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Acquisitions and Dispositions | 12 Months Ended
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Dec. 31, 2018
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 $65,000 in 2018 and $308,000 in 2017. During 2018 the Company acquired 1,640 gross (464 net) acres, along with 16.6% to 33.4% working interest ownership in 51 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 2018 the Company sold or farmed out interests in certain non-core undeveloped and developed oil and natural gas properties through a number of individually negotiated transactions in exchange for cash and a royalty or working interest in Oklahoma, Kansas, Colorado, Texas and Wyoming. Proceeds under these agreements were approximately $3.1 million. During 2017 the Company acquired 118 net 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 2017 the Company 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 acres for $37.4 million, primarily located in Martin County, and in Oklahoma we farmed-out approximately 1,554 net acres primarily in Canadian County for $8.6 million and retained an over-riding royalty interest and potential reversionary interests. These sales were of non-cash flowing mineral interests.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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