Quarterly report pursuant to Section 13 or 15(d)

Merger and Acquisition (Tables)

v3.7.0.1
Merger and Acquisition (Tables)
 6 Months Ended
Jun. 30, 2017
Business Combinations [Abstract]  
Schedule of Total Consideration Exchanged

The total consideration exchanged was as follows (in thousands, except share and per-share amounts):

 

Number of shares of Magellan common stock outstanding (1)

             5,985,042      

Price per share of Magellan common stock (2)

   $ 14.21      
 

 

 

    

Aggregate value of Tellurian common stock issued

 

   $ 85,048    

Fair value of stock options (3)

 

     2,821    
   

 

 

  

Net purchase consideration to be allocated

 

   $             87,869    
   

 

 

  

 

(1) The number of shares of Magellan common stock issued and outstanding as of February 9, 2017.

 

(2) The closing price of Magellan common stock on the NASDAQ on February 9, 2017.

 

(3) The estimated fair value of Magellan stock options for pre-Merger services rendered.

  

  

  
Schedule of Preliminary Purchase Price Allocation to Assets Acquired and Liabilities Assumed in Transaction

The preliminary purchase price allocation to assets acquired and liabilities assumed in the transaction was as follows (in thousands):

 

Fair Value of Assets Acquired:

   

Cash

    $ 56    

Securities available-for-sale

      1,111    

Other current assets

      93    

Unproved properties

      13,000    

Wells in progress

      332    

Land, buildings and equipment, net

      67    

Other long-term assets

      19    
  

 

 

  

Total assets acquired

      14,678    

Fair Value of Liabilities Assumed:

   

Accounts payable and other liabilities

      4,393    

Notes payable

      8    
  

 

 

  

Total liabilities assumed

      4,401    
  

 

 

  

Total net assets acquired

      10,277    
  

 

 

  

Goodwill as a result of the Merger

    $                         77,592    
  

 

 

  
Schedule of Unaudited Pro Forma Results

The following table provides unaudited pro forma results for the three and six months ended June 30, 2017 and 2016, as if the Merger occurred and Parallax Services had been acquired as of January 1, 2016 (in thousands, except per-share amounts):

 

     Three Months Ended June 30,      Six Months Ended June 30,  
     2017      2016      2017      2016  

Pro forma net loss

    $ (32,523)      $ (15,174)      $ (177,614)      $ (34,212)  
           

Pro forma net loss per basic share

    $ (0.17)      $ (0.13)      $ (1.20)      $ (0.47)  
           

Pro forma basic and diluted weighted average common shares outstanding

      186,127         116,477         148,236         72,224