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Subsequent Events | 12 Months Ended
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Dec. 31, 2020
Subsequent Events [Abstract] |
Subsequent Events | 16. SUBSEQUENT EVENTS Underwritten offering On February 11, 2021, the Company sold 1,131,500 shares of its common stock in an underwritten offering at a public offering price of $5.10 per share (the “Offering”). The Offering closed on February 17, 2021. The net proceeds to the Company from the Offering, after deducting the underwriting discounts and commissions and Offering expenses, were $5.3 million. The Company intends to use the net proceeds from the offering for general corporate purposes, capital expenditures, working capital, and potential acquisitions of oil and gas properties. Conversion of Secured Note Payable On March 4, 2021 the Company entered into a Debt Conversion Agreement with APEG II. Pursuant to the Debt Conversion Agreement, APEG II converted a total of $413 thousand, representing the principal of a September 2020 Secured Promissory Note in the principal amount of $375 thousand and accrued interest of $38 thousand into 97,962 unregistered shares of its common stock. The number of shares was based on a conversion price of $4.21 per share, a 9.9% discount to the ten-day volume weighted average price of its common stock for the ten days immediately preceding the signing of the Debt Conversion Agreement (the “VWAP Discount Price”). Reimbursement of APEG II Legal Fees Also, on March 4, 2021, APEG II entered into a Subscription Agreement with the Company, whereby APEG II subscribed to purchase 90,846 unregistered shares of the Company’s common stock for an aggregate of $383 thousand based on the VWAP Discount Price. The $383 thousand subscription price was paid by way of forgiveness by APEG II of the same amount of funds owed by the Company for reimbursement of APEG II’s legal costs in connection with certain shareholder derivative actions brought by APEG II against the Company and its former Chief Executive Officer in Colorado and Texas, which were dismissed in May 2020 and August, respectively. Commodity Derivative Contract On March 9, 2021, the Company entered into a commodity derivative contract to fix the price of 100 barrels of crude oil per day from March 1 to December 31, 2021at $61.90 based on the calendar month average of West Texas Intermediate Crude Oil. Restricted share issuance In January 2021, the Company’s board of directors granted 100,000 restricted shares to the Chief Executive Officer, which vest equally over four years. In addition, the Company’s four independent directors were each granted 10,000 restricted shares which vest on January 28, 2022.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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