Quarterly report pursuant to Section 13 or 15(d)

CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

v3.19.2
CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)
6 Months Ended
Jun. 30, 2019
Asset Acquisition [Line Items]  
Pro forma information The summarized unaudited pro forma information may not be indicative of the results that would have occurred had the Company completed both of these acquisitions as of January 1, 2017, or that would be attained in the future.
(In thousands) 2018 2018
Revenues $ 107,465  $ 205,092 
Net Income (Loss) (80,590) (137,317)
W Energy Acquisition  
Asset Acquisition [Line Items]  
Preliminary estimate of the fair values of the assets and liabilities The following table reflects the fair values of the net assets and liabilities as of the date of acquisition:
(In thousands)
Fair value of net assets:
Proved oil and natural gas properties $ 341,633 
Asset retirement cost 939 
Total assets acquired 342,572 
Asset retirement obligations (939)
Net assets acquired $ 341,633 
Fair value of consideration paid for net assets:
Cash consideration $ 97,838 
Issuance of common stock (51.5 million shares at $4.29 per share)
220,836 
Contingent consideration 22,959 
Total fair value of consideration transferred $ 341,633 
Pivotal Entities  
Asset Acquisition [Line Items]  
Preliminary estimate of the fair values of the assets and liabilities The following table reflects fair values of the net assets and liabilities as of the date of acquisition:
(In thousands)
Fair value of net assets:
  Proved oil and natural gas properties $ 146,134 
  Asset retirement cost 644 
Total assets acquired 146,778 
  Asset retirement obligations (644)
Net assets acquired $ 146,134 
Fair value of consideration paid for net assets:
  Cash consideration $ 48,189 
  Issuance of common stock (25.8 million shares at $3.44 per share)
88,592 
  Contingent consideration 9,353 
Total fair value of consideration transferred $ 146,134 
Salt Creek Oil and Gas, LLC  
Asset Acquisition [Line Items]  
Preliminary estimate of the fair values of the assets and liabilities The following table reflects the fair values of the net assets and liabilities as of the date of acquisition:
(In thousands)
Fair value of net assets:
  Proved oil and natural gas properties $ 59,978 
  Asset retirement cost 154 
Total assets acquired 60,132 
  Asset retirement obligations (154)
Net assets acquired $ 59,978 
Fair value of consideration paid for net assets:
  Cash consideration $ 44,738 
  Issuance of common stock (6.0 million shares at $2.54 per share)
15,240 
Total fair value of consideration transferred $ 59,978