|6 Months Ended|
Jun. 30, 2021
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENT||SUBSEQUENT EVENT
Permian Basin Acquisition
On May 28, 2021, the Company entered into a purchase and sale agreement (“PSA”), effective as of April 1, 2021, to acquire oil and gas properties in the Permian Basin. On August 2, 2021, the Company closed on the acquisition for total estimated consideration of $105.6 million in cash (which includes a $9.4 million deposit previously paid by the Company upon the execution of the PSA and held in escrow in accordance with the terms of the PSA). The Company has considered the disclosure requirements of ASC 805-10-50-2 and ASC 805-10-50-4 but has not included the required disclosures due to the timing of the transaction relative to the date of the report containing these condensed financial statements.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef