Quarterly report pursuant to Section 13 or 15(d)

CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

v3.20.2
CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)
6 Months Ended
Jun. 30, 2020
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 the acquisition as of January 1, 2019, or that would be attained in the future.
Three Months Ended Six Months Ended
(In thousands) June 30, 2019 June 30, 2019
Revenues $ 221,347    $ 207,832   
Net Income (Loss) 54,468    (85,275)  
VEN Bakken 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 $ 324,974   
  Asset retirement cost 2,680   
Total assets acquired 327,654   
  Asset retirement obligations (2,680)  
  Derivative instruments (9,694)  
Net assets acquired $ 315,280   
Fair value of consideration paid for net assets:
  Cash consideration $ 174,912   
  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 $ 315,280