Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2020

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

$22,000 in 2020 and $499,000

in 2019. Such purchases resulted in the non-cash acquisition of non-controlling equity interests of $36,000 and $111,000 respectively. In 2020 the Company liquidated three partnerships for total cash payments of $720,000 resulting in the non-cash distribution of non-controlling interest of $1,550 million.

During 2020 the Company acquired 232 net acres, along with 15% to 16.6% 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,

343,000

In addition, we acquired 9.36 net acre in Upton County, Texas at a cost of

$5,100

During 2020 and 2019 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, Texas, New Mexico, Wyoming and West Virginia. Proceeds under these agreements were

approximately

$10.9

million and

4.3

million, respectively.