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Acquisitions and Dispositions
12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Acquisitions and Dispositions

2. Acquisitions and Dispositions

Historically, the Company has repurchased the non-controlling interests of the partners and trust unit holders in certain of the Partnerships, which consist primarily of oil and gas interests. The Company purchased such non-controlling interests in an amount totaling $308,000 in 2017 and $224,000 in 2016.

In May of 2017, we acquired 118 net mineral acres in one and a half sections in Upton County, Texas for $596,600 directly offsetting Company acreage. This purchase increased Prime’s leasehold in a core area of expected future development. During the first quarter of 2018, the Company acquired 1,640 gross (464 net) mineral acres, along with 16.6% to 33.4% working interest ownership in 53 oil and gas wells and one commercial salt water disposal well operated by the Company, all located in Reagan County, Texas, for $6,080,000.

During 2017 the Company also sold or farmed-out leasehold rights through six separate transactions, receiving gross proceeds of approximately $46 million. In West Texas we sold approximately 2,096 net mineral acres for $37.4 million, primarily located in Martin County, and in Oklahoma we farmed-out approximately 1,554 net mineral acres primarily in Canadian County for $8.6 million and will retain an over-riding royalty interest and potential reversionary interests. These sales were of non-cash flowing mineral interests.

The Company has entered into agreements and closed on the sale of additional non-core acreage and properties for proceeds of approximately $1.8 million during the first quarter of 2018.

During 2016, the Company sold or farmed out interests in certain non-core 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 were $34.4 million.