0001437749-25-034241 | 10-Q | XBRL Viewer

Equity [Text Block]

9. SHAREHOLDERS’ EQUITY

Equity Issuance

On January 22, 2025, the Company entered into an underwriting agreement for the offering of 4,871,400 shares of common stock, at a price to the public of $2.65 per share (such offering, the “Offering”).

The sale of 4,871,400 shares of common stock (including the full 635,400 over-allotment option) in connection with the Offering, closed on January 23, 2025. The Company generated approximately $11.9 million of net proceeds from the Offering, after deducting the underwriting discounts and commissions and offering costs payable by us, and plans to use such proceeds for the development of its recent acquisition in Montana, general corporate purposes, and working capital, or for other purposes that our board of directors, in their good faith, deems to be in the best interest of the Company. Additionally, management used $1.574 million from the over-allotment option exercise to purchase shares of common stock from Sage Road Capital, LLC (whose co-manager, Joshua L. Batchelor, was a then member of the Board of Directors of the Company) and its affiliates at a price equal to the public offering price of the Offering, less underwriting discounts, which sale took place in January 2025, as discussed below.

Related Party Share Repurchase

On January 27, 2025, the Company entered into a Share Repurchase Agreement with Banner Oil & Gas, LLC (“Banner”), Woodford Petroleum, LLC (“Woodford”), and Sage Road Energy II, LP, (“Sage Road”, and together with Banner and Woodford, the “Selling Stockholders”). In his capacity as co-Managing Partner of Sage Road Capital, LLC, which indirectly controls and manages certain funds which own a majority interest in Banner, Woodford and Sage Road, Joshua L. Batchelor, a then member of the Board of Directors of the Company, may be deemed to beneficially own the shares of common stock held by the Selling Stockholders.

Pursuant to the Share Repurchase Agreement, the Company, in a private transaction, outside of, and separate from the Company’s previously disclosed share repurchase program, on January 27, 2025, repurchased (a) 534,020 shares of common stock held by Banner, (b) 41,229 shares of common stock held by Woodford, and (c) 60,151 shares of common stock held by Sage Road, for an aggregate of $1.574 million or approximately $2.48 per share, which was the net price per share of the 4,871,400 shares of common stock sold in our underwritten public offering which closed on January 23, 2025, less underwriting discounts and commissions, and which represented an 8.2% premium to the closing sales price of the Company's common stock on January 27, 2025.

The share repurchase program was approved by the disinterested members of the Board of Directors of the Company, as well as the Company’s Audit Committee, comprised solely of independent directors not affiliated with Mr. Batchelor or the Selling Stockholders.

Stock Option Plans

The Company may grant stock options under its incentive plan covering shares of common stock to employees of the Company. Stock options, when exercised, are settled through the payment of the exercise price in exchange for new shares of stock underlying the option. These awards typically expire ten years from the grant date.

For the three and nine months ended September 30, 2025 and 2024, there was no compensation expense related to stock options. As of September 30, 2025 and September 30, 2024, all stock options had vested. No stock options were granted or exercised during the three and nine months ended September 30, 2025 and 2024. The stock options had de minimis intrinsic values for the periods reported. Presented below is information for stock options outstanding and exercisable as of September 30, 2025, and December 31, 2024:

September 30, 2025

December 31, 2024

Weighted

Average

Number of

Exercise

Number of

Exercise

Shares

Price

Shares

Price

Stock options outstanding and exercisable

16,500

10.00

22,176

30.48

The following table summarizes information for stock options outstanding and for stock options exercisable at September 30, 2025 by the remaining contractual term:

Options Outstanding and Exercisable

Exercise

Weighted

Remaining

Price

Average

Contractual

Number of

Range

Exercise

Term

Shares

Low

High

Price

(years)

16,500

7.20

11.60

10.00

2.0

Restricted Stock

The Company grants restricted stock under its incentive plans covering shares of common stock to employees and directors of the Company. All of the restricted stock awards are time-based awards and are amortized ratably from grant date over a requisite service period. Forfeitures of restricted stock awards are recognized as they occur. Restricted stock granted to employees is reduced by shares forfeited to pay withholding tax. Non-vested shares of restricted stock are not included in common shares outstanding until vesting has occurred.

The following table presents the changes in non-vested restricted stock awards to all employees and directors for the nine months ended September 30, 2025:

				*Weighted-Avg.*
				*Grant Date*
				*Fair Value*
	*Shares*			*Per Share*

Non-vested restricted stock as of December 31, 2024		1,450,695		$	1.41
Granted		1,140,000		$	2.03
Vested		(1,023,515	)	$	1.58
Forfeited		(76,000	)	$	2.03
Non-vested restricted stock as of September 30, 2025		1,491,180		$	1.74

For the nine months ended September 30, 2025 and 2024, the Company recognized $1.5 million and $0.9 million, respectively, of stock compensation expense related to restricted stock grants. Unrecognized compensation cost related to non-vested awards not yet recorded in the Company’s Condensed Consolidated Statements of Operations as of September 30, 2025 was $1.2 million. This cost is expected to be recognized over a weighted average period of 1.7 years.

Share Repurchase Program

On January 29, 2025, the Board of Directors of the Company authorized and approved an extension of the ongoing share repurchase program for up to $5.0 million of the outstanding shares of the Company’s common stock originally approved by the Board of Directors on April 26, 2023 and subsequently extended. Subject to any future extension in the discretion of the Board of Directors of the Company, the repurchase program is now scheduled to expire on June 30, 2026, when a maximum of $5.0 million of the Company’s common stock has been repurchased, or when such program is discontinued by the Board of Directors.

Under the stock repurchase program, shares are repurchased from time to time in the open market or through negotiated transactions at prevailing market prices, or by other means in accordance with federal securities laws. Repurchases are made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. The repurchase program is funded using the Company’s working capital. The repurchased shares are cancelled and therefore will not be held in treasury or reissued.

The following table presents the activity in the share repurchase program for the three and nine months ended September 30, 2025 and 2024:

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(in thousands)

Shares repurchased		-		19		197		483
Weighted average price per share	$	-	$	1.050	$	1.610	$	1.090
Value of shares repurchased	$	-	$	20	$	316	$	526

The entire disclosure for equity.

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Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and equivalents	$ 1,415	$ 7,723
Oil and natural gas sales receivables	490	1,298
Marketable equity securities	310	131
Other current assets	584	572
Total current assets	2,799	9,724
Oil and natural gas properties under full cost method and industrial gas properties:
Proved oil and natural gas properties	135,552	142,029
Less accumulated depreciation, depletion and amortization	(115,043)	(112,958)
Oil and natural gas properties, net	20,509	29,071
Unevaluated industrial gas properties, not subject to amortization	22,126	9,384
Oil, natural gas and industrial gas properties, net	42,635	38,455
Other Assets:
Property and equipment, net	367	660
Right-of-use asset	400	528
Other assets	296	300
Total other assets	1,063	1,488
Total assets	46,497	49,667
Current liabilities:
Accounts payable and accrued liabilities	3,977	5,466
Accrued compensation and benefits	59	850
Revenue and royalties payable	3,926	4,836
Asset retirement obligations - current	300	1,000
Current lease obligation	206	196
Total current liabilities	8,468	12,348
Noncurrent liabilities:
Asset retirement obligations	12,731	13,083
Long-term lease obligation, net of current portion	259	415
Total noncurrent liabilities	12,990	13,498
Total liabilities	21,458	25,846
Commitments and contingencies (Note 8)
Shareholders’ equity:
Common stock, $0.01 par value; 245,000,000 shares authorized; 34,143,549 and 27,903,197 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	343	279
Additional paid-in capital	235,124	221,460
Accumulated deficit	(210,428)	(197,918)
Total shareholders’ equity	25,039	23,821
Total liabilities and shareholders’ equity	$ 46,497	$ 49,667

Note 10 - Asset Retirement Obligations (Details Textual) $ in Thousands	Sep. 30, 2025 USD ($)
Asset Retirement Obligation, Legally Restricted Assets, Fair Value	$ 0

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	245,000,000	245,000,000
Common stock, issued (in shares)	34,143,549	27,903,197
Common stock, outstanding (in shares)	34,143,549	27,903,197

Note 16 - Subsequent Events (Details Textual) - USD ($)			1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
Note 16 - Subsequent Events (Details Textual) - USD ($)	Oct. 21, 2025	Oct. 09, 2025	Oct. 31, 2025	Dec. 31, 2025	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Impairment, Oil and Gas, Property with Unproved and Proved Reserves					$ 869,000		$ 1,424,000	$ 3,628,000	$ 6,843,000
Stock Issued During Period, Value, New Issues						$ 11,877,000
Asset Retirement Obligation, Liabilities Settled								$ 493,000		$ 5,435,000
Subsequent Event [Member] \| West Texas Assets [Member]
Proceeds from Sale of Oil and Gas Property and Equipment	$ 60,000
Asset Retirement Obligation, Liabilities Settled			$ 5,100,000
Subsequent Event [Member] \| Common Stock Purchase Agreement [Member]
Equity Agreement, Maximum Amount		$ 25,000,000
Equity Agreement, Discount on Stock Price, Percent		2.50%
Equity Agreement, Outstanding Shares, Percent		19.99%
Equity Agreement, Beneficial-Ownership Blocker, Percent		4.99%
Equity Agreement, Structuring Fee		$ 25,000
Stock Issued During Period, Shares, New Issues (in shares)		223,141
Stock Issued During Period, Value, New Issues		$ 270,000
Equity Agreement, Cash Commitment Fee		180,000
Credit Agreement [Member] \| Subsequent Event [Member]
Proceeds from Lines of Credit			$ 1,000,000
Minimum [Member] \| Forecast [Member]
Impairment, Oil and Gas, Property with Unproved and Proved Reserves				$ 800,000
Maximum [Member] \| Subsequent Event [Member] \| Common Stock Purchase Agreement [Member]
Equity Agreement, Cash Proceeds from Resale of Shares		$ 270,000
Maximum [Member] \| Forecast [Member]
Impairment, Oil and Gas, Property with Unproved and Proved Reserves				$ 1,800,000

Note 6 - Credit Facility (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Debt [Table Text Block]

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*
	(in thousands)
Interest expense	$	-		$	77		$	-		$	307
Weighted average interest rate		0.0	%		9.3	%		0.0	%		9.2	%

Note 2 - Acquisitions and Divestitures (Details Textual) $ in Thousands		3 Months Ended
	Jan. 07, 2025 USD ($) a shares	Sep. 30, 2025 USD ($)	Jun. 24, 2024 a
Wells and Overriding Royalty Interest in Henderson, Anderson, Liberty, and Chambers County, Texas [Member]
Gain (Loss) on Disposition of Oil and Gas Property		$ (424)
Proceeds from Sale of Oil and Gas Property and Equipment		6,825
Wyoming Properties [Member]
Proceeds from Sale of Oil and Gas Property and Equipment		500
Wells and Overriding Royalty Interests in Wyoming [Member]
Gain (Loss) on Disposition of Oil and Gas Property		$ 0
Property [Member] \| Kevin Dome Structure [Member] \| Synergy Purchase Agreement [Member]
Oil and Gas, Undeveloped Acreage, Net (Acre) \| a	24,000
Payments to Acquire Productive Assets	$ 2,000
Asset Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) \| shares	1,400,000
Asset Acquisition, Consideration Transferred, Equity Interests Issued or Issuable, Percentage of Outstanding Stock	4.76%
Asset Acquisition, Percentage of Capital Costs Responsible for	100.00%
Asset Acquisition, Repayment of Capital Costs, Period From Closing Date (Month)	78 months
Asset Acqusition, Amount of Capital Costs Incurred Related to Selling Party	$ 20,000
Asset Acquisition, Contingent Consideration, Percentage of Gain on Sale of Initial Gas Processing Plant	18.00%
Asset Acquisition, Consideration Transferred	$ 4,700
Helium Acreage [Member] \| Kevin Dome Structure [Member]
Oil and Gas, Undeveloped Acreage, Net (Acre) \| a			144,000
Synergy Offshore LLC [Member] \| Property [Member] \| Kevin Dome Structure [Member] \| Synergy Purchase Agreement [Member]
Subsidiary, Ownership Percentage, Noncontrolling Owner	20.00%
Synergy Offshore LLC [Member] \| Board of Directors Chairman [Member]
Beneficial Ownership Percentage	60.00%

Note 13 - Fair Value Measurements (Details Textual) $ in Thousands	Aug. 01, 2025	Sep. 30, 2025 USD ($) shares	Dec. 31, 2024 USD ($)
Minimum [Member]
Derivative, Fixed Interest Rate		7.30%
Maximum [Member]
Derivative, Fixed Interest Rate		19.00%
Anfield Energy [Member]
Investment Owned, Balance, Shares (in shares) \| shares		32,300
Investment Owned, Fair Value \| $		$ 309	$ 131
Anfield Energy [Member] \| Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	75

Fair value of investment in security owned.

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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Note 6 - Credit Facility - Schedule of Debt (Details) - Credit Agreement [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest expense	$ 0	$ 77	$ 0	$ 307
Weighted average interest rate	0.00%	9.30%	0.00%	9.20%

Note 3 - Revenue Recognition

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Text Block]

3. REVENUE RECOGNITION

The Company disaggregates revenues from its share of revenue from the sale of oil and natural gas and liquids by region. The Company’s revenues in the Rockies region, West Texas, South Texas, and Gulf Coast region, and Mid-Continent region for the three and nine months ended September 30, 2025 and 2024, are presented in the following table:

	*Three Months Ended September 30,*					*Nine Months Ended September 30,*
	*2025*			*2024*		*2025*		*2024*
	(in thousands)
Revenue:
Rockies
Oil	$	1,097		$	1,851	$	4,012	$	5,614
Natural gas and liquids		26			45		129		127
Total	$	1,123		$	1,896	$	4,141	$	5,741

West Texas, South Texas, and Gulf Coast
Oil	$	61		$	1,107	$	715	$	4,513
Natural gas and liquids		(91	)		-		19		114
Total	$	(30	)	$	1,107	$	734	$	4,627

Mid-Continent
Oil	$	429		$	1,417	$	474	$	4,447
Natural gas and liquids		216			537		610		1,579
Total	$	645		$	1,954	$	1,084	$	6,026

Combined Total	$	1,738		$	4,957	$	5,959	$	16,394

Significant concentrations of credit risk

The Company has exposure to credit risk in the event of non-payment of oil and natural gas receivables by purchasers of its operated oil and natural gas properties. The following table presents the purchasers that accounted for 10% or more of the Company’s total oil and natural gas revenue for at least one of the periods presented:

	*Nine Months Ended*
	*September 30,*
	*2025*			*2024*
Purchaser A		51	%		26	%
Purchaser B		17	%		26	%
Purchaser C		6	%		4	%

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Other Current Assets [Table Text Block]

	*September 30, 2025*		*December 31, 2024*
	(in thousands)
Prepaid expenses	$	345	$	119
Joint interest billings receivable		106		378
Income tax receivable		27		28
Other		106		47

Total other current assets	$	584	$	572

Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]

	*September 30, 2025*		*December 31, 2024*
	(in thousands)
Accounts payable	$	2,699	$	2,197
Operating expense and oil and natural gas property accruals		419		2,417
Interest Payable		-		172
Production taxes payable		585		653
Other		274		27

Total accounts payable and accrued expenses	$	3,977	$	5,466

Note 12 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Text Block]

12. INCOME (LOSS) PER SHARE

Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the respective period. Diluted net income (loss) per common share is calculated by dividing adjusted net income by the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist of stock options and unvested shares of restricted common stock, which are measured using the treasury stock method. When the Company recognizes a net loss, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of dilutive net loss per common share. Unvested shares of restricted stock participate in dividend distributions; however, they do not participate in losses. Therefore, dividends, if any, attributable to participating securities are not included as a reduction in the calculation of loss attributable to common shareholders.

The following table sets forth the calculation of basic and diluted net loss per share for the three and nine months ended September 30, 2025 and 2024:

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*
	(in thousands except per share data)
Net loss attributable to common shareholders	$	(3,341	)	$	(2,247	)	$	(12,510	)	$	(13,758	)

Basic weighted average common shares outstanding		32,793			28,052			33,631			26,304
Dilutive effect of potentially dilutive securities		-			-			-			-
Diluted weighted average common shares outstanding		32,793			28,052			33,631			26,304

Basic and Diluted net loss per share	$	(0.10	)	$	(0.08	)	$	(0.37	)	$	(0.52	)

For the three and nine months ended September 30, 2025 and 2024, potentially dilutive securities excluded from the calculation of weighted average shares because they were anti-dilutive were as follows:

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(in thousands)
Stock options		17		22		17		22
Unvested shares of restricted stock		1,491		1,348		1,491		1,348
Total		1,508		1,370		1,508		1,370

Note 10 - Asset Retirement Obligations

9 Months Ended

Sep. 30, 2025

Asset Retirement Obligation Disclosure [Text Block]

10. ASSET RETIREMENT OBLIGATIONS

The Company has asset retirement obligations (“ARO”) associated with the future plugging and abandonment of proved properties. Initially, the fair value of a liability for an ARO is recorded in the period in which the ARO is incurred with a corresponding increase in the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depleted over the life of the related asset. If the liability is settled for an amount other than the recorded amount, an adjustment to the full cost pool is recognized. The Company had no assets that are restricted for the purpose of settling ARO.

In the fair value calculation for the ARO there are a number of assumptions and judgments, including the ultimate retirement cost, inflation factors, credit-adjusted risk-free discount rates, timing of retirement and changes in legal, regulatory, environmental, and political environments. To the extent future revisions to assumptions and judgments impact the present value of the existing ARO, a corresponding adjustment is made to the oil and natural gas property balance.

The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations as of September 30, 2025 and December 31, 2024:

	*September 30, 2025*			*December 31, 2024*
	(in thousands)
Balance, beginning of year	$	14,083		$	18,490
Acquired or incurred		26			2
Cost and life revisions		(1,298	)		(150	)
Plugged		(135	)		(374	)
Sold		(493	)		(5,435	)
Accretion		848			1,550
Balance, end of period	$	13,031		$	14,083

Asset retirement obligations - current	$	300		$	1,000
Asset retirement obligations - noncurrent		12,731			13,083
Balance, end of period	$	13,031		$	14,083

Note 12 - Income (Loss) Per Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net loss attributable to common shareholders	$ (3,341)	$ (2,247)	$ (12,510)	$ (13,758)
Basic weighted average common shares outstanding (in shares)	32,793	28,052	33,631	26,304
Dilutive effect of potentially dilutive securities (in shares)	0	0	0	0
Diluted weighted average common shares outstanding (in shares)	32,793	28,052	33,631	26,304
Basic and diluted loss per share (in dollars per share)	$ (0.1)	$ (0.08)	$ (0.37)	$ (0.52)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-SubTopic 10
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-Section S99
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

Note 9 - Shareholders' Equity - Activity in Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Shares repurchased (in shares)	0			19			197	483
Weighted average price per share (in dollars per share)	$ 0			$ 1.05			$ 1.61	$ 1.09
Value of shares repurchased	$ 0	$ 83	$ 234	$ 20	$ 168	$ 337	$ 316	$ 526

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Note 3 - Revenue Recognition - Schedule of Concentration Risk (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Purchaser A [Member]
Concentration risk percentage	51.00%	26.00%
Purchaser B [Member]
Concentration risk percentage	17.00%	26.00%
Purchaser C [Member]
Concentration risk percentage	6.00%	4.00%

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Note 7 - Commodity Derivatives (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Commodity Contract [Member]
Derivative Asset, Current	$ 0	$ 0

Note 3 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue	$ 1,738	$ 4,957	$ 5,959	$ 16,394
Oil Sales[Member]
Revenue	1,587	4,375	5,201	14,574
Natural Gas, Midstream [Member]
Revenue	151	582	758	1,820
Rockies [Member]
Revenue	1,123	1,896	4,141	5,741
Rockies [Member] \| Oil Sales[Member]
Revenue	1,097	1,851	4,012	5,614
Rockies [Member] \| Natural Gas, Midstream [Member]
Revenue	26	45	129	127
West Texas, South Texas, and Gulf Coast [Member]
Revenue	(30)	1,107	734	4,627
West Texas, South Texas, and Gulf Coast [Member] \| Oil Sales[Member]
Revenue	61	1,107	715	4,513
West Texas, South Texas, and Gulf Coast [Member] \| Natural Gas, Midstream [Member]
Revenue	(91)	0	19	114
Mid-Continent [Member]
Revenue	645	1,954	1,084	6,026
Mid-Continent [Member] \| Oil Sales[Member]
Revenue	429	1,417	474	4,447
Mid-Continent [Member] \| Natural Gas, Midstream [Member]
Revenue	$ 216	$ 537	$ 610	$ 1,579

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Note 10 - Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Asset Retirement Obligations [Table Text Block]

	*September 30, 2025*			*December 31, 2024*
	(in thousands)
Balance, beginning of year	$	14,083		$	18,490
Acquired or incurred		26			2
Cost and life revisions		(1,298	)		(150	)
Plugged		(135	)		(374	)
Sold		(493	)		(5,435	)
Accretion		848			1,550
Balance, end of period	$	13,031		$	14,083

Asset retirement obligations - current	$	300		$	1,000
Asset retirement obligations - noncurrent		12,731			13,083
Balance, end of period	$	13,031		$	14,083

Note 10 - Asset Retirement Obligation - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Balance, beginning of year	$ 14,083	$ 18,490
Acquired or incurred	26	2
Cost and life revisions	(1,298)	(150)
Plugged	(135)	(374)
Sold	(493)	(5,435)
Accretion	848	1,550
Balance, end of period	13,031	14,083
Asset retirement obligations - current	300	1,000
Asset retirement obligations - noncurrent	12,731	13,083
Balance, end of period	$ 13,031	$ 14,083

Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Offering costs	$ 1,032

Note 1 - Organization, Operations and Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

1. ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Organization and Operations

U.S. Energy Corp. (collectively with its wholly-owned subsidiaries are referred to as the “Company” in these notes to unaudited Condensed Consolidated Financial Statements) is incorporated in the State of Delaware. The Company’s principal business activities are focused on the acquisition, exploration, development and processing of helium, carbon dioxide, and hydrocarbons (collectively, "industrial gas" or "industrial gases"), and oil and natural gas properties (collectively referred to as "commodities" or "industrial gas and oil and natural gas") in the United States.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included.

For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 13, 2025. Our financial condition as of September 30, 2025, and operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization ("DD&A") and impairment of the carrying value of proved oil and natural gas properties, and the cost and timing of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable. Due to inherent uncertainties, including the future prices of oil and natural gas, these estimates could change in the near term and such changes could be material.

Principles of Consolidation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of U.S. Energy Corp. and its wholly-owned subsidiaries. U.S. Energy Corp. accounts for its share of oil and natural gas exploration and production activities, and industrial gas activities in which it has a direct working interest, by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows. All inter-company balances and transactions have been eliminated in consolidation.

Industry Segment and Geographic Information

The Company currently operates in the exploration and production segment of the oil and natural gas industry, onshore in the United States. The Company’s operations are all related to oil and natural gas from which the Company derives all its revenues. The Company manages its business as a single reportable segment, as its operations are focused on assets with similar economic characteristics, production processes, types of purchasers, regulatory environment and customers which are consistent across the Company. Therefore, the Company aggregates its operating regions into one reportable segment. Our principal properties and operations are currently in the Rockies region (Montana, and Wyoming), the Mid-Continent region (Oklahoma, Kansas, and North and East Texas), and West Texas, South Texas and Gulf Coast region. Our Chief Executive Officer is our chief operating decision maker (CODM). The CODM utilizes operating income or loss as the primary operating measure to evaluate the performance of properties, which is revenues less lease operating expenses. Other segment items primarily consist of total assets, DD&A, general and administrative expense, gain or loss on derivative activity, interest expense and income tax expense or benefit. Our significant segment expenses and other segment items are derived from and can be found within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations.

Industrial Gas Properties

The Company capitalizes all costs associated with the acquisition, exploration and development of industrial gas properties. The acquisition of leases, costs of acquiring drilling permits, drilling, development and asset retirement costs are capitalized as exploration and unevaluated properties. When commercially viable quantities of industrial gas resources are discovered, the associated costs are reclassified to evaluated assets. Insignificant unevaluated properties will be subject to amortization over the lease life unless the property is held in perpetuity by ongoing operations. The Company will periodically assess significant exploration and unevaluated properties on a property by property basis to determine whether they have been impaired. The assessment would include a review of capital plans including drilling or construction of production infrastructure on the property and assessment of expected cash flows for recoverability. Any additional costs to develop the properties or to construct infrastructure to produce and process industrial gases, including processing plant construction costs, will be capitalized as evaluated. Interest expense, if any, is capitalized on qualifying expenditures. Evaluated industrial gas properties are subject to DD&A once production commences utilizing the units of production method. Evaluated industrial gas properties are stated at cost, less accumulated depletion, depreciation and amortization.

The carrying value of evaluated properties is reviewed for impairment when there are indications that it may not be recoverable due to significant and prolonged declines in prices, significant reductions in estimated resources, changes in the Company’s plans or other significant events that indicate that an impairment may exist. If any such indication of impairment exists and the sum of the undiscounted cash flows is less than the carrying value of the evaluated property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period with a reduction in the associated carrying cost. Individual evaluated properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired property is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with market participants. The impairment test incorporates several assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include estimates of future production, future contracted industrial gas prices, estimates of future operating and development costs.

Proceeds from partial dispositions of unevaluated property are offset against the acquisition cost with no gain or loss recognized and the remaining unevaluated property will be subject to impairment assessment. In the event we dispose of all interest in a significant, unevaluated property, gain or loss will be recognized. Gain or loss will be recognized on dispositions of evaluated properties.

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is effective for annual periods beginning after December 15, 2024.

The amendments from this update provide transparency about income tax information through improvements primarily related to the rate reconciliation and income taxes paid information. Among other disclosures, public business entities are required to disclose a tabular reconciliation, using both percentages and reporting currency amounts, showing detail from eight specific categories: (a) state and local income tax net of federal (national) income tax effect, (b) foreign tax effects, (c) effect of changes in tax laws or rates enacted in the current period, (d) effect of cross-border tax laws, (e) tax credits, (f) changes in valuation allowances, (g) nontaxable or nondeductible items, and (h) changes in unrecognized tax benefits. In addition, public business entities are required to separately disclose any reconciling item, disaggregated by nature and/or jurisdiction, in which the effect of the reconciling item is equal to or greater than five percent of the amount computed by multiplying the income (or loss) from continuing operations before income taxes by the applicable statutory income tax rate. Also, for the state and local category, a public business entity is required to provide a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. Additional disclosures required a disaggregation of both continuing income before income taxes and taxes paid by jurisdiction. The Company is currently assessing the impact of adopting this new guidance on its financial disclosures.

New Accounting Pronouncement Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which expands disclosures around a public entity’s costs and expenses of specific items (i.e. employee compensation, and DD&A), requires the inclusion of amounts that are required to be disclosed under GAAP in the same disclosure as other disaggregation requirements, requires qualitative descriptions of amounts remaining in expense captions that are not separately disaggregated quantitatively, and requires disclosure of total selling expenses, and in annual periods, the definition of selling expenses. The amendment does not change or remove existing disclosure requirements. The amendment is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendment can be adopted prospectively or retrospectively to any or all periods presented in the financial statements. The Company is currently assessing the impact of adopting this standard.

Note 7 - Commodity Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments, Gain (Loss) [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(in thousands)
Commodity derivative settlement gain :
Oil contracts	$	-	$	1,856	$	-	$	2,381
Total commodity derivative settlement gain	$	-	$	1,856	$	-	$	2,381

Total net commodity derivative gain :
Oil contracts	$	-	$	2,030	$	-	$	537
Total net commodity derivative gain	$	-	$	2,030	$	-	$	537

Note 15 - Supplemental Disclosures of Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	*Nine Months Ended*
	*September 30, 2025*			*September 30, 2024*
	(in thousands)
Cash paid for interest	$	-		$	(511	)
Cash received for income taxes		-			(70	)

Investing activities:
Change in capital expenditure accruals		(305	)		(287	)
Common stock issued for acquisition of industrial gas properties		(2,632	)		(2,678	)
Asset retirement obligations		(1,900	)		(1,680	)
Financing activities:
Accrual for repurchase of common stock		-			58

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities

9 Months Ended

Sep. 30, 2025

Other Current Assets, Accounts Payable, and Accrued Liabilities [Text Block]

14. OTHER CURRENT ASSETS AND ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Other Current Assets

The following table presents the components of other current assets as of the dates indicated:

	*September 30, 2025*		*December 31, 2024*
	(in thousands)
Prepaid expenses	$	345	$	119
Joint interest billings receivable		106		378
Income tax receivable		27		28
Other		106		47

Total other current assets	$	584	$	572

Accounts Payable and Accrued Liabilities.

The following table presents the components of accounts payable and accrued liabilities as of the dates indicated:

	*September 30, 2025*		*December 31, 2024*
	(in thousands)
Accounts payable	$	2,699	$	2,197
Operating expense and oil and natural gas property accruals		419		2,417
Interest Payable		-		172
Production taxes payable		585		653
Other		274		27

Total accounts payable and accrued expenses	$	3,977	$	5,466

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts payable	$ 2,699	$ 2,197
Operating expense and oil and natural gas property accruals	419	2,417
Interest Payable	0	172
Production taxes payable	585	653
Other	274	27
Total accounts payable and accrued expenses	$ 3,977	$ 5,466

Note 8 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Text Block]

8. COMMITMENTS AND CONTINGENCIES

Contingencies

The Company is subject to litigation and claims arising in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. In the opinion of management, the anticipated results of any pending litigation and claims are not expected to have a material effect on the results of operations, the financial position, or the cash flows of the Company.

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Condensed Consolidated Financial Statements have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 13, 2025. Our financial condition as of September 30, 2025, and operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the financial condition and results of operations that may be expected for any future interim period or for the year ending December 31, 2025.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include oil and natural gas reserves that are used in the calculation of depreciation, depletion, amortization ("DD&A") and impairment of the carrying value of proved oil and natural gas properties, and the cost and timing of future asset retirement obligations. The Company evaluates its estimates on an on-going basis and bases its estimates on historical experience and on various other assumptions the Company believes to be reasonable. Due to inherent uncertainties, including the future prices of oil and natural gas, these estimates could change in the near term and such changes could be material.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in conformity with GAAP and include the accounts of U.S. Energy Corp. and its wholly-owned subsidiaries. U.S. Energy Corp. accounts for its share of oil and natural gas exploration and production activities, and industrial gas activities in which it has a direct working interest, by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows. All inter-company balances and transactions have been eliminated in consolidation.
Segment Reporting, Policy [Policy Text Block]	Industry Segment and Geographic Information The Company currently operates in the exploration and production segment of the oil and natural gas industry, onshore in the United States. The Company’s operations are all related to oil and natural gas from which the Company derives all its revenues. The Company manages its business as a single reportable segment, as its operations are focused on assets with similar economic characteristics, production processes, types of purchasers, regulatory environment and customers which are consistent across the Company. Therefore, the Company aggregates its operating regions into one reportable segment. Our principal properties and operations are currently in the Rockies region (Montana, and Wyoming), the Mid-Continent region (Oklahoma, Kansas, and North and East Texas), and West Texas, South Texas and Gulf Coast region. Our Chief Executive Officer is our chief operating decision maker (CODM). The CODM utilizes operating income or loss as the primary operating measure to evaluate the performance of properties, which is revenues less lease operating expenses. Other segment items primarily consist of total assets, DD&A, general and administrative expense, gain or loss on derivative activity, interest expense and income tax expense or benefit. Our significant segment expenses and other segment items are derived from and can be found within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations.
Industrial Gas Properties Policy [Policy Text Block]	Industrial Gas Properties The Company capitalizes all costs associated with the acquisition, exploration and development of industrial gas properties. The acquisition of leases, costs of acquiring drilling permits, drilling, development and asset retirement costs are capitalized as exploration and unevaluated properties. When commercially viable quantities of industrial gas resources are discovered, the associated costs are reclassified to evaluated assets. Insignificant unevaluated properties will be subject to amortization over the lease life unless the property is held in perpetuity by ongoing operations. The Company will periodically assess significant exploration and unevaluated properties on a property by property basis to determine whether they have been impaired. The assessment would include a review of capital plans including drilling or construction of production infrastructure on the property and assessment of expected cash flows for recoverability. Any additional costs to develop the properties or to construct infrastructure to produce and process industrial gases, including processing plant construction costs, will be capitalized as evaluated. Interest expense, if any, is capitalized on qualifying expenditures. Evaluated industrial gas properties are subject to DD&A once production commences utilizing the units of production method. Evaluated industrial gas properties are stated at cost, less accumulated depletion, depreciation and amortization. The carrying value of evaluated properties is reviewed for impairment when there are indications that it may not be recoverable due to significant and prolonged declines in prices, significant reductions in estimated resources, changes in the Company’s plans or other significant events that indicate that an impairment may exist. If any such indication of impairment exists and the sum of the undiscounted cash flows is less than the carrying value of the evaluated property, the carrying value is reduced to estimated fair value and reported as an impairment charge in the period with a reduction in the associated carrying cost. Individual evaluated properties are grouped for impairment purposes at the lowest level for which there are identifiable cash flows. The fair value of impaired property is typically determined based on the present value of expected future cash flows using discount rates believed to be consistent with market participants. The impairment test incorporates several assumptions involving expectations of future cash flows which can change significantly over time. These assumptions include estimates of future production, future contracted industrial gas prices, estimates of future operating and development costs. Proceeds from partial dispositions of unevaluated property are offset against the acquisition cost with no gain or loss recognized and the remaining unevaluated property will be subject to impairment assessment. In the event we dispose of all interest in a significant, unevaluated property, gain or loss will be recognized. Gain or loss will be recognized on dispositions of evaluated properties.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is effective for annual periods beginning after December 15, 2024. The amendments from this update provide transparency about income tax information through improvements primarily related to the rate reconciliation and income taxes paid information. Among other disclosures, public business entities are required to disclose a tabular reconciliation, using both percentages and reporting currency amounts, showing detail from eight specific categories: (a) state and local income tax net of federal (national) income tax effect, (b) foreign tax effects, (c) effect of changes in tax laws or rates enacted in the current period, (d) effect of cross-border tax laws, (e) tax credits, (f) changes in valuation allowances, (g) nontaxable or nondeductible items, and (h) changes in unrecognized tax benefits. In addition, public business entities are required to separately disclose any reconciling item, disaggregated by nature and/or jurisdiction, in which the effect of the reconciling item is equal to or greater than five percent of the amount computed by multiplying the income (or loss) from continuing operations before income taxes by the applicable statutory income tax rate. Also, for the state and local category, a public business entity is required to provide a qualitative description of the states and local jurisdictions that make up the majority (greater than 50 percent) of the category. Additional disclosures required a disaggregation of both continuing income before income taxes and taxes paid by jurisdiction. The Company is currently assessing the impact of adopting this new guidance on its financial disclosures. *New Accounting Pronouncement Not* Yet Adopted** In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which expands disclosures around a public entity’s costs and expenses of specific items (i.e. employee compensation, and DD&A), requires the inclusion of amounts that are required to be disclosed under GAAP in the same disclosure as other disaggregation requirements, requires qualitative descriptions of amounts remaining in expense captions that are not separately disaggregated quantitatively, and requires disclosure of total selling expenses, and in annual periods, the definition of selling expenses. The amendment does not change or remove existing disclosure requirements. The amendment is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027. Early adoption is permitted, and the amendment can be adopted prospectively or retrospectively to any or all periods presented in the financial statements. The Company is currently assessing the impact of adopting this standard.

Disclosure of accounting policy for segment reporting.

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Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Note 6 - Credit Facility (Details Textual) $ in Thousands		3 Months Ended		9 Months Ended
Note 6 - Credit Facility (Details Textual) $ in Thousands	Jan. 05, 2022 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 16, 2025 USD ($)	Sep. 15, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jul. 26, 2022 USD ($)
Credit Agreement [Member]
Debt Instrument, Term (Year)	4 years
Debt Instrument, Face Amount	$ 15,000						$ 20,000		$ 20,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 100,000
Debt Instrument, Covenant, Ratio of Total Debt to EBITDAX	3
Debt Instrument, Covenant, Ratio of Consolidated Current Assets to Consolidated Current Liabilities	1
Debt Issuance Costs, Net		$ 53		$ 53
Long-Term Debt, Gross		0		0				$ 0
Interest Expense, Debt		$ 0	$ 77	$ 0	$ 307
Debt Instrument, Unused Borrowing Fee, Percent		0.50%		0.50%
Credit Agreement [Member] \| Minimum [Member]
Debt Instrument, Covenant, Restricted Payment, Percentage of Existing Borrowing Base	20.00%
Credit Agreement [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Credit Agreement [Member] \| Applicable Margin [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Credit Agreement [Member] \| Applicable Margin [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Amended Credit Agreement [Member]
Debt Instrument, Face Amount						$ 10,000
Debt Issuance Costs, Net		$ 60		$ 60

Note 3 - Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended September 30,*					*Nine Months Ended September 30,*
	*2025*			*2024*		*2025*		*2024*
	(in thousands)
Revenue:
Rockies
Oil	$	1,097		$	1,851	$	4,012	$	5,614
Natural gas and liquids		26			45		129		127
Total	$	1,123		$	1,896	$	4,141	$	5,741

West Texas, South Texas, and Gulf Coast
Oil	$	61		$	1,107	$	715	$	4,513
Natural gas and liquids		(91	)		-		19		114
Total	$	(30	)	$	1,107	$	734	$	4,627

Mid-Continent
Oil	$	429		$	1,417	$	474	$	4,447
Natural gas and liquids		216			537		610		1,579
Total	$	645		$	1,954	$	1,084	$	6,026

Combined Total	$	1,738		$	4,957	$	5,959	$	16,394

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	*Nine Months Ended*
	*September 30,*
	*2025*			*2024*
Purchaser A		51	%		26	%
Purchaser B		17	%		26	%
Purchaser C		6	%		4	%

Note 9 - Shareholders' Equity - Stock Option Activity (Details) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Stock options outstanding and exercisable (in shares)	16,500	22,176
Stock options outstanding and exercisable, exercise price (in dollars per share)	$ 10	$ 30.48

Note 9 - Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

September 30, 2025

December 31, 2024

Weighted

Average

Number of

Exercise

Number of

Exercise

Shares

Price

Shares

Price

Stock options outstanding and exercisable

16,500

10.00

22,176

30.48

Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

Options Outstanding and Exercisable

Exercise

Weighted

Remaining

Price

Average

Contractual

Number of

Range

Exercise

Term

Shares

Low

High

Price

(years)

16,500

7.20

11.60

10.00

2.0

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

				*Weighted-Avg.*
				*Grant Date*
				*Fair Value*
	*Shares*			*Per Share*

Non-vested restricted stock as of December 31, 2024		1,450,695		$	1.41
Granted		1,140,000		$	2.03
Vested		(1,023,515	)	$	1.58
Forfeited		(76,000	)	$	2.03
Non-vested restricted stock as of September 30, 2025		1,491,180		$	1.74

Class of Treasury Stock [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(in thousands)

Shares repurchased		-		19		197		483
Weighted average price per share	$	-	$	1.050	$	1.610	$	1.090
Value of shares repurchased	$	-	$	20	$	316	$	526

Note 15 - Supplemental Disclosures of Cash Flow Information

9 Months Ended

Sep. 30, 2025

Cash Flow, Supplemental Disclosures [Text Block]

15. SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

	*Nine Months Ended*
	*September 30, 2025*			*September 30, 2024*
	(in thousands)
Cash paid for interest	$	-		$	(511	)
Cash received for income taxes		-			(70	)

Investing activities:
Change in capital expenditure accruals		(305	)		(287	)
Common stock issued for acquisition of industrial gas properties		(2,632	)		(2,678	)
Asset retirement obligations		(1,900	)		(1,680	)
Financing activities:
Accrual for repurchase of common stock		-			58

Note 11 - Income Taxes (Details Textual) - USD ($) Pure in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Effective Income Tax Rate Reconciliation, Percent			0.00%	0.00%
Unrecognized Tax Benefits, Period Increase (Decrease)	$ 0	$ 0	$ 0	$ 0

Note 4 - Leases

9 Months Ended

Sep. 30, 2025

Lessee, Operating Leases [Text Block]

4. LEASES

The Company’s operating lease right-of-use asset and lease obligation are recognized at their discounted present value under the following captions in the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024:

	*September 30, 2025*		*December 31, 2024*
	(in thousands)
Right-of-use asset	$	400	$	528
Lease liability
Current lease obligation	$	206	$	196
Long-term lease obligation		259		415
Total lease liabilities	$	465	$	611

The Company recognizes lease expense on a straight-line basis excluding short-term and variable lease payments, which are recognized as incurred. Short-term lease cost represents payments for oilfield equipment with original lease terms less than one year. The following are the amounts recognized as components of lease cost for the three and nine months ended September 30, 2025 and 2024:

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(in thousands)
Operating lease cost	$	49	$	49	$	146	$	146
Short-term lease cost		34		27		94		377
Total lease costs	$	83	$	76	$	240	$	523

The Company’s Houston office operating lease does not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases.

	*As of September 30,*
	*2025*			*2024*
	(in thousands)
Weighted average lease term (years)		2.2			3.2
Weighted average discount rate		4.25	%		4.25	%

Maturity of operating lease liabilities with terms of one year or more as of September 30, 2025 is presented in the following table:

	*September 30, 2025*
	(in thousands)
2025	$	55
2026		224
2027		210
Total lease payments	$	489
Less: imputed interest		(24	)
Total lease liability	$	465

Note 14 - Other Current Assets and Accounts Payable and Accrued Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Prepaid expenses	$ 345	$ 119
Joint interest billings receivable	106	378
Income tax receivable	27	28
Other	106	47
Total other current assets	$ 584	$ 572

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2025	Sep. 30, 2025
Trading Arrangements, by Individual [Table]
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information. (c) Rule 10b5-1 Trading Plans. Our directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended September 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f)) adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Rule 10b5-1 Arrangement Terminated [Flag]	false
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 5 - Oil and Natural Gas Producing Activities (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) $ / item	Sep. 30, 2024 USD ($)
Oil and Gas Property, Ceiling Test, Discount Rate			10.00%
Impairment, Oil and Gas, Property with Unproved and Proved Reserves \| $	$ 869	$ 1,424	$ 3,628	$ 6,843
Crude Oil [Member]
Oil and Gas, Average Sale Price Per Unit (in USD per Per Share)			67.45
Natural Gas and Natural Gas Liquids (NGL) [Member]
Oil and Gas, Average Sale Price Per Unit (in USD per Per Share)			3.1

Note 6 - Credit Facility

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Text Block]

6. Credit Facility

On January 5, 2022, the Company entered into a four-year credit agreement (“Credit Agreement”) with FirstBank Southwest (“FirstBank”) as administrative agent for one or more lenders (the “Lenders”), which provided for a revolving line of credit with an initial borrowing base of $15 million, and a maximum credit amount of $100 million. Borrowings under the Credit Agreement are collateralized by a first priority, perfected lien and security interests on substantially all assets of the Company (subject to permitted liens and other customary exceptions). On July 26, 2022, the Company entered into a letter agreement with FirstBank whereby it increased the borrowing base under the Credit Agreement from $15 million to $20 million. Under the Credit Agreement, revolving loans may be borrowed, repaid and re-borrowed until January 5, 2026, when all outstanding amounts must be repaid.

Under the Credit Agreement, revolving loans may be borrowed, repaid and re-borrowed until January 5, 2026, when all outstanding amounts must be repaid. Interest on the outstanding amounts under the Credit Agreement will accrue at an interest rate equal to the greater of (i) the prime rate in effect on such day, and (ii) the Federal Funds rate in effect on such day (as determined in the Credit Agreement) plus 0.50%, and an applicable margin that ranges between 0.25% to 1.25% depending on utilization of the amount of the borrowing base (the “Applicable Margin”). Interest expense from drawn balances recognized on the Credit Agreement and the weighted average interest rates for the three and nine months ended September 30, 2025 and 2024 are presented in the following table:

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*
	(in thousands)
Interest expense	$	-		$	77		$	-		$	307
Weighted average interest rate		0.0	%		9.3	%		0.0	%		9.2	%

The Credit Agreement contains various restrictive covenants and compliance requirements, which include: (i) maintenance of certain financial ratios, as defined in the Credit Agreement tested quarterly, that limit the Company’s ratio of total debt to EBITDAX (as defined in the Credit Agreement) to 3:1 and require its ratio of consolidated current assets to consolidated current liabilities (as each is described in the Credit Agreement) to remain at 1:1 or higher; (ii) restrictions on making restricted payments as defined in the Credit Agreement, including the payment of cash dividends and repurchases of equity interests (subject to certain limited rights to make restricted payments as long as no event of default has occurred, or would result from the restricted payment, certain financial ratios are met and the borrowing availability after giving pro forma effect to any borrowing to be made on the date of the restricted payment is greater than, or equal to, 20% of the then existing borrowing base); (iii) limits on the incurrence of additional indebtedness; (iv) a prohibition on the entry into commodity swap contracts exceeding a specified percentage of our expected production; and (v) restrictions on the disposition of assets.

On September 16, 2025, effective August 1, 2025, the Company entered into a First Amendment to Credit Agreement and Limited Waiver ("Amendment") with FirstBank, as administrative agent for the lenders party thereto, and such lenders. Significant revisions made to the Credit Amendment as a result of the Amendment include extending the maturity date of amounts owed from January 5, 2026 to May 31, 2029, lowering the borrowing base from $20.0 million to $10.0 million and deferring the next test period for the ratio of total debt to EBITDAX to March 31, 2026. The Company expensed $53 thousand of remaining capitalized deferred financing costs associated with the Credit Agreement during the third quarter of 2025 and capitalized $60 thousand of deferred financing costs attributable to the Amendment.

There were no amounts outstanding on the Amendment or Credit Agreement as of September 30, 2025 and December 31, 2024, and the Company incurred no cash interest expense. The Company incurs a 0.5 percent fee annually on the unused portion of the amended borrowing base.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 4 - Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
2025	$ 55
2026	224
2027	210
Total lease payments	489
Less: imputed interest	(24)
Total lease liability	$ 465	$ 611

Note 9 - Shareholders' Equity - Restricted Stock Activity (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Non-vested restricted stock (in shares) \| shares	1,450,695
Non-vested restricted stock, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.41
Granted (in shares) \| shares	1,140,000
Granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 2.03
Vested (in shares) \| shares	(1,023,515)
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.58
Forfeited (in shares) \| shares	(76,000)
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 2.03
Non-vested restricted stock (in shares) \| shares	1,491,180
Non-vested restricted stock, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 1.74

Note 4 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Right-of-use asset	$ 400		$ 400		$ 528
Current lease obligation	206		206		196
Long-term lease obligation	259		259		415
Total lease liabilities	465		465		$ 611
Operating lease cost	49	$ 49	146	$ 146
Short-term lease cost	34	27	94	377
Total lease costs	$ 83	$ 76	$ 240	$ 523
Weighted average lease term (years) (Year)	2 years 2 months 12 days	3 years 2 months 12 days	2 years 2 months 12 days	3 years 2 months 12 days
Weighted average discount rate	4.25%	4.25%	4.25%	4.25%

Note 7 - Commodity Derivatives - Schedule of Derivative Gains (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total commodity derivative settlement gain (loss)	$ 0	$ 1,856	$ 0	$ 2,381
Commodity derivative gain, net	0	2,030	0	537
Oil Contracts [Member]
Total commodity derivative settlement gain (loss)	0	1,856	0	2,381
Commodity derivative gain, net	$ 0	$ 2,030	$ 0	$ 537

Note 12 - Income (Loss) Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive securities (in shares)	1,508	1,370	1,508	1,370
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	17	22	17	22
Restricted Stock [Member]
Antidilutive securities (in shares)	1,491	1,348	1,491	1,348

Note 9 - Shareholders' Equity - Schedule of Stock Option by Exercise Price (Details) - Exercise Price Range 1 [Member]	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Options outstanding, number of shares (in shares) \| shares	16,500
Options Outstanding, lower exercise price range (in dollars per share)	$ 7.2
Options outstanding, upper exercise price range (in dollars per share)	11.6
Options outstanding, weighted average exercise price (in dollars per share)	$ 10
Options outstanding, remaining contractual term (Year)	2 years

Note 13 - Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Text Block]

13. FAIR VALUE MEASUREMENTS

The Company’s fair value measurements are estimated pursuant to a fair value hierarchy that requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, giving highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability, and may affect the valuation of the assets and liabilities and their placement within the hierarchy level. The three levels of inputs that may be used to measure fair value are defined as:

Level 1 - Quoted prices for identical assets and liabilities traded in active markets.

Level 2 - Observable inputs other than Level 1 that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in active markets, or other observable inputs that can be corroborated by observable market data.

Level 3 - Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies used for complex financial instruments measured at fair value:

Recurring Fair Value Measurements

Marketable Equity Securities

We measure the fair value of marketable equity securities based on quoted market prices obtained from independent pricing services. The Company has an investment in the marketable equity securities of Anfield Energy (“Anfield”), which it acquired as consideration for sales of certain mining operations. Anfield is traded in an active market under the trading symbol AEC:TSXV and has been classified as Level 1.

We have approximately 32.3 thousand shares of marketable equity securities valued at $309 thousand and $131 thousand as of September 30, 2025 and December 31, 2024. The stock split for Anfield Energy Inc. on August 1, 2025, was a 1-for-75 reverse stock split.

Credit Facility

The Company’s credit facility approximates fair value because the interest rate is variable and reflective of market rates.

Other Financial Instruments

The carrying value of financial instruments included in current assets and current liabilities approximate fair value due to the short-term nature of those instruments.

Nonrecurring Fair Value Measurements

Asset Retirement Obligations

The Company measures the fair value of asset retirement obligations as of the date a well is acquired, the date a well begins drilling, or the date the Company revises its ARO assumptions. The Company’s estimated AROs are based on historical experience in plugging and abandoning wells, estimated economic lives, estimated plugging and abandonment costs and federal and state regulatory requirements, all unobservable inputs, and therefore, are designated as Level 3 within the valuation hierarchy. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised upwards. The credit adjusted risk-free rate used to discount the Company’s plugging and abandonment liabilities range from 7.30% to 19.00%. See Note 10-Asset Retirement Obligations.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares)	25,333,870
Balance (in shares) at Dec. 31, 2023	25,333,870
Balance at Dec. 31, 2023	$ 253	$ 218,403	$ (172,134)	$ 46,522
Stock-based compensation	$ 0	200	0	200
Vesting of restricted stock awards (in shares)	426,104
Vesting of restricted stock awards	$ 4	(4)	0	0
Tax withholding for restricted stock vesting (in shares)	(98,761)
Tax withholding for restricted stock vesting	$ (1)	(104)	0	(105)
Share repurchases	(3)	(334)	0	(337)
Net loss	$ 0	0	(9,537)	(9,537)
Balance (in shares) at Mar. 31, 2024	25,343,013
Balance at Mar. 31, 2024	$ 253	218,161	(181,671)	36,743
Balance (in shares) at Dec. 31, 2023	25,333,870
Balance at Dec. 31, 2023	$ 253	218,403	(172,134)	46,522
Share repurchases				(526)
Net loss				$ (13,758)
Share repurchases (in shares)				(483,000)
Balance (in shares) at Sep. 30, 2024	28,035,613
Balance at Sep. 30, 2024	$ 280	221,346	(185,892)	$ 35,734
Balance (in shares)	25,343,013
Balance (in shares) at Mar. 31, 2024	25,343,013
Balance at Mar. 31, 2024	$ 253	218,161	(181,671)	36,743
Stock-based compensation	$ 0	476	0	476
Vesting of restricted stock awards (in shares)	280,000
Vesting of restricted stock awards	$ 3	(3)	0	0
Tax withholding for restricted stock vesting (in shares)	(24,754)
Tax withholding for restricted stock vesting	$ 0	(27)	0	(27)
Share repurchases	(1)	(167)	0	(168)
Net loss	$ 0	0	(1,974)	(1,974)
Shares issued for acquisition (in shares)	2,600,000
Shares issued for acquisition	$ 26	2,652	0	2,678
Share repurchases (in shares)	(145,300)
Balance (in shares) at Jun. 30, 2024	28,052,959
Balance at Jun. 30, 2024	$ 281	221,092	(183,645)	37,728
Balance (in shares)	28,052,959
Stock-based compensation	$ 0	274	0	274
Vesting of restricted stock awards (in shares)	2,000
Vesting of restricted stock awards	$ 0	0	0	0
Tax withholding for restricted stock vesting (in shares)	(346)
Tax withholding for restricted stock vesting	$ (1)	0	0	(1)
Share repurchases	0	(20)	0	(20)
Net loss	$ 0	0	(2,247)	$ (2,247)
Share repurchases (in shares)	(19,000)			(19,000)
Balance (in shares) at Sep. 30, 2024	28,035,613
Balance at Sep. 30, 2024	$ 280	221,346	(185,892)	$ 35,734
Balance (in shares)	28,035,613
Balance (in shares)	27,903,197
Balance (in shares) at Dec. 31, 2024	27,903,197
Balance at Dec. 31, 2024	$ 279	221,460	(197,918)	23,821
Stock-based compensation	$ 0	471	0	471
Vesting of restricted stock awards (in shares)	851,515
Vesting of restricted stock awards	$ 9	(9)	0	0
Tax withholding for restricted stock vesting (in shares)	(203,281)
Tax withholding for restricted stock vesting	$ (2)	(322)	0	(324)
Share repurchases	(1)	(233)	0	(234)
Net loss	$ 0	0	(3,111)	(3,111)
Shares issued for acquisition (in shares)	1,400,000
Shares issued for acquisition	$ 14	2,618	0	2,632
Share repurchases (in shares)	(125,600)
Balance (in shares) at Mar. 31, 2025	34,061,831
Balance at Mar. 31, 2025	$ 342	234,244	(201,029)	33,558
Shares sold in underwritten offering, net of offering costs $1,032 (in shares)	4,871,400
Shares sold in underwritten offering, net of offering costs $1,032	$ 49	11,828	0	11,877
Shares repurchased from related party (in shares)	(635,400)
Shares repurchased from related party	$ (6)	(1,568)	0	(1,574)
Balance (in shares) at Dec. 31, 2024	27,903,197
Balance at Dec. 31, 2024	$ 279	221,460	(197,918)	23,821
Share repurchases				(316)
Net loss				$ (12,510)
Share repurchases (in shares)				(197,000)
Balance (in shares) at Sep. 30, 2025	34,143,549
Balance at Sep. 30, 2025	$ 343	235,124	(210,428)	$ 25,039
Balance (in shares)	34,061,831
Balance (in shares) at Mar. 31, 2025	34,061,831
Balance at Mar. 31, 2025	$ 342	234,244	(201,029)	33,558
Stock-based compensation	$ 0	563	0	563
Vesting of restricted stock awards (in shares)	50,000
Vesting of restricted stock awards	$ 1	0	0	1
Tax withholding for restricted stock vesting (in shares)	(18,211)
Tax withholding for restricted stock vesting	$ (0)	(22)	0	(22)
Share repurchases	(1)	(82)	0	(83)
Net loss	$ 0	0	(6,058)	(6,058)
Share repurchases (in shares)	(71,800)
Balance (in shares) at Jun. 30, 2025	34,021,820
Balance at Jun. 30, 2025	$ 342	234,704	(207,087)	27,960
Balance (in shares)	34,021,820
Stock-based compensation	$ 0	420	0	420
Vesting of restricted stock awards (in shares)	122,000
Vesting of restricted stock awards	$ 1	0	0	1
Tax withholding for restricted stock vesting (in shares)	(271)
Tax withholding for restricted stock vesting	$ (0)	(0)	0	(0)
Share repurchases				0
Net loss	$ 0	0	(3,341)	$ (3,341)
Share repurchases (in shares)				0
Balance (in shares) at Sep. 30, 2025	34,143,549
Balance at Sep. 30, 2025	$ 343	$ 235,124	$ (210,428)	$ 25,039
Balance (in shares)	34,143,549

Note 12 - Income (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
	*2025*			*2024*			*2025*			*2024*
	(in thousands except per share data)
Net loss attributable to common shareholders	$	(3,341	)	$	(2,247	)	$	(12,510	)	$	(13,758	)

Basic weighted average common shares outstanding		32,793			28,052			33,631			26,304
Dilutive effect of potentially dilutive securities		-			-			-			-
Diluted weighted average common shares outstanding		32,793			28,052			33,631			26,304

Basic and Diluted net loss per share	$	(0.10	)	$	(0.08	)	$	(0.37	)	$	(0.52	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(in thousands)
Stock options		17		22		17		22
Unvested shares of restricted stock		1,491		1,348		1,491		1,348
Total		1,508		1,370		1,508		1,370

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (12,510)	$ (13,758)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation, depletion, accretion, and amortization	3,053	6,392
Impairment of oil and natural gas properties	3,628	6,843
Loss on sale of assets	434	0
Deferred income taxes	0	(14)
Total commodity derivatives losses, net	0	(537)
Commodity derivative settlements received	0	2,381
Loss (gain) on marketable equity securities	(180)	57
Impairment and loss on real estate held for sale	0	11
Amortization of debt issuance costs	100	37
Stock-based compensation	1,454	950
Right-of-use asset amortization	129	123
Changes in operating assets and liabilities:
Oil and natural gas sales receivable	807	920
Accounts payable and accrued liabilities	(1,792)	80
Accrued compensation and benefits	(791)	(91)
Other operating assets and liabilities, net	(613)	(503)
Net cash provided by (used in) operating activities	(6,281)	2,891
Cash flows from investing activities:
Acquisition of industrial gas properties	(2,128)	(2,368)
Property and equipment expenditures	(4)	(189)
Net proceeds from sale of oil and natural gas properties	134	5,866
Proceeds from sale of real estate assets	0	139
Net cash provided by (used in) investing activities	(9,668)	691
Cash flows from financing activities:
Borrowings on credit facility	0	2,000
Payments on credit facility	0	(7,000)
Payments on insurance premium finance note	0	(62)
Tax withholding for restricted stock awards vesting	(346)	(132)
Repurchases of common stock	(316)	(584)
Related party share repurchase	(1,574)	0
Proceeds from underwritten offering	11,877	0
Net cash provided by (used in) financing activities	9,641	(5,778)
Net change in cash and equivalents	(6,308)	(2,196)
Cash and equivalents, beginning of period	7,723	3,351
Cash and equivalents, end of period	1,415	1,155
Industrial Gas Properties [Member]
Cash flows from investing activities:
Capital expenditures	(7,653)	(1,599)
Oil and Natural Gas Properties [Member]
Cash flows from investing activities:
Capital expenditures	$ (18)	$ (1,158)

Note 11 - Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Text Block]

11. INCOME TAXES

The Company’s tax provision or benefit from income taxes for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items, if any. Each quarter the Company updates its estimate of the annual effective tax rate and makes a year-to-date adjustment to the provision. The Company’s effective tax rate was approximately 0% and 0% for the three and nine months ended September 30, 2025 and 2024, respectively. The primary difference in the Company’s effective tax rate and the statutory rate for both periods is related to the movement in the valuation allowance against the Company’s net deferred tax assets.

Deferred taxes are recognized for the expected future tax consequences of temporary differences between the financial statement and tax basis of assets, liabilities, net operating losses and tax credit carry-forwards. We review our deferred tax assets (“DTAs”) and valuation allowance on a quarterly basis. As part of our review, we consider positive and negative evidence, including cumulative results in recent years. The January 5, 2022 transaction triggered an Internal Revenue Code ("IRC") Section 382 ownership change, and therefore placed additional limitations on the Company’s pre-transaction net operating loss ("NOL") and other tax attributes. No additional ownership changes have occurred since then.

The Company recognizes, measures, and discloses uncertain tax positions whereby tax positions must meet a “more-likely-than-not” threshold to be recognized. During the three and nine months ended September 30, 2025 and 2024, no adjustments were recognized for uncertain tax positions.

The Company is subject to examination by the Internal Revenue Service (IRS) and various state tax authorities. The Company is currently under examination by IRS for the 2023 tax year. While the outcome of this examination cannot be predicted, management does not expect the results to have a material effect on the condensed consolidated financial statements.

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Note 15 - Supplemental Disclosures of Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash paid for interest	$ 0	$ (511)
Cash received for income taxes	0	(70)
Change in capital expenditure accruals	(305)	(287)
Common stock issued for acquisition of industrial gas properties	(2,632)	(2,678)
Asset retirement obligations	(1,900)	(1,680)
Accrual for repurchase of common stock	$ 0	$ 58

Note 2 - Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2025

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

2. ACQUISITIONS AND DIVESTITURES

Acquisition of industrial gas acreage

On January 7, 2025, the Company entered into, and simultaneously closed the related party transactions contemplated by, a Purchase and Sale Agreement (the “Synergy Purchase Agreement”), with Synergy Offshore LLC (“Synergy”). Synergy is controlled by Mr. Duane H. King, a member of the Board of Directors of the Company, who serves as the Chief Executive Officer and Manager of Synergy, and John A. Weinzierl, the Company’s Chairman, who was an approximate sixty percent beneficial owner of Synergy at the time of the entry into the purchase and sale agreement.

Pursuant to the Synergy Purchase Agreement, the Company purchased from Synergy, 24,000 net operated acres located across the Kevin Dome structure in Toole County, Montana, which are highly contiguous to the 144,000 net acres located across the Kevin Dome structure in Toole County, Montana acquired by the Company in June 2024 from Wavetech Helium, Inc. ("Wavetech"), including all leases, wells, rights and interests in, under or derived from all communalization, unitization, or pooling agreements or pooling orders, easements, mineral interests, contracts, production, equipment, claims, receivables, indemnities, permits, seismic studies and records, associated therewith (collectively, the “Property”), subject to Synergy retaining an undivided twenty percent (20.00%) of Synergy’s right, title, and interest in the Property, and certain excluded assets (the “Synergy Reserved Interest”).

The Property was acquired in consideration for (a) $2.0 million in cash, subject to customary adjustments; (b) 1,400,000 shares of the Company’s common stock (representing 4.76% of the Company’s outstanding common stock at the time of the entry into the Purchase Agreement) (the “Closing Shares”); (c) a carried working interest whereby the Company agreed to cover and pay for 100% of Synergy’s costs attributable to the Synergy Reserved Interest, until the earlier of (i) 78 months from the closing date; or (ii) the date the total costs associated therewith total $20 million; (d) the Company's agreement to pay Synergy 18% of the cash amounts it actually realizes from our sequestration of carbon oxides or similar substances derived directly from the area of mutual interest (“AMI”) surrounding the Property; and (e) the Company's agreement to pay Synergy 18% of the gain we may receive in connection with the sale of the future, first, gas processing plant located on the Property (which includes any expansions connected to the initial installation that processes production from within the AMI in which the Company has a financial interest), in the same form as the consideration we receive upon such sale. Total consideration was $4.7 million. The transaction was accounted for as an asset acquisition and recorded as an unevaluated industrial gas asset upon closing.

Divestitures

In 2025, we entered into a negotiated post-closing cash settlement and recognized an additional loss of $424 thousand on our $6.825 million divestment in Henderson, Anderson, Liberty and Chambers County, Texas that closed on December 31, 2024. In 2025, the Company also closed on the sale of a portion of our operated Wyoming properties for approximately $500 thousand. Proceeds from the Wyoming divestiture were recorded as an adjustment to the full cost pool. The removal of the related asset retirement obligation was recorded as an adjustment to accumulated depreciation, depletion and amortization with no gain or loss recognized in the Condensed Consolidated Statements of Operations.

Note 1 - Organization, Operations and Significant Accounting Policies (Details Textual)	9 Months Ended
	Sep. 30, 2025
Number of Operating Segments	1
Number of Reportable Segments	1

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue:
Revenue	$ 1,738	$ 4,957	$ 5,959	$ 16,394
Operating expenses:
Lease operating expenses	1,037	3,060	4,163	9,322
Gathering, transportation and treating	8	43	26	170
Production taxes	136	298	432	1,008
Depreciation, depletion, accretion and amortization	816	2,032	3,053	6,392
Impairment of oil and natural gas properties	869	1,424	3,628	6,843
Exploration Expense	128	0	174	0
General and administrative expenses	2,113	2,252	6,754	6,549
Loss on sale of assets	10	0	434	0
Total operating expenses	5,117	9,109	18,664	30,284
Operating loss	(3,379)	(4,152)	(12,705)	(13,890)
Other income (expense):
Commodity derivative gain, net	0	2,030	0	537
Interest expense, net	(72)	(93)	(167)	(344)
Other income, net	110	(52)	362	(67)
Total other income	38	1,885	195	126
Net loss before income taxes	(3,341)	(2,267)	(12,510)	(13,764)
Income tax expense	0	20	0	6
Net loss	$ (3,341)	$ (2,247)	$ (12,510)	$ (13,758)
Basic and diluted weighted average shares outstanding (in shares)	32,793,272	28,052,356	33,630,832	26,304,200
Basic and diluted loss per share (in dollars per share)	$ (0.1)	$ (0.08)	$ (0.37)	$ (0.52)
Oil Sales[Member]
Revenue:
Revenue	$ 1,587	$ 4,375	$ 5,201	$ 14,574
Natural Gas, Midstream [Member]
Revenue:
Revenue	$ 151	$ 582	$ 758	$ 1,820

Note 16 - Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Text Block]

16. SUBSEQUENT EVENTS

Expected Write-Down of Oil and Natural Gas Properties

Under the full-cost method of accounting, the net book value of proved oil and natural gas properties, less related deferred income taxes, may not exceed a calculated “ceiling.” The ceiling limitation is the estimated after-tax future net cash flows from proved oil and natural gas reserves. Estimated future net cash flows are calculated using the unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, adjusted for location and quality differentials, held flat for the life of the production (except where prices are defined by contractual arrangements), less estimated operating costs, production taxes and future development costs, all discounted at 10 percent per annum. Future cash outflows associated with settling accrued asset retirement obligations are excluded from the calculation.

We expect to record a further write-down of our oil and natural gas properties in the fourth quarter of 2025 due to lower commodity prices used in the calculation of the ceiling test as higher third quarter 2024 commodity prices will be removed from the ceiling test calculation and replaced with what we expect to be lower fourth quarter 2025 commodity prices. Depending on actual commodity prices, estimated price differentials, lease operating costs, revisions to reserve estimates, and the amount and timing of capital expenditures, the write-down could be approximately $0.8 million to $1.8 million in the fourth quarter of 2025.

Credit Facility

Subsequent to September 30, 2025, the Company borrowed $1.0 million under its Credit Agreement.

Committed Equity Facility

On October 9, 2025, the Company entered into a Common Stock Purchase Agreement and related Registration Rights Agreement with Roth Principal Investments, LLC (“Roth Principal”), providing a discretionary equity facility of up to $25.0 million. Following SEC effectiveness of a resale registration statement, the Company may, at its option over 24 months from the date the resale registration is declared effective and certain other conditions are met, sell shares of common stock to Roth Principal at a price based on the Nasdaq volume weighted average prices during a specific pricing period, less a 2.5% discount, subject to pricing and ownership limits. The facility is capped at 19.99% of outstanding shares of the Company’s common stock as of the date of the Company’s entry into the Common Stock Purchase Agreement, absent shareholder approval or satisfaction of the Nasdaq pricing exemption and includes a 4.99% beneficial-ownership blocker. As consideration, the Company paid a $25 thousand structuring fee, issued 223,141 shares of common stock as a partial commitment fee (valued at $270,000)(the “Stock Commitment Fee”), agreed to a $180 thousand cash commitment fee, and to reimburse legal fees. Proceeds, if any, are expected to be used for working capital and general corporate purposes. Under the Purchase Agreement, the Company may be required to make a cash “make-whole” payment of up to $270,000 (the value of the Stock Commitment Fee”) if, under certain conditions, Roth Principal receives less than $270,000 in total cash proceeds from the resale of such shares before certain specified dates. In such a case, Roth Principal would return to the Company for cancellation any unsold commitment shares.

Divestiture

On October 21, 2025, the Company divested its operated West Texas assets for net proceeds of $60 thousand that were recorded against the full cost pool. The buyer assumed the associated retirement obligations, and the Company will reflect a reduction in ARO of approximately $5.1 million in the fourth quarter of 2025.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2025	Nov. 12, 2025
Document Information [Line Items]
Entity Central Index Key	0000101594
Entity Registrant Name	US ENERGY CORP
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	000-06814
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0205516
Entity Address, Address Line One	1616 S. Voss Road, Suite 725
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77057
City Area Code	346
Local Phone Number	509-8734
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	USEG
Security Exchange Name	NASDAQ
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		34,405,143

Note 5 - Oil and Natural Gas Producing Activities

9 Months Ended

Sep. 30, 2025

Oil and Gas, Property and Equipment [Text Block]

5. OIL AND NATURAL GAS PRODUCING ACTIVITIES

Full Cost Method Ceiling Test and Impairment

The reserves used in the ceiling test incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In the calculation of the ceiling test as of September 30, 2025, the Company used $67.45 per barrel for oil and $3.10 per one million British Thermal Units for natural gas (as further adjusted for property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. The Company recorded $0.9 million and $3.6 million ceiling test write-downs of its oil and natural gas properties during the three and nine months ended September 30, 2025, respectively, due to the reduction in the value of proved oil and natural gas reserves primarily as a result of a decrease in crude oil prices and reserve reductions from recent divestitures.

The Company recorded $1.4 million and $6.8 million ceiling test write-downs of its oil and natural gas properties during the three and nine months ended September 30, 2024, due to a reduction in the value of proved oil and natural gas reserves primarily as a result of a decrease in crude oil and natural gas prices, as well as reserves revisions related to wells shut-in during the first quarter of 2024 and updates to the decline curves for certain wells.

Note 4 - Leases (Tables)

9 Months Ended

Sep. 30, 2025

Lease, Cost [Table Text Block]

	*September 30, 2025*		*December 31, 2024*
	(in thousands)
Right-of-use asset	$	400	$	528
Lease liability
Current lease obligation	$	206	$	196
Long-term lease obligation		259		415
Total lease liabilities	$	465	$	611

	*Three Months Ended September 30,*				*Nine Months Ended September 30,*
	*2025*		*2024*		*2025*		*2024*
	(in thousands)
Operating lease cost	$	49	$	49	$	146	$	146
Short-term lease cost		34		27		94		377
Total lease costs	$	83	$	76	$	240	$	523

	*As of September 30,*
	*2025*			*2024*
	(in thousands)
Weighted average lease term (years)		2.2			3.2
Weighted average discount rate		4.25	%		4.25	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

	*September 30, 2025*
	(in thousands)
2025	$	55
2026		224
2027		210
Total lease payments	$	489
Less: imputed interest		(24	)
Total lease liability	$	465

Note 7 - Commodity Derivatives

9 Months Ended

Sep. 30, 2025