Exhibit 99.2
SELECTED HISTORICAL FINANCIAL INFORMATION OF ROYAL
The following table shows selected historical financial information of Royal for the periods and as of the dates indicated. The selected historical consolidated financial information of Royal as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015 was derived from the audited historical consolidated financial statements of Royal included elsewhere in this proxy statement. The selected historical interim condensed consolidated financial information of Royal as of June 30, 2018 and for the six months months ended June 30, 2018 and 2017 was derived from the unaudited interim condensed consolidated financial statements of Royal included elsewhere in the Form 8-K. The summary unaudited pro forma financial data as of June 30, 2018 and for the year and six months ended December 31, 2017 and June 30, 2018, respectively, has been prepared to present the Royal entities being contributed in the transaction described in the Proxy Statement. Please see the section elsewhere in the Form 8-K entitled “Unaudited Pro Forma Condensed Consolidated Combined Financial Information of Osprey.
Royal’s historical results are not necessarily indicative of future operating results. In addition, the selected historical financial information below includes the results of operations from certain assets, which Osprey will not acquire in the business combination. The selected consolidated and combined financial information should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Royal,” as well as the historical consolidated and combined financial statements of Royal and accompanying notes included elsewhere in the Form 8-K.
| Pro Forma Royal Contributed Entities | Royal Historical | Pro Forma Royal Contributed Entities | Royal Historical | |||||||||||||||||||||||||
| Year Ended December 31, | Year Ended December 31, | Six Months ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2017 | 2017 | 2016 | 2015 | 2018 | 2018 | 2017 | ||||||||||||||||||||||
| Operating Results: | ||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||
| Oil and Gas Sales | $ | 61,365 | $ | 104,321 | $ | 73,579 | $ | 108,018 | $ | 47,183 | $ | 53,295 | $ | 54,396 | ||||||||||||||
| Realized gain on hedging activities | 391 | 751 | 197 | - | (206 | ) | (206 | ) | 387 | |||||||||||||||||||
| Unrealized gain (loss) on hedging activities | 541 | 1,040 | (1,040 | ) | - | (1,708 | ) | (1,708 | ) | 1,567 | ||||||||||||||||||
| Total Revenues | 62,296 | 106,112 | 72,736 | 108,018 | 45,269 | 51,381 | 56,352 | |||||||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||||||||||
| Production and ad valorem taxes | 3,266 | 5,980 | 4,768 | 6,527 | 2,463 | 2,972 | 3,205 | |||||||||||||||||||||
| Lease operating expense | – | 674 | 440 | 273 | - | 396 | 263 | |||||||||||||||||||||
| Marketing and transportation | 3,127 | 6,926 | 6,747 | 7,946 | 891 | 1,173 | 3,909 | |||||||||||||||||||||
| Amortization of royalty and working interests in oil and natural gas properties | 17,896 | 37,085 | 37,255 | 46,533 | 8,685 | 10,078 | 21,410 | |||||||||||||||||||||
| General, administrative and other | 6,018 | 8,450 | 6,309 | 12,175 | 2,624 | 6,153 | 3,140 | |||||||||||||||||||||
| Total costs and expenses | 30,308 | 59,115 | 55,529 | 73,454 | 14,663 | 20,772 | 31,927 | |||||||||||||||||||||
| Other Income and (Expense): | ||||||||||||||||||||||||||||
| Gain on sale of assets | – | 31,441 | – | - | - | 41,382 | - | |||||||||||||||||||||
| Other income | 60 | 34 | 823 | 436 | - | - | 2 | |||||||||||||||||||||
| Interest expense | (1,445 | ) | (2,799 | ) | (3,250 | ) | (5,462 | ) | (1,043 | ) | (1,074 | ) | (1,343 | ) | ||||||||||||||
| Total other income (expense): | (1,385 | ) | 28,676 | (2,427 | ) | (5,026 | ) | (1,043 | ) | 40,308 | (1,341 | ) | ||||||||||||||||
| Net Income: Production Data: | 30,604 | 75,673 | 14,780 | 29,538 | 29,564 | 70,917 | 23,084 | |||||||||||||||||||||
| Net income attributable to noncontrolling interest | (134 | ) | (155 | ) | (69 | ) | (97 | ) | (81 | ) | (95 | ) | (61 | ) | ||||||||||||||
| Net Income attributable to Royal Resources, LP | 30,470 | $ | 75,518 | $ | 14,711 | $ | 29,441 | $ | 29,483 | $ | 70,822 | $ | 23,023 | |||||||||||||||
| Balance Sheet Data: | ||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 10,497 | $ | 8,048 | $ | 35,388 | ||||||||||||||||||||||
| Total assets | $ | 352,483 | $ | 435,897 | $ | 289,120 | ||||||||||||||||||||||
| Total debt | $ | 57,741 | $ | 58,646 | $ | 31,772 | ||||||||||||||||||||||
| Total liabilities and owners’ equity | $ | 352,483 | $ | 435,897 | $ | 289,120 | ||||||||||||||||||||||