Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 08, 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 | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 $.01 per share | |
Trading Symbol | AXAS | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,070,143 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 18,503 | $ 10,034 |
Accounts receivable: | ||
Joint owners, net | 163 | 1,117 |
Oil and gas production sales | 7,636 | 12,280 |
Other | 0 | 150 |
Total accounts receivable | 7,799 | 13,547 |
Other current assets | 959 | 498 |
Total current assets | 27,261 | 24,079 |
Property and equipment: | ||
Proved oil and gas properties, full cost method | 1,122,222 | 1,165,707 |
Other property and equipment | 31,332 | 39,337 |
Total | 1,153,554 | 1,205,044 |
Less accumulated depreciation, depletion, amortization and impairment | (1,095,495) | (1,099,075) |
Total property and equipment, net | 58,059 | 105,969 |
Operating lease right-of-use assets | 4 | 173 |
Other assets | 255 | 255 |
Total assets | 85,579 | 130,476 |
Current liabilities: | ||
Accounts payable | 7,902 | 4,678 |
Joint interest oil and gas production payable | 4,100 | 13,347 |
Accrued interest | 3 | 477 |
Accrued expenses | 534 | 347 |
Right of use liability | 4 | 40 |
Derivative liabilities - short-term | 0 | 442 |
Termination of derivative contracts | 0 | 8,022 |
Current maturities of long-term debt | 318 | 212,688 |
Total current liabilities | 12,861 | 240,041 |
Operating lease right-of-use liabilities | 0 | 110 |
Future site restoration | 2,954 | 4,708 |
Total liabilities | 17,859 | 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 June 30, 2022 and December 31, 2021, respectively | 7 | 0 |
Common stock, par value $0.01 per share, authorized 20,000,000 shares; 10,070,143 and 8,421,910 issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 101 | 84 |
Additional paid-in capital | 571,888 | 430,422 |
Accumulated deficit | (504,276) | (547,094) |
Total stockholders' equity (deficit) | 67,720 | (116,588) |
Total liabilities and stockholders’ equity (deficit) | 85,579 | 130,476 |
Debt Instruments Excluding PPP Loan [Member] | ||
Current liabilities: | ||
Long-term debt – less current maturities | $ 2,044 | $ 2,205 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 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) | 10,070,143 | 8,421,910 |
Common stock, outstanding (in shares) | 10,070,143 | 8,421,910 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Other | $ 7 | $ 2 | $ 12 | $ 8 |
Total revenue | 14,536 | 18,443 | 26,721 | 35,113 |
Operating costs and expenses: | ||||
Lease operating | 2,518 | 4,067 | 5,091 | 8,447 |
Production and ad valorem taxes | 1,156 | 1,688 | 2,295 | 3,073 |
Rig expense | 118 | 128 | 224 | 244 |
Depreciation, depletion, amortization and accretion | 1,567 | 4,242 | 3,147 | 8,139 |
General and administrative (including stock-based compensation of $138, $196 $325 and $507, respectively) | 1,900 | 2,262 | 3,818 | 4,311 |
Total operating cost and expenses | 7,259 | 12,387 | 14,575 | 24,214 |
Operating income | 7,277 | 6,056 | 12,146 | 10,899 |
Other (income) expense: | ||||
Interest income | (1) | (4) | (1) | (9) |
Interest expense | 30 | 7,662 | 100 | 13,685 |
Gain on sale of oil and gas assets | 0 | 0 | (29,359) | 0 |
Loss (gain) on sale of non-oil and gas assets | 0 | (29) | 669 | (29) |
Amortization of deferred financing fees | 0 | 1,201 | 0 | 2,402 |
Financing fees | 0 | 1,284 | 0 | 1,284 |
Debt forgiveness | (6,645) | 1,384 | ||
Other | 500 | 0 | 500 | 0 |
Loss on derivative contracts | 0 | 9,947 | 0 | 32,645 |
Total other expense (income) | 529 | 20,061 | (34,736) | 48,594 |
Income (loss) before income tax | 6,748 | (14,005) | 46,882 | (37,695) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net income (loss) | 6,748 | (14,005) | 46,882 | (37,695) |
Accretion of preferred stock | 2,081 | 0 | 4,064 | 0 |
Net income (loss) attributable to common stock | $ 4,667 | $ (14,005) | $ 42,818 | $ (37,695) |
Net income (loss) per common share - basic (in dollars per share) | $ 0.61 | $ (1.67) | $ 5.92 | $ (4.49) |
Net income (loss) per common share - diluted (in dollars per share) | $ 0.50 | $ (1.67) | $ 4.82 | $ (4.49) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 7,686 | 8,403 | 7,230 | 8,403 |
Diluted (in shares) | 9,336 | 8,403 | 8,880 | 8,403 |
Paycheck Protection Program, CARES Act [Member] | ||||
Other (income) expense: | ||||
Debt forgiveness | $ 0 | $ 0 | $ 6,645 | $ 1,384 |
Oil Revenues [Member] | ||||
Revenues: | ||||
Revenues | 11,283 | 15,768 | 21,574 | 29,693 |
Gas Revenues [Member] | ||||
Revenues: | ||||
Revenues | 2,168 | 1,259 | 3,299 | 2,929 |
Natural Gas Liquids Revenues [Member] | ||||
Revenues: | ||||
Revenues | $ 1,078 | $ 1,414 | $ 1,836 | $ 2,483 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation | $ 325 | $ 507 |
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 (loss) | 0 | 0 | 0 | (37,695) | (37,695) |
Stock-based compensation | $ 0 | $ 0 | 507 | 0 | 507 |
Balance (in shares) at Jun. 30, 2021 | 8,421,910 | 0 | |||
Balance at Jun. 30, 2021 | $ 84 | $ 0 | 429,983 | (540,222) | (110,155) |
Balance (in shares) at Mar. 31, 2021 | 8,421,910 | 0 | |||
Balance at Mar. 31, 2021 | $ 84 | $ 0 | 429,787 | (526,217) | (96,346) |
Net income (loss) | 0 | 0 | 0 | (14,005) | (14,005) |
Stock-based compensation | $ 0 | $ 0 | 196 | 0 | 196 |
Balance (in shares) at Jun. 30, 2021 | 8,421,910 | 0 | |||
Balance at Jun. 30, 2021 | $ 84 | $ 0 | 429,983 | (540,222) | (110,155) |
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 (loss) | $ 0 | $ 0 | 0 | 42,818 | 42,818 |
Issuance of Restricted Stock, net of cancellations (in shares) | 1,648,233 | 0 | |||
Issuance of Restricted Stock, net of cancellations | $ 17 | (17) | 0 | 0 | |
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 | 4,064 | 0 | 4,064 |
Stock-based compensation | $ 0 | $ 0 | 325 | 0 | 325 |
Balance (in shares) at Jun. 30, 2022 | 10,070,143 | 685,505 | |||
Balance at Jun. 30, 2022 | $ 101 | $ 7 | 571,888 | (504,276) | 67,720 |
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 |
Net income (loss) | $ 0 | $ 0 | 0 | 4,667 | 4,667 |
Issuance of Restricted Stock, net of cancellations (in shares) | 1,648,233 | 0 | |||
Issuance of Restricted Stock, net of cancellations | $ 17 | $ 0 | (17) | 0 | 0 |
Accretion of Preferred Stock | 0 | 0 | 2,081 | 0 | 2,081 |
Stock-based compensation | $ 0 | $ 0 | 138 | 0 | 138 |
Balance (in shares) at Jun. 30, 2022 | 10,070,143 | 685,505 | |||
Balance at Jun. 30, 2022 | $ 101 | $ 7 | $ 571,888 | $ (504,276) | $ 67,720 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Activities | ||
Net income (loss) | $ 42,818 | $ (37,695) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Net loss on derivative contracts | 0 | 32,645 |
Net cash settlements paid on derivative contracts | 0 | (255) |
Gain on sale of oil and gas properties | (29,359) | 0 |
Loss (gain) on sale of non-oil and gas properties | 669 | (29) |
Depreciation, depletion, amortization and accretion of future site restoration | 3,147 | 8,139 |
Amortization of deferred financing fees and issuance discount | 0 | 3,684 |
Stock-based compensation | 325 | 507 |
Accretion of preferred stock | 4,064 | 0 |
Loss on debt extinguishment | 6,645 | (1,384) |
Non-cash interest expense | 0 | 9,425 |
Non-cash hedge contract termination | 0 | 9,944 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,748 | (3,949) |
Other assets | (844) | (9,946) |
Accounts payable and accrued expenses | (6,601) | (440) |
Net cash provided by operating activities | 13,322 | 10,646 |
Investing Activities | ||
Capital expenditures, including purchases and development of properties | (730) | (393) |
Proceeds from the sale of oil and gas properties | 72,047 | 141 |
Proceeds from the sale of non-oil and gas properties | 637 | 228 |
Net cash provided by (used in) investing activities | 71,954 | (24) |
Financing Activities | ||
Payments on long-term borrowings | (75,604) | (6,646) |
Deferred financing fees | (1,203) | (123) |
Net cash used in financing activities | (76,807) | (5,433) |
Increase in cash and cash equivalents | 8,469 | 5,189 |
Cash and cash equivalents at beginning of period | 10,034 | 2,775 |
Cash and cash equivalents at end of period | 18,503 | 7,964 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 70 | 6,085 |
Non-cash investing and financing activities: | ||
Non-cash interest paid in kind | 0 | 9,425 |
Non-cash issuance of preferred stock | 137,101 | 0 |
Change in capital expenditures included in accounts payable | (41) | 28 |
Change in future site restoration on properties sold | 1,839 | 2,705 |
Debt forgiveness | (6,645) | 1,384 |
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 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 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 six June 30, 2022 six June 30, 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 Cash Compensation 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 six June 30, 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, June 30, 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. On May 12, 2022, 2005 one third third May 2022 10 10.1. AGEF and the Board also granted restrict stock to one one third third 2005 May 2022 10 10.2. The following table summarizes our restricted stock activity for the six June 30, 2022 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Granted 1,650 $ 1.88 Vested/Released (14 ) 27.97 Unvested, June 30, 2022 $ 1,650 $ 1.88 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 (28 ) $ 26.80 Unvested, June 30, 2022 - $ - 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Options $ - $ 1 $ - $ (22 ) Restricted stock 138 116 246 315 Performance shares - 79 79 214 $ 138 $ 196 $ 325 $ 507 As of June 30, 2022 Cash Compensation for Non-Employee Directors On May 12, 2022, Management Incentive Plan On May 12, 2022, x The aggregate MIP payout is capped at $12.0 million. The Board’s Compensation Committee will determine in good faith the Change of Control value of the MIP Bonus pool based on the consideration received by Abraxas in any asset sale or the equity value of Abraxas implied by the consideration received by the stockholders of Abraxas in any merger or similar transaction. Any MIP payout is subject to adjustment as set forth in the MIP based on the timing of the Change of Control following the adoption of the MIP. The full text of the MIP and the Abraxas Petroleum Corporation Management Incentive Plan Bonus Agreement are attached to this Form 10 10.3 10.4, Table A – Eligible NEOs Eligible Employee Allocation of MIP Value % Robert Watson 45.00 % Kenny Johnson 9.50 % Steve Harris 8.60 % Table B – Aggregate Bonus Amount Calculation Tier Change of Control Value Range MIP Pool Enhancement Accreted Amount I $0-100 million 0 % II $100-110 million 50 % $ 5,000,000 III $110-140 million 5 % $ 1,500,000 IV $140-180 million 10 % $ 4,000,000 V $180+ million 15 % up to $1,500,000 Oil and Gas Properties We follow the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful and unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, plus the cost of properties not 10% No June 30, 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 six June 30, 2022 December 31, 2021 June 30, 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 (1,839 ) (2,845 ) Deletions related to plugging costs - (342 ) Accretion expense 85 330 Revisions and other - 204 Ending future site restoration obligation $ 2,954 $ 4,708 |
Note 2 - Revenue From Contracts
Note 2 - Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition Sales of oil, gas and natural gas liquids (“NGL”) are recognized at the point in time when control of the product is transferred to the customer and collectability is reasonably assured. Our contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, physical location, quality of the oil or gas, and prevailing supply and demand conditions. As a result, the price of the oil, gas and NGL fluctuates to remain competitive with other available oil, gas and NGL supplies in the market. We believe that the pricing provisions of our oil, gas and NGL contracts are customary in the industry. Oil sales Our oil sales contracts are generally structured such that we sell our oil production to a purchaser at a contractually specified delivery point at or near the wellhead. The crude oil production is priced on the delivery date based upon prevailing index prices less certain deductions related to oil quality, physical location and transportation costs incurred by the purchaser subsequent to delivery. We recognize revenue when control transfers to the purchaser upon delivery at or near the wellhead at the net price received from the purchaser. Gas and NGL Sales Under our gas processing contracts, we deliver wet gas to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity processes the natural gas and remits proceeds to us based upon either (i) the resulting sales price of NGL and residue gas received by the midstream processing entity from third In these scenarios, we evaluate whether the midstream processing entity is the principal or the agent in the transaction. In our gas purchase contracts, we have concluded that the midstream processing entity is the agent, and thus, the midstream processing entity is our customer. Accordingly, we recognize revenue upon delivery to the midstream processing entity based on the net amount of the proceeds received from the midstream processing entity. Disaggregation of Revenue We have been focused on the development of oil and natural gas properties primarily located in the following two January 3, 2022. Three Months Ended June 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 11,283 $ 2,168 $ 1,078 $ 8,399 $ 749 $ 420 Rocky Mountain $ - $ - $ - $ 7,369 $ 510 $ 994 Six Months Ended June 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 21,574 $ 3,299 $ 1,836 $ 15,565 $ 1,864 $ 689 Rocky Mountain $ - $ - $ - $ 14,128 $ 1,065 $ 1,794 Significant Judgments Principal versus Agent We engage in various types of transactions in which midstream entities process our gas and subsequently market resulting NGL and residue gas to third Transaction price allocated to remaining performance obligations A significant number of our product sales are short-term in nature with a contract term of one 606 10 50 14 one For product sales that have a contract term greater than one 606 10 50 14 not not Contract balances Under our product sales contracts, we are entitled to payment from purchasers once our performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional. We record invoiced amounts as “Accounts receivable - Oil and gas production sales” in the accompanying condensed consolidated balance sheet. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not third not 2014 09. June 30, 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 six June 30, 2022 2021 not |
Note 3 - Income Taxes
Note 3 - Income Taxes | 6 Months Ended |
Jun. 30, 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 six June 30, 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 June 30, 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 4. The following is a description of our debt as of June 30, 2022 December 31, 2021 June 30, 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 2,362 2,515 Total long term debt 2,362 218,822 Less current maturities (318 ) (212,688 ) 2,044 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 $ 2,044 $ 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 The Restructuring also involved a change in a majority of the Board’s directors. Pursuant to the Exchange Agreement, immediately prior to the closing of the Restructuring, two one three one As a result of the Restructuring, AGEF has the power to exert significant control over the Company by controlling both the majority of the voting power of the Company’s outstanding capital stock and the composition of a majority of the Company’s Board. Real Estate Lien Note We have a real estate lien note secured by a first July 20, 2023. June 30, 2022 December 31, 2021 The real estate lien note was paid in full on August 3, 2022. |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income (loss) $ 4,667 $ (14,005 ) $ 42,818 $ (37,695 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 7,686 8,403 7,230 8,403 Effect of dilutive securities: Stock options, restricted shares and warrants 1,650 - 1,650 - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 9,336 8,403 8,880 8,403 Net income (loss) per common share - basic $ 0.61 $ (1.67 ) $ 5.92 $ (4.49 ) Net income (loss) per common share - diluted $ 0.50 $ (1.67 ) $ 4.82 $ (4.49 ) Basic earnings per share, excluding any dilutive effects of stock options and unvested restricted stock, is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed similar to basic; however diluted income per share reflects the assumed conversion of all potentially dilutive securities. For the three six June 30, 2021 |
Note 6 - Hedging Program and De
Note 6 - Hedging Program and Derivatives | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. Hedging Program and Derivatives As of June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. The Company did not June 30, 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 | 6 Months Ended |
Jun. 30, 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 six June 30, 2022 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease cost $ 2 $ 8 Short-term lease expense (1) $ 96 $ 315 Total lease expense $ 98 $ 323 Short-term lease costs (2) $ - $ - ( 1 Short-term lease expense represents expense related to leases with a contract term of 12 ( 2 These short-term lease costs are related to leases with a contract term of 12 Supplemental balance sheet information related to our operating leases is included in the table below: June 30, 2022 Operating lease ROU assets $ 4 Operating lease liability - current $ 4 Operating lease liabilities - long-term $ - Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: June 30, 2022 Weighted Average Remaining Lease Term (in years) 0.6 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2022 $ 4 2023 — 2024 — 2025 — 2026 — Thereafter — Total lease payments 4 Less imputed interest — Total lease liability $ 4 At June 30, 2022 one |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 June 30, 2022 not |
Note 10 - Disposition of Assets
Note 10 - Disposition of Assets and Restructuring | 6 Months Ended |
Jun. 30, 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, 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) | 6 Months Ended |
Jun. 30, 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 six June 30, 2022 six June 30, 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 Cash Compensation 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 six June 30, 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, June 30, 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. On May 12, 2022, 2005 one third third May 2022 10 10.1. AGEF and the Board also granted restrict stock to one one third third 2005 May 2022 10 10.2. The following table summarizes our restricted stock activity for the six June 30, 2022 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Granted 1,650 $ 1.88 Vested/Released (14 ) 27.97 Unvested, June 30, 2022 $ 1,650 $ 1.88 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 (28 ) $ 26.80 Unvested, June 30, 2022 - $ - 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 Six Months Ended June 30, June 30, 2022 2021 2022 2021 Options $ - $ 1 $ - $ (22 ) Restricted stock 138 116 246 315 Performance shares - 79 79 214 $ 138 $ 196 $ 325 $ 507 As of June 30, 2022 Cash Compensation for Non-Employee Directors On May 12, 2022, Management Incentive Plan On May 12, 2022, x The aggregate MIP payout is capped at $12.0 million. The Board’s Compensation Committee will determine in good faith the Change of Control value of the MIP Bonus pool based on the consideration received by Abraxas in any asset sale or the equity value of Abraxas implied by the consideration received by the stockholders of Abraxas in any merger or similar transaction. Any MIP payout is subject to adjustment as set forth in the MIP based on the timing of the Change of Control following the adoption of the MIP. The full text of the MIP and the Abraxas Petroleum Corporation Management Incentive Plan Bonus Agreement are attached to this Form 10 10.3 10.4, Table A – Eligible NEOs Eligible Employee Allocation of MIP Value % Robert Watson 45.00 % Kenny Johnson 9.50 % Steve Harris 8.60 % Table B – Aggregate Bonus Amount Calculation Tier Change of Control Value Range MIP Pool Enhancement Accreted Amount I $0-100 million 0 % II $100-110 million 50 % $ 5,000,000 III $110-140 million 5 % $ 1,500,000 IV $140-180 million 10 % $ 4,000,000 V $180+ million 15 % up to $1,500,000 |
Oil and Gas Properties Policy [Policy Text Block] | Oil and Gas Properties We follow the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful and unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, plus the cost of properties not 10% No June 30, 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 six June 30, 2022 December 31, 2021 June 30, 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 (1,839 ) (2,845 ) Deletions related to plugging costs - (342 ) Accretion expense 85 330 Revisions and other - 204 Ending future site restoration obligation $ 2,954 $ 4,708 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 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, June 30, 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 Granted 1,650 $ 1.88 Vested/Released (14 ) 27.97 Unvested, June 30, 2022 $ 1,650 $ 1.88 |
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 (28 ) $ 26.80 Unvested, June 30, 2022 - $ - |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Options $ - $ 1 $ - $ (22 ) Restricted stock 138 116 246 315 Performance shares - 79 79 214 $ 138 $ 196 $ 325 $ 507 |
Schedule of Management Incentive Plan [Text Block] | Eligible Employee Allocation of MIP Value % Robert Watson 45.00 % Kenny Johnson 9.50 % Steve Harris 8.60 % Tier Change of Control Value Range MIP Pool Enhancement Accreted Amount I $0-100 million 0 % II $100-110 million 50 % $ 5,000,000 III $110-140 million 5 % $ 1,500,000 IV $140-180 million 10 % $ 4,000,000 V $180+ million 15 % up to $1,500,000 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | June 30, 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 (1,839 ) (2,845 ) Deletions related to plugging costs - (342 ) Accretion expense 85 330 Revisions and other - 204 Ending future site restoration obligation $ 2,954 $ 4,708 |
Note 2 - Revenue From Contrac_2
Note 2 - Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 11,283 $ 2,168 $ 1,078 $ 8,399 $ 749 $ 420 Rocky Mountain $ - $ - $ - $ 7,369 $ 510 $ 994 Six Months Ended June 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 21,574 $ 3,299 $ 1,836 $ 15,565 $ 1,864 $ 689 Rocky Mountain $ - $ - $ - $ 14,128 $ 1,065 $ 1,794 |
Note 4 - Long-term Debt (Tables
Note 4 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, 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 2,362 2,515 Total long term debt 2,362 218,822 Less current maturities (318 ) (212,688 ) 2,044 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 $ 2,044 $ 2,205 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Numerator: Net income (loss) $ 4,667 $ (14,005 ) $ 42,818 $ (37,695 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 7,686 8,403 7,230 8,403 Effect of dilutive securities: Stock options, restricted shares and warrants 1,650 - 1,650 - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 9,336 8,403 8,880 8,403 Net income (loss) per common share - basic $ 0.61 $ (1.67 ) $ 5.92 $ (4.49 ) Net income (loss) per common share - diluted $ 0.50 $ (1.67 ) $ 4.82 $ (4.49 ) |
Note 6 - Hedging Program and _2
Note 6 - Hedging Program and Derivatives (Tables) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Operating lease cost $ 2 $ 8 Short-term lease expense (1) $ 96 $ 315 Total lease expense $ 98 $ 323 Short-term lease costs (2) $ - $ - June 30, 2022 Weighted Average Remaining Lease Term (in years) 0.6 Weighted Average Discount Rate 6 % |
Schedule of Operating Leased Assets [Table Text Block] | June 30, 2022 Operating lease ROU assets $ 4 Operating lease liability - current $ 4 Operating lease liabilities - long-term $ - |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases Remainder of 2022 $ 4 2023 — 2024 — 2025 — 2026 — Thereafter — Total lease payments 4 Less imputed interest — Total lease liability $ 4 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
May 12, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | |
Non-employee Directors, Quarterly Cash Compensation | $ 10,000 | ||
Management Incentive Plan, Maximum Payout | $ 12,000,000 | ||
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves | 10% | ||
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,650,000 | ||
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% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment, Award, Percentage of Performance Shares that are Received | 200% | ||
Employee LTIP [Member] | Restricted Stock [Member] | Director 1 [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 500,000 | ||
Employee LTIP [Member] | Restricted Stock [Member] | Director 2 [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 162,000 | ||
Employee LTIP [Member] | Restricted Stock [Member] | Director 3 [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 178,000 | ||
Employee LTIP [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Employee LTIP [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Employee LTIP [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Non-employee LTIP [Member] | Restricted Stock [Member] | Director [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 50,000 | ||
Non-employee LTIP [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Non-employee LTIP [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Non-employee LTIP [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33.33% |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation - Stock Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
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 | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Unvested (in shares) | shares | 14 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 27.97 |
Granted (in shares) | shares | 1,650 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.88 |
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 | 1,650 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.88 |
Note 1 - Basis of Presentatio_5
Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Unvested (in shares) | shares | 28 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 26.80 |
Expired (in shares) | shares | (28) |
Expired, weighted average option exercise price per share (in dollars per share) | $ / shares | $ 26.80 |
Unvested (in shares) | shares | 0 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Note 1 - Basis of Presentatio_6
Note 1 - Basis of Presentation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation expense | $ 138 | $ 196 | $ 325 | $ 507 |
Share-Based Payment Arrangement, Option [Member] | ||||
Stock-based compensation expense | 0 | 1 | 0 | (22) |
Restricted Stock [Member] | ||||
Stock-based compensation expense | 138 | 116 | 246 | 315 |
Performance Shares [Member] | ||||
Stock-based compensation expense | $ 0 | $ 79 | $ 79 | $ 214 |
Note 1 - Basis of Presentatio_7
Note 1 - Basis of Presentation - Management Incentive Plan (Details) | May 12, 2022 USD ($) |
Change of Control, Value Range $0-100 Million [Member] | |
MIP Pool Enhancement | 0% |
Change of control, Value Range $100-110 Million [Member] | |
MIP Pool Enhancement | 50% |
Accreted Amount | $ 5,000,000 |
Change of Control, Value Range $110-140 Million [Member] | |
MIP Pool Enhancement | 5% |
Accreted Amount | $ 1,500,000 |
Change of Control, Value Range $140-180 Million [Member] | |
MIP Pool Enhancement | 10% |
Accreted Amount | $ 4,000,000 |
Change of Control, Value Range Greater than $180 million [Member] | |
MIP Pool Enhancement | 15% |
Change of Control, Value Range Greater than $180 million [Member] | Maximum [Member] | |
Accreted Amount | $ 1,500,000 |
Director 1 [Member] | |
Allocation of MIP Value % | 45% |
Director 3 [Member] | |
Allocation of MIP Value % | 9.50% |
Director 2 [Member] | |
Allocation of MIP Value % | 8.60% |
Note 1 - Basis of Presentatio_8
Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | (1,839) | (2,845) |
Deletions related to plugging costs | (342) | |
Accretion expense | 85 | 330 |
Revisions and other | 0 | 204 |
Ending future site restoration obligation | $ 2,954 | $ 4,708 |
Note 2 - Revenue From Contrac_3
Note 2 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 7.6 | $ 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Oil Revenues [Member] | ||||
Revenue | $ 11,283 | $ 15,768 | $ 21,574 | $ 29,693 |
Gas Revenues [Member] | ||||
Revenue | 2,168 | 1,259 | 3,299 | 2,929 |
Natural Gas Liquids Revenues [Member] | ||||
Revenue | 1,078 | 1,414 | 1,836 | 2,483 |
Permian / Delaware Basin [Member] | Oil Revenues [Member] | ||||
Revenue | 11,283 | 8,399 | 21,574 | 15,565 |
Permian / Delaware Basin [Member] | Gas Revenues [Member] | ||||
Revenue | 2,168 | 749 | 3,299 | 1,864 |
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member] | ||||
Revenue | 1,078 | 420 | 1,836 | 689 |
Rocky Mountain [Member] | Oil Revenues [Member] | ||||
Revenue | 0 | 7,369 | 0 | 14,128 |
Rocky Mountain [Member] | Gas Revenues [Member] | ||||
Revenue | 0 | 510 | 0 | 1,065 |
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member] | ||||
Revenue | $ 0 | $ 994 | $ 0 | $ 1,794 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred Tax Assets, Valuation Allowance | $ 117,300 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 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 ($) | 6 Months Ended | ||
Jan. 03, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Annual Rate of Return, Percent | 6% | ||
Long-Term Debt, Total | $ 2,044,000 | $ 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% | ||
Maximum Aggregate Proceeds Received Allowed, Tier One Preference Amount | $ 100,000,000 | ||
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Two | 95% | ||
Maximum Aggregate Proceeds Received Allowed, Tire Two Preference Amount | $ 137,100,000 | ||
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three | 75% | ||
Number of Votes Each Share Entitled | 69 | ||
Preferred Stock, Voting Power, Percent | 85% | ||
Common Stock [Member] | |||
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Two | 5% | ||
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three | 25% | ||
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 | Jun. 30, 2022 | Dec. 31, 2021 |
Long-term debt | $ 2,362 | $ 218,822 |
Less current maturities | (318) | (212,688) |
Long-term Debt, Noncurrent, Gross | 2,044 | 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 | 2,044 | 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 | $ 2,362 | $ 2,515 |
Note 5 - Earnings Per Share (De
Note 5 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 |
Note 5 - Earnings Per Share - C
Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) | $ 4,667 | $ (14,005) | $ 42,818 | $ (37,695) |
Basic (in shares) | 7,686 | 8,403 | 7,230 | 8,403 |
Stock options, restricted shares and warrants (in shares) | 1,650 | 0 | 1,650 | 0 |
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares (in shares) | 9,336 | 8,403 | 8,880 | 8,403 |
Net income (loss) per common share - basic (in dollars per share) | $ 0.61 | $ (1.67) | $ 5.92 | $ (4.49) |
Net income (loss) per common share - diluted (in dollars per share) | $ 0.50 | $ (1.67) | $ 4.82 | $ (4.49) |
Note 6 - Hedging Program and _3
Note 6 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 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, 2021 USD ($) |
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) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |||
Operating lease cost | $ 2 | $ 8 | ||
Short-term lease expense | 96 | [1] | 315 | [1] |
Total lease expense | $ 98 | $ 323 | ||
Weighted Average Remaining Lease Term (Year) | 7 months 6 days | 7 months 6 days | ||
Weighted Average Discount Rate | 6% | 6% | ||
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 8 - Leases - Balance Sheet
Note 8 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating lease ROU assets | $ 4 | $ 173 |
Operating lease liability - current | 4 | 40 |
Operating lease liabilities - long-term | $ 0 | $ 110 |
Note 8 - Leases - Lease Liabili
Note 8 - Leases - Lease Liabilities Maturity (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Remainder of 2022 | $ 4 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total lease payments | 4 |
Less imputed interest | 0 |
Total lease liability | $ 4 |
Note 10 - Disposition of Asse_2
Note 10 - Disposition of Assets and Restructuring (Details Textual) - USD ($) | Jan. 03, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Annual Rate of Return, Percent | 6% | ||
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% | ||
Maximum Aggregate Proceeds Received Allowed, Tier One Preference Amount | $ 100,000,000 | ||
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Two | 95% | ||
Maximum Aggregate Proceeds Received Allowed, Tire Two Preference Amount | $ 137,100,000 | ||
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three | 75% | ||
Number of Votes Each Share Entitled | 69 | ||
Preferred Stock, Voting Power, Percent | 85% | ||
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% | ||
Capital Stock, Proceed Distribution Allocation, Percentage to Shares, Tier Three | 25% | ||
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 |