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5. OIL AND GAS PROPERTIES (Tables) | 9 Months Ended
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Sep. 30, 2015
Oil and Gas Property [Abstract] |
Oil and gas interests | The following table summarizes the Company’s oil and gas activities by classification for the nine months ended September 30, 2015 (in thousands):
|  | December 31, |  |  |  |  |  |  |  |  |  |  |  | September 30, |
|  | 2014 |  |  | Additions |  |  | Disposals |  |  | Transfers |  |  | 2015 |
Oil and gas properties, subject to amortization |  | $ | 24,057 |  |  | $ | 45,551 |  |  | $ | (3,401 | ) |  | $ | 289 |  |  | $ | 66,496 |
Oil and gas properties, not subject to amortization |  |  | 8,159 |  |  |  | - |  |  |  | (7,870 | ) |  |  | (289 | ) |  |  | - |
Asset retirement costs |  |  | 76 |  |  |  | 73 |  |  |  | (1 | ) |  |  | - |  |  |  | 148 |
Accumulated depreciation, depletion and impairment |  |  | (10,237 | ) |  |  | (4,682 | ) |  |  | 10,652 |  |  |  | - |  |  |  | (4,267 | )
Total oil and gas assets |  | $ | 22,055 |  |  | $ | 40,942 |  |  | $ | (620 | ) |  | $ | - |  |  | $ | 62,377 |
Summary of Purchase Price | The following tables summarize the purchase price and allocation of the purchase price to the net assets acquired (in thousands):
Purchase price on February 23, 2015 |  |  |  |
Fair value of common stock issued |  | $ | 2,734 |
Fair value of Series A Preferred stock issued |  |  | 28,402 |
Assumption of subordinated notes payable |  |  | 8,353 |
Kazakhstan option issued |  |  | 5,000 |
Total purchase price |  | $ | 44,489 |
Fair value of net assets at February 23, 2015 |  |  |  |
Accounts receivable – oil and gas |  | $ | 1,578 |
Oil and gas properties, subject to amortization |  |  | 43,562 |
Prepaid expenses and other assets |  |  | 100 |
Total assets |  |  | 45,240 |
Accounts payable |  |  | (664) |
Asset retirement obligations |  |  | (87) |
Total liabilities |  |  | (751) |
Net assets acquired |  | $ | 44,489 |
Summary of sale price | The following table presents the loss on sale to RJ Credit associated with each of these items (in thousands):
|  | Allocated Proceeds |  |  | Historical Cost |  |  | Loss on Sale |
Note receivable |  | $ | 3,055 |  |  | $ | 5,000 |  |  | $ | (1,945 | )
Oil and gas properties |  | $ | 8,747 |  |  | $ | 14,267 |  |  | $ | (5,520 | )
Mississippian Asset |  | $ | 1,615 |  |  | $ | 2,643 |  |  | $ | (1,028 | )
Summary of pro forma sale | The following table presents the Company’s supplemental consolidated pro forma total revenues, lease operating costs, net income (loss) and net loss per common share as if the D-J Basin Acquisition completed in February 2015 had occurred on January 1, 2015 and the acquisition of D-J Basin Assets completed in March 2014 from Continental and simultaneous dispositions had occurred on January 1, 2014 (in thousands, except per share amounts).
|  | For the Nine Months Ended |
|  | September 30, 2015 |
|  | PEDEVCO |  |  | Net Acquisitions/Dispositions |  |  | Combined |
Revenue |  | $ | 4,593 |  |  | $ | 780 |  |  | $ | 5,373 |
Lease operating costs |  | $ | (1,434 | ) |  | $ | (275 | ) |  | $ | (1,709 | )
Net income (loss) |  | $ | (15,081 | ) |  | $ | 505 |  |  | $ | (14,576 | )
Net income (loss) per common share |  | $ | (0.37 | ) |  | $ | 0.01 |  |  | $ | (0.36 | )
| For the Nine Months Ended |
| September 30, 2014 |
| PEDEVCO |  | Net Acquisitions/Dispositions |  | Combined |
Revenue |  | $ | 4,192 |  |  | $ | 1,401 |  |  | $ | 5,593 |
Lease operating costs |  | $ | (1,367 | ) |  | $ | (1,288 | ) |  | $ | (2,655 | )
Net income (loss) |  | $ | (22,169 | ) |  | $ | 113 |  |  | $ | (22,056 | )
Net loss per common share |  | $ | (0.81 | ) |  | $ | 0.00 |  |  | $ | (0.81 | )

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