The Company follows ASU 2017-1 in evaluating whether acquisitions of oil and natural gas properties are accounted for as asset acquisitions or as business combinations. The majority of the Company’s acquisitions during 2023, 2022 and 2021 qualified as asset acquisitions. Acquisitions that qualified as business combinations, as discussed below, were accounted for in accordance with ASC Topic 805, Business Combinations.

During 2023, the Company closed on three separate acquisitions that were treated as business combinations. These included the following transactions:

Multi-Basin Acquisition - In September 2023, the Company closed on an acquisition comprised of proved developed producing oil and natural gas properties with approximately 281 net acres. The properties are located in the Permian, Eagle Ford and DJ basins. As consideration for the acquisition, the Company paid $8.2 million in cash. Asset retirement obligations acquired were $0.2 million.

Haynesville Basin - In December 2023, the Company closed on an acquisition of proved and unproved oil and natural gas properties in the Haynesville Basin for $22.2 million in cash. Asset retirement obligations acquired were $0.2 million.

Haynesville Basin - In December 2023, the Company closed on an acquisition of royalty interests in proved and unproved oil and natural gas properties in the Haynesville Basin for $1.4 million in cash.

The following table presents a summary of the fair values of the assets acquired and the liabilities assumed in acquisitions that met the definition of a business combination:


(in thousands)	December 31, 2023
Fair value of assets acquired and liabilities assumed
Proved oil and natural gas properties (1)	$	15,488
Unproved properties	16,545
Total oil and natural gas properties	32,033
Less: Asset retirement obligations	(341)
Net assets acquired	$	31,692
Consideration transferred (including liabilities assumed)	$	31,692

All other acquisitions during the year ended December 31, 2023 qualified as asset acquisitions. These included the following transactions:

Permian Basin - During the year ended December 31, 2023, the Company closed on various acquisitions of unproved oil and natural gas properties for a total purchase price of $24.3 million in the Permian Basin. The Company also closed on various acquisitions of proved oil and natural gas properties for a total purchase price of $0.3 million in the Permian Basin.

DJ Basin - During the year ended December 31, 2023, the Company closed on an acquisition of proved developed producing oil and natural gas properties in the DJ Basin. As consideration for the entire acquisition, the Company paid $16.6 million in cash, after closing adjustments, of which $1.9 million was held in escrow and paid during 2022. Asset retirement obligations acquired were $0.9 million.

Eagle Ford Basin - During the year ended December 31, 2023, the Company acquired proved oil and natural gas properties in the Eagle Ford Basin for $2.8 million.

Haynesville Basin - During the year ended December 31, 2023, the Company acquired various proved and unproved oil and natural gas properties in the Haynesville Basin for $2.9 million.

In December 2023, the Company completed the sale of certain of its Permian Basin assets to Vital Energy in exchange for consideration of 561,752 shares of Vital Energy's common stock and 541,155 shares of Vital Energy's 2.0% cumulative mandatorily convertible preferred securities (the "Preferred Stock"). As the sale of oil and natural gas properties did not significantly affect the unit-of-production amortization rate of the Permian Basin depletion aggregation, the Company accounted for the divestiture as a normal retirement with no gain or loss recorded on the sale.

Bakken Basin – During the year ended December 31, 2022, the Company acquired proved oil and natural gas properties in the Bakken Basin for $1.6 million.

Permian Basin — During the year ended December 31, 2022, the Company closed on various asset acquisitions of unproved oil and natural gas properties for $18.0 million and proved oil and natural gas properties for $8.2 million in the Permian Basin.

During the year ended December 31, 2022, the Company completed an acquisition of proved and unproved oil and natural gas properties in the Permian Basin for $13.2 million. This acquisition met the definition of a business combination. The fair value allocated to proved and unproved oil and natural gas properties was $11.2 million and $2.0 million, respectively. Asset retirement obligations were immaterial.

DJ Basin — During the year ended December 31, 2022, the Company acquired unproved oil and natural gas properties in the DJ Basin for $2.9 million. In addition, the Company acquired proved oil and natural gas properties in the DJ Basin for $2.3 million.

Haynesville — During the year ended December 31, 2022, the Company acquired proved oil and natural gas properties in the Haynesville Basin for $3.0 million.

Permian Basin - During the year ended December 31, 2022, the Company sold a partial unit of oil and natural gas properties in the Permian Basin for approximately $3.0 million, eliminating equivalent amounts from the oil and natural gas property accounts. No gain or loss was recorded.

Eagle Ford Basin — During the year ended December 31, 2022, the Company sold a partial unit of oil and natural gas properties in the Eagle Ford Basin for approximately $1.3 million, eliminating equivalent amounts from the oil and natural gas property accounts. No gain or loss was recorded.

Bakken Basin - During the year ended December 31, 2021, the Company acquired proved undeveloped oil and natural gas properties in the Bakken Basin of approximately $0.2 million.

Permian Basin – During the year ended December 31, 2021, the Company acquired various proved and unproved oil and natural gas properties in the Permian Basin of approximately $43.8 million.

DJ Basin - During the year ended December 31, 2021, the Company acquired various proved oil and natural gas properties of approximately $40.4 million. Customary post close adjustments were made during the year end December 31, 2022 which resulted in cash inflow of approximately $1.1 million.

Bakken Basin - During the year ended December 31, 2021, the Company sold a partial unit of oil and natural gas properties in the Bakken Basin for $0.9 million recognizing the full amount as a gain.

Permian Basin - During the year ended December 31, 2021, the Company sold a complete unit of mineral interest assets in Texas for $22.5 million. The Company recorded a gain of $1.2 million associated with the sale. The Company also sold a partial unit of oil and natural gas properties in the Permian Basin for approximately $1.0 million, eliminating equivalent amounts from the property accounts.

SCOOP/STACK Basin - During the year ended December 31, 2021, the Company sold a complete unit of mineral interest assets in Oklahoma for approximately $1.9 million. The Company recorded a gain of $0.1 million associated with the sale.

Eagle Ford Basin- During the year ended December 31, 2021, the Company sold a partial unit of oil and natural gas properties in the Eagle Ford Basin for $3.0 million, eliminating equivalent amounts from the property accounts.