2,617	54
Derivative liability - current	2,621	2,382
Derivative liability - long-term	957	6,630
Derivative Liabilities	$ 3,578	9,012
Fixed Swap [Member] | Oil - WTI [Member] | 2017
Oil and Gas Delivery Commitments and Contracts [Line Items]
Daily Volume (Bbl) | bbl	4,062
Fixed price swap price | $ / bbl	52.82
Fixed Swap [Member] | Oil - WTI [Member] | 2018
Oil and Gas Delivery Commitments and Contracts [Line Items]
Daily Volume (Bbl) | bbl	2,649
Fixed price swap price | $ / bbl	48.53
Fixed Swap [Member] | Oil - WTI [Member] | 2019
Oil and Gas Delivery Commitments and Contracts [Line Items]
Daily Volume (Bbl) | bbl	1,200
Fixed price swap price | $ / bbl	54.54
Basis Swap [Member] | Oil - WTI [Member] | 2017
Oil and Gas Delivery Commitments and Contracts [Line Items]
Daily Volume (Bbl) | bbl	500
Fixed price swap price | $ / bbl	0.65
Collars [Member] | Natural Gas [Member] | 2017
Oil and Gas Delivery Commitments and Contracts [Line Items]
Daily volume (Mmbtu) | MMBTU	5,000
Floor (Long Put) | $ / MMBTU	3
Ceiling (Short Call) | $ / MMBTU	3.90
Derivative Asset - Current [Member] | Commodity Price Derivatives [Member]
Impact of derivative contracts on balance sheet [Abstract]
Derivative asset - current	$ 1,056	54
Derivative Asset - Long-Term [Member] | Commodity Price Derivatives [Member]
Impact of derivative contracts on balance sheet [Abstract]
Derivative asset - long-term	1,561	0
Derivative Liability - Current [Member] | Commodity Price Derivatives [Member]
Impact of derivative contracts on balance sheet [Abstract]
Derivative liability - current	2,621	2,382
Derivative Liability - Long-Term [Member] | Commodity Price Derivatives [Member]
Impact of derivative contracts on balance sheet [Abstract]
Derivative liability - long-term	$ 957	$ 6,630

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	$ 2,617	$ 54
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	3,578	9,012
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Unobservable inputs at January 1, 2017	(234)
Changes in market value	189
Settlements during the period	73
Unobservable inputs at September 30, 2017	28
Recurring Basis [Member]
Assets [Abstract]
Total Assets	2,617	54
Liabilities [Abstract]
Total Liabilities	3,578	9,012
Recurring Basis [Member] | Fixed Price Derivative Contracts [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	2,575	35
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	3,564	8,759
Recurring Basis [Member] | Collars [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	42	19
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	14	253
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets [Abstract]
Total Assets	0	0
Liabilities [Abstract]
Total Liabilities	0	0
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Price Derivative Contracts [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collars [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Total Assets	2,575	35
Liabilities [Abstract]
Total Liabilities	3,564	8,759
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fixed Price Derivative Contracts [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	2,575	35
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	3,564	8,759
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | Collars [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Total Assets	42	19
Liabilities [Abstract]
Total Liabilities	14	253
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Price Derivative Contracts [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	0	0
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | Collars [Member]
Assets [Abstract]
NYMEX Fixed Price Derivative contracts	42	19
Liabilities [Abstract]
NYMEX Fixed Price Derivative contracts	$ 14	$ 253

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) shares in Millions	Aug. 09, 2017USD ($)ashares	Jul. 14, 2017USD ($)	Jul. 11, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Closing purchase price of acquired oil and gas properties	$ 3,400,000
Proceeds from the sale of oil and gas properties				$ 15,098,000	$ 13,571,000
Net mineral acres acquired | a	973
Issuance of stock for acquisition of oil and gas properties | shares	2
Ward County, TX [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Closing purchase price of acquired oil and gas properties			$ 20,900,000
Powder River Basin [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Proceeds from the sale of oil and gas properties		$ 4,600,000
Gain (loss) on sale of oil and gas property		$ 0
Bone Spring and Wolfcamp [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Net mineral acres acquired | a	853

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Nov. 06, 2017	Sep. 30, 2017
Subsequent Event [Line Items]
Borrowing base		$ 115
Subsequent Event [Member]
Subsequent Event [Line Items]
Borrowing base	$ 135