Divestiture and Merger (Tables)

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table sets forth the Company's purchase price allocation:

	March 19, 2018
	(in thousands)
Purchase Price:
Fair value of common stock issued	$	484,000
Plus: Repayment of Fifth Creek debt	53,900
Total purchase price	537,900
Plus Liabilities Assumed:
Accounts payable and accrued liabilities	25,782
Current unfavorable contract	2,651
Other current liabilities	13,797
Asset retirement obligations	7,361
Long-term deferred tax liability	137,707
Long-term unfavorable contract	4,449
Other noncurrent liabilities	2,354
Total purchase price plus liabilities assumed	$	732,001
Fair Value of Assets Acquired:
Cash	543
Accounts receivable	7,831
Oil and Gas Properties:
Proved oil and gas properties	105,702
Unproved oil and gas properties	609,568
Asset retirement obligations	7,361
Furniture, equipment and other	931
Other noncurrent assets	65
Total asset value	$	732,001

Business Acquisition, Pro Forma Information

The pro forma condensed combined financial information has been included for comparative purposes and is not necessarily indicative of the results that might have actually occurred had the acquisition taken place on January 1, 2018; furthermore, the financial information is not intended to be a projection of future results.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2018			2019			2018
	(in thousands, except per share data)
Revenues	$	121,282	$	131,126		$	330,846		$	338,266
Net Income (Loss) (1)	12,609		(29,260		)	(83,544		)	(98,993		)
Net Income (Loss) per Common Share, Basic (1)	0.06		(0.14		)	(0.40		)	(0.47		)
Net Income (Loss) per Common Share, Diluted (1)	0.06		(0.14		)	(0.40		)	(0.47		)

(1)

The pro forma information for the three and nine months ended September 30, 2019 includes adjustments for merger-related costs of $2.1 million and $4.5 million, respectively.