Abraxas Petroleum (AXAS) 10-Q14 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Nov. 08, 2022
Document Information [Line Items]
Entity Central Index Key	0000867665
Entity Registrant Name	ABRAXAS PETROLEUM CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-16071
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	74-2584033
Entity Address, Address Line One	18803 Meisner Drive
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78258
City Area Code	210
Local Phone Number	490-4788
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	AXAS
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,701,430

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 25,101	$ 10,034
Accounts receivable:
Joint owners, net	128	1,117
Oil and gas production sales	5,244	12,280
Other	30	150
Total accounts receivable	5,402	13,547
Assets held for sale	3,082	0
Other current assets	861	498
Total current assets	34,446	24,079
Property and equipment:
Proved oil and gas properties, full cost method	1,122,317	1,165,707
Other property and equipment	24,688	39,337
Total	1,147,005	1,205,044
Less accumulated depreciation, depletion, amortization and impairment	(1,093,557)	(1,099,075)
Total property and equipment, net	53,448	105,969
Operating lease right-of-use assets	2	173
Other assets	255	255
Total assets	88,151	130,476
Current liabilities:
Accounts payable	8,265	4,678
Joint interest oil and gas production payable	3,011	13,347
Accrued interest	0	477
Accrued expenses	761	347
Right of use liability	2	40
Derivative liabilities - short-term	0	442
Termination of derivative contracts	0	8,022
Current maturities of long-term debt	0	212,688
Total current liabilities	12,039	240,041
Operating lease right-of-use liabilities	0	110
Future site restoration	2,995	4,708
Total liabilities	15,034	247,064
Commitments and contingencies (Note 9)
Stockholders’ Equity:
Preferred stock, par value $0.01 per share – authorized 1,000,000 shares; 685,505 and -0- shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	7	0
Common stock, par value $0.01 per share, authorized 20,000,000 shares; 10,070,143 and 8,421,910 issued and outstanding at September 30, 2022 and December 31, 2021, respectively	101	84
Additional paid-in capital	576,993	430,422
Accumulated deficit	(503,984)	(547,094)
Total stockholders' equity (deficit)	73,117	(116,588)
Total liabilities and stockholders’ equity (deficit)	88,151	130,476
Debt Instruments Excluding PPP Loan [Member]
Current liabilities:
Long-term debt – less current maturities	$ 0	$ 2,205

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	685,505	0
Preferred stock, outstanding (in shares)	685,505	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	10,070,143	8,421,910
Common stock, outstanding (in shares)	10,070,143	8,421,910

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Other	$ 8	$ 11	$ 20	$ 19
Total revenue	13,252	20,865	39,973	55,978
Operating costs and expenses:
Lease operating	2,609	4,612	7,700	13,059
Production and ad valorem taxes	1,115	1,551	3,410	4,624
Rig expense	114	119	338	363
Depreciation, depletion, amortization and accretion	1,660	3,812	4,807	11,951
General and administrative (including stock-based compensation of $2,971 $273, $3,296 and $780, respectively)	5,231	1,942	9,049	6,253
Total operating cost and expenses	10,729	12,036	25,304	36,250
Operating income	2,523	8,829	14,669	19,728
Other (income) expense:
Interest income	(14)	(4)	(15)	(13)
Interest expense	11	8,057	111	21,742
Gain on sale of oil and gas assets	0	0	(29,359)	0
Loss (gain) on sale of non-oil and gas assets	0	0	669	(29)
Amortization of deferred financing fees	0	1,201	0	3,603
Financing fees	0	568	0	1,852
Debt forgiveness		0	(6,645)	1,384
Loss on debt extinguishment		0	6,645	(1,384)
Other	100	0	600	0
Loss on derivative contracts	0	252	0	32,897
Total other expense (income)	97	10,074	(34,639)	58,668
Income (loss) before income tax	2,426	(1,245)	49,308	(38,940)
Income tax expense (benefit)	0	0	0	0
Net income (loss)	2,426	(1,245)	49,308	(38,940)
Accretion of preferred stock	2,134	0	6,198	0
Net income (loss) attributable to common stock	$ 292	$ (1,245)	$ 43,110	$ (38,940)
Net income (loss) per common share - basic (in dollars per share)	$ 0.03	$ (0.15)	$ 4.64	$ (4.63)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.03	$ (0.15)	$ 4.64	$ (4.63)
Weighted average shares outstanding:
Basic (in shares)	9,705	8,406	9,281	8,406
Diluted (in shares)	9,705	8,406	9,281	8,406
Paycheck Protection Program, CARES Act [Member]
Other (income) expense:
Debt forgiveness	$ 0	$ 0	$ 6,645	$ 1,384
Loss on debt extinguishment	0	0	(6,645)	(1,384)
Oil Revenues [Member]
Revenues:
Revenues	9,733	15,506	31,307	45,199
Gas Revenues [Member]
Revenues:
Revenues	2,434	2,415	5,733	5,344
Natural Gas Liquids Revenues [Member]
Revenues:
Revenues	$ 1,077	$ 2,933	$ 2,913	$ 5,416

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation	$ 2,971	$ 273	$ 3,296	$ 780

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	8,421,910	0
Balance at Dec. 31, 2020	$ 84	$ 0	$ 429,476	$ (502,527)	$ (72,967)
Net income (loss)	0	0	0	(38,940)	(38,940)
Stock-based compensation	$ 0	$ 0	780	0	780
Balance (in shares) at Sep. 30, 2021	8,421,910	0
Balance at Sep. 30, 2021	$ 84	$ 0	430,256	(541,467)	(111,127)
Balance (in shares) at Jun. 30, 2021	8,421,910	0
Balance at Jun. 30, 2021	$ 84	$ 0	429,983	(540,222)	(110,155)
Net income (loss)	0	0	0	(1,245)	(1,245)
Stock-based compensation	$ 0	$ 0	273	0	273
Balance (in shares) at Sep. 30, 2021	8,421,910	0
Balance at Sep. 30, 2021	$ 84	$ 0	430,256	(541,467)	(111,127)
Balance (in shares) at Dec. 31, 2021	8,421,910	0
Balance at Dec. 31, 2021	$ 84	$ 0	430,422	(547,094)	(116,588)
Net income (loss)	$ 0	$ 0	0	43,110	43,110
Issuance of Restricted Stock, net of cancellations (in shares)	1,648,233	0
Issuance of Restricted Stock, net of cancellations	$ 17		(17)	0	0
Issuance of Preferred Stock (in shares)	0	685,505
Issuance of Preferred Stock	$ 0	$ 7	137,094	0	137,101
Accretion of Preferred Stock	0	0	6,198	0	6,198
Stock-based compensation	$ 0	$ 0	3,296	0	3,296
Balance (in shares) at Sep. 30, 2022	10,070,143	685,505
Balance at Sep. 30, 2022	$ 101	$ 7	576,993	(503,984)	73,117
Balance (in shares) at Jun. 30, 2022	10,070,143	685,505
Balance at Jun. 30, 2022	$ 101	$ 7	571,888	(504,276)	67,720
Net income (loss)	$ 0	$ 0	0	292	292
Issuance of Restricted Stock, net of cancellations (in shares)	0	0
Issuance of Restricted Stock, net of cancellations	$ 0	$ 0	0	0	0
Accretion of Preferred Stock	0	0	2,134	0	2,134
Stock-based compensation	$ 0	$ 0	2,971	0	2,971
Balance (in shares) at Sep. 30, 2022	10,070,143	685,505
Balance at Sep. 30, 2022	$ 101	$ 7	$ 576,993	$ (503,984)	$ 73,117

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net income (loss)	$ (1,245)	$ 43,110	$ (38,940)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net loss on derivative contracts		0	32,897
Net cash settlements paid on derivative contracts		0	(1,497)
Gain on sale of oil and gas properties	0	(29,359)	0
Loss (gain) on sale of non-oil and gas properties	0	669	(29)
Depreciation, depletion, amortization and accretion of future site restoration		4,807	11,951
Amortization of deferred financing fees and issuance discount		0	5,734
Stock-based compensation	273	3,296	780
Settlements of asset retirement obligations		0	336
Accretion of preferred stock	0	6,198	0
Loss on debt extinguishment	0	6,645	(1,384)
Non-cash interest expense		0	14,406
Non-cash hedge contract termination		0	9,943
Changes in operating assets and liabilities:
Accounts receivable		8,145	(4,766)
Other assets		(744)	(10,186)
Accounts payable and accrued expenses		(6,841)	631
Net cash provided by operating activities		22,636	19,876
Investing Activities
Capital expenditures, including purchases and development of properties		(1,084)	(856)
Proceeds from the sale of oil and gas properties		72,047	117
Proceeds from the sale of non-oil and gas properties		637	256
Net cash provided by (used in) investing activities		71,600	(483)
Financing Activities
Payments on long-term borrowings		(77,966)	(14,296)
Deferred financing fees		(1,203)	(157)
Net cash used in financing activities		(79,169)	(13,117)
Increase in cash and cash equivalents		15,067	6,276
Cash and cash equivalents at beginning of period		10,034	2,775
Cash and cash equivalents at end of period	9,051	25,101	9,051
Supplemental disclosures of cash flow information:
Interest paid		70	4,667
Non-cash investing and financing activities:
Non-cash interest paid in kind		0	14,406
Non-cash issuance of preferred stock		137,101	0
Change in capital expenditures included in accounts payable		(41)	28
Change in future site restoration on properties sold		1,839	2,704
Debt forgiveness	0	(6,645)	1,384
Paycheck Protection Program, CARES Act [Member]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss on debt extinguishment	0	(6,645)	(1,384)
Financing Activities
Proceeds from long-term borrowings		0	1,336
Non-cash investing and financing activities:
Debt forgiveness	$ 0	$ 6,645	$ 1,384

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
Note 1 - Basis of Presentation	Sep. 30, 2022
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. The accounting policies we follow as of January 1, 2022 10 December 31, 2021 March 31, 2022 not not three nine September 30, 2022 three nine 30, 2022, nine September 30, 2022 not 10 December 31, 2021 Consolidation Principles The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”). Rig Accounting In accordance with SEC Regulation S- X, no not Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stock-Based Compensation, Option Plans and Cash Compensation Stock Options We currently utilize a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors. The following table summarizes our stock option activity for the nine September 30, 2022 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2021 55 $ 53.79 $ 36.95 Cancelled/Forfeited (44 ) $ 55.79 $ 38.05 Expired (4 ) $ 40.43 $ 29.23 Balance, September 30, 2022 7 $ - $ - Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with us prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. On May 12, 2022, 2005 one third third On September 13, 2022, January 3, 2022 ( See Note 4 10 AGEF and the Board also granted restricted stock to one one third third 2005 The restricted stock granted under the Employee LTIP and the Non-Employee LTIP vested in September 2022 The following table summarizes our restricted stock activity for the nine September 30, 2022 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Granted 1,650 $ 1.88 Vested/Released (1,664 ) 27.97 Unvested, September 30, 2022 $ - $ - The table below provides a summary of Performance Based Restricted Stock as of the date indicated: Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 28 $ 26.80 Expired (28 ) $ 26.80 Unvested, September 30, 2022 - $ - Compensation expense associated with the performance-based restricted stock is based on the grant date fair value of a single share as determined using a Monte Carlo Simulation model which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As the Compensation Committee intends to settle the performance-based restricted stock awards with shares of our common stock, the awards are accounted for as equity awards and the expense is calculated on the grant date assuming a 100% The following table summarizes stock-based compensation from the various forms of compensation utilized by the Company (in thousands) as of the dates indicated. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Options $ - $ 1 $ - $ (22 ) Restricted stock 2,971 211 3,217 527 Performance shares - 61 79 275 $ 2,971 $ 273 $ 3,296 $ 780 As of September 30, 2022 Cash Compensation for Non-Employee Directors On May 12, 2022, Management Incentive Plan On May 12, 2022, x The aggregate MIP payout is capped at $12.0 million. The Board’s Compensation Committee will determine in good faith the Change of Control value of the MIP Bonus pool based on the consideration received by Abraxas in any asset sale or the equity value of Abraxas implied by the consideration received by the stockholders of Abraxas in any merger or similar transaction. Any MIP payout is subject to adjustment as set forth in the MIP based on the timing of the Change of Control following the adoption of the MIP. On September 13, 2022, not See Note 4 10 Table A – Eligible NEOs Eligible Employee Allocation of MIP Value % Robert Watson 45.00 % Kenny Johnson 9.50 % Table B – Aggregate Bonus Amount Calculation Tier Change of Control Value Range MIP Pool Enhancement Accreted Amount I $0-100 million 0 % II $100-110 million 50 % $ 5,000,000 III $110-140 million 5 % $ 1,500,000 IV $140-180 million 10 % $ 4,000,000 V $180+ million 15 % up to $1,500,000 Oil and Gas Properties We follow the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful and unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, plus the cost of properties not 10% No September 30, 2022 not Assets Held for Sale On September 26, 2022, fourth 2022. Restoration, Removal and Environmental Liabilities We are subject to extensive federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may no Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component is fixed or reliably determinable. We account for future site restoration obligations based on the guidance of ASC 410 410 The following table summarizes our future site restoration obligation transactions for the nine September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Beginning future site restoration obligation $ 4,708 $ 7,360 New wells placed on production and other - 1 Deletions related to property sales (1,839 ) (2,845 ) Deletions related to plugging costs - (342 ) Accretion expense 128 330 Revisions and other (2 ) 204 Ending future site restoration obligation $ 2,995 $ 4,708

Note 2 - Revenue From Contracts

Note 2 - Revenue From Contracts With Customers	9 Months Ended
Note 2 - Revenue From Contracts With Customers	Sep. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue Recognition Sales of oil, gas and natural gas liquids (“NGL”) are recognized at the point in time when control of the product is transferred to the customer and collectability is reasonably assured. Our contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, physical location, quality of the oil or gas, and prevailing supply and demand conditions. As a result, the price of the oil, gas and NGL fluctuates to remain competitive with other available oil, gas and NGL supplies in the market. We believe that the pricing provisions of our oil, gas and NGL contracts are customary in the industry. Oil sales Our oil sales contracts are generally structured such that we sell our oil production to a purchaser at a contractually specified delivery point at or near the wellhead. The crude oil production is priced on the delivery date based upon prevailing index prices less certain deductions related to oil quality, physical location and transportation costs incurred by the purchaser subsequent to delivery. We recognize revenue when control transfers to the purchaser upon delivery at or near the wellhead at the net price received from the purchaser. Gas and NGL Sales Under our gas processing contracts, we deliver wet gas to a midstream processing entity at the wellhead or the inlet of the midstream processing entity’s system. The midstream processing entity processes the natural gas and remits proceeds to us based upon either (i) the resulting sales price of NGL and residue gas received by the midstream processing entity from third In these scenarios, we evaluate whether the midstream processing entity is the principal or the agent in the transaction. In our gas purchase contracts, we have concluded that the midstream processing entity is the agent, and thus, the midstream processing entity is our customer. Accordingly, we recognize revenue upon delivery to the midstream processing entity based on the net amount of the proceeds received from the midstream processing entity. Disaggregation of Revenue We have been focused on the development of oil and natural gas properties primarily located in the following two January 3, 2022. Three Months Ended September 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 9,733 $ 2,434 $ 1,077 $ 8,341 $ 1,232 $ 724 Rocky Mountain $ - $ - $ - $ 7,165 $ 1,183 $ 2,209 Nine Months Ended September 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 31,307 $ 5,733 $ 2,913 $ 23,906 $ 3,096 $ 1,412 Rocky Mountain $ - $ - $ - $ 21,293 $ 2,248 $ 4,004 Significant Judgments Principal versus Agent We engage in various types of transactions in which midstream entities process our gas and subsequently market resulting NGL and residue gas to third Transaction price allocated to remaining performance obligations A significant number of our product sales are short-term in nature with a contract term of one 606 10 50 14 one For product sales that have a contract term greater than one 606 10 50 14 not not Contract balances Under our product sales contracts, we are entitled to payment from purchasers once our performance obligations have been satisfied upon delivery of the product, at which point payment is unconditional. We record invoiced amounts as “Accounts receivable - Oil and gas production sales” in the accompanying condensed consolidated balance sheet. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not third not 2014 09. September 30, 2022 December 31, 2021 Prior-period performance obligations We record revenue in the month production is delivered to the purchaser. However, settlement statements for certain gas and NGL sales may not 30 60 not third We record the differences between our estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. Any identified differences between our revenue estimates and actual revenue received historically have not nine September 30, 2022 2021 not

Note 3 - Income Taxes

Note 3 - Income Taxes	9 Months Ended
Note 3 - Income Taxes	Sep. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the tax rates and laws expected to be in effect when the differences are expected to reverse. At December 31, 2021 2018 2017 2018 2022 2037, not 2018, 2019, 2020, 2021 five 100% 2020 80% December 31, 2020. January 1, 2021 80% The Company has recorded full valuation allowances against our deferred tax asset for net operating losses. The Company released a portion of the valuation allowances during the three nine September 30, 2022, not As of September 30, 2022 not 2014 2021

Note 4 - Long-term Debt

Note 4 - Long-term Debt	9 Months Ended
Note 4 - Long-term Debt	Sep. 30, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	4. The following is a description of our debt as of September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 First Lien Credit Facility $ - $ 71,400 Second Lien Credit Facility - 134,907 Exit fee - Second Lien Credit Facility - 10,000 Real estate lien note - 2,515 Total long term debt - 218,822 Less current maturities - (212,688 ) - 6,134 Deferred financing fees and debt issuance cost, net - (3,929 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ - $ 2,205 Restructuring Pursuant to the Exchange Agreement, dated as of January 3, 2022, January 3, 2022, The Restructuring also involved a change in a majority of the Board’s directors. Pursuant to the Exchange Agreement, immediately prior to the closing of the Restructuring, two one three one On September 13, 2022, In connection with the transactions contemplated by the Preferred Purchase Agreement, the four September 13, 2022, three three Subsequent to the Sale and Assignment, Biglari Holdings, Biglari Holdings proposed an exchange of the Preferred Shares for shares of the Company’s common stock pursuant to which the Company would issue Biglari Holdings 90,631,287 shares of the Company’s common stock (the “Stock Consideration”) in exchange for the Preferred Shares (such transaction, the “Second Exchange”). To issue the Stock Consideration to Biglari Holdings as contemplated by the Second Exchange, an amendment to the Company’s Articles of Incorporation, as amended, was needed to increase the number of shares of common stock authorized for the Company’s issuance from 20,000,000 shares to 150,000,000 shares (the “Amendment”). On September 23, 2022, September 27, 2022, On October 24, 2022, October 25, 2022, October 26, 2022, not 10.1 8 October 3, 2022, As a result of the Sale and Assignment and Second Exchange, the Company is a consolidated subsidiary of Biglari Holdings, and Biglari Holdings has the power to exert significant control over the Company by controlling both 90% of the voting power of the Company’s outstanding capital stock and a majority of the Company’s Board. Real Estate Lien Note We had a real estate lien note secured by a first August 2022.

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	9 Months Ended
Note 5 - Earnings Per Share	Sep. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	5. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income (loss) $ 292 $ (1,245 ) $ 43,110 $ (38,940 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 9,705 8,406 9,281 8,406 Effect of dilutive securities: Stock options, restricted shares and warrants - - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 9,705 8,406 9,281 8,406 Net income (loss) per common share - basic $ 0.03 $ (0.15 ) $ 4.64 $ (4.63 ) Net income (loss) per common share - diluted $ 0.03 $ (0.15 ) $ 4.64 $ (4.63 ) Basic earnings per share, excluding any dilutive effects of stock options and unvested restricted stock, is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed similar to basic; however diluted income per share reflects the assumed conversion of all potentially dilutive securities. For the three nine September 30, 2021

Note 6 - Hedging Program and De

Note 6 - Hedging Program and Derivatives	9 Months Ended
Note 6 - Hedging Program and Derivatives	Sep. 30, 2022
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. Hedging Program and Derivatives As of September 30, 2022 not December 31, 2021 December 2021 Fair Value of Derivative Contracts as December 31, 2021 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives – current $ - Derivatives – current $ 442 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 442

Note 7 - Financial Instruments

Note 7 - Financial Instruments	9 Months Ended
Note 7 - Financial Instruments	Sep. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. The Company did not September 30, 2022 2 December 31, 2021 December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 Liabilities: NYMEX fixed price derivative contracts $ — $ 442 $ — $ 442 Total Liabilities $ — $ 442 $ - $ 442 Nonrecurring Fair Value Measurements Non-financial assets and liabilities measured at fair value on a nonrecurring basis included certain non-financial assets and liabilities as may The asset retirement obligation estimates are derived from historical costs as well as management’s expectation of future cost environments. As there is no 3. 1 Other Financial Instruments The carrying amounts of our cash, cash equivalents, restricted cash, accounts receivable and accounts payable approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. The carrying value of our debt approximates fair value as the interest rates are market rates and this debt is considered Level 2.

Note 8 - Leases

Note 8 - Leases	9 Months Ended
Note 8 - Leases	Sep. 30, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. Nature of Leases We lease certain field equipment and other equipment under cancelable and non-cancelable leases to support our operations. Practical Expedients and Accounting Policy Elections Certain of our lease agreements include lease and non-lease components. For all existing asset classes with multiple component types, we have utilized the practical expedient that exempts us from separating lease components from non-lease components. Accordingly, we account for the lease and non-lease components in an arrangement as a single lease component. In addition, for all of our existing asset classes, we have made an accounting policy election not 12 not not None The components of our total lease expense for the three nine September 30, 2022 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 2 $ 10 Short-term lease expense (1) $ 118 $ 434 Total lease expense $ 120 $ 444 Short-term lease costs (2) $ - $ - ( 1 Short-term lease expense represents expense related to leases with a contract term of 12 ( 2 These short-term lease costs are related to leases with a contract term of 12 Supplemental balance sheet information related to our operating leases is included in the table below: September 30, 2022 Operating lease ROU assets $ 2 Operating lease liability - current $ 2 Operating lease liabilities - long-term $ - Our weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: September 30, 2022 Weighted Average Remaining Lease Term (in years) 0.3 Weighted Average Discount Rate 6 % Our lease liabilities with enforceable contract terms that are greater than one Operating Leases Remainder of 2022 $ 2 2023 — 2024 — 2025 — 2026 — Thereafter — Total lease payments 2 Less imputed interest — Total lease liability $ 2 At September 30, 2022 one

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	9 Months Ended
Note 9 - Commitments and Contingencies	Sep. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. From time to time, we are involved in litigation relating to claims arising out of our operations in the normal course of business. At September 30, 2022 not

Note 10 - Disposition of Assets

Note 10 - Disposition of Assets and Restructuring	9 Months Ended
Note 10 - Disposition of Assets and Restructuring	Sep. 30, 2022
Notes to Financial Statements
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	10. On January 3, 2022, January 3, 2022. As discussed in Note 4 January 3, 2022, Exchange Agreement On January 3, 2022, In connection with the consummation of the Exchange Agreement, on January 3, 2022, No. 2 January 14, 2022, The foregoing description of the Exchange Agreement, the Certificate and the Second Lien Forbearance is a summary only, does not 10.3, 3.1 4.1, 10.4, 8 January 3, 2022, In connection with the proposed Sale of the Assets to Lime Rock, as contemplated by the Purchase Agreement, and the proposed Exchange of AGEF’s claims outstanding under the Second Lien Debt Agreement for the Preferred Stock, as contemplated by the Exchange Agreement, the Company’s Board requested that Petrie Partners Securities, LLC (“Petrie”) render opinions as to whether the Purchase Price and the Exchange are fair, from a financial point of view, to the Company. Petrie represented the Company in the broadly marketed sale of the Assets. On January 2, 2022, January 3, 2022 As discussed above AGEF was issued 685,505 shares of Series A Preferred Stock of the Company in the Exchange, which entitled AGEF to approximately 85% of the voting power of the Company’s outstanding capital stock. As discussed in Note 4 As a result of the Sale and Assignment and such Second Exchange, the Company is a consolidated subsidiary of Biglari Holdings, and Biglari Holdings has the power to exert significant control over the Company by controlling both 90% of the voting power of the Company’s outstanding capital stock and a majority of the Company’s Board.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accounting policies we follow as of January 1, 2022 10 December 31, 2021 March 31, 2022 not not three nine September 30, 2022 three nine 30, 2022, nine September 30, 2022 not 10 December 31, 2021
Consolidation, Policy [Policy Text Block]	Consolidation Principles The terms “Abraxas,” “Abraxas Petroleum,” “we,” “us,” “our” or the “Company” refer to Abraxas Petroleum Corporation and all of its subsidiaries, including Raven Drilling, LLC (“Raven Drilling”).
Rig Accounting [Policy Text Block]	Rig Accounting In accordance with SEC Regulation S- X, no not
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Share-Based Payment Arrangement [Policy Text Block]	Stock-Based Compensation, Option Plans and Cash Compensation Stock Options We currently utilize a standard option-pricing model (i.e., Black-Scholes) to measure the fair value of stock options granted to employees and directors. The following table summarizes our stock option activity for the nine September 30, 2022 Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2021 55 $ 53.79 $ 36.95 Cancelled/Forfeited (44 ) $ 55.79 $ 38.05 Expired (4 ) $ 40.43 $ 29.23 Balance, September 30, 2022 7 $ - $ - Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the recipient of the award terminates employment with us prior to the lapse of the restrictions. The fair value of such stock was determined using the closing price on the grant date and compensation expense is recorded over the applicable vesting periods. On May 12, 2022, 2005 one third third On September 13, 2022, January 3, 2022 ( See Note 4 10 AGEF and the Board also granted restricted stock to one one third third 2005 The restricted stock granted under the Employee LTIP and the Non-Employee LTIP vested in September 2022 The following table summarizes our restricted stock activity for the nine September 30, 2022 Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Granted 1,650 $ 1.88 Vested/Released (1,664 ) 27.97 Unvested, September 30, 2022 $ - $ - The table below provides a summary of Performance Based Restricted Stock as of the date indicated: Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 28 $ 26.80 Expired (28 ) $ 26.80 Unvested, September 30, 2022 - $ - Compensation expense associated with the performance-based restricted stock is based on the grant date fair value of a single share as determined using a Monte Carlo Simulation model which utilizes a stochastic process to create a range of potential future outcomes given a variety of inputs. As the Compensation Committee intends to settle the performance-based restricted stock awards with shares of our common stock, the awards are accounted for as equity awards and the expense is calculated on the grant date assuming a 100% The following table summarizes stock-based compensation from the various forms of compensation utilized by the Company (in thousands) as of the dates indicated. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Options $ - $ 1 $ - $ (22 ) Restricted stock 2,971 211 3,217 527 Performance shares - 61 79 275 $ 2,971 $ 273 $ 3,296 $ 780 As of September 30, 2022 Cash Compensation for Non-Employee Directors On May 12, 2022, Management Incentive Plan On May 12, 2022, x The aggregate MIP payout is capped at $12.0 million. The Board’s Compensation Committee will determine in good faith the Change of Control value of the MIP Bonus pool based on the consideration received by Abraxas in any asset sale or the equity value of Abraxas implied by the consideration received by the stockholders of Abraxas in any merger or similar transaction. Any MIP payout is subject to adjustment as set forth in the MIP based on the timing of the Change of Control following the adoption of the MIP. On September 13, 2022, not See Note 4 10 Table A – Eligible NEOs Eligible Employee Allocation of MIP Value % Robert Watson 45.00 % Kenny Johnson 9.50 % Table B – Aggregate Bonus Amount Calculation Tier Change of Control Value Range MIP Pool Enhancement Accreted Amount I $0-100 million 0 % II $100-110 million 50 % $ 5,000,000 III $110-140 million 5 % $ 1,500,000 IV $140-180 million 10 % $ 4,000,000 V $180+ million 15 % up to $1,500,000
Oil and Gas Properties Policy [Policy Text Block]	Oil and Gas Properties We follow the full cost method of accounting for oil and gas properties. Under this method, all direct costs and certain indirect costs associated with the acquisition of properties and successful and unsuccessful exploration and development activities are capitalized. Depreciation, depletion, and amortization of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the unit-of-production method based on proved reserves. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited by country, to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10%, plus the cost of properties not 10% No September 30, 2022 not
Assets Held for Sale [Policy Text Block]	Assets Held for Sale On September 26, 2022, fourth 2022.
Asset Retirement Obligation and Environmental Cost [Policy Text Block]	Restoration, Removal and Environmental Liabilities We are subject to extensive federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may no Liabilities for expenditures of a non-capital nature are recorded when environmental assessments and/or remediation is probable, and the costs can be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component is fixed or reliably determinable. We account for future site restoration obligations based on the guidance of ASC 410 410 The following table summarizes our future site restoration obligation transactions for the nine September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Beginning future site restoration obligation $ 4,708 $ 7,360 New wells placed on production and other - 1 Deletions related to property sales (1,839 ) (2,845 ) Deletions related to plugging costs - (342 ) Accretion expense 128 330 Revisions and other (2 ) 204 Ending future site restoration obligation $ 2,995 $ 4,708

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	9 Months Ended
Note 1 - Basis of Presentation (Tables)	Sep. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Shares Weighted Average Option Exercise Price Per Share Weighted Average Grant Date Fair Value Per Share Outstanding, December 31, 2021 55 $ 53.79 $ 36.95 Cancelled/Forfeited (44 ) $ 55.79 $ 38.05 Expired (4 ) $ 40.43 $ 29.23 Balance, September 30, 2022 7 $ - $ -
Nonvested Restricted Stock Shares Activity [Table Text Block]	Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 14 $ 27.97 Granted 1,650 $ 1.88 Vested/Released (1,664 ) 27.97 Unvested, September 30, 2022 $ - $ -
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	Number of Shares (thousands) Weighted Average Grant Date Fair Value Per Share Unvested, December 31, 2021 28 $ 26.80 Expired (28 ) $ 26.80 Unvested, September 30, 2022 - $ -
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Options $ - $ 1 $ - $ (22 ) Restricted stock 2,971 211 3,217 527 Performance shares - 61 79 275 $ 2,971 $ 273 $ 3,296 $ 780
Schedule of Management Incentive Plan [Text Block]	Eligible Employee Allocation of MIP Value % Robert Watson 45.00 % Kenny Johnson 9.50 % Tier Change of Control Value Range MIP Pool Enhancement Accreted Amount I $0-100 million 0 % II $100-110 million 50 % $ 5,000,000 III $110-140 million 5 % $ 1,500,000 IV $140-180 million 10 % $ 4,000,000 V $180+ million 15 % up to $1,500,000
Schedule of Change in Asset Retirement Obligation [Table Text Block]	September 30, 2022 December 31, 2021 Beginning future site restoration obligation $ 4,708 $ 7,360 New wells placed on production and other - 1 Deletions related to property sales (1,839 ) (2,845 ) Deletions related to plugging costs - (342 ) Accretion expense 128 330 Revisions and other (2 ) 204 Ending future site restoration obligation $ 2,995 $ 4,708

Note 2 - Revenue From Contrac_2

Note 2 - Revenue From Contracts With Customers (Tables)	9 Months Ended
Note 2 - Revenue From Contracts With Customers (Tables)	Sep. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 9,733 $ 2,434 $ 1,077 $ 8,341 $ 1,232 $ 724 Rocky Mountain $ - $ - $ - $ 7,165 $ 1,183 $ 2,209 Nine Months Ended September 30, 2022 2021 Oil Gas NGL Oil Gas NGL Operating Regions: Permian/Delaware Basin $ 31,307 $ 5,733 $ 2,913 $ 23,906 $ 3,096 $ 1,412 Rocky Mountain $ - $ - $ - $ 21,293 $ 2,248 $ 4,004

Note 4 - Long-term Debt (Tables

Note 4 - Long-term Debt (Tables)	9 Months Ended
Note 4 - Long-term Debt (Tables)	Sep. 30, 2022
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	September 30, 2022 December 31, 2021 First Lien Credit Facility $ - $ 71,400 Second Lien Credit Facility - 134,907 Exit fee - Second Lien Credit Facility - 10,000 Real estate lien note - 2,515 Total long term debt - 218,822 Less current maturities - (212,688 ) - 6,134 Deferred financing fees and debt issuance cost, net - (3,929 ) Total long-term debt, net of deferred financing fees and debt issuance costs $ - $ 2,205

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	9 Months Ended
Note 5 - Earnings Per Share (Tables)	Sep. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Numerator: Net income (loss) $ 292 $ (1,245 ) $ 43,110 $ (38,940 ) Denominator: Denominator for basic earnings per share – weighted-average common shares outstanding 9,705 8,406 9,281 8,406 Effect of dilutive securities: Stock options, restricted shares and warrants - - Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares 9,705 8,406 9,281 8,406 Net income (loss) per common share - basic $ 0.03 $ (0.15 ) $ 4.64 $ (4.63 ) Net income (loss) per common share - diluted $ 0.03 $ (0.15 ) $ 4.64 $ (4.63 )

Note 6 - Hedging Program and _2

Note 6 - Hedging Program and Derivatives (Tables)	9 Months Ended
Note 6 - Hedging Program and Derivatives (Tables)	Sep. 30, 2022
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Fair Value of Derivative Contracts as December 31, 2021 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity price derivatives Derivatives – current $ - Derivatives – current $ 442 Commodity price derivatives Derivatives – long-term - Derivatives – long-term - $ - $ 442

Note 7 - Financial Instruments

Note 7 - Financial Instruments (Tables)	9 Months Ended
Note 7 - Financial Instruments (Tables)	Sep. 30, 2022
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 Liabilities: NYMEX fixed price derivative contracts $ — $ 442 $ — $ 442 Total Liabilities $ — $ 442 $ - $ 442

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	9 Months Ended
Note 8 - Leases (Tables)	Sep. 30, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease cost $ 2 $ 10 Short-term lease expense (1) $ 118 $ 434 Total lease expense $ 120 $ 444 Short-term lease costs (2) $ - $ - September 30, 2022 Weighted Average Remaining Lease Term (in years) 0.3 Weighted Average Discount Rate 6 %
Schedule of Operating Leased Assets [Table Text Block]	September 30, 2022 Operating lease ROU assets $ 2 Operating lease liability - current $ 2 Operating lease liabilities - long-term $ -
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Leases Remainder of 2022 $ 2 2023 — 2024 — 2025 — 2026 — Thereafter — Total lease payments 2 Less imputed interest — Total lease liability $ 2

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation (Details Textual) - USD ($)				3 Months Ended	9 Months Ended
Note 1 - Basis of Presentation (Details Textual) - USD ($)	Sep. 13, 2022	May 12, 2022	Jan. 03, 2022	Mar. 31, 2022	Sep. 30, 2022	Sep. 26, 2022
Preferred Stock, Voting Power, Percent	85%
Non-employee Directors, Quarterly Cash Compensation		$ 10,000
Management Incentive Plan, Maximum Payout		$ 12,000,000
Discount Rate Used in Future Net Cash Flows Relating to Proved Oil and Gas Reserves				10%
Discontinued Operations, Held-for-sale [Member] \| Corporate Headquarters Building [Member]
Disposal Group, Including Discontinued Operation, Consideration						$ 5,000,000
Maximum [Member]
Aggregate Value of Outstanding Capital Stock	$ 100,000,000
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)	685,505		685,505
Preferred Stock, Voting Power, Percent	85%		85%
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					1,650,000
Employee LTIP [Member] \| Restricted Stock [Member] \| Director 1 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		500,000
Employee LTIP [Member] \| Restricted Stock [Member] \| Director 2 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		162,000
Employee LTIP [Member] \| Restricted Stock [Member] \| Director 3 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		178,000
Employee LTIP [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Employee LTIP [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Employee LTIP [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Non-employee LTIP [Member] \| Restricted Stock [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		50,000
Non-employee LTIP [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Non-employee LTIP [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Non-employee LTIP [Member] \| Restricted Stock [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation - Stock Option Activity (Details) - Share-Based Payment Arrangement, Option [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Outstanding (in shares) \| shares	55
Outstanding, weighted average option exercise price (in dollars per share)	$ 53.79
Outstanding, weighted average grant date fair value (in dollars per share)	$ 36.95
Cancelled/Forfeited (in shares) \| shares	(44)
Cancelled/Forfeited, weighted average option exercise price (in dollars per share)	$ 55.79
Cancelled/Forfeited, weighted average grant date fair value (in dollars per share)	$ 38.05
Expired (in shares) \| shares	(4)
Expired, weighted average option exercise price (in dollars per share)	$ 40.43
Expired, weighted average grant date fair value (in dollars per share)	$ 29.23
Outstanding (in shares) \| shares	7
Outstanding, weighted average option exercise price (in dollars per share)	$ 0
Outstanding, weighted average grant date fair value (in dollars per share)	$ 0

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation - Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Unvested (in shares) \| shares	14
Unvested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 27.97
Granted (in shares) \| shares	1,650
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.88
Vested/Released (in shares) \| shares	(1,664)
Vested/Released, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 27.97
Unvested (in shares) \| shares	0
Unvested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation - Performance Based Restricted Stock Activity (Details) - Performance Shares [Member] shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Unvested (in shares) \| shares	28
Unvested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 26.80
Expired (in shares) \| shares	(28)
Expired, weighted average option exercise price per share (in dollars per share) \| $ / shares	$ 26.80
Unvested (in shares) \| shares	0
Unvested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation expense	$ 2,971	$ 273	$ 3,296	$ 780
Share-Based Payment Arrangement, Option [Member]
Stock-based compensation expense	0	1	0	(22)
Restricted Stock [Member]
Stock-based compensation expense	2,971	211	3,217	527
Performance Shares [Member]
Stock-based compensation expense	$ 0	$ 61	$ 79	$ 275

Note 1 - Basis of Presentatio_7

Note 1 - Basis of Presentation - Management Incentive Plan (Details)	May 12, 2022 USD ($)
Change of Control, Value Range $0-100 Million [Member]
MIP Pool Enhancement	0%
Change of control, Value Range $100-110 Million [Member]
MIP Pool Enhancement	50%
Accreted Amount	$ 5,000,000
Change of Control, Value Range $110-140 Million [Member]
MIP Pool Enhancement	5%
Accreted Amount	$ 1,500,000
Change of Control, Value Range $140-180 Million [Member]
MIP Pool Enhancement	10%
Accreted Amount	$ 4,000,000
Change of Control, Value Range Greater than $180 million [Member]
MIP Pool Enhancement	15%
Change of Control, Value Range Greater than $180 million [Member] \| Maximum [Member]
Accreted Amount	$ 1,500,000
Director 1 [Member]
Allocation of MIP Value %	45%
Director 3 [Member]
Allocation of MIP Value %	9.50%

Note 1 - Basis of Presentatio_8

Note 1 - Basis of Presentation - Future Site Restoration Obligation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Beginning future site restoration obligation	$ 4,708	$ 7,360
New wells placed on production and other	0	1
Deletions related to property sales	(1,839)	(2,845)
Deletions related to plugging costs		(342)
Accretion expense	128	330
Revisions and other	(2)	204
Ending future site restoration obligation	$ 2,995	$ 4,708

Note 2 - Revenue From Contrac_3

Note 2 - Revenue From Contracts With Customers (Details Textual) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Contract with Customer, Asset, after Allowance for Credit Loss, Total	$ 5.2	$ 12.3

Note 2 - Revenue From Contrac_4

Note 2 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Oil Revenues [Member]
Revenue	$ 9,733	$ 15,506	$ 31,307	$ 45,199
Gas Revenues [Member]
Revenue	2,434	2,415	5,733	5,344
Natural Gas Liquids Revenues [Member]
Revenue	1,077	2,933	2,913	5,416
Permian / Delaware Basin [Member] \| Oil Revenues [Member]
Revenue	9,733	8,341	31,307	23,906
Permian / Delaware Basin [Member] \| Gas Revenues [Member]
Revenue	2,434	1,232	5,733	3,096
Permian / Delaware Basin [Member] \| Natural Gas Liquids Revenues [Member]
Revenue	1,077	724	2,913	1,412
Rocky Mountain [Member] \| Oil Revenues [Member]
Revenue	0	7,165	0	21,293
Rocky Mountain [Member] \| Gas Revenues [Member]
Revenue	0	1,183	0	2,248
Rocky Mountain [Member] \| Natural Gas Liquids Revenues [Member]
Revenue	$ 0	$ 2,209	$ 0	$ 4,004

Note 3 - Income Taxes (Details

Note 3 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0
Open Tax Year	2014 2015 2016 2017 2018 2019 2020 2021
Pre 2018 [Member] \| Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards		$ 245,200
Post 2017 [Member] \| Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards		$ 179,000
Earliest Tax Year [Member]
Operating Loss Carryforwards, Expiration Date		Dec. 31, 2022
Latest Tax Year [Member]
Operating Loss Carryforwards, Expiration Date		Dec. 31, 2037

Note 4 - Long-term Debt (Detail

Note 4 - Long-term Debt (Details Textual) - USD ($)	Nov. 14, 2022	Oct. 24, 2022	Sep. 13, 2022	Jan. 03, 2022	Sep. 30, 2022	Dec. 31, 2021
Preferred Stock, Voting Power, Percent			85%
Common Stock, Shares Authorized (in shares)					20,000,000	20,000,000
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)			685,505	685,505
Preferred Stock, Voting Power, Percent			85%	85%
Lime Rock Resources V-A, L.P. [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total				$ 87,200,000
Proceeds from Sale of Property Plant and Equipment, after Customary Closing Adjustments				$ 70,300,000
Biglari Holdings [Member] \| Second Exchange Agreement [Member]
Common Stock, Shares Authorized (in shares)					20,000,000
Biglari Holdings [Member] \| Subsequent Event [Member]
Capital Stock, Voting Power, Percent		90%
Biglari Holdings [Member] \| Subsequent Event [Member] \| Second Exchange Agreement [Member]
Stock Issuable During Period, Shares, Conversion of Convertible Securities (in shares)	90,631,287	90,631,287
Common Stock, Shares Authorized (in shares)	150,000,000

Note 4 - Long-term Debt - Debt

Note 4 - Long-term Debt - Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-term debt	$ 0	$ 218,822
Less current maturities	0	(212,688)
Long-term Debt, Noncurrent, Gross	0	6,134
Deferred financing fees and debt issuance cost, net	0	(3,929)
Total long-term debt, net of deferred financing fees and debt issuance costs	0	2,205
Line of Credit [Member] \| First Lien Credit Facility [Member]
Long-term debt	0	71,400
Line of Credit [Member] \| Second Lien Credit Facility [Member]
Long-term debt	0	134,907
Exit fee - Second Lien Credit Facility	0	10,000
Mortgages [Member]
Long-term debt	$ 0	$ 2,515

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)		0		0
Stock Options and Restricted Stock [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares)		0		0

Note 5 - Earnings Per Share - C

Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss)	$ 292	$ (1,245)	$ 43,110	$ (38,940)
Basic (in shares)	9,705	8,406	9,281	8,406
Stock options, restricted shares and warrants (in shares)		0		0
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed exercise of options and restricted shares (in shares)	9,705	8,406	9,281	8,406
Net income (loss) per common share - basic (in dollars per share)	$ 0.03	$ (0.15)	$ 4.64	$ (4.63)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.03	$ (0.15)	$ 4.64	$ (4.63)

Note 6 - Hedging Program and _3

Note 6 - Hedging Program and Derivatives - Impact of Derivative Contracts on Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Derivative liability, current	$ 0	$ 442
Derivative asset		0
Derivative liability		442
Commodity Contract [Member] \| Derivative Assets Current [Member]
Derivative asset, current		0
Commodity Contract [Member] \| Derivative Liabilities Current [Member]
Derivative liability, current		442
Commodity Contract [Member] \| Derivative Assets Noncurrent [Member]
Derivative asset, long-term		0
Commodity Contract [Member] \| Derivative Liabilities Noncurrent [Member]
Derivative liability, long-term		$ 0

Note 7 - Financial Instrument_2

Note 7 - Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Derivative liabilities	$ 442
Fair Value, Recurring [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] \| Fixed Price Derivative Contracts [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Derivative liabilities	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fixed Price Derivative Contracts [Member]
Derivative liabilities	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fixed Price Derivative Contracts [Member]
Derivative liabilities	442
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Derivative liabilities	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fixed Price Derivative Contracts [Member]
Derivative liabilities	$ 0

Note 8 - Leases- Total Lease Ex

Note 8 - Leases- Total Lease Expense (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)		Sep. 30, 2022 USD ($)
Operating lease cost	$ 2		$ 10
Short-term lease expense	118	[1]	434	[1]
Total lease expense	$ 120		$ 444
Weighted Average Remaining Lease Term (Year)	3 months 18 days		3 months 18 days
Weighted Average Discount Rate	6%		6%
Drilling Rig [Member]
Short-term lease expense	$ 0	[2]	$ 0	[2]

[1]Short-term lease expense represents expense related to leases with a contract term of 12 months or less.[2]These short-term lease costs are related to leases with a contract term of 12 months or less which are related to drilling rigs and are capitalized as part of natural gas and oil properties on our balance sheet.

Note 8 - Leases - Balance Sheet

Note 8 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating lease ROU assets	$ 2	$ 173
Operating lease liability - current	2	40
Operating lease liabilities - long-term	$ 0	$ 110

Note 8 - Leases - Lease Liabili

Note 8 - Leases - Lease Liabilities Maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Remainder of 2022	$ 2
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total lease payments	2
Less imputed interest	0
Total lease liability	$ 2

Note 10 - Disposition of Asse_2

Note 10 - Disposition of Assets and Restructuring (Details Textual) - USD ($)	Nov. 14, 2022	Oct. 24, 2022	Sep. 13, 2022	Jan. 03, 2022	Sep. 30, 2022	Dec. 31, 2021
Preferred Stock, Par or Stated Value Per Share (in dollars per share)					$ 0.01	$ 0.01
Preferred Stock, Voting Power, Percent			85%
Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)			685,505	685,505
Preferred Stock, Par or Stated Value Per Share (in dollars per share)				$ 0.01
Preferred Stock, Voting Power, Percent			85%	85%
Lime Rock Resources V-A, L.P. [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total				$ 87,200,000
AGEF [Member] \| Series A Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues (in shares)				685,505
Biglari Holdings [Member] \| Subsequent Event [Member]
Capital Stock, Voting Power, Percent		90%
Biglari Holdings [Member] \| Second Exchange Agreement [Member] \| Subsequent Event [Member]
Stock Issuable During Period, Shares, Conversion of Convertible Securities (in shares)	90,631,287	90,631,287