Acquisitions and Dispositions Acquisitions and Dispostions

6 Months Ended

Jun. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Acquisitions and Dispositions

(7)           Acquisitions and Dispositions

On March 1, 2018, the Company closed the sale of certain wells in its AWP Olmos field for proceeds, net of selling expenses, of $27.0 million. This transaction had an effective date of January 1, 2018. The buyer assumed approximately $6.3 million in asset retirement obligations. No gain or loss was recorded on the sale of this property.

Effective December 22, 2017, the Company closed a Purchase and Sale contract to sell the Company's wellbores and facilities in Bay De Chene and recorded a $16.3 million obligation related to the funding of certain plugging and abandonment costs as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Of the $16.3 million original obligation, $6.0 million was paid during the six months ended June 30, 2018. Additionally, we reclassified $2.5 million in other long-term liabilities related to this sale to current liabilities. The remaining obligation under this contract is $10.2 million and is carried in the accompanying condensed consolidated balance sheet as of June 30, 2018. This balance is made up of $7.7 million of current liability, which is included in “Accrued capital costs,” and $2.5 million, which is included in “Other Long-Term Liabilities.”

There were no acquisitions or dispositions of developed properties during the three and six months ended June 30, 2017.