Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2017

Acquisitions and Divestitures [Abstract]

Note 3 – Acquisitions and Divestitures

In October 2016, Nytis LLC completed an acquisition (the “EXCO Acquisition”) consisting of producing natural gas wells and natural gas gathering facilities located in the Company’s Appalachian Basin operating area. The natural gas gathering facilities are primarily used to gather the Company’s natural gas production. The acquisition was pursuant to a purchase and sale agreement, effective October 1, 2016 (the “EXCO Purchase Agreement”) by and among EXCO Production Company (WV), LLC, BG Production Company (WV), LLC and EXCO Resources (PA) LLC (collectively, the “Sellers”) and Nytis LLC, as the buyer. The purchase price of the acquired assets was $9.0 million subject to customary closing adjustments plus certain assumed obligations.

The EXCO Acquisition included proved developed reserves, production and operating cash flow in a location where the Company has similar assets.

EXCO Acquisition Unaudited Pro Forma Results of Operations

Below are consolidated results of operations for the nine months ended September 30, 2017 and 2016 as though the EXCO Acquisition had been completed as of January 1, 2016. The EXCO Acquisition closed October 3, 2016, and accordingly, the Company’s unaudited consolidated statement of operations for the nine months ended September 30, 2017 includes the results of operations for the nine months ended September 30, 2017 of the EXCO properties acquired.

	Unaudited Pro Forma Consolidated Results
	For Nine Months Ended September 30,
(in thousands, except per share amounts)	2017		2016
Revenue	$	17,565	$	10,990
Net income (loss) before non-controlling interests		4,926		(4,447	)
Net income (loss) attributable to non-controlling interests		92		(435	)
Net income (loss) attributable to controlling interests		4,834		(4,012	)
Net income (loss) income per share (basic)		0.87		(0.74	)
Net income (loss) income per share (diluted)		0.36		(0.74	)