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ACQUISITION OF OIL AND NATURAL GAS PROPERTIES | 3 Months Ended
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Dec. 31, 2014
ACQUISITION OF OIL AND NATURAL GAS PROPERTIES. |
ACQUISITION OF OIL AND NATURAL GAS PROPERTIES | 6.ACQUISITION OF OIL AND NATURAL GAS PROPERTIES On November 13, 2014, Barnwell completed the acquisition of additional non-operated working interests in oil and natural gas properties located in the Progress area of Alberta, Canada for cash consideration of $526,000, subject to further customary post-closing adjustments. The final determination of the customary adjustments to the purchase price will be made by the parties approximately 180 days after closing. The results of operations for the Progress acquisition have been included in the consolidated financial statements from the closing date. Pro forma information is not presented as the pro forma results would not be materially different from the information presented in the Condensed Consolidated Statements of Operations. The Progress acquisition was accounted for under the acquisition method of accounting, and as such, Barnwell estimated the fair value of the acquired property as of the November 13, 2014 acquisition date. The purchase price allocation for the acquisition has been finalized except for the settlement of certain post-closing adjustments with the seller to reflect an economic effective date of July 1, 2014. The final determination of the customary adjustments to the purchase price has not yet been made however it is not expected to result in a material adjustment. The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed in the transaction as of the acquisition date. See Note 12 for further information regarding the fair value measurement inputs.
Property and equipment |  | $ | 751,000 |
Asset retirement obligation |  | (225,000 | )
Net identifiable assets acquired |  | $ | 526,000 |

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