|6 Months Ended|
Jun. 30, 2022
|Subsequent Events [Abstract]|
Note 15 – Subsequent Events
On May 3, 2022, we entered into separate agreements (the “PSAs”) to acquire oil and gas producing properties in the Eagle Ford shale contiguous to our existing assets. Upon signing the PSAs, the Company paid approximately $6.4 million as a deposit into a third-party escrow account and is classified as cash flows from investing activities in the consolidated statements of cash flows. The transactions closed on July 1, 2022 for aggregate cash consideration of $61.0 million, inclusive of the deposit paid and subject to customary purchase price adjustments.
Also in July 2022, we closed on the acquisitions of certain oil and gas producing properties in the Eagle Ford Shale, comprised primarily of additional working interests in Ranger-operated wells. The aggregate cash consideration paid was $28.5 million and the acquisitions are subject to customary purchase price adjustments.
On July 22, 2022, we closed on the sale of the corporate office building acquired in connection with the Lonestar Acquisition that was classified as Assets held for sale on the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021. Gross proceeds were $11.0 million with costs to sell of approximately $0.8 million, and included the payoff of the related mortgage debt and accrued interest of $8.4 million for total net proceeds of $1.8 million.
DividendsOn July 7, 2022, the Company’s Board of Directors declared a cash dividend of $0.075 per share of Class A Common Stock, payable on August 4, 2022 to holders of record of Class A Common Stock as of the close of business on July 25, 2022.
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef