FX Energy (FXEN) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document Information [Line Items]
Entity Registrant Name	FX ENERGY INC
Entity Central Index Key	907,649
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	FXEN
Entity Common Stock, Shares Outstanding		54,869,656
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 14,165	$ 11,232
Marketable securities	0	7,313
Receivables:
Accrued oil and gas sales	2,548	2,948
Joint interest and other receivables	691	551
VAT receivable	0	895
Inventory	101	97
Other current assets	167	415
Total current assets	17,672	23,451
Oil and gas properties (successful-efforts method):
Proved	62,913	65,621
Unproved	1,912	1,991
Other property and equipment	12,846	12,738
Gross property and equipment	77,671	80,350
Less accumulated depreciation, depletion, and amortization	(28,771)	(26,867)
Net property and equipment	48,900	53,483
Other assets:
Certificates of deposit	406	406
Loan fees	1,241	1,553
Total other assets	1,647	1,959
Total assets	68,219	78,893
Current liabilities:
Accounts payable	4,760	5,036
Accrued liabilities	680	821
Accrued dividends	463	463
Total current liabilities	5,903	6,320
Long-term liabilities:
Notes payable	50,000	50,000
Asset retirement obligation	1,981	1,989
Total long-term liabilities	51,981	51,989
Total liabilities	57,884	58,309
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 800,000 shares outstanding as of June 30, 2015, and December 31, 2014, respectively	1	1
Common stock, $0.001 par value, 100,000,000 shares authorized; 54,869,656 and 54,401,967 shares issued and outstanding as of June 30, 2015, and December 31, 2014, respectively	55	54
Additional paid-in capital	250,011	248,186
Cumulative translation adjustment	38,354	30,072
Accumulated other comprehensive loss	0	(67)
Accumulated deficit	(278,086)	(257,662)
Total stockholders' equity	10,335	20,584
Total liabilities and stockholders' equity	$ 68,219	$ 78,893

Consolidated Balance Sheets _Pa

Consolidated Balance Sheets [Parenthetical] - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	800,000	800,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	54,869,656	54,401,967
Common stock, shares outstanding	54,869,656	54,401,967

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - Class of Stock [Domain] - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Revenues:
Oil and gas sales	$ 6,547	$ 8,802		$ 13,181	$ 18,310
Oilfield services	31	1,361		32	1,366
Total revenues	6,578	10,163		13,213	19,676
Operating costs and expenses:
Lease operating expenses	1,022	1,181		1,947	2,290
Exploration costs	3,254	3,591		8,251	6,911
Property impairments	67	3,689		437	3,735
Oilfield services costs	104	917		230	1,045
Depreciation, depletion and amortization	1,519	1,237		3,016	2,595
Accretion expense	31	23		61	47
Stock compensation	551	687		1,097	1,366
General and administrative	2,178	1,972		4,336	3,925
Total operating costs and expenses	8,726	13,297		19,375	21,914
Operating loss	(2,148)	(3,134)		(6,162)	(2,238)
Other expense:
Interest expense	(656)	(685)		(1,304)	(1,341)
Interest and other income	9	12		46	26
Foreign exchange loss	2,190	(720)		(12,079)	(1,936)
Total other expense	1,543	(1,393)		(13,337)	(3,251)
Net loss	(605)	(4,527)	[1]	(19,499)	(5,489)
Other comprehensive income
Increase (decrease) in market value of available for sale marketable securities	66	0		67	0
Foreign currency translation adjustment	(1,559)	357		8,282	963
Comprehensive loss	(2,098)	(4,170)		(11,150)	(4,526)
Dividends on preferred stock	(462)	0		(925)	0
Net loss attributable to common stockholders	$ (1,067)	$ (4,527)		$ (20,424)	$ (5,489)
Net loss per common share
Basic (in dollars per share)	$ (0.02)	$ (0.08)		$ (0.38)	$ (0.10)
Diluted (in dollars per share)	$ (0.02)	$ (0.08)		$ (0.38)	$ (0.10)
Weighted average common shares outstanding
Basic (in shares)	54,223	53,325		54,223	53,279
Dilutive effect of stock options (in shares)	0	0		0	0
Diluted (in shares)	54,223	53,325		54,223	53,279
[1]	Nonsegmented reconciling items for the second quarter include $1,972 of G&A, $687 of noncash stock compensation expense, $12 of other income, $685 of interest expense, $720 of foreign exchange losses, and $15 of corporate DD&A. Nonsegmented reconciling items for the first six months include $3,927 of G&A costs, $1,366 of noncash stock compensation expense, $27 of other income, $1,341 of interest expense, $26 of corporate DD&A costs, and $1,936 of foreign exchange losses.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (19,499)	$ (5,489)
Adjustments to reconcile net loss to net cash
Depreciation, depletion and amortization	3,016	2,595
Accretion expense	61	47
Amortization of loan fees	209	255
Stock compensation	1,097	1,366
Property impairment	395	3,694
Unrealized foreign exchange losses	12,063	1,929
Common stock issued for services	729	656
Increase (decrease) from changes in working capital items:
Receivables	1,219	2,010
Inventory	(5)	1
Other current assets	242	(49)
Accounts payable and accrued liabilities	(495)	(3,304)
Net cash (used in) provided by operating activities	(968)	3,711
Cash flows from investing activities:
Additions to oil and gas properties	(1,895)	(13,091)
Additions to other property and equipment	(344)	(522)
Sales of marketable securities	7,380
Net cash (used in) provided by investing activities	5,141	(13,613)
Cash flows from financing activities:
Proceeds from stock offering	0	615
Payment of preferred stock dividends	(925)	0
Proceeds from notes payable	0	5,000
Net cash (used in) provided by financing activities	(925)	5,615
Effect of exchange-rate changes on cash	(315)	(112)
Net increase (decrease) in cash	2,933	(4,399)
Cash and cash equivalents at beginning of year	11,232	11,153
Cash and cash equivalents at end of period	$ 14,165	$ 6,754

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	Note 1: Basis of Presentation In the opinion of management, our financial statements reflect all adjustments that are of a normal recurring nature necessary for presentation of financial statements for interim periods in accordance with U.S. generally accepted accounting principles (GAAP) and with the instructions to Form 10-Q in Article 10 of SEC Regulation S-X. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. As used in this report, the terms “we,” “us,” “our,” and the “Company” mean FX Energy, Inc., and its subsidiaries, unless the context indicates otherwise. We condensed or omitted certain information and footnote disclosures normally included in our annual audited financial statements, which we prepared in accordance with GAAP. Our quarterly financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014, and our Form 10-Q for the quarter ended March 31, 2015.

Net Income per Share

Net Income per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 2: Net Income per Share Basic earnings per share is computed by dividing the net income applicable to common shares by the weighted average number of common shares outstanding. We recorded a net loss for each of the three- and six-month periods ended June 30, 2015 and 2014, so there are no diluted earnings per share calculated for those periods. Basic and diluted earnings per share were essentially the same for all periods presented. Outstanding options and unvested restricted stock as of June 30, 2015 and 2014, were as follows: Options and Unvested Restricted Stock Price Range Balance sheet date: June 30, 2015 3,202,396 $0.00 - $5.06 June 30, 2014 2,550,125 $0.00 - $5.06

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 3: Income Taxes No income tax expense was recognized for the three- and six-month periods ended June 30, 2015 and 2014, due to net losses being incurred in both periods. We are subject to audit by the IRS and various states for the prior three years. There has not been a change in our unrecognized tax positions since December 31, 2014, and we do not believe there will be any material changes in our unrecognized tax positions over the next 12 months. Our policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. We do not have any accrued interest or penalties associated with any unrecognized tax benefits, and no interest expense related to unrecognized tax benefits was recognized during the six months ended June 30, 2015.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 4: Business Segments We operate within two segments of the oil and gas industry: the exploration and production segment and the oilfield services segment. Direct revenues and costs, including exploration costs, depreciation, depletion, and amortization costs (“DD&A”), general and administrative costs (“G&A”), and other income directly associated with their respective segments are detailed within the following discussion. Identifiable net property and equipment are reported by business segment for management reporting and reportable business segment disclosure purposes. Current assets, other assets, current liabilities, and long-term debt are not allocated to business segments for management reporting or business segment disclosure purposes. Reportable Segments Exploration & Oilfield Services Nonsegmented Total U.S. Poland Three months ended June 30, 2015: Revenues $ 579 $ 5,968 $ 31 $ -- $ 6,578 Net income (loss) (99) 1,028 (333) (1,201) (1) (605) Six months ended June 30, 2015: Revenues $ 965 $12,216 $ 32 $ -- $ 13,213 Net income (loss) (559) 580 (718) (18,802) (1) (19,499) As of June 30, 2015: Identifiable net property and equipment $ -- $46,584 $2,307 $ 9 $ 48,900 _______________ (1) Nonsegmented reconciling items for the second quarter include $2,178 of G&A costs, $551 of noncash stock compensation expense, $8 of other income, $655 of interest expense, $15 of corporate DD&A costs, and $2,190 of foreign exchange gains. Nonsegmented reconciling items for the first six months include $4,336 of G&A costs, $1,097 of noncash stock compensation expense, $46 of other income, $1,304 of interest expense, $32 of corporate DD&A costs, and $12,079 of foreign exchange losses. Reportable business segment information for the three months ended June 30, 2014, the six months ended June 30, 2014, and as of June 30, 2014, is as follows (in thousands): Reportable Segments Exploration & Oilfield Production Services Nonsegmented Total U.S. Poland Three months ended June 30, 2014: Revenues $1,003 $ 7,799 $1,361 $ -- $10,163 Net income (loss) (1) 260 (916) 196 (1) (4,527) Six months ended June 30, 2014: Revenues $1,923 $16,387 $1,366 $ -- $19,676 Net income (loss) 371 2,879 (170) (8,569) (1) (5,489) As of June 30, 2014: Identifiable net property and equipment $2,778 $75,079 $2,636 $ 16 $80,509 _______________ (1) Nonsegmented reconciling items for the second quarter include $1,972 of G&A, $687 of noncash stock compensation expense, $12 of other income, $685 of interest expense, $720 of foreign exchange losses, and $15 of corporate DD&A. Nonsegmented reconciling items for the first six months include $3,927 of G&A costs, $1,366 of noncash stock compensation expense, $27 of other income, $1,341 of interest expense, $26 of corporate DD&A costs, and $1,936 of foreign exchange losses.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 5: Share-Based Compensation We have several share-based incentive plans. Under these plans, options have been granted at an option price equal to the market value of the stock at the date of grant. The granted options have terms of ten years and vest in three equal annual installments from the date of grant. Under the terms of the stock option award plans, we may also issue restricted stock. Restricted stock awards vest in three equal annual installments from the date of grant. Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Life (in years) Value Options outstanding: Beginning of year 2,561,169 $3.81 Issued 3,968 2.63 Forfeited (9,665) 3.62 End of period 2,555,472 3.81 7.87 Exercisable at end of period 1,261,605 4.50 6.98 $0 The following table summarizes option activity for the first half of 2014: Weighted Average Number of Weighted Average Remaining Contractual Aggregate Options Exercise Price Life (in years) Intrinsic Value Options outstanding: Beginning of year 1,911,872 $4.22 Expired (1,803) 5.06 End of period 1,910,069 4.22 8.34 Exercisable at end of period 629,946 4.79 7.61 $0 The aggregate intrinsic value in the tables above represents the total pretax intrinsic value, based on our stock price of $0.88 as of June 30, 2015, and $3.61 as of June 30, 2014, which would have been received by stock option holders had all vested in-the-money stock options been exercised as of those dates. Number of Shares 2015 2014 Unvested restricted stock outstanding: Beginning of year 648,511 640,056 Issued 1,984 -- Forfeited (3,571) -- Vested -- -- End of period 646,924 640,056 Stock Compensation Year Total Deferred Stock Compensation Expense Ended Number of Compensation (thousands) Dec. 31, Shares (thousands) 2015 2014 2014 330,033 $ 868 $143 $ -- 2013 324,033 1,095 179 180 2012 321,086 1,365 221 223 2011 318,252 1,610 -- 262 Total 1,293,404 $4,938 $543 $665 Year Total Deferred Stock Compensation Expense Ended Number of Compensation (thousands) Dec. 31, Options (thousands) 2015 2014 2014 660,064 $ 885 $ 146 $ -- 2013 648,058 1,084 178 179 2012 642,170 1,421 230 232 2011 636,509 1,781 -- 290 Total 2,586,801 $5,171 $554 $701

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 6: Stockholders’ Equity Common Stock We have a Stock Bonus Plan covering all of our employees under section 401(k) of the Internal Revenue Code. During the first halves of 2015 and 2014, we made discretionary contributions of 465,276 171,879 723,000 629,000 4,000 7,500 6,200 28,000 163,639 615,000 27,000 Preferred Stock During 2014, we closed an underwritten public offering of 800,000 9.25 25.00 25.00 Holders of the Series B Preferred Stock are entitled to receive, when, as, and if declared by our board of directors, out of funds legally available for the payment of dividends, cumulative cash dividends at a rate of 9.25 2.3125 0.58 462,500

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 7: Fair Value Measurements The accounting standard for fair value measurements provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements. Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required as well as the assets and liabilities that we value using those levels of inputs. • Level 1 • Level 2 • Level 3 A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. We did not have any significant nonfinancial assets or nonfinancial liabilities that would be recognized or disclosed at fair value on a recurring basis as of June 30, 2015, nor did we have any assets or liabilities measured at fair value on a nonrecurring basis to report in the first half of 2015. Recurring Fair Value There were no assets measured at fair value on a recurring basis at June 30, 2015 and 2014. Foreign Currency Exchange Rate Derivatives In early 2015, we entered into two separate dollar/zloty hedge agreements. The agreements were in the form of costless collars, with floors of approximately 3.57 PLN/USD and ceilings of approximately 3.85 PLN/USD. One of the agreements, in the amount of $6.0 million, terminated on June 26, 2015, with no gain or loss recognized. The other agreement, in the amount of $6.5 million, was scheduled to terminate on December 29, 2015, but was, in fact, terminated on July 1, 2015. As a result of the early termination, we recognized a gain of approximately $82,000, which will be recorded as other income in our third quarter financial statements.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 8: Notes Payable We maintain a five-year, up to $ 100 65 100 In consideration of this credit facility, we paid various arrangement, structuring, legal, and other fees totaling approximately $ 2.2 399,000 The credit facility calls for a periodic interest rate of three-, six-, or twelve-month-LIBOR, plus an interest margin of 3.75% for the first three years of the facility and 4.00% for the final two years semiannual June 30, 2016 unused commitment fee of 40% of the applicable interest margin is charged monthly based on the average daily unused portion of the credit facility As of June 30, 2015, the total amount drawn under the credit facility was $ 50 3.94 The borrowing base is redetermined twice a year, based on reserve volumes and values estimated by independent engineers as of the last day of the prior year. Our last redetermination was completed in December 2014, with the year-end 2014 borrowing base set at $ 55 Our notes payable is stated at book value, which approximated its fair value at June 30, 2015. Estimated fair values for notes payable have been determined based on borrowing rates currently available to us for bank loans with similar terms and maturities and are based on Level 3 criteria in the Financial Accounting Standards Board’s fair value hierarchy. In July 2015, we finalized a new, up to EUR 90,000,000 55 The credit facility calls for a periodic interest rate of LIBOR, plus an interest margin of 4.75% for the first two years of the facility and 5.00% for the final three years. The facility has a term of five years, with scheduled semiannual borrowing-base reductions of 14.29% of the initial commitment amount beginning on June 30, 2017. 45 50

Capitalized Exploratory Well Co

Capitalized Exploratory Well Costs	6 Months Ended
	Jun. 30, 2015
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	Note 9: Capitalized Exploratory Well Costs At June 30, 2015, we had approximately $ 0.8 , all of which are associated with our Miloslaw well that was in progress at that date

Foreign Currency Translation an

Foreign Currency Translation and Risk	6 Months Ended
	Jun. 30, 2015
Foreign Currency [Abstract]
Foreign Currency Disclosure [Text Block]	Note 10: Foreign Currency Translation and Risk During the first half of 2015, we recorded foreign currency transaction losses of approximately $ 12.1 For the Six Months Ended June 30, 2015 Balance at December 31, 2014 $ 30,072 Increase related to losses on intercompany loans 12,063 Decrease related to translation adjustments (3,781) Balance at June 30, 2015 $ 38,354 Future transaction gains or losses may be significant given the amount of intercompany loans and the volatility of the exchange rate. Future translation adjustments will also vary in concert with changes in exchange rates. These gains, losses, and adjustments are noncash items for U.S. reporting purposes and have no impact on our actual zloty-based revenues and expenditures in Poland.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 11: Commitments and Contingencies Due to the nature of our business, certain legal or administrative proceedings may arise from time to time in the ordinary course of business. In our opinion, there are no material pending legal proceedings to which we are a party, of which any of our property is the subject, or for which an outcome adverse to us would have a material adverse effect on our financial condition, results of operations, or cash flows.

Net Income per Share (Tables)

Net Income per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule Of Nonvested Stock Options and Restricted Stock Units Activity [Table Text Block]	Options and Unvested Restricted Stock Price Range Balance sheet date: June 30, 2015 3,202,396 $0.00 - $5.06 June 30, 2014 2,550,125 $0.00 - $5.06

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Reportable business segment information for the three months ended June 30, 2015, the six months ended June 30, 2015, and as of June 30, 2015, is as follows (in thousands): Reportable Segments Exploration & Oilfield Services Nonsegmented Total U.S. Poland Three months ended June 30, 2015: Revenues $ 579 $ 5,968 $ 31 $ -- $ 6,578 Net income (loss) (99) 1,028 (333) (1,201) (1) (605) Six months ended June 30, 2015: Revenues $ 965 $12,216 $ 32 $ -- $ 13,213 Net income (loss) (559) 580 (718) (18,802) (1) (19,499) As of June 30, 2015: Identifiable net property and equipment $ -- $46,584 $2,307 $ 9 $ 48,900 _______________ (1) Nonsegmented reconciling items for the second quarter include $2,178 of G&A costs, $551 of noncash stock compensation expense, $8 of other income, $655 of interest expense, $15 of corporate DD&A costs, and $2,190 of foreign exchange gains. Nonsegmented reconciling items for the first six months include $4,336 of G&A costs, $1,097 of noncash stock compensation expense, $46 of other income, $1,304 of interest expense, $32 of corporate DD&A costs, and $12,079 of foreign exchange losses. Reportable business segment information for the three months ended June 30, 2014, the six months ended June 30, 2014, and as of June 30, 2014, is as follows (in thousands): Reportable Segments Exploration & Oilfield Production Services Nonsegmented Total U.S. Poland Three months ended June 30, 2014: Revenues $1,003 $ 7,799 $1,361 $ -- $10,163 Net income (loss) (1) 260 (916) 196 (1) (4,527) Six months ended June 30, 2014: Revenues $1,923 $16,387 $1,366 $ -- $19,676 Net income (loss) 371 2,879 (170) (8,569) (1) (5,489) As of June 30, 2014: Identifiable net property and equipment $2,778 $75,079 $2,636 $ 16 $80,509 _______________ (1) Nonsegmented reconciling items for the second quarter include $1,972 of G&A, $687 of noncash stock compensation expense, $12 of other income, $685 of interest expense, $720 of foreign exchange losses, and $15 of corporate DD&A. Nonsegmented reconciling items for the first six months include $3,927 of G&A costs, $1,366 of noncash stock compensation expense, $27 of other income, $1,341 of interest expense, $26 of corporate DD&A costs, and $1,936 of foreign exchange losses.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes option activity for the first half of 2015: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Options Price Life (in years) Value Options outstanding: Beginning of year 2,561,169 $3.81 Issued 3,968 2.63 Forfeited (9,665) 3.62 End of period 2,555,472 3.81 7.87 Exercisable at end of period 1,261,605 4.50 6.98 $0 The following table summarizes option activity for the first half of 2014: Weighted Average Number of Weighted Average Remaining Contractual Aggregate Options Exercise Price Life (in years) Intrinsic Value Options outstanding: Beginning of year 1,911,872 $4.22 Expired (1,803) 5.06 End of period 1,910,069 4.22 8.34 Exercisable at end of period 629,946 4.79 7.61 $0
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	The following table summarizes restricted stock activity during the first six months of 2015 and 2014: Number of Shares 2015 2014 Unvested restricted stock outstanding: Beginning of year 648,511 640,056 Issued 1,984 -- Forfeited (3,571) -- Vested -- -- End of period 646,924 640,056
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	The following table summarizes the quantity of restricted stock awards, total deferred compensation expense arising from those awards, and year-to-date compensation expense for each equity award that is included in stock compensation expense: Year Total Deferred Stock Compensation Expense Ended Number of Compensation (thousands) Dec. 31, Shares (thousands) 2015 2014 2014 330,033 $ 868 $143 $ -- 2013 324,033 1,095 179 180 2012 321,086 1,365 221 223 2011 318,252 1,610 -- 262 Total 1,293,404 $4,938 $543 $665
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]	The following table summarizes the quantity of stock option awards, total deferred compensation expense arising from those awards, and year-to-date compensation expense for each equity award that is included in stock compensation expense: Year Total Deferred Stock Compensation Expense Ended Number of Compensation (thousands) Dec. 31, Options (thousands) 2015 2014 2014 660,064 $ 885 $ 146 $ -- 2013 648,058 1,084 178 179 2012 642,170 1,421 230 232 2011 636,509 1,781 -- 290 Total 2,586,801 $5,171 $554 $701

Foreign Currency Translation 20

Foreign Currency Translation and Risk (Tables)	6 Months Ended
	Jun. 30, 2015
Foreign Currency [Abstract]
Cumulative Foreign Currency Translation Adjustments [Table Text Block]	For the Six Months Ended June 30, 2015 Balance at December 31, 2014 $ 30,072 Increase related to losses on intercompany loans 12,063 Decrease related to translation adjustments (3,781) Balance at June 30, 2015 $ 38,354

Net Income per Share (Details)

Net Income per Share (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net Income Per Share [Line Items]
Options and Unvested Restricted Stock, Outstanding Number (in shares)	3,202,396	2,550,125
Stock Option Plans, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 0	$ 0
Stock Option Plans, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 5.06	$ 5.06

Business Segments (Details)

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 6,578		$ 10,163		$ 13,213		$ 19,676
Net income (loss)	(605)		(4,527)	[1]	(19,499)		(5,489)
Identifiable net property and equipment	48,900		80,509		48,900		80,509		$ 53,483
Exploration and Production [Member] | United States [Member]
Segment Reporting Information [Line Items]
Revenues	579		1,003		965		1,923
Net income (loss)	(99)		260	[1]	(559)		371
Identifiable net property and equipment	0		2,778		0		2,778
Exploration and Production [Member] | Poland [Member]
Segment Reporting Information [Line Items]
Revenues	5,968		7,799		12,216		16,387
Net income (loss)	1,028		(916)	[1]	580		2,879
Identifiable net property and equipment	46,584		75,079		46,584		75,079
Oilfield Services [Member]
Segment Reporting Information [Line Items]
Revenues	31		1,361		32		1,366
Net income (loss)	(333)		196	[1]	(718)		(170)
Identifiable net property and equipment	2,307		2,636		2,307		2,636
Non-Segmented [Member]
Segment Reporting Information [Line Items]
Revenues	0		0		0		0
Net income (loss)	(1,201)	[2]	(4,067)	[1]	(18,802)	[2]	(8,569)	[1]
Identifiable net property and equipment	$ 9		$ 16		$ 9		$ 16
[1]	Nonsegmented reconciling items for the second quarter include $1,972 of G&A, $687 of noncash stock compensation expense, $12 of other income, $685 of interest expense, $720 of foreign exchange losses, and $15 of corporate DD&A. Nonsegmented reconciling items for the first six months include $3,927 of G&A costs, $1,366 of noncash stock compensation expense, $27 of other income, $1,341 of interest expense, $26 of corporate DD&A costs, and $1,936 of foreign exchange losses.
[2]	Nonsegmented reconciling items for the second quarter include $2,178 of G&A costs, $551 of noncash stock compensation expense, $8 of other income, $655 of interest expense, $15 of corporate DD&A costs, and $2,190 of foreign exchange gains. Nonsegmented reconciling items for the first six months include $4,336 of G&A costs, $1,097 of noncash stock compensation expense, $46 of other income, $1,304 of interest expense, $32 of corporate DD&A costs, and $12,079 of foreign exchange losses.

Business Segments (Details Text

Business Segments (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
General and administrative costs	$ 2,178	$ 1,972	$ 4,336	$ 3,925
Stock compensation	551	687	1,097	1,366
Interest expense	656	685	1,304	1,341
Foreign Currency Transaction Gain (Loss), before Tax	2,190	(720)	(12,079)	(1,936)
Depreciation, depletion, and amortization	1,519	1,237	3,016	2,595
Non-Segmented [Member]
Segment Reporting Information [Line Items]
General and administrative costs	2,178	1,972	4,336	3,927
Stock compensation	551	687	1,097	1,366
Other Income	8	12	46	27
Interest expense	655	685	1,304	1,341
Foreign Currency Transaction Gain (Loss), before Tax	2,190	720	12,079	1,936
Depreciation, depletion, and amortization	$ 15	$ 15	$ 32	$ 26

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Outstanding at Beginning of year	2,561,169	1,911,872
Number of Options, Issued	3,968
Number of Options, Expired		(1,803)
Number of Options, Forfeited	(9,665)
Number of Options, Outstanding at End of period	2,555,472	1,910,069
Number of Options, Exercisable at end of period	1,261,605	629,946
Weighted Average Exercise Price, Options outstanding at Beginning of year	$ 3.81	$ 4.22
Weighted Average Exercise Price, Options Issued	2.63
Weighted Average Exercise Price, Options Expired		5.06
Weighted Average Exercise Price, Options Forfeited	3.62
Weighted Average Exercise Price, Options outstanding at End of period	3.81	4.22
Weighted Average Exercise Price, Options Exercisable at end of period	$ 4.5	$ 4.79
Weighted Average Remaining Contractual Life, Options outstanding at End of period (in years)	7 years 10 months 13 days	8 years 4 months 2 days
Weighted Average Remaining Contractual Life, Options Exercisable at end of period (in years)	6 years 11 months 23 days	7 years 7 months 10 days
Aggregate Intrinsic Value, Options Exercisable at end of period (in dollars)	$ 0	$ 0

Share-Based Compensation (Det25

Share-Based Compensation (Details 1) - Restricted Stock [Member] - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Unvested restricted stock outstanding at Beginning of year	648,511	640,056
Number of Shares, Issued	1,984	0
Number of Shares, Forfeited	(3,571)	0
Number of Shares, Vested	0	0
Number of Shares, Unvested restricted stock outstanding at End of period	646,924	640,056

Share-Based Compensation (Det26

Share-Based Compensation (Details 2) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Total	$ 1,097	$ 1,366
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	1,293,404
Deferred Compensation Share-based Arrangements, Liability, Current	$ 4,938
Share-based Compensation, Total	$ 543	665
2014 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	330,033
Deferred Compensation Share-based Arrangements, Liability, Current	$ 868
Share-based Compensation, Total	$ 143	0
2013 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	324,033
Deferred Compensation Share-based Arrangements, Liability, Current	$ 1,095
Share-based Compensation, Total	$ 179	180
2012 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	321,086
Deferred Compensation Share-based Arrangements, Liability, Current	$ 1,365
Share-based Compensation, Total	$ 221	223
2011 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	318,252
Deferred Compensation Share-based Arrangements, Liability, Current	$ 1,610
Share-based Compensation, Total	$ 0	$ 262

Share-Based Compensation (Det27

Share-Based Compensation (Details 3) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, Total	$ 1,097	$ 1,366
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	2,586,801
Deferred Compensation Share-based Arrangements, Liability, Current	$ 5,171
Share-based Compensation, Total	$ 554	701
2014 [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	660,064
Deferred Compensation Share-based Arrangements, Liability, Current	$ 885
Share-based Compensation, Total	$ 146	0
2013 [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	648,058
Deferred Compensation Share-based Arrangements, Liability, Current	$ 1,084
Share-based Compensation, Total	$ 178	179
2012 [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	642,170
Deferred Compensation Share-based Arrangements, Liability, Current	$ 1,421
Share-based Compensation, Total	$ 230	232
2011 [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	636,509
Deferred Compensation Share-based Arrangements, Liability, Current	$ 1,781
Share-based Compensation, Total	$ 0	$ 290

Share-Based Compensation (Det28

Share-Based Compensation (Details Textual) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price (in dollars per share)	$ 0.88	$ 3.61

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Stockholders' Equity [Line Items]
Proceeds from Issuance of Common Stock			$ 0	$ 615,000
Dividends, Preferred Stock	$ 462,000	$ 0	$ 925,000	$ 0
Common Stock [Member]
Stockholders' Equity [Line Items]
Stock Issued During Period, Shares, Employee Benefit Plan			465,276	171,879
Defined Contribution Plan, Employer Discretionary Contribution Amount					$ 723,000	$ 629,000
Stock Issued During Period, Shares, New Issues				163,639
Payments of Stock Issuance Costs			$ 27,000
Series B Preferred Stock [Member]
Stockholders' Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage					9.25%
Preferred Stock, Liquidation Preference Per Share					$ 25
Series B Cumulative Convertible Preferred Stock [Member]
Stockholders' Equity [Line Items]
Stock Issued During Period, Shares, New Issues					800,000
Preferred Stock, Dividend Rate, Percentage					9.25%
Preferred Stock, Liquidation Preference Per Share					$ 25
Preferred Stock, Dividend Rate, Per-Dollar-Amount			$ 0.58
Dividends, Preferred Stock	$ 462,500
Series B Cumulative Convertible Preferred Stock [Member] | Liquidation Basis of Accounting [Member]
Stockholders' Equity [Line Items]
Preferred Stock, Dividend Rate, Per-Dollar-Amount					$ 2.3125
Polish Consultants [Member] | Common Stock [Member]
Stockholders' Equity [Line Items]
Stock Issued During Period, Shares, New Issues			4,000	7,500
Payments of Stock Issuance Costs			$ 6,200	$ 28,000

Fair Value Measurements (Detail

Fair Value Measurements (Details Textual)	6 Months Ended	9 Months Ended
	Jun. 30, 2015$ / Unit	Sep. 30, 2015USD ($)
Other Income [Member] | Subsequent Event [Member]
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives | $		$ 82,000
Not Designated as Hedging Instrument [Member] | Foreign Currency Exchange rate Derivative [Member]
Derivative [Line Items]
Derivative, Cap Price	3.57
Derivative, Price Risk Option Strike Price	3.85
Derivative Instruments Not Designated as Hedging Instruments, Description of Terms	One of the agreements, in the amount of $6.0 million, terminated on June 26, 2015, with no gain or loss recognized. The other agreement, in the amount of $6.5 million, was scheduled to terminate on December 29, 2015

Notes Payable (Details Textual)

Notes Payable (Details Textual)	1 Months Ended			6 Months Ended
	Jul. 31, 2015EUR (€)	Jun. 30, 2015USD ($)	Jun. 30, 2015EUR (€)	Jun. 30, 2015USD ($)	Mar. 31, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Debt Instrument, Fair Value Disclosure						$ 55,000,000
Senior Reserve Base Lending Facility Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount		$ 50,000,000	€ 45,000,000
Subsequent Event [Member] | Senior Reserve Base Lending Facility Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity | €	€ 90,000,000
Line of Credit Facility, Current Borrowing Capacity | €					€ 55,000,000
Line of Credit Facility, Interest Rate Description	The credit facility calls for a periodic interest rate of LIBOR, plus an interest margin of 4.75% for the first two years of the facility and 5.00% for the final three years.
Line of Credit Facility, Expiration Period	5 years
Line of Credit Facility, Borrowing Capacity, Description	The facility has a term of five years, with scheduled semiannual borrowing-base reductions of 14.29% of the initial commitment amount beginning on June 30, 2017.
Senior Reserve Based Lending Facility [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Period				5 years
Debt Instrument, Date of First Required Payment				Jun. 30, 2016
Debt Instrument, Fee Amount							$ 2,200,000
Line of Credit Facility, Maximum Borrowing Capacity		100,000,000		$ 100,000,000
Line of Credit Facility, Current Borrowing Capacity		65,000,000		65,000,000
Line Of Credit Facility Additional Borrowing Capacity		100,000,000		$ 100,000,000
Letter of Credit [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis				three-, six-, or twelve-month-LIBOR, plus an interest margin of 3.75% for the first three years of the facility and 4.00% for the final two years
Debt Instrument Maturity Period				5 years
Debt Instrument, Frequency of Periodic Payment				semiannual
Debt Instrument, Unused Borrowing Capacity, Description				unused commitment fee of 40% of the applicable interest margin is charged monthly based on the average daily unused portion of the credit facility
Debt Instrument, Fee Amount		399,000		$ 399,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000,000		$ 50,000,000
Line of Credit Facility, Commitment Fee Percentage				3.94%

Capitalized Exploratory Well 32

Capitalized Exploratory Well Costs (Details Textual) $ in Millions	Jun. 30, 2015USD ($)
Capitalized Exploratory Well Costs, Beginning Balance	$ 0.8

Foreign Currency Translation 33

Foreign Currency Translation and Risk (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Foreign Currency Translation and Risk [Line Items]
Balance at December 31, 2014	$ 30,072
Increase related to losses on intercompany loans	12,063
Decrease related to translation adjustments	(3,781)
Balance at June 30, 2015	$ 38,354

Foreign Currency Translation 34

Foreign Currency Translation and Risk (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Foreign Currency Translation and Risk [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 2,190	$ (720)	$ (12,079)	$ (1,936)