| Schedule of Asset Acquisition |
The following table represents the final allocation of the total cost of the Founders Acquisition to the assets acquired and liabilities assumed as of the Founders Acquisition date:
|
|
|
|
|
|
|
|
|
| Consideration: |
|
|
| Cash consideration |
|
|
| Escrow deposit released at closing |
|
$ |
7,500,000 |
|
| Closing amount paid to Founders |
|
42,502,799 |
|
| Interest from escrow deposit |
|
1,747 |
|
| Fair value of deferred payment liability |
|
14,657,383 |
|
| Post-close adjustments |
|
(4,139,244) |
|
| Total cash consideration |
|
$ |
60,522,685 |
|
| Direct transaction costs |
|
1,361,843 |
|
| Total consideration |
|
$ |
61,884,528
|
|
|
|
|
| Fair value of assets acquired: |
|
|
| Oil and natural gas properties |
|
$ |
64,886,472 |
|
| Amount attributable to assets acquired |
|
$ |
64,886,472 |
|
| Fair value of liabilities assumed: |
|
|
| Suspense liability |
|
$ |
677,116 |
|
| Asset retirement obligations |
|
2,090,777 |
|
| Ad valorem tax liability |
|
234,051 |
|
| Amount attributable to liabilities assumed |
|
$ |
3,001,944 |
|
| Net assets acquired |
|
$ |
61,884,528
|
|
The following table represents the final allocation of the total cost of the Lime Rock Acquisition to the assets acquired and liabilities assumed as of the closing date of the Lime Rock Acquisition:
|
|
|
|
|
|
|
|
|
| Consideration: |
|
|
| Common stock consideration |
|
|
| Shares of common stock issued |
|
6,452,879 |
|
| Common stock price as of March 31, 2025 |
|
$ |
1.15 |
|
| Total common stock consideration |
|
$ |
7,420,811 |
|
| Cash consideration |
|
|
Escrow deposit released at closing |
|
$ |
5,000,000 |
|
| Closing amount paid to Lime Rock |
|
63,599,939 |
|
| Fair value of deferred payment liability |
|
9,415,066 |
|
Post-close adjustments |
|
721,116 |
|
| Total cash consideration |
|
$ |
78,736,121 |
|
| Direct transaction costs |
|
2,576,648 |
|
| Total consideration |
|
$ |
88,733,580
|
|
|
|
|
| Fair value of assets acquired: |
|
|
| Oil and natural gas properties |
|
$ |
92,111,309 |
|
| Fixed assets |
|
34,275 |
|
| Joint interest billing receivable |
|
39,820 |
|
| Amount attributable to assets acquired |
|
$ |
92,185,404 |
|
| Fair value of liabilities assumed: |
|
|
| Suspense liability |
|
$ |
459,096 |
|
| Asset retirement obligations |
|
2,587,179 |
|
Ad valorem tax liability |
|
405,549 |
|
| Amount attributable to liabilities assumed |
|
$ |
3,451,824 |
|
| Net assets acquired |
|
$ |
88,733,580
|
|
|