XML 29 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions
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 Energy, LLC (“Flatonia”), which owns approximately 10.5% of the outstanding Class A Common Stock and 4.7% of our Class A Common Stock and Class B Common Stock combined together as a single class as of March 31, 2018, is a party to a joint operating agreement (the “Operating Agreement”) with the Company. The Operating Agreement covers certain jointly owned oil and natural gas properties located in the Eagle Ford Trend in Texas. In connection with the Operating Agreement, the Company made payments to Flatonia of $6.2 million and $7.2 million and received payments from Flatonia of $2.1 million and $1.5 million for the three months ended March 31, 2018 and 2017, respectively. At March 31, 2018 and December 31, 2017, amounts receivable from Flatonia in connection with the Operating Agreement were $0.6 million and $1.3 million, respectively. There were no payables outstanding and due to Flatonia as of March 31, 2018 or December 31, 2017.
Our majority shareholder consists of various investment funds managed by a venture capital firm who may manage other investments in entities with which we interact in the normal course of business.