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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS Acquisition of East Texas Properties On July 27, 2022, the Company closed on the acquisition of certain oil and natural gas producing properties from ETXENERGY, LLC totaling approximately 16,600 acres in Henderson and Anderson Counties, Texas for the initial purchase price of $11.9 million in cash (the “ETXENERGY Acquisition”). The Company financed the ETXENERGY Acquisition with $1.2 million of cash on hand and borrowings under its existing Credit Facility of $10.7 million. The asset acquired also include certain wells, pipelines, contracts technical data, records, personal property and hydrocarbons associated with the properties, including two pipeline gathering systems and related infrastructure. In addition, the Company assumed various liabilities including suspense accounts and asset retirement obligations. The Company is currently evaluating certain accounting and valuation considerations for the ETXENERGY Acquisition. On July 26, 2022, the Company, in anticipation of the closing of the ETXENERGY Acquisition entered into a letter agreement with FirstBank Southwest, the administrative agent of its existing Credit Agreement, whereby it increased the borrowing base under the Credit Agreement from $15 million to $20 million. On July 27, 2022, in connection with the closing of the ETXENERGY Acquisition, the Company borrowed $10.7 million on the Credit Agreement. On August 4, 2022, the Company repaid $0.4 million on the Credit Agreement. The total amount outstanding on the Credit Agreement as of August 10, 2022 is $14.3 million. On July 15, 2022, the Company’s Board of Directors approved a quarterly dividend of $0.0225 per share of common stock outstanding. The dividend will be paid on August 22, 2022, to stockholders of record as of the close of business on August 8, 2022.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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