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)
9 Months Ended
Sep. 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.
Nine Months Ended
(In thousands) September 30, 2019
Revenues $ 441,716 
Net Income 11,564 
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 11,708 
  Unsecured VEN Bakken Note 128,660 
Total fair value of consideration transferred $ 315,280