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Acquisitions and Divestitures
6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Acquisitions and Divestitures
Acquisitions and Divestitures
Divestitures:
On April 17, 2017, the Company completed the sale of its interest in the East Lake Verret field in Louisiana for approximately $2.2 million. This sale was accounted for as an adjustment to the capitalized costs of oil and gas properties. On December 15, 2017, the Company completed the sale of its saltwater disposal assets in East Texas for approximately $8.5 million. This sale was accounted for as an adjustment to the capitalized costs of oil and gas properties.
On January 31, 2018, the Company sold its Gulf of Mexico properties. The Company received no consideration from the sale of these properties and is required to contribute approximately $3.8 million towards the future abandonment costs for the properties, which is included in other accrued liabilities on the Company's Consolidated Balance Sheet as of June 30, 2018. Additionally, based on final purchase price adjustments of $2.8 million, the Company paid $2.4 million and has a payable of $0.4 million as of June 30, 2018 in connection with the sale. As a result of the sale, the Company extinguished approximately $28.2 million of its discounted asset retirement obligations. In connection with the sale, the Company expects to receive a cash refund of $12.7 million ($12.3 million at June 30, 2018) related to a depositary account that serves to collateralize a portion of the Company's offshore bonds related to these properties (subject to the Company's obligation to pay approximately $3.8 million to the purchaser of these properties), which is included in deposits for surety bonds on the Company's Consolidated Balance Sheet as of June 30, 2018. This sale was accounted for as an adjustment to the capitalized costs of oil and gas properties.
Acquisitions:
In December 2017, the Company entered into an oil focused play in central Louisiana targeting the Austin Chalk formation through the execution of agreements to acquire interests in approximately 24,600 gross acres. The Company has invested approximately $10.7 million as of June 30, 2018 in acquisition, engineering and geological costs and issued 2.0 million shares of common stock with respect to these interests.