Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

Note 13. Related Party Transactions

FASB ASC Topic 850, Related Party Disclosures, requires that information about transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance.

Flatonia, which owns approximately 13.3% of our common stock, is a party to a joint operating agreement (the “Operating Agreement”) with OVO.  This agreement was entered into prior to the closing of the Flatonia Contribution Agreement on December 19, 2014 under which PRP acquired shares of the Common Stock of the Company.  The operating agreement covers certain jointly owned oil and gas properties located in the Eagle Ford trend in Texas. In connection with the Operating Agreement, we made payments to Flatonia of $26.6 million and $33.9 million and received $21.7 million and $66.7 million in the years ended December 31, 2016 and 2015, respectively. Amounts receivable from Flatonia in connection with the Operating Agreement were $1.5 million and $3.9 million at December 31, 2016 and 2015, respectively. Amounts payable to Flatonia in connection with the Operating Agreement were $3.1 million and $16.4 million at December 31, 2016 and 2015, respectively.