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Subsequent Events
3 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividend Declarations. On January 12, 2022, the Board of Directors of the Company declared a cash dividend of $0.31 per share of common stock, payable on February 9, 2022 to its shareholders of record at the close of business on January 26, 2022.
On April 11, 2022, the Board of Directors of the Company declared a cash dividend of $0.31 per share of common stock, payable on May 5, 2022 to its shareholders of record at the close of business on April 21, 2022.
On July 11, 2022, the Board of Directors of the Company declared a cash dividend of $0.31 per share of common stock, payable on August 8, 2022 to its shareholders of record at the close of business on July 25, 2022.
Related Party Transaction. On January 25, 2022, the Company and di Santo Law PLLC, a law firm owned by a member of our Board of Directors, entered into an engagement letter that provides a monthly fixed fee in exchange for general corporate legal services. The agreement has an initial term of one year and provides for a monthly cash payment of $30,000 and an aggregate one-time grant of 10,500 shares of restricted stock that will vest in four equal installments at the end of each quarter in calendar year 2022.
Purchase Agreements. On March 25, 2022, the Company executed a purchase order for facility and support equipment for its EOR project. Under the order, the Company has remaining commitments totaling approximately $2.0 million as of the date of this Transition Report, and the equipment will be delivered within 29 weeks of executing the purchase order.
On April 22, 2022, the Company entered into a purchase agreement for pipe primarily related to its 2023 drilling program. Under the agreement, the Company has commitments to purchase approximately $10.6 million of pipe by December 2022.
Credit Facility Amendment. On April 29, 2022, the Company amended its Credit Agreement to, among other things, increase the borrowing base from $175 million to $200 million, extend the maturing date to April 2026, replace LIBOR with the SOFR and changed the requirements for hedging to be based on utilization of the borrowing base and the Company's leverage ratio ranging between 0% and 50% (depending on the borrowing base utilization percentage and leverage ratio as of the hedge evaluation date) of its proved developed producing volumes.