Note 7 - Oil and Gas Property Acquisition |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2019 | |||
| Notes to Financial Statements | |||
| Mergers, Acquisitions and Dispositions Disclosures [Text Block] |
On
June 26, 2019, we entered into a purchase and sale agreement with ExxonMobil Corporation and certain of their subsidiaries (collectively "ExxonMobil") to acquire their interests in and operatorship of oil and gas producing properties in the eastern region of the Gulf of Mexico ("GOM") offshore Alabama and a related processing facility for $200 million, subject to customary post-effective date adjustments for an effective date of January 1, 2019. The acquisition will be funded from our cash on hand and borrowings under our Credit Agreement at closing date. The transaction includes nine GOM offshore producing fields and an onshore treating facility that are adjacent to existing properties owned and operated by us. The acquisition is expected to close on or about August
30, 2019. As of June 30, 2019, a deposit of $10.0 million was made related to the pending acquisition. |
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- References No definition available.
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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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