Quarterly report pursuant to Section 13 or 15(d)

CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

v3.19.3
CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)
9 Months Ended
Sep. 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 all of these acquisitions as of January 1, 2018, or that would be attained in the future.
Nine Months Ended Three Months Ended Nine Months Ended
(In thousands) September 30, 2019 September 30, 2018 September 30, 2018
Revenues $ 441,716    $ 176,312    $ 436,727   
Net Income (Loss) 11,564    34,725    (41,221)  
VEN Bakken LLC  
Asset Acquisition [Line Items]  
Preliminary estimate of the fair values of the assets and liabilities The following table reflects the preliminary 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 $ 322,128   
  Asset retirement cost 2,680   
Total assets acquired 324,808   
  Asset retirement obligations (2,680)  
  Derivative instruments (9,694)  
Net assets acquired $ 312,434   
Fair value of consideration paid for net assets:
  Cash consideration $ 172,066   
  Issuance of common stock (5.6 million shares at $2.09 per share)
11,708   
  Unsecured VEN Bakken Note 128,660   
Total fair value of consideration transferred $ 312,434   
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