Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.21.2
Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Fifth Amendment to the Credit Agreement
On November 1, 2021, the Company entered into the fifth amendment to its credit agreement governing the Credit Facility. See “Note 6 - Borrowings” for additional details.
Primexx Acquisition
On October 1, 2021, the Company closed the Primexx Acquisition. See “Note 3 - Acquisitions and Divestitures” for additional details.
Non-Core Asset Divestitures
On October 6, 2021, the Company entered into a purchase and sale agreement for the divestiture of certain non-core assets in the Midland Basin. The transaction, which is comprised of producing properties as well as an undeveloped acreage position, has an agreed upon purchase price of approximately $38.2 million, subject to customary purchase price adjustments, and is expected to close during the fourth quarter of 2021.
On October 28, 2021, the Company entered into an agreement to sell certain non-core water infrastructure for $30.0 million, subject to customary purchase price adjustments, as well as up to $18.0 million of contingent consideration.
Exercise of Warrants
On October 13, 2021, certain entities that were issued November 2020 Warrants provided notice and exercised all of their outstanding warrants. As a result of this exercise, the Company issued 0.5 million shares of its common stock in exchange for 0.6 million
outstanding warrants determined on a net share settlement basis. Subsequent to this exercise, there are no remaining outstanding November 2020 Warrants.
Second Lien Notes Exchange
On November 3, 2021, at a special meeting of shareholders, the Company obtained the requisite shareholder approval for the issuance of approximately 5.5 million shares of the Company’s common stock in the Exchange. The Exchange is expected to close on November 5, 2021. See “Note 6 - Borrowings” for additional details.