SUBSEQUENT EVENTS |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS
Sale of Southern Louisiana Assets
In December of 2018, the Company entered into an agreement to sell its non-core assets located in the WCBB and Hackberry fields of Louisiana to an undisclosed third party for a purchase price of approximately $19.7 million. The Company
received approximately $9.2 million in cash and retained contingent overriding royalty interests. In addition, the Company could also receive contingent payments based on commodity prices exceeding certain thresholds over the next two years. The buyer has agreed to assume all plugging and abandonment liabilities associated with these assets. The effective date of the transaction is August 15, 2018. The sale closed on July 3, 2019, subject to customary post-closing terms and conditions.
Debt Repurchases
In July 2019, the Company used borrowings under its revolving credit facility to repurchase in the open market approximately $104.4 million aggregate principal amount of its outstanding 2023 Notes, 2024 Notes, 2025 Notes and 2026 Notes for $80.3 million.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|