Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions and Dispositions

2. Acquisitions and Dispositions

Historically, the Company has repurchased the non-controlling interests of the partners and trust unit holders in certain of the Partnerships, which consist primarily of oil and gas interests. The Company purchased such non-controlling interests in an amount totaling $499,000 in 2019 and $65,000 in 2018.

During 2018 the Company acquired 1,640 gross (464 net) acres, along with 16.6% to 33.4% working interest ownership in 51 oil and gas wells and one commercial salt water disposal well operated by the Company, all located in Reagan County, Texas, for $6,080,000.

During 2019 and 2018 the Company sold or farmed out interests in certain non-core undeveloped and developed oil and natural gas properties through a number of individually negotiated transactions in exchange for cash and a royalty or working interest in Oklahoma, Kansas, Colorado, Texas and Wyoming. Proceeds under these agreements were approximately  $4.3 and $3.1 million, respectively.