Acquisitions and Divestitures

12 Months Ended

Dec. 31, 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. On December 15, 2017, the Company completed the sale of its saltwater disposal assets in East Texas for approximately $8.5 million. These sales were accounted for as adjustments 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 was required to contribute approximately $3.8 million towards the future abandonment costs for the properties. 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 received net cash refunds during 2018 totaling $4.5 million related to a depositary account that served to collateralize a portion of the Company's offshore bonds related to these properties. The Company received the majority of the remaining $3.6 million during March 2019, which is included in deposits for surety bonds on the consolidated balance sheet as of December 31, 2018. This sale was accounted for as an adjustment to the capitalized costs of oil and gas properties.

Acquisitions:

On December 20, 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 $15.0 million in acquisition, engineering and geological costs as of December 31, 2018 and issued 2.0 million shares of Predecessor common stock with respect to these interests.