Quarterly report pursuant to Section 13 or 15(d)

CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

v3.10.0.1
CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)
6 Months Ended
Jun. 30, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Preliminary estimate of the fair values of the assets and liabilities
The following table reflects a preliminary estimate of the fair values of the net assets and liabilities as of the date of acquisition, which are subject to customary post-closing adjustments, during the period ended June 30, 2018:
 
 
(in thousands)
Fair value of net assets:
 
 
  Proved oil and natural gas properties
 
$
59,978

  Asset retirement cost
 
154

Total assets acquired
 
60,132

  Asset retirement obligations
 
(154
)
Net assets acquired
 
$
59,978

 
 
 
Fair value of consideration paid for net assets:
 
 
  Cash consideration
 
$
44,738

  Issuance of common stock (6 million shares at $2.54 per share)
 
15,240

Total fair value of consideration transferred
 
$
59,978