Abraxas Petroleum (AXAS) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 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	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 9,051	$ 2,775
Accounts receivable:
Joint owners, net	1,250	1,255
Oil and gas production sales	13,272	8,794
Other	293	0
Total accounts receivable	14,815	10,049
Derivative asset - short-term	0	9,639
Other current assets	993	1,588
Total current assets	24,859	24,051
Proved oil and gas properties, full cost method	1,165,232	1,167,333
Other property and equipment	39,257	39,456
Total	1,204,489	1,206,789
Less accumulated depreciation, depletion, amortization and impairment	(1,095,459)	(1,083,843)
Total property and equipment, net	109,030	122,946
Operating lease right-of-use assets	184	228
Derivative asset, long-term	0	10,281
Other assets	255	255
Total assets	134,328	157,761
Current liabilities:
Accounts payable	2,061	6,074
Joint interest oil and gas production payable	12,835	8,795
Accrued interest	511	86
Accrued expenses	892	230
Right of use liability	41	53
Derivative liabilities - short-term	2,017	480
Termination of derivative contracts	9,178	0
Current maturities of long-term debt	209,434	202,751
Other current liabilities	0	850
Total current liabilities	236,969	219,319
Operating lease right-of-use liabilities	118	150
Future site restoration	4,748	7,360
Total liabilities	245,455	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 September 30, 2021 and December 31, 2020	84	84
Additional paid-in capital	430,256	429,476
Accumulated deficit	(541,467)	(502,527)
Total stockholders' deficit	(111,127)	(72,967)
Total liabilities and stockholders’ deficit	134,328	157,761
Debt Instruments Excluding PPP Loan [Member]
Current liabilities:
Long-term debt – less current maturities	2,284	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	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Other	$ 11	$ 2	$ 19	$ 8
Total revenue	20,865	12,595	55,978	30,314
Operating costs and expenses:
Lease operating	4,612	3,935	13,059	12,280
Production and ad valorem taxes	1,551	1,520	4,624	3,613
Rig expense	119	130	363	669
Depreciation, depletion, amortization and accretion	3,812	7,019	11,951	19,053
Proved property impairment	0	54,552	0	136,109
General and administrative (including stock-based compensation of $273, $348, $780, and $947, respectively)	1,942	2,100	6,253	6,506
Total operating cost and expenses	12,036	69,256	36,250	178,230
Operating income (loss)	8,829	(56,661)	19,728	(147,916)
Other (income) expense:
Interest income	(4)	(6)	(13)	(24)
Interest expense	8,057	5,676	21,742	15,569
Gain on sale of non-oil and gas assets	0	0	(29)	0
Amortization of deferred financing fees	1,201	546	3,603	1,067
Financing expense	568	0	1,852	0
Loss on debt extinguishment	0	4,108	0	4,108
Loss (gain) on derivative contracts	252	6,630	32,897	(53,208)
Total other expense (income)	10,074	16,954	58,668	(32,488)
(Loss) before income tax	(1,245)	(73,615)	(38,940)	(115,428)
Income tax (expense) benefit	0	0	0	0
Net (loss)	$ (1,245)	$ (73,615)	$ (38,940)	$ (115,428)
Net (loss) per common share - basic (in dollars per share)	$ (0.15)	$ (8.80)	$ (4.63)	$ (13.80)
Net (loss) per common share - diluted (in dollars per share)	$ (0.15)	$ (8.80)	$ (4.63)	$ (13.80)
Weighted average shares outstanding:
Basic (in shares)	8,406	8,362	8,406	8,366
Diluted (in shares)	8,406	8,362	8,406	8,366
Paycheck Protection Program, CARES Act [Member]
Other (income) expense:
Loss on debt extinguishment	$ 0	$ 0	$ (1,384)	$ 0
Oil Revenues [Member]
Revenues:
Revenues	15,506	12,466	45,199	29,971
Gas Revenues [Member]
Revenues:
Revenues	2,415	75	5,344	183
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	$ 2,933	$ 52	$ 5,416	$ 152

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock-based compensation	$ 273	$ 348	$ 780	$ 947

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	8,418,053
Balance at Dec. 31, 2019	$ 84	$ 421,740	$ (318,005)	$ 103,819
Net income (loss)	0	0	(115,428)	(115,428)
Stock-based compensation	0	947	0	947
Issuance of warrant	$ 0	6,424	0	6,424
Restricted stock issued, net of forfeitures (in shares)	(14,588)
Restricted stock issued, net of forfeitures	$ 0	0	0	0
Balance (in shares) at Sep. 30, 2020	8,403,465
Balance at Sep. 30, 2020	$ 84	429,111	(433,433)	(4,238)
Balance (in shares) at Jun. 30, 2020	8,403,465
Balance at Jun. 30, 2020	$ 84	422,339	(359,818)	62,605
Net income (loss)	0	0	(73,615)	(73,615)
Stock-based compensation	0	348	0	348
Issuance of warrant	$ 0	6,424	0	6,424
Balance (in shares) at Sep. 30, 2020	8,403,465
Balance at Sep. 30, 2020	$ 84	429,111	(433,433)	$ (4,238)
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	(38,940)	(38,940)
Stock-based compensation	$ 0	780	0	$ 780
Balance (in shares) at Sep. 30, 2021	8,421,910			8,421,910
Balance at Sep. 30, 2021	$ 84	430,256	(541,467)	$ (111,127)
Balance (in shares) at Jun. 30, 2021	8,421,910
Balance at Jun. 30, 2021	$ 84	429,983	(540,222)	(110,155)
Net income (loss)	0	0	(1,245)	(1,245)
Stock-based compensation	$ 0	273	0	$ 273
Balance (in shares) at Sep. 30, 2021	8,421,910			8,421,910
Balance at Sep. 30, 2021	$ 84	$ 430,256	$ (541,467)	$ (111,127)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net loss	$ (1,245)	$ (73,615)	$ (38,940)	$ (115,428)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss (gain) on derivative contracts			32,897	(53,208)
Net cash settlements paid on derivative contracts			(1,497)	12,400
Gain on sale of non-oil and gas assets	0	0	(29)	0
Depreciation, depletion, amortization and accretion of future site restoration			11,951	19,053
Proved property impairment	0	54,552	0	136,109
Amortization of deferred financing fees and issuance discount			5,734	2,226
Stock-based compensation	273	348	780	947
Settlements of asset retirement obligations			336	310
Loss on debt extinguishment	0	4,108	0	4,108
Non-cash interest expense			14,406	8,323
Non-cash hedge contract termination			9,943	0
Changes in operating assets and liabilities:
Accounts receivable			(4,766)	12,158
Other assets			(10,186)	1,459
Accounts payable and accrued expenses			631	(17,723)
Net cash provided by operating activities			19,876	10,734
Investing Activities
Capital expenditures, including purchases and development of properties			(856)	(13,187)
Proceeds from the sale of oil and gas properties			117	0
Proceeds from the sale of non-oil and gas properties			256	0
Net cash used in investing activities			(483)	(13,187)
Financing Activities
Proceeds from long-term borrowings			0	8,000
Payments on long-term borrowings			(14,296)	(3,987)
Deferred financing fees			(157)	(977)
Net cash (used in) provided by financing activities			(13,117)	3,036
Increase in cash and cash equivalents			6,276	583
Cash and cash equivalents at beginning of period			2,775	0
Cash and cash equivalents at end of period	9,051	583	9,051	583
Supplemental disclosures of cash flow information:
Interest paid			4,667	6,085
Non-cash investing and financing activities:
Non-cash interest paid in kind			14,406	8,323
Change in capital expenditures included in accounts payable			28	(6,619)
Change in future site restoration on properties sold			2,704	0
Forgiveness of PPP loan	0	(4,108)	0	(4,108)
Paycheck Protection Program, CARES Act [Member]
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on debt extinguishment	0	0	(1,384)	0
Financing Activities
Proceeds from long-term borrowings			1,336	0
Non-cash investing and financing activities:
Forgiveness of PPP loan	$ 0	$ 0	$ 1,384	$ 0

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 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 nine September 30, 2021 nine September 30, 2021 not 10 December 31, 2020 COVI 19 In the first 2020, 19” 19 19 March 2020, not 19 19 In early March 2020, may 19 2021. March 2020. June 2020, 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, September 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 The existing defaults at March 31, 2021 May 6, 2021. 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 The Company has continued its previously announced investigation of strategic alternatives and is in discussions with its creditors in an effort to restructure its balance sheet. Any negotiated transaction with its lenders would likely include a sale of a significant block of assets, the proceeds from which would be applied to reduce debt, the exchange of a significant amount of equity interests in the Company for outstanding indebtedness, and/or other possible negotiated transactions, which in the aggregate could eliminate or substantially reduce the outstanding indebtedness under its First Lien Credit facility and Second Lien Credit Facility and result in significant dilution of existing stockholder interests and reduction or potentially elimination of value for existing stockholders. Any such transaction could involve a proceeding under the U.S. Bankruptcy Code. No 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 option activity for the nine September 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 (125 ) $ 43.38 $ 30.90 Expired (17 ) $ 82.91 $ 62.02 Balance, September 30, 2021 54 $ 53.79 $ 36.81 Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with us prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. The following table summarizes our restricted stock activity for the nine September 30, 2021 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2020 41 $ 31.37 Vested/Released (24 ) 33.23 Cancelled/Forfeited (1 ) 26.80 Unvested, September 30, 2021 16 $ 26.80 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 (16 ) $ 46.35 Unvested, September 30, 2021 28 $ 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% The following table summarizes stock-based compensation from the various forms of compensation utilized by the Company (in thousands). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Options $ 1 $ 11 $ (22 ) $ 73 Restricted stock 211 203 527 675 Performance shares 61 134 275 403 $ 273 $ 348 $ 780 $ 1,151 As of September 30, 2021 2021 April 2022. Warrants for Common Stock As of September 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 September 30, 2020, three nine September 30, 2020, September 30, 2021 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 nine September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Beginning future site restoration obligation $ 7,360 $ 7,420 New wells placed on production and other 1 43 Deletions related to property sales (2,845 ) (216 ) Deletions related to plugging costs (336 ) (235 ) Accretion expense 255 414 Revisions and other 313 (66 ) Ending future site restoration obligation $ 4,748 $ 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	9 Months Ended
	Sep. 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, August 4, 2021 September 17, 2021,

Note 3 - Revenue From Contracts

Note 3 - Revenue From Contracts With Customers	9 Months Ended
	Sep. 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 September 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 8,341 $ 1,232 $ 724 $ 7,676 $ 77 $ 52 Rocky Mountain $ 7,165 $ 1,183 $ 2,209 $ 4,790 $ (2 ) $ - Nine Months Ended September 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 23,906 $ 3,096 $ 1,412 $ 16,748 $ 111 $ 62 Rocky Mountain $ 21,293 $ 2,248 $ 4,004 $ 13,223 $ 72 $ 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. September 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 nine September 30, 2021 2020, not

Note 4 - Income Taxes

Note 4 - Income Taxes	9 Months Ended
	Sep. 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 nine September 30, 2021, 2020 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 September 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 September 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	9 Months Ended
	Sep. 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 First Lien Credit Facility $ 81,689 $ 95,000 Second Lien Credit Facility 127,101 112,695 Exit fee - Second Lien Credit Facility 10,000 10,000 Real estate lien note 2,590 2,810 221,380 220,505 Less current maturities (209,434 ) (202,751 ) 11,946 17,754 Deferred financing fees and debt issuance cost, net (9,662 ) (15,239 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ 2,284 $ 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 September 30, 2021, Outstanding amounts under the First Lien Credit Facility accrue interest at a rate per annum equal to (i) for borrowings that we elect to accrue interest at the reference rate at the greater of ( x one However, at any time an event of default exists, the default rate is 3.0% plus the amounts set forth above. At September 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 September 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 The borrowing base will be reduced by any mandatory prepayments from excess cash flow (in an amount equal to such prepayment) and upon the disposition of the Company’s oil and gas properties. At September 30, 2021, As of September 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 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. September 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 September 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 September 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 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 September 30, 2021, 10 On April 16, 2021, 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. September 30, 2021 December 31, 2020, Pending Discussions Regarding Debt Restructurings The Company is in discussions with its creditors in an effort to restructure its balance sheet and eliminate or substantially reduce the outstanding indebtedness under its First Lien Credit Facility and Second Lien Credit Facility. Any negotiated transaction with its lenders would likely include the possible sale of a significant block of assets, the proceeds from which would be applied to reduce debt, the exchange of a significant amount of equity interests in the Company for outstanding indebtedness, and/or other possible negotiated transactions, which in the aggregate would likely result in significant dilution of existing stockholder interests and reduction or potentially elimination of value for existing stockholders. Any such transaction could involve a proceeding under the U.S. Bankruptcy Code. No may may

Note 6 - Earnings Per Share

Note 6 - Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (1,245 ) $ (73,615 ) $ (38,940 ) $ (115,428 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 8,406 8,362 8,406 8,366 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 8,406 8,362 8,406 8,366 Net loss per common share - basic $ (0.15 ) $ (8.80 ) $ (4.63 ) $ (13.80 ) Net loss per common share - diluted $ (0.15 ) $ (8.80 ) $ (4.63 ) $ (13.80 ) 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 nine September 30, 2021

Note 7 - Hedging Program and De

Note 7 - Hedging Program and Derivatives	9 Months Ended
	Sep. 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 September 30, 2021 Oil - WTI Contract Periods Daily Volume (Bbl) Swap Price (per Bbl) Fixed Swaps 2021 October - 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 September 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 $ 2,017 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 2,017 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	9 Months Ended
	Sep. 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 September 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 September 30, 2021 Assets: NYMEX fixed price derivative contracts $ — $ — $ — $ — Total Assets $ — $ — $ — $ — Liabilities: NYMEX fixed price derivative contracts $ — $ 2,017 $ — $ 2,017 Total Liabilities $ — $ 2,017 $ — $ 2,017 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 September 30, 2021 December 31, 2020 2. third third not 3 December 31, 2020 September 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	9 Months Ended
	Sep. 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. 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 nine September 30, 2021 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Operating lease cost $ 13 $ 52 Short-term lease expense (1) $ 465 $ 1,456 Total lease expense $ 478 $ 1,508 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: September 30, 2021 Operating lease ROU assets $ 184 Operating lease liability - current $ 41 Operating lease liabilities - long-term $ 118 Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: September 30, 2021 Weighted Average Remaining Lease Term (in years) 12.0 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2021 $ 49 2022 42 2023 37 2024 4 2025 4 Thereafter 94 Total lease payments 230 Less imputed interest (71 ) Total lease liability $ 159 At September 30, 2021 one

Note 10 - Events of Default

Note 10 - Events of Default	9 Months Ended
	Sep. 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. September 30, 2021, First Lien Credit Facility Events of default have occurred 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 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, ( September 30, 2021, ( September 30, 2021, may September 30, 2021, On April 16, 2021, 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

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2021 not

Note 12 - Subsequent Events

Note 12 - Subsequent Events	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	12. As noted in Note 10 no no No If successfully concluded, these transactions could discharge the Company’s long-term indebtedness and permit us to resume development of locations that we believe are highly likely to generate additional production oil and gas. The amount of outstanding indebtedness under our Second Lien Credit Facility is in excess of $137 million, and if a transaction could be successfully concluded, it would result in substantial dilution of existing stockholder interests, and possibly elimination of value for existing stockholders. No no In the event a negotiated transaction cannot be concluded, the First Lien Credit Facility Lender may may No not no

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
COVID-19 [Policy Text Block]	COVI 19 In the first 2020, 19” 19 19 March 2020, not 19 19 In early March 2020, may 19 2021. March 2020. June 2020, 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, September 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 The existing defaults at March 31, 2021 May 6, 2021. 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 The Company has continued its previously announced investigation of strategic alternatives and is in discussions with its creditors in an effort to restructure its balance sheet. Any negotiated transaction with its lenders would likely include a sale of a significant block of assets, the proceeds from which would be applied to reduce debt, the exchange of a significant amount of equity interests in the Company for outstanding indebtedness, and/or other possible negotiated transactions, which in the aggregate could eliminate or substantially reduce the outstanding indebtedness under its First Lien Credit facility and Second Lien Credit Facility and result in significant dilution of existing stockholder interests and reduction or potentially elimination of value for existing stockholders. Any such transaction could involve a proceeding under the U.S. Bankruptcy Code. No 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 option activity for the nine September 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 (125 ) $ 43.38 $ 30.90 Expired (17 ) $ 82.91 $ 62.02 Balance, September 30, 2021 54 $ 53.79 $ 36.81 Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with us prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. The following table summarizes our restricted stock activity for the nine September 30, 2021 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2020 41 $ 31.37 Vested/Released (24 ) 33.23 Cancelled/Forfeited (1 ) 26.80 Unvested, September 30, 2021 16 $ 26.80 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 (16 ) $ 46.35 Unvested, September 30, 2021 28 $ 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% The following table summarizes stock-based compensation from the various forms of compensation utilized by the Company (in thousands). Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Options $ 1 $ 11 $ (22 ) $ 73 Restricted stock 211 203 527 675 Performance shares 61 134 275 403 $ 273 $ 348 $ 780 $ 1,151 As of September 30, 2021 2021 April 2022. Warrants for Common Stock As of September 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 September 30, 2020, three nine September 30, 2020, September 30, 2021 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 nine September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Beginning future site restoration obligation $ 7,360 $ 7,420 New wells placed on production and other 1 43 Deletions related to property sales (2,845 ) (216 ) Deletions related to plugging costs (336 ) (235 ) Accretion expense 255 414 Revisions and other 313 (66 ) Ending future site restoration obligation $ 4,748 $ 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)	9 Months Ended
	Sep. 30, 2021
Notes Tables
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 (125 ) $ 43.38 $ 30.90 Expired (17 ) $ 82.91 $ 62.02 Balance, September 30, 2021 54 $ 53.79 $ 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 (24 ) 33.23 Cancelled/Forfeited (1 ) 26.80 Unvested, September 30, 2021 16 $ 26.80
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 (16 ) $ 46.35 Unvested, September 30, 2021 28 $ 26.80
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Options $ 1 $ 11 $ (22 ) $ 73 Restricted stock 211 203 527 675 Performance shares 61 134 275 403 $ 273 $ 348 $ 780 $ 1,151
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]	September 30, 2021 December 31, 2020 Beginning future site restoration obligation $ 7,360 $ 7,420 New wells placed on production and other 1 43 Deletions related to property sales (2,845 ) (216 ) Deletions related to plugging costs (336 ) (235 ) Accretion expense 255 414 Revisions and other 313 (66 ) Ending future site restoration obligation $ 4,748 $ 7,360

Note 3 - Revenue From Contrac_2

Note 3 - Revenue From Contracts With Customers (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 8,341 $ 1,232 $ 724 $ 7,676 $ 77 $ 52 Rocky Mountain $ 7,165 $ 1,183 $ 2,209 $ 4,790 $ (2 ) $ - Nine Months Ended September 30, 2021 2020 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 23,906 $ 3,096 $ 1,412 $ 16,748 $ 111 $ 62 Rocky Mountain $ 21,293 $ 2,248 $ 4,004 $ 13,223 $ 72 $ 90

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, 2021 December 31, 2020 First Lien Credit Facility $ 81,689 $ 95,000 Second Lien Credit Facility 127,101 112,695 Exit fee - Second Lien Credit Facility 10,000 10,000 Real estate lien note 2,590 2,810 221,380 220,505 Less current maturities (209,434 ) (202,751 ) 11,946 17,754 Deferred financing fees and debt issuance cost, net (9,662 ) (15,239 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ 2,284 $ 2,515

Note 6 - Earnings Per Share (Ta

Note 6 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator: Net loss $ (1,245 ) $ (73,615 ) $ (38,940 ) $ (115,428 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 8,406 8,362 8,406 8,366 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 8,406 8,362 8,406 8,366 Net loss per common share - basic $ (0.15 ) $ (8.80 ) $ (4.63 ) $ (13.80 ) Net loss per common share - diluted $ (0.15 ) $ (8.80 ) $ (4.63 ) $ (13.80 )

Note 7 - Hedging Program and _2

Note 7 - Hedging Program and Derivatives (Tables)	9 Months Ended
	Sep. 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 October - 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 September 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 $ 2,017 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 2,017 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)	9 Months Ended
	Sep. 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 September 30, 2021 Assets: NYMEX fixed price derivative contracts $ — $ — $ — $ — Total Assets $ — $ — $ — $ — Liabilities: NYMEX fixed price derivative contracts $ — $ 2,017 $ — $ 2,017 Total Liabilities $ — $ 2,017 $ — $ 2,017 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)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Operating lease cost $ 13 $ 52 Short-term lease expense (1) $ 465 $ 1,456 Total lease expense $ 478 $ 1,508 Short-term lease costs (2) $ - $ - September 30, 2021 Weighted Average Remaining Lease Term (in years) 12.0 Weighted Average Discount Rate 6 %
Schedule of Operating Leased Assets [Table Text Block]	September 30, 2021 Operating lease ROU assets $ 184 Operating lease liability - current $ 41 Operating lease liabilities - long-term $ 118
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases Remainder of 2021 $ 49 2022 42 2023 37 2024 4 2025 4 Thereafter 94 Total lease payments 230 Less imputed interest (71 ) Total lease liability $ 159

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 ($)	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Aug. 11, 2020$ / sharesshares
Long-term Debt, Gross			$ 221,380		$ 221,380		$ 220,505
Line of Credit, Exit Fee			10,000		10,000		10,000
Termination Value of Hedge Contracts			9,178		$ 9,178		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	$ 54,552	$ 0	$ 136,109
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
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			$ 100		$ 100
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%
Restricted Stock [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			200		$ 200
First Lien Credit Facility [Member]
Long-term Debt, Gross			81,700		81,700		95,000
First Lien Credit Facility [Member] | Obligations from Terminated Hedging Arrangements [Member]
Termination Value of Hedge Contracts			$ 9,200		$ 9,200
Debt Instrument, Interest Rate, Stated Percentage			8.75%		8.75%
Second Lien Credit Facility [Member]
Long-term Debt, Gross			$ 137,100		$ 137,100		$ 112,700

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Stock Option Activity (Details) - Share-based Payment Arrangement, Option [Member] shares in Thousands	9 Months Ended
	Sep. 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	(125)
Cancelled/Forfeited, weighted average option exercise price (in dollars per share)	$ 43.38
Cancelled/Forfeited, weighted average grant date fair value (in dollars per share)	$ 30.90
Expired (in shares) | shares	(17)
Expired, weighted average option exercise price (in dollars per share)	$ 82.91
Expired, weighted average grant date fair value (in dollars per share)	$ 62.02
Outstanding (in shares) | shares	54
Outstanding, weighted average option exercise price (in dollars per share)	$ 53.79
Outstanding, weighted average grant date fair value (in dollars per share)	$ 36.81

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	9 Months Ended
	Sep. 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	(24)
Vested/Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 33.23
Cancelled/Forfeited (in shares) | shares	(1)
Cancelled/Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 26.80
Unvested (in shares) | shares	16
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 26.80

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands	9 Months Ended
	Sep. 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	(16)
Expired, weighted average option exercise price per share (in dollars per share) | $ / shares	$ 46.35
Unvested (in shares) | shares	28
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 26.80

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock-based compensation expense	$ 273	$ 348	$ 780	$ 1,151
Share-based Payment Arrangement, Option [Member]
Stock-based compensation expense	1	11	(22)	73
Restricted Stock [Member]
Stock-based compensation expense	211	203	527	675
Performance Shares [Member]
Stock-based compensation expense	$ 61	$ 134	$ 275	$ 403

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Warrants (Details) - Warrant Issued to Lender [Member] - $ / shares	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Beginning future site restoration obligation	$ 7,360	$ 7,420
New wells placed on production and other	1	43
Deletions related to property sales	(2,845)	(216)
Deletions related to plugging costs	(336)	(235)
Accretion expense	255	414
Revisions and other	313	(66)
Ending future site restoration obligation	$ 4,748	$ 7,360

Note 2 - Reverse Stock Split (D

Note 2 - Reverse Stock Split (Details Textual)	Oct. 19, 2020$ / sharesshares	Sep. 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	Sep. 30, 2021	Dec. 31, 2020
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 13.3	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Oil Revenues [Member]
Revenue	$ 15,506	$ 12,466	$ 45,199	$ 29,971
Gas Revenues [Member]
Revenue	2,415	75	5,344	183
Natural Gas Liquids Revenues [Member]
Revenue	2,933	52	5,416	152
Permian / Delaware Basin [Member] | Oil Revenues [Member]
Revenue	8,341	7,676	23,906	16,748
Permian / Delaware Basin [Member] | Gas Revenues [Member]
Revenue	1,232	77	3,096	111
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member]
Revenue	724	52	1,412	62
Rocky Mountain [Member] | Oil Revenues [Member]
Revenue	7,165	4,790	21,293	13,223
Rocky Mountain [Member] | Gas Revenues [Member]
Revenue	1,183	(2)	2,248	72
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member]
Revenue	$ 2,209	$ 0	$ 4,004	$ 90

Note 4 - Income Taxes (Details

Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance, Total					$ 117,300
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0		$ 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					$ 137,800
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 ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Nov. 13, 2019USD ($)
Line of Credit, Exit Fee		$ 10,000,000	$ 10,000,000
Long-term Debt, Total		2,284,000	2,515,000
Line of Credit [Member] | First Lien Credit Facility [Member]
Long-term Line of Credit, Total		$ 81,700,000
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 Facility, Remaining Borrowing Capacity		$ 0
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		$ 137,100,000
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
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		$ 2,600,000	$ 2,800,000

Note 5 - Long-term Debt - Debt

Note 5 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Long-term debt	$ 221,380	$ 220,505
Exit fee - Second Lien Credit Facility	10,000	10,000
Less current maturities	(209,434)	(202,751)
Long-term Debt, Noncurrent, Gross	11,946	17,754
Deferred financing fees and debt issuance cost, net	(9,662)	(15,239)
Total long-term debt, net of deferred financing fees and debt issuance costs	2,284	2,515
First Lien Credit Facility [Member]
Long-term debt	81,700	95,000
Second Lien Credit Facility [Member]
Long-term debt	137,100	112,700
Line of Credit [Member] | First Lien Credit Facility [Member]
Long-term debt	81,689	95,000
Line of Credit [Member] | Second Lien Credit Facility [Member]
Long-term debt	127,101	112,695
Exit fee - Second Lien Credit Facility	10,000	10,000
Mortgages [Member]
Long-term debt	$ 2,590	$ 2,810

Note 6 - Earnings Per Share (De

Note 6 - Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net loss	$ (1,245)	$ (73,615)	$ (38,940)	$ (115,428)
Basic (in shares)	8,406	8,362	8,406	8,366
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)	8,406	8,362	8,406	8,366
Net loss per common share - basic (in dollars per share)	$ (0.15)	$ (8.80)	$ (4.63)	$ (13.80)
Net loss per common share - diluted (in dollars per share)	$ (0.15)	$ (8.80)	$ (4.63)	$ (13.80)

Note 7 - Hedging Program and _3

Note 7 - Hedging Program and Derivatives - Derivative Contracts (Details) - Fixed Swap 2021 [Member]	9 Months Ended
	Sep. 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	Sep. 30, 2021	Dec. 31, 2020
Derivative asset, current	$ 0	$ 9,639
Derivative liability, current	2,017	480
Derivative asset, long-term	0	10,281
Derivative asset	0	19,920
Derivative liability	2,017	480
Commodity Contract [Member] | Derivative Assets Current [Member]
Derivative asset, current	0	9,639
Commodity Contract [Member] | Derivative Liabilities Current [Member]
Derivative liability, current	2,017	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	Sep. 30, 2021	Dec. 31, 2020
Derivative assets	$ 0	$ 19,920
Derivative liabilities	2,017	480
Fair Value, Recurring [Member]
Derivative assets	0	19,920
Derivative liabilities	2,017	480
Fair Value, Recurring [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	0	19,920
Derivative liabilities	2,017	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	2,017	480
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	0	19,920
Derivative liabilities	2,017	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 - Total Lease E

Note 9 - Leases - Total Lease Expense (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)		Sep. 30, 2021USD ($)
Operating lease cost	$ 13		$ 52
Short-term lease expense	465	[1]	1,456	[1]
Total lease expense	$ 478		$ 1,508
Weighted Average Remaining Lease Term (Year)	12 years		12 years
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	Sep. 30, 2021	Dec. 31, 2020
Operating lease ROU assets	$ 184	$ 228
Operating lease liability - current	41	53
Operating lease liabilities - long-term	$ 118	$ 150

Note 9 - Leases - Lease Liabili

Note 9 - Leases - Lease Liabilities Maturity (Details) $ in Thousands	Sep. 30, 2021USD ($)
Remainder of 2021	$ 49
2022	42
2023	37
2024	4
2025	4
Thereafter	94
Total lease payments	230
Less imputed interest	(71)
Total lease liability	$ 159

Note 10 - Events of Default (De

Note 10 - Events of Default (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2021	Apr. 16, 2021	Apr. 12, 2021	Dec. 31, 2020
Termination Value of Hedge Contracts	$ 9,178			$ 0
Morgan Stanley [Member]
Termination Value of Hedge Contracts			$ 9,200
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	$ 9,200
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	$ 8,400

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) $ in Millions	Sep. 30, 2021USD ($)
Second Lien Credit Facility [Member] | Line of Credit [Member]
Long-term Line of Credit, Total	$ 137.1