Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Oil and Gas Property Acquisition

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Note 7 - Oil and Gas Property Acquisition
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
7.
Oil and Gas Property Acquisition
 
On
June 26, 2019,
we entered into a purchase and sale agreement with ExxonMobil Corporation and certain of their subsidiaries (collectively "ExxonMobil") to acquire their interests in and operatorship of oil and gas producing properties in the eastern region of the Gulf of Mexico ("GOM") offshore Alabama and a related processing facility for
$200
million, subject to customary post-effective date adjustments for an effective date of
January 1, 2019. 
The acquisition will be funded from our cash on hand and borrowings under our Credit Agreement at closing date.  The transaction includes
nine
GOM offshore producing fields and an onshore treating facility that are adjacent to existing properties owned and operated by us.  The acquisition is expected to close on or about
August 
30,
2019.
  As of
June 30, 2019,
a deposit of
$10.0
million was made related to the pending acquisition.