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Acquisitions and Dispositions
12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Acquisitions and Dispositions
2. Acquisitions and Dispositions
2022 Transactions
:
In the first quarter of 2022, the Company sold
1,809
net leasehold acres in Reagan and Midland Counties, Texas through two separate transactions receiving gross proceeds of $
14.0
 million. In the second quarter of 2022, the Company sold
241
net acres in Canadian County, Oklahoma for $
845,000
. In the third quarter of 2022, the Company sold an additional
113
net acres in Canadian County, Oklahoma for $
423,700
.
On November 14, 2022, the Company completed an acreage exchange of approximately 725 net acres in the Midland Basin creating a block of 1,200 contiguous acres. The Company entered into an agreement, including this acreage, to create a
2,560-acre
AMI for the joint development of horizontal wells. As part of the agreement, the Company sold a portion of its interest in this acreage to the joint development partner for proceeds of $16.1 million.
2021 Transaction
s
:
During 2021 the Company acquired
5.9
net acres, located in Midland county, Texas, for approximately $
29,500
and sold or farmed out interests in certain
non-core
undeveloped and developed oil and natural gas properties in Oklahoma. In Texas, the Company divested approximately 116 net mineral acres (NMA) located in Martin County, Texas for proceeds of $
1.45
 million.
During 2021 the Company liquidated partnerships for total cash payments of $632,000, resulting in the
non-cash
distribution of
non-controlling
interest of $647,000. Effective December 31, 2021, all managed partnerships and trusts were liquidated.