| Disposal Groups, Including Discontinued Operations |
Following is a reconciliation of the major classes of assets and liabilities of the disposal groups sold during the six months ended December 31, 2016, their carrying values at June 30, 2016, which represented the lesser of historical cost or fair value less costs to sell, and the calculation of the contribution to equity and gain on their disposal recorded at the time of closing of each respective transaction.
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At Time of Closing |
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June 30,
2016 |
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CO2 Business |
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Weald Basin |
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Total |
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CO2 Business |
|
Weald Basin |
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Total |
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(In thousands) |
Assets sold: |
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Cash |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
141 |
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$ |
— |
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$ |
141 |
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Accounts receivable |
198 |
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— |
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|
198 |
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|
249 |
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— |
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|
249 |
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Inventories |
242 |
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|
295 |
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|
537 |
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232 |
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|
301 |
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|
533 |
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Other classes of current assets that are not major |
38 |
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— |
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38 |
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34 |
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— |
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34 |
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Property and equipment, net |
24,294 |
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|
795 |
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25,089 |
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23,941 |
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|
812 |
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24,753 |
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Other classes of assets that are not major |
204 |
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— |
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204 |
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|
332 |
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— |
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332 |
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Total assets of the disposal groups |
$ |
24,976 |
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$ |
1,090 |
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$ |
26,066 |
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$ |
24,929 |
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$ |
1,113 |
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$ |
26,042 |
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Liabilities sold: |
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Accounts payable |
$ |
1,469 |
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$ |
648 |
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$ |
2,117 |
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$ |
1,594 |
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$ |
670 |
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$ |
2,264 |
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Note payable |
5,500 |
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— |
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5,500 |
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5,500 |
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— |
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5,500 |
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Asset retirement obligations |
2,818 |
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— |
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2,818 |
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2,818 |
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— |
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2,818 |
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Other classes of liabilities that are not major |
55 |
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— |
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55 |
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56 |
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— |
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56 |
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Total liabilities of the disposal groups |
$ |
9,842 |
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$ |
648 |
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$ |
10,490 |
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$ |
9,968 |
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$ |
670 |
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$ |
10,638 |
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Consideration: |
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Series A Preferred Stock exchanged |
$ |
23,501 |
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$ |
— |
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Secured promissory note forgiven |
625 |
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— |
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Cash received |
900 |
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586 |
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Stock of UKOG received |
— |
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925 |
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Total consideration |
$ |
25,026 |
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$ |
1,511 |
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Contribution to equity from preferred stockholder |
$ |
9,892 |
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Gain on disposal of discontinued operations, net of tax |
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$ |
1,069 |
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Following is a reconciliation of the major classes of line items constituting the pretax income (loss) from discontinued operations to the after-tax income (loss) from discontinued operations in the condensed consolidated statements of operations:
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SIX MONTHS ENDED |
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December 31, |
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2016 |
|
2015 |
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CO2 Business |
|
Weald Basin |
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Total |
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CO2 Business |
|
Weald Basin |
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Total |
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(In thousands) |
Revenue |
$ |
143 |
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$ |
— |
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$ |
143 |
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$ |
1,215 |
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$ |
— |
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$ |
1,215 |
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Operating, exploration and general and administrative expenses |
41 |
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— |
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41 |
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1,999 |
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|
113 |
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2,112 |
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Depletion, depreciation, amortization and accretion |
— |
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— |
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— |
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|
404 |
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— |
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|
404 |
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Interest expense and other disposal costs |
301 |
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— |
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301 |
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|
97 |
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— |
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|
97 |
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Total expenses |
342 |
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— |
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342 |
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2,500 |
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|
113 |
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2,613 |
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Non-controlling interest |
(36 |
) |
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— |
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(36 |
) |
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25 |
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— |
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25 |
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Loss from discontinued operations before tax |
(235 |
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— |
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(235 |
) |
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(1,260 |
) |
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(113 |
) |
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(1,373 |
) |
Gain on disposal of discontinued operations before tax |
— |
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|
1,069 |
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|
1,069 |
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— |
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— |
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— |
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Income tax expense (benefit) |
— |
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— |
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— |
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— |
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— |
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— |
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Net income (loss) from discontinued operations, net of tax |
$ |
(235 |
) |
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$ |
1,069 |
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$ |
834 |
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$ |
(1,260 |
) |
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$ |
(113 |
) |
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$ |
(1,373 |
) |
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