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Acquisitions and Divestitures
12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Acquisitions and Divestitures

3. Acquisitions and Divestitures

On September 26, 2016, Amadeus Petroleum, Inc. and T-N-T Engineering, Inc. entered into a purchase and sale agreement with AVAD Energy Partners, LLC and Vendera Resources II, LLC to sell their remaining interest in producing wells and related oil and gas leases in its conventional properties located in multiple counties in Texas, effective as of July 1, 2016.  The sale price approximated $14,000,000.  The transaction closed on October 31, 2016.  In the third quarter of 2016, the Company reported an impairment charge of approximately $29.1 million, representing carrying value in excess of fair value, less the cost to sell the properties.

On August 2, 2016, Lonestar Resources US Inc. and Eagleford Gas 5, LLC (collectively, “Buyer”) entered into a purchase and sale agreement with Juneau Energy, LLC (“Juneau”) whereby the Company obtained an undivided 50% of Seller’s interest in two producing wells and each well’s respective oil and gas leases covering approximately 1,300 net mineral acres located in Brazos County, Texas.  The total consideration paid by the Company was $5,500,000 payable in 500,227 shares of the Company’s Class A common stock.  As part of the purchase and sale agreement, the Company entered into a swap of assets of 50% of its interest in the Carter Lake - Wildcat area for 50% of the assets owned by Juneau in the 1,300 net mineral acres.  The Company owned 1,110 net mineral acres (“Swap Assets”) in the Carter Lake - Wildcat area on August 1, 2016.  As further part of the purchase and sale agreement, the Company agreed to commence operations on drilling one (1) Eagle Ford Shale well by December 31, 2016 on Juneau Energy, LLC’s assets or the Swap Assets; and, another Eagle Ford Shale well on Juneau Energy LLC’s assets or the Swap Assets by December 31, 2017.  As of December 31, 2016, the Company had commenced drilling operations of two (2) Eagle Ford Shale wells satisfying the drilling commitment provision under the purchase and sale agreement.   

On June 15, 2016, Amadeus Petroleum, Inc. and T-N-T Engineering, Inc. sold their entire interest in producing wells and related oil and gas leases in its Morgan’s Bluff property located in Orange County, Texas, effective as of July 1, 2016.  Production related to the property was 86 Boe/d during the second quarter of 2016.  The sale price approximated $2,200,000 and resulted in a gain of approximately $1,900,000. 

From January to March 2016 the Company paid approximately $770,000 to acquire approximately 220 net acres in La Salle County, TX surrounding Company developed areas and new undeveloped areas classified by the Company as Burns Ranch.  From January to June 2016 the Company paid approximately $1,600,000 to acquire approximately 1,088 net acres in Gonzales County, TX for new well development in the Cyclone area.

In January 2015 the Company exchanged its working interest in two non-operated wells and the underlying leasehold acreage for increased working interests in currently owned and operated property. The exchange resulted in a loss of $629,000. Additionally, the Company acquired 159 net acres in the Eagle Ford Shale trend in La Salle County, TX for $500,000 as a further component of the exchange.