Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2021


(In thousands except for per share amounts)	Year Ended December 31, 2020
		(unaudited)
Revenues	$	202,442
Net loss	$	(191,975)
Basic loss per share	$	(0.97)
Diluted loss per share	$	(0.97)


	Purchase Price Allocation
Consideration:
Purchase price	$	58,000
Closing adjustments		(4,739)
Total consideration		53,261
Acquisition transaction costs		109
Total cash paid	$	53,370

Fair value of liabilities assumed:
Accounts payable	$	423
Lease liabilities		1,014
Asset retirement obligations		32,367
Total relative fair value of liabilities assumed	$	33,804

Fair value of assets acquired:
Proved oil and natural gas properties	$	86,160
Right-of-use lease assets		1,014
Total relative fair value of assets acquired	$	87,174


	Purchase Price Allocation
Consideration:
Mid-Con outstanding units		14,602
Exchange ratio of Contango shares for Mid-Con common units		1.75
Contango common stock to be issued to Mid-Con unitholders		25,553
Issue price	$	3.13
Stock consideration	$	79,979
Cash consideration in lieu of fractional shares		4
Payment of revolving credit facility		68,667
Total consideration	$	148,650

Fair value of liabilities assumed:
Accounts payable	$	8,892
Asset retirement obligations		28,252
Total fair value of liabilities assumed	$	37,144

Fair value of assets acquired:
Cash and cash equivalents	$	3,110
Accounts receivable		5,191
Current derivative asset		1,544
Prepaid expenses		225
Proved oil and natural gas properties		174,331
Other property and equipment		243
Other non-current assets		1,150
Total fair value of assets acquired	$	185,794

CONTANGO OIL & GAS CO 10-Q