Quarterly report pursuant to Section 13 or 15(d)

CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

v3.21.2
CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)
6 Months Ended
Jun. 30, 2021
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Fair Values of the 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 $ 138,807 
Unproved oil and natural gas properties 10,912 
Total assets acquired 149,719 
Asset retirement obligations (6,549)
Minimum volume commitment liability (3,442)
Net assets acquired $ 139,727 
Fair value of consideration paid for net assets:
Cash consideration $ 109,215 
Issuance of Common Stock Warrants (3.25 million shares at $14.00 per share)
30,512 
Total fair value of consideration transferred $ 139,727 
Summary of 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 the acquisition as of January 1, 2020, or that will be attained in the future.
Three Months Ended Six Months Ended Six Months Ended
(In thousands) June 30, 2020 June 30, 2020 June 30, 2021
Total Revenues $ (41,719) $ 476,648  $ 59,850 
Net Loss (901,427) (534,931) (180,297)