Abraxas Petroleum (AXAS) 10-Q 13 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 08, 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)		168,399,643
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $.01 per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 7,139	$ 867
Accounts receivable:
Joint owners, net	4,556	17,110
Oil and gas production sales	17,711	21,991
Other	1,002	535
Total accounts receivable	23,269	39,636
Derivative asset - short-term	4,388	9,602
Assets held for sale	7,876
Other current assets	921	626
Total current assets	43,593	50,731
Proved oil and gas properties, full cost method	1,153,672	1,091,905
Other property and equipment	39,580	39,453
Total	1,193,252	1,131,358
Less accumulated depreciation, depletion, amortization and impairment	(806,916)	(768,140)
Total property and equipment, net	386,336	363,218
Operating lease ROU asset	441
Deferred financing fees, net	822	1,149
Derivative asset, long-term	9,577	10,527
Other assets	255	265
Total assets	441,024	425,890
Current liabilities:
Accounts payable	32,542	39,571
Joint interest oil and gas production payable	19,062	23,063
Accrued interest	283	335
Other accrued expenses	1,235	511
Operating lease liability - current	189
Derivative liability short-term	5,560	616
Current maturities of long-term debt	276	267
Total current liabilities	59,147	64,363
Long-term debt – less current maturities	200,883	183,091
Operating lease liabilities - long-term	224
Derivative liability long-term	1,754	4,434
Future site restoration	7,443	7,492
Total liabilities	269,451	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; 168,399,643 and 166,713,784 issued and outstanding at September 30, 2019 and December 31, 2018, respectively	1,684	1,667
Additional paid-in capital	419,626
Accumulated deficit	(249,737)	(253,001)
Total stockholders’ equity	171,573	166,510
Total liabilities and stockholders’ equity	$ 441,024	$ 425,890

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 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)	168,399,643	166,713,784
Common stock, outstanding (in shares)	168,399,643	166,713,784

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Other	$ 21	$ 12	$ 26	$ 49
Revenues	31,536	41,625	100,870	113,171
Operating costs and expenses:
Lease operating	5,647	6,724	21,447	17,023
Production and ad valorem taxes	2,495	3,569	8,519	9,167
Rig expense			672
Depreciation, depletion, amortization and accretion	12,605	11,142	38,367	30,241
General and administrative (including stock-based compensation of $504; $428; $1,398 and $1,894, respectively)	2,736	2,586	8,169	8,379
Total operating cost and expenses	23,483	24,021	77,174	64,810
Operating income	8,053	17,604	23,696	48,361
Other (income) expense:
Interest income	(27)		(50)	(1)
Interest expense	2,951	1,952	8,706	4,644
Amortization of deferred financing fees	169	113	418	320
(Gain) 1oss on derivative contracts	(12,081)	13,568	11,358	41,215
Loss on sale of non-oil and gas assets		194		181
Total other (income) expense	(8,988)	15,827	20,432	46,359
Income before income tax	17,041	1,777	3,264	2,002
Income tax (expense) benefit	0	0	0	0
Net income	$ 17,041	$ 1,777	$ 3,264	$ 2,002
Net income per common share - basic (in dollars per share)	$ 0.10	$ 0.01	$ 0.02	$ 0.01
Net income per common share - diluted (in dollars per share)	$ 0.10	$ 0.01	$ 0.02	$ 0.01
Weighted average shares outstanding:
Basic (in shares)	166,572	165,392	166,046	165,083
Diluted (in shares)	169,599	167,629	166,493	167,865
Oil Revenues [Member]
Revenues:
Revenues	$ 31,228	$ 37,039	$ 97,355	$ 100,505
Gas Revenues [Member]
Revenues:
Revenues	226	1,897	2,107	5,882
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	$ 61	$ 2,677	$ 1,382	$ 6,735

Condensed Consolidated Statem_2

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 income			2,002	2,002
Stock-based compensation		1,894		1,894
Stock options exercised	$ 1	13		14
Restricted stock issued, net of forfeitures (in shares)	572,517
Restricted stock issued, net of forfeitures	$ 6	(6)
Balance at Sep. 30, 2018	$ 1,666	417,372	(308,820)	110,218
Stock options exercised (in shares)	147,400
Balance (in shares) at Sep. 30, 2018	166,609,818
Balance (in shares) at Jun. 30, 2018	166,711,210
Balance at Jun. 30, 2018	$ 416,944	(310,597)	1,667	108,014
Net income		1,777		1,777
Stock-based compensation	428			428
Stock options exercised			(1)	(1)
Restricted stock issued, net of forfeitures (in shares)	(103,539)
Restricted stock issued, net of forfeitures
Balance at Sep. 30, 2018	$ 1,666	417,372	(308,820)	$ 110,218
Stock options exercised (in shares)	2,147
Balance (in shares) at Sep. 30, 2018	166,609,818
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 income			3,264	3,264
Stock-based compensation		1,398		1,398
Stock options exercised	$ 4	397		401
Restricted stock issued, net of forfeitures (in shares)	1,262,490
Restricted stock issued, net of forfeitures	$ 13	(13)
Balance at Sep. 30, 2019	$ 1,684	419,626	(249,737)	$ 171,573
Stock options exercised (in shares)	423,369
Balance (in shares) at Sep. 30, 2019	168,399,643			168,399,643
Balance (in shares) at Jun. 30, 2019	168,452,060
Balance at Jun. 30, 2019	$ 1,684	419,122	(266,778)	$ 154,028
Net income			17,041	17,041
Stock-based compensation		504		504
Stock options exercised
Restricted stock issued, net of forfeitures (in shares)	(52,417)
Restricted stock issued, net of forfeitures
Balance at Sep. 30, 2019	$ 1,684	$ 419,626	$ (249,737)	$ 171,573
Balance (in shares) at Sep. 30, 2019	168,399,643			168,399,643

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net income	$ 3,264	$ 2,002
Adjustments to reconcile net income to net cash provided by operating activities:
Loss on sale of non-oil and gas assets		181
Net loss on derivative contracts	11,358	41,215
Net cash settlements paid on derivative contracts	(2,930)	(16,575)
Depreciation, depletion, amortization and accretion	38,367	30,241
Amortization of deferred financing fees	418	320
Stock-based compensation	1,398	1,894
Settlement of asset retirement obligation	(474)
Changes in operating assets and liabilities:
Accounts receivable	16,367	(14,326)
Other assets	(502)	1,727
Accounts payable and accrued expenses	(6,249)	20,025
Net cash provided by operating activities	61,017	66,704
Investing Activities
Capital expenditures, including purchases and development of properties	(89,621)	(132,989)
Proceeds from the sale of oil and gas properties	16,765	3,116
Proceeds from the sale of non-oil and gas assets		26
Net cash used in investing activities	(72,856)	(129,847)
Financing Activities
Proceeds from long-term borrowings	38,000	93,000
Payments on long-term borrowings	(20,199)	(31,193)
Deferred financing fees	(91)	(296)
Exercise of stock options	401	14
Net cash provided by financing activities	18,111	61,525
Increase (decrease) in cash and cash equivalents	6,272	(1,618)
Cash and cash equivalents at beginning of period	867	1,618
Cash and cash equivalents at end of period	7,139
Supplemental disclosures of cash flow information:
Interest paid	8,706	4,402
Non-cash investing and financing activities
Properties classified as held for sale	7,876
Change in capital expenditures included in accounts payable	(3,445)	(3,823)
Change in asset retirement obligations	$ (379)	$ (1,436)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. The accounting policies we follow as of January 1, 2019 10 December 31, 2018 March 15, 2019. not not not three nine September 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 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 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, The new standard was effective 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. Stock-Based Compensation and Option Plans Stock Options We currently utilize 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 our stock-based compensation expense related to stock options for the periods presented: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 76 $ 327 $ 301 $ 1,241 The following table summarizes our stock option activity for the nine September 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 (589 ) $ 3.02 $ 2.14 Outstanding, September 30, 2019 6,491 $ 2.41 $ 1.71 As of September 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 us 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 our restricted stock activity for the nine September 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 (52 ) $ 1.65 Unvested, September 30, 2019 1,862 $ 1.58 The following table summarizes our stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 273 $ 26 $ 694 $ 494 As of September 30, 2019 $2.2 2019 2022. Performance Based Restricted Stock We issue 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 (43 ) $ 1.57 Unvested, September 30, 2019 1,165 $ 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 our 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 155 $ 75 $ 403 $ 159 As of September 30, 2019 $1.3 2019 2022. Oil and Gas Properties We follow 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, 2019 2018 not In May 2019, $15.8 not no Assets Held for Sale At September 30, 2019, two Assets held for sale" September 30, 2019. $7.9 October 18, 2019 November 1, 2019, 10., Restoration, Removal and Environmental Liabilities We are 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. We account for future site restoration obligations based on the guidance of ASC 410 410 The following table summarizes our future site restoration obligation transactions for the nine September 30, 2019 December 31, 2018 September 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 (945 ) (2,270 ) Accretion expense 330 516 Revisions and other 486 (141 ) Ending future site restoration obligation $ 7,443 $ 7,492

Note 2 - Revenue From Contracts

Note 2 - Revenue From Contracts With Customers	9 Months Ended
	Sep. 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. Our 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. We believe that the pricing provisions of our oil, gas and NGL contracts are customary in the industry. Oil sales Our oil sales contracts are generally structured such that we sell our 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. We recognize 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 our gas processing contracts, we deliver 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 us based upon either (i) the resulting sales price of NGL and residue gas received by the midstream processing entity from third In these scenarios, we evaluate whether the midstream processing entity is the principal or the agent in the transaction. In our gas purchase contracts, we have concluded that the midstream processing entity is the agent, and thus, the midstream processing entity is our customer. Accordingly, we recognize revenue upon delivery to the midstream processing entity based on the net amount of the proceeds received from the midstream processing entity. Disaggregation of Revenue We are focused on the development of oil and natural gas properties primarily located in the following three 10, November 1, 2019. Three Months Ended September 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 14,315 $ 66 $ 80 $ 11,433 $ 681 $ 890 Rocky Mountain $ 16,157 $ 14 $ (19 ) $ 23,743 $ 939 $ 1,741 South Texas $ 756 $ 146 $ - $ 1,863 $ 277 $ 46 Nine Months Ended September 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 38,940 $ 377 $ 421 $ 35,471 $ 2,209 $ 2,301 Rocky Mountain $ 55,524 $ 1,176 $ 958 $ 58,462 $ 2,740 $ 4,324 South Texas $ 2,891 $ 554 $ 3 $ 6,572 $ 933 $ 110 Significant Judgments Principal versus agent We engage in various types of transactions in which midstream entities process our gas and subsequently market resulting NGL and residue gas to third Transaction price allocated to remaining performance obligations A significant number of our 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 our product sales contracts, we are entitled to payment from purchasers once our performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional. We record 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, 2019 December 31, 2018 $17.7 $22.0 Prior-period performance obligations We record 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 We record the differences between our estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Any identified differences between our revenue estimates and actual revenue received historically have not three nine September 30, 2019 September 30, 2018 not

Note 3 - Income Taxes

Note 3 - Income Taxes	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. 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, 2019 2018 no At December 31, 2018 $245.2 2018 $25.2 2018 2018 2023 2038, not 100% January 1, 2018 80% January 1, 2018 no The use of our NOLs will be limited if there is an "ownership change" in our common stock, generally a cumulative ownership change exceeding 50% three 382 September 30, 2019 not 382. $67.3 December 31, 2018 September 30, 2019 As of September 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	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Long-term Debt [Text Block]	4. The following is a description of our debt as of September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Senior secured credit facility $ 198,000 $ 180,000 Real estate lien note 3,159 3,358 201,159 183,358 Less current maturities (276 ) (267 ) $ 200,883 $ 183,091 Credit Facility We have a senior secured credit facility with Société Générale, as administrative agent and issuing lender, and certain other lenders, which we refer to as the credit facility. As of September 30, 2019 $198.0 At September 30, 2019, $300.0 September 30, 2019 $207.5 $135.0 November [ ], 2019. 10., 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, 2019 5.5% Subject to earlier termination rights and events of default, the stated maturity date of the credit facility is May 16, 2022. not Each of our subsidiaries has guaranteed our obligations under the credit facility on a senior secured basis. Obligations under the credit facility are secured by a first 90% 10 Under the credit facility, we are subject to customary covenants, including certain financial covenants and reporting requirements. We are required to maintain a current ratio, as 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 not 12 815 410 20. four . At September 30, 2019 10, No. 9 September 30, 2019 7.20 1.00, 2.49 1.00, 0.91 1.00. September 30, 2019. 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 • that we maintain liquidity of no $15.0 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, 2019, Real Estate Lien Note We have a real estate lien note secured by a first June 20, 2018 4.9% $35,672. July 20, 2023. September 30, 2019 December 31, 2018 $3.2 $3.4

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income $ 17,041 $ 1,777 $ 3,264 $ 2,002 Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 166,572 165,392 166,046 165,083 Effect of dilutive securities: Stock options and restricted shares 3,027 2,237 447 2,782 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 169,599 167,629 166,493 167,865 Net income per common share - basic $ 0.10 $ 0.01 $ 0.02 $ 0.01 Net income per common share - diluted $ 0.10 $ 0.01 $ 0.02 $ 0.01 Basic earnings per share, excluding any dilutive effects of stock options and unvested restricted stock, 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 similar to basic; however diluted income per share reflects the assumed conversion of all potentially dilutive securities.

Note 6 - Hedging Program and De

Note 6 - Hedging Program and Derivatives	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Hedging Program and Derivatives The derivative contracts we utilize 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, 2019 Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2019 October - December 5,268 $ 56.63 2020 January - December 3,777 $ 55.23 2021 January - December 2,808 $ 57.82 Basis Swaps 2019 October - December 4,000 $ 2.98 2020 January - December 4,000 $ 2.98 The following table illustrates the impact of derivative contracts on our balance sheet: Fair Value of Derivative Contracts as of September 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 $ 4,388 Derivatives – current $ 5,560 Commodity price derivatives Derivatives – long-term 9,577 Derivatives – long-term 1,754 $ 13,965 $ 7,314 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	9 Months Ended
	Sep. 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. Our 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. We are 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 our assets and liabilities measured at fair value on a recurring basis as of September 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 September 30, 2019 Assets: NYMEX fixed price derivative contracts $ — $ 13,965 $ — $ 13,965 Total Assets $ — $ 13,965 $ — $ 13,965 Liabilities: NYMEX fixed price derivative contracts $ — $ 335 $ — $ 335 NYMEX basis differential swaps — — 6,979 6,979 Total Liabilities $ — $ 335 $ 6,979 $ 7,314 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 As of September 30, 2019 December 31, 2018 2. third third not 3. The following is additional information for our recurring fair value measurements using significant unobservable inputs (Level 3 nine September 30, 2019. Unobservable inputs at January 1, 2019 $ (3,093 ) Changes in market value (5,785 ) Settlements during the period 1,899 Unobservable inputs at September 30, 2019 $ (6,979 ) Nonrecurring Fair Value Measurements We follow 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 our cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. The carrying value of our debt approximates fair value as the interest rates are market rates and this debt is considered Level 2.

Note 8 - Leases

Note 8 - Leases	9 Months Ended
	Sep. 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 nine September 30, 2019 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 119 $ 359 Short-term lease expense (1) $ 503 $ 1,442 Total lease expense $ 622 $ 1,801 Short-term lease costs (2) $ 1,130 $ 4,900 ( 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: September 30, 2019 Operating lease ROU assets $ 441 Operating lease liability - current $ 189 Operating lease liabilities - long-term $ 224 Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: September 30, 2019 Weighted Average Remaining Lease Term (in years) 6.64 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2019 $ 206 2020 76 2021 49 2022 43 2023 37 Thereafter 103 Total lease payments 514 Less imputed interest (101 ) Total lease liability $ 413 Supplemental cash flow information related to our operating leases is included in the table below: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 119 $ 359 ROU assets added in exchange for lease obligations (since adoption) $ 35 $ 770

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. From time to time, we are involved in litigation relating to claims arising out of our operations in the normal course of business. At September 30, 2019 not

Note 10 - Subsequent Events

Note 10 - Subsequent Events	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	10. Divestitures As of September 30, 2019, two October 18, 2019 November 1, 2019. $7.9 September 30, 2019. Master Assignment and Acceptance Agreement, Waiver, and Amendment No. 9 On November [__], 2019, No. 9 For the fiscal quarter ended September 30, 2019, 1.00 1.00, not $207.5 $135.0 Second Lien Credit Facility On November [__], 2019, second second $100.0 Outstanding amounts under the second 8.00%, 9.0%, three 3% second 3.50% Subject to earlier termination rights and events of default, the stated maturity date of the second November [__], 2022. three second first first 305 305, Each of our subsidiaries has guaranteed our obligations under the second second first second 90% 9 95% 9 Under the second not 1.00 1.00. not 4.00 1.00. not 1.25 1.00 December 31, 2019 December 31, 2020, not 1.45 1.00 March 31, 2020 December 31, 2021, not 1.55 1.00 815, 815. four November 13, 2008, 815 718, not $2.0 12 not not $1.0 12 815. 9, 9 9 no 20% 9 9” 9 9” 9 first not not six eighteen 18 The second ● 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 second

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 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 We currently utilize 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 our stock-based compensation expense related to stock options for the periods presented: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 76 $ 327 $ 301 $ 1,241 The following table summarizes our stock option activity for the nine September 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 (589 ) $ 3.02 $ 2.14 Outstanding, September 30, 2019 6,491 $ 2.41 $ 1.71 As of September 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 us 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 our restricted stock activity for the nine September 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 (52 ) $ 1.65 Unvested, September 30, 2019 1,862 $ 1.58 The following table summarizes our stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 273 $ 26 $ 694 $ 494 As of September 30, 2019 $2.2 2019 2022. Performance Based Restricted Stock We issue 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 (43 ) $ 1.57 Unvested, September 30, 2019 1,165 $ 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 our 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 155 $ 75 $ 403 $ 159 As of September 30, 2019 $1.3 2019 2022.
Oil and Gas Properties Policy [Policy Text Block]	Oil and Gas Properties We follow 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, 2019 2018 not In May 2019, $15.8 not no Assets Held for Sale At September 30, 2019, two Assets held for sale" September 30, 2019. $7.9 October 18, 2019 November 1, 2019, 10.,
Asset Retirement Obligation and Environmental Cost [Policy Text Block]	Restoration, Removal and Environmental Liabilities We are 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. We account for future site restoration obligations based on the guidance of ASC 410 410 The following table summarizes our future site restoration obligation transactions for the nine September 30, 2019 December 31, 2018 September 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 (945 ) (2,270 ) Accretion expense 330 516 Revisions and other 486 (141 ) Ending future site restoration obligation $ 7,443 $ 7,492

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 76 $ 327 $ 301 $ 1,241 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 273 $ 26 $ 694 $ 494 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 $ 155 $ 75 $ 403 $ 159
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 (589 ) $ 3.02 $ 2.14 Outstanding, September 30, 2019 6,491 $ 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 (52 ) $ 1.65 Unvested, September 30, 2019 1,862 $ 1.58
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 (43 ) $ 1.57 Unvested, September 30, 2019 1,165 $ 1.69
Schedule of Change in Asset Retirement Obligation [Table Text Block]	September 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 (945 ) (2,270 ) Accretion expense 330 516 Revisions and other 486 (141 ) Ending future site restoration obligation $ 7,443 $ 7,492

Note 2 - Revenue From Contrac_2

Note 2 - Revenue From Contracts With Customers (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 14,315 $ 66 $ 80 $ 11,433 $ 681 $ 890 Rocky Mountain $ 16,157 $ 14 $ (19 ) $ 23,743 $ 939 $ 1,741 South Texas $ 756 $ 146 $ - $ 1,863 $ 277 $ 46 Nine Months Ended September 30, 2019 2018 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 38,940 $ 377 $ 421 $ 35,471 $ 2,209 $ 2,301 Rocky Mountain $ 55,524 $ 1,176 $ 958 $ 58,462 $ 2,740 $ 4,324 South Texas $ 2,891 $ 554 $ 3 $ 6,572 $ 933 $ 110

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, 2019 December 31, 2018 Senior secured credit facility $ 198,000 $ 180,000 Real estate lien note 3,159 3,358 201,159 183,358 Less current maturities (276 ) (267 ) $ 200,883 $ 183,091

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net income $ 17,041 $ 1,777 $ 3,264 $ 2,002 Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 166,572 165,392 166,046 165,083 Effect of dilutive securities: Stock options and restricted shares 3,027 2,237 447 2,782 Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 169,599 167,629 166,493 167,865 Net income per common share - basic $ 0.10 $ 0.01 $ 0.02 $ 0.01 Net income per common share - diluted $ 0.10 $ 0.01 $ 0.02 $ 0.01

Note 6 - Hedging Program and _2

Note 6 - Hedging Program and Derivatives (Tables)	9 Months Ended
	Sep. 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 October - December 5,268 $ 56.63 2020 January - December 3,777 $ 55.23 2021 January - December 2,808 $ 57.82 Basis Swaps 2019 October - 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 September 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 $ 4,388 Derivatives – current $ 5,560 Commodity price derivatives Derivatives – long-term 9,577 Derivatives – long-term 1,754 $ 13,965 $ 7,314 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)	9 Months Ended
	Sep. 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 September 30, 2019 Assets: NYMEX fixed price derivative contracts $ — $ 13,965 $ — $ 13,965 Total Assets $ — $ 13,965 $ — $ 13,965 Liabilities: NYMEX fixed price derivative contracts $ — $ 335 $ — $ 335 NYMEX basis differential swaps — — 6,979 6,979 Total Liabilities $ — $ 335 $ 6,979 $ 7,314 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 (5,785 ) Settlements during the period 1,899 Unobservable inputs at September 30, 2019 $ (6,979 )

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 119 $ 359 Short-term lease expense (1) $ 503 $ 1,442 Total lease expense $ 622 $ 1,801 Short-term lease costs (2) $ 1,130 $ 4,900 September 30, 2019 Weighted Average Remaining Lease Term (in years) 6.64 Weighted Average Discount Rate 6 % Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 119 $ 359 ROU assets added in exchange for lease obligations (since adoption) $ 35 $ 770
Schedule of Operating Leased Assets [Table Text Block]	September 30, 2019 Operating lease ROU assets $ 441 Operating lease liability - current $ 189 Operating lease liabilities - long-term $ 224
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases Remainder of 2019 $ 206 2020 76 2021 49 2022 43 2023 37 Thereafter 103 Total lease payments 514 Less imputed interest (101 ) Total lease liability $ 413

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) $ in Thousands	Apr. 01, 2018	May 31, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
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			$ 16,765	$ 3,116
Properties in Reeves Country Texas [Member]
Number of Non-operated Properties			2
Properties in Reeves Country Texas and South Texas Asset [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 7,900
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			2,200
Performance Shares [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			$ 1,300
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	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating lease ROU asset	$ 441
Operating lease liability - current	(189)
Operating lease liability - long-term	$ (224)
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	$ 76	$ 327	$ 301	$ 1,241
Restricted Stock [Member]
Stock-based compensation expense	273	26	694	494
Performance Shares [Member]
Stock-based compensation expense	$ 155	$ 75	$ 403	$ 159

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Stock Option Activity (Details) - Share-based Payment Arrangement, Option [Member] shares in Thousands	9 Months Ended
	Sep. 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	(589)
Forfeited, weighted average option exercise price (in dollars per share)	$ 3.02
Forfeited, weighted average grant date fair value (in dollars per share)	$ 2.14
Outstanding (in shares) | shares	6,491
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	9 Months Ended
	Sep. 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	(52)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.65
Unvested (in shares) | shares	1,862
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.58

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands	9 Months Ended
	Sep. 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	(43)
Forfeited, weighted average option exercise price (in dollars per share) | $ / shares	$ 1.57
Unvested (in shares) | shares	1,165
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	9 Months Ended	12 Months Ended
	Sep. 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	(945)	(2,270)
Accretion expense	330	516
Revisions and other	486	(141)
Ending future site restoration obligation	$ 7,443	$ 7,492

Note 2 - Revenue From Contrac_3

Note 2 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts Receivable, before Allowance for Credit Loss, Current	$ 17,711	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Oil Revenues [Member]
Revenue	$ 31,228	$ 37,039	$ 97,355	$ 100,505
Gas Revenues [Member]
Revenue	226	1,897	2,107	5,882
Natural Gas Liquids Revenues [Member]
Revenue	61	2,677	1,382	6,735
Permian / Delaware Basin [Member] | Oil Revenues [Member]
Revenue	14,315	11,433	38,940	35,471
Permian / Delaware Basin [Member] | Gas Revenues [Member]
Revenue	66	681	377	2,209
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member]
Revenue	80	890	421	2,301
Rocky Mountain [Member] | Oil Revenues [Member]
Revenue	16,157	23,743	55,524	58,462
Rocky Mountain [Member] | Gas Revenues [Member]
Revenue	14	939	1,176	2,740
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member]
Revenue	(19)	1,741	958	4,324
South Texas [Member] | Oil Revenues [Member]
Revenue	756	1,863	2,891	6,572
South Texas [Member] | Gas Revenues [Member]
Revenue	146	277	554	933
South Texas [Member] | Natural Gas Liquids Revenues [Member]
Revenue		$ 46	$ 3	$ 110

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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					$ 25,200
Earliest Tax Year [Member]
Operating Loss Carryforwards, Expiration Date					Jan. 1, 2023

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual)	9 Months Ended
	Sep. 30, 2019USD ($)	Nov. 12, 2019USD ($)	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	7.2
Total Debt to EBITDAX Ratio	2.49
Current Ratio	0.91
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
Line of Credit Covenant, Cash on Hand and Availability, Minimum Liquidity Requirement, End of Month	15,000,000
Long-term Debt, Total	201,159,000		$ 183,358,000
Line of Credit [Member]
Long-term Line of Credit, Total	198,000,000
Line of Credit Facility, Maximum Borrowing Capacity	300,000,000
Line of Credit Facility, Current Borrowing Capacity	$ 207,500,000
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	5.50%
Debt Instrument, Collateral Eligible, Minimum Percent of PV-10 Required	90.00%
Long-term Debt, Total	$ 198,000,000		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%
Line of Credit [Member] | Subsequent Event [Member]
Line of Credit Facility, Current Borrowing Capacity		$ 135,000,000
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	Sep. 30, 2019	Dec. 31, 2018
Long-term debt	$ 201,159	$ 183,358
Less current maturities	(276)	(267)
Long-term debt, noncurrent	200,883	183,091
Line of Credit [Member]
Long-term debt	198,000	180,000
Mortgages [Member]
Long-term debt	$ 3,159	$ 3,358

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ 17,041	$ 1,777	$ 3,264	$ 2,002
Basic (in shares)	166,572	165,392	166,046	165,083
Stock options and restricted shares (in shares)	3,027	2,237	447	2,782
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares (in shares)	169,599	167,629	166,493	167,865
Net income per common share - basic (in dollars per share)	$ 0.10	$ 0.01	$ 0.02	$ 0.01
Net income per common share - diluted (in dollars per share)	$ 0.10	$ 0.01	$ 0.02	$ 0.01

Note 6 - Hedging Program and _3

Note 6 - Hedging Program and Derivatives - Summary Position of Derivative Contracts (Details) - Oil - WTI [Member]	9 Months Ended
	Sep. 30, 2019bbl
Fixed Swap, Contract Period 2018 April - December [Member]
2019 October - December (Barrel of Oil)	5,268
2019 October - December	56.63
Fixed Swap, Contract Period 2019 January - December [Member]
2019 October - December (Barrel of Oil)	3,777
2019 October - December	55.23
Fixed Swap, Contract Period 2020 January - December [Member]
2019 October - December (Barrel of Oil)	2,808
2019 October - December	57.82
Basis Swap, Contract Period 2019 April - December [Member]
2019 October - December (Barrel of Oil)	4,000
2019 October - December	2.98
Basis Swap, Contract Period 2020 January - December [Member]
2019 October - December (Barrel of Oil)	4,000
2019 October - December	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	Sep. 30, 2019	Dec. 31, 2018
Derivative asset, current	$ 4,388	$ 9,602
Derivative liability, current	5,560	616
Derivative asset, long-term	9,577	10,527
Derivative asset	13,965	20,129
Derivative liability	7,314	5,050
Commodity Contract [Member] | Derivative Assets Current [Member]
Derivative asset, current	4,388	9,602
Commodity Contract [Member] | Derivative Liabilities Current [Member]
Derivative liability, current	5,560	616
Commodity Contract [Member] | Derivative Assets Noncurrent [Member]
Derivative asset, long-term	9,577	10,527
Commodity Contract [Member] | Derivative Liabilities Noncurrent [Member]
Derivative liability, long-term	$ 1,754	$ 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	Sep. 30, 2019	Dec. 31, 2018
Derivative assets	$ 13,965	$ 20,129
Derivative liabilities	7,314	5,050
Fair Value, Recurring [Member]
Derivative assets	13,965	20,129
Derivative liabilities	7,314	5,050
Fair Value, Recurring [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	13,965	18,172
Derivative liabilities	335
Fair Value, Recurring [Member] | Basis Differential Swap [Member]
Derivative assets		1,957
Derivative liabilities	6,979	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	13,965	18,172
Derivative liabilities	335
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	13,965	18,172
Derivative liabilities	335
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	6,979	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	$ 6,979	$ 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	9 Months Ended
	Sep. 30, 2019USD ($)
Unobservable inputs at January 1, 2019	$ (3,093)
Changes in market value	(5,785)
Settlements during the period	1,899
Unobservable inputs at September 30, 2019	$ (6,979)

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual)	Sep. 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		9 Months Ended
	Sep. 30, 2019USD ($)		Sep. 30, 2019USD ($)
Operating lease cost	$ 119		$ 359
Short-term lease expense	503	[1]	1,442	[1]
Total lease expense	$ 622		$ 1,801
Weighted Average Remaining Lease Term (in years) (Year)	6 years 233 days		6 years 233 days
Weighted Average Discount Rate	6.00%		6.00%
Cash paid for amounts included in the measurement of lease liabilities	$ 119		$ 359
ROU assets added in exchange for lease obligations (since adoption)	35		770
Drilling Rig [Member]
Short-term lease expense	$ 1,130	[2]	$ 4,900	[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	Sep. 30, 2019	Dec. 31, 2018
Operating lease ROU asset	$ 441
Operating lease liability - current	189
Operating lease liabilities - long-term	$ 224

Note 8 - Leases - Lease Liabili

Note 8 - Leases - Lease Liabilities Maturity (Details) $ in Thousands	Sep. 30, 2019USD ($)
Remainder of 2019	$ 206
2020	76
2021	49
2022	43
2023	37
Thereafter	103
Total lease payments	514
Less imputed interest	(101)
Total lease liability	$ 413

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) $ in Millions	Nov. 12, 2019USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Financial Covenants, Minimum Current Ratio			1
Financial Covenants, Total Debt to EBITDAX Ratio			3.5
Line of Credit [Member]
Financial Covenants, Minimum Current Ratio		1
Line of Credit Facility, Current Borrowing Capacity		$ 207.5	$ 207.5
Line of Credit [Member] | Second Lien Credit Facility [Member] | Subsequent Event [Member]
Financial Covenants, Minimum Current Ratio	1
Line of Credit Facility, Maximum Borrowing Capacity	$ 100
Line of Credit, Default, Minimum Interest Rate	3.00%
Debt Instrument, Original Issue Discount	3.50%
Debt Instrument, Collateral Eligible, Minimum Percent of PV-9 Proven Reserves	90.00%
Debt Instrument, Collateral Eligible, Minimum Percent of PV-9 Required PDP Reserves	95.00%
Financial Covenants, Total Debt to EBITDAX Ratio	4
Financial Covenants, Minimum Asset Coverage Ratio in Year One	1.25
Financial Covenants, Minimum Asset Coverage Ratio in Year Two	1.45
Financial Covenants, Minimum Asset Coverage Ratio Thereafter	1.55
Debt Instrument Covenants, Maximum Aggregate Acquisition Expenses Included in Determining EBITDAX	$ 2
Debt Instrument Covenants, Maxmimum Aggregate Extraordinary Expenses Included in Determining EBITDAX	$ 1
Properties in Reeves Country Texas [Member]
Number of Non-operated Properties		2	2
Properties in Reeves Country Texas and South Texas Asset [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 7.9