Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]

	Successor			Predecessors
	December 31, 2020			December 31, 2019
	(in thousands)
Proved properties	$	367,372		$	178,835
Unproved properties		152,741			227,525
Total capitalized costs		520,113			406,360
Less: accumulated depletion		(17,477	)		(1,566	)
Net capitalized costs	$	502,636		$	404,794

Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]

	Year Ended December 31, 2020
	Successor			Predecessors
	August 22, 2020 through December 31, 2020			January 1, 2020 through August 21, 2020		Year Ended December 31, 2019
Acquisition costs:
Proved properties	$	-		$	585	$	4,635
Unproved properties		1,181			2,753		6,288
Total acquisition costs		1,181			3,338		10,923
Exploration costs		52,837			48,801		59,349
Development costs		11,757			863		54
Oil and gas expenditures		65,775			53,002		70,326
Asset retirement obligations, net		(105	)		98		316
Total costs incurred	$	65,670		$	53,100	$	70,642

Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]

	Year Ended December 31, 2020
	Successor			Predecessors
	August 22, 2020 through December 31, 2020			January 1, 2020 through August 21, 2020			Year Ended December 31, 2019
Oil, NGL and natural gas sales	$	16,400		$	8,223		$	8,115
Lease operating expenses		2,653			4,870			3,372
Production and ad valorem taxes		886			566			449
Exploration and abandonment expense		5,032			4			2,850
Depletion, depreciation and amortization expense		9,877			6,385			4,269
Accretion of discount on asset retirement obligations		51			89			72
Results of operations from oil and gas production activities	$	(2,099	)	$	(3,691	)	$	(2,897	)

Schedule of Proved Developed and Undeveloped Reserve [Table Text Block]

	Crude Oil (MBbl)			Natural Gas (MMcf)			NGL (MBbl)			Total (MBoe)
Predecessors
Proved Reserves at January 1, 2019		2,914			809			222			3,271
Contribution from HighPeak II		973			569			78			1,146
Extensions and discoveries		5,413			2,528			759			6,593
Revisions of previous estimates		217			887			290			655
Production		(145	)		(139	)		-			(168	)
Proved Reserves at December 31, 2019		9,372			4,654			1,349			11,497
Purchase of minerals in place		44			36			-			50
Extensions and discoveries		1,008			252			67			1,117
Revisions of previous estimates		(1,555	)		(1,144	)		(374	)		(2,120	)
Production		(236	)		(87	)		(20	)		(270	)
Proved Reserves at August 21, 2020		8,633			3,711			1,022			10,274
Successor
Proved Reserves at August 22, 2020		8,633			3,711			1,022			10,274
Extensions and discoveries		11,977			5,215			1,433			14,279
Revisions of previous estimates		(1,180	)		(875	)		(277	)		(1,603	)
Production		(398	)		(112	)		(18	)		(435	)
Proved Reserves at December 31, 2020		19,032			7,939			2,160			22,515

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block]

	Successor December 31, 2020		Predecessors December 31, 2019
Proved Developed Reserves (1)
Oil (MBbl)		8,730		4,091
Natural gas (MMcf)		3,572		1,952
Natural gas liquids (MBbl)		957		548
Total (MBoe)		10,282		4,964
Proved Undeveloped Reserves
Oil (MBbl)		10,302		5,281
Natural gas (MMcf)		4,367		2,702
Natural gas liquids (MBbl)		1,203		801
Total (MBoe)		12,233		6,533
Total Proved Reserves
Oil (MBbl)		19,032		9,372
Natural gas (MMcf)		7,939		4,654
Natural gas liquids (MBbl)		2,160		1,349
Total (MBoe)		22,515		11,497

Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block]

	Successor December 31, 2020			Predecessors December 31, 2019
Future cash inflows	$	740,859		$	502,961
Future production costs		(217,025	)		(127,897	)
Future development costs		(117,887	)		(78,360	)
Future income tax expense		(25,824	)		(2,640	)
Future net cash flows		380,123			294,064
Discount to present value at 10% annual rate		(157,931	)		(154,043	)
Standardized measure of discounted future net cash flows	$	222,192		$	140,021

Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block]

	Year Ended December 31, 2020 (2)			Year Ended December 31, 2019 (2)
Standardized measure of discounted future net cash flows, beginning of year	$	140,021		$	31,118
Contribution of HighPeak II to Predecessors		-			10,488
Sales of oil and natural gas, net of production costs		(15,648	)		(4,294	)
Extensions and discoveries, net of future development costs		172,478			85,626
Net changes in prices and production costs		(50,728	)		(6,755	)
Changes in estimated future development costs		6,466			9,483
Purchases of minerals in place		600			14
Revisions of previous quantity estimates		(41,646	)		8,232
Accretion of discount		14,134			3,165
Net changes in income taxes (1)		(10,675	)		(857	)
Net changes in timing of production and other		7,190			3,801
Standardized measure of discounted future net cash flows, end of year	$	222,192		$	140,021