Abraxas Petroleum (AXAS) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document Information [Line Items]
Entity Registrant Name	ABRAXAS PETROLEUM CORP
Entity Central Index Key	0000867665
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)		168,452,060
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 867
Accounts receivable:
Joint owners, net	12,522	17,110
Oil and gas production sales	17,023	21,991
Other	1,114	535
Total accounts receivable	30,659	39,636
Derivative asset - short-term	517	9,602
Other current assets	781	626
Total current assets	31,957	50,731
Proved oil and gas properties, full cost method	1,135,758	1,091,905
Other property and equipment	39,548	39,453
Total	1,175,306	1,131,358
Less accumulated depreciation, depletion, amortization and impairment	(794,056)	(768,140)
Total property and equipment, net	381,250	363,218
Operating lease ROU asset	518
Deferred financing fees, net	964	1,149
Derivative asset, long-term	4,394	10,527
Other assets	265	265
Total assets	419,348	425,890
Current liabilities:
Accounts payable	41,092	39,571
Joint interest oil and gas production payable	17,052	23,063
Accrued interest	312	335
Other accrued expenses	1,047	511
Operating lease liability - current	284
Derivative liability, current	7,785	616
Current maturities of long-term debt	274	267
Total current liabilities	67,846	64,363
Long-term debt – less current maturities	185,953	183,091
Operating lease liabilities - long-term	229
Derivative liability long-term	3,529	4,434
Future site restoration	7,763	7,492
Total liabilities	265,320	259,380
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; 168,452,060 and 166,713,784 issued and outstanding at June 30, 2019 and December 31, 2018, respectively	1,684	1,667
Additional paid-in capital	419,122	417,844
Accumulated deficit	(266,778)	(253,001)
Total stockholders’ equity	154,028	166,510
Total liabilities and stockholders’ equity	$ 419,348	$ 425,890

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	400,000,000	400,000,000
Common stock, issued (in shares)	168,452,060	166,713,784
Common stock, outstanding (in shares)	168,452,060	166,713,784

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Other	$ 1	$ 1	$ 5	$ 37
Revenues	34,820	30,916	69,334	71,546
Operating costs and expenses:
Lease operating	8,066	5,730	15,800	10,299
Production and ad valorem taxes	2,926	2,485	6,024	5,598
Rig expense			672
Depreciation, depletion, amortization and accretion	12,188	8,839	25,762	19,099
General and administrative (including stock-based compensation of $521; $879; $894 and $1,466, respectively)	2,705	3,065	5,433	5,793
Total operating cost and expenses	25,885	20,119	53,691	40,789
Operating income	8,935	10,797	15,643	30,757
Other (income) expense:
Interest expense	2,765	1,492	5,732	2,691
Amortization of deferred financing fees	128	111	249	207
(Gain) 1oss on derivative contracts	(5,636)	19,763	23,439	27,646
Gain on sale of non-oil and gas assets		(15)		(12)
Total other (income) expense	(2,743)	21,351	29,420	30,532
Income (loss) before income tax	11,678	(10,554)	(13,777)	225
Income tax (expense) benefit	0	0	0	0
Net income (loss)	$ 11,678	$ (10,554)	$ (13,777)	$ 225
Net income (loss) per common share - basic (in dollars per share)	$ 0.07	$ (0.06)	$ (0.08)	$ 0
Net income (loss) per common share - diluted (in dollars per share)	$ 0.07	$ (0.06)	$ (0.08)	$ 0
Weighted average shares outstanding:
Basic (in shares)	166,491	165,162	165,727	164,812
Diluted (in shares)	167,349	165,162	165,727	167,715
Oil Revenues [Member]
Revenues:
Revenues	$ 34,146	$ 27,472	$ 66,127	$ 63,466
Gas Revenues [Member]
Revenues:
Revenues	408	1,608	1,881	3,985
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	$ 265	$ 1,835	$ 1,321	$ 4,058

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Stock-based compensation	$ 521	$ 879	$ 894	$ 1,466

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2017	165,889,901
Balance at Dec. 31, 2017	$ 1,659	$ 415,471	$ (310,822)	$ 106,308
Net (loss) income			225	225
Stock-based compensation		1,466		1,466
Stock options exercised (in shares)	145,253
Stock options exercised	$ 2	14		16
Restricted stock issued, net of forfeitures (in shares)	676,056
Restricted stock issued, net of forfeitures	$ 6	(7)		(1)
Balance (in shares) at Jun. 30, 2018	166,711,210
Balance at Jun. 30, 2018	$ 1,667	416,944	(310,597)	108,014
Balance (in shares) at Mar. 31, 2018	165,881,694
Balance at Mar. 31, 2018	$ 1,659	416,068	(300,043)	117,684
Net (loss) income			(10,554)	(10,554)
Stock-based compensation		879		879
Stock options exercised (in shares)	133,335
Stock options exercised	$ 1	4		5
Restricted stock issued, net of forfeitures (in shares)	696,181
Restricted stock issued, net of forfeitures	$ 7	(7)
Balance (in shares) at Jun. 30, 2018	166,711,210
Balance at Jun. 30, 2018	$ 1,667	416,944	(310,597)	$ 108,014
Balance (in shares) at Dec. 31, 2018	166,713,784			166,713,784
Balance at Dec. 31, 2018	$ 1,667	417,844	(253,001)	$ 166,510
Net (loss) income			(13,777)	(13,777)
Stock-based compensation		894		894
Stock options exercised (in shares)	423,369
Stock options exercised	$ 4	397		401
Restricted stock issued, net of forfeitures (in shares)	1,314,907
Restricted stock issued, net of forfeitures	$ 13	(13)
Balance (in shares) at Jun. 30, 2019	168,452,060			168,452,060
Balance at Jun. 30, 2019	$ 1,684	419,122	(266,778)	$ 154,028
Balance (in shares) at Mar. 31, 2019	167,136,398
Balance at Mar. 31, 2019	$ 1,671	418,614	(278,456)	141,829
Net (loss) income			11,678	11,678
Stock-based compensation		521		521
Stock options exercised (in shares)	755
Stock options exercised
Restricted stock issued, net of forfeitures (in shares)	1,314,907
Restricted stock issued, net of forfeitures	$ 13	(13)
Balance (in shares) at Jun. 30, 2019	168,452,060			168,452,060
Balance at Jun. 30, 2019	$ 1,684	$ 419,122	$ (266,778)	$ 154,028

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net (loss) income	$ (13,777)	$ 225
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gain on sale of non-oil and gas assets		(12)
Net loss on derivative contracts	23,439	27,646
Net cash settlements (paid) received on derivative contracts	(1,957)	(9,847)
Depreciation, depletion, amortization and accretion	25,762	19,099
Amortization of deferred financing fees	249	207
Stock-based compensation	894	1,466
Settlement of asset retirement obligation	(386)
Changes in operating assets and liabilities:
Accounts receivable	8,977	(631)
Other assets	(444)	1,381
Accounts payable and accrued expenses	(58)	5,752
Net cash provided by operating activities	42,699	45,286
Investing Activities
Capital expenditures, including purchases and development of properties	(63,577)	(73,818)
Proceeds from the sale of oil and gas properties	16,805	82
Proceeds from the sale of non-oil and gas assets		27
Net cash used in investing activities	(46,772)	(73,709)
Financing Activities
Proceeds from long-term borrowings	23,000	35,000
Payments on long-term borrowings	(20,131)	(7,129)
Deferred financing fees	(64)	(199)
Exercise of stock options	401	15
Net cash provided by financing activities	3,206	27,687
Decrease in cash and cash equivalents	(867)	(736)
Cash and cash equivalents at beginning of period	867	1,618
Cash and cash equivalents at end of period		882
Supplemental disclosures of cash flow information:
Interest paid	5,778	2,577
Non-cash investing and financing activities
Change in capital expenditures included in accounts payable (decrease) increase	(3,248)	2,267
Change in asset retirement obligations	$ 51	$ 36

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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, 2018 March 15, 2019. not not not three six June 30, 2019 not 10 December 31, 2018 Reclassifications Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications had no effect on the Company’s previously reported results of operations. 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 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 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 GAAP 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 Lease Accounting Standard In February 2016, an accounting standards update was issued that requires an entity to recognize a right-of-use (“ROU”) asset and lease liability for certain leases. Classification of leases as either a finance or operating lease determines the recognition, measurement and presentation of expenses. This accounting standards update also requires certain quantitative and qualitative disclosures about leasing arrangements. The new standard was effective for us in the first quarter of 2019 and we adopted the new standard using a modified retrospective approach, with the date of initial application on January 1, 2019. Consequently, upon transition, we recognized an ROU asset (or operating lease right-of-use asset) and a lease liability with no retained earnings impact. We are applying the following practical expedients as provided in the standards update which provide elections to: ● Not apply the recognition requirements to short-term leases (a lease that at commencement date has a lease term of 12 months or less); ● Not reassess whether a contract contains a lease, lease classification and initial direct costs; and ● Not reassess certain land easements in existence prior to January 1, 2019. The impact of adoption of this new standard on our balance sheet was as follows: January 1, 2019 Operating lease ROU asset $ 687 Operating lease liability - current $ (108 ) Operating lease liability - long-term $ (579 ) Leases acquired to explore for or use minerals, oil or natural gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained, are not within the scope of the standards update. For more information, see Note 8. Stock-Based Compensation and Option Plans Stock Options The Company currently utilizes a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors. The following table summarizes the Company’s stock-based compensation expense related to stock options for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 74 $ 574 $ 225 $ 914 The following table summarizes the Company’s stock option activity for the six months ended June 30, 2019 : Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2018 7,549 $ 2.37 $ 1.68 Granted — — — Exercised (469 ) $ 0.98 $ 0.68 Forfeited (572 ) $ 3.00 $ 2.12 Outstanding, June 30, 2019 6,508 $ 2.41 $ 1.71 As of June 30, 2019 , there was approximately $0.3 million of unamortized compensation expense related to outstanding stock options that will be recognized from 2019 through 2022. 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 stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. The following table summarizes the Company’s restricted stock activity for the six months ended June 30, 2019 : Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2018 827 $ 2.15 Granted 1,315 $ 1.34 Vested/Released (228 ) $ 2.22 Forfeited — $ - Unvested, June 30, 2019 1,914 $ 1.59 The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 277 $ 221 $ 420 $ 468 As of June 30, 2019 , there was approximately $2.5 million of unamortized compensation expense relating to outstanding restricted shares that will be recognized from 2019 through 2022. Performance Based Restricted Stock The Company issues performance-based shares of restricted stock to certain officers and employees under the Abraxas Petroleum Corporation Amended and Restated 2005 Employee Long-Term Equity Incentive Plan. The shares will vest in three years from the grant date upon the achievement of performance goals based on the Company’s Total Shareholder Return (“TSR”) as compared to a peer group of companies. The number of shares which would vest depends upon the rank of the Company’s TSR as compared to the peer group at the end of the three -year vesting period, and can range from zero percent of the initial grant up to 200% of the initial grant. The table below provides a summary of Performance Based Restricted Stock as of the date indicated: Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2018 405 $ 2.37 Granted 803 $ 1.34 Vested/Released — $ - Forfeited — $ - Unvested, June 30, 2019 1,208 $ 1.69 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% target payout and amortized over the life of the awards. The following table summarizes the Company’s stock-based compensation expense related to performance based restricted stock for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 170 $ 84 $ 249 $ 84 As of June 30, 2019 , there was approximately $1.6 million of unamortized compensation expense relating to outstanding performance based restricted shares that will be recognized from 2019 through 2022. 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%, 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 June 30, 2019 and 2018 , our net capitalized costs of oil and gas properties did not exceed the cost ceiling of our estimated proved reserves. In May 2019, the Company closed on the sale of its non-operated assets in the Bakken. Proceeds from the sale of approximately $15.8 million were used to reduce outstanding indebtedness under its credit facility. In accordance with full cost accounting rules, the sale was not deemed to be singnificant,; therefore, no gain or loss was recorded and the proceeds were credited to the full cost pool. 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 six months ended June 30, 2019 and the year ended December 31, 2018 : June 30, 2019 December 31, 2018 Beginning future site restoration obligation $ 7,492 $ 8,775 New wells placed on production and other 80 612 Deletions related to property disposals and plugging costs (487 ) (2,270 ) Accretion expense 220 516 Revisions and other 458 (141 ) Ending future site restoration obligation $ 7,763 $ 7,492

Note 2 - Revenue From Contracts

Note 2 - Revenue From Contracts With Customers	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Recognition Sales of oil, gas and natural gas liquids (“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 natural 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. In 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 June 30, 2019 2018 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 June 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 15,562 $ 24 $ 27 $ 9,664 $ 609 $ 613 Rocky Mountain $ 17,567 $ 208 $ 238 $ 15,479 $ 674 $ 1,180 South Texas $ 1,017 $ 176 $ - $ 2,329 $ 325 $ 42 Six Months Ended June 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 24,626 $ 311 $ 340 $ 24,039 $ 1,528 $ 1,411 Rocky Mountain $ 39,367 $ 1,162 $ 978 $ 34,719 $ 1,802 $ 2,583 South Texas $ 2,134 $ 408 $ 3 $ 4,708 $ 655 $ 64 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. June 30, 2019 December 31, 2018 $17.0 $22.0 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 six June 30, 2019 not

Note 3 - Income Taxes

Note 3 - Income Taxes	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. 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 six June 30, 2019 2018 no At December 31, 2018 $245.2 2018 $46.8 2018 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 June 30, 2019 not 382. $67.3 December 31, 2018 As of June 30, 2019 not 2013 2018 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 may 30% 2017 80% 2017, 100% not may

Note 4 - Long-term Debt

Note 4 - Long-term Debt	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Long-term Debt [Text Block]	4. The following is a description of the Company’s debt as of June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Senior secured credit facility $ 183,000 $ 180,000 Real estate lien note 3,227 3,358 186,227 183,358 Less current maturities (274 ) (267 ) $ 185,953 $ 183,091 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 June 30, 2019 $183.0 The credit facility has a maximum commitment of $300.0 June 30, 2019 $217.5 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% June 30, 2019 5.7% 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 June 30, 2019 June 30, 2019 8.12 1.00, 2.24 1.00, 1.10 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 June 30, 2019 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. June 30, 2019 December 31, 2018 $3.2 $3.4

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	5. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 11,678 $ (10,554 ) $ (13,777 ) $ 225 Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 166,491 165,162 165,727 164,812 Effect of dilutive securities: Stock options and restricted shares 858 - - 2,903 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 167,349 165,162 165,727 167,715 Net income (loss) per common share - basic $ 0.07 $ (0.06 ) $ (0.08 ) $ 0.00 Net income (loss) per common share - diluted $ 0.07 $ (0.06 ) $ (0.08 ) $ 0.00 Basic earnings 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 similar to basic; however diluted income (loss) per share reflects the assumed conversion of all potentially dilutive securities. For the three June 30, 2018, 3.2 six June 30, 2019, 869

Note 6 - Hedging Program and De

Note 6 - Hedging Program and Derivatives	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. 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 June 30, 2019 Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2019 July - December 4,097 $ 56.85 2020 January - December 3,023 $ 55.25 2021 January - December 2,051 $ 59.78 Basis Swaps 2019 July - December 4,000 $ 2.98 2020 January - December 4,000 $ 2.98 The following table illustrates the impact of derivative contracts on the Company’s balance sheet: Fair Value of Derivative Contracts as of June 30, 2019 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 $ 517 Derivatives – current $ 7,785 Commodity price derivatives Derivatives – long-term 4,394 Derivatives – long-term 3,529 $ 4,911 $ 11,314 Fair Value of Derivative Contracts as of December 31, 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 $ 9,602 Derivatives – current $ 616 Commodity price derivatives Derivatives – long-term 10,527 Derivatives – long-term 4,434 $ 20,129 $ 5,050

Note 7 - Financial Instruments

Note 7 - Financial Instruments	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. 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 June 30, 2019 December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of June 30, 2019 Assets: NYMEX fixed price derivative contracts $ — $ 4,911 $ — $ 4,911 Total Assets $ — $ 4,911 $ — $ 4,911 Liabilities: NYMEX fixed price derivative contracts $ — $ 3,394 $ — $ 3,394 NYMEX basis differential swaps — — 7,920 7,920 Total Liabilities $ — $ 3,394 $ 7,920 $ 11,314 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, 2018 Assets: NYMEX fixed price derivative contracts $ — $ 18,172 $ — $ 18,172 NYMEX basis differential swap contracts — — 1,957 1,957 Total Assets $ — $ 18,172 $ 1,957 $ 20,129 Liabilities: NYMEX fixed price derivative contracts $ — $ — $ — $ — NYMEX basis differential swaps — — 5,050 5,050 Total Liabilities $ — $ - $ 5,050 $ 5,050 The Company’s derivative contracts consisted of NYMEX-based fixed price swaps and basis differential swaps as of June 30, 2019 December 31, 2018 2. third third not 3. The following is additional information for the Company's recurring fair value measurements using significant unobservable inputs (Level 3 six June 30, 2019. Unobservable inputs at January 1, 2019 $ (3,093 ) Changes in market value (5,470 ) Settlements during the period 643 Unobservable inputs at June 30, 2019 $ (7,920 ) 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, 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.

Note 8 - Leases

Note 8 - Leases	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. We determine if an arrangement is a lease at inception of the arrangement. To the extent that we determine an arrangement represents a lease, we classify that lease as an operating lease or a finance lease. We currently do not one not Our operating leases are reflected as operating lease ROU assets, operating lease liability - current and long-term operating lease liabilities on our consolidated balance sheet. Operating lease ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. In addition to the present value of lease payments, the operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement and initial direct cost incurred less any lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Nature of Leases We lease certain real estate, field equipment and other equipment under cancelable and non-cancelable leases to support our operations. A more detailed description of our significant lease types is included below. Real Estate Leases We rent a residence in North Dakota from a third five not Field Equipment We rent compressors and coolers from third one thirty not twelve not third thirty not Discount Rate Our leases typically do not Practical Expedients and Accounting Policy Elections Certain of our lease agreements include lease and non-lease components. For all existing asset classes with multiple component types, we have utilized the practical expedient that exempts us from separating lease components from non-lease components. Accordingly, we account for the lease and non-lease components in an arrangement as a single lease component. In addition, for all of our existing asset classes, we have made an accounting policy election not 12 not not None The components of our total lease expense for the three six June 30, 2019 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 123 $ 240 Short-term lease expense (1) $ 475 $ 938 Total lease expense $ 598 $ 1,178 Short-term lease costs (2) $ 2,254 $ 3,771 ( 1 Short-term lease expense represents expense related to leases with a contract term of 12 ( 2 These short-term lease costs are related to leases with a contract term of 12 Supplemental balance sheet information related to our operating leases is included in the table below: June 30, 2019 Operating lease ROU assets $ 518 Operating lease liability - current $ 284 Operating lease liabilities - long-term $ 229 Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: June 30, 2019 Weighted Average Remaining Lease Term (in years) 5.42 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2019 $ 298 2020 88 2021 49 2022 43 2023 39 Thereafter 99 Total lease payments 616 Less imputed interest (103 ) Total lease liability $ 513 Supplemental cash flow information related to our operating leases is included in the table below: Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 123 $ 240 ROU assets added in exchange for lease obligations (since adoption) $ 48 $ 735

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 not

Note 10 - Subsequent Events

Note 10 - Subsequent Events	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	10. Subsequent to June 30, 2019, Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2019 August - December 1,438 $ 56.02 2020 January - December 754 $ 55.16 2021 January - December 756 $ 52.50

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Reclassification, Policy [Policy Text Block]	Reclassifications Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. These reclassifications had no
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 GAAP 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 Lease Accounting Standard In February 2016, The new standard was effective for us in the first 2019 January 1, 2019. no ● Not 12 ● Not ● Not January 1, 2019. The impact of adoption of this new standard on our balance sheet was as follows: January 1, 2019 Operating lease ROU asset $ 687 Operating lease liability - current $ (108 ) Operating lease liability - long-term $ (579 ) Leases acquired to explore for or use minerals, oil or natural gas resources, including the right to explore for those natural resources and rights to use the land in which those natural resources are contained, are not 8.
Share-based Payment Arrangement [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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 74 $ 574 $ 225 $ 914 The following table summarizes the Company’s stock option activity for the six June 30, 2019 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2018 7,549 $ 2.37 $ 1.68 Granted — — — Exercised (469 ) $ 0.98 $ 0.68 Forfeited (572 ) $ 3.00 $ 2.12 Outstanding, June 30, 2019 6,508 $ 2.41 $ 1.71 As of June 30, 2019 $0.3 2019 2022. 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 stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. The following table summarizes the Company’s restricted stock activity for the six June 30, 2019 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2018 827 $ 2.15 Granted 1,315 $ 1.34 Vested/Released (228 ) $ 2.22 Forfeited — $ - Unvested, June 30, 2019 1,914 $ 1.59 The following table summarizes the Company’s stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 277 $ 221 $ 420 $ 468 As of June 30, 2019 $2.5 2019 2022. Performance Based Restricted Stock The Company issues performance-based shares of restricted stock to certain officers and employees under the Abraxas Petroleum Corporation Amended and Restated 2005 three three zero 200% The table below provides a summary of Performance Based Restricted Stock as of the date indicated: Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2018 405 $ 2.37 Granted 803 $ 1.34 Vested/Released — $ - Forfeited — $ - Unvested, June 30, 2019 1,208 $ 1.69 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% Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 170 $ 84 $ 249 $ 84 As of June 30, 2019 $1.6 2019 2022.
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 June 30, 2019 2018 not In May 2019, $15.8 not no
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 six June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Beginning future site restoration obligation $ 7,492 $ 8,775 New wells placed on production and other 80 612 Deletions related to property disposals and plugging costs (487 ) (2,270 ) Accretion expense 220 516 Revisions and other 458 (141 ) Ending future site restoration obligation $ 7,763 $ 7,492

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	January 1, 2019 Operating lease ROU asset $ 687 Operating lease liability - current $ (108 ) Operating lease liability - long-term $ (579 )
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 74 $ 574 $ 225 $ 914 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 277 $ 221 $ 420 $ 468 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 $ 170 $ 84 $ 249 $ 84
Share-based Payment Arrangement, Option, 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, 2018 7,549 $ 2.37 $ 1.68 Granted — — — Exercised (469 ) $ 0.98 $ 0.68 Forfeited (572 ) $ 3.00 $ 2.12 Outstanding, June 30, 2019 6,508 $ 2.41 $ 1.71
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2018 827 $ 2.15 Granted 1,315 $ 1.34 Vested/Released (228 ) $ 2.22 Forfeited — $ - Unvested, June 30, 2019 1,914 $ 1.59
Schedule of Nonvested Performance-based Units Activity [Table Text Block]	Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2018 405 $ 2.37 Granted 803 $ 1.34 Vested/Released — $ - Forfeited — $ - Unvested, June 30, 2019 1,208 $ 1.69
Schedule of Change in Asset Retirement Obligation [Table Text Block]	June 30, 2019 December 31, 2018 Beginning future site restoration obligation $ 7,492 $ 8,775 New wells placed on production and other 80 612 Deletions related to property disposals and plugging costs (487 ) (2,270 ) Accretion expense 220 516 Revisions and other 458 (141 ) Ending future site restoration obligation $ 7,763 $ 7,492

Note 2 - Revenue From Contrac_2

Note 2 - Revenue From Contracts With Customers (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 15,562 $ 24 $ 27 $ 9,664 $ 609 $ 613 Rocky Mountain $ 17,567 $ 208 $ 238 $ 15,479 $ 674 $ 1,180 South Texas $ 1,017 $ 176 $ - $ 2,329 $ 325 $ 42 Six Months Ended June 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 24,626 $ 311 $ 340 $ 24,039 $ 1,528 $ 1,411 Rocky Mountain $ 39,367 $ 1,162 $ 978 $ 34,719 $ 1,802 $ 2,583 South Texas $ 2,134 $ 408 $ 3 $ 4,708 $ 655 $ 64

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 2019 December 31, 2018 Senior secured credit facility $ 183,000 $ 180,000 Real estate lien note 3,227 3,358 186,227 183,358 Less current maturities (274 ) (267 ) $ 185,953 $ 183,091

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net income (loss) $ 11,678 $ (10,554 ) $ (13,777 ) $ 225 Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 166,491 165,162 165,727 164,812 Effect of dilutive securities: Stock options and restricted shares 858 - - 2,903 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 167,349 165,162 165,727 167,715 Net income (loss) per common share - basic $ 0.07 $ (0.06 ) $ (0.08 ) $ 0.00 Net income (loss) per common share - diluted $ 0.07 $ (0.06 ) $ (0.08 ) $ 0.00

Note 6 - Hedging Program and _2

Note 6 - Hedging Program and Derivatives (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Derivative Instruments [Table Text Block]	Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2019 July - December 4,097 $ 56.85 2020 January - December 3,023 $ 55.25 2021 January - December 2,051 $ 59.78 Basis Swaps 2019 July - December 4,000 $ 2.98 2020 January - December 4,000 $ 2.98
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Fair Value of Derivative Contracts as of June 30, 2019 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 $ 517 Derivatives – current $ 7,785 Commodity price derivatives Derivatives – long-term 4,394 Derivatives – long-term 3,529 $ 4,911 $ 11,314 Fair Value of Derivative Contracts as of December 31, 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 $ 9,602 Derivatives – current $ 616 Commodity price derivatives Derivatives – long-term 10,527 Derivatives – long-term 4,434 $ 20,129 $ 5,050

Note 7 - Financial Instruments

Note 7 - Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 Assets: NYMEX fixed price derivative contracts $ — $ 4,911 $ — $ 4,911 Total Assets $ — $ 4,911 $ — $ 4,911 Liabilities: NYMEX fixed price derivative contracts $ — $ 3,394 $ — $ 3,394 NYMEX basis differential swaps — — 7,920 7,920 Total Liabilities $ — $ 3,394 $ 7,920 $ 11,314 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, 2018 Assets: NYMEX fixed price derivative contracts $ — $ 18,172 $ — $ 18,172 NYMEX basis differential swap contracts — — 1,957 1,957 Total Assets $ — $ 18,172 $ 1,957 $ 20,129 Liabilities: NYMEX fixed price derivative contracts $ — $ — $ — $ — NYMEX basis differential swaps — — 5,050 5,050 Total Liabilities $ — $ - $ 5,050 $ 5,050
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Unobservable inputs at January 1, 2019 $ (3,093 ) Changes in market value (5,470 ) Settlements during the period 643 Unobservable inputs at June 30, 2019 $ (7,920 )

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 123 $ 240 Short-term lease expense (1) $ 475 $ 938 Total lease expense $ 598 $ 1,178 Short-term lease costs (2) $ 2,254 $ 3,771 June 30, 2019 Weighted Average Remaining Lease Term (in years) 5.42 Weighted Average Discount Rate 6 % Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 123 $ 240 ROU assets added in exchange for lease obligations (since adoption) $ 48 $ 735
Schedule of Operating Leased Assets [Table Text Block]	June 30, 2019 Operating lease ROU assets $ 518 Operating lease liability - current $ 284 Operating lease liabilities - long-term $ 229
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases Remainder of 2019 $ 298 2020 88 2021 49 2022 43 2023 39 Thereafter 99 Total lease payments 616 Less imputed interest (103 ) Total lease liability $ 513

Note 10 - Subsequent Events (Ta

Note 10 - Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Subsequent Events [Table Text Block]	Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2019 August - December 1,438 $ 56.02 2020 January - December 754 $ 55.16 2021 January - December 756 $ 52.50

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	Apr. 01, 2018	May 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves			10.00%
Proceeds from Sale of Oil and Gas Property and Equipment			$ 16,805	$ 82
Non-operated Assets in the Balkans [Member]
Proceeds from Sale of Oil and Gas Property and Equipment		$ 15,800
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			300
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			2,500
Performance Shares [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			$ 1,600
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%

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Impact of Adoption (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating lease ROU asset	$ 518
Operating lease liability - current	(284)
Operating lease liability - long-term	$ (229)
Accounting Standards Update 2016-02 [Member]
Operating lease ROU asset		$ 687
Operating lease liability - current		(108)
Operating lease liability - long-term		$ (579)

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	$ 74	$ 574	$ 225	$ 914
Restricted Stock [Member]
Stock-based compensation expense	277	221	420	468
Performance Shares [Member]
Stock-based compensation expense	$ 170	$ 84	$ 249	$ 84

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Stock Option Activity (Details) - Share-based Payment Arrangement, Option [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Outstanding (in shares) | shares	7,549
Outstanding, weighted average option exercise price (in dollars per share)	$ 2.37
Outstanding, weighted average grant date fair value (in dollars per share)	$ 1.68
Granted (in shares) | shares
Granted, weighted average option exercise price (in dollars per share)
Granted, weighted average grant date fair value (in dollars per share)
Exercised (in shares) | shares	(469)
Exercised, weighted average option exercise price (in dollars per share)	$ 0.98
Exercised, weighted average grant date fair value (in dollars per share)	$ 0.68
Forfeited (in shares) | shares	(572)
Forfeited, weighted average option exercise price (in dollars per share)	$ 3
Forfeited, weighted average grant date fair value (in dollars per share)	$ 2.12
Outstanding (in shares) | shares	6,508
Outstanding, weighted average option exercise price (in dollars per share)	$ 2.41
Outstanding, weighted average grant date fair value (in dollars per share)	$ 1.71

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Unvested (in shares) | shares	827
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.15
Granted (in shares) | shares	1,315
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.34
Vested/Released (in shares) | shares	(228)
Vested/Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.22
Forfeited (in shares) | shares
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares
Unvested (in shares) | shares	1,914
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.59

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Unvested (in shares) | shares	405
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.37
Granted (in shares) | shares	803
Granted, weighted average option exercise price (in dollars per share) | $ / shares	$ 1.34
Vested/Released (in shares) | shares
Vested/Released, weighted average grant date fair value (in dollars per share) | $ / shares
Forfeited (in shares) | shares
Forfeited, weighted average option exercise price (in dollars per share) | $ / shares
Unvested (in shares) | shares	1,208
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.69

Note 1 - Basis of Presentatio_8

Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Beginning future site restoration obligation	$ 7,492	$ 8,775
New wells placed on production and other	80	612
Deletions related to property disposals and plugging costs	(487)	(2,270)
Accretion expense	220	516
Revisions and other	458	(141)
Ending future site restoration obligation	$ 7,763	$ 7,492

Note 2 - Revenue From Contrac_3

Note 2 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts Receivable, before Allowance for Credit Loss, Current	$ 17,023	$ 21,991

Note 2 - Revenue From Contrac_4

Note 2 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Oil Revenues [Member]
Revenue	$ 34,146	$ 27,472	$ 66,127	$ 63,466
Gas Revenues [Member]
Revenue	408	1,608	1,881	3,985
Natural Gas Liquids Revenues [Member]
Revenue	265	1,835	1,321	4,058
Permian / Delaware Basin [Member] | Oil Revenues [Member]
Revenue	15,562	9,664	24,626	24,039
Permian / Delaware Basin [Member] | Gas Revenues [Member]
Revenue	24	609	311	1,528
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member]
Revenue	27	613	340	1,411
Rocky Mountain [Member] | Oil Revenues [Member]
Revenue	17,567	15,479	39,367	34,719
Rocky Mountain [Member] | Gas Revenues [Member]
Revenue	208	674	1,162	1,802
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member]
Revenue	238	1,180	978	2,583
South Texas [Member] | Oil Revenues [Member]
Revenue	1,017	2,329	2,134	4,708
South Texas [Member] | Gas Revenues [Member]
Revenue	176	325	408	655
South Texas [Member] | Natural Gas Liquids Revenues [Member]
Revenue		$ 42	$ 3	$ 64

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance, Total					$ 67,300
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0		$ 0
Open Tax Year			2013 2014 2015 2016 2017 2018
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%
Pre 2018 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total					$ 245,200
Tax Year 2018 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total					$ 46,800
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 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual)	6 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
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	8.12
Total Debt to EBITDAX Ratio	2.24
Current Ratio	1.1
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	186,227,000	$ 183,358,000
Line of Credit [Member]
Long-term Line of Credit, Total	183,000,000
Line of Credit Facility, Maximum Borrowing Capacity	300,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 217,500,000
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%
Line of Credit Facility, Interest Rate at Period End	5.70%
Debt Instrument, Maturity Date	May 16, 2021
Debt Instrument, Collateral Eligible, Minimum Percent of PV-10 Required	90.00%
Long-term Debt, Total	$ 183,000,000	180,000,000
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%
Construction Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.90%
Debt Instrument, Periodic Payment, Total	$ 35,672
Long-term Debt, Total	$ 3,200,000	$ 3,400,000

Note 4 - Long-term Debt - Debt

Note 4 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Long-term debt	$ 186,227	$ 183,358
Long-term debt	186,227	183,358
Less current maturities	(274)	(267)
Long-term debt, noncurrent	185,953	183,091
Line of Credit [Member]
Long-term debt	183,000	180,000
Long-term debt	183,000	180,000
Mortgages [Member]
Long-term debt	3,227	3,358
Long-term debt	$ 3,227	$ 3,358

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,200	869

Note 5 - Earnings Per Share - C

Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net (loss) income	$ 11,678	$ (10,554)	$ (13,777)	$ 225
Basic (in shares)	166,491	165,162	165,727	164,812
Stock options and restricted shares (in shares)	858			2,903
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares (in shares)	167,349	165,162	165,727	167,715
Net income (loss) per common share - basic (in dollars per share)	$ 0.07	$ (0.06)	$ (0.08)	$ 0
Net income (loss) per common share - diluted (in dollars per share)	$ 0.07	$ (0.06)	$ (0.08)	$ 0

Note 6 - Hedging Program and _3

Note 6 - Hedging Program and Derivatives - Summary Position of Derivative Contracts (Details) - Oil - WTI [Member]	6 Months Ended
	Jun. 30, 2019bbl
Fixed Swap, Contract Period 2018 April - December [Member]
Daily volume (Barrel of Oil)	4,097
Swap price	56.85
Fixed Swap, Contract Period 2019 January - December [Member]
Daily volume (Barrel of Oil)	3,023
Swap price	55.25
Fixed Swap, Contract Period 2020 January - December [Member]
Daily volume (Barrel of Oil)	2,051
Swap price	59.78
Basis Swap, Contract Period 2019 April - December [Member]
Daily volume (Barrel of Oil)	4,000
Swap price	2.98
Basis Swap, Contract Period 2020 January - December [Member]
Daily volume (Barrel of Oil)	4,000
Swap price	2.98

Note 6 - Hedging Program and _4

Note 6 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative asset, current	$ 517	$ 9,602
Derivative liability, current	7,785	616
Derivative asset, long-term	4,394	10,527
Derivative asset	4,911	20,129
Derivative liability	11,314	5,050
Commodity Contract [Member] | Derivative Assets Current [Member]
Derivative asset, current	517	9,602
Commodity Contract [Member] | Derivative Liabilities Current [Member]
Derivative liability, current	7,785	616
Commodity Contract [Member] | Derivative Assets Noncurrent [Member]
Derivative asset, long-term	4,394	10,527
Commodity Contract [Member] | Derivative Liabilities Noncurrent [Member]
Derivative liability, long-term	$ 3,529	$ 4,434

Note 7 - Financial Instrument_2

Note 7 - Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivative assets	$ 4,911	$ 20,129
Derivative liabilities	11,314	5,050
Fair Value, Recurring [Member]
Derivative assets	4,911	20,129
Derivative liabilities	11,314	5,050
Fair Value, Recurring [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	4,911	18,172
Derivative liabilities	3,394
Fair Value, Recurring [Member] | Basis Differential Swap [Member]
Derivative assets		1,957
Derivative liabilities	7,920	5,050
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative assets
Derivative liabilities
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets
Derivative liabilities
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Basis Differential Swap [Member]
Derivative assets
Derivative liabilities
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative assets	4,911	18,172
Derivative liabilities	3,394
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	4,911	18,172
Derivative liabilities	3,394
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Basis Differential Swap [Member]
Derivative assets
Derivative liabilities
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative assets		1,957
Derivative liabilities	7,920	5,050
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets
Derivative liabilities
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Basis Differential Swap [Member]
Derivative assets		1,957
Derivative liabilities	$ 7,920	$ 5,050

Note 7 - Financial Instrument_3

Note 7 - Financial Instruments - Recurring Fair Value Measurements Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Unobservable inputs at January 1, 2019	$ (3,093)
Changes in market value	(5,470)
Settlements during the period	643
Unobservable inputs at June 30, 2019	$ (7,920)

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual)	Jun. 30, 2019
Lease for Residence in North Dakota [Member]
Lessee, Operating Lease, Term of Contract	5 years

Note 8 - Leases - Total Lease E

Note 8 - Leases - Total Lease Expense (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)		Jun. 30, 2019USD ($)
Operating lease cost	$ 123		$ 240
Short-term lease expense	475	[1]	938	[1]
Total lease expense	$ 598		$ 1,178
Weighted Average Remaining Lease Term (in years) (Year)	5 years 153 days		5 years 153 days
Weighted Average Discount Rate	6.00%		6.00%
Cash paid for amounts included in the measurement of lease liabilities	$ 123		$ 240
ROU assets added in exchange for lease obligations (since adoption)	48		735
Drilling Rig [Member]
Short-term lease expense	$ 2,254	[2]	$ 3,771	[2]
[1]	Short-term lease expense represents expense related to leases with a contract term of 12 months or less.
[2]	These short-term lease costs are related to leases with a contract term of 12 months or less which are related to drilling rigs and are capitalized as part of natural gas and oil properties on our balance sheet.

Note 8 - Leases - Balance Sheet

Note 8 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating lease ROU asset	$ 518
Operating lease liability - current	284
Operating lease liabilities - long-term	$ 229

Note 8 - Leases - Lease Liabili

Note 8 - Leases - Lease Liabilities Maturity (Details) $ in Thousands	Jun. 30, 2019USD ($)
Remainder of 2019	$ 298
2020	88
2021	49
2022	43
2023	39
Thereafter	99
Total lease payments	616
Less imputed interest	(103)
Total lease liability	$ 513

Note 10 - Subsequent Event - De

Note 10 - Subsequent Event - Derivative Contracts (Details) - Oil - WTI [Member]	1 Months Ended	6 Months Ended
	Aug. 08, 2019bbl	Jun. 30, 2019bbl
Fixed Swap, Contract Period 2020 January - December [Member]
Daily volume (Barrel of Oil)		2,051
Swap price		59.78
Subsequent Event [Member] | Fixed Swap, Contract Period 2019 August - December [Member]
Daily volume (Barrel of Oil)	1,438
Swap price	56.02
Subsequent Event [Member] | Fixed Swap, Contract Period 2020 January - December [Member]
Daily volume (Barrel of Oil)	754
Swap price	55.16
Subsequent Event [Member] | Fixed Swap, Contract Period 2021 January - December [Member]
Daily volume (Barrel of Oil)	756
Swap price	52.5