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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues:        
Other $ 2 $ (2) $ 8 $ 6
Total revenue 18,443 1,993 35,113 17,719
Operating costs and expenses:        
Lease operating 4,067 3,059 8,447 8,345
Production and ad valorem taxes 1,688 556 3,073 2,093
Rig expense 128 240 244 539
Depreciation, depletion, amortization and accretion 4,242 2,755 8,139 12,034
Proved property impairment 0 54,898 0 81,557
General and administrative (including stock-based compensation of $196, $369, $507 ,and $599, respectively) 2,262 1,959 4,311 4,406
Total operating cost and expenses 12,387 63,467 24,214 108,974
Operating income (loss) 6,056 (61,474) 10,899 (91,255)
Other (income) expense:        
Interest income (4) (9) (9) (18)
Interest expense 7,662 5,507 13,685 9,893
Gain on sale of non-oil and gas assets (29) (29)
Amortization of deferred financing fees 1,201 392 2,402 521
Financing expense 1,284 0 1,284 0
Debt forgiveness 0 0 (1,384) 0
Loss (gain) on derivative contracts 9,947 15,892 32,645 (59,838)
Total other expense (income) 20,061 21,782 48,594 (49,442)
(Loss) before income tax (14,005) (83,256) (37,695) (41,813)
Income tax (expense) benefit 0 0 0 0
Net (loss) $ (14,005) $ (83,256) $ (37,695) $ (41,813)
Net (loss) per common share - basic (in dollars per share) $ (1.67) $ (9.96) $ (4.49) $ (5.00)
Net (loss) per common share - diluted (in dollars per share) $ (1.67) $ (9.96) $ (4.49) $ (5.00)
Weighted average shares outstanding:        
Basic (in shares) 8,403 8,362 8,403 8,368
Diluted (in shares) 8,403 8,362 8,403 8,368
Oil Revenues [Member]        
Revenues:        
Revenues $ 15,768 $ 1,970 $ 29,693 $ 17,505
Gas Revenues [Member]        
Revenues:        
Revenues 1,259 22 2,929 108
Natural Gas Liquids Revenues [Member]        
Revenues:        
Revenues $ 1,414 $ 3 $ 2,483 $ 100