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QUARTERLY FINANCIAL DATA (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Schedule of quarterly financial information

The Company’s quarterly financial information for the two-year period ended December 31, 2016 is as follows:

 

    Year Ended December 31, 2015     Year Ended December 31, 2016  
    First     Second     Third     Fourth     First     Second     Third     Fourth    
    Quarter     Quarter     Quarter     Quarter     Quarter     Quarter     Quarter     Quarter     
                                                   
Oil and gas sales   $ 2,679     $ 3,285     $ 2,622     $ 1,710     $ 1,066     $ 1,996     $ 1,867     $ 817    
Operating expenses:                                                                  
Impairment of oil and gas properties     (19,240 )     (3,208 )     (21,446 )     (13,782)       (6,957 )     (2,611 )     -       -    
Other (1)     (6,174 )     (5,266 )     (5,534 )     (4,710)       (2,561 )     (3,061 )     (2,761 )     276    
                                                                   
Operating income (loss) (1)   $ (22,735 )   $ (5,189 )   $ (24,358 )   $ (16,782 )   $ (8,452 )   $ (3,676 )   $ (894 )   $ 1,093    
                                                                   
Income (loss) from continuing operations (1)   $ (22,919 )   $ (5,542 )   $ (22,785 )   $ (16,038 )   $ (8,275 )   $ (4,206 )   $ (265 )   $ 1,074    
Discontinued operations     (784 )     (738 )     (866 )     (23,224 )     (2,327 )     (10 )     -       (111)    
                                                                   
Net income (loss)   $ (23,703 )   $ (6,280 )   $ (23,651 )   $ (39,262 )   $ (10,602 )   $ (4,216 )   $ (265 )   $ 963    
                                                                   
Income (loss) per share - basic (1)(2):                                                                  
Continuing operations   $ (4.90 )   $ (1.19 )   $ (4.87 )   $ (3.42 )   $ (1.76 )   $ (0.89 )   $ (0.06 )   $ 0.23    
Discontinued operations     (0.17 )     (0.16 )     (0.19 )     (4.96 )     (0.49 )     (0.00 )     -       -    
                                                                   
Total   $ (5.07 )   $ (1.35 )   $ (5.06 )   $ (8.38 )   $ (2.25 )   $ (0.89 )   $ (0.06 )   $ 0.23    
                                                                   
Income (loss) per share - diluted (1)(2):                                                                  
Continuing operations   $ (4.90 )   $ (1.19 )   $ (4.87 )   $ (3.42 )   $ (1.76 )   $ (0.89 )   $ (0.06 )   $ 0.23    
Discontinued operations     (0.17 )     (0.16 )     (0.19 )     (4.96 )     (0.49 )     (0.00 )     -       -    
                                                                   
Total   $ (5.07 )   $ (1.35 )    $ (5.06 )   $ (8.38 )   $ (2.25 )   $ (0.89 )   $ (0.06 )   $ 0.23    
                                                                   
Weighted average shares outstanding:                                                                  
Basic     4,674,667       4,674,667       4,675,167       4,685,167       4,705,500       4,705,000       4,768,000       4,768,013    
Diluted (1)     4,674,666       4,674,667       4,675,167       4,685,167       4,705,500       4,705,000       4,768,000       4,768,013    
                                                                     

 

  (1) Amounts have been restated from amounts reported in previous reports to retroactively present the impact of Discontinued Operations as discuss further in Note 6.

 

  (2) Earnings per share amounts may not sum due to rounding.