Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
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 | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
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 $.01 per share | |
Trading Symbol | AXAS | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,421,910 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 7,964 | $ 2,775 |
Accounts receivable: | ||
Joint owners, net | 1,093 | 1,255 |
Oil and gas production sales | 12,600 | 8,794 |
Other | 305 | 0 |
Total accounts receivable | 13,998 | 10,049 |
Derivative asset - short-term | 0 | 9,639 |
Other current assets | 966 | 1,588 |
Total current assets | 22,928 | 24,051 |
Proved oil and gas properties, full cost method | 1,164,825 | 1,167,333 |
Other property and equipment | 39,204 | 39,456 |
Total | 1,204,029 | 1,206,789 |
Less accumulated depreciation, depletion, amortization and impairment | (1,091,722) | (1,083,843) |
Total property and equipment, net | 112,307 | 122,946 |
Operating lease right-of-use assets | 194 | 228 |
Derivative asset, long-term | 0 | 10,281 |
Other assets | 255 | 255 |
Total assets | 135,684 | 157,761 |
Current liabilities: | ||
Accounts payable | 2,067 | 6,074 |
Joint interest oil and gas production payable | 11,607 | 8,795 |
Accrued interest | 286 | 86 |
Accrued expenses | 833 | 230 |
Right of use liability | 41 | 53 |
Derivative liabilities - short-term | 3,006 | 480 |
Termination of derivative contracts | 9,944 | 0 |
Current maturities of long-term debt | 209,244 | 202,751 |
Other current liabilities | 214 | 850 |
Total current liabilities | 237,242 | 219,319 |
Operating lease right-of-use liabilities | 128 | 150 |
Future site restoration | 4,771 | 7,360 |
Total liabilities | 245,839 | 230,728 |
Commitments and contingencies (Note 11) | ||
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 20,000,000 shares; 8,421,910 issued and outstanding at June 30, 2021 and December 31, 2020 | 84 | 84 |
Additional paid-in capital | 429,983 | 429,476 |
Accumulated deficit | (540,222) | (502,527) |
Total stockholders' deficit | (110,155) | (72,967) |
Total liabilities and stockholders’ equity | 135,684 | 157,761 |
Debt Instruments Excluding PPP Loan [Member] | ||
Current liabilities: | ||
Long-term debt – less current maturities | 2,362 | 2,515 |
Paycheck Protection Program, CARES Act [Member] | ||
Current liabilities: | ||
Long-term debt – less current maturities | $ 1,336 | $ 1,384 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 20,000,000 | 20,000,000 |
Common stock, issued (in shares) | 8,421,910 | 8,421,910 |
Common stock, outstanding (in shares) | 8,421,910 | 8,421,910 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Other | $ 2 | $ (2) | $ 8 | $ 6 |
Total revenue | 18,443 | 1,993 | 35,113 | 17,719 |
Operating costs and expenses: | ||||
Lease operating | 4,067 | 3,059 | 8,447 | 8,345 |
Production and ad valorem taxes | 1,688 | 556 | 3,073 | 2,093 |
Rig expense | 128 | 240 | 244 | 539 |
Depreciation, depletion, amortization and accretion | 4,242 | 2,755 | 8,139 | 12,034 |
Proved property impairment | 0 | 54,898 | 0 | 81,557 |
General and administrative (including stock-based compensation of $196, $369, $507 ,and $599, respectively) | 2,262 | 1,959 | 4,311 | 4,406 |
Total operating cost and expenses | 12,387 | 63,467 | 24,214 | 108,974 |
Operating income (loss) | 6,056 | (61,474) | 10,899 | (91,255) |
Other (income) expense: | ||||
Interest income | (4) | (9) | (9) | (18) |
Interest expense | 7,662 | 5,507 | 13,685 | 9,893 |
Gain on sale of non-oil and gas assets | (29) | (29) | ||
Amortization of deferred financing fees | 1,201 | 392 | 2,402 | 521 |
Financing expense | 1,284 | 0 | 1,284 | 0 |
Debt forgiveness | 0 | 0 | (1,384) | 0 |
Loss (gain) on derivative contracts | 9,947 | 15,892 | 32,645 | (59,838) |
Total other expense (income) | 20,061 | 21,782 | 48,594 | (49,442) |
(Loss) before income tax | (14,005) | (83,256) | (37,695) | (41,813) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net (loss) | $ (14,005) | $ (83,256) | $ (37,695) | $ (41,813) |
Net (loss) per common share - basic (in dollars per share) | $ (1.67) | $ (9.96) | $ (4.49) | $ (5) |
Net (loss) per common share - diluted (in dollars per share) | $ (1.67) | $ (9.96) | $ (4.49) | $ (5) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 8,403 | 8,362 | 8,403 | 8,368 |
Diluted (in shares) | 8,403 | 8,362 | 8,403 | 8,368 |
Oil Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 15,768 | $ 1,970 | $ 29,693 | $ 17,505 |
Gas Revenues [Member] | ||||
Revenues: | ||||
Revenues | 1,259 | 22 | 2,929 | 108 |
Natural Gas Liquids Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 1,414 | $ 3 | $ 2,483 | $ 100 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-based compensation | $ 196 | $ 369 | $ 507 | $ 599 |
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, 2019 | 8,436,498 | |||
Balance at Dec. 31, 2019 | $ 84 | $ 421,740 | $ (318,005) | $ 103,819 |
Net income (loss) | 0 | 0 | (41,813) | (41,813) |
Stock-based compensation | $ 0 | 599 | 599 | |
Restricted stock issued, net of forfeitures (in shares) | (14,588) | |||
Restricted stock issued, net of forfeitures | $ 0 | 0 | 0 | 0 |
Balance (in shares) at Jun. 30, 2020 | 8,421,910 | |||
Balance at Jun. 30, 2020 | $ 84 | 422,339 | (359,818) | 62,605 |
Balance (in shares) at Mar. 31, 2020 | 8,421,910 | |||
Balance at Mar. 31, 2020 | $ 84 | 421,970 | (276,562) | 145,492 |
Net income (loss) | 0 | 0 | (83,256) | (83,256) |
Stock-based compensation | $ 0 | 369 | 0 | 369 |
Balance (in shares) at Jun. 30, 2020 | 8,421,910 | |||
Balance at Jun. 30, 2020 | $ 84 | 422,339 | (359,818) | $ 62,605 |
Balance (in shares) at Dec. 31, 2020 | 8,421,910 | 8,421,910 | ||
Balance at Dec. 31, 2020 | $ 84 | 429,476 | (502,527) | $ (72,967) |
Net income (loss) | 0 | 0 | (37,695) | (37,695) |
Stock-based compensation | $ 0 | 507 | 0 | $ 507 |
Balance (in shares) at Jun. 30, 2021 | 8,421,910 | 8,421,910 | ||
Balance at Jun. 30, 2021 | $ 84 | 429,983 | (540,222) | $ (110,155) |
Balance (in shares) at Mar. 31, 2021 | 8,421,910 | |||
Balance at Mar. 31, 2021 | $ 84 | 429,787 | (526,217) | (96,346) |
Net income (loss) | 0 | 0 | (14,005) | (14,005) |
Stock-based compensation | $ 0 | 196 | 0 | $ 196 |
Balance (in shares) at Jun. 30, 2021 | 8,421,910 | 8,421,910 | ||
Balance at Jun. 30, 2021 | $ 84 | $ 429,983 | $ (540,222) | $ (110,155) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||
Net loss | $ (37,695) | $ (41,813) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Net loss (gain) on derivative contracts | 32,645 | (59,838) |
Net cash settlements paid on derivative contracts | (255) | 8,475 |
Gain on sale of non-oil and gas assets | (29) | |
Depreciation, depletion, amortization and accretion of future site restoration | 8,139 | 12,154 |
Proved property impairment | 0 | 81,557 |
Amortization of deferred financing fees and issuance discount | 3,684 | 1,238 |
Stock-based compensation | 507 | 599 |
Debt forgiveness | (1,384) | 0 |
Non-cash interest expense | 9,425 | 4,079 |
Non-cash hedge contract termination | 9,944 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,949) | 9,360 |
Other assets | (9,946) | 1,553 |
Accounts payable and accrued expenses | (440) | (11,872) |
Net cash provided by operating activities | 10,646 | 5,492 |
Investing Activities | ||
Capital expenditures, including purchases and development of properties | (393) | (10,581) |
Proceeds from the sale of oil and gas properties | 141 | 0 |
Proceeds from the sale of non-oil and gas properties | 228 | 0 |
Net cash used in investing activities | (24) | (10,581) |
Financing Activities | ||
Proceeds from long-term borrowings | 0 | 8,000 |
Payments on long-term borrowings | (6,646) | (2,139) |
Deferred financing fees | (123) | (772) |
Net cash (used in) provided by financing activities | (5,433) | 5,089 |
Increase in cash and cash equivalents | 5,189 | 0 |
Cash and cash equivalents at beginning of period | 2,775 | 0 |
Cash and cash equivalents at end of period | 7,964 | 0 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 6,085 | 4,050 |
Non-cash investing and financing activities: | ||
Non-cash interest paid in kind | 9,425 | 5,129 |
Change in capital expenditures included in accounts payable | 28 | (4,479) |
Change in future site restoration on properties sold | 2,705 | 0 |
Paycheck Protection Program, CARES Act [Member] | ||
Financing Activities | ||
Proceeds from long-term borrowings | $ 1,336 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. The accounting policies we follow as of January 1, 2021 10 December 31, 2020 May 6, 2021 not not three six June 30, 2021 six June 30, 2021 not 10 December 31, 2020 COVI 19 In the first 2020, 19” 19 19 March 2020, not 19 19 2020 In early March 2020, may 19 2021. March 2020, June, September 2020. Going Concern Our present level of indebtedness and the recent commodity price environment present challenges to our ability to comply with certain covenants in our credit facilities, and under applicable auditing standards, the independent accountants' opinion on our financial statements for the year ended December 31, 2020 December 31, 2020, June 30, 2021, Specifically, with regard to our credit agreements, we did not first December 31, 2020 not 5 first September 30, 2021, twelve 10 December 31, 2020 not We are evaluating the available financial alternatives and are in discussion with our lenders seeking additional waivers or amendments to the covenants or other provisions of our credit facilities to address any current and future default relating to the covenants in question. The existing defaults at March 31, 2021 May 6, 2021. no may not Under applicable accounting principles these circumstances are deemed to create substantial doubt regarding the Company’s ability to continue as a “going concern”. The consolidated financial statements have been prepared on a “going concern” basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business for the twelve not may In April 2021, may may 10 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, Option Plans and Warrants 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, 2021 2020 2021 2020 $ 1 $ (5 ) $ (22 ) $ 61 The following table summarizes our stock option activity for the six June 30, 2021 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2020 196 $ 49.69 $ 35.03 Cancelled/Forfeited (121 ) $ 43.63 $ 30.90 Expired (15 ) $ 84.34 $ 62.02 Balance, June 30, 2021 60 $ 53.50 $ 36.81 As of June 30, 2021 Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with 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, 2021 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2020 41 $ 31.37 Vested/Released (23 ) $ 32.80 Cancelled/Forfeited — — Unvested, June 30, 2021 18 $ 31.17 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, 2021 2020 2021 2020 $ 116 $ 312 $ 315 $ 472 As of June 30, 2021 2021 June 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, 2020 44 $ 33.73 Expired (15 ) $ 47.40 Unvested, June 30, 2021 29 $ 26.80 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, 2021 2020 2021 2020 $ 79 $ 62 $ 214 $ 66 As of June 30, 2021 2021 April 1, 2022. Warrants for Common Stock As of June 30, 2021 Issuance Date Exercisable for Expiration Date Exercise Price Number of Shares August 11, 2020 Common Stock August 11, 2025 $ 0.20 1,672,290 In connection with the amended Second Lien Credit Agreement, on August 11, 2020, October 19, 2020 1 may five 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, 2021, not June 30, 2020, three six June 30, 2020, 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, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Beginning future site restoration obligation $ 7,360 $ 7,420 New wells placed on production and other - 43 Deletions related to property sales (2,845 ) (216 ) Deletions related to plugging costs (127 ) (235 ) Accretion expense 180 414 Revisions and other 203 (66 ) Ending future site restoration obligation $ 4,771 $ 7,360 In April 2021, Recently Adopted Accounting Standards Effective January 1, 2020, 2016 13 30 not Recently Issued Accounting Standards In March 2020, No. 2020 04, 840 2020 04” 2020 04 470 December 31, 2022. In May 2020, not not January 1, 2021, |
Note 2 - Reverse Stock Split
Note 2 - Reverse Stock Split | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Reverse Stock Split [Text Block] | 2. On October 19, 2020, 1 September 29, 2020. no not Additionally on October 19, 2020, 20, 20, The common stock began trading on a split-adjusted basis on the NASDAQ at the market open on October 19, 2020. July 26, 2021, 25 12 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. 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 Three Months Ended June 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 8,399 $ 749 $ 420 $ 565 $ 20 $ 12 Rocky Mountain $ 7,369 $ 510 $ 994 $ 1,405 $ 2 $ (9 ) Six Months Ended June 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 15,565 $ 1,864 $ 689 $ 9,072 $ 34 $ 10 Rocky Mountain $ 14,128 $ 1,065 $ 1,794 $ 8,433 $ 74 $ 90 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, 2021 December 31, 2020 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 June 30, 2021 2020, not |
Note 4 - Income Taxes
Note 4 - Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. 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, 2021, 2020 no At December 31, 2020 2018 2018 2018 2022 2037, not 2018, 2019, 2020 five 100% 2020 80% December 31, 2020. January 1, 2021 80% 50% three 382 June 30, 2021 not 382. Given historical losses, uncertainties exist as to the future utilization of the NOL carryforwards. Therefore, we established a valuation allowance of $117.3 million for deferred tax assets at December 31, 2020 As of June 30, 2021 not 2015 2020 The Coronavirus Aid, Relief, and Economic Security Act that was enacted March 27, 2020 no |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5. The following sections regarding the First Lien Credit Facility and Second Lien Credit Facility are qualified in their entirety by the disclosure contained in Note 1. December 31, 2020, The following is a description of our debt as of June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 First Lien Credit Facility $ 88,500 $ 95,000 Second Lien Credit Facility 122,120 112,695 Exit fee - Second Lien Credit Facility 10,000 10,000 Real estate lien note 2,664 2,810 223,284 220,505 Less current maturities (209,244 ) (202,751 ) 14,040 17,754 Deferred financing fees and debt issuance cost, net (11,678 ) (15,239 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ 2,362 $ 2,515 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, 2021, Outstanding amounts under the First Lien Credit Facility accrue 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, 2021, 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, 2021, 9 9 Under the amended First Lien Credit Facility, the Company is subject to customary covenants, including financial covenants and reporting covenants. The amendment to the First Lien Credit Facility dated June 25, 2020 ( “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, 2021, not 10 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 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 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. Events of default have occurred, or are reasonably likely to occur, under the First Lien Credit Facility as a result of (i) our failure to timely deliver audited financial statements without a “going concern” or like qualification for the fiscal year ended December 31, 2020, ( first December 31, 2020, ( may 10 Second Lien Credit Facility On November 13, 2019, June 25, 2020. November 13, 2019, June 30, 2021, The stated maturity date of the Second Lien Credit Facility is November 13, 2022. three 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, 2021, 9 9 Under the amended Second Lien Credit Facility, the Company is subject to customary covenants, including financial covenants and reporting covenants. The amendment to the Second Lien Credit Facility dated June 25, 2020 ( "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, 2021, not 10 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. Events of default have occurred, or are reasonably likely to occur, under the Second Lien Credit Facility as a result of (i) our failure to timely deliver audited financial statements without a “going concern” or like qualification for the fiscal year ended December 31, 2020, ( may On April 16, 2021, The Notice of Default describes certain events of default that occurred under the Second Lien Credit Facility as a result of (i) our failure to file timely our Form 10 December 31, 2020, ( December 31, 2020, The Notice of Default declares that our obligations under the Second Lien Credit Facility are immediately due and payable, in each case without presentment, demand, protest or other requirements of any kind, and have begun to bear interest at the rate applicable to such amount under the Second Lien Credit Facility, plus an additional 3%. Additionally, the administrative agent and the lenders have reserved their right to exercise further rights, powers and remedies under the Second Lien Credit Facility, at any time or from time to time, with respect to any of the events of default described above. Angelo Gordon agreed to forbear from exercising remedies available to it until May 6, 2021. no Real Estate Lien Note We have a real estate lien note secured by a first July 20, 2023. June 30, 2021 December 31, 2020, |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (14,005 ) $ (83,256 ) $ (37,695 ) $ (41,813 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 8,403 8,362 8,403 8,368 Effect of dilutive securities: Stock options, restricted shares and warrants - - - - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 8,403 8,362 8,403 8,368 Net loss per common share - basic $ (1.67 ) $ (9.96 ) $ (4.49 ) $ (5.00 ) Net loss per common share - diluted $ (1.67 ) $ (9.96 ) $ (4.49 ) $ (5.00 ) 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. For the three six June 30, 2021 no |
Note 7 - Hedging Program and De
Note 7 - Hedging Program and Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. 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, 2021 Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2021 July - December 750 $ 52.50 Substantially all of our hedges were terminated in April 2021. The following table illustrates the impact of derivative contracts on our balance sheet: Fair Value of Derivative Contracts as of June 30, 2021 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives – current $ - Derivatives – current $ 3,006 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 3,006 Fair Value of Derivative Contracts as December 31, 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 $ 9,639 Derivatives – current $ 480 Commodity price derivatives Derivatives – long-term 10,281 Derivatives – long-term - $ 19,920 $ 480 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8. Assets and liabilities measured at fair value are categorized into one three three • Level 1 • Level 2 • Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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, 2021 December 31, 2020 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, 2021 Assets: NYMEX fixed price derivative contracts $ — $ — $ — $ — Total Assets $ — $ — $ — $ — Liabilities: NYMEX fixed price derivative contracts $ — $ 3,006 $ — $ 3,006 Total Liabilities $ — $ 3,006 $ — $ 3,006 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, 2020 Assets: NYMEX fixed price derivative contracts $ — $ 19,920 $ — $ 19,920 Total Assets $ — $ 19,920 $ — $ 19,920 Liabilities: NYMEX fixed price derivative contracts $ — $ 480 $ — $ 480 Total Liabilities $ — $ 480 $ - $ 480 As of June 30, 2021 December 31, 2020 2. third third not 3 December 31, 2020 June 30, 2021. 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 9 - Leases
Note 9 - Leases | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. 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 August 31, 2024. 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, 2021 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease cost $ 13 $ 39 Short-term lease expense (1) $ 491 $ 991 Total lease expense $ 504 $ 1,030 Short-term lease costs (2) $ - $ - ( 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, 2021 Operating lease ROU assets $ 194 Operating lease liability - current $ 41 Operating lease liabilities - long-term $ 128 Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: June 30, 2021 Weighted Average Remaining Lease Term (in years) 11.6 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2021 $ 50 2022 44 2023 40 2024 10 2025 4 Thereafter 95 Total lease payments 243 Less imputed interest (74 ) Total lease liability $ 169 At June 30, 2021 one |
Note 10 - Events of Default
Note 10 - Events of Default | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 10. In connection with the completion of our financial statements for the year ended December 31, 2020, December 31, 2020 not first December 31, 2020. First Lien Credit Facility Events of default have occurred, or are reasonably likely to occur, under the First Lien Credit Facility as a result of (i) the Company’s failure to timely deliver audited financial statements without a “going concern” or like qualification for the fiscal year ended December 31, 2020, ( first December 31, 2020, ( may Second Lien Credit Facility Events of default have occurred, or are reasonably likely to occur, under the Second Lien Credit Facility as a result of (i) the Company’s failure to timely deliver audited financial statements without a “going concern” or like qualification for the fiscal year ended December 31, 2020, ( may On April 16, 2021, The Notice of Default describes certain events of default that occurred under the Second Lien Credit Facility as a result of (i) our failure to file timely our Form 10 December 31, 2020, ( December 31, 2020, The Notice of Default declares that our obligations under the Second Lien Credit Facility are immediately due and payable, in each case without presentment, demand, protest or other requirements of any kind, and have begun to bear interest at the rate applicable to such amount under the Second Lien Credit Facility, plus an additional 3%. Additionally, the administrative agent and the lenders have reserved their right to exercise further rights, powers and remedies under the Second Lien Credit Facility, at any time or from time to time, with respect to any of the events of default described above. Angelo Gordon agreed to forbear from exercising remedies available to it until May 6, 2021. no Hedging Contracts Effective April 12, 2021, may may may Forbearance Discussions The existing events of default under the credit facilities were subject to forbearance agreements with our lenders that expired on May 6, 2021. no No |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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, 2021 not |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. In notices from the Nasdaq Stock Market LLC (“Nasdaq”) dated May 11, 2021 ( “May 11 July 26, 2021 “July 26 no 5550 5550 10 March 31, 2021, May 11 $2,500,000 5550 1 July 26 5550 2 5550 3 July 21, 2021, $35,000,000 5550 2 2018, 2019, 2020 $500,000 5550 3 As permitted by Nasdaq Listing Rule 5810 May 11 July 26 Pursuant to Nasdaq’s determination, the trading of the Company’s Common Stock was suspended beginning on August 4, 2021, 25‑NSE not may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
COVID-19 [Policy Text Block] | COVI 19 In the first 2020, 19” 19 19 March 2020, not 19 19 2020 In early March 2020, may 19 2021. March 2020, June, September 2020. |
Going Concern Qualification, Policy [Policy Text Block] | Going Concern Our present level of indebtedness and the recent commodity price environment present challenges to our ability to comply with certain covenants in our credit facilities, and under applicable auditing standards, the independent accountants' opinion on our financial statements for the year ended December 31, 2020 December 31, 2020, June 30, 2021, Specifically, with regard to our credit agreements, we did not first December 31, 2020 not 5 first September 30, 2021, twelve 10 December 31, 2020 not We are evaluating the available financial alternatives and are in discussion with our lenders seeking additional waivers or amendments to the covenants or other provisions of our credit facilities to address any current and future default relating to the covenants in question. The existing defaults at March 31, 2021 May 6, 2021. no may not Under applicable accounting principles these circumstances are deemed to create substantial doubt regarding the Company’s ability to continue as a “going concern”. The consolidated financial statements have been prepared on a “going concern” basis, which contemplates the realization of assets and the satisfaction of liabilities and other commitments in the normal course of business for the twelve not may In April 2021, may may 10 |
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, Option Plans and Warrants 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, 2021 2020 2021 2020 $ 1 $ (5 ) $ (22 ) $ 61 The following table summarizes our stock option activity for the six June 30, 2021 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2020 196 $ 49.69 $ 35.03 Cancelled/Forfeited (121 ) $ 43.63 $ 30.90 Expired (15 ) $ 84.34 $ 62.02 Balance, June 30, 2021 60 $ 53.50 $ 36.81 As of June 30, 2021 Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with 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, 2021 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2020 41 $ 31.37 Vested/Released (23 ) $ 32.80 Cancelled/Forfeited — — Unvested, June 30, 2021 18 $ 31.17 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, 2021 2020 2021 2020 $ 116 $ 312 $ 315 $ 472 As of June 30, 2021 2021 June 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, 2020 44 $ 33.73 Expired (15 ) $ 47.40 Unvested, June 30, 2021 29 $ 26.80 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, 2021 2020 2021 2020 $ 79 $ 62 $ 214 $ 66 As of June 30, 2021 2021 April 1, 2022. Warrants for Common Stock As of June 30, 2021 Issuance Date Exercisable for Expiration Date Exercise Price Number of Shares August 11, 2020 Common Stock August 11, 2025 $ 0.20 1,672,290 In connection with the amended Second Lien Credit Agreement, on August 11, 2020, October 19, 2020 1 may five |
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, 2021, not June 30, 2020, three six June 30, 2020, |
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, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Beginning future site restoration obligation $ 7,360 $ 7,420 New wells placed on production and other - 43 Deletions related to property sales (2,845 ) (216 ) Deletions related to plugging costs (127 ) (235 ) Accretion expense 180 414 Revisions and other 203 (66 ) Ending future site restoration obligation $ 4,771 $ 7,360 In April 2021, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards Effective January 1, 2020, 2016 13 30 not Recently Issued Accounting Standards In March 2020, No. 2020 04, 840 2020 04” 2020 04 470 December 31, 2022. In May 2020, not not January 1, 2021, |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ 1 $ (5 ) $ (22 ) $ 61 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ 116 $ 312 $ 315 $ 472 Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 $ 79 $ 62 $ 214 $ 66 |
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, 2020 196 $ 49.69 $ 35.03 Cancelled/Forfeited (121 ) $ 43.63 $ 30.90 Expired (15 ) $ 84.34 $ 62.02 Balance, June 30, 2021 60 $ 53.50 $ 36.81 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2020 41 $ 31.37 Vested/Released (23 ) $ 32.80 Cancelled/Forfeited — — Unvested, June 30, 2021 18 $ 31.17 |
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, 2020 44 $ 33.73 Expired (15 ) $ 47.40 Unvested, June 30, 2021 29 $ 26.80 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issuance Date Exercisable for Expiration Date Exercise Price Number of Shares August 11, 2020 Common Stock August 11, 2025 $ 0.20 1,672,290 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | June 30, 2021 December 31, 2020 Beginning future site restoration obligation $ 7,360 $ 7,420 New wells placed on production and other - 43 Deletions related to property sales (2,845 ) (216 ) Deletions related to plugging costs (127 ) (235 ) Accretion expense 180 414 Revisions and other 203 (66 ) Ending future site restoration obligation $ 4,771 $ 7,360 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 8,399 $ 749 $ 420 $ 565 $ 20 $ 12 Rocky Mountain $ 7,369 $ 510 $ 994 $ 1,405 $ 2 $ (9 ) Six Months Ended June 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 15,565 $ 1,864 $ 689 $ 9,072 $ 34 $ 10 Rocky Mountain $ 14,128 $ 1,065 $ 1,794 $ 8,433 $ 74 $ 90 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | June 30, 2021 December 31, 2020 First Lien Credit Facility $ 88,500 $ 95,000 Second Lien Credit Facility 122,120 112,695 Exit fee - Second Lien Credit Facility 10,000 10,000 Real estate lien note 2,664 2,810 223,284 220,505 Less current maturities (209,244 ) (202,751 ) 14,040 17,754 Deferred financing fees and debt issuance cost, net (11,678 ) (15,239 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ 2,362 $ 2,515 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (14,005 ) $ (83,256 ) $ (37,695 ) $ (41,813 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 8,403 8,362 8,403 8,368 Effect of dilutive securities: Stock options, restricted shares and warrants - - - - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 8,403 8,362 8,403 8,368 Net loss per common share - basic $ (1.67 ) $ (9.96 ) $ (4.49 ) $ (5.00 ) Net loss per common share - diluted $ (1.67 ) $ (9.96 ) $ (4.49 ) $ (5.00 ) |
Note 7 - Hedging Program and _2
Note 7 - Hedging Program and Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Fixed Price Derivatives [Table Text Block] | Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2021 July - December 750 $ 52.50 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Fair Value of Derivative Contracts as of June 30, 2021 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives – current $ - Derivatives – current $ 3,006 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 3,006 Fair Value of Derivative Contracts as December 31, 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 $ 9,639 Derivatives – current $ 480 Commodity price derivatives Derivatives – long-term 10,281 Derivatives – long-term - $ 19,920 $ 480 |
Note 8 - Financial Instruments
Note 8 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 Assets: NYMEX fixed price derivative contracts $ — $ — $ — $ — Total Assets $ — $ — $ — $ — Liabilities: NYMEX fixed price derivative contracts $ — $ 3,006 $ — $ 3,006 Total Liabilities $ — $ 3,006 $ — $ 3,006 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, 2020 Assets: NYMEX fixed price derivative contracts $ — $ 19,920 $ — $ 19,920 Total Assets $ — $ 19,920 $ — $ 19,920 Liabilities: NYMEX fixed price derivative contracts $ — $ 480 $ — $ 480 Total Liabilities $ — $ 480 $ - $ 480 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Operating lease cost $ 13 $ 39 Short-term lease expense (1) $ 491 $ 991 Total lease expense $ 504 $ 1,030 Short-term lease costs (2) $ - $ - June 30, 2021 Weighted Average Remaining Lease Term (in years) 11.6 Weighted Average Discount Rate 6 % |
Schedule of Operating Leased Assets [Table Text Block] | June 30, 2021 Operating lease ROU assets $ 194 Operating lease liability - current $ 41 Operating lease liabilities - long-term $ 128 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2021 $ 50 2022 44 2023 40 2024 10 2025 4 Thereafter 95 Total lease payments 243 Less imputed interest (74 ) Total lease liability $ 169 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands | Oct. 19, 2020$ / sharesshares | Apr. 30, 2021USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Aug. 11, 2020$ / sharesshares |
Long-term Debt, Gross | $ 223,284 | $ 223,284 | $ 220,505 | |||||
Line of Credit, Exit Fee | 10,000 | |||||||
Termination Value of Hedge Contracts | 9,944 | $ 9,944 | 0 | |||||
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves | 10.00% | |||||||
Impairment of Oil and Gas Properties | $ 0 | $ 54,898 | $ 0 | $ 81,557 | ||||
North Dakota and Montana [Member] | ||||||||
Asset Retirement Obligation, Decrease from Divestiture of Properties | $ 2,700 | |||||||
Reverse Stock Split [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||||||
Warrant Issued to Lender [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 1,672,290 | 1,672,290 | 1,672,290 | 33,445,792 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.01 | ||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | $ 0 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 300 | 300 | ||||||
Performance Shares [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 200 | $ 200 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 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% | |||||||
First Lien Credit Facility [Member] | ||||||||
Long-term Debt, Gross | 88,500 | $ 88,500 | 95,000 | |||||
First Lien Credit Facility [Member] | Obligations from Terminated Hedging Arrangements [Member] | ||||||||
Termination Value of Hedge Contracts | $ 9,900 | $ 9,900 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | 8.75% | ||||||
Second Lien Credit Facility [Member] | ||||||||
Long-term Debt, Gross | $ 132,100 | $ 132,100 | $ 112,700 | |||||
Line of Credit, Exit Fee | $ 10,000 | $ 10,000 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Option [Member] | ||||
Stock-based compensation expense | $ 1 | $ (5) | $ (22) | $ 61 |
Restricted Stock [Member] | ||||
Stock-based compensation expense | 116 | 312 | 315 | 472 |
Performance Shares [Member] | ||||
Stock-based compensation expense | $ 79 | $ 62 | $ 214 | $ 66 |
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, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 196 |
Outstanding, weighted average option exercise price (in dollars per share) | $ 49.69 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 35.03 |
Cancelled/Forfeited (in shares) | shares | (121) |
Cancelled/Forfeited, weighted average option exercise price (in dollars per share) | $ 43.63 |
Cancelled/Forfeited, weighted average grant date fair value (in dollars per share) | $ 30.90 |
Expired (in shares) | shares | (15) |
Expired, weighted average option exercise price (in dollars per share) | $ 84.34 |
Expired, weighted average grant date fair value (in dollars per share) | $ 62.02 |
Balance, June 30, 2021 (in shares) | shares | 60 |
Balance, June 30, 2021 (in dollars per share) | $ 53.50 |
Balance, June 30, 2021 (in dollars per share) | $ 36.81 |
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, 2021$ / sharesshares | |
Unvested (in shares) | shares | 41 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 31.37 |
Vested/Released (in shares) | shares | (23) |
Vested/Released, weighted average grant date fair value (in dollars per share) | $ / shares | $ 32.80 |
Cancelled/Forfeited (in shares) | shares | 0 |
Cancelled/Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Unvested (in shares) | shares | 18 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 31.17 |
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, 2021$ / sharesshares | |
Unvested (in shares) | shares | 44 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 33.73 |
Expired (in shares) | shares | (15) |
Expired, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 47.40 |
Unvested (in shares) | shares | 29 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.80 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Warrants (Details) - Warrant Issued to Lender [Member] - $ / shares | Jun. 30, 2021 | Oct. 19, 2020 | Aug. 11, 2020 |
Exercise Price (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.01 |
Number of Shares (in shares) | 1,672,290 | 1,672,290 | 33,445,792 |
Note 1 - Basis of Presentatio_8
Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Beginning future site restoration obligation | $ 7,360 | $ 7,420 |
New wells placed on production and other | 0 | 43 |
Deletions related to property sales | (2,845) | (216) |
Deletions related to plugging costs | (127) | (235) |
Accretion expense | 180 | 414 |
Revisions and other | 203 | (66) |
Ending future site restoration obligation | $ 4,771 | $ 7,360 |
Note 2 - Reverse Stock Split (D
Note 2 - Reverse Stock Split (Details Textual) | Oct. 19, 2020$ / sharesshares | Jun. 30, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Oct. 18, 2020shares |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Common Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 8,421,910 | 8,421,910 | ||
Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 | |||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | |||
Common Stock, Shares Authorized (in shares) | 20,000,000 | 400,000,000 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 8,421,910 | 168,069,305 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 12.6 | $ 8.8 |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Oil Revenues [Member] | ||||
Revenue | $ 15,768 | $ 1,970 | $ 29,693 | $ 17,505 |
Gas Revenues [Member] | ||||
Revenue | 1,259 | 22 | 2,929 | 108 |
Natural Gas Liquids Revenues [Member] | ||||
Revenue | 1,414 | 3 | 2,483 | 100 |
Permian / Delaware Basin [Member] | Oil Revenues [Member] | ||||
Revenue | 8,399 | 565 | 15,565 | 9,072 |
Permian / Delaware Basin [Member] | Gas Revenues [Member] | ||||
Revenue | 749 | 20 | 1,864 | 34 |
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member] | ||||
Revenue | 420 | 12 | 689 | 10 |
Rocky Mountain [Member] | Oil Revenues [Member] | ||||
Revenue | 7,369 | 1,405 | 14,128 | 8,433 |
Rocky Mountain [Member] | Gas Revenues [Member] | ||||
Revenue | 510 | 2 | 1,065 | 74 |
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member] | ||||
Revenue | $ 994 | $ (9) | $ 1,794 | $ 90 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 117,300 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | ||
Open Tax Year | 2015 2016 2017 2018 2019 2020 | ||
Pre 2018 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | 245,200 | ||
Post 2018 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | $ 140,000 | ||
Earliest Tax Year [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2022 | ||
Latest Tax Year [Member] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) | Jun. 25, 2020USD ($) | Nov. 13, 2019USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Line of Credit, Exit Fee | $ 10,000,000 | |||
Long-term Debt, Total | $ 2,362,000 | 2,515,000 | ||
Second Lien Credit Facility [Member] | ||||
Line of Credit, Exit Fee | 10,000,000 | |||
Line of Credit [Member] | First Lien Credit Facility [Member] | ||||
Long-term Line of Credit, Total | $ 88,500,000 | |||
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 | 8.75% | |||
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 | |||
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 | $ 132,100,000 | |||
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 | |||
Line of Credit, Exit Fee | $ 10,000,000 | 10,000,000 | ||
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 | $ 2,700,000 | $ 2,800,000 |
Note 5 - Long-term Debt - Debt
Note 5 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term debt | $ 223,284 | $ 220,505 |
Exit fee - Second Lien Credit Facility | 10,000 | |
Less current maturities | (209,244) | (202,751) |
Long-term Debt, Noncurrent, Gross | 14,040 | 17,754 |
Deferred financing fees and debt issuance cost, net | (11,678) | (15,239) |
Total long-term debt, net of deferred financing fees and debt issuance costs | 2,362 | 2,515 |
First Lien Credit Facility [Member] | ||
Long-term debt | 88,500 | 95,000 |
Second Lien Credit Facility [Member] | ||
Long-term debt | 132,100 | 112,700 |
Exit fee - Second Lien Credit Facility | 10,000 | |
Line of Credit [Member] | First Lien Credit Facility [Member] | ||
Long-term debt | 88,500 | 95,000 |
Line of Credit [Member] | Second Lien Credit Facility [Member] | ||
Long-term debt | 122,120 | 112,695 |
Exit fee - Second Lien Credit Facility | 10,000 | 10,000 |
Mortgages [Member] | ||
Long-term debt | $ 2,664 | $ 2,810 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 6 - Earnings Per Share - C
Note 6 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (14,005) | $ (83,256) | $ (37,695) | $ (41,813) |
Basic (in shares) | 8,403 | 8,362 | 8,403 | 8,368 |
Stock options, restricted shares and warrants (in shares) | 0 | 0 | 0 | 0 |
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares (in shares) | 8,403 | 8,362 | 8,403 | 8,368 |
Net loss per common share - basic (in dollars per share) | $ (1.67) | $ (9.96) | $ (4.49) | $ (5) |
Net loss per common share - diluted (in dollars per share) | $ (1.67) | $ (9.96) | $ (4.49) | $ (5) |
Note 7 - Hedging Program and _3
Note 7 - Hedging Program and Derivatives - Derivative Contracts (Details) - Fixed Swap 2021 [Member] | 6 Months Ended |
Jun. 30, 2021$ / bbl | |
Daily volume | 750 |
Swap price (in USD per Barrel of Oil) | 52.50 |
Note 7 - Hedging Program and _4
Note 7 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative asset, current | $ 0 | $ 9,639 |
Derivative liability, current | 3,006 | 480 |
Derivative asset, long-term | 0 | 10,281 |
Derivative asset | 0 | 19,920 |
Derivative liability | 3,006 | 480 |
Commodity Contract [Member] | Derivative Assets Current [Member] | ||
Derivative asset, current | 0 | 9,639 |
Commodity Contract [Member] | Derivative Liabilities Current [Member] | ||
Derivative liability, current | 3,006 | 480 |
Commodity Contract [Member] | Derivative Assets Noncurrent [Member] | ||
Derivative asset, long-term | 0 | 10,281 |
Commodity Contract [Member] | Derivative Liabilities Noncurrent [Member] | ||
Derivative liability, long-term | $ 0 | $ 0 |
Note 8 - Financial Instrument_2
Note 8 - Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative assets | $ 0 | $ 19,920 |
Derivative liabilities | 3,006 | 480 |
Fair Value, Recurring [Member] | ||
Derivative assets | 0 | 19,920 |
Derivative liabilities | 3,006 | 480 |
Fair Value, Recurring [Member] | Fixed Price Derivative Contracts [Member] | ||
Derivative assets | 0 | 19,920 |
Derivative liabilities | 3,006 | 480 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 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 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 0 | 19,920 |
Derivative liabilities | 3,006 | 480 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member] | ||
Derivative assets | 0 | 19,920 |
Derivative liabilities | 3,006 | 480 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Price Derivative Contracts [Member] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | Jun. 30, 2021 |
Lease for Residence in North Dakota [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note 9 - Leases - Total Lease E
Note 9 - Leases - Total Lease Expense (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | |||
Operating lease cost | $ 13 | $ 39 | ||
Short-term lease expense | 491 | [1] | 991 | [1] |
Total lease expense | $ 504 | $ 1,030 | ||
Weighted Average Remaining Lease Term (Year) | 11 years 7 months 6 days | 11 years 7 months 6 days | ||
Weighted Average Discount Rate | 6.00% | 6.00% | ||
Drilling Rig [Member] | ||||
Short-term lease expense | $ 0 | [2] | $ 0 | [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 9 - Leases - Balance Sheet
Note 9 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating lease ROU assets | $ 194 | $ 228 |
Operating lease liability - current | 41 | 53 |
Operating lease liabilities - long-term | $ 128 | $ 150 |
Note 9 - Leases - Lease Liabili
Note 9 - Leases - Lease Liabilities Maturity (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Remainder of 2021 | $ 50 |
2022 | 44 |
2023 | 40 |
2024 | 10 |
2025 | 4 |
Thereafter | 95 |
Total lease payments | 243 |
Less imputed interest | (74) |
Total lease liability | $ 169 |
Note 10 - Events of Default (De
Note 10 - Events of Default (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Apr. 16, 2021 | Apr. 12, 2021 | Dec. 31, 2020 |
Termination Value of Hedge Contracts | $ 9,944 | $ 0 | ||
Morgan Stanley [Member] | ||||
Termination Value of Hedge Contracts | $ 9,100 | |||
Second Lien Credit Facility [Member] | ||||
Debt Instrument, Interest Rate, Additional Default Interest | 3.00% | |||
First Lien Credit Facility [Member] | Obligations from Terminated Hedging Arrangements [Member] | ||||
Termination Value of Hedge Contracts | $ 9,900 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | |||
First Lien Credit Facility [Member] | Morgan Stanley [Member] | ||||
Percentage of Outstanding Obligations | 3.70% | |||
First Lien Credit Facility [Member] | Morgan Stanley [Member] | Obligations from Terminated Hedging Arrangements [Member] | ||||
Termination Value of Hedge Contracts | $ 9,100 |