Annual report pursuant to Section 13 and 15(d)

CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

v3.20.4
CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)
12 Months Ended
Dec. 31, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Fair values of the net assets and liabilities as of the date of acquisition 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 
Summarized unaudited pro forma information The summarized unaudited pro forma information may not be indicative of the results that would have occurred had the Company completed this acquisition on the date indicated, or that would be attained in the future.
Year Ended December 31,
(In thousands) 2019
Revenues $ 500,728 
Net Loss $ (95,812)
Summary of capitalized costs excluded from depletion The following is a summary of capitalized costs excluded from depletion at December 31, 2020 by year incurred.
  December 31,
(In thousands) 2020 2019 2018 Prior Years
Property Acquisition $ 308  $ 4,302  $ 4,487  $ 934 
Development —  —  —  — 
Total $ 308  $ 4,302  $ 4,487  $ 934