Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2019

Acquisitions and Divestitures

Acquisitions and Divestitures

4. ACQUISITIONS AND DIVESTITURES

Louisiana Divestiture

In September 2018, we entered into a purchase and sale agreement to sell certain non-operated production assets located in Louisianafor cash consideration of approximately $1.3 million (the “Louisiana Divestiture”). The Louisiana Divestiture closed on October 22, 2018, and we recorded a gain of approximately $0.6 million on the sale.

Briggs Divestiture

In April 2018, we entered into a purchase and sale agreement to sell specified wellbores and related assets and interests in La Salle County Texas (the “Briggs Assets”) for cash consideration of approximately $4.2 million (the “Briggs Divestiture”). In addition, other than limited obligations that we retained, the buyer of the Briggs Assets agreed to assume all obligations relating to the Briggs Assets, including all plugging and abandonment costs that may arise on or after March 1, 2018. The Briggs Divestiture closed April 30, 2018, and we recorded a gain of approximately $1.8 million on the sale.

Cola Divestiture

In April 2018, we entered into multiple purchase and sale agreements to sell certain non-operated production assets located in Oklahoma for total cash consideration of approximately $1.0 million (collectively, the “Cola Divestiture”). Each of the divestitures closed by May 8, 2018, and we recorded a total gain of approximately $1.1 million on the sales.