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Property Acquisition
9 Months Ended
Sep. 30, 2022
Property Acquisition [Abstract]  
Property Acquisition Property Acquisitions
2022
On March 25, 2022, the Company acquired oil and gas properties in the Powder River Basin of Wyoming for cash consideration of $403 million, representing a $450 million purchase price less customary closing adjustments made pursuant to the acquisition agreement. The acquisition was accounted for as an asset acquisition under ASC Topic 805 and included approximately 172,000 net leasehold acres and producing properties with production totaling approximately 18,000 net barrels of oil equivalent per day at the time of closing. The Company recognized approximately $15.3 million of asset retirement obligations, $31.3 million of assumed production and ad valorem tax payment obligations, and $10.1 million of right-of-use assets and corresponding lease liabilities associated with the acquired properties.
On April 15, 2022, the Company acquired oil and gas properties in the Permian Basin of Texas for cash consideration of $197.0 million, consisting of a $20 million escrow deposit paid in March 2022 upon execution of the definitive purchase agreement and a $177.0 million payment made at closing in April 2022. The acquisition was accounted for as an asset acquisition under ASC Topic 805 and was comprised primarily of undeveloped leasehold acreage with an immaterial amount of production.
2021
In March 2021, the Company acquired oil and gas properties in the Powder River Basin of Wyoming for cash consideration of $206.6 million, consisting of a $21.5 million escrow deposit paid in December 2020 upon execution of the definitive purchase agreement and a $185.1 million payment made at closing in March 2021. The acquisition was accounted for as an asset acquisition under ASC Topic 805 and included approximately 130,000 net acres and producing properties with production totaling approximately 7,200 net barrels of oil equivalent per day at the time of closing. The Company recognized approximately $4.9 million of asset retirement obligations and $8.2 million of right-of-use assets and corresponding lease liabilities associated with the acquired properties.