Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.19.1
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSFlywheel Acquisition On April 18, 2019, the Company entered into a purchase and sale agreement (the “VEN Purchase Agreement”) with VEN Bakken, LLC (“Seller”), pursuant to which the Company has agreed to acquire, effective as of July 1, 2019, certain oil and gas properties and interests. Seller is a wholly-owned subsidiary of Flywheel Bakken, LLC, a portfolio company of the Kayne Private Energy Income Funds. Upon a closing under the VEN Purchase Agreement, Seller will receive consideration of $165.0 million in cash, 5,602,147 shares of common stock and $130.0 million in principal amount of a 6.0% Senior Unsecured Promissory Note due 2022. The cash and promissory note portions of the consideration are subject to adjustments resulting from pre- and post-effective date revenue and expense allocation and procedures relating to customary title and environmental matters. The obligations of the parties to complete the transactions contemplated by the VEN Purchase Agreement are subject to the satisfaction or waiver of customary closing conditions set forth in the VEN Purchase Agreement. The anticipated closing date under the VEN Purchase Agreement is July 1, 2019.