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Acquisitions and Dispositions
9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Acquisitions and Dispositions

(2) Acquisitions and Dispositions:

Historically the Company has repurchased the interests of the partners and trust unit holders in the eighteen oil and gas limited partnerships (the “Partnerships”) and the two asset and business income trusts (the “Trusts”) managed by the Company as general partner and as managing trustee, respectively. The Company purchased such interests in amounts totaling $187,000 and $101,000 for the nine months ended September 30, 2016 and 2015, respectively.

During the nine months ended September 30, 2016, the Company has sold or farmed out interests in certain undeveloped oil and natural gas properties through a number of separate, individually negotiated transactions in exchange for cash and a royalty or working interest in both West Texas and Oklahoma. Proceeds under these agreements are $28 million. The Company has entered into an agreement to sell additional acreage for an additional $4 million during the fourth quarter of 2016.