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Subsequent Events
9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

14. Subsequent Events   

In preparing the consolidated financial statements, management has evaluated all subsequent events and transactions for potential recognition or disclosure through the date the accompanying consolidated financial statements were issued.

Conversion of Series B Convertible Preferred Stock

On November 3, 2017, and in accordance with the Certificate of Designations of Series B Convertible Preferred Stock of the Company (the “Series B Certificate of Designations”), all of the outstanding shares of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”) were converted (the “Series B Conversion”) on a one-to-one basis into shares of the Company’s Class A voting common stock. The Series B Preferred Stock was originally issued to Battlecat Oil & Gas, LLC and SN Marquis LLC, pursuant to a transaction with each party, each as described more fully in Note 3.

Pursuant to the Series B Conversion, 2,684,632 shares of Class A voting common stock were issued (the “Conversion Shares”), and immediately following such conversion, none of the Company’s Series B Preferred Stock remained outstanding. The Conversion Shares are currently unregistered and will be registered pursuant to a Registration Statement on Form S-3, which registers, among other shares, the Conversion Shares. Following the Series B Conversion, there were a total of 24,506,647 shares of Class A voting common stock issued and outstanding.

Conversion of Series A-2 Convertible Participating Preferred Stock

On November 3, 2017, and in accordance with the Certificate of Designations of Convertible Participating Preferred Stock, Series A-2 of the Company (the “Series A-2 Certificate of Designations”), all of the outstanding shares of the Company’s Series A-2 Convertible Participating Preferred Stock (the “Series A-2 Preferred Stock”) were converted (the “Series A-2 Conversion”) on a one-to-one basis into shares of the Company’s Series A-1 Convertible Preferred Stock (the “Series A-1 Preferred Stock”). The Series A-2 Preferred Stock was originally issued to Chambers Energy Capital III, LP, pursuant to the Chambers Securities Purchase Agreement, as described more fully in Note 10.

Pursuant to the Series A-2 Conversion, 76,577 shares of Series A-1 Convertible Preferred Stock were issued, and immediately following such conversion, none of Series A-2 Preferred Stock remained outstanding and an aggregate of 82,120 Series A-1 Preferred Stock were issued and outstanding.