Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2019

(2) Acquisitions and Dispositions:

Historically the Company has repurchased the interests of the partners and trust unit holders in the oil and gas limited partnerships (the “Partnerships”) and the asset and business income trusts (the “Trusts”) managed by the Company as general partner and as managing trustee, respectively. The Company had no such repurchases during the three months ended March 31, 2018. During the three months ending March 31, 2019 the Company purchased such interest totaling $256,000.

During the first quarter of 2019 and 2018, the Company sold or farmed out interests in certain non-core oil and natural gas properties and undeveloped acreage through a number of separate, individually negotiated transactions in exchange for cash or cash and a royalty or working interest in Texas, Oklahoma, Kansas and Colorado. Proceeds under these agreements were $0.7 million and $2.8 million, respectively.

During the first quarter of 2018, the Company completed two transactions acquiring 464 net mineral acres, 53 oil and gas wells with working interests ranging from 16.6% to 33.4% and one commercial salt-water disposal well operated by the Company, all located in Reagan County, Texas, for $6,080,000.