Abraxas Petroleum (AXAS) 10-K 17 Apr 23 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 23, 2023	Jun. 30, 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	FY
Document Fiscal Year Focus	2022
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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	19100 Ridgewood Parkway, Suite 1200
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78259
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 15,752,023
Entity Common Stock, Shares Outstanding		100,701,430
Auditor Firm ID	297
Auditor Name	ADKF, P.C.
Auditor Location	San Antonio, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,876	$ 10,034
Accounts receivable:
Joint owners, net	163	1,117
Oil and gas production sales	4,715	12,280
Other	83	150
Total accounts receivable	4,961	13,547
Assets held for sale	3,019	0
Other current assets	357	498
Total current assets	11,213	24,079
Property and equipment
Proved oil and gas properties, full cost method	1,122,670	1,165,707
Other property and equipment	3,386	39,337
Total	1,126,056	1,205,044
Less accumulated depreciation, depletion, amortization and impairment	(1,082,069)	(1,099,075)
Total property and equipment - net	43,987	105,969
Investment in partnership	15,091	0
Operating lease right-of-use assets	1	173
Other assets	255	255
Total assets	70,547	130,476
Current liabilities:
Accounts payable	4,207	4,678
Joint interest oil and gas production payable	2,025	13,347
Accrued interest	0	477
Other accrued liabilities	136	347
Derivative liability, current	0	442
Termination of derivative contracts	0	8,022
Right of use liability	1	40
Current maturities of long-term debt	0	212,688
Total current liabilities	6,369	240,041
Right of use liability	0	110
Future site restoration	3,041	4,708
Total liabilities	9,410	247,064
Commitments and contingencies (Note 8)
Stockholders' (Deficit) Equity
Preferred stock, par value $0.01 per share - authorized 1,000,000 shares; - 0- shares issued and outstanding	0	0
Common stock, par value $0.01 per share, authorized 150,000,000 shares; 8,421,910 and 100,701,430 issued and outstanding at December 31, 2021 and 2022, respectively	1,007	84
Additional paid-in capital	569,896	430,422
Accumulated deficit	(509,766)	(547,094)
Total stockholders' (deficit) equity	61,137	(116,588)
Total liabilities and stockholders' (deficit) equity	70,547	130,476
Debt Instruments Excluding PPP Loan [Member]
Current liabilities:
Long-term debt - less current maturities	$ 0	$ 2,205

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	100,701,430	8,421,910
Common stock, outstanding (in shares)	100,701,430	8,421,910

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Other	$ 22	$ 22
Total Revenue	49,737	78,858
Operating costs and expenses
Lease operating	10,104	17,914
Production and ad valorem taxes	4,458	6,223
Rig expense	412	478
Depreciation, depletion, amortization and accretion	6,511	15,643
General and administrative (including stock-based compensation of $946 and $3,296, respectively)	12,575	8,116
Total operating costs and expenses	34,060	48,374
Operating income	15,677	30,484
Other (income) expense:
Interest income	(37)	(15)
Interest expense	111	35,773
Amortization of deferred financing fees	0	4,804
Deferred finance fees and warrant cancelation	0	4,212
Gain (loss) on debt extinguishment	6,645	0
Loss on investments	4,409	0
Loss on derivative contracts	0	33,022
Loss on drilling rig	8,225	0
Loss on sale of non-oil and gas assets	668	(29)
Gain on sale of oil and gas assets	(28,982)	0
Other	600	0
Total other (income) expense	(21,651)	75,051
(Loss) income before income tax	37,328	(44,567)
Income tax (expense) benefit	0	0
Net (loss) income	$ 37,328	$ (44,567)
Net (loss) income per common share - basic (in dollars per share)	$ 1.44	$ (5.30)
Net (loss) income per common share - diluted (in dollars per share)	$ 1.44	$ (5.30)
Weighted average shares outstanding
Basic (in shares)	25,868	8,408
Diluted (in shares)	25,868	8,408
Paycheck Protection Program, CARES Act [Member]
Other (income) expense:
Gain (loss) on debt extinguishment	$ (6,645)	$ (2,716)
Oil Revenues [Member]
Revenues:
Revenues	39,617	61,228
Gas Revenues [Member]
Revenues:
Revenues	6,642	8,656
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	$ 3,456	$ 8,952

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation	$ 3,296	$ 946

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Exchange Preferred Shares For Common Stock [Member] Common Stock [Member]	Exchange Preferred Shares For Common Stock [Member] Preferred Stock [Member]	Exchange Preferred Shares For Common Stock [Member] Additional Paid-in Capital [Member]	Exchange Preferred Shares For Common Stock [Member] Retained Earnings [Member]	Exchange Preferred Shares For Common Stock [Member]	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		(44,567)	(44,567)
Stock-based compensation						$ 0	$ 0	946	0	946
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	37,328	37,328
Stock-based compensation						$ 0	$ 0	3,296	0	3,296
Preferred Stock issued (in shares)						0	685,505
Preferred Stock issued						$ 0	$ 7	137,094	0	137,101
Preferred stock exchanged for common stock (in shares)	90,631,287
Preferred stock exchanged for common stock	$ 906		$ (899)	$ 0	$ 0
Preferred stock exchanged for common stock (in shares)		(685,505)
Preferred stock exchanged for common stock		$ (7)
Restricted stock issued net of cancellations (in shares)						1,648,233	0
Restricted stock issued net of cancellations						$ 17	$ 0	(17)	0	0
Balance (in shares) at Dec. 31, 2022						100,701,430	0
Balance at Dec. 31, 2022						$ 1,007	$ 0	$ 569,896	$ (509,766)	$ 61,137

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net (loss) income	$ 37,328	$ (44,567)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss on sale of non-oil and gas assets	668	(29)
Loss on drilling rig	8,225	0
Gain on sale of oil and gas properties	(28,982)	0
Net loss on derivative contracts	0	33,022
Net cash settlements paid on derivative contracts	0	(3,197)
Depreciation, depletion and amortization	6,341	15,312
Amortization of deferred financing fees and issuance discount	0	8,781
Non-cash financing fees and warrant cancellation	0	194
Accretion of future site restoration	170	330
Loss on investments	4,409	0
Gain (loss) on debt extinguishment	6,645	0
Plugging cost	0	(342)
Non-cash interest	0	24,705
Non-cash hedge termination	(401)	9,943
Stock-based compensation	3,296	946
Changes in operating assets and liabilities:
Accounts receivable	8,586	(3,498)
Assets held for sale	3,019	0
Other assets	(3,297)	(8,851)
Accounts payable	(11,717)	3,151
Accrued expenses and other	(688)	(765)
Net cash provided by operating activities	20,312	32,419
Investing Activities
Capital expenditures, including purchase and development of properties	(1,544)	(887)
Investment	(19,500)	0
Proceeds from the sale of oil and gas properties	71,696	141
Proceeds from the sale of non-oil and gas assets	646	228
Net cash (used in) provided by investing activities	51,298	(518)
Financing Activities
Proceeds from PPP loan	0	1,332
Payments of long-term borrowings	(77,966)	(25,816)
Deferred financing fees	(802)	(158)
Net cash used in financing activities	(78,768)	(24,642)
Increase in cash and cash equivalents	(7,158)	7,259
Cash and cash equivalents at beginning of period	10,034	2,775
Cash and cash equivalents at end of period	2,876	10,034
Supplemental disclosure of cash flow information:
Interest paid	70	6,463
Income tax paid	0	0
Non-cash investing and financing activities
Non-cash issuance of stock	137,101	0
Change in asset retirement obligation cost and liabilities	0	204
Asset retirement obligations associated with dispositions	(1,837)	(2,845)
Debt Forgiveness	(6,645)	0
Change in capital expenditures included in accounts payable	(76)	5
Paycheck Protection Program, CARES Act [Member]
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Gain (loss) on debt extinguishment	(6,645)	(2,716)
Non-cash investing and financing activities
Debt Forgiveness	$ 6,645	$ 2,716

Note 1 - Organization and Signi

Note 1 - Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Nature of Operations We are an independent energy company primarily engaged in the acquisition, exploitation, development and production of oil and gas in the United States. Our oil and gas assets are located primarily in two 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. Rig Accounting In accordance with SEC Regulation S- X, no not 2021 2022, February 2023. Use of Estimates The consolidated financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates pertain to proved oil, gas and NGL reserves and related cash flow estimates used in impairment tests of oil and gas properties, the fair value of assets and liabilities acquired in business combinations, derivative contracts, the provision for income taxes including uncertain tax positions, stock based compensation, asset retirement obligations, accrued oil and gas revenues and expenses, as well as estimates of expenses related to depreciation, depletion, amortization and accretion. Actual results could differ from those estimates. The process of estimating oil and gas reserves in accordance with SEC requirements is complex and involves decisions and assumptions in evaluating the available geological, geophysical, engineering and economic data. Accordingly, these estimates are imprecise. Actual future production, oil and gas prices, differentials, revenues, taxes, capital expenditures, operating expenses and quantities of recoverable oil and gas reserves most likely will vary from those estimated. Any significant variance could materially affect the estimated quantities and present value of our reserves. In addition, we may Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current period presentation. These reclassifications were to share and per share data related to the 1 October 19, 2020 no Concentration of Credit Risk Financial instruments which potentially expose the Company to credit risk consist principally of trade receivables and derivative contracts. Accounts receivable are generally from companies with significant oil and gas marketing or operating activities. The Company performs ongoing credit evaluations and, generally, requires no The Company maintains any cash and cash equivalents in excess of federally insured limits in prominent financial institutions considered by the Company to be of high credit quality. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three Accounts Receivable Accounts receivable are reported net of an allowance for doubtful accounts of approximately $0.1 million at December 31, 2021 2022 Industry Segment and Geographic Information The Company operates in one industry segment, which is the exploration, development and production of oil and gas with all of the Company’s operational activities being conducted in the U.S. The Company’s current operational activities and the Company’s consolidated revenues are generated from markets exclusively in the U.S., and the Company has no long lived assets located outside the U.S. Oil and Gas Properties The Company follows the full cost method of accounting for oil and gas properties. Under this method, certain direct costs and indirect costs associated with acquisition of properties and successful as well as 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 No not December 31, 2021 2022, not Other Property and Equipment Other property and equipment are recorded at cost. Depreciation of other property and equipment is provided over the estimated useful lives using the straight-line method. Major renewals and improvements are recorded as additions to the property and equipment accounts. Repairs that do not Estimates of Proved Oil and Gas Reserves Estimates of our proved reserves included in this report are prepared in accordance with GAAP and SEC guidelines. The accuracy of a reserve estimate is a function of: • the quality and quantity of available data; • the interpretation of that data; • the accuracy of various mandated economic assumptions; and • the judgment of the persons preparing the estimate. Our proved reserve information included in this report was based on studies performed by our independent petroleum engineers assisted by the engineering and operations departments of Abraxas. Estimates prepared by other third may may may In accordance with SEC requirements, we based the estimated discounted future net cash flows from proved reserves on the average of oil and gas prices based on the unweighted average 12 first may The estimates of proved reserves materially impact depreciation, depletion and amortization, or DD&A expense. If the estimates of proved reserves decline, the rate at which we record DD&A expense will increase, reducing future net income. Such a decline may may Derivative Instruments and Hedging Activities All derivative instruments are recorded on the Consolidated Balance Sheets at fair value as either short-term or long-term assets or liabilities based on their anticipated settlement date. The derivative instruments the Company utilizes are based on index prices that may 815. not Fair Value of Financial Instruments The Company includes fair value information in the notes to consolidated financial statements when the fair value of its financial instruments is materially different from the carrying value. The carrying value of those financial instruments that are classified as current, except for derivative instruments, approximates fair value because of the short maturity of these instruments. For noncurrent financial instruments, the Company uses quoted market prices or, to the extent that there are no Share-Based Payments Options granted are valued at the date of grant and expense is recognized over the vesting period. The Company currently utilizes a standard option pricing model (Black-Scholes) to measure the fair value of stock options granted to employees and directors. Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The value of such restricted stock is determined using the market price on the grant date and expense is recorded over the vesting period. For the years ended December 31, 2021 2022 Restoration, Removal and Environmental Liabilities The Company is 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 noncapital 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 are fixed or reliably determinable. The fair value of a liability for an asset’s retirement obligation is recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period and the capitalized cost is depreciated over the estimated useful life of the related asset. For all periods presented, we have included estimated future costs of abandonment and dismantlement in our full cost amortization base and we amortize these costs as a component of our depletion expense in the accompanying consolidated financial statements. Each year, the Company reviews, and to the extent necessary, revises its asset retirement obligation estimates. The following table (in thousands) summarizes changes in the Company’s future site restoration obligations during the two December 31: 2021 2022 Beginning future site restoration obligation $ 7,360 $ 4,708 New wells placed on production and other 1 - Deletions related to property disposals (2,845 ) (1,837 ) Deletions related to plugging costs (342 ) - Accretion expense and other 330 170 Revisions and other 204 - Ending future site restoration obligation $ 4,708 $ 3,041 Revenue Recognition and Major Purchasers The Company recognizes oil and gas revenue from its interest in producing wells as oil and gas is sold from those wells, net of royalties, control of the product has transferred to the purchaser and collectability is reasonably assured. During 2021 four 2022 three 90% Deferred Financing Fees Deferred financing fees are being amortized on the effective yield basis over the term of the related debt. Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be in effect with respect to taxable income in the years in which those temporary differences are expected to be recovered or settled. Uncertainties exist as to the future utilization of the operating loss carryforwards. Therefore, we have established a valuation allowance of $73.7 million for deferred tax assets at December 31, 2022 Accounting for Uncertainty in Income Taxes Evaluation of a tax position is a two first not second not 50% Tax positions that previously failed to meet the more-likely-than- not first no not first no December 31, 2022 Adoption of New Accounting Standards None

Note 2 - Revenue from Contracts

Note 2 - Revenue from Contracts with Customers	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Recognition Sales of oil, gas and NGL are recognized at the point in time when control of the product is transferred to the customer and collectability is reasonably assured. The Company’s 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. The Company believes that the pricing provisions of our oil, gas and NGL contracts are customary in the industry. Oil sales The Company’s oil sales contracts are generally structured such that it sells its 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. The Company recognizes revenue when control transfers to the purchaser upon delivery at or near the wellhead at the net price received from the purchaser. Payment terms are customarily and normally paid on the twentieth Gas and NGL Sales Under the Company’s gas processing contracts, it delivers wet gas to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. There are no third In these scenarios, the Company evaluates whether it is the principal or the agent in the transaction. With respect to the Company’s gas purchase contracts, the Company has concluded that it is the agent, and thus, the midstream processing entity is its customer. Accordingly, the Company recognizes revenue upon delivery to the midstream processing entity based on the net amount of the proceeds received from the midstream processing entity. Imbalances The Company had no material gas imbalances at December 31, 2021 2022. Disaggregation of Revenue The Company is focused on the development of oil and natural gas properties primarily located in the following operating regions in the United States: (i) the Permian/Delaware Basin and (ii) Rocky Mountain. Revenue attributable to each of those regions is disaggregated in the table below. Years Ended December 31, 2021 2022 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 32,666 $ 4,474 $ 2,181 $ 39,617 $ 6,642 $ 3,456 Rocky Mountain (1) $ 28,562 $ 4,182 $ 6,771 $ - $ - $ - ( 1 January 3, 2022. Significant Judgments Principal versus agent The Company engages in various types of transactions in which midstream entities process the Company's gas and subsequently market resulting NGL and residue gas to third Transaction price allocated to remaining performance obligations A significant number of the Company’s 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 the Company’s product sales contracts, the Company is entitled to payment from purchasers once its performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional. The Company records 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. December 31, 2021 December 31, 2022 Prior-period performance obligations The Company records 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 The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Any identified differences between its revenue estimates and actual revenue received historically have not December 31, 2022 not

Note 3 - Reverse Stock Split

Note 3 - Reverse Stock Split	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Reverse Stock Split [Text Block]	3. On October 19, 2020 1 September 29, 2020. no not Additionally on the effective date of the Reverse Stock Split, all options, warrants and other convertible securities of the Company outstanding immediately prior to the Reverse Stock Split were adjusted by dividing the number of shares of common stock into which the options, warrants and other convertible securities are exercisable or convertible by 20, 20,

Note 4 - Long-term Debt

Note 4 - Long-term Debt	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	4. The following is a description of the Company’s debt as of December 31, 2021 2022 Years ended December 31, 2021 2022 (In thousands) First Lien Credit Facility $ 71,400 $ - Second Lien Credit Facility 134,907 - Exit fee - Second Lien Credit Facility 10,000 - Real estate lien note 2,515 - 218,822 - Less current maturities (212,688 ) - 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 $ 2,205 $ - Restructuring Pursuant to the Exchange Agreement, dated as of January 3, 2022, January 3, 2022, $100.0 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 four five three one Real Estate Lien Note We had a real estate lien note secured by a first August 2022.

Note 5 - Property and Equipment

Note 5 - Property and Equipment	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	5. The major components of property and equipment, at cost, are as follows: Estimated December 31, Useful life 2021 2022 Years (In thousands) Oil and gas properties (1) - $ 1,165,707 $ 1,122,670 Equipment and other 3-39 15,257 3,386 Drilling rig (1) (2) 15 24,080 - 1,205,044 1,126,056 Accumulated depreciation, depletion, amortization and impairment (1,099,075 ) (1,082,069 ) Net property and equipment $ 105,969 $ 43,987 ( 1 ( 2 2000 February 2023. 2022

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation and Option Plans	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	6. The Company’s Amended and Restated 2005 may not may 1 one 2 3 4 Stock Options The Company grants options to its officers, directors, and other employees under various stock option and incentive plans. There were no options granted in 2021 2022 The following table is a summary of the Company’s stock option activity for the two December 31: Options Weighted average Weighted average Intrinsic value (000s) exercise price remaining life per share Options outstanding December 31, 2020 196 $ 49.69 Forfeited/Expired (141 ) 48.11 Options outstanding December 31, 2021 55 $ 53.79 Forfeited/Expired (55 ) 53.79 Options outstanding December 31, 2022 - $ - - $ - Exercisable at end of year - $ - - $ - 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 awardee terminates employment with the Company prior to the lapse of the restrictions. The value of such stock is determined using the market price on the grant date. Compensation expense is recorded over the applicable restricted stock vesting periods. The following table is a summary of the Company’s restricted stock activity for the two December 31, 2022 Number of Shares Weighted average grant date fair value Unvested December 31, 2020 41 $ 31.37 Granted (24 ) 33.23 Vested/Released (3 ) 32.07 Unvested December 31, 2021 14 $ 27.97 Granted 1,650 1.25 Vested/Released (1,664 ) 2.10 Unvested December 31, 2022 - $ - Performance Based Restricted Stock Awards Effective on April 1, 2018, 2005 three not The table below provides a summary of Performance Based Restricted Stock as of the date indicated (shares in thousands): Number of Shares Weighted average grant date fair value Unvested December 31, 2020 44 $ 33.73 Granted - - Vested/Released - - Forfeited (16 ) 45.73 Unvested December 31, 2021 28 $ 26.80 Granted - - Vested/Released - - Forfeited (28 ) 26.80 Unvested December 31, 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 the Company’s common stock, the awards are accounted for as equity awards and the expense is calculated on the grant date assuming a 100% target payout and amortized over the life of the awards. Director Stock Awards The 2005 2005 first no 2021 2022. At December 31, 2022 All shares reserved under the Employee and Directors plans were cancelled in January 2023.

Note 7 - Income Taxes

Note 7 - Income Taxes	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows: As of December 31, 2021 2022 (In thousands) Deferred tax liabilities: Hedge contracts $ - $ - Other 2,855 - Total deferred tax liabilities 2,855 - Deferred tax assets: US full cost pool $ 24,464 $ 17,533 Depletion 470 452 U.S. net operating loss carryforward 96,120 50,103 Alternative minimum tax credit - - Unrealized losses 100 956 Interest disallowed 5,781 4,367 Other - 239 Total deferred tax assets 126,935 73,650 Valuation allowance for deferred tax assets (124,080 ) (73,650 ) Net deferred tax assets 2,855 - Net deferred tax $ - $ - At December 31, 2022 2018 2017 2018 2037, not 100% 2018, 2019 2020 five 100% January 1, 2021, 80% December 31, 2020. January 1, 2021, 80% no January 1, 2018). On October 24, 2022, Our NOL was reduced as a result of the ownership change that occurred in 2022. 50% three 382 December 31, 2021 December 31, 2022 The reconciliation of income tax computed at the U.S. federal statutory tax rates to income tax expense is: Years Ended December 31, 2021 2022 (in thousands) Tax benefit at U.S. Statutory rates $ 9,359 $ (7,839 ) Change in deferred tax asset valuation allowance (7,007 ) 50,431 Alternative minimum tax expense - - Adjustment to deferred tax assets (3,421 ) (307 ) Permanent differences 368 692 Reduction to NOL due to ownership change limitation - (41,160 ) Return to provision estimated revision - (2,070 ) State income taxes, net of federal effect 688 253 Other 13 - $ - $ - As of December 31, 2021 2022 not 2015 2022 New tax legislation, commonly referred to as the Tax Cuts and Jobs Act (H.R. 1 December 22, 2017. not may 30% 2019 2020, 50% 2017 80% 2017, 100% not may

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. Litigation and Contingencies From time to time, the Company is involved in litigation relating to claims arising out of its operations in the normal course of business. At December 31, 2022 not

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	9. The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, 2021 2022 Numerator: Net (loss) income $ (44,567 ) $ 37,328 Denominator for basic earnings per share - weighted-average common shares outstanding 8,408 25,868 Effect of dilutive securities: Stock options, restricted shares and performance based shares - - Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares 8,408 25,868 Net (loss) income per common share - basic $ (5.30 ) $ 1.44 Net (loss) income per common share - diluted $ (5.30 ) $ 1.44 Basic earnings per share, excluding any dilutive effects of stock options and unvested restricted stock, is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is computed similar to basic; however diluted income (loss) per share reflects the assumed conversion of all potentially dilutive securities.

Note 10 - Benefit Plans

Note 10 - Benefit Plans	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	10. The Company had a defined contribution plan ( 401 2021 2022 2023 2022. first may 2021 50 50 2022 50 50

Note 11 - Hedging Program and D

Note 11 - Hedging Program and Derivatives	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	11. Hedging Program and Derivatives and Financial Instruments As of December 31, 2022 not December 31, 2021 December 2021 January 2022. The following table illustrates the impact of derivative contracts on the Company’s balance sheet: Fair Value Financial Instruments as of December 31, 2021 Asset Liability Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives - current $ - Derivatives - current $ 442 $ - $ 442 Fair Value of Investments as of December 31, 2022 Asset Balance Sheet Location Fair Value Financial instruments Investments - long term $ 15,091 $ 15,091

Note 12 - Financial Instruments

Note 12 - Financial Instruments and Investment in Partnership	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	12. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company is further required to assess the creditworthiness of the counter-party to the derivative contract. The results of the assessment of non-performance risk, based on the counter-party’s credit risk, could result in an adjustment of the carrying value of the derivative instrument. The following tables sets forth information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 Liabilities: NYMEX fixed price derivative contracts $ - $ 442 $ - $ 442 Total Liabilities $ - $ 442 $ - $ 442 The Company’s derivative contracts for the year ended December 31, 2021 2. During November December 2022, The fair value of the Company’s investment in the Lion Fund II, L.P. at, December 31, 2022, A Limited Partner may March 31 fifth March 31 five 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 13 - Lease Accounting Stan

Note 13 - Lease Accounting Standard	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	13. Nature of Leases We lease certain real estate, field equipment and other equipment under cancelable and non-cancelable leases to support our operations. A more detailed description of our significant lease types is included below. Real Estate Leases We rented a residence in North Dakota from a third five August 31, 2024. not third January 3, 2022. 14 Field Equipment We rent compressors and coolers from third one thirty not twelve not third thirty 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 years ended December 31, 2021 December 31, 2022 For the Year Ended December 31, 2021 2022 (in thousands) Operating lease cost $ 65 $ 11 Short-term lease expense (1) 1,913 578 Total lease expense $ 1,978 $ 589 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: For the Year Ended December 31, 2021 2022 (in thousands) Operating lease Right of Use asset $ 173 $ 1 Operating lease liability - current $ 40 $ 1 Operating lease liabilities - long-term $ 110 $ - Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: For the Year Ended December 31, 2021 2022 (in thousands) Weighted Average Remaining Lease Term (in years) 12.46 0.08 Weighted Average Discount Rate 6 % 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases (in thousands) 2023 1 2024 - 2025 - 2026 - 2027 - Thereafter - Total lease payments 1 Less imputed interest - Total lease liability $ 1 Supplemental cash flow information related to our operating leases is included in the table below: For the Year Ended December 31, 2021 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 65 $ 11 Right of Use assets added in exchange for lease obligations (since adoption) $ - $ -

Note 14 - Restructuring

Note 14 - Restructuring	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	14. 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 (the "Preferred Shares") 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). The shares of Series A Preferred Stock vote together as a single class with the Company’s common stock, and each share of Series A Preferred Stock entitles the holder thereof to 69 votes. Accordingly, AGEF’s ownership of the Series A Preferred Stock entitled it to approximately 85% of the voting power of the Company’s then-outstanding capital stock. On September 13, 2022, In connection with the transactions contemplated by the Preferred Purchase Agreement, the four September 13, 2022, three three Subsequent to the Sale and Assignment, Biglari Holdings proposed an exchange of the Preferred Shares for shares of the Company’s common stock pursuant to which the Company would issue Biglari Holdings 90,631,287 shares of the Company’s common stock (the “Stock Consideration”) in exchange for the Preferred Shares (such transaction, the “Second Exchange”). To issue the Stock Consideration to Biglari Holdings as contemplated by the Second Exchange, an amendment to Articles of Incorporation, as amended, was needed to increase the number of shares of common stock authorized for issuance from 20,000,000 shares to 150,000,000 shares (the “Amendment”). On September 23, 2022, September 27, 2022, On October 24, 2022, October 25, 2022, October 26, 2022, not 10.1 8 October 3, 2022, As a result of the Sale and Assignment and Second Exchange, the Company is a consolidated subsidiary of Biglari Holdings, and Biglari Holdings has the power to exert significant control over the Company by controlling both 90% of the voting power of the Company’s outstanding capital stock and a majority of the Company’s Board.

Note 15 - Subsequent Events

Note 15 - Subsequent Events	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	15. On February 1, 2023, 15 12 1934, 13 15 15 not 90 Robert L.G.Watson, the Company's President and Principal Executive Officer, resigned from his position effective March 1, 2023.

Note 16 - Supplemental Oil and

Note 16 - Supplemental Oil and Gas Disclosures (Unaudited)	12 Months Ended
	Dec. 31, 2022
Notes to Financial Statements
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	16. The accompanying tables present information concerning the Company’s oil and gas producing activities “Disclosures about Oil and Gas Producing Activities.” Capitalized costs relating to oil and gas producing activities are as follows as of December 31, 2021 2022: Years Ended December 31, (in thousands) 2021 2022 Proved oil and gas properties $ 1,165,707 $ 1,122,670 Unproved properties - - Total 1,165,707 1,122,670 Accumulated depreciation, depletion, amortization and impairment (1,074,144 ) (1,078,865 ) Net capitalized costs $ 91,563 $ 43,805 Cost incurred in oil and gas property acquisition and development activities were as follows for the years ended December 31, 2021 2022 2021 2022 Development costs $ 1,145 $ 1,509 Exploration costs - - Property acquisition costs - - $ 1,145 $ 1,509 Results of operations from oil and gas producing activities were as follows for the years ended December 31, 2021 2022: 2021 2022 Revenues $ 78,836 $ 49,715 Production costs (24,137 ) (14,562 ) Depreciation, depletion and amortization (13,495 ) (4,720 ) Accretion of future site restoration (330 ) (170 ) Results of operations from oil and gas producing activities (excluding corporate overhead and interest costs) $ 40,874 $ 30,263 Depletion rate per barrel of oil equivalent $ 6.67 $ 5.80 Estimated Quantities of Proved Oil and Gas Reserves Reserve estimates are inherently imprecise and estimates of new discoveries are more imprecise than those of producing oil and gas properties. Accordingly, the estimates are expected to change as future information becomes available. The estimates have been predominately prepared by independent petroleum reserve engineers. Proved oil and gas reserves are the estimated quantities of oil and gas that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed oil and gas reserves are those expected to be recovered through existing wells with existing equipment and operating methods. All of the Company’s proved reserves are located in the continental United States. Proved reserves were estimated in accordance with guidelines established by the SEC and the FASB, which require that reserve estimates be prepared under existing economic and operating conditions with no 12 first The following table presents the Company’s estimate of its net proved developed and undeveloped oil and gas reserves as of December 31, 2021 2022 Total Oil Oil NGL Gas Equivalents (MBbl) (MBbl) (MMcf) (Mboe) Proved Developed Reserves: December 31, 2021 6,883 2,914 30,158 14,823 December 31, 2022 3,300 1,508 18,847 7,949 Proved Undeveloped Reserves: December 31, 2021 - - - - December 31, 2022 - - - - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves The Company’s proved oil and gas reserves have been estimated by the independent petroleum engineering firm, Netherland Sewell & Associates Inc., assisted by the engineering and operations departments of the Company as of December 31, 2022 December 31, 2021. 12 first No. 2010 03, 932 not 2021 2022 The technical personnel responsible for preparing the reserve estimates at Netherland Sewell & Associates Inc. meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. Netherland Sewell & Associates Inc. is an independent firm of petroleum engineers, geologists, geophysicists, and petrophysicists; they do not not February 10, 2023, 99.1 The technical personnel responsible for preparing the reserve estimates at DeGolyer & MacNaughton meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. DeGolyer & MacNaughton is an independent firm of petroleum engineers, geologists, geophysicists, and petrophysicists; they do not not February 4, 2022, 99.2 Estimates of proved reserves at December 31, 2021 2022 43 The projections should not not Future net cash inflows after income taxes were discounted using a 10% December 31, 2021 2022 Years Ended December 31, (in thousands) 2021 2022 Future cash inflows $ 485,982 $ 431,728 Future production costs (222,309 ) (192,611 ) Future development costs (5,623 ) (4,728 ) Future income tax expense - - Future net cash flows 258,050 234,389 Discount $ (104,775 ) $ (100,511 ) Standardized Measure of discounted future net cash relating to proved reserves $ 153,275 $ 133,878

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Nature of Operations We are an independent energy company primarily engaged in the acquisition, exploitation, development and production of oil and gas in the United States. Our oil and gas assets are located primarily in two 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.
Rig Accounting [Policy Text Block]	Rig Accounting In accordance with SEC Regulation S- X, no not 2021 2022, February 2023.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The consolidated financial statements of the Company have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates pertain to proved oil, gas and NGL reserves and related cash flow estimates used in impairment tests of oil and gas properties, the fair value of assets and liabilities acquired in business combinations, derivative contracts, the provision for income taxes including uncertain tax positions, stock based compensation, asset retirement obligations, accrued oil and gas revenues and expenses, as well as estimates of expenses related to depreciation, depletion, amortization and accretion. Actual results could differ from those estimates. The process of estimating oil and gas reserves in accordance with SEC requirements is complex and involves decisions and assumptions in evaluating the available geological, geophysical, engineering and economic data. Accordingly, these estimates are imprecise. Actual future production, oil and gas prices, differentials, revenues, taxes, capital expenditures, operating expenses and quantities of recoverable oil and gas reserves most likely will vary from those estimated. Any significant variance could materially affect the estimated quantities and present value of our reserves. In addition, we may
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current period presentation. These reclassifications were to share and per share data related to the 1 October 19, 2020 no
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Financial instruments which potentially expose the Company to credit risk consist principally of trade receivables and derivative contracts. Accounts receivable are generally from companies with significant oil and gas marketing or operating activities. The Company performs ongoing credit evaluations and, generally, requires no The Company maintains any cash and cash equivalents in excess of federally insured limits in prominent financial institutions considered by the Company to be of high credit quality.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three
Accounts Receivable [Policy Text Block]	Accounts Receivable Accounts receivable are reported net of an allowance for doubtful accounts of approximately $0.1 million at December 31, 2021 2022
Segment Reporting, Policy [Policy Text Block]	Industry Segment and Geographic Information The Company operates in one industry segment, which is the exploration, development and production of oil and gas with all of the Company’s operational activities being conducted in the U.S. The Company’s current operational activities and the Company’s consolidated revenues are generated from markets exclusively in the U.S., and the Company has no long lived assets located outside the U.S.
Full Cost Method Using Gross Revenue Method, Policy [Policy Text Block]	Oil and Gas Properties The Company follows the full cost method of accounting for oil and gas properties. Under this method, certain direct costs and indirect costs associated with acquisition of properties and successful as well as 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 No not December 31, 2021 2022, not
Property, Plant and Equipment, Policy [Policy Text Block]	Other Property and Equipment Other property and equipment are recorded at cost. Depreciation of other property and equipment is provided over the estimated useful lives using the straight-line method. Major renewals and improvements are recorded as additions to the property and equipment accounts. Repairs that do not
Estimate of Proved Oil and Gas Reserves Policy [Policy Text Block]	Estimates of Proved Oil and Gas Reserves Estimates of our proved reserves included in this report are prepared in accordance with GAAP and SEC guidelines. The accuracy of a reserve estimate is a function of: • the quality and quantity of available data; • the interpretation of that data; • the accuracy of various mandated economic assumptions; and • the judgment of the persons preparing the estimate. Our proved reserve information included in this report was based on studies performed by our independent petroleum engineers assisted by the engineering and operations departments of Abraxas. Estimates prepared by other third may may may In accordance with SEC requirements, we based the estimated discounted future net cash flows from proved reserves on the average of oil and gas prices based on the unweighted average 12 first may The estimates of proved reserves materially impact depreciation, depletion and amortization, or DD&A expense. If the estimates of proved reserves decline, the rate at which we record DD&A expense will increase, reducing future net income. Such a decline may may
Derivatives, Policy [Policy Text Block]	Derivative Instruments and Hedging Activities All derivative instruments are recorded on the Consolidated Balance Sheets at fair value as either short-term or long-term assets or liabilities based on their anticipated settlement date. The derivative instruments the Company utilizes are based on index prices that may 815. not
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments The Company includes fair value information in the notes to consolidated financial statements when the fair value of its financial instruments is materially different from the carrying value. The carrying value of those financial instruments that are classified as current, except for derivative instruments, approximates fair value because of the short maturity of these instruments. For noncurrent financial instruments, the Company uses quoted market prices or, to the extent that there are no
Share-Based Payment Arrangement [Policy Text Block]	Share-Based Payments Options granted are valued at the date of grant and expense is recognized over the vesting period. The Company currently utilizes a standard option pricing model (Black-Scholes) to measure the fair value of stock options granted to employees and directors. Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The value of such restricted stock is determined using the market price on the grant date and expense is recorded over the vesting period. For the years ended December 31, 2021 2022
Asset Retirement Obligation and Environmental Cost [Policy Text Block]	Restoration, Removal and Environmental Liabilities The Company is 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 noncapital 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 are fixed or reliably determinable. The fair value of a liability for an asset’s retirement obligation is recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period and the capitalized cost is depreciated over the estimated useful life of the related asset. For all periods presented, we have included estimated future costs of abandonment and dismantlement in our full cost amortization base and we amortize these costs as a component of our depletion expense in the accompanying consolidated financial statements. Each year, the Company reviews, and to the extent necessary, revises its asset retirement obligation estimates. The following table (in thousands) summarizes changes in the Company’s future site restoration obligations during the two December 31: 2021 2022 Beginning future site restoration obligation $ 7,360 $ 4,708 New wells placed on production and other 1 - Deletions related to property disposals (2,845 ) (1,837 ) Deletions related to plugging costs (342 ) - Accretion expense and other 330 170 Revisions and other 204 - Ending future site restoration obligation $ 4,708 $ 3,041
Revenue [Policy Text Block]	Revenue Recognition and Major Purchasers The Company recognizes oil and gas revenue from its interest in producing wells as oil and gas is sold from those wells, net of royalties, control of the product has transferred to the purchaser and collectability is reasonably assured. During 2021 four 2022 three 90%
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Fees Deferred financing fees are being amortized on the effective yield basis over the term of the related debt.
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be in effect with respect to taxable income in the years in which those temporary differences are expected to be recovered or settled. Uncertainties exist as to the future utilization of the operating loss carryforwards. Therefore, we have established a valuation allowance of $73.7 million for deferred tax assets at December 31, 2022
Income Tax Uncertainties, Policy [Policy Text Block]	Accounting for Uncertainty in Income Taxes Evaluation of a tax position is a two first not second not 50% Tax positions that previously failed to meet the more-likely-than- not first no not first no December 31, 2022
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of New Accounting Standards None

Note 1 - Organization and Sig_2

Note 1 - Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	2021 2022 Beginning future site restoration obligation $ 7,360 $ 4,708 New wells placed on production and other 1 - Deletions related to property disposals (2,845 ) (1,837 ) Deletions related to plugging costs (342 ) - Accretion expense and other 330 170 Revisions and other 204 - Ending future site restoration obligation $ 4,708 $ 3,041

Note 2 - Revenue from Contrac_2

Note 2 - Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Years Ended December 31, 2021 2022 Oil Gas NGL Oil Gas NGL Operating Region Permian/Delaware Basin $ 32,666 $ 4,474 $ 2,181 $ 39,617 $ 6,642 $ 3,456 Rocky Mountain (1) $ 28,562 $ 4,182 $ 6,771 $ - $ - $ -

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	Years ended December 31, 2021 2022 (In thousands) First Lien Credit Facility $ 71,400 $ - Second Lien Credit Facility 134,907 - Exit fee - Second Lien Credit Facility 10,000 - Real estate lien note 2,515 - 218,822 - Less current maturities (212,688 ) - 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 $ 2,205 $ -

Note 5 - Property and Equipme_2

Note 5 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	Estimated December 31, Useful life 2021 2022 Years (In thousands) Oil and gas properties (1) - $ 1,165,707 $ 1,122,670 Equipment and other 3-39 15,257 3,386 Drilling rig (1) (2) 15 24,080 - 1,205,044 1,126,056 Accumulated depreciation, depletion, amortization and impairment (1,099,075 ) (1,082,069 ) Net property and equipment $ 105,969 $ 43,987

Note 6 - Stock-based Compensa_2

Note 6 - Stock-based Compensation and Option Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Options Weighted average Weighted average Intrinsic value (000s) exercise price remaining life per share Options outstanding December 31, 2020 196 $ 49.69 Forfeited/Expired (141 ) 48.11 Options outstanding December 31, 2021 55 $ 53.79 Forfeited/Expired (55 ) 53.79 Options outstanding December 31, 2022 - $ - - $ - Exercisable at end of year - $ - - $ -
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Shares Weighted average grant date fair value Unvested December 31, 2020 41 $ 31.37 Granted (24 ) 33.23 Vested/Released (3 ) 32.07 Unvested December 31, 2021 14 $ 27.97 Granted 1,650 1.25 Vested/Released (1,664 ) 2.10 Unvested December 31, 2022 - $ -
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	Number of Shares Weighted average grant date fair value Unvested December 31, 2020 44 $ 33.73 Granted - - Vested/Released - - Forfeited (16 ) 45.73 Unvested December 31, 2021 28 $ 26.80 Granted - - Vested/Released - - Forfeited (28 ) 26.80 Unvested December 31, 2022 - $ -

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	As of December 31, 2021 2022 (In thousands) Deferred tax liabilities: Hedge contracts $ - $ - Other 2,855 - Total deferred tax liabilities 2,855 - Deferred tax assets: US full cost pool $ 24,464 $ 17,533 Depletion 470 452 U.S. net operating loss carryforward 96,120 50,103 Alternative minimum tax credit - - Unrealized losses 100 956 Interest disallowed 5,781 4,367 Other - 239 Total deferred tax assets 126,935 73,650 Valuation allowance for deferred tax assets (124,080 ) (73,650 ) Net deferred tax assets 2,855 - Net deferred tax $ - $ -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years Ended December 31, 2021 2022 (in thousands) Tax benefit at U.S. Statutory rates $ 9,359 $ (7,839 ) Change in deferred tax asset valuation allowance (7,007 ) 50,431 Alternative minimum tax expense - - Adjustment to deferred tax assets (3,421 ) (307 ) Permanent differences 368 692 Reduction to NOL due to ownership change limitation - (41,160 ) Return to provision estimated revision - (2,070 ) State income taxes, net of federal effect 688 253 Other 13 - $ - $ -

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Years Ended December 31, 2021 2022 Numerator: Net (loss) income $ (44,567 ) $ 37,328 Denominator for basic earnings per share - weighted-average common shares outstanding 8,408 25,868 Effect of dilutive securities: Stock options, restricted shares and performance based shares - - Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares 8,408 25,868 Net (loss) income per common share - basic $ (5.30 ) $ 1.44 Net (loss) income per common share - diluted $ (5.30 ) $ 1.44

Note 11 - Hedging Program and_2

Note 11 - Hedging Program and Derivatives (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Fair Value Financial Instruments as of December 31, 2021 Asset Liability Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives - current $ - Derivatives - current $ 442 $ - $ 442 Fair Value of Investments as of December 31, 2022 Asset Balance Sheet Location Fair Value Financial instruments Investments - long term $ 15,091 $ 15,091

Note 12 - Financial Instrumen_2

Note 12 - Financial Instruments and Investment in Partnership (Tables)	12 Months Ended
	Dec. 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 Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 Liabilities: NYMEX fixed price derivative contracts $ - $ 442 $ - $ 442 Total Liabilities $ - $ 442 $ - $ 442

Note 13 - Lease Accounting St_2

Note 13 - Lease Accounting Standard (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Lease, Cost [Table Text Block]	For the Year Ended December 31, 2021 2022 (in thousands) Operating lease cost $ 65 $ 11 Short-term lease expense (1) 1,913 578 Total lease expense $ 1,978 $ 589 Short-term lease costs (2) $ - $ - For the Year Ended December 31, 2021 2022 (in thousands) Weighted Average Remaining Lease Term (in years) 12.46 0.08 Weighted Average Discount Rate 6 % 6 % For the Year Ended December 31, 2021 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 65 $ 11 Right of Use assets added in exchange for lease obligations (since adoption) $ - $ -
Schedule of Operating Leased Assets [Table Text Block]	For the Year Ended December 31, 2021 2022 (in thousands) Operating lease Right of Use asset $ 173 $ 1 Operating lease liability - current $ 40 $ 1 Operating lease liabilities - long-term $ 110 $ -
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases (in thousands) 2023 1 2024 - 2025 - 2026 - 2027 - Thereafter - Total lease payments 1 Less imputed interest - Total lease liability $ 1

Note 16 - Supplemental Oil an_2

Note 16 - Supplemental Oil and Gas Disclosures (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Tables
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]	Years Ended December 31, (in thousands) 2021 2022 Proved oil and gas properties $ 1,165,707 $ 1,122,670 Unproved properties - - Total 1,165,707 1,122,670 Accumulated depreciation, depletion, amortization and impairment (1,074,144 ) (1,078,865 ) Net capitalized costs $ 91,563 $ 43,805
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	2021 2022 Development costs $ 1,145 $ 1,509 Exploration costs - - Property acquisition costs - - $ 1,145 $ 1,509
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]	2021 2022 Revenues $ 78,836 $ 49,715 Production costs (24,137 ) (14,562 ) Depreciation, depletion and amortization (13,495 ) (4,720 ) Accretion of future site restoration (330 ) (170 ) Results of operations from oil and gas producing activities (excluding corporate overhead and interest costs) $ 40,874 $ 30,263 Depletion rate per barrel of oil equivalent $ 6.67 $ 5.80
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block]	Total Oil Oil NGL Gas Equivalents (MBbl) (MBbl) (MMcf) (Mboe) Proved Developed Reserves: December 31, 2021 6,883 2,914 30,158 14,823 December 31, 2022 3,300 1,508 18,847 7,949 Proved Undeveloped Reserves: December 31, 2021 - - - - December 31, 2022 - - - -
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block]	Years Ended December 31, (in thousands) 2021 2022 Future cash inflows $ 485,982 $ 431,728 Future production costs (222,309 ) (192,611 ) Future development costs (5,623 ) (4,728 ) Future income tax expense - - Future net cash flows 258,050 234,389 Discount $ (104,775 ) $ (100,511 ) Standardized Measure of discounted future net cash relating to proved reserves $ 153,275 $ 133,878

Note 1 - Organization and Sig_3

Note 1 - Organization and Significant Accounting Policies (Details Textual) $ in Thousands			12 Months Ended
	Dec. 31, 2022 USD ($)	Oct. 19, 2020	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 100		$ 100	$ 100
Number of Operating Segments			1
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves	10%
Impairment of Oil and Gas Properties			$ 0
Share-Based Payment Arrangement, Noncash Expense, Total			3,296	946
Deferred Tax Assets, Valuation Allowance	$ 73,650		73,650	$ 124,080
Unrecognized Tax Benefits, Ending Balance	0		$ 0
Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Entity Wide Revenue Number of Major Purchasers of Oil and Gas			3	4
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Four Purchasers [Member]
Concentration Risk, Percentage				83%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Purchasers [Member]
Concentration Risk, Percentage			90%
Non-US [Member]
Long-Lived Assets	$ 0		$ 0
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		20

Note 1 - Organization and Sig_4

Note 1 - Organization and Significant Accounting Policies - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 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 disposals	(1,837)	(2,845)
Deletions related to plugging costs	0	(342)
Accretion expense and other	170	330
Revisions and other	0	204
Ending future site restoration obligation	$ 3,041	$ 4,708

Note 2 - Revenue from Contrac_3

Note 2 - Revenue from Contracts with Customers (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Gas Balancing Asset (Liability)	$ 0	$ 0
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 4,700	$ 12,300

Note 2 - Revenue from Contrac_4

Note 2 - Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Oil Revenues [Member]
Revenue		$ 39,617	$ 61,228
Gas Revenues [Member]
Revenue		6,642	8,656
Natural Gas Liquids Revenues [Member]
Revenue		3,456	8,952
Permian / Delaware Basin [Member] | Oil Revenues [Member]
Revenue		39,617	32,666
Permian / Delaware Basin [Member] | Gas Revenues [Member]
Revenue		6,642	4,474
Permian / Delaware Basin [Member] | Natural Gas Liquids Revenues [Member]
Revenue		3,456	2,181
Rocky Mountain [Member] | Oil Revenues [Member]
Revenue	[1]	0	28,562
Rocky Mountain [Member] | Gas Revenues [Member]
Revenue	[1]	0	4,182
Rocky Mountain [Member] | Natural Gas Liquids Revenues [Member]
Revenue	[1]	$ 0	$ 6,771
[1]All Rocky Mountain assest sold January 3, 2022.

Note 3 - Reverse Stock Split (D

Note 3 - Reverse Stock Split (Details Textual) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Oct. 19, 2020 $ / shares shares	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2022 $ / shares shares	Oct. 23, 2022 shares	Dec. 31, 2021 $ / shares shares	Oct. 18, 2020 shares
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares				$ 0.01		$ 0.01
Common Stock, Shares Authorized (in shares)				150,000,000	20,000,000	150,000,000
Common Stock, Shares, Outstanding, Ending Balance (in shares)				100,701,430		8,421,910
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares	$ 0.01
Common Stock, Shares Authorized (in shares)	20,000,000						400,000,000
Common Stock, Shares, Outstanding, Ending Balance (in shares)	8,453,466						168,069,305
Adjustments to Additional Paid in Capital, Stock Split | $		$ 1.6	$ 1.6

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) $ in Millions	Jan. 03, 2022 USD ($) shares
Series A Preferred Stock [Member]
Maximum Aggregate Proceeds Received Allowed, Tier One Preference Amount	$ 100
Stock Issued During Period, Shares, New Issues (in shares) | shares	685,505
Preferred Stock, Voting Power, Percent	85%
Lime Rock Resources V-A, L.P. [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 87.2

Note 4 - Long-term Debt - Debt

Note 4 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-term debt	$ 0	$ 218,822
Less current maturities	0	(212,688)
Long-term Debt, Noncurrent, Gross	0	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	0	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	$ 0	$ 2,515

Note 5 - Property and Equipme_3

Note 5 - Property and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss on Disposal of Drilling Rig	$ 8,225	$ 0

Note 5 - Property and Equipme_4

Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Oil and gas properties (1)		$ 1,126,056	$ 1,205,044
Accumulated depreciation, depletion, amortization and impairment		(1,082,069)	(1,099,075)
Net property and equipment		43,987	105,969
Oil and Gas Properties [Member]
Oil and gas properties (1)	[1]	1,122,670	1,165,707
Equipment and Other [Member]
Oil and gas properties (1)		$ 3,386	15,257
Equipment and Other [Member] | Minimum [Member]
Estimated Useful Life (Year)		3 years
Equipment and Other [Member] | Maximum [Member]
Estimated Useful Life (Year)		39 years
Drilling Rig [Member]
Oil and gas properties (1)	[1],[2]	$ 0	$ 24,080
Estimated Useful Life (Year)	[1],[2]	15 years
[1]Oil and gas properties are amortized utilizing the units of production method.[2]The Company owned a 2000 HP drilling rig which was sold in February 2023. The drilling rig was impaired during 2022 resulting in a loss of $8.2 million.

Note 6 - Stock-based Compensa_3

Note 6 - Stock-based Compensation and Option Plans (Details Textual) - USD ($)		12 Months Ended
	Apr. 01, 2018	Dec. 31, 2022	Dec. 31, 2021
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		418,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		0	0
Directors Plan 2005 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		70,000,000
Share-Based Payment Arrangement, Option [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,683,639
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)		10 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		0	0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Target Payout Rate		100%
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		1,664	3
Restricted Stock [Member] | Directors Plan 2005 [Member] | Share-Based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Amount Approved for Issuance Per Participant		$ 12,000

Note 6 - Stock-based Compensa_4

Note 6 - Stock-based Compensation and Option Plans - Stock Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Balance (in shares)	55	196
Balance, weighted average exercise price (in dollars per share)	$ 53.79	$ 49.69
Forfeited/Expired (in shares)	(55)	(141)
Forfeited/Expired, weighted average exercise price (in dollars per share)	$ 53.79	$ 48.11
Balance (in shares)	0	55
Balance, weighted average exercise price (in dollars per share)	$ 0	$ 53.79
Options outstanding, intrinsic value per share (in dollars per share)	$ 0
Exercisable at end of year (in shares)	0
Exercisable, weighted average exercise price (in dollars per share)	$ 0
Exercisable, intrinsic value per share (in dollars per share)	$ 0

Note 6 - Stock-based Compensa_5

Note 6 - Stock-based Compensation and Option Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unvested (in shares)	14	41
Unvested, weighted average grant date fair value (in dollars per share)	$ 27.97	$ 31.37
Granted (in shares)	1,650	24
Granted, weighted average grant date fair value (in dollars per share)	$ 1.25	$ 33.23
Vested/Released (in shares)	(1,664)	(3)
Vested/Released, weighted average grant date fair value (in dollars per share)	$ 2.10	$ 32.07
Unvested (in shares)	0	14
Unvested, weighted average grant date fair value (in dollars per share)	$ 0	$ 27.97

Note 6 - Stock-based Compensa_6

Note 6 - Stock-based Compensation and Option Plans - Performance Based Restricted Stock Awards (Details) - Performance Shares [Member] - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unvested (in shares)	28	44
Unvested, weighted average grant date fair value (in dollars per share)	$ 26.80	$ 33.73
Granted (in shares)	0	0
Granted, weighted average grant date fair value (in dollars per share)	$ 0	$ 0
Vested/Released (in shares)	0	0
Vested/Released, weighted average grant date fair value (in dollars per share)	$ 0	$ 0
Forfeited (in shares)	(28)	(16)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 26.80	$ 45.73
Unvested (in shares)	0	28
Unvested, weighted average grant date fair value (in dollars per share)	$ 0	$ 26.80

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets, Valuation Allowance	$ 73,650	$ 124,080
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0	$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%
Pre 2018 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	$ 20,000
Post 2018 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	$ 186,700
Latest Tax Year [Member]
Operating Loss Carryforwards, Expiration Date		Dec. 31, 2037

Note 7 - Income Taxes - Deferre

Note 7 - Income Taxes - Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Hedge contracts	$ 0	$ 0
Other	0	2,855
Total deferred tax liabilities	0	2,855
US full cost pool	17,533	24,464
Depletion	452	470
U.S. net operating loss carryforward	50,103	96,120
Alternative minimum tax credit	0	0
Unrealized losses	956	100
Interest disallowed	4,367	5,781
Other	239	0
Total deferred tax assets	73,650	126,935
Valuation allowance for deferred tax assets	(73,650)	(124,080)
Net deferred tax assets	0	2,855
Net deferred tax	$ 0	$ 0

Note 7 - Income Taxes - Reconci

Note 7 - Income Taxes - Reconciliation of Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Tax benefit at U.S. Statutory rates	$ (7,839)	$ 9,359
Change in deferred tax asset valuation allowance	50,431	(7,007)
Alternative minimum tax expense	0	0
Adjustment to deferred tax assets	(307)	(3,421)
Permanent differences	692	368
Reduction to NOL due to ownership change limitation	(41,160)	0
Return to provision estimated revision	(2,070)	0
State income taxes, net of federal effect	253	688
Other	$ 0	$ 13

Note 9 - Earnings Per Share - C

Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net income (loss)	$ 37,328	$ (44,567)
Basic (in shares)	25,868	8,408
Effect of dilutive securities: Stock options, restricted shares and performance based shares (in shares)	0	0
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed exercise of options, restricted shares and performance based shares (in shares)	25,868	8,408
Net (loss) income per common share - basic (in dollars per share)	$ 1.44	$ (5.30)
Net (loss) income per common share - diluted (in dollars per share)	$ 1.44	$ (5.30)

Note 10 - Benefit Plans (Detail

Note 10 - Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Contributions by Employer		$ 85,516	$ 125,276
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay		1%
Defined Contribution Plan, Employer Matching Contribution, Amount of Cents Per Dollar Increase for Each Additional Percentage Point		50
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent		5%
Defined Contribution Plan Employee Contribution Limit Below 50 Years of Age		$ 20,500	19,500
Defined Contribution Plan Employee Contribution Limit 50 Years of Age or Older		$ 27,000	$ 26,000
Forecast [Member]
Deferred Compensation Arrangement with Individual, Contributions by Employer	$ 29,541

Note 11 - Hedging Program and_3

Note 11 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative asset, current		$ 0
Derivative liability, current	$ 0	442
Derivative asset, current		0
Derivative liability, current	0	442
Commodity Contract [Member] | Financial Instruments Long Term [Member]
Derivative asset	$ 15,091
Commodity Contract [Member] | Derivative Assets Current [Member]
Derivative asset, current		0
Derivative asset, current		0
Commodity Contract [Member] | Derivative Liabilities Current [Member]
Derivative liability, current		442
Derivative liability, current		$ 442

Note 12 - Financial Instrumen_3

Note 12 - Financial Instruments and Investment in Partnership (Details Textual) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Payments to Acquire Investments, Total		$ 19,500	$ 0
Lion Fund II, L.P. [Member]
Payments to Acquire Investments, Total	$ 19,500
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure	$ 15,091	$ 15,091

Note 12 - Financial Instrumen_4

Note 12 - Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] $ in Thousands	Dec. 31, 2021 USD ($)
Derivative liabilities	$ 442
Fixed Price Derivative Contracts [Member]
Derivative assets	442
Fair Value, Inputs, Level 1 [Member]
Derivative liabilities	0
Fair Value, Inputs, Level 1 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	0
Fair Value, Inputs, Level 2 [Member]
Derivative liabilities	442
Fair Value, Inputs, Level 2 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	442
Fair Value, Inputs, Level 3 [Member]
Derivative liabilities	0
Fair Value, Inputs, Level 3 [Member] | Fixed Price Derivative Contracts [Member]
Derivative assets	$ 0

Note 13 - Lease Accounting St_3

Note 13 - Lease Accounting Standard (Details Textual)	Dec. 31, 2022
Lease for Residence in North Dakota [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years

Note 13 - Lease Accounting St_4

Note 13 - Lease Accounting Standard - Total Lease Expense (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021
Operating lease cost		$ 11	$ 65
Short-term lease expense	[1]	578	1,913
Total lease expense		$ 589	$ 1,978
Weighted Average Remaining Lease Term (Year)		29 days	12 years 5 months 15 days
Weighted Average Discount Rate		6%	6%
Cash paid for amounts included in the measurement of lease liabilities		$ 11	$ 65
Right of Use assets added in exchange for lease obligations (since adoption)		0	0
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 13 - Lease Accounting St_5

Note 13 - Lease Accounting Standard - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating lease Right of Use asset	$ 1	$ 173
Operating lease liability - current	1	40
Operating lease liabilities - long-term	$ 0	$ 110

Note 13 - Lease Accounting St_6

Note 13 - Lease Accounting Standard - Lease Liabilities Maturity (Details) $ in Thousands	Dec. 31, 2022 USD ($)
2023	$ 1
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total lease payments	1
Less imputed interest	0
Total lease liability	$ 1

Note 14 - Restructuring (Detail

Note 14 - Restructuring (Details Textual) - USD ($) $ in Millions	Oct. 24, 2022	Jan. 03, 2022	Dec. 31, 2022	Oct. 23, 2022	Dec. 31, 2021
Common Stock, Shares Authorized (in shares)			150,000,000	20,000,000	150,000,000
Series A Preferred Stock [Member]
Maximum Aggregate Proceeds Received Allowed, Tier One Preference Amount		$ 100
Stock Issued During Period, Shares, New Issues (in shares)		685,505
Number of Votes Each Share Entitled		69
Preferred Stock, Voting Power, Percent		85%
Lime Rock Resources V-A, L.P. [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total		$ 87.2
Proceeds from Sale of Property Plant and Equipment, after Customary Closing Adjustments		$ 73.3
Biglari Holdings [Member]
Capital Stock, Voting Power, Percent	90%
Biglari Holdings [Member] | Second Exchange Agreement [Member]
Stock Issuable During Period, Shares, Conversion of Convertible Securities (in shares)	90,631,287

Note 16 - Supplemental Oil an_3

Note 16 - Supplemental Oil and Gas Disclosures (Unaudited) - Capitalized Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Proved oil and gas properties	$ 1,122,670	$ 1,165,707
Unproved properties	0	0
Total	1,122,670	1,165,707
Accumulated depreciation, depletion, amortization and impairment	(1,078,865)	(1,074,144)
Net capitalized costs	$ 43,805	$ 91,563

Note 16 - Supplemental Oil an_4

Note 16 - Supplemental Oil and Gas Disclosures (Unaudited) - Cost Incurred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Development costs	$ 1,509	$ 1,145
Exploration costs	0	0
Property acquisition costs	0	0
Costs Incurred, Acquisition of Oil and Gas Properties, Total	$ 1,509	$ 1,145

Note 16 - Supplemental Oil an_5

Note 16 - Supplemental Oil and Gas Disclosures (Unaudited) - Results of Operations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / bbl	Dec. 31, 2021 USD ($) $ / bbl
Revenues	$ 49,715	$ 78,836
Production costs	(14,562)	(24,137)
Depreciation, depletion and amortization	(4,720)	(13,495)
Accretion of future site restoration	(170)	(330)
Results of operations from oil and gas producing activities (excluding corporate overhead and interest costs)	$ 30,263	$ 40,874
Depletion rate per barrel of oil equivalent (in USD per Barrel of Oil) | $ / bbl	5.80	6.67

Note 16 - Supplemental Oil an_6

Note 16 - Supplemental Oil and Gas Disclosures (Unaudited) - Proved Developed and Undeveloped Reserves (Details) - bbl bbl in Thousands	Dec. 31, 2022	Dec. 31, 2021
Oil [Member]
Proved developed reserves (Barrel of Oil)	3,300	6,883
Proved undeveloped reserves (Barrel of Oil)	0	0
Natural Gas Liquids [Member]
Proved developed reserves (Barrel of Oil)	1,508	2,914
Proved undeveloped reserves (Barrel of Oil)	0	0
Natural Gas [Member]
Proved developed reserves (Barrel of Oil)	18,847	30,158
Proved undeveloped reserves (Barrel of Oil)	0	0
Oil Equivalents [Member]
Proved developed reserves (Barrel of Oil)	7,949	14,823
Proved undeveloped reserves (Barrel of Oil)	0	0

Note 16 - Supplemental Oil an_7

Note 16 - Supplemental Oil and Gas Disclosures (Unaudited) - Future Net Cash Inflows (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Future cash inflows	$ 431,728	$ 485,982
Future production costs	(192,611)	(222,309)
Future development costs	(4,728)	(5,623)
Future income tax expense	0	0
Future net cash flows	234,389	258,050
Discount	(100,511)	(104,775)
Standardized Measure of discounted future net cash relating to proved reserves	$ 133,878	$ 153,275