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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Jun. 30, 2021
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the purchase price or consideration for the Merger (presented in thousands, except per share amounts).
|  | Consideration
Tengasco common stock price |  | $ | 29.64 |
Tengasco common stock - issued and outstanding as of February 26, 2021 |  | 891 |
Total consideration |  | $ | 26,392 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values on February 26, 2021:
|  | February 26, 2021
Assets |  |
Cash and cash equivalents |  | $ | 860 |
Account receivable |  | 325 |
Prepaid and other current assets |  | 759 |
Total current assets |  | 1,944 |
Oil and gas properties, net |  | 4,525 |
Other property and equipment, net |  | 91 |
Right of use assets |  | 42 |
Other non-current assets |  | 4 |
Deferred tax assets |  | 2,943 |
Total assets acquired |  | $ | 9,549 |
Liabilities |  |
Accounts payable |  | 130 |
Accrued liabilities |  | 409 |
Current lease liabilities, operating |  | 42 |
Current lease liabilities, financing |  | 68 |
Total current liabilities |  | 649 |
Asset retirement obligations |  | 1,565 |
Total liabilities assumed |  | 2,214 |
Net identifiable assets acquired |  | 7,335 |
Goodwill |  | 19,057 |
Net assets acquired |  | $ | 26,392 |
Business Acquisition, Pro Forma Information | The following pro forma combined results for the three and nine months ended June 30, 2021 and 2020 reflect the consolidated results of operations of the Company as if the Merger had occurred on October 1, 2019. The pro forma information includes adjustments for $3.4 million of transaction costs being reclassified to the first quarter of fiscal year 2020 instead of $0.2 million, $2.2 million, and $1.0 million of transaction costs recorded in the three months ended June 30, 2021, March 31, 2021 and December 31, 2020. Additionally, the Company adjusted for $0.9 million of oil and natural gas property impairment Tengasco recognized under the full-cost method of accounting, which would not have been recognized under the successful efforts method, during the three months ended December 31, 2020. Also, the pro forma information has been effected for taxes with a 21% tax rate. The common stock was also adjusted for the conversion of the REP LLC preferred units into common units and retroactively adjusted for the Exchange Ratio and 1-for-12 reverse stock split.
|  | Three Months Ended June 30, |  | Nine Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (In thousands, except per share/unit amounts)
Total Revenues |  | $ | 42,149 |  |  | $ | 6,019 |  |  | $ | 102,422 |  |  | $ | 60,974 |
Pro Forma Net Income (Loss) from Continuing Operations |  | (16,968) |  |  | (27,650) |  |  | (40,500) |  |  | 40,589 |
Pro Forma Net Income (Loss) from Discontinued Operations |  | (882) |  |  | (106) |  |  | (873) |  |  | (18,239) |
Pro Forma Net Income (Loss) before Taxes |  | (17,850) |  |  | (27,756) |  |  | (41,373) |  |  | 22,350 |
Pro forma income tax benefit (expense) |  | 3,749 |  |  | 5,829 |  |  | 8,688 |  |  | (4,694) |
Pro Forma Net Income (Loss) |  | $ | (14,101) |  |  | $ | (21,927) |  |  | $ | (32,685) |  |  | $ | 17,656 |
Net Income (Loss) per Share/Unit from Continuing Operations: |  |  |  |  |  |  |  |
Basic |  | $ | (0.95) |  |  | $ | (1.94) |  |  | $ | (2.51) |  |  | $ | 2.59 |
Diluted |  | $ | (0.95) |  |  | $ | (1.94) |  |  | $ | (2.51) |  |  | $ | 2.16 |
Net Income (Loss) per Share/Unit from Discontinued Operations: |  |  |  |  |  |  |  |
Basic |  | $ | (0.05) |  |  | $ | (0.01) |  |  | $ | (0.05) |  |  | $ | (1.24) |
Diluted |  | $ | (0.05) |  |  | $ | (0.01) |  |  | $ | (0.05) |  |  | $ | (1.24) |

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