Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	As of December 31,
	2016			2017			2018
	(In thousands)
Deferred tax liabilities:
Hedge contracts	$	-		$	-		$	3,167
Assets held for sale		3,390			-			-
Other		4,431			2,834			2,977
Total deferred tax liabilities		7,821			2,834			6,144
Deferred tax assets:
Oil and gas properties		48,436			20,011			4,310
Capital loss carryforwards		7,361			3,015			3,980
Depletion carryforward		5,216			3,174			3,098
U.S. net operating loss carryforward		80,670			53,545			61,309
Alternative minimum tax credit		757			757			757
Hedge contracts		3,135			2,777			-
Total deferred tax assets		145,575			83,279			73,454
Valuation allowance for deferred tax assets		(137,754	)		(80,445	)		(67,310	)
Net deferred tax assets		7,821			2,834			6,144
Net deferred tax	$	-		$	-		$	-

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years ended December 31,
	2016		2017		2018
	(In thousands)
Current:
Federal	$	—	$	—	$	—
State		—		—		—
	$	—	$	—	$	—
Deferred:
Federal	$	—	$	—	$	—
	$	—	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	2016			2017			2018
	(In thousands)
Tax (expense) benefit at U.S. Statutory rates	$	33,732		$	(5,602	)	$	(12,142	)
(Increase) decrease in deferred tax asset valuation allowance		(34,072	)		57,309			13,135
Permanent differences		(1,133	)		(1,134	)		(500	)
Return to provision estimated revision		1,473			2,494			(470	)
Change in deferred tax rate		-			(53,125	)		-
Other		-			58			(23	)
	$	-		$	-		$	-