Annual report pursuant to Section 13 and 15(d)

Transactions (Tables)

Transactions (Tables)
12 Months Ended
Dec. 31, 2022
Transactions [Abstract]  
Purchase Price Allocation
The following table sets forth the Company’s final allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date.
 Final Purchase Price Allocation
Fair value of the Company’s common stock issued 1
$ 173,576 
Less: Replacement awards attributable to post-combination compensation cost 2
Total consideration transferred $ 163,182 
Other current assets $ 50,044 
Proved oil and gas properties 476,743 
ARO asset 1,239 
Corporate office building and related assets 3
Other property and equipment 2,582 
Other non-current assets 37 
Total assets acquired $ 542,045 
Current portion of long-term debt $ 24,187 
Other current liabilities 66,150 
Derivative liabilities 4
Asset retirement obligations 2,494 
Long-term debt 236,478 
Total liabilities assumed $ 378,863 
Net Assets Acquired $ 163,182 
1    Includes the fair value of the replacement equity awards to the extent services were provided by employees of Lonestar prior to closing of $4.5 million. See Note 16 for additional information about the replacement equity awards.
2    Represents the fair value of the replacement equity awards considered post-combination services. See Note 16 for further details.
3    As of December 31, 2021, these assets met the held for sale criteria and were classified as Assets held for sale on the respective consolidated balance sheet.
4    Immediately following the Lonestar Acquisition, we paid approximately $50 million to restructure certain of Lonestar’s derivatives which were novated or terminated. We reset the majority of the swaps to reflect then current market pricing.
Pro Forma Information
The pro forma consolidated statements of operations data has been included for comparative purposes only and is not necessarily indicative of the results that might have occurred had the Lonestar Acquisition taken place on January 1, 2020 and is not intended to be a projection of future results.
December 31,
2021 2020
Total revenues $ 729,026  $ 389,495 
Net income (loss) attributable to Class A common shareholders $ 74,355  $ (321,951)
Expenses Related to Acquisition
The following table summarizes expenses related to the Lonestar Acquisition incurred for the year ended December 31, 2021:
Year Ended
December 31, 2021
Bank, legal and consulting fees $ 9,856 
Employee severance and related costs 7,563 
Replacement awards stock-based compensation costs 10,394 
Integration and rebranding costs 1,746 
Total acquisition-related expenses $ 29,559 
Reconciliation of Initial Investment and CV of NCI
The following table reconciles the initial investment by Juniper and the carrying value of their Noncontrolling interest as of the Juniper Closing Date (after post-closing adjustments):
Cash contribution $ 150,000 
Issue costs paid for Noncontrolling interest securities (3,758)
Transaction costs paid on behalf of Noncontrolling interest (5,543)
Fair value of Rocky Creek oil and gas properties contributed 38,561 
Revenues received attributable to contributed properties 1,160 
Suspense revenues attributable to the contributed properties (146)
Asset retirement obligations of the contributed properties (14)
Fair value of capital contributions 180,260 
Income tax adjustment attributable to the Juniper Transactions (708)
Total shareholders’ equity prior to the Juniper Closing Date 205,558 
$ 385,110 
Juniper voting power through Series A Preferred Stock 59.6  %
Noncontrolling interest as of the Juniper Closing Date $ 229,620