Abraxas Petroleum (AXAS) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 06, 2018
Document Information [Line Items]
Entity Registrant Name	ABRAXAS PETROLEUM CORP
Entity Central Index Key	867,665
Trading Symbol	axas
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		166,713,357
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents		$ 1,618
Accounts receivable:
Joint owners, net	15,948	14,218
Oil and gas production sales	30,217	17,789
Other	254	86
	46,419	32,093
Derivative asset	470
Other current assets	739	778
Total current assets	47,628	34,489
Oil and gas properties, full cost method of accounting:
Proved	1,047,913	923,237
Other property and equipment	39,277	39,136
Total	1,087,190	962,373
Less accumulated depreciation, depletion, amortization and impairment	(754,862)	(724,606)
Total property and equipment - net	332,328	237,767
Derivative asset	11
Deferred financing fees - net	1,261	1,285
Other assets	265	265
Total assets	381,493	273,806
Liabilities and Stockholders' Equity
Accounts payable	41,607	45,570
Joint interest oil and gas production payable	30,692	11,502
Accrued interest	251	140
Other accrued liabilities	1,403	539
Derivative liabilities	22,845	10,837
Current maturities of long-term debt	264	262
Total current liabilities	97,062	68,850
Long-term debt - less current maturities	149,159	87,354
Other liabilities	132	132
Derivative liabilities long-term	17,188	2,387
Future site restoration	7,734	8,775
Total liabilities	271,275	167,498
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred stock, par value $0.01 per share - authorized 1,000,000 shares; - 0- shares issued and outstanding
Common stock, par value $0.01 per share, authorized 400,000,000 shares; 166,609,818 and 165,889,901 issued and outstanding at September 30, 2018 and December 31, 2017, respectively	1,666	1,659
Additional paid-in capital	417,372	415,471
Accumulated deficit	(308,820)	(310,822)
Total stockholders' equity	110,218	106,308
Total liabilities and stockholders' equity	$ 381,493	$ 273,806

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 10	$ 10
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	166,609,818	165,889,901
Common stock, outstanding (in shares)	166,609,818	165,889,901

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Other	$ 12	$ 15	$ 49	$ 46
	41,625	24,722	113,171	56,676
Operating costs and expenses
Lease operating	6,724	4,089	17,023	11,628
Production and ad valorem taxes	3,569	2,045	9,167	4,823
Depreciation, depletion and amortization	11,011	7,877	29,846	17,666
General and administrative (including stock-based compensation of $428, $750, $1,894 and $2,499 respectively)	2,586	5,057	8,379	10,692
	23,890	19,068	64,415	44,809
Operating income	17,735	5,654	48,756	11,867
Other (income) expense:
Interest income			(1)	(1)
Interest expense	2,083	868	5,039	1,876
Amortization of deferred financing fees	113	100	320	354
Loss (gain) on derivative contracts	13,568	5,456	41,215	(10,375)
Loss (gain) on sale of non-oil and gas assets	194		181	(102)
	15,958	6,424	46,754	(8,248)
Income (loss) before income tax	1,777	(770)	2,002	20,115
Income tax (expense) benefit	0	0	0	0
Net income (loss)	$ 1,777	$ (770)	$ 2,002	$ 20,115
Net income (loss) per common share - basic (in dollars per share)	$ 0.01		$ 0.01	$ 0.13
Net income (loss) per common share - diluted (in dollars per share)	$ 0.01		$ 0.01	$ 0.12
Weighted average shares outstanding
Basic (in shares)	165,392	163,508	165,083	160,031
Diluted (in shares)	167,629	163,508	167,865	161,597
Oil Revenues [Member]
Revenues:
Revenues	$ 37,039	$ 21,339	$ 100,505	$ 48,153
Gas Revenues [Member]
Revenues:
Revenues	1,897	1,873	5,882	4,918
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	2,677	1,495	6,735	3,559
Oil and Gas [Member]
Revenues:
Revenues	$ 41,613	$ 24,707	$ 113,122	$ 56,630

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock-based compensation	$ 428	$ 750	$ 1,894	$ 2,499

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net income	$ 2,002	$ 20,115
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (gain) on sale of non-oil and gas assets	181	(102)
Net loss (gain) on derivative contracts	41,215	(10,375)
Derivative contract settlements	(16,575)	3,416
Depreciation, depletion and amortization	29,846	17,666
Amortization of deferred financing fees	320	354
Accretion of future site restoration	395	338
Stock-based compensation	1,894	2,499
Changes in operating assets and liabilities:
Accounts receivable	(14,326)	(2,957)
Other assets	1,727	(812)
Accounts payable and accrued expenses	20,025	(7,883)
Net cash provided by operating activities	66,704	22,259
Investing Activities
Capital expenditures, including purchase and development of properties	(132,989)	(71,518)
Proceeds from the sale of oil and gas properties	3,116	15,098
Proceeds from the sale of non-oil and gas assets	26	204
Net cash used in investing activities	(129,847)	(56,216)
Financing Activities
Proceeds from long-term borrowings	93,000	60,000
Payments of long-term borrowings	(31,193)	(89,722)
Exercise of stock options	14
Proceeds from issuance of common stock		65,224
Deferred financing fees	(296)	(726)
Net cash provided by financing activities	61,525	34,776
(Decrease) increase in cash and cash equivalents	(1,618)	819
Cash and cash equivalents at beginning of period	1,618
Cash and cash equivalents at end of period		819
Supplemental disclosure of cash flow information:
Interest paid	4,402	1,427
Non-cash investing and financing activities
Issuance of stock for acquisition of oil and gas properties		3,335
Change in capital expenditures included in accounts payable	(3,823)	16,510
Decrease in asset retirement obligation in capital expenditures	(1,436)
	$ (5,259)	$ 19,845

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. 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 December 31, 2017 March 16, 2018. not not not three nine September 30, 2018 not 10 December 31, 2017. 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 not 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 Accounting Standards and Disclosures In May 2014, No. 2014 09, Revenue from Contracts with Customers not January 1, 2018, No 2. 606 3. Recent Accounting Standards and Disclosures Not In February 2016, 2016 02, Leases (Topic 842 2016 02 2016 02 January 2018, 2018 01, Leases (Topic 842 842" 2018 01 not 2016 02 not 2016 02. July 2018, 2018 11, Leases (Topic 842 2018 11 2016 02 2014 09. 2016 02 December 31, 2018, 2018 11 may The Company is continuing its assessment of ASU 2016 02 not 2016 02 not 2018 01 not not not not 2016 02 first 2019 not 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 September 30, September 30, 2018 2017 2018 2017 $ 327 $ 376 $ 1,241 $ 1,445 The following table summarizes the Company’s stock option activity for the nine September 30, 2018 ( Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding , December 31, 2017 8,317 $ 2.35 $ 1.67 Granted 300 $ 2.80 $ 1.87 Exercised (374 ) $ 1.72 $ 1.19 Forfeited (579 ) $ 2.62 $ 1.87 Outstanding , September 30, 2018 7,664 $ 2.38 $ 1.68 As of September 30, 2018, $0.7 2018 2021. 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 recipient of the award terminates employment with the Company prior to the lapse of the restrictions. The fair value of such shares of restricted 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 September 30, 2018 ( Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2017 1,479 $ 3.43 Granted 753 $ 2.22 Vested/ Released (743 ) $ 3.13 Forfeited (180 ) $ 3.28 Unvested September 30, 2018 1,309 $ 2.92 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 September 30, September 30, 2018 2017 2018 2017 $ 26 $ 374 $ 494 $ 896 As of September 30, 2018, $1.3 2018 2021. Performance Based Restricted Stock Awards Effective on April 1, 2018, 2005 2021 three zero 200% The table below provides a summary of Performance Based Restricted Stock as of the date indicated (shares in thousands): Number of Shares Weighted Average Option Exercise Price Per Share Unvested, December 31, 2017 - $ - Granted 464 $ 2.37 Vested/ Released - $ - Forfeited (59 ) $ 2.37 Unvested September 30, 2018 405 $ 2.37 Compensation expense associated with the performance based restricted stock is based on the grant date fair value of a single share as determined using a Monte Carlo Simulation model which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As the Compensation Committee intends to settle the performance based restricted stock awards with shares of the Company's common stock, the awards are accounted for as equity awards and the expense is calculated on the grant date assuming a 100% Table of Contents Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 $ 75 $ - $ 159 $ - As of September 30, 2018, $0.8 2018 2021. 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 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%, not 10% No September 30, 2018 2017, not 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 no 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 410 410 The following table summarizes the Company’s future site restoration obligation transactions for the nine September 30, 2018 December 31, 2017: September 30, 2018 December 31, 2017 Beginning future site restoration obligation $ 8,775 $ 8,623 New wells placed on production and other 536 1,088 Deletions related to property disposals and plugging costs (1,809 ) (1,551 ) Accretion expense and other 395 451 Revisions and other (163 ) 164 Ending future site restoration obligation $ 7,734 $ 8,775

Note 2 - Impact of ASC 606 Adop

Note 2 - Impact of ASC 606 Adoption	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	2. 606 On January 1, 2018, No. 2014 09, Revenue from Contracts with Customers 2014 09” 2014 09 January 1, 2018 not ASU 2014 09 five For the nine September 30, 2018, no 2014 09, no January 1, 2018 2014 09.

Note 3 - Revenue From Contracts

Note 3 - Revenue From Contracts With Customers	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. Revenue Recognition Sales of oil, gas and NGL are recognized at the point in time when control of the product is transferred to the customer and collectability is reasonably assured. The Company's contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, physical location, quality of the oil or gas, and prevailing supply and demand conditions. As a result, the price of the oil, gas and NGL fluctuates to remain competitive with other available oil, gas and NGL supplies in the market. The Company believes that the pricing provisions of our oil, gas and NGL contracts are customary in the industry. Oil sales The Company's oil sales contracts are generally structured such that it sells its oil production to a purchaser at a contractually specified delivery point at or near the wellhead. The crude oil production is priced on the delivery date based upon prevailing index prices less certain deductions related to oil quality, physical location and transportation costs incurred by the purchaser subsequent to delivery. The Company recognizes revenue when control transfers to the purchaser upon delivery at or near the wellhead at the net price received from the purchaser. Gas and NGL Sales Under the Company's gas processing contracts, it delivers wet gas to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity processes the gas and remits proceeds to the Company based upon either (i) the resulting sales price of NGL and residue gas received by the midstream processing entity from third In these scenarios, the Company evaluates whether it is the principal or the agent in the transaction. With respect to the Company's gas purchase contracts, the Company has concluded that it is the agent, and thus, the midstream processing entity is its customer. Accordingly, the Company recognizes revenue upon delivery to the midstream processing entity based on the net amount of the proceeds received from the midstream processing entity. Imbalances The Company utilizes the sales method to account for gas production imbalances. Under this method, income is recorded based on the Company’s net revenue interest in production taken for delivery. The Company had no September 30, 2018 2017. Disaggregation of Revenue The Company is focused on the development of oil and natural gas properties primarily located in the following three Three Months Ended September 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 11,433 $ 681 $ 890 $ 5,683 $ 825 $ 448 Rocky Mountain $ 23,743 $ 939 $ 1,741 $ 14,564 $ 649 $ 1,021 South Texas $ 1,863 $ 277 $ 46 $ 1,092 $ 399 $ 26 Nine Months Ended September 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 35,471 $ 2,209 $ 2,301 $ 9,832 $ 2,152 $ 1,149 Rocky Mountain $ 58,462 $ 2,740 $ 4,324 $ 34,205 $ 1,949 $ 2,338 South Texas $ 6,572 $ 933 $ 110 $ 4,116 $ 817 $ 72 Significant Judgments Principal versus agent The Company engages in various types of transactions in which midstream entities process the Company's gas and subsequently market resulting NGL and residue gas to third Transaction price allocated to remaining performance obligations A significant number of the Company's product sales are short-term in nature with a contract term of one 606 10 50 14 one For product sales that have a contract term greater than one 606 10 50 14 not not Contract balances Under the Company's product sales contracts, the Company is entitled to payment from purchasers once its performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional. The Company records invoiced amounts as “Accounts receivable - Oil and gas production sales” in the accompanying condensed consolidated balance sheet. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not third not 2014 09. September 30, 2018 December 31, 2017, $30.2 $17.8 Prior-period performance obligations The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain gas and NGL sales may not 30 60 not third The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Any identified differences between its revenue estimates and actual revenue received historically have not three nine September 30, 2018, not

Note 4 - Income Taxes

Note 4 - Income Taxes	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	4. 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 nine September 30, 2018 2017, no At December 31, 2017, $245.2 2018 2023 2037, not 100% January 1, 2018 80% January 1, 2018, no The use of the Company's NOLs will be limited if there is an "ownership change" in its common stock, generally a cumulative ownership change exceeding 50% three 382 September 30, 2018, not 382. $80.4 December 31, 2017. As of September 30, 2018, not 2013 2017 New tax legislation, commonly referred to as the Tax Cuts and Jobs Act (H.R. 1 December 22, 2017. 740, Accounting for Income Taxes December 31, 2017. 21% not not may 30% 2017 80% 2017, 100% not may

Note 5 - Long-term Debt

Note 5 - Long-term Debt	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Long-term Debt [Text Block]	5. The following is a description of the Company’s debt as of September 30, 2018 December 31, 2017, September 30, 2018 December 31, 2017 (In thousands) Senior secured credit facility $ 146,000 $ 84,000 Real estate lien note 3,423 3,616 149,423 87,616 Less current maturities (264 ) (262 ) $ 149,159 $ 87,354 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, 2018, $ 146.0 The credit facility has a maximum commitment of $300.0 September 30, 2018, 200.0 one one may one six one six not may not 5% 5% $300.0 3% x 0.5%, one 1.5% 2.5%, 2.5% 3.5% September 30, 2018, 5.2% Subject to earlier termination rights and events of default, the stated maturity date of the credit facility is May 16, 2021. not 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 90% 10 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 1.00 1.00 not 2.50 1.00. not 3.50 1.00. 815 410 20 815 410 20. four 718, 815 410 20 $1.0 12 815 410 20. four . At September 30, 2018, September 30, 2018, 14.6 1.00, 1.79 1.00, 1.37 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% • if the sum of our cash on hand plus liquid investments exceeds $10.0 $10.0 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, 2018, Real Estate Lien Note The Company has a real estate lien note secured by a first June 20, 2018 4.9% $35,672. July 20, 2023. September 30, 2018, December 31, 2017, $ 3.4 3.6

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	6. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (in thousands, except per share data) Numerator: Net income (loss) $ 1,777 $ (770 ) $ 2,002 $ 20,115 Denominator for basic earnings per share - weighted-average common shares outstanding 165,392 163,508 165,083 160,031 Effect of dilutive securities: Stock options, restricted shares and performance based shares 2,237 - 2,782 1,566 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares 167,629 163,508 167,865 161,597 Net income per common share - basic $ 0.01 $ - $ 0.01 $ 0.13 Net income per common share - diluted $ 0.01 $ - $ 0.01 $ 0.12 Basic net income per share, excluding any dilutive effects of stock options, unvested restricted stock and unvested performance based shares, is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in a manner similar to basic; however diluted net income per share reflects the assumed conversion of all potentially dilutive securities. For the three September 30, 2017, 1.3 three nine September 30, 2018 nine September 30, 2017, no

Note 7 - Hedging Program and De

Note 7 - Hedging Program and Derivatives	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Hedging Program and Derivatives The derivative contracts the Company utilizes are based on index prices that may not no no The following table sets forth the summary position of our derivative contracts as of September 30, 2018: Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps October - December 2018 4,477 $ 53.70 January - December 2019 2,941 $ 56.20 January - December 2020 2,204 $ 54.35 January - December 2021 1,815 $ 60.32 Basis Swaps January - December 2019 500 $ 3.00 January - December 2020 500 $ 3.00 The following table illustrates the impact of derivative contracts on the Company’s balance sheet: Fair Value Derivative Contracts as of September 30, 2018 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 $ 470 Derivatives - current $ 22,845 Commodity price derivatives Derivatives - long-term 11 Derivatives - long-term 17,188 $ 481 $ 40,033 Fair Value Derivative Contracts as of December 31, 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 $ - Derivatives - current $ 10,837 Commodity price derivatives Derivatives - long-term - Derivatives - long-term 2,387 $ - $ 13,224

Note 8 - Financial Instruments

Note 8 - Financial Instruments	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. Assets and liabilities measured at fair value are categorized into one three three • Level 1 • Level 2 • Level 3 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, 2018 December 31, 2017, 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, 2018 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - NYMEX basis differential swap - - 481 481 Total Assets $ - $ - $ 481 $ 481 Liabilities: NYMEX fixed price derivative contracts $ - $ 39,555 $ - $ 39,555 NYMEX basis differential swap - - 478 478 Total Liabilities $ - $ 39,555 $ 478 $ 40,033 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, 2017 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - Total Assets $ - $ - $ - $ - Liabilities: NYMEX fixed price derivative contracts $ - $ 13,208 $ - $ 13,208 NYMEX basis differential swap - - 16 16 Total Liabilities $ - $ 13,208 $ 16 $ 13,224 The Company’s derivative contracts consisted of NYMEX-based fixed price swaps and basis differentials swaps as of September 30, 2018 December 31, 2017. 2. third third not 3. The following is additional information for the Company's recurring fair value measurements using significant unobservable inputs (Level 3 nine September 30, 2018. Unobservable inputs at January 1, 2018 $ (16 ) Changes in market value 3 Settlements during the period 16 Unobservable inputs at September 30, 2018 $ 3 Nonrecurring Fair Value Measurements The Company follows the provisions of ASC 820 10 820 10 may The asset retirement obligation estimates are derived from historical costs as well as management’s expectation of future cost environments. As there is no 3. 1. Other Financial Instruments The carrying amounts of the Company's cash, cash equivalents, 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.

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. 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, 2018, not

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	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 [Policy Text Block]	Rig Accounting In accordance with SEC Regulation S- X, no not
Use of Estimates, Policy [Policy Text Block]	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 Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards and Disclosures In May 2014, No. 2014 09, Revenue from Contracts with Customers not January 1, 2018, No 2. 606 3. Recent Accounting Standards and Disclosures Not In February 2016, 2016 02, Leases (Topic 842 2016 02 2016 02 January 2018, 2018 01, Leases (Topic 842 842" 2018 01 not 2016 02 not 2016 02. July 2018, 2018 11, Leases (Topic 842 2018 11 2016 02 2014 09. 2016 02 December 31, 2018, 2018 11 may The Company is continuing its assessment of ASU 2016 02 not 2016 02 not 2018 01 not not not not 2016 02 first 2019 not
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	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 September 30, September 30, 2018 2017 2018 2017 $ 327 $ 376 $ 1,241 $ 1,445 The following table summarizes the Company’s stock option activity for the nine September 30, 2018 ( Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding , December 31, 2017 8,317 $ 2.35 $ 1.67 Granted 300 $ 2.80 $ 1.87 Exercised (374 ) $ 1.72 $ 1.19 Forfeited (579 ) $ 2.62 $ 1.87 Outstanding , September 30, 2018 7,664 $ 2.38 $ 1.68 As of September 30, 2018, $0.7 2018 2021. 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 recipient of the award terminates employment with the Company prior to the lapse of the restrictions. The fair value of such shares of restricted 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 September 30, 2018 ( Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2017 1,479 $ 3.43 Granted 753 $ 2.22 Vested/ Released (743 ) $ 3.13 Forfeited (180 ) $ 3.28 Unvested September 30, 2018 1,309 $ 2.92 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 September 30, September 30, 2018 2017 2018 2017 $ 26 $ 374 $ 494 $ 896 As of September 30, 2018, $1.3 2018 2021. Performance Based Restricted Stock Awards Effective on April 1, 2018, 2005 2021 three zero 200% The table below provides a summary of Performance Based Restricted Stock as of the date indicated (shares in thousands): Number of Shares Weighted Average Option Exercise Price Per Share Unvested, December 31, 2017 - $ - Granted 464 $ 2.37 Vested/ Released - $ - Forfeited (59 ) $ 2.37 Unvested September 30, 2018 405 $ 2.37 Compensation expense associated with the performance based restricted stock is based on the grant date fair value of a single share as determined using a Monte Carlo Simulation model which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As the Compensation Committee intends to settle the performance based restricted stock awards with shares of the Company's common stock, the awards are accounted for as equity awards and the expense is calculated on the grant date assuming a 100% Table of Contents Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 $ 75 $ - $ 159 $ - As of September 30, 2018, $0.8 2018 2021.
Oil and Gas Properties Policy [Policy Text Block]	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 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%, not 10% No September 30, 2018 2017, not
Asset Retirement Obligation and Environmental Cost [Policy Text Block]	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 no 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 410 410 The following table summarizes the Company’s future site restoration obligation transactions for the nine September 30, 2018 December 31, 2017: September 30, 2018 December 31, 2017 Beginning future site restoration obligation $ 8,775 $ 8,623 New wells placed on production and other 536 1,088 Deletions related to property disposals and plugging costs (1,809 ) (1,551 ) Accretion expense and other 395 451 Revisions and other (163 ) 164 Ending future site restoration obligation $ 7,734 $ 8,775

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 $ 327 $ 376 $ 1,241 $ 1,445 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 $ 26 $ 374 $ 494 $ 896 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 $ 75 $ - $ 159 $ -
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding , December 31, 2017 8,317 $ 2.35 $ 1.67 Granted 300 $ 2.80 $ 1.87 Exercised (374 ) $ 1.72 $ 1.19 Forfeited (579 ) $ 2.62 $ 1.87 Outstanding , September 30, 2018 7,664 $ 2.38 $ 1.68
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2017 1,479 $ 3.43 Granted 753 $ 2.22 Vested/ Released (743 ) $ 3.13 Forfeited (180 ) $ 3.28 Unvested September 30, 2018 1,309 $ 2.92
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	Number of Shares Weighted Average Option Exercise Price Per Share Unvested, December 31, 2017 - $ - Granted 464 $ 2.37 Vested/ Released - $ - Forfeited (59 ) $ 2.37 Unvested September 30, 2018 405 $ 2.37
Schedule of Change in Asset Retirement Obligation [Table Text Block]	September 30, 2018 December 31, 2017 Beginning future site restoration obligation $ 8,775 $ 8,623 New wells placed on production and other 536 1,088 Deletions related to property disposals and plugging costs (1,809 ) (1,551 ) Accretion expense and other 395 451 Revisions and other (163 ) 164 Ending future site restoration obligation $ 7,734 $ 8,775

Note 3 - Revenue From Contrac_2

Note 3 - Revenue From Contracts With Customers (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 11,433 $ 681 $ 890 $ 5,683 $ 825 $ 448 Rocky Mountain $ 23,743 $ 939 $ 1,741 $ 14,564 $ 649 $ 1,021 South Texas $ 1,863 $ 277 $ 46 $ 1,092 $ 399 $ 26 Nine Months Ended September 30, 2018 2017 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 35,471 $ 2,209 $ 2,301 $ 9,832 $ 2,152 $ 1,149 Rocky Mountain $ 58,462 $ 2,740 $ 4,324 $ 34,205 $ 1,949 $ 2,338 South Texas $ 6,572 $ 933 $ 110 $ 4,116 $ 817 $ 72

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, 2018 December 31, 2017 (In thousands) Senior secured credit facility $ 146,000 $ 84,000 Real estate lien note 3,423 3,616 149,423 87,616 Less current maturities (264 ) (262 ) $ 149,159 $ 87,354

Note 6 - Earnings Per Share (Ta

Note 6 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (in thousands, except per share data) Numerator: Net income (loss) $ 1,777 $ (770 ) $ 2,002 $ 20,115 Denominator for basic earnings per share - weighted-average common shares outstanding 165,392 163,508 165,083 160,031 Effect of dilutive securities: Stock options, restricted shares and performance based shares 2,237 - 2,782 1,566 Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares 167,629 163,508 167,865 161,597 Net income per common share - basic $ 0.01 $ - $ 0.01 $ 0.13 Net income per common share - diluted $ 0.01 $ - $ 0.01 $ 0.12

Note 7 - Hedging Program and _2

Note 7 - Hedging Program and Derivatives (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps October - December 2018 4,477 $ 53.70 January - December 2019 2,941 $ 56.20 January - December 2020 2,204 $ 54.35 January - December 2021 1,815 $ 60.32 Basis Swaps January - December 2019 500 $ 3.00 January - December 2020 500 $ 3.00
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Fair Value Derivative Contracts as of September 30, 2018 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 $ 470 Derivatives - current $ 22,845 Commodity price derivatives Derivatives - long-term 11 Derivatives - long-term 17,188 $ 481 $ 40,033 Fair Value Derivative Contracts as of December 31, 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 $ - Derivatives - current $ 10,837 Commodity price derivatives Derivatives - long-term - Derivatives - long-term 2,387 $ - $ 13,224

Note 8 - Financial Instruments

Note 8 - Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	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, 2018 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - NYMEX basis differential swap - - 481 481 Total Assets $ - $ - $ 481 $ 481 Liabilities: NYMEX fixed price derivative contracts $ - $ 39,555 $ - $ 39,555 NYMEX basis differential swap - - 478 478 Total Liabilities $ - $ 39,555 $ 478 $ 40,033 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, 2017 Assets: NYMEX fixed price derivative contracts $ - $ - $ - $ - Total Assets $ - $ - $ - $ - Liabilities: NYMEX fixed price derivative contracts $ - $ 13,208 $ - $ 13,208 NYMEX basis differential swap - - 16 16 Total Liabilities $ - $ 13,208 $ 16 $ 13,224
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Unobservable inputs at January 1, 2018 $ (16 ) Changes in market value 3 Settlements during the period 16 Unobservable inputs at September 30, 2018 $ 3

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Apr. 01, 2018	Jan. 01, 2018	Sep. 30, 2018
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves			10.00%
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 700
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			1,300
Performance Shares [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 800
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Performance Shares [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment, Award, Percentage of Performance Shares that are Received	0.00%
Performance Shares [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment, Award, Percentage of Performance Shares that are Received	200.00%
Accounting Standards Update 2014-09 [Member]
Cumulative Effect on Retained Earnings, Net of Tax, Total		$ 0

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Employee Stock Option [Member]
Stock-based compensation expense	$ 327	$ 376	$ 1,241	$ 1,445
Restricted Stock [Member]
Stock-based compensation expense	26	374	494	896
Performance Shares [Member]
Stock-based compensation expense	$ 75		$ 159

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Stock Option Activity (Details) - Employee Stock Option [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Outstanding (in shares) | shares	8,317
Outstanding, weighted average option exercise price (in dollars per share)	$ 2.35
Outstanding, weighted average grant date fair value (in dollars per share)	$ 1.67
Granted (in shares) | shares	300
Granted, weighted average option exercise price (in dollars per share)	$ 2.80
Granted, weighted average grant date fair value (in dollars per share)	$ 1.87
Exercised (in shares) | shares	(374)
Exercised, weighted average option exercise price (in dollars per share)	$ 1.72
Exercised, weighted average grant date fair value (in dollars per share)	$ 1.19
Forfeited (in shares) | shares	(579)
Forfeited, weighted average option exercise price (in dollars per share)	$ 2.62
Forfeited, weighted average grant date fair value (in dollars per share)	$ 1.87
Outstanding (in shares) | shares	7,664
Outstanding, weighted average option exercise price (in dollars per share)	$ 2.38
Outstanding, weighted average grant date fair value (in dollars per share)	$ 1.68

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Unvested (in shares) | shares	1,479
Unvested, weighted average option exercise price per share (in dollars per share) | $ / shares	$ 3.43
Granted (in shares) | shares	753
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.22
Vested/Released (in shares) | shares	(743)
Vested/ Released, weighted average option exercise price (in dollars per share) | $ / shares	$ 3.13
Forfeited (in shares) | shares	(180)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.28
Unvested (in shares) | shares	1,309
Unvested, weighted average option exercise price (in dollars per share) | $ / shares	$ 2.92

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2018$ / sharesshares
Unvested (in shares) | shares
Unvested, weighted average option exercise price per share (in dollars per share) | $ / shares
Granted (in shares) | shares	464
Granted, weighted average option exercise price (in dollars per share) | $ / shares	$ 2.37
Vested/Released (in shares) | shares
Vested/ Released, weighted average option exercise price (in dollars per share) | $ / shares
Forfeited (in shares) | shares	(59)
Forfeited, weighted average option exercise price (in dollars per share) | $ / shares	$ 2.37
Unvested (in shares) | shares	405
Unvested, weighted average option exercise price (in dollars per share) | $ / shares	$ 2.37

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Beginning future site restoration obligation	$ 8,775	$ 8,623	$ 8,623
New wells placed on production and other	536		1,088
Deletions related to property disposals and plugging costs	(1,809)		(1,551)
Accretion expense and other	395	$ 338	451
Revisions and other	(163)		164
Ending future site restoration obligation	$ 7,734		$ 8,775

Note 2 - Impact of ASC 606 Ad_2

Note 2 - Impact of ASC 606 Adoption (Details Textual) $ in Thousands	Jan. 01, 2018USD ($)
Accounting Standards Update 2014-09 [Member]
Cumulative Effect on Retained Earnings, Net of Tax, Total	$ 0

Note 3 - Revenue From Contrac_3

Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts Receivable, Gross, Current	$ 30,217	$ 17,789

Note 3 - Revenue From Contrac_4

Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Oil Revenues [Member]
Revenues	$ 37,039	$ 21,339	$ 100,505	$ 48,153
Gas Revenues [Member]
Revenues	1,897	1,873	5,882	4,918
Natural Gas Liquids Revenues [Member]
Revenues	2,677	1,495	6,735	3,559
Permian / Delaware Basin [Member] | Oil Revenues [Member]
Revenues	11,433	5,683	35,471	9,832
Permian / Delaware Basin [Member] | Gas Revenues [Member]
Revenues	681	825	2,209	2,152
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member]
Revenues	890	448	2,301	1,149
Rocky Mountain [Member] | Oil Revenues [Member]
Revenues	23,743	14,564	58,462	34,205
Rocky Mountain [Member] | Gas Revenues [Member]
Revenues	939	649	2,740	1,949
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member]
Revenues	1,741	1,021	4,324	2,338
South Texas [Member] | Oil Revenues [Member]
Revenues	1,863	1,092	6,572	4,116
South Texas [Member] | Gas Revenues [Member]
Revenues	277	399	933	817
South Texas [Member] | Natural Gas Liquids Revenues [Member]
Revenues	$ 46	$ 26	$ 110	$ 72

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	245,200		245,200
Deferred Tax Assets, Valuation Allowance, Total					$ 80,400
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0		$ 0
Open Tax Year			2013 2014 2015 2016 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Earliest Tax Year [Member]
Operating Loss Carryforwards, Expiration Date					Jan. 1, 2023
Latest Tax Year [Member]
Operating Loss Carryforwards, Expiration Date					Dec. 31, 2037

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual)	9 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Line of Credit Facility, Interest Rate at Period End	5.20%
Financial Covenants, Minimum Current Ratio	1
Financial Covenants, Interest Coverage Ratio	2.5
Financial Covenants, Total Debt to EBITDAX Ratio	3.5
Debt Instrument Covenants, Extraordinary Expenses Included in Determining EBITDAX	$ 1,000,000
Interest Coverage Ratio	14.6
Total Debt to EBITDAX Ratio	1.79
Current Ratio	1.37
Line of Credit Covenant, Percentage of Net Proceeds to be Used for Repayment	100.00%
Line of Credit Covenant, Cash and Liquid Investments Triggering Credit Repayment	$ 10,000,000
Long-term Debt, Total	149,423,000	$ 87,616,000
Line of Credit [Member]
Long-term Line of Credit, Total	146,000,000
Line of Credit Facility, Maximum Borrowing Capacity	300,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 200,000,000
Line of Credit, Market Value of Property, Minimum Percentage	5.00%
Line of Credit, Reduced Collateral Value, Minimum Percentage	5.00%
Line of Credit, Default, Minimum Interest Rate	3.00%
Debt Instrument, Spread on Elected Variable Rate	0.50%
Debt Instrument, Maturity Date	May 16, 2021
Debt Instrument, Collateral Eligible, Minimum Percent of PV-10 Required	90.00%
Long-term Debt, Total	$ 146,000,000	84,000,000
Line of Credit [Member] | Minimum [Member]
Debt Instrument, Spread on Elected Variable Rate	2.50%
Debt Instrument, Basis Spread on Variable Rate	1.50%
Line of Credit [Member] | Maximum [Member]
Debt Instrument, Spread on Elected Variable Rate	3.50%
Debt Instrument, Basis Spread on Variable Rate	2.50%
Mortgages [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.90%
Debt Instrument, Periodic Payment, Total	$ 35,672
Long-term Debt, Total	$ 3,423,000	$ 3,616,000

Note 5 - Long-term Debt - Debt

Note 5 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Long-term debt	$ 149,423	$ 87,616
Less current maturities	(264)	(262)
	149,159	87,354
Line of Credit [Member]
Long-term debt	146,000	84,000
Mortgages [Member]
Long-term debt	$ 3,423	$ 3,616

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	1,300	0	0

Note 6 - Earnings Per Share - C

Note 6 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income	$ 1,777	$ (770)	$ 2,002	$ 20,115
Basic (in shares)	165,392	163,508	165,083	160,031
Effect of dilutive securities: Stock options, restricted shares and performance based shares (in shares)	2,237		2,782	1,566
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares (in shares)	167,629	163,508	167,865	161,597
Net income (loss) per common share - basic (in dollars per share)	$ 0.01		$ 0.01	$ 0.13
Net income (loss) per common share - diluted (in dollars per share)	$ 0.01		$ 0.01	$ 0.12

Note 7 - Hedging Program and _3

Note 7 - Hedging Program and Derivatives - Summary Position of Derivative Contracts (Details) - Oil - WTI [Member] bbl in Thousands	9 Months Ended
	Sep. 30, 2018$ / bblbbl
Fixed Swap, Contract Period 2018 October - December [Member]
October - December 2018 (Barrel of Oil) | bbl	4,477
October - December 2018 (in USD per Barrel of Oil) | $ / bbl	53.7
Fixed Swap, Contract Period 2019 January - December [Member]
October - December 2018 (Barrel of Oil) | bbl	2,941
October - December 2018 (in USD per Barrel of Oil) | $ / bbl	56.2
Fixed Swap, Contract Period 2020 January - December [Member]
October - December 2018 (Barrel of Oil) | bbl	2,204
October - December 2018 (in USD per Barrel of Oil) | $ / bbl	54.35
Fixed Swap, Contract Period 2021 January - December [Member]
October - December 2018 (Barrel of Oil) | bbl	1,815
October - December 2018 (in USD per Barrel of Oil) | $ / bbl	60.32
Basis Swap, Contract Period 2019 January - December [Member]
October - December 2018 (Barrel of Oil) | bbl	500
January - December 2019 (in USD per Barrel of Oil) | $ / bbl	3
Basis Swap, Contract Period 2020 January - December [Member]
October - December 2018 (Barrel of Oil) | bbl	500
January - December 2019 (in USD per Barrel of Oil) | $ / bbl	3

Note 7 - Hedging Program and _4

Note 7 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Derivative asset, current	$ 470
Derivative liabilities	22,845	10,837
Derivative asset	11
Derivative liabilities long-term	17,188	2,387
Derivative asset	481
Derivative liability	40,033	13,224
Commodity Contract [Member] | Derivative Assets Current [Member]
Derivative asset, current	470
Commodity Contract [Member] | Derivative Liabilities Current [Member]
Derivative liabilities	22,845	10,837
Commodity Contract [Member] | Derivative Assets Noncurrent [Member]
Derivative asset	11
Commodity Contract [Member] | Derivative Liabilities Noncurrent [Member]
Derivative liabilities long-term	$ 17,188	$ 2,387

Note 8 - Financial Instrument_2

Note 8 - Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets:
Derivative assets	$ 481
Liabilities:
Derivative liabilities	40,033	13,224
Fair Value, Measurements, Recurring [Member]
Assets:
Derivative assets	481
Liabilities:
Derivative liabilities	40,033	13,224
Fair Value, Measurements, Recurring [Member] | Fixed Price Derivative Contracts [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities	39,555	13,208
Fair Value, Measurements, Recurring [Member] | Basis Swap [Member]
Assets:
Derivative assets	481
Liabilities:
Derivative liabilities	478	16
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Price Derivative Contracts [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Basis Swap [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities	39,555	13,208
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities	39,555	13,208
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Basis Swap [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Derivative assets	481
Liabilities:
Derivative liabilities	478	16
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Price Derivative Contracts [Member]
Assets:
Derivative assets
Liabilities:
Derivative liabilities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Basis Swap [Member]
Assets:
Derivative assets	481
Liabilities:
Derivative liabilities	$ 478	$ 16

Note 8 - Financial Instrument_3

Note 8 - Financial Instruments - Recurring Fair Value Measurements Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Unobservable inputs	$ (16)
Changes in market value	3
Settlements during the period	16
Unobservable inputs	$ 3