| Schedule of purchase price allocation |
|
|
|
|
(in thousands, except share and per share amounts) |
|
|
|
Equity Consideration |
|
|
|
Number of Class A Shares Issued (1) |
|
|
3,365,907 |
Fair Value Per Share on Transaction Closing Date |
|
$ |
21.16 |
Total Fair Value of Equity Consideration |
|
$ |
71,223 |
Fair Value of Contingent Consideration (2) |
|
|
3,899 |
Total Fair Value of Consideration |
|
$ |
75,122 |
|
|
|
|
Purchase Price Allocation |
|
|
|
Produced Water Handling Facilities |
|
$ |
72,736 |
Gathering Systems and Pipelines |
|
|
2,716 |
Total Fair Value of Property Acquired |
|
|
75,452 |
Less: ARO Liabilities Assumed |
|
|
(330) |
Total Purchase Price Allocation |
|
$ |
75,122 |
| (1) |
A portion of these shares were held in escrow and released pursuant to the terms and conditions of the asset purchase agreement with Delaware Energy. During the years ended December 31, 2024 and 2023, 23,107 and 85,471, respectively, of these shares were released and returned to the Company for the reimbursement of certain post-acquisition workover costs. As of March 31, 2024, there were no remaining shares left in escrow. See Note 12. Stockholders’ Equity for further details.
|
| (2) |
As of December 31, 2024 and 2023, liabilities for contingent consideration of $1.0 million and $1.2 million, respectively, are included in “Accrued and Other Current Liabilities,” on the consolidated balance sheet, and liabilities for contingent consideration of $1.5 million and $2.1 million, respectively, are included in “Other Long-Term Liabilities,” on the consolidated balance sheet.
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