Acquisitions and Dispositions Acquisitions and Dispostions

6 Months Ended

Jun. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Acquisitions and Dispositions

(7)           Acquisitions and Dispositions

On March 1, 2018, the Company closed the sale of certain wells in its AWP Olmos field for proceeds, net of selling expenses, of $27.0 million, with an effective date of January 1, 2018. The buyer assumed approximately $6.3 million in asset retirement obligations. No gain or loss was recorded on the sale of this property.

Effective December 22, 2017, the Company closed a purchase and sale contract to sell the Company's wellbores and facilities in the Bay De Chene field and recorded a $16.3 million obligation related to the funding of certain plugging and abandonment costs. Of the $16.3 million original obligation, $2.8 million was paid during the six months ended June 30, 2019. The remaining obligation under this contract is $4.6 million and is carried in the accompanying condensed consolidated balance sheet current liability in “Accounts payable and accrued liabilities” as of June 30, 2019.

There were no material acquisitions or dispositions of developed properties during the three and six months ended June 30, 2019.