NOTE 13 - RELATED PARTY TRANSACTIONS

During the year ended December 31, 2019 and 2018, the Company was engaged in the following transactions with certain related parties:



		As of December 31,
Related Party	Transactions	2019			2018
		(In thousands)
Directors and Officers:
Värde Partners, Inc. (1)	The Company acquired oil and natural gas interests from VPD, an affiliate of Värde	$	—		$	10,705
	Receivable balance outstanding for operating costs associated with VPD's producing wells	—			1,843
	ImPetro Operating, LLC, a wholly-owned subsidiary of the Company is the operator for two of VPD's producing wells and VPD reimbursed the Company for operating charges	—			44
	Revenue payable balance due as of December 31, 2019 for revenue associated with VPD's producing wells	(157		)	—
	Payable to WLR for net proportionate share of production	(161		)	—
	Payable to WLWI for net proportionate share of production	(526		)
	Asset disposition accounted for as a financing arrangement	(36,833		)	—
	Total:	$	(37,677	)	$	12,592

⁽¹⁾Värde was the lead lender in the Company’s Second Lien Term Loan (see Note 11 - Long-Term Debt), is a major stockholder of the Company, and also participated in various transactions in 2018 and 2019 (which such transactions included the issuance of preferred stock to Värde Parties) (see Note 15 - Preferred Stock).

Additionally, on March 5, 2019, pursuant to the 2019 Transaction Agreement and the related payoff letter, the Company agreed to issue to the Värde Parties shares of two new series of its preferred stock and shares of its common stock, as consideration for the termination of the Second Lien Credit Agreement with the Värde Parties and the satisfaction in full, in lieu of repayment in cash, of the Second Lien Term Loan under the Second Lien Credit Agreement. See Note 11 - Long-Term Debt and Note 15 - Preferred Stock for additional information.

On July 31, 2019, the Company entered into two agreements with affiliates of Värde for the sale of an overriding royalty interest and a non-operated working interest in undeveloped assets. WLR’s proportionate share of production of $0.4 million and WLWI’s proportionate share of production, net of production costs, of $0.5 million for the year ended December 31, 2019 is included in interest expense on the Company’s consolidated statements of operations. None of the properties included in the WI Agreement were producing as of December 31, 2019. See Note 5 - Acquisitions and Divestitures for additional information.

On August 16, 2019, the company entered into an agreement with an affiliate of Värde to repurchase the overriding royalty interest for the New Mexico acreage sold. See Note 5 - Acquisitions and Divestitures for additional information.

On April 21, 2020, Värde Investment Partners, L.P., an affiliate of Värde Partners, Inc., became a lender under our Revolving Credit Agreement by acquiring, from a prior lender, loans and commitments under the Revolving Credit Agreement in the principal amount of approximately $25.7 million. The loans and commitments acquired by Värde Investment Partners, L.P. are subject to certain subordination provisions set forth in the Revolving Credit Agreement, as amended by the Fourteenth Amendment thereto dated April 21, 2020. For additional information regarding our Revolving Credit Agreement, as amended, see Note 11 - Long-Term Debt.