Abraxas Petroleum (AXAS) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 14, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9,406	$ 10,034
Accounts receivable:
Joint owners, net	118	1,117
Oil and gas production sales	7,397	12,280
Other	0	150
Total accounts receivable	7,515	13,547
Other current assets	1,258	498
Total current assets	18,179	24,079
Property and equipment:
Proved oil and gas properties, full cost method	1,122,292	1,165,707
Other property and equipment	31,370	39,337
Total	1,153,662	1,205,044
Less accumulated depreciation, depletion, amortization and impairment	(1,093,971)	(1,099,075)
Total property and equipment, net	59,691	105,969
Operating lease right-of-use assets	6	173
Other assets	255	255
Total assets	78,131	130,476
Current liabilities:
Accounts payable	7,916	4,678
Joint interest oil and gas production payable	3,570	13,347
Accrued interest	4	477
Accrued expenses	337	347
Right of use liability	6	40
Derivative liabilities - short-term	0	442
Termination of derivative contracts	0	8,022
Current maturities of long-term debt	314	212,688
Total current liabilities	12,147	240,041
Operating lease right-of-use liabilities	0	110
Future site restoration	3,025	4,708
Total liabilities	17,297	247,064
Commitments and contingencies (Note 9)
Stockholders’ Equity:
Preferred stock, par value $0.01 per share – authorized 1,000,000 shares; 685,505 and -0- shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	7	0
Common stock, par value $0.01 per share, authorized 20,000,000 shares; 8,421,910 issued and outstanding at March 31, 2022 and December 31, 2021	84	84
Additional paid-in capital	569,686	430,422
Accumulated deficit	(508,943)	(547,094)
Total stockholders' equity (deficit)	60,834	(116,588)
Total liabilities and stockholders’ equity (deficit)	78,131	130,476
Debt Instruments Excluding PPP Loan [Member]
Current liabilities:
Long-term debt – less current maturities	$ 2,125	$ 2,205

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	685,505	0
Preferred stock, outstanding (in shares)	685,505	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 ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Other	$ 5	$ 6
Total revenue	12,185	16,670
Operating costs and expenses:
Lease operating	2,573	4,380
Production and ad valorem taxes	1,139	1,385
Rig expense	106	116
Depreciation, depletion, amortization and accretion	1,580	3,897
General and administrative (including stock-based compensation of $187 and $311, respectively)	1,918	2,049
Total operating cost and expenses	7,316	11,827
Operating income	4,869	4,843
Other (income) expense:
Interest income	0	(5)
Interest expense	70	6,023
Gain on sale of oil and gas assets	(29,359)	0
Loss on sale of non-oil and gas assets	669	0
Amortization of deferred financing fees	0	1,201
Debt forgiveness	(6,645)	0
Loss (gain) on derivative contracts	0	22,698
Total other (income) expense	(35,265)	28,533
Income (loss) before income tax	40,134	(23,690)
Net income (loss)	40,134	(23,690)
Accretion of preferred stock	1,983	0
Net income (loss) attributable to common stock	$ 38,151	$ (23,690)
Net income (loss) per common share - basic (in dollars per share)	$ 4.53	$ (2.83)
Net income (loss) per common share - diluted (in dollars per share)	$ 4.53	$ (2.83)
Weighted average shares outstanding:
Basic (in shares)	8,422	8,382
Diluted (in shares)	8,422	8,382
Paycheck Protection Program, CARES Act [Member]
Other (income) expense:
Debt forgiveness	$ 6,645	$ 1,384
Oil Revenues [Member]
Revenues:
Revenues	10,291	13,925
Gas Revenues [Member]
Revenues:
Revenues	1,131	1,670
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	$ 758	$ 1,069

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation	$ 187	$ 311

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	8,421,910	0
Balance at Dec. 31, 2020	$ 84	$ 0	$ 429,476	$ (502,527)	$ (72,967)
Net income	0	0	0	(23,690)	(23,690)
Stock-based compensation	$ 0	$ 0	311	0	311
Balance (in shares) at Mar. 31, 2021	8,421,910	0
Balance at Mar. 31, 2021	$ 84	$ 0	429,787	(526,217)	(96,346)
Balance (in shares) at Dec. 31, 2021	8,421,910	0
Balance at Dec. 31, 2021	$ 84	$ 0	430,422	(547,094)	(116,588)
Net income	$ 0	$ 0	0	38,151	38,151
Issuance of Preferred Stock (in shares)	0	685,505
Issuance of Preferred Stock	$ 0	$ 7	137,094	0	137,101
Accretion of Preferred Stock	0	0	1,983	0	1,983
Stock-based compensation	$ 0	$ 0	187	0	187
Balance (in shares) at Mar. 31, 2022	8,421,910	685,505
Balance at Mar. 31, 2022	$ 84	$ 7	$ 569,686	$ (508,943)	$ 60,834

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income (loss)	$ 38,151	$ (23,690)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net loss on derivative contracts	0	22,698
Net cash settlements paid on derivative contracts	0	(714)
Gain on sale of oil and gas properties	(29,359)	0
Loss on sale of non-oil and gas properties	669	0
Depreciation, depletion, amortization and accretion of future site restoration	1,580	4,000
Amortization of deferred financing fees and issuance discount	0	1,806
Stock-based compensation	187	311
Accretion of preferred stock	1,983	0
Loss on debt extinguishment	6,645	0
Non-cash interest expense	0	4,498
Changes in operating assets and liabilities:
Accounts receivable	6,032	(1,145)
Other assets	(1,145)	1,471
Accounts payable and accrued expenses	(7,097)	(2,026)
Net cash provided by operating activities	4,356	5,825
Investing Activities
Capital expenditures, including purchases and development of properties	(135)	(91)
Proceeds from the sale of oil and gas properties	71,244	0
Proceeds from the sale of non-oil and gas properties	637	0
Net cash provided by (used in) investing activities	71,746	(91)
Financing Activities
Payments on long-term borrowings	(75,527)	(5,572)
Deferred financing fees	(1,203)	0
Net cash used in financing activities	(76,730)	(4,236)
(Decrease) increase in cash and cash equivalents	(628)	1,498
Cash and cash equivalents at beginning of period	10,034	2,775
Cash and cash equivalents at end of period	9,406	4,273
Supplemental disclosures of cash flow information:
Interest paid	70	6,085
Non-cash investing and financing activities:
Non-cash interest paid in kind	0	4,498
Non-cash issuance of preferred stock	137,101
Change in capital expenditures included in accounts payable	(41)	28
Change in future site restoration on properties sold	1,725	0
Debt forgiveness	(6,645)	0
Paycheck Protection Program, CARES Act [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on debt extinguishment	(6,645)	(1,384)
Financing Activities
Proceeds from long-term borrowings	0	1,336
Non-cash investing and financing activities:
Debt forgiveness	6,645	1,384
Second Lien Credit Facility [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on debt extinguishment	0	0
Non-cash investing and financing activities:
Debt forgiveness	$ 0	$ 0

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. The accounting policies we follow as of January 1, 2022 10 December 31, 2021 March 31, 2022 not not three March 31, 2022 three March 31, 2022 not 10 December 31, 2021 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 three March 31, 2022 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2021 55 $ 53.79 $ 36.95 Cancelled/Forfeited (44 ) $ 55.79 $ 38.05 Expired (4 ) $ 40.43 $ 29.23 Balance, March 31, 2022 7 $ 48.84 $ 34.41 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 three March 31, 2022 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Vested/Released (14 ) 27.97 Unvested, March 31, 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 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, 2021 28 $ 26.80 Expired - $ - Unvested, March 31, 2022 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) as of the dates indicated. Three Months Ended March 31, 2022 2021 Options $ - $ (22 ) Restricted stock 108 199 Performance shares 79 134 $ 187 $ 311 As of March 31, 2022 Oil and Gas Properties We follow the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful and unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, plus the cost of properties not 10% No March 31, 2022 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 three March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Beginning future site restoration obligation $ 4,708 $ 7,360 New wells placed on production and other - 1 Deletions related to property sales (1,725 ) (2,845 ) Deletions related to plugging costs . (342 ) Accretion expense 42 330 Revisions and other - 204 Ending future site restoration obligation $ 3,025 $ 4,708

Note 2 - Revenue From Contracts

Note 2 - Revenue From Contracts With Customers	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2 . Revenue from Contracts with Customers 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 have been focused on the development of oil and natural gas properties primarily located in the following two January 3, 2022. Three Months Ended March 31, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 10,291 $ 1,131 $ 758 $ 7,166 $ 1,114 $ 269 Rocky Mountain $ - $ - $ - $ 6,759 $ 556 $ 800 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. March 31, 2022 December 31, 2021 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 March 31, 2022 2021, not

Note 3 - Income Taxes

Note 3 - Income Taxes	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the tax rates and laws expected to be in effect when the differences are expected to reverse. For the three March 31, 2022, 2021 At December 31, 2021 2018 2017 2018 2022 2037, not 2018, 2019, 2020, 2021 five 100% 2020 80% December 31, 2020. January 1, 2021 80% 50% three 382 March 31, 2022 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, 2021 As of March 31, 2022 not 2014 2021 The Coronavirus Aid, Relief, and Economic Security Act that was enacted March 27, 2020 no

Note 4 - Long-term Debt

Note 4 - Long-term Debt	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	4. The following is a description of our debt as of March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 First Lien Credit Facility $ - $ 71,400 Second Lien Credit Facility - 134,907 Exit fee - Second Lien Credit Facility - 10,000 Real estate lien note 2,439 2,515 Total long term debt 2,439 218,822 Less current maturities (314 ) (212,688 ) 2,125 6,134 Deferred financing fees and debt issuance cost, net - (3,929 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ 2,125 $ 2,205 Restructuring Pursuant to the Exchange Agreement, dated as of January 3, 2022, January 3, 2022, AGEF was issued 685,505 shares of Series A Preferred Stock of the Company in the Exchange. The Series A Preferred Stock has the terms set forth in the Company’s filed Preferred Stock Certificate of Designation (the “Certificate). Pursuant to the Certificate, any proceeds distributed to the Company’s stockholders or otherwise received in respect of the capital stock of the Company in a merger or other liquidity event will be allocated among the Series A Preferred Stock and the Company’s common stock as follows: ( 1 2 3 1.5 x Real Estate Lien Note We have a real estate lien note secured by a first July 20, 2023. March 31, 2022 December 31, 2021,

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	5. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 Numerator: Net income (loss) $ 38,151 $ (23,690 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 8,422 8,382 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 8,422 8,382 Net income (loss) per common share - basic $ 4.53 $ (2.83 ) Net income (loss) per common share - diluted $ 4.53 $ (2.83 ) 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 March 31, 2022

Note 6 - Hedging Program and De

Note 6 - Hedging Program and Derivatives	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Hedging Program and Derivatives As of March 31, 2022, not December 31, 2021 December 2021 Fair Value of Derivative Contracts as December 31, 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 $ 442 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 442

Note 7 - Financial Instruments

Note 7 - Financial Instruments	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. The Company did not March 31, 2022. 2 December 31, 2021 December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 Liabilities: NYMEX fixed price derivative contracts $ — $ 442 $ — $ 442 Total Liabilities $ — $ 442 $ - $ 442 Nonrecurring Fair Value Measurements Non-financial assets and liabilities measured at fair value on a nonrecurring basis included certain non-financial assets and liabilities as may The asset retirement obligation estimates are derived from historical costs as well as management’s expectation of future cost environments. As there is no 3. 1. Other Financial Instruments The carrying amounts of our cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. The carrying value of our debt approximates fair value as the interest rates are market rates and this debt is considered Level 2.

Note 8 - Leases

Note 8 - Leases	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. Nature of Leases We lease certain 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 March 31, 2022 Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 6 $ 26 Short-term lease expense (1) $ 220 $ 500 Total lease expense $ 226 $ 526 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: March 31, 2022 Operating lease ROU assets $ 6 Operating lease liability - current $ 6 Operating lease liabilities - long-term $ - Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: March 31, 2022 Weighted Average Remaining Lease Term (in years) 0.8 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2022 $ 6 2023 — 2024 — 2025 — 2026 — Thereafter — Total lease payments 6 Less imputed interest — Total lease liability $ 6 At March 31, 2022 one

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. From time to time, we are involved in litigation relating to claims arising out of our operations in the normal course of business. At March 31, 2022 not

Note 10 - Disposition of Assets

Note 10 - Disposition of Assets and Restructuring	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	10. On January 3, 2022, January 3, 2022. As discussed in Note 4 January 3, 2022, AGEF was issued 685,505 shares of Series A Preferred Stock of the Company in the Exchange. The Series A Preferred Stock has the terms set forth in the Company’s filed Preferred Stock Certificate of Designation (the “Certificate). Pursuant to the Certificate, any proceeds distributed to the Company’s stockholders or otherwise received in respect of the capital stock of the Company in a merger or other liquidity event will be allocated among the Series A Preferred Stock and the Company’s common stock as follows: ( 1 2 3 1.5 x Exchange Agreement On January 3, 2022, upon the consummation of the transactions contemplated by the Purchase Agreement and the First Lien Release Agreement, AGEF transferred to the Company all of AGEF’s claims outstanding under the Second Lien Debt Agreement (the “Claims”) in exchange for the Company’s issuance to AGEF of 685,505 shares of the Company’s preferred stock, par value $0.01 per share, designated as “Series A Preferred Stock” (the “Preferred Stock”), having the terms set forth in the Preferred Stock Certificate of Designation (the “Certificate”; such exchange between the Company and AGEF, the “Exchange”). Effective upon the Exchange, all of the Claims in favor of AGEF were automatically deemed paid and satisfied in full, discharged, terminated, released, and cancelled for all purposes under the Second Lien Debt Agreement. Any proceeds distributed to the Company’s stockholders or otherwise received in respect of the capital stock of the Company in a merger or other liquidity event will be allocated among the Preferred Stock and the Company’s common stock as follows: ( 1 2 3 may 1.5 x In connection with the consummation of the Exchange Agreement, on January 3, 2022, No. 2 January 14, 2022, The foregoing description of the Exchange Agreement, the Certificate and the Second Lien Forbearance is a summary only, does not 10.3, 3.1 4.1, 10.4, 8 January 3, 2022, In connection with the proposed Sale of the Assets to Lime Rock, as contemplated by the Purchase Agreement, and the proposed Exchange of AGEF’s claims outstanding under the Second Lien Debt Agreement for the Preferred Stock, as contemplated by the Exchange Agreement, the Board of Directors of the Company (the “Board”) requested that Petrie Partners Securities, LLC (“Petrie”) render opinions as to whether the Purchase Price and the Exchange are fair, from a financial point of view, to the Company. Petrie represented the Company in the broadly marketed sale of the Assets and is currently acting as financial advisor to the Board and to the Special Committee of the Board in connection with the proposed Exchange. On January 2, 2022, January 3, 2022

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accounting policies we follow as of January 1, 2022 10 December 31, 2021 March 31, 2022 not not three March 31, 2022 three March 31, 2022 not 10 December 31, 2021
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 three March 31, 2022 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2021 55 $ 53.79 $ 36.95 Cancelled/Forfeited (44 ) $ 55.79 $ 38.05 Expired (4 ) $ 40.43 $ 29.23 Balance, March 31, 2022 7 $ 48.84 $ 34.41 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 three March 31, 2022 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Vested/Released (14 ) 27.97 Unvested, March 31, 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 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, 2021 28 $ 26.80 Expired - $ - Unvested, March 31, 2022 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) as of the dates indicated. Three Months Ended March 31, 2022 2021 Options $ - $ (22 ) Restricted stock 108 199 Performance shares 79 134 $ 187 $ 311 As of March 31, 2022
Oil and Gas Properties Policy [Policy Text Block]	Oil and Gas Properties We follow the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful and unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, plus the cost of properties not 10% No March 31, 2022 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 three March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 Beginning future site restoration obligation $ 4,708 $ 7,360 New wells placed on production and other - 1 Deletions related to property sales (1,725 ) (2,845 ) Deletions related to plugging costs . (342 ) Accretion expense 42 330 Revisions and other - 204 Ending future site restoration obligation $ 3,025 $ 4,708

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2021 55 $ 53.79 $ 36.95 Cancelled/Forfeited (44 ) $ 55.79 $ 38.05 Expired (4 ) $ 40.43 $ 29.23 Balance, March 31, 2022 7 $ 48.84 $ 34.41
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Vested/Released (14 ) 27.97 Unvested, March 31, 2022 $ - $ -
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, 2021 28 $ 26.80 Expired - $ - Unvested, March 31, 2022 28 $ 26.80
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2022 2021 Options $ - $ (22 ) Restricted stock 108 199 Performance shares 79 134 $ 187 $ 311
Schedule of Change in Asset Retirement Obligation [Table Text Block]	March 31, 2022 December 31, 2021 Beginning future site restoration obligation $ 4,708 $ 7,360 New wells placed on production and other - 1 Deletions related to property sales (1,725 ) (2,845 ) Deletions related to plugging costs . (342 ) Accretion expense 42 330 Revisions and other - 204 Ending future site restoration obligation $ 3,025 $ 4,708

Note 2 - Revenue From Contrac_2

Note 2 - Revenue From Contracts With Customers (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 10,291 $ 1,131 $ 758 $ 7,166 $ 1,114 $ 269 Rocky Mountain $ - $ - $ - $ 6,759 $ 556 $ 800

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	March 31, 2022 December 31, 2021 First Lien Credit Facility $ - $ 71,400 Second Lien Credit Facility - 134,907 Exit fee - Second Lien Credit Facility - 10,000 Real estate lien note 2,439 2,515 Total long term debt 2,439 218,822 Less current maturities (314 ) (212,688 ) 2,125 6,134 Deferred financing fees and debt issuance cost, net - (3,929 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ 2,125 $ 2,205

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2022 2021 Numerator: Net income (loss) $ 38,151 $ (23,690 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 8,422 8,382 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 8,422 8,382 Net income (loss) per common share - basic $ 4.53 $ (2.83 ) Net income (loss) per common share - diluted $ 4.53 $ (2.83 )

Note 6 - Hedging Program and _2

Note 6 - Hedging Program and Derivatives (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Fair Value of Derivative Contracts as December 31, 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 $ 442 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 442

Note 7 - Financial Instruments

Note 7 - Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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 Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 Liabilities: NYMEX fixed price derivative contracts $ — $ 442 $ — $ 442 Total Liabilities $ — $ 442 $ - $ 442

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 6 $ 26 Short-term lease expense (1) $ 220 $ 500 Total lease expense $ 226 $ 526 Short-term lease costs (2) $ - $ - March 31, 2022 Weighted Average Remaining Lease Term (in years) 0.8 Weighted Average Discount Rate 6 %
Schedule of Operating Leased Assets [Table Text Block]	March 31, 2022 Operating lease ROU assets $ 6 Operating lease liability - current $ 6 Operating lease liabilities - long-term $ -
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases Remainder of 2022 $ 6 2023 — 2024 — 2025 — 2026 — Thereafter — Total lease payments 6 Less imputed interest — Total lease liability $ 6

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2022
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves	10.00%
Performance Shares [Member]
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%

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Stock Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Outstanding (in shares) | shares	55
Outstanding, weighted average option exercise price (in dollars per share)	$ 53.79
Outstanding, weighted average grant date fair value (in dollars per share)	$ 36.95
Cancelled/Forfeited (in shares) | shares	(44)
Cancelled/Forfeited, weighted average option exercise price (in dollars per share)	$ 55.79
Cancelled/Forfeited, weighted average grant date fair value (in dollars per share)	$ 38.05
Expired (in shares) | shares	(4)
Expired, weighted average option exercise price (in dollars per share)	$ 40.43
Expired, weighted average grant date fair value (in dollars per share)	$ 29.23
Outstanding (in shares) | shares	7
Outstanding, weighted average option exercise price (in dollars per share)	$ 48.84
Outstanding, weighted average grant date fair value (in dollars per share)	$ 34.41

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Unvested (in shares) | shares	14
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 27.97
Vested/Released (in shares) | shares	(14)
Vested/Released, weighted average grant date fair value (in dollars per share) | $ / shares	$ 27.97
Unvested (in shares) | shares	0
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Unvested (in shares) | shares	28
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 26.80
Expired (in shares) | shares	0
Expired, weighted average option exercise price per share (in dollars per share) | $ / shares	$ 0
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
	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation expense	$ 187	$ 311
Share-Based Payment Arrangement, Option [Member]
Stock-based compensation expense	0	(22)
Restricted Stock [Member]
Stock-based compensation expense	108	199
Performance Shares [Member]
Stock-based compensation expense	$ 79	$ 134

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Beginning future site restoration obligation	$ 4,708	$ 7,360
New wells placed on production and other	0	1
Deletions related to property sales	(1,725)	(2,845)
Deletions related to plugging costs		(342)
Accretion expense	42	330
Revisions and other	0	204
Ending future site restoration obligation	$ 3,025	$ 4,708

Note 2 - Revenue From Contrac_3

Note 2 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 7.4	$ 12.3

Note 2 - Revenue From Contrac_4

Note 2 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Oil Revenues [Member]
Revenue	$ 10,291	$ 13,925
Gas Revenues [Member]
Revenue	1,131	1,670
Natural Gas Liquids Revenues [Member]
Revenue	758	1,069
Permian / Delaware Basin [Member] | Oil Revenues [Member]
Revenue	10,291	7,166
Permian / Delaware Basin [Member] | Gas Revenues [Member]
Revenue	1,131	1,114
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member]
Revenue	758	269
Rocky Mountain [Member] | Oil Revenues [Member]
Revenue	0	6,759
Rocky Mountain [Member] | Gas Revenues [Member]
Revenue	0	556
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member]
Revenue	$ 0	$ 800

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Expense (Benefit), Total	$ 0	$ 0
Deferred Tax Assets, Valuation Allowance			$ 117,300
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0
Open Tax Year	2014 2015 2016 2017 2018 2019 2020 2021
Pre 2018 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards			245,200
Post 2017 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards			$ 190,800
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 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($)	Jan. 03, 2022	Mar. 31, 2022	Dec. 31, 2021
Annual Rate of Return, Percent	6.00%
Long-Term Debt, Total		$ 2,125,000	$ 2,205,000
Construction Loans [Member]
Debt Instrument, Interest Rate, Stated Percentage		4.90%
Debt Instrument, Periodic Payment, Total		$ 35,672
Long-Term Debt, Total		$ 2,400,000	$ 2,500,000
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	685,505
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier One	100.00%
Maximum Aggregate Proceeds Received Allowed, Tier One Preference Amount	$ 100,000,000
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Two	95.00%
Maximum Aggregate Proceeds Received Allowed, Tire Two Preference Amount	$ 137,100,000
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three	75.00%
Number of Votes Each Share Entitled	69
Preferred Stock, Voting Power, Percent	85.00%
Common Stock [Member]
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Two	5.00%
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three	25.00%
Lime Rock Resources V-A, L.P. [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 87,200,000
Proceeds from Sale of Property Plant and Equipment, after Customary Closing Adjustments	70,300,000
AGEF [Member]
Maximum Additional Funding	$ 12,000,000
AGEF [Member] | Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	685,505

Note 4 - Long-term Debt - Debt

Note 4 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Long-term debt	$ 2,439	$ 218,822
Less current maturities	(314)	(212,688)
Long-term Debt, Noncurrent, Gross	2,125	6,134
Deferred financing fees and debt issuance cost, net	0	(3,929)
Total long-term debt, net of deferred financing fees and debt issuance costs	2,125	2,205
Line of Credit [Member] | First Lien Credit Facility [Member]
Long-term debt	0	71,400
Line of Credit [Member] | Second Lien Credit Facility [Member]
Long-term debt	0	134,907
Exit fee - Second Lien Credit Facility	0	10,000
Mortgages [Member]
Long-term debt	$ 2,439	$ 2,515

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0	0

Note 5 - Earnings Per Share - C

Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 38,151	$ (23,690)
Basic (in shares)	8,422	8,382
Stock options, restricted shares and warrants (in shares)	0	0
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares (in shares)	8,422	8,382
Net income (loss) per common share - basic (in dollars per share)	$ 4.53	$ (2.83)
Net income (loss) per common share - diluted (in dollars per share)	$ 4.53	$ (2.83)

Note 6 - Hedging Program and _3

Note 6 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative liability, current	$ 0	$ 442
Derivative asset		0
Derivative liability		442
Commodity Contract [Member] | Derivative Assets Current [Member]
Derivative asset, current		0
Commodity Contract [Member] | Derivative Liabilities Current [Member]
Derivative liability, current		442
Commodity Contract [Member] | Derivative Assets Noncurrent [Member]
Derivative asset, long-term		0
Commodity Contract [Member] | Derivative Liabilities Noncurrent [Member]
Derivative liability, long-term		$ 0

Note 7 - Financial Instrument_2

Note 7 - Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	Dec. 31, 2021USD ($)
Derivative liabilities	$ 442
Fair Value, Recurring [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] | Fixed Price Derivative Contracts [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivative liabilities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Price Derivative Contracts [Member]
Derivative liabilities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivative liabilities	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Price Derivative Contracts [Member]
Derivative liabilities	$ 0

Note 8 - Leases- Total Lease Ex

Note 8 - Leases- Total Lease Expense (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Operating lease cost		$ 6	$ 26
Short-term lease expense	[1]	220	500
Total lease expense		$ 226	526
Weighted Average Remaining Lease Term (Year)		9 months 18 days
Weighted Average Discount Rate		6.00%
Drilling Rig [Member]
Short-term lease expense	[2]	$ 0	$ 0
[1]	Short-term lease expense represents expense related to leases with a contract term of 12 months or less.
[2]	These short-term lease costs are related to leases with a contract term of 12 months or less which are related to drilling rigs and are capitalized as part of natural gas and oil properties on our balance sheet.

Note 8 - Leases - Balance Sheet

Note 8 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating lease ROU assets	$ 6	$ 173
Operating lease liability - current	6	40
Operating lease liabilities - long-term	$ 0	$ 110

Note 8 - Leases - Lease Liabili

Note 8 - Leases - Lease Liabilities Maturity (Details) $ in Thousands	Mar. 31, 2022USD ($)
Remainder of 2022	$ 6
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total lease payments	6
Less imputed interest	0
Total lease liability	$ 6

Note 10 - Disposition of Asse_2

Note 10 - Disposition of Assets and Restructuring (Details Textual) - USD ($)	Jan. 03, 2022	Mar. 31, 2022	Dec. 31, 2021
Annual Rate of Return, Percent	6.00%
Preferred Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.01	$ 0.01
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	685,505
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier One	100.00%
Maximum Aggregate Proceeds Received Allowed, Tier One Preference Amount	$ 100,000,000
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Two	95.00%
Maximum Aggregate Proceeds Received Allowed, Tire Two Preference Amount	$ 137,100,000
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three	75.00%
Number of Votes Each Share Entitled	69
Preferred Stock, Voting Power, Percent	85.00%
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Common Stock [Member]
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Two	5.00%
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three	25.00%
Lime Rock Resources V-A, L.P. [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 87,200,000
AGEF [Member]
Maximum Additional Funding	$ 12,000,000
AGEF [Member] | Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	685,505