Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Schedule of purchasers that account for 10% or more of total oil and natural gas sales

	For the years ended  December 31,
Purchaser	2018			2017
Purchaser A		17	%		23	%
Purchaser E		16	%		-	%
Purchaser B		12	%		17	%
Purchaser C		9	%		12	%
Purchaser D		8	%		11	%

Schedule of reconciliation of the ARO

	Year Ended December 31,
(in thousands)	2018			2017
Balance at beginning of year	$	7,357		$	5,120
Accretion expense		868			307
Change in estimate of cash outflow		361			2,402
Additions from Carbon California (Note 4)		2,921			-
Additions from Seneca Acquisition (Note 4)		5,132			-
Additions from Liberty Acquisition (Note 4)		45			-
Additions from OIE Membership Acquisition		5,626			-
Less: sale of wells		-			(92	)
		22,310			7,737
Less: ARO recognized as accounts payable and accrued liabilities		(3,099	)		(380	)
Balance at end of year	$	19,211		$	7,357

Schedule of basic and diluted income (loss) per share

	For the Year Ended  December 31,
(in thousands except per share amounts)		2018			2017
Net income attributable to common shareholders		$	7,055		$	6,318
Less: warrant derivative gain			(225	)		(3,133	)
Diluted net income			6,830			3,185
Basic weighted-average common shares outstanding during the period			7,525			5,662
Add dilutive effects of warrants and non-vested shares of restricted stock			314			790
Diluted weighted-average common shares outstanding during the period			7,839			6,452
Basic net income per common share		$	0.94		$	1.12
Diluted net income per common share		$	0.87		$	0.49