Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events
Note 14 – Subsequent Events
Share Repurchase Program
On April 13, 2022, our Board of Directors approved a share repurchase program, under which the Company is authorized to repurchase up to $100 million of its outstanding Class A common stock. The share repurchase authorization was effective immediately and is valid through March 31, 2023.
The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including among other things, our earnings, liquidity, capital requirements, financial condition, management’s assessment of the intrinsic value of the Class A Common Stock, the market price of the Company's Class A common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements (including maintaining a leverage ratio of no more than 1.0 to 1.0), applicable legal requirements and other factors deemed relevant. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice.
On May 3, 2022, we entered into separate agreements to acquire “bolt-on” oil producing properties in the Eagle Ford shale contiguous to our existing assets for a total purchase price of approximately $64 million in cash, subject to customary adjustments. The transactions are expected to close early in the third quarter, subject to customary closing conditions.