Abraxas Petroleum (AXAS) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Document Information [Line Items]
Entity Central Index Key	0000867665
Entity Registrant Name	ABRAXAS PETROLEUM CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-16071
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	74-2584033
Entity Address, Address Line One	18803 Meisner Drive
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78258
City Area Code	210
Local Phone Number	490-4788
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	AXAS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		168,069,305

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 0	$ 0
Accounts receivable:
Joint owners, net	0	2,397
Oil and gas production sales	2,788	16,985
Other	7,497	263
Total accounts receivable	10,285	19,645
Derivative asset - short-term	20,057	83
Other current assets	1,034	1,193
Total current assets	31,376	20,921
Proved oil and gas properties, full cost method	1,168,063	1,162,094
Other property and equipment	39,428	39,295
Total	1,207,491	1,201,389
Less accumulated depreciation, depletion, amortization and impairment	(965,815)	(872,431)
Total property and equipment, net	241,676	328,958
Operating lease right-of-use assets	273	327
Derivative asset, long-term	26,443	4,170
Other assets	255	255
Total assets	300,023	354,631
Current liabilities:
Accounts payable	10,183	19,280
Joint interest oil and gas production payable	3,307	18,050
Accrued interest	282	133
Accrued insurance claim and other expenses	8,301	361
Operating lease liability - current	77	98
Derivative liability short-term	2,570	10,688
Current maturities of long-term debt	288	280
Other current liabilities	196	582
Total current liabilities	25,204	49,472
Long-term debt – less current maturities	203,071	192,718
Operating lease liabilities - long-term	169	203
Other long-term liabilities	1,375	0
Derivative liability long-term	0	999
Future site restoration	7,599	7,420
Total liabilities	237,418	250,812
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	0	0
Common stock, par value $0.01 per share, authorized 400,000,000 shares; 168,069,305 and 168,361,061 issued and outstanding at June 30, 2020 and December 31, 2019, respectively	1,681	1,684
Additional paid-in capital	420,742	420,140
Accumulated deficit	(359,818)	(318,005)
Total stockholders’ equity	62,605	103,819
Total liabilities and stockholders’ equity	$ 300,023	$ 354,631

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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)	168,069,305	168,361,061
Common stock, outstanding (in shares)	168,069,305	168,361,061

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Other	$ (2)	$ 1	$ 6	$ 5
Total revenue	1,993	34,820	17,719	69,334
Operating costs and expenses:
Lease operating	3,059	8,066	8,345	15,800
Production and ad valorem taxes	556	2,926	2,093	6,024
Rig expense	240	0	539	672
Depreciation, depletion, amortization and accretion	2,755	12,188	12,034	25,762
Proved property impairment	54,898	0	81,557	0
General and administrative (including stock-based compensation of $369 ,$521, $599 and $894, respectively)	1,959	2,705	4,406	5,433
Total operating cost and expenses	63,467	25,885	108,974	53,691
Operating (loss) income	(61,474)	8,935	(91,255)	15,643
Other (income) expense:
Interest income	(9)	0	(18)	0
Interest expense	5,507	2,765	9,893	5,732
Amortization of deferred financing fees	392	128	521	249
Loss (gain) on derivative contracts	15,892	(5,636)	(59,838)	23,439
Total other expense (income)	21,782	(2,743)	(49,442)	29,420
( Loss) income before income tax	(83,256)	11,678	(41,813)	(13,777)
Income tax (expense) benefit	0	0	0	0
Net (loss) income	$ (83,256)	$ 11,678	$ (41,813)	$ (13,777)
Net (loss) income per common share - basic (in dollars per share)	$ (0.50)	$ 0.07	$ (0.25)	$ (0.08)
Net (loss) income per common share - diluted (in dollars per share)	$ (0.50)	$ 0.07	$ (0.25)	$ (0.08)
Weighted average shares outstanding:
Basic (in shares)	167,243	166,491	167,369	165,727
Diluted (in shares)	167,243	167,349	167,369	165,727
Oil Revenues [Member]
Revenues:
Revenues	$ 1,970	$ 34,146	$ 17,505	$ 66,127
Gas Revenues [Member]
Revenues:
Revenues	22	408	108	1,881
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	$ 3	$ 265	$ 100	$ 1,321

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-based compensation	$ 369	$ 521	$ 599	$ 894

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, 2018	166,713,784
Balance at Dec. 31, 2018	$ 1,667	$ 417,844	$ (253,001)	$ 166,510
Net income (loss)	0	0	(13,777)	(13,777)
Stock-based compensation	0	894	0	894
Stock options exercised	$ 4	397	0	401
Stock options exercised (in shares)	423,369
Restricted stock issued, net of forfeitures (in shares)	1,314,907
Balance (in shares) at Jun. 30, 2019	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 income (loss)	0	0	11,678	11,678
Stock-based compensation	0	521	0	521
Stock options exercised	$ 0	0	0	0
Stock options exercised (in shares)	755
Restricted stock issued, net of forfeitures (in shares)	1,314,907
Restricted stock issued, net of forfeitures	$ 13	(13)	0	0
Balance (in shares) at Jun. 30, 2019	168,452,060
Balance at Jun. 30, 2019	$ 1,684	419,122	(266,778)	$ 154,028
Balance (in shares) at Dec. 31, 2019	168,361,061			168,361,061
Balance at Dec. 31, 2019	$ 1,684	420,140	(318,005)	$ 103,819
Net income (loss)	0	0	(41,813)	(41,813)
Stock-based compensation	$ 0	599	0	599
Restricted stock issued, net of forfeitures (in shares)	(291,756)
Restricted stock issued, net of forfeitures	$ (3)	3	0	$ 0
Balance (in shares) at Jun. 30, 2020	168,069,305			168,069,305
Balance at Jun. 30, 2020	$ 1,681	420,742	(359,818)	$ 62,605
Balance (in shares) at Mar. 31, 2020	168,069,305
Balance at Mar. 31, 2020	$ 1,681	420,373	(276,562)	145,492
Net income (loss)	0	0	(83,256)	(83,256)
Stock-based compensation	0	369	0	369
Stock options exercised	$ 0	0	0	$ 0
Balance (in shares) at Jun. 30, 2020	168,069,305			168,069,305
Balance at Jun. 30, 2020	$ 1,681	$ 420,742	$ (359,818)	$ 62,605

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net income (loss)	$ (41,813)	$ (13,777)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net (gain) loss on derivative contracts	(59,838)	23,439
Net cash settlements paid on derivative contracts	8,475	(1,957)
Depreciation, depletion and amortization	12,034	25,762
Proved property impairment	81,557	0
Amortization of deferred financing fees and issuance discount	1,238	249
Stock-based compensation	599	894
Settlement of asset retirement obligation	120	(386)
Non-cash interest expense	4,079	0
Changes in operating assets and liabilities:
Accounts receivable	9,360	8,977
Other assets	1,553	(444)
Accounts payable and accrued expenses	(11,872)	(58)
Net cash provided by operating activities	5,492	42,699
Investing Activities
Capital expenditures, including purchases and development of properties	(10,581)	(63,577)
Proceeds from the sale of oil and gas properties	0	16,805
Net cash used in investing activities	(10,581)	(46,772)
Financing Activities
Proceeds from long-term borrowings	8,000	23,000
Payments on long-term borrowings	(2,139)	(20,131)
Deferred financing fees	(772)	(64)
Exercise of stock options	0	401
Net cash provided by financing activities	5,089	3,206
Increase (decrease) in cash and cash equivalents	0	(867)
Cash and cash equivalents at beginning of period	0	867
Cash and cash equivalents at end of period	0	0
Supplemental disclosures of cash flow information:
Interest paid	4,050	5,778
Non-cash investing and financing activities:
Non-cash interest paid in kind	5,129	0
Change in capital expenditures included in accounts payable	(4,479)	(3,248)
Change in asset retirement obligations	$ 0	$ 51

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. The accounting policies we follow as of January 1, 2020 10 December 31, 2019 June 26, 2020 not not three six June 30, 2020 six June 30, 2020, not 10 December 31, 2019 COVI 19 On January 30, 2020, 19” March 2020, 19 March 2020, The price of both oil and gas has decreased primarily as a result of oil demand concerns due to the economic impacts of the COVID- 19 Consumer demand has decreased due to the spread of the COVID- 19 2020. 2020 March 2020 June 2020 In early March 2020, may 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 US 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. 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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ (5 ) $ 74 $ 61 $ 225 The following table summarizes our stock option activity for the six June 30, 2020 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2019 5,926 $ 2.47 $ 1.75 Forfeited (1,908 ) $ 2.46 $ 1.75 Outstanding, June 30, 2020 4,018 $ 2.48 $ 1.75 As of June 30, 2020 2020 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 six June 30, 2020 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2019 1,781 $ 1.58 Vested/Released (653 ) $ 1.61 Forfeited (302 ) $ 1.58 Unvested, June 30, 2020 826 $ 1.57 The following table summarizes our stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ 312 $ 278 $ 472 $ 420 As of June 30, 2020 2020 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 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, 2019 1,154 $ 1.69 Forfeited (268 ) $ 1.71 Unvested, June 30, 2020 886 $ 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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ 62 $ 170 $ 66 $ 249 As of June 30, 2020 2020 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 and 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 10% No June 30, 2020 three six June 30, 2020. June 30, 2019, not 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 six June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Beginning future site restoration obligation $ 7,420 $ 7,492 New wells placed on production and other 42 80 Deletions related to property disposals - (473 ) Deletions related to plugging costs (120 ) (890 ) Accretion expense 207 436 Revisions and other 50 775 Ending future site restoration obligation $ 7,599 $ 7,420 Recently Issued Accounting Standards Effective January 1, 2020, 2016 13 30 not In November 2019, 2019 12 740” 2019 12 740 2019 12 December 15, 2020. not In March 2020, 2020 04, 848 2020 04” 2020 04 2020 04 December 31, 2022. 2020 04

Note 2 - Revenue From Contracts

Note 2 - Revenue From Contracts With Customers	6 Months Ended
	Jun. 30, 2020
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 two November 1, 2019. Three Months Ended June 30, 2020 2019 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 565 $ 20 $ 12 $ 15,562 $ 24 $ 27 Rocky Mountain $ 1,405 $ 2 $ (9 ) $ 17,567 $ 208 $ 238 South Texas $ - $ - $ - $ 1,017 $ 176 $ - Six Months Ended June 30, 2020 2019 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 9,072 $ 34 $ 10 $ 24,626 $ 311 $ 340 Rocky Mountain $ 8,433 $ 74 $ 90 $ 39,367 $ 1,162 $ 978 South Texas $ - $ - $ - $ 2,134 $ 408 $ 3 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. June 30, 2020 December 31, 2019 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 six June 30, 2020, 2019 not

Note 3 - Income Taxes

Note 3 - Income Taxes	6 Months Ended
	Jun. 30, 2020
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 six June 30, 2020, 2019 no At December 31, 2019 2018 2017 2018 2022 2037, not 2018, 2019, 2020 five 100% 2020 80% December 31, 2020. January 1, 2021 80% 50% three 382 June 30, 2020 not 382. Given historical losses, uncertainties exist as to the future utilization of the NOL carryforwards. Therefore, we established a valuation allowance of $76.2 million for deferred tax assets at December 31, 2019 June 30, 2020 As of June 30, 2020 not 2014 2019 The Coronavirus Aid, Relief, and Economic Security Act ("CARES") that was enacted March 27, 2020 no

Note 4 - Long-term Debt

Note 4 - Long-term Debt	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	4. The following is a description of our debt as of June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 First Lien Credit Facility $ 101,778 $ 95,778 Second Lien Credit Facility 104,034 100,000 Real estate lien note 2,952 3,091 208,764 198,869 Less current maturities (288 ) (280 ) 208,476 198,589 Deferred financing fees, net (5,405 ) (5,871 ) Total long-term debt, net of deferred financing fees $ 203,071 $ 192,718 First Lien Credit Facility The Company has a senior secured First Lien Credit Facility with Société Générale, as administrative agent and issuing lender, and certain other lenders. As of June 30, 2020, Outstanding amounts under the First Lien Credit Facility accrues interest at a rate per annum equal to (a)(i) for borrowings that we elect to accrue interest at the reference rate at the greater of ( x one June 30, 2020, Subject to earlier termination rights and events of default, the stated maturity date of the First Lien Credit Facility is May 16, 2022. not Each of the Company's subsidiaries has guaranteed our obligations under the First Lien Credit Facility on a senior secured basis. Obligations under the First Lien Credit Facility are secured by a first June 30, 2020, 9 9 The First Lien Credit Facility was amended on June 25, 2020 ( "1L 1L six no six first not 1.00 first 15 9 15 20% 1.00 December 31, 2020, 1.00 four four June 30, 2020 1, 2 3 June 30, 2020, September 30, 2020 December 31, 2020, 1 first 1.00, 2 first 3 4 no 5 60 90 may four four June 30, 2020, four September 30, 2020, four December 31, 2020, March 31, 2021 December 31, 2021 1L As of June 30, 2020 The First Lien 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; • pay dividends of make other distributions on capital stock or make other restricted payments; • 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 First Lien 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. Second Lien Credit Facility On November 13, 2019, June 25, 2020. November 13, 2019, June 30, 2020, The stated maturity date of the Second Lien Credit Facility is November 13, 2022. three November 13, 2020, November 13, 2020 Each of our subsidiaries has guaranteed our obligations under the Second Lien Credit Facility. Obligations under the Second Lien Credit Facility are secured by a first June 30, 2020, 9 9 The Second Lien Credit Facility was amended on June 25, 2020 ( "2L 2L 200bps 500bps 15 9 15 20% not 1.00 September 30, 2021 December 31, 2021, 1.00 first September 30, 2021; ( 60 90 may four four June 30, 2020, four September 30, 2020, March 31, 2021 December 31, 2021 As of June 30, 2020 The Second Lien 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; ● pay dividends or make other distributions on capital stock or make other restricted payments; ● 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 Lien Credit Facility also contains customary events of default, including nonpayment of principal or interest, violation of covenants, cross default and cross acceleration to certain other indebtedness, bankruptcy and material judgments and liabilities. Real Estate Lien Note We have a real estate lien note secured by a first July 20, 2023. December 31, 2019, June 30, 2020,

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	6 Months Ended
	Jun. 30, 2020
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, 2020 2019 2020 2019 Numerator: Net (loss) income $ (83,256 ) $ 11,678 $ (41,813 ) $ (13,777 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 167,243 166,491 167,369 165,727 Effect of dilutive securities: Stock options and restricted shares - 858 - - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 167,243 167,349 167,369 165,727 Net (loss) income per common share - basic $ (0.50 ) $ 0.07 $ (0.25 ) $ (0.08 ) Net (loss) income per common share - diluted $ (0.50 ) $ 0.07 $ (0.25 ) $ (0.08 ) 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. d. For the three six June 30, 2020 no

Note 6 - Hedging Program and De

Note 6 - Hedging Program and Derivatives	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2020 July - December 3,546 $ 55.06 2021 January - December 2,889 $ 57.62 2022 January - December 2,412 $ 50.60 2023 January - December 1,498 $ 50.60 2024 January - December 1,589 $ 50.60 Basis Swaps 2020 July - 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 June 30, 2020 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 $ 20,057 Derivatives – current $ 2,570 Commodity price derivatives Derivatives – long-term 26,443 Derivatives – long-term - $ 46,500 $ 2,570 Fair Value of Derivative Contracts as of December 31, 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 $ 83 Derivatives – current $ 10,688 Commodity price derivatives Derivatives – long-term 4,170 Derivatives – long-term 999 $ 4,253 $ 11,687

Note 7 - Financial Instruments

Note 7 - Financial Instruments	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 December 31, 2019 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, 2020 Assets: NYMEX fixed price derivative contracts $ — $ 46,500 $ — $ 46,500 NYMEX basis differential swap contracts — — — — Total Assets $ — $ 46,500 $ - $ 46,500 Liabilities: NYMEX fixed price derivative contracts $ — $ — $ — $ — NYMEX basis differential swaps — — 2,570 2,570 Total Liabilities $ — $ - $ 2,570 $ 2,570 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, 2019 Assets: NYMEX fixed price derivative contracts $ — $ 4,253 $ — $ 4,253 Total Assets $ — $ 4,253 $ — $ 4,253 Liabilities: NYMEX fixed price derivative contracts $ — $ 5,583 $ — $ 5,583 NYMEX basis differential swaps — — 6,104 6,104 Total Liabilities $ — $ 5,583 $ 6,104 $ 11,687 As of June 30, 2020 December 31, 2019 2. third third not 3. The following is additional information for our recurring fair value measurements using significant unobservable inputs (Level 3 six June 30, 2020 Unobservable inputs at January 1, 2020 $ (6,104 ) Changes in market value 1,225 Settlements during the period 2,309 Unobservable inputs at June 30, 2020 $ (2,570 ) Nonrecurring Fair Value Measurements Non-financial assets and liabilities measured at fair value on a nonrecurring basis included certain non-financial assets and liabilities as 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	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. 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 various field equipment 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, 2020 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Operating lease cost $ 26 $ 63 Short-term lease expense (1) $ 508 $ 1,102 Total lease expense $ 534 $ 1,165 Short-term lease costs (2) $ - $ 973 ( 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, 2020 Operating lease ROU assets $ 273 Operating lease liability - current $ 77 Operating lease liabilities - long-term $ 169 Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: June 30, 2020 Weighted Average Remaining Lease Term (in years) 9.40 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2020 $ 89 2021 50 2022 44 2023 40 2024 10 Thereafter 99 Total lease payments 332 Less imputed interest (86 ) Total lease liability $ 246 At June 30, 2020 one Supplemental cash flow information related to our operating leases is included in the table below: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities $ - $ - ROU assets added in exchange for lease obligations (since adoption) $ - $ -

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 not

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
COVID-19 [Policy Text Block]	COVI 19 On January 30, 2020, 19” March 2020, 19 March 2020, The price of both oil and gas has decreased primarily as a result of oil demand concerns due to the economic impacts of the COVID- 19 Consumer demand has decreased due to the spread of the COVID- 19 2020. 2020 March 2020 June 2020 In early March 2020, may
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 US 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.
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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ (5 ) $ 74 $ 61 $ 225 The following table summarizes our stock option activity for the six June 30, 2020 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2019 5,926 $ 2.47 $ 1.75 Forfeited (1,908 ) $ 2.46 $ 1.75 Outstanding, June 30, 2020 4,018 $ 2.48 $ 1.75 As of June 30, 2020 2020 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 six June 30, 2020 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2019 1,781 $ 1.58 Vested/Released (653 ) $ 1.61 Forfeited (302 ) $ 1.58 Unvested, June 30, 2020 826 $ 1.57 The following table summarizes our stock-based compensation expense related to restricted stock for the periods presented: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ 312 $ 278 $ 472 $ 420 As of June 30, 2020 2020 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 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, 2019 1,154 $ 1.69 Forfeited (268 ) $ 1.71 Unvested, June 30, 2020 886 $ 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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ 62 $ 170 $ 66 $ 249 As of June 30, 2020 2020 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 and 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 10% No June 30, 2020 three six June 30, 2020. June 30, 2019, not
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 six June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 Beginning future site restoration obligation $ 7,420 $ 7,492 New wells placed on production and other 42 80 Deletions related to property disposals - (473 ) Deletions related to plugging costs (120 ) (890 ) Accretion expense 207 436 Revisions and other 50 775 Ending future site restoration obligation $ 7,599 $ 7,420
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards Effective January 1, 2020, 2016 13 30 not In November 2019, 2019 12 740” 2019 12 740 2019 12 December 15, 2020. not In March 2020, 2020 04, 848 2020 04” 2020 04 2020 04 December 31, 2022. 2020 04

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ (5 ) $ 74 $ 61 $ 225 Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ 312 $ 278 $ 472 $ 420 Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 $ 62 $ 170 $ 66 $ 249
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, 2019 5,926 $ 2.47 $ 1.75 Forfeited (1,908 ) $ 2.46 $ 1.75 Outstanding, June 30, 2020 4,018 $ 2.48 $ 1.75
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2019 1,781 $ 1.58 Vested/Released (653 ) $ 1.61 Forfeited (302 ) $ 1.58 Unvested, June 30, 2020 826 $ 1.57
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, 2019 1,154 $ 1.69 Forfeited (268 ) $ 1.71 Unvested, June 30, 2020 886 $ 1.69
Schedule of Change in Asset Retirement Obligation [Table Text Block]	June 30, 2020 December 31, 2019 Beginning future site restoration obligation $ 7,420 $ 7,492 New wells placed on production and other 42 80 Deletions related to property disposals - (473 ) Deletions related to plugging costs (120 ) (890 ) Accretion expense 207 436 Revisions and other 50 775 Ending future site restoration obligation $ 7,599 $ 7,420

Note 2 - Revenue From Contrac_2

Note 2 - Revenue From Contracts With Customers (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2020 2019 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 565 $ 20 $ 12 $ 15,562 $ 24 $ 27 Rocky Mountain $ 1,405 $ 2 $ (9 ) $ 17,567 $ 208 $ 238 South Texas $ - $ - $ - $ 1,017 $ 176 $ - Six Months Ended June 30, 2020 2019 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 9,072 $ 34 $ 10 $ 24,626 $ 311 $ 340 Rocky Mountain $ 8,433 $ 74 $ 90 $ 39,367 $ 1,162 $ 978 South Texas $ - $ - $ - $ 2,134 $ 408 $ 3

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 2020 December 31, 2019 First Lien Credit Facility $ 101,778 $ 95,778 Second Lien Credit Facility 104,034 100,000 Real estate lien note 2,952 3,091 208,764 198,869 Less current maturities (288 ) (280 ) 208,476 198,589 Deferred financing fees, net (5,405 ) (5,871 ) Total long-term debt, net of deferred financing fees $ 203,071 $ 192,718

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net (loss) income $ (83,256 ) $ 11,678 $ (41,813 ) $ (13,777 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 167,243 166,491 167,369 165,727 Effect of dilutive securities: Stock options and restricted shares - 858 - - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 167,243 167,349 167,369 165,727 Net (loss) income per common share - basic $ (0.50 ) $ 0.07 $ (0.25 ) $ (0.08 ) Net (loss) income per common share - diluted $ (0.50 ) $ 0.07 $ (0.25 ) $ (0.08 )

Note 6 - Hedging Program and _2

Note 6 - Hedging Program and Derivatives (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Fixed Price Derivatives [Table Text Block]	Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2020 July - December 3,546 $ 55.06 2021 January - December 2,889 $ 57.62 2022 January - December 2,412 $ 50.60 2023 January - December 1,498 $ 50.60 2024 January - December 1,589 $ 50.60 Basis Swaps 2020 July - 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, 2020 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 $ 20,057 Derivatives – current $ 2,570 Commodity price derivatives Derivatives – long-term 26,443 Derivatives – long-term - $ 46,500 $ 2,570 Fair Value of Derivative Contracts as of December 31, 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 $ 83 Derivatives – current $ 10,688 Commodity price derivatives Derivatives – long-term 4,170 Derivatives – long-term 999 $ 4,253 $ 11,687

Note 7 - Financial Instruments

Note 7 - Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 Assets: NYMEX fixed price derivative contracts $ — $ 46,500 $ — $ 46,500 NYMEX basis differential swap contracts — — — — Total Assets $ — $ 46,500 $ - $ 46,500 Liabilities: NYMEX fixed price derivative contracts $ — $ — $ — $ — NYMEX basis differential swaps — — 2,570 2,570 Total Liabilities $ — $ - $ 2,570 $ 2,570 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, 2019 Assets: NYMEX fixed price derivative contracts $ — $ 4,253 $ — $ 4,253 Total Assets $ — $ 4,253 $ — $ 4,253 Liabilities: NYMEX fixed price derivative contracts $ — $ 5,583 $ — $ 5,583 NYMEX basis differential swaps — — 6,104 6,104 Total Liabilities $ — $ 5,583 $ 6,104 $ 11,687
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Unobservable inputs at January 1, 2020 $ (6,104 ) Changes in market value 1,225 Settlements during the period 2,309 Unobservable inputs at June 30, 2020 $ (2,570 )

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Operating lease cost $ 26 $ 63 Short-term lease expense (1) $ 508 $ 1,102 Total lease expense $ 534 $ 1,165 Short-term lease costs (2) $ - $ 973 June 30, 2020 Weighted Average Remaining Lease Term (in years) 9.40 Weighted Average Discount Rate 6 % Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities $ - $ - ROU assets added in exchange for lease obligations (since adoption) $ - $ -
Schedule of Operating Leased Assets [Table Text Block]	June 30, 2020 Operating lease ROU assets $ 273 Operating lease liability - current $ 77 Operating lease liabilities - long-term $ 169
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases Remainder of 2020 $ 89 2021 50 2022 44 2023 40 2024 10 Thereafter 99 Total lease payments 332 Less imputed interest (86 ) Total lease liability $ 246

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves				10.00%
Impairment of Oil and Gas Properties	$ 54,898		$ 0	$ 81,557	$ 0
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	100			100
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	1,300			1,300
Performance Shares [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 900			$ 900
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)				3 years
Minimum [Member]
Percentage of Officers' Compensation, Decreased During Period	20.00%
Percentage of Other Salaries, Decreased During Period	5.00%
Minimum [Member] | Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment, Award, Percentage of Performance Shares that are Received		0.00%
Maximum [Member]
Percentage of Officers' Compensation, Decreased During Period	40.00%
Percentage of Other Salaries, Decreased During Period	20.00%
Maximum [Member] | Performance Shares [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 - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	$ (5)	$ 74	$ 61	$ 225
Restricted Stock [Member]
Stock-based compensation expense	312	278	472	420
Performance Shares [Member]
Stock-based compensation expense	$ 62	$ 170	$ 66	$ 249

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Stock Option Activity (Details) - Share-based Payment Arrangement, Option [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Outstanding (in shares) | shares	5,926
Outstanding, weighted average option exercise price (in dollars per share)	$ 2.47
Outstanding, weighted average grant date fair value (in dollars per share)	$ 1.75
Forfeited (in shares) | shares	(1,908)
Forfeited, weighted average option exercise price (in dollars per share)	$ 2.46
Forfeited, weighted average grant date fair value (in dollars per share)	$ 1.75
Outstanding (in shares) | shares	4,018
Outstanding, weighted average option exercise price (in dollars per share)	$ 2.48
Outstanding, weighted average grant date fair value (in dollars per share)	$ 1.75

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Unvested (in shares) | shares	1,781
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.58
Vested/Released (in shares) | shares	(653)
Vested/Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.61
Forfeited (in shares) | shares	(302)
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.58
Unvested (in shares) | shares	826
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.57

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Unvested (in shares) | shares	1,154
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.69
Forfeited (in shares) | shares	(268)
Forfeited, weighted average option exercise price (in dollars per share) | $ / shares	$ 1.71
Unvested (in shares) | shares	886
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 1.69

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Beginning future site restoration obligation	$ 7,420	$ 7,492
New wells placed on production and other	42	80
Deletions related to property disposals	0	(473)
Deletions related to plugging costs	(120)	(890)
Accretion expense	207	436
Revisions and other	50	775
Ending future site restoration obligation	$ 7,599	$ 7,420

Note 2 - Revenue From Contrac_3

Note 2 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 2.8	$ 16.9

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Oil Revenues [Member]
Revenue	$ 1,970	$ 34,146	$ 17,505	$ 66,127
Gas Revenues [Member]
Revenue	22	408	108	1,881
Natural Gas Liquids Revenues [Member]
Revenue	3	265	100	1,321
Permian / Delaware Basin [Member] | Oil Revenues [Member]
Revenue	565	15,562	9,072	24,626
Permian / Delaware Basin [Member] | Gas Revenues [Member]
Revenue	20	24	34	311
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member]
Revenue	12	27	10	340
Rocky Mountain [Member] | Oil Revenues [Member]
Revenue	1,405	17,567	8,433	39,367
Rocky Mountain [Member] | Gas Revenues [Member]
Revenue	2	208	74	1,162
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member]
Revenue	(9)	238	90	978
South Texas [Member] | Oil Revenues [Member]
Revenue	0	1,017	0	2,134
South Texas [Member] | Gas Revenues [Member]
Revenue	0	176	0	408
South Texas [Member] | Natural Gas Liquids Revenues [Member]
Revenue	$ 0	$ 0	$ 0	$ 3

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance, Total	67,400		67,400		$ 76,200
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0		$ 0
Pre 2019 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total					245,200
Post 2017 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards, Total					$ 64,700

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual)	Jun. 25, 2020USD ($)	Nov. 13, 2019USD ($)	Jun. 20, 2018USD ($)	Jun. 30, 2020USD ($)	Jun. 24, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Long-term Debt, Total				$ 203,071,000			$ 192,718,000
Line of Credit [Member] | First Lien Credit Facility [Member]
Long-term Line of Credit, Total				$ 102,000,000
Debt Instrument, Spread on Elected Variable Rate				0.50%
Debt Instrument, Debt Default, Basis Spread on Variable Rate				3.00%
Line of Credit Facility, Interest Rate at Period End				3.70%
Debt Instrument, Collateral Eligible, Minimum Percent of PV-9 of Proven Reserves Required				90.00%
Debt Instrument, Collateral Eligible, Minimum Percent of PV-9 of PDP Reserves Required				95.00%
Debt Instrument, Covenant, Working Capital Reserve	$ 3,000,000
Debt Instrument, Covenant, Maximum Capital Expenditures	$ 3,000,000
Debt Instrument, Covenant, Minimum Asset Coverage Ratio for Capital Expenditures	1.60
Debt Instrument, Covenant, Maximum Line of Credit Outstanding for Capital Expenditures	$ 50,000,000
Debt Instrument, Covenant, Maximum Outstanding and Undisputed Accounts Payable	7,500,000
Debt Instrument, Covenant, Maximum Undisputed Accounts Payable Outstanding with 60 to 90 Days	2,000,000
Debt Instrument, Covenant, Maximum Undisputed Accounts Payable Outstanding with Over 90 Days	1,000,000
Debt Instrument, Covenant, Maximum Legal and Professional Fees Excluded from General and Administrative Expense Limitations	1,000,000
Debt Instrument, Covenant, Maximum Additional Subordinated Debt Allowed to Finance Capital Expenditures	25,000,000
Line of Credit Facility, Current Borrowing Capacity	102,000,000				$ 135,000,000
Line of Credit [Member] | First Lien Credit Facility [Member] | General and Administrative Expenses for Quarter Ending June 30, 2020 [Member]
Debt Instrument, Covenant, Maximum Quarterly General and Administrative Expenses	9,000,000
Line of Credit [Member] | First Lien Credit Facility [Member] | General and Administrative Expenses for Quarter Ending September 30, 2020 [Member]
Debt Instrument, Covenant, Maximum Quarterly General and Administrative Expenses	8,250,000
Line of Credit [Member] | First Lien Credit Facility [Member] | General and Administrative Expenses for Quarter Ending December 31, 2020 [Member]
Debt Instrument, Covenant, Maximum Quarterly General and Administrative Expenses	6,900,000
Line of Credit [Member] | First Lien Credit Facility [Member] | General and Administrative Expenses for Year End December 31, 2021 [Member]
Debt Instrument, Covenant, Maximum Yearly General and Administrative Expenses	6,500,000
Line of Credit [Member] | First Lien Credit Facility [Member] | General and Administrative Expenses After Year End December 31, 2021 [Member]
Debt Instrument, Covenant, Maximum Yearly General and Administrative Expenses	$ 5,000,000
Line of Credit [Member] | First Lien Credit Facility [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] | First Lien Credit Facility [Member] | Maximum [Member]
Debt Instrument, Spread on Elected Variable Rate				3.50%
Debt Instrument, Basis Spread on Variable Rate				2.50%
Debt Instrument, Covenant, Total Debt to EBITDAX Ratio	2.75
Debt Instrument, Covenant, Asset Coverage Ratio, Current	1.15
Debt Instrument, Covenant, Asset Coverage Ratio, Noncurrent	1.25
Line of Credit [Member] | Second Lien Credit Facility [Member]
Long-term Line of Credit, Total						$ 102,000,000
Debt Instrument, Covenant, Maximum Outstanding and Undisputed Accounts Payable	$ 7,500,000
Debt Instrument, Covenant, Maximum Undisputed Accounts Payable Outstanding with 60 to 90 Days	2,000,000
Debt Instrument, Covenant, Maximum Undisputed Accounts Payable Outstanding with Over 90 Days	1,000,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000,000
Proceeds from Lines of Credit, Total		$ 95,000,000
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%
Line of Credit [Member] | Second Lien Credit Facility [Member] | General and Administrative Expenses for Quarter Ending June 30, 2020 [Member]
Debt Instrument, Covenant, Maximum Quarterly General and Administrative Expenses	9,000,000
Line of Credit [Member] | Second Lien Credit Facility [Member] | General and Administrative Expenses for Quarter Ending September 30, 2020 [Member]
Debt Instrument, Covenant, Maximum Quarterly General and Administrative Expenses	8,250,000
Line of Credit [Member] | Second Lien Credit Facility [Member] | General and Administrative Expenses for Year End December 31, 2021 [Member]
Debt Instrument, Covenant, Maximum Yearly General and Administrative Expenses	6,500,000
Line of Credit [Member] | Second Lien Credit Facility [Member] | General and Administrative Expenses After Year End December 31, 2021 [Member]
Debt Instrument, Covenant, Maximum Yearly General and Administrative Expenses	$ 5,000,000
Line of Credit [Member] | Second Lien Credit Facility [Member] | Maximum [Member]
Debt Instrument, Covenant, Asset Coverage Ratio, Noncurrent, Year Two	1.45
Debt Instrument, Covenant, Asset Coverage Ratio, Noncurrent, after Year Two	1.55
Construction Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage			4.90%
Debt Instrument, Periodic Payment, Total			$ 35,672
Long-term Debt, Total				$ 3,000,000			$ 3,100,000

Note 4 - Long-term Debt - Debt

Note 4 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Long-term debt	$ 208,476	$ 198,589
Less current maturities	(288)	(280)
Deferred financing fees, net	(5,405)	(5,871)
Total long-term debt, net of deferred financing fees	203,071	192,718
Line of Credit [Member] | First Lien Credit Facility [Member]
Long-term debt	101,778	95,778
Line of Credit [Member] | Second Lien Credit Facility [Member]
Long-term debt	104,034	100,000
Mortgages [Member]
Long-term debt	$ 2,952	$ 3,091

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0	0

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income (loss)	$ (83,256)	$ 11,678	$ (41,813)	$ (13,777)
Basic (in shares)	167,243	166,491	167,369	165,727
Stock options and restricted shares (in shares)	0	858	0	0
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares (in shares)	167,243	167,349	167,369	165,727
Net (loss) income per common share - basic (in dollars per share)	$ (0.50)	$ 0.07	$ (0.25)	$ (0.08)
Net (loss) income per common share - diluted (in dollars per share)	$ (0.50)	$ 0.07	$ (0.25)	$ (0.08)

Note 6 - Hedging Program and _3

Note 6 - Hedging Program and Derivatives - Derivative Contracts (Details)	6 Months Ended
	Jun. 30, 2020$ / bbl
Fixed Swap 2020 [Member]
Daily volume	3,546
Swap price (in USD per Barrel of Oil)	55.06
Fixed Swap 2021 [Member]
Daily volume	2,889
Swap price (in USD per Barrel of Oil)	57.62
Fixed Swap 2022 [Member]
Daily volume	2,412
Swap price (in USD per Barrel of Oil)	50.60
Fixed Swap 2023 [Member]
Daily volume	1,498
Swap price (in USD per Barrel of Oil)	50.60
Fixed Swap 2024 [Member]
Daily volume	1,589
Swap price (in USD per Barrel of Oil)	50.60
Basis Swaps 2020 [Member]
Daily volume	4,000
Swap price (in USD per Barrel of Oil)	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, 2020	Dec. 31, 2019
Derivative asset, current	$ 20,057	$ 83
Derivative liability, current	2,570	10,688
Derivative asset, long-term	26,443	4,170
Derivative liability, long-term	0	999
Derivative asset	46,500	4,253
Derivative liability	2,570	11,687
Commodity Contract [Member] | Derivative Assets Current [Member]
Derivative asset, current	20,057	83
Commodity Contract [Member] | Derivative Liabilities Current [Member]
Derivative liability, current	2,570	10,688
Commodity Contract [Member] | Derivative Assets Noncurrent [Member]
Derivative asset, long-term	26,443	4,170
Commodity Contract [Member] | Derivative Liabilities Noncurrent [Member]
Derivative liability, long-term	$ 0	$ 999

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, 2020	Dec. 31, 2019
Derivative assets	$ 46,500	$ 4,253
Derivative liabilities	2,570	11,687
Derivative liabilities	2,570	11,687
Fair Value, Recurring [Member]
Derivative assets	46,500	4,253
Derivative liabilities	2,570	11,687
Derivative liabilities	2,570	11,687
Fair Value, Recurring [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	46,500	4,253
Derivative liabilities	0	5,583
Derivative liabilities	0	5,583
Fair Value, Recurring [Member] | Basis Swap [Member]
Derivative assets	0
Derivative liabilities	2,570	6,104
Derivative liabilities	2,570	6,104
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative assets	0	0
Derivative liabilities	0	0
Derivative liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	0	0
Derivative liabilities	0	0
Derivative liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Basis Swap [Member]
Derivative assets	0
Derivative liabilities	0	0
Derivative liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative assets	46,500	4,253
Derivative liabilities	0	5,583
Derivative liabilities	0	5,583
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	46,500	4,253
Derivative liabilities	0	5,583
Derivative liabilities	0	5,583
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Basis Swap [Member]
Derivative assets	0
Derivative liabilities	0	0
Derivative liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative assets	0	0
Derivative liabilities	2,570	6,104
Derivative liabilities	2,570	6,104
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	0	0
Derivative liabilities	0	0
Derivative liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Basis Swap [Member]
Derivative assets	0
Derivative liabilities	2,570	6,104
Derivative liabilities	$ 2,570	$ 6,104

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, 2020USD ($)
Unobservable inputs at January 1, 2020	$ (6,104)
Changes in market value	1,225
Settlements during the period	2,309
Unobservable inputs at June 30, 2020	$ (2,570)

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual)	Jun. 30, 2020
Lease for Residence in North Dakota [Member]
Lessee, Operating Lease, Term of Contract (Year)	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, 2020USD ($)		Jun. 30, 2020USD ($)
Operating lease cost	$ 26		$ 63
Short-term lease expense	508	[1]	1,102	[1]
Total lease expense	$ 534		$ 1,165
Weighted Average Remaining Lease Term (in years) (Year)	9 years 4 months 24 days		9 years 4 months 24 days
Weighted Average Discount Rate	6.00%		6.00%
Cash paid for amounts included in the measurement of lease liabilities	$ 0		$ 0
ROU assets added in exchange for lease obligations (since adoption)	0		0
Drilling Rig [Member]
Short-term lease expense	$ 0	[2]	$ 973	[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, 2020	Dec. 31, 2019
Operating lease ROU assets	$ 273	$ 327
Operating lease liability - current	77	98
Operating lease liabilities - long-term	$ 169	$ 203

Note 8 - Leases - Lease Liabili

Note 8 - Leases - Lease Liabilities Maturity (Details) $ in Thousands	Jun. 30, 2020USD ($)
Remainder of 2020	$ 89
2021	50
2022	44
2023	40
2024	10
Thereafter	99
Total lease payments	332
Less imputed interest	(86)
Total lease liability	$ 246