v3.10.0.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 460 $ 917
Restricted cash 2,316 0
Accounts receivable - oil and gas 813 301
Prepaid expenses and other current assets 237 176
Total current assets 3,826 1,394
Oil and gas properties:    
Oil and gas properties, subject to amortization, net 54,877 34,922
Oil and gas properties, not subject to amortization, net 0 0
Total oil and gas properties, net 54,877 34,922
Other assets 190 85
Total assets 58,893 36,401
Current liabilities:    
Accounts payable 507 101
Accrued expenses 997 2,126
Accrued expenses – related party 167 0
Revenue payable 919 557
Convertible notes payable - Bridge Notes, net of premiums of $-0- and $113, respectively 0 588
Total current liabilities 2,590 3,372
Long-term liabilities:    
Accrued expenses 6 1,462
Accrued expenses - related party 310 1,733
Notes payable - Secured Promissory Notes, net of debt discount of $-0- and $2,603, respectively 0 34,159
Notes payable - Secured Promissory Notes - related party, net of debt discount of $-0- and $1,148, respectively 0 15,930
Notes payable - Secured Promissory Notes - Subordinated - related party 0 11,483
Notes payable – Subordinated 400 0
Notes payable – Subordinated – related party 23,200 0
Notes payable - other 0 4,925
Notes payable - related party, net of debt discount of $173 and $-0-, respectively 7,527 0
Asset retirement obligations 2,635 477
Total liabilities 36,668 73,541
Commitments and contingencies
Shareholders' equity (deficit):    
Series A convertible preferred stock, $0.001 par value, 100,000,000 shares authorized, 0 and 66,625 shares issued and outstanding, respectively 0 0
Common stock, $0.001 par value, 200,000,000 shares authorized; 15,109,327 and 7,278,754 shares issued and outstanding, respectively 15 7
Additional paid-in-capital 100,988 100,954
Accumulated deficit (78,778) (138,101)
Total shareholders' equity (deficit) 22,225 (37,140)
Total liabilities and shareholders' equity (deficit) $ 58,893 $ 36,401
v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue:        
Oil and gas sales $ 1,259 $ 744 $ 2,801 $ 2,290
Operating expenses:        
Lease operating costs 936 304 1,665 1,031
Exploration expense 0 0 38 0
Selling, general and administrative expense 1,622 511 2,976 2,005
Depreciation, depletion, amortization and accretion 937 1,299 2,220 2,852
Total operating expenses 3,495 2,114 6,899 5,888
Loss on write-off of cost method investment 0 (4) 0 (4)
Operating income (loss) (2,236) (1,374) (4,098) (3,602)
Other income (expense):        
Interest expense (497) (3,231) (6,888) (9,489)
Gain on debt restructuring 0 0 70,309 0
Total other income (expense) (497) (3,231) 63,421 (9,489)
Net income (loss) $ (2,733) $ (4,605) $ 59,323 $ (13,091)
Earnings (loss) per common share: Basic $ (0.19) $ (0.76) $ 6.04 $ (2.28)
Earnings (loss) per common share: Diluted $ (0.18) $ (0.76) $ 5.97 $ (2.28)
Weighted average number of common shares outstanding: Basic 14,747,952 6,074,294 9,822,007 5,753,827
Weighted average number of common shares outstanding: Diluted 15,017,344 6,074,294 9,942,583 5,753,827
v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows From Operating Activities:    
Net income (loss) $ 59,323 $ (13,091)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 566 597
Depreciation, depletion and amortization 2,220 2,852
Interest expense deferred and capitalized in debt restructuring 3,803 5,200
Gain on debt restructuring (70,309) 0
Amortization of debt discount 1,403 2,434
Changes in operating assets and liabilities:    
Accounts receivable 0 25
Accounts receivable - oil and gas (512) (12)
Prepaid expenses and other current assets (61) (1)
Accounts payable 195 40
Accrued expenses 1,829 905
Accrued expenses - related parties 477 790
Revenue payable 362 39
Net cash used in operating activities (704) (218)
Cash Flows From Investing Activities:    
Cash paid for oil and gas properties, net of restricted cash received of $2,316 (19,693) 0
Cash paid for drilling costs (113) 0
Cash paid for oil and gas security bonds (105) 0
Net cash used in investing activities (19,911) 0
Cash Flows From Financing Activities:    
Proceeds from notes payable 400 0
Proceeds from notes payable – related parties 30,900 0
Repayment of notes payable (7,795) (30)
Cash paid for warrant repurchase (1,095) 0
Proceeds from warrant exercise for common stock 64 0
Proceeds from issuance of common stock, net of issuance costs 0 530
Net cash provided by (used in) financing activities 22,474 500
Net increase in cash 1,859 282
Cash and restricted cash at beginning of period 917 659
Cash and restricted cash at end of period 2,776 942
Supplemental Disclosure of Cash Flow Information    
Cash paid for: Interest 0 0
Cash paid for: Income Taxes 0 0
Noncash Investing and Financing Activities:    
Accrued oil and gas development costs 211 0
Acquisition of asset retirement obligations 2,061 0
Changes in estimates of asset retirement obligations 13 20
Common stock issued as debt inducement 185 0
Conversion of Series A preferred stock to common stock $ 7 $ 0