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Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2020

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 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. During the six months ending June 30, 2019 the Company purchased such interest totaling $256,000. The Company had no such repurchases during the six months ended June 30, 2020.

Subsequent to June 30, 2020 the Company entered into an agreement to sell the Company’s marginal properties in West Virginia effective August 1, 2020 for $200,000 and retaining an overriding royalty on approximately 31,000 undeveloped acres. The Company also entered an agreement to sell approximately 2,000 acres in West Texas in a transaction expected to close during August 2020 for approximately $10 million.

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- References

No definition available.

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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

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