Quarterly report pursuant to Section 13 or 15(d)

Acquisitions

v2.4.1.9
Acquisitions
 3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Acquisitions
ACQUISITIONS

In February 2014, the Company entered into a definitive agreement with Rhino Exploration LLC ("Rhino") to acquire additional oil and natural gas properties consisting of approximately 8,000 net acres in the Utica Shale, as well as Rhino's interest in all of the producing wells on this acreage (the "Rhino Acquisition"). The Company purchased approximately $182.0 million ($179.5 million net of purchase price adjustments) of these assets in 2014.

The Rhino Acquisition qualified as a business combination for accounting purposes and, as such, the Company estimated the fair value of the acquired properties as of the March 20, 2014 acquisition date. The fair value of the assets and liabilities acquired was estimated using assumptions that represent Level 3 inputs. See Note 10 - "Fair Value Measurements" for additional discussion of the measurement inputs.

The Company estimated that the consideration paid in the Rhino Acquisition for these properties approximated the fair value that would be paid by a typical market participant. As a result, no goodwill or bargain purchase gain was recognized in conjunction with the purchase.

The following table summarizes the consideration paid in the Rhino Acquisition to acquire the properties and the fair value amount of the assets acquired as of March 20, 2014.
 
 
(In thousands)
Consideration paid
 
 
     Cash, net of purchase price adjustments
 
$
179,527

Fair value of identifiable assets acquired
 
 
     Oil and natural gas properties
 
 
       Proved
 
$
31,961

       Unproved
 
6,263

       Unevaluated
 
141,303

Fair value of net identifiable assets acquired
 
$
179,527