Sitio Royalties (STR) 10-K 14 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Mar. 06, 2019	Jun. 29, 2018
Document Information [Line Items]
Entity Registrant Name	Falcon Minerals Corp
Entity Central Index Key	0001703785
Trading Symbol	FLMN
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Public Float			$ 279.1
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,855,000
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,000,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 7,317	$ 8,345
Account receivable	11,271	12,564
Prepaid expenses	1,524	1,321
Current assets held for sale		3,337
Total current assets	20,112	25,567
Royalty interests in oil and natural gas properties, net of accumulated amortization of $117,605 and $150,345 respectively	209,168	304,663
Deferred tax asset, net	58,773
Other assets	3,182	235
Non-current assets held for sale		22,253
Total assets	291,235	352,718
Current liabilities:
Accounts payable and accrued expenses	521	3,650
Accrued expenses - to partners		1,601
Current liabilities held for sale		152
Total current liabilities	521	5,403
Credit facility	21,000	57,000
Non-current liabilities held for sale		1,158
Total liabilities	21,521	63,561
Commitments and contingencies (See Note 11)
Shareholders' equity and partners' capital:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid in capital	137,866
Non-controlling interests	127,029	629
Retained earnings	4,810
Partners' capital		288,528
Total shareholders' equity and partners’ capital	269,714	289,157
Total liabilities, shareholders' equity and partners’ capital	291,235	$ 352,718
Class A common stock
Shareholders' equity and partners' capital:
Class A common stock, $0.0001 par value; 240,000,000 shares authorized; 45,855,000 shares issued and outstanding as of December 31, 2018	5
Total shareholders' equity and partners’ capital	5
Class C Common Stock [Member]
Shareholders' equity and partners' capital:
Class A common stock, $0.0001 par value; 240,000,000 shares authorized; 45,855,000 shares issued and outstanding as of December 31, 2018	4
Total shareholders' equity and partners’ capital	$ 4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accumulated amortization	$ 117,605	$ 150,345
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A common stock
Common stock, par value	$ 0.0001
Common stock, shares authorized	240,000,000
Common stock, shares issued	45,855,000
Common stock, shares outstanding	45,855,000
Class C Common Stock [Member]
Common stock, par value	$ 0.0001
Common stock, shares authorized	120,000,000
Common stock, shares issued	40,000,000
Common stock, shares outstanding	40,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Oil and gas sales	$ 98,655	$ 95,972	$ 70,964
Gain (loss) on hedging activities	(1,456)	1,791	(843)
Total revenue	97,199	97,763	70,121
Operating expenses:
Production and ad valorem taxes	5,143	5,242	4,531
Marketing and transportation	2,368	6,505	6,605
Amortization of royalty interests in oil and natural gas properties	16,962	33,837	35,840
General, administrative and other	9,544	8,213	6,114
Total operating expenses	34,017	53,797	53,090
Operating income	63,182	43,966	17,031
Other income (expense):
Gain on the sale of assets	41,382	31,441	0
Other income	46	34	823
Interest expense	(2,350)	(2,746)	(3,096)
Total other income (expense)	39,078	28,729	(2,273)
Income before income taxes	102,260	72,695	14,758
Provision for income taxes	3,292	0	0
Income from continuing operations	98,968	72,695	14,758
Income from discontinued operations	2,139	2,978	22
Net income	101,107	75,673	14,780
Net income attributable to non-controlling interests	(10,982)	(155)	(69)
Net income attributable to common shareholders/unitholders	$ 90,125	$ 75,518	$ 14,711
Earnings per common share:
Common shares (basic and diluted)	$ 0.20	$ 0	$ 0
Weighted average number of shares outstanding:
Common shares (basic and diluted)	45,855	0	0

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flow from operating activities:
Net income	$ 101,107	$ 75,673	$ 14,780
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of assets	(41,382)	(31,441)	0
Unrealized (gain) loss on hedging activities	1,151	(1,040)	1,040
Amortization of royalty interests in oil and natural gas properties	18,536	37,085	37,265
Accretion of asset retirement obligation	7	34	0
Amortization of debt issuance costs	457	95	297
Deferred income taxes	2,285	0	0
Cash paid to settle derivatives	(1,151)	0	0
Changes in operating assets and liabilities
Accounts receivable	1,882	(2,368)	(735)
Prepaid expenses	(278)	(1,069)	341
Other assets	(182)	0	0
Accounts payable and accrued expenses	(4,399)	3,311	(2,549)
Other liabilities	(147)	511	840
Net cash provided by operating activities	77,886	80,791	51,279
Cash flows from investing activities:
Additions to oil and natural gas properties	(523)	(3,518)	(5,035)
Decrease in advances to operators	0	225	(225)
Cash acquired in the Transactions	2,920	0	0
Proceeds from the sale of assets	121,130	86,341	0
Acquisition of oil and natural gas properties	(1,215)	0	0
Net cash provided by (used in) investing activities	122,312	83,048	(5,260)
Cash flows from financing activities:
Distributions to partners	(143,788)	(160,390)	(23,575)
Distribution of subsidiaries	(7,125)	0	0
Contributions	0	0	53
Repayments of long-term debt	(44,000)	(1,000)	(52,500)
Deferred financing fees	(8)	0	(203)
Dividends paid	(4,356)	0	0
Distributions to non-controlling interests	(4,101)	0	0
Net cash used in financing activities	(203,378)	(161,390)	(76,225)
Net increase (decrease) in cash and cash equivalents	(3,180)	2,449	(30,206)
Cash and cash equivalents, beginning of period	10,497	8,048	38,254
Cash and cash equivalents, end of period	7,317	10,497	8,048
Supplemental disclosure of cash flow information:
Cash paid for interest	1,834	2,703	2,955
Cash paid for income taxes	1,350	0	0
Non-cash investing and financing activities:
Credit facility prior to the Transactions	38,000	0	0
Distribution of long-term debt to non-acquired entities prior to the Transactions	31,000	0	0
Deferred financing fees prior to the Transactions	3,214	0	0
Deferred tax asset related to the Transactions	60,603	0	0
Accounts payable related to capital expenditures	$ 0	$ 72	$ 679

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity and Partners' Capital - USD ($) $ in Thousands	Total	Class A common stock	Class C common stock	Additional Paid In Capital	Partners' Capital	Non-controlling interests	Retained Earnings
Partners' capital / Shareholder's equity at Dec. 31, 2015	$ 382,616				$ 381,941	$ 675
Net income	14,780				14,711	69
Contributions by partners	53					53
Distributions to partners	(23,575)				(23,415)	(160)
Partners' capital / Shareholder's equity at Dec. 31, 2016	373,874				373,237	637
Net income	75,673				75,518	155
Distributions to partners	(160,390)				(160,227)	(163)
Distributions to non-controlling interests	(200)
Partners' capital / Shareholder's equity at Dec. 31, 2017	289,157				288,528	629
Net income	101,107
Distributions to partners	(143,788)				(143,750)	(38)
Net income prior to Transactions	81,074				80,959	115
Recapitalization in connection with the Transactions	31,695	$ 5	$ 4	$ 137,866	$ (225,737)	119,557
Recapitalization in connection with the Transactions, shares		45,855,000	40,000,000
Net income post Transactions	20,033					10,867	$ 9,166
Distributions to non-controlling interests	(4,101)					(4,101)
Dividends to shareholders	(4,356)						(4,356)
Partners' capital / Shareholder's equity at Dec. 31, 2018	$ 269,714	$ 5	$ 4	$ 137,866		$ 127,029	$ 4,810
Partners' capital / Shareholder's equity, shares at Dec. 31, 2018		45,855,000	40,000,000

Consolidated Statements of Sh_2

Consolidated Statements of Shareholder's Equity and Partners' Capital (Parenthetical)	Dec. 31, 2018$ / shares
Statement Of Stockholders Equity [Abstract]
Dividends amount per share	$ 0.095

Organization and Presentation

Organization and Presentation	12 Months Ended
	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Presentation	Note 1—Organization and Presentation Organization and Description of Business Falcon Minerals Corporation (the “Company” or “Falcon” and formerly named Osprey Energy Acquisition Corp.) was a blank check company, incorporated in Delaware in June 2016. The Company was formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, recapitalization, or other similar business transaction, one or more operating businesses or assets (a “Business Combination”). On August 23, 2018 (the “Closing Date”), the Company completed the acquisition of the equity interests ( the “Equity Interests”) in certain of the subsidiaries (the “Royal Entities”) of Noble Royalties Acquisition Co., LP, (“NRAC”), Hooks Ranch Holdings LP (“Hooks Holdings”), DGK ORRI Holdings, LP (“DGK”), DGK ORRI GP LLC (“DGK GP”) and Hooks Holding Company GP, LLC (“Hooks GP”, and collectively with NRAC, Hooks Holdings, DGK, and DGK GP, the “Contributors”). The acquisition was made pursuant to the Contribution Agreement, dated as of June 3, 2018 (the “Contribution Agreement”), by and among the Company, Royal Resources L.P. (“Royal”), Royal Resources GP L.L.C. (“Royal GP”) and the Contributors. The acquisition of the Royal Entities pursuant to the Contribution Agreement is referred to as the “Business Combination” and the Business Combination together with the other transactions contemplated by the Contribution Agreement are referred to herein as the “Transactions.” Pursuant to the Contribution Agreement, on the Closing Date, the Company contributed cash to Falcon Minerals Operating Partnership, LP, a Delaware limited partnership and wholly owned subsidiary of the Company (“Opco”), in exchange for (a) a number of OpCo Common Units representing limited partnership interests in Opco (the “OpCo Common Units”) equal to the number of shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), outstanding as of the Closing Date and (b) a number of Opco warrants exercisable for OpCo Common Units equal to the number of the Company’s warrants outstanding as of the Closing Date. The Company controls Opco through Falcon Minerals GP, LLC, a Delaware limited liability company, a wholly owned subsidiary of the Company and the sole general partner of Opco (“Opco GP”). On the Closing Date, Falcon completed the acquisition of the Equity Interests and in return the Contributors received (i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C common stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled. In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from “Osprey Energy Acquisition Corp.” to “Falcon Minerals Corporation”. The Company is now structured as an “Up-C,” meaning that substantially all the assets of the Company are held by Opco, and the Company’s only operating asset is its equity interest in Opco. Each OpCo Common Unit, together with one share of Class C Common Stock, is exchangeable for one share of Class A Common Stock at the option of the holder pursuant to the terms of the Company’s and Opco’s organizational documents, subject to certain restrictions. The Company’s assets, via its controlling interest in OpCo, consist of royalty interests, mineral interests, non-participating royalty interests and overriding royalty interests, or ORRIs (collectively, “Royalties”), underlying approximately 252,000 gross unit acres that are concentrated in what the Company believes is the “core-of-the-core” of liquids-rich condensate region of the Eagle Ford Share in Karnes, DeWitt and Gonzales Counties, Texas. The company owns additional assets of approximately 68,000 gross acres in Pennsylvania, Ohio and West Virginia that is prospective for Marcellus Shale. These royalties entitle the holder to a portion of the production of oil and natural gas from the underlying acreage at the sales price received by the operator, net of any applicable post-production expenses and taxes. The holder of these interests has no obligation to fund exploration and development costs, lease operating expenses or plugging and abandonment costs at the end of a well’s productive life.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2—Summary of Significant Accounting Policies Basis of Presentation The accompanying audited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions are eliminated in consolidation. The acquisition of the Royal Entities has been accounted for as a reverse recapitalization. Under this method of accounting, Falcon will be treated as the acquired company and Royal will be treated as the acquirer for financial reporting purposes. Therefore, the consolidated financial results include information regarding Royal as the Company’s predecessor entity, which includes certain interests in subsidiary companies which were not acquired by the Company in the Transactions. Thus, the financial statements included in this report reflect (i) the historical operating results of Royal prior to the Transactions: (ii) the combined results of the Company, OpCo and Royal following the Transactions; (iii) the assets, liabilities and partners’ capital of Royal at their historical costs; and (iv) the Company’s equity and earnings per share presented for the period from the Closing Date of the Transaction. The Royal subsidiaries that were contributed in the Transactions are VickiCristina, LP, DGK ORRI Company, L.P., Noble EF DLG LP, Noble EF LP and Noble Marcellus LP. The interests in Riverbend Natural Resources, L.P. (“RNR”) and KGD ORRI, L.P. were not contributed in the Transactions (the “Non-Contributed Entities”). The RNR interests that were not contributed in the Transactions are classified as discontinued operations and are presented separately in the December 31, 2017 consolidated balance sheet of the Company. In addition, the amounts attributed to RNR interests related to the Transactions are included in discontinued operations in the consolidated statements of operations. Cash and Cash Equivalents Cash and cash equivalents represent unrestricted cash on hand and include all highly liquid investments purchased with a maturity of three months or less and money market funds. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting periods; and the quantities and values of proved oil, natural gas and natural gas liquids (“NGLs”) reserves used in calculating depletion and assessing impairment of oil and natural gas properties. Actual results could differ significantly from these estimates. Significant estimates made by management include the quantities of proved oil, natural gas and NGL reserves, related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, fair value of the Company’s warrants, estimates of current and deferred income taxes. While management believes these estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates and it is reasonably possible these estimates could be revised in the near term, and these revisions could be material. Accounts Receivable The Company’s accounts receivable balance results primarily from operators’ sales of oil and natural gas to their customers. Accounts receivable are recorded at the contractual amounts and do not bear interest. The Company reserves for specific accounts receivables when it is probable that all or a part of an outstanding balance will not be collected. The Company regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered doubtful. As of December 31, 2018 and 2017, the Company had not recorded any reserves for uncollectible amounts or deemed any amounts to be uncollectible. Royalty Interests in Oil and Natural Gas Properties The Company follows the successful efforts method of accounting for oil and natural gas operations. Under this method, costs to acquire mineral and royalty interests in oil and natural gas properties are capitalized when incurred. Acquisitions of royalty interests of oil and natural gas properties are considered asset acquisitions and are recorded at cost. Acquisition costs of proven royalty interests are amortized using the units of production method over the life of the property, which is estimated using proven reserves. Acquisition costs of royalty interests on unproved properties, where there are no proven reserves, are not amortized. When the associated exploration stage interests are converted to proven reserves, the cost basis is amortized using the units of production methodology over the life of the property, using proven reserves. For purposes of amortization, interests in oil and natural gas properties are grouped in a reasonable aggregation of properties with common geological structural features or stratigraphic condition. Amortization expense related to the Company’s proved properties was $17.0 million and $33.8 million for the years ended December 31, 2018 and 2017. We review and evaluate our royalty interests in oil and natural gas properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Proved oil and gas properties are reviewed for impairment when events and circumstances indicate a potential decline in the fair value of such properties below the carrying value, such as a downward revision of the reserve estimates or lower commodity prices. When such events or changes in circumstances occur, we estimate the undiscounted future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. If the carrying value of the properties is determined to not be recoverable based on the undiscounted cash flows, an impairment charge is recognized by comparing the carrying value to the estimated fair value of the properties. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. There was no such impairment of proved oil and natural gas properties for the years ended December 31, 2018 or 2017. Unproved properties are also assessed for impairment periodically on a depletable unit basis when facts and circumstances indicate that the carrying value may not be recoverable, at which point an impairment loss is recognized to the extent the carrying value exceeds the estimated recoverable value. The carrying value of unproved properties, including unleased mineral rights, is determined based on management’s assessment of fair value using factors similar to those previously noted for proved properties, as well as geographic and geologic data. There was no impairment of unproved properties for the years ended December 31, 2018 and 2017. Upon the sale of a complete depletable unit, the book value thereof, less proceeds or salvage value, is charged to income. Upon the sale or retirement of an individual well, or an aggregation of interests which make up less than a complete depletable unit, the proceeds are credited to accumulated DD&A, unless doing so would significantly alter the DD&A rate of the depletable unit, in which case a gain or loss would be recorded. There was gain on sale certain oil and natural gas properties recorded of $41.4 million and $31.4 million for the years ended December 31, 2018 and 2017, respectively. Debt Issuance Costs Other assets include capitalized costs of $3.0 million and $0.2 million as of December 31, 2018 and 2017, respectively. The costs are associated with the Company’s credit agreement and are being amortized over the term of the credit agreement. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. GAAP establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This three-tier hierarchy classifies fair value amounts recognized or disclosed in the consolidated financial statements based on the observability of inputs used to estimate such fair values. The classification within the hierarchy of an asset or liability is determined based on the lowest level input that is significant to the fair value measurement. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, the Company categorizes its assets and liabilities recorded at fair value using this hierarchy. The amounts reported in the balance sheet for cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term maturities of these instruments (Level 1). Because the Credit Facility (as defined in “Note 5 – Debt – Falcon Credit Facility” below) has a market rate of interest, its carrying amount approximated fair value (Level 2). Revenue Recognition The Company’s oil, natural gas and natural gas liquids sales contracts are generally structured whereby the producer of the properties in which the Company owns a royalty interest sells the Company’s proportionate share of oil, natural gas and natural gas liquids production to the purchaser and the Company collects its percentage royalty based upon the revenue generated by the sale of the oil, natural gas and natural gas liquids. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead or at the gas processing facility based on the Company’s percentage ownership share of the revenue. The Company uses the entitlement method of accounting for revenues. Under this method, revenues are recognized based on actual production. However, settlement statements for certain oil, natural gas and natural gas liquids sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of royalty income to be received based upon the Company’s interest. The Company records the differences between its estimates and the actual amounts received for royalties in the month that payment is received from the producer. The Company has existing internal controls for its revenue estimation process and related accruals, and any identified differences between its revenue estimates and actual revenue received historically have not been significant. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to the expected sales volume and prices for those properties are estimated and recorded. Income Taxes The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2018. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Royal was historically treated as a partnership for federal income tax purposes, with each partner being separately taxed on its share of taxable income; therefore, there is no federal income tax expense reflected in Royal’s historical financial statements prior to the Transactions. Derivative Financial Instruments Royal used derivative financial instruments to reduce exposure to fluctuations in commodity prices. The transactions were in the form of crude swaps. Royal’s derivative instruments were not designated as cash flow hedges for accounting purposes for any of periods presented. Accordingly, the changes in fair value are recognized in the consolidated statements of operations in the period of change. Gains and losses from derivatives are included in the cash flows from operating activities. Royal’s derivative financial instruments were extinguished in connection with the Transactions. Segment Reporting The Company derives revenue from royalty interests, mineral interests, non-participating royalty interests and overriding royalty interests, or ORRIs (collectively “Royalties”), in oil and natural gas properties in North America. The Company operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s chief executive officer has been determined to be the CODM and allocates resources and assesses performance based upon financial information at the consolidated level. Recently Issued Accounting Pronouncements The Company is an “emerging growth company” (“EGC”) as defined by the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can selectively delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of this exemption and, as a result, its financial statements may not be comparable to the financial statements of issuers that are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. Section 107 of the JOBS Act provides that the Company can elect to opt out of the extended transition period at any time, which election is irrevocable. In May 2014, the FASB issued updated guidance on the reporting and disclosure of revenue recognition. The update requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires new qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, information about contract balances and performance obligations, and assets recognized from costs incurred to obtain or fulfill a contract. In April 2015, the FASB proposed a one-year deferral of the effective date, and therefore, this guidance will be effective for the Company beginning in the first quarter of 2019, with early adoption optional but not before the original effective date of December 15, 2016. In May and December 2016, the FASB issued certain narrow-scope improvements and practical expedients to the guidance. The Company has completed its review of a representative sample of revenue contracts covering its material revenue streams that was designed to evaluate any potential changes in revenue recognition upon adoption of the new standard, and based on evaluations to-date, the implementation of the new standard will not have a material impact on the consolidated financial statements and disclosures. The Company has also completed its review of the information technology and internal control changes that will be required to implement the new standard based on the results of its contract review process. The Company intends to use the modified retrospective approach upon adoption of the new guidance on the effective date of January 1, 2019 and does not anticipate recording or disclosing any material transition adjustments upon adoption. In February 2016, the FASB issued new guidance which amends various aspects of existing guidance for leases. The new guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The main difference between previous GAAP and the new standard is the recognition of lease assets and lease liabilities by lessees on the balance sheet for those leases classified as operating leases under previous GAAP. As a result, the Company will have to recognize a liability representing its lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The new guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial position or results of operations. In August 2016, the FASB issued new guidance which makes eight targeted changes to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update provides specific guidance on cash flow classification issues that are not currently addressed by GAAP and thereby reduces the current diversity in practice. The standard is effective for the Company’s financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this requirement to have a significant impact on its financial condition, results of operations, cash flows and related disclosures. In January 2017, the FASB issued new guidance which provides clarifications to evaluating when a set of transferred assets and activities (collectively, the “set”) is a business and provides a screen to determine when a set is not a business. Under the new guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and should be applied on a prospective basis to any transactions occurring within the period of adoption. Early adoption is permitted for interim or annual periods in which the financial statements have not been issued. The Company does not expect this requirement to have a significant impact on its financial condition, results of operations, cash flows and related disclosures.

Transactions

Transactions	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Transactions	Note 3 – Transactions On the Closing Date, Falcon completed the acquisition of the equity interests in the Royal Entities and in return the Contributors received (i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C Common Stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled. In addition to the above, pursuant to the Contribution Agreement, Royal is entitled to receive earn-out consideration to be paid in the form of OpCo Common Units (and a corresponding number of shares of Class C Common Stock) if the 30-day volume-weighted average price (“30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement. Royal can potentially receive up to an additional 20.0 million OpCo Common Units as a part of the earn-out consideration. As of December 31, 2018, none of these hurdles have been met. Royal is also entitled to the earn-out consideration described above in connection with certain liquidity events of the Company, including a merger or sale of all or substantially all of the Company’s assets, if the consideration paid to holders of the Class A Common Stock in connection with such liquidity event is greater than any of the 30-Day VWAP hurdles. In connection with the Company’s entry into the Contribution Agreement, the Company agreed to issue and sell in a private placement an aggregate of 11,480,000 shares of Class A Common Stock for a purchase price of $10.00 per share, and aggregate consideration of $114.8 million (the “Private Placement”). The Private Placement was consummated concurrently with the Closing Date and the proceeds of the Private Placement were used to fund a portion of the cash consideration paid to the Contributors. Because Royal has effective control of the combined company after the Transactions through its majority voting interests in both the Company and, accordingly, Opco, the Transactions were accounted for as a reverse recapitalization. Although the Company was the legal acquirer, Royal was the accounting acquirer. As a result, the reports filed by the Company subsequent to the Transactions are prepared “as if” Royal is the predecessor and legal successor to the Company. The historical operations of Royal are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Royal prior to the Transactions; (ii) the combined results of the Company, OpCo and Royal following the Transactions; (iii) the assets, liabilities and partners’ capital of Royal at their historical cost; and (iv) the Company’s equity and earnings per share for the period from the Closing Date of the Transactions. The RNR assets, liabilities and operations are considered discontinued operations prior to the Closing Date of the Transactions. Below is a reconciliation of the carrying amounts of the major classes of assets and liabilities of the discontinued operations that are classified as held for sale and are presented separately in the December 31, 2017 consolidated balance sheet of the Company (in thousands): December 31, 2017 Assets: Current assets: Cash and cash equivalents $ 2,152 Accounts receivable 1,185 Total current assets 3,337 Royalty interests in oil and natural gas properties, net 22,253 Total assets of disposal group classified as held for sale $ 25,590 Liabilities and shareholder's equity: Current liabilities: Accounts payable and accrued expenses $ 152 Total current liabilities 152 Credit facility 976 Asset retirement obligation 182 Total liabilities of the disposal group classified as held for sale $ 1,310 Below are amounts attributed to the disposition of the RNR interests included in discontinued operations in the consolidated statements of operations (in thousands): December 31, 2018 2017 2016 Revenues: Oil and gas sales $ 5,401 $ 8,349 $ 2,615 Expenses: Production and ad valorem taxes 484 738 237 Lease operating expenses 510 674 440 Transportation and marketing 333 421 142 Depreciation, depletion and amortization 1,574 3,248 1,425 General, administrative and other 324 237 195 Total expenses 3,225 5,318 2,439 Operating income 3,031 176 Other income (expense): Other income 2 - - Interest expense (39 ) (53 ) (154 ) Total other income (expense) (37 ) (53 ) (154 ) Net income $ 2,139 $ 2,978 $ 22 Below are the amounts attributed to the disposition of the RNR interests included in the consolidated cash flow statements (in thousands): December 31, 2018 2017 2016 Net cash provided by operating activities - discontinued operations $ 4,488 $ 5,623 $ 217 Net cash used in investing activities - discontinued operations (523 ) (3,293 ) (5,260 )

Oil and Natural Gas Interests

Oil and Natural Gas Interests	12 Months Ended
	Dec. 31, 2018
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
Oil and Natural Gas Interests	Note 4—Oil and Natural Gas Interests Oil and natural gas interest include the following (in thousands): As of December 31, December 31, 2018 2017 Oil and natural gas interests: Subjection to depletion $ 307,438 $ 435,808 Not subjection to depletion 19,335 19,200 Gross oil and natural gas interests 326,773 455,008 Accumulated depletion and impairment (117,605 ) (150,345 ) Oil and natural gas interests, net $ 209,168 $ 304,663 In February 2018, Royal completed the sale of its interests in a portion of its oil and natural gas properties to an unaffiliated third part for cash proceeds of $121.1 million. The sale resulted in a realized gain of $41.4 million.

Debt

Debt	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Debt	Note 5—Debt Royal Credit Facilities Royal’s historical primary sources of indebtedness were its first lien credit facility, which it entered into in October 2012, and Royal Natural Resources, LP (“RNR”) credit facility: • First lien credit facility: As of December 31, 2017, the borrowing base on the first lien credit facility was $57 million. The borrowing base is re-determined semi-annually. Borrowings are either at LIBOR or at the Base Rate, at Royal’s option, plus a variable credit spread. The variable credit spread is based on the percentage of the borrowing base utilized. In connection with the pre-Transactions sale of a portion of Royal’s interests in certain oil and natural gas properties, Royal repaid $27.0 million towards the first lien credit facility. The first lien credit facility was extinguished on the Closing Date. • RNR credit facility: As of December 31, 2017, the borrowing base on the RNR credit facility was $2 million. Borrowings are between 7% and 9% for London InterBank Offered Rate based loans (“LIBOR”), and between 6% and 8% for base rate loans. The interest rate is based on the percentage of the borrowing based utilized. The RNR credit facility was incurred by Riverbend Natural Resources, LP, which was not contributed in the Transactions. The availability under each facility was subject to Royal’s compliance with certain customary contractual financial and non-financial covenants and non-financial covenants and each facility was secured by Royal’s assets. Falcon Credit Facility On the Closing Date, the Company entered into a credit facility with Citibank, N.A., as administrative agent and collateral agent for the lenders from time to time party thereto (the “Credit Facility”). The Credit Facility initially provides for aggregate revolving borrowings of up to $500.0 million with an initial $115.0 million borrowing base and expires on the fifth anniversary of the Closing Date. On the Closing Date, $38.0 million was drawn under the Credit Agreement to fund a portion of the purchase price of the Transactions, to pay transaction expenses, to fund any original issue discount or upfront fees in connection with the “market flex” provisions previously agreed upon and to finance working capital needs and other general corporate purposes. As of December 31, 2018, the Company had borrowings of $21.0 million under the Credit Facility at an interest rate of 4.76%. The Company incurred $3.2 million in connection with the closing of the Credit Facility. These amounts have been recorded as a deferred asset and will be amortized over the term of the Credit Facility. Principal amounts borrowed are payable on the maturity date. The Company has a choice of borrowing at an alternative base rate (which is equal to the greatest of the federal funds rate plus one-half of 1.0%, the prime rate or the one-month LIBOR rate plus 1.0%) or LIBOR, with such borrowings bearing interest, payable quarterly in arrears for base rate loans and one month, two-month, three month or six-month periods for LIBOR loans. LIBOR loans bear interest at a rate per annum equal to the rate appearing on the Reuters Reference LIBOR01 or LIBOR02 page as the LIBOR, for deposits in dollars at 12:00 noon (London, England time) for one, two, three, or six months plus an applicable margin ranging from 200 to 300 basis points. Base rate loans bear interest at a rate per annum equal to the greatest of (i) the agent bank’s reference rate, (ii) the federal funds effective rate plus 50 basis points and (iii) the rate for one-month LIBOR loans plus 1%, plus an applicable margin ranging from 100 to 200 basis points. The next scheduled redetermination of our borrowing base is on April 1, 2019. Based upon the current borrowing base, the Company has $94.0 million of available capacity under the Credit Facility as of December 31, 2018. Obligations under the Credit Facility are guaranteed by the Company and each of its existing and future, direct and indirect domestic subsidiaries (the “Credit Parties”) and are secured by all the present and future assets of the Credit Parties, subject to customary carve-outs. The Credit Facility contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, include restrictions on the Company’s ability to incur additional indebtedness, acquire and sell assets, create liens, enter into certain lease agreements, make investments, make distributions and require the maintenance of the financial ratios described below. Financial Covenant Required Ratio Ratio of total net debt to EBITDAX, as defined in the Credit Facility Not greater than 4.0 to 1.0 Ratio of current assets to current liabilities, as defined in the Credit Facility Not less than 1.0 to 1.0 As of December 31, 2018, the Company was in compliance with such covenants.

Shareholder's Equity and Divide

Shareholder's Equity and Dividends	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Shareholder's Equity and Dividends	Note 6—Shareholder’s Equity and Dividends Shares Outstanding Prior to the Transactions, Falcon was a shell company with no operations, formed as a vehicle to affect a business combination with one or more operating businesses. After the Closing of the Transactions, the Company became a holding company whose sole material operating asset consists of its interest in Royal through its interest in Opco. The following table summarizes the changes in the outstanding stock and warrants through December 31, 2018. Class A Common Stock Class B Common Stock Class C Common Stock Warrants Issued at IPO 27,500,000 - - 13,749,999 Issued to founders - 6,875,000 - 7,500,000 Issued in connection with private placement 11,480,000 - - - Issued in connection with the Transactions - - 40,000,000 - Class B conversion related to Transactions 6,875,000 (6,875,000 ) Shares outstanding at December 31, 2018 45,855,000 - 40,000,000 21,249,999 Preferred stock - At December 31, 2018, there were no shares of preferred stock issued or outstanding. The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. Class A Common Stock - At December 31, 2018, there were 45,855,000 shares of Class A Common Stock issued and outstanding. Holders of the Company’s Class A Common Stock are entitled to one vote for each share. The Company is authorized to issue 240,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Class B Common Stock - At December 31, 2018, there were 0 shares of Class B Common Stock issued and outstanding. The shares of Class B Common Stock automatically converted into shares of Class A Common Stock at the time of the Transactions on a one-for-one basis. The Company is not authorized to issue Class B shares since the closing of the Transactions. Class C Common Stock – At December 31, 2018, there were 40,000,000 shares of Class C Common Stock issued and outstanding. Class C common stock was issued to the Contributors in connection with the Transactions and are non-economic but entitled the holder to one vote per share. The Company is authorized to issue 120,000,000 shares of Class C Common Stock with a par value of $0.0001 per share. Public Warrants – At December 31, 2018, there were 13,749,999 Public Warrants outstanding. Each Public Warrant entitles the holder to purchase one share of Class A Common Stock at a price of $11.50 per share. The Public Warrants will expire five years after the closing of the Transactions or earlier upon redemption or liquidation. The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant with not less than 30 days’ notice provided to the Public Warrant holders. However, this redemption right can only be exercised if the last sale price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-day trading period ending three business days before we send the notice of redemption to the Public Warrant holders. Private Placement Warrants –Upon closing of the Osprey initial public offering, the Sponsor purchased an aggregate of 7,500,000 warrants at a price of $1.00 per warrant (the “Private Placement Warrants). Each Private Placement Warrant is exercisable for one share of Class A Common Stock at a price of $11.50. The Private Placement Warrants are identical to the Public Warrants discussed above, except (i) they will not be redeemable by the Company so long as they are held by the Sponsor and (ii) they may be exercisable by the holders on a cashless basis. At December 31, 2018, there were 7,500,000 Private Placement Warrants outstanding. In connection with the Transactions, the Company issued 40,000,000 OpCo Common Units to the Contributors. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the holder. Upon the redemption by any Contributor of OpCo Common Units for shares of Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled. Earn-Out In addition to the above, the Contributors will be entitled to receive earn-out consideration to be paid in the form of OpCo Common Units (with a corresponding number of shares of Class C Common Stock) if the volume-weighted average price of the trading days during any thirty (30) calendar days (the “30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement. If the 30-Day VWAP of the Class A Common Stock is $12.50 or more per share at any time within the seven years following the closing, Royal LP will receive (i) an additional 10 million OpCo Common Units (and an equivalent number of shares of Class C Common Stock), plus (ii) an amount of OpCo Common Units (and an equivalent number of shares of Class C Common Stock) equal to (x) the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the first earn-out is achieved (with any dividends paid in the stub year in which the first earn-out is achieved annualized for purposes of determining what portion of such dividends would have, on an annual basis, exceeded $0.50), multiplied by 10 million, (y) divided by $12.50. If the 30-Day VWAP of the Class A Common Stock is $15.00 or more per share at any time within the seven years following the closing (which $15.00 threshold will be reduced by the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the earn-out is achieved, but not below $12.50), the Contributors will receive an additional 10 million OpCo Common Units (and an equivalent number of Class C Common Stock). Upon recognition of the earn-out, as there is no consideration received, the Company would record the payment of the earn-out as adjustments through equity (non-controlling interest and additional-paid-in-capital). Private Placement In connection with the Company’s entry into the Contribution Agreement, the Company agreed to issue and sell in a private placement an aggregate of 11,480,000 shares of Class A Common Stock for a purchase price of $10.00 per share, and aggregate consideration of $114.8 million (the “Private Placement”). The Private Placement was consummated concurrently with the Closing Date and the proceeds of the Private Placement were used to fund a portion of the cash consideration paid to the Contributors. Noncontrolling Interest The Company owns 100% of the general partner interests and 53% of the limited partner interests of OpCo and due to the Company’s controlling interest in OpCo, OpCo is a consolidated subsidiary of the Company. Non-controlling ownership interests in OpCo are presented in the consolidated balance sheet within shareholders’ equity as a separate component. In addition, consolidated net income includes earnings attributable to both the shareholders and the non-controlling interests. For the years ended December 31, 2018 and 2017, $4.1 million and $0.2 million, respectively, of distributions for each period have been made to non-controlling interest holders of the consolidated subsidiaries. Long-Term Incentive Plan In connection with the Closing, the Falcon Board of Directors adopted the Falcon Minerals Corporation 2018 Long-Term Incentive Plan (the “Plan”). An aggregate of 8.6 million shares of Class A Common Stock are available for issuance under the Plan. As of December 31, 2018, no grants have been made under the Plan. Cash Dividends The table below summarizes the quarterly dividends related to the Company’s quarterly financial results (in thousands, except per unit data): Quarter Ended Total Quarterly Dividend Per Share Total Cash Dividends Payment Date Shareholders Record Date December 31, 2018 $ 0.2000 $ 9,171 February 28, 2019 February 21, 2019 September 30, 2018 (1) $ 0.0950 $ 4,356 November 15, 2018 November 8, 2018 (1) Initial pro rata dividend, prorated for the period from August 23, 2018 to September 30, 2018.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Note 7—Earnings Per Share The Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization. Earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization. Diluted net income per share excludes the effects of the conversion of the 40,000,000 Class C common shares to Class A common shares because they are anti-dilutive. Diluted net income per share excludes the effect of the warrants to purchase 21,249,999 shares of Class A Common Stock because the warrants are also anti-dilutive. Diluted net income per share excludes the effects of OpCo Common Units (and related Class C Common Stock) associated with the earn-out, which are convertible into Class A Common Stock, because The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): For the Year Ended For the Year Ended December 31, December 31, 2018 2017 Numerator: Net income attributable to common stockholders - basic and diluted $ 9,166 N/A Denominator: Weighted average shares outstanding - basic and diluted 45,855 N/A Net income per common share, basic and diluted $ 0.20 N/A

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 8—Income Taxes The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. As of December 31, 2018, the Company recorded an income tax expense of $3.3 million and $0 for the years ended December 31, 2018 and 2017, respectively. Royal was historically treated as a partnership for federal income tax purposes, with each partner being separately taxed on its share of taxable income; therefore, there is no federal income tax expense reflected in Royal’s financial statements for any period prior to the Transactions on August 23, 2018. As of December 31, 2018, the Company had $58.8 million of net deferred tax assets. These net deferred tax assets relate to oil and gas assets and other temporary items where the tax basis differs from the GAAP carrying amounts. At December 31, 2018 and 2017, the Company had recorded a prepayment of income taxes of $0.8 million and $0 respectively. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2018. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code that will affect our calendar year tax filings for the period ending December 31, 2018, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax (AMT) and changing how existing AMT credits can be realized; (3) creating a new limitation on deductible interest expense; and (4) changing rules related to uses and limitations of NOL carryforwards created in tax years beginning after December 31, 2017. The impact of the Tax Act on the Company’s financial statements are recorded in the amounts reported in our income tax provision. The components of the provision for income taxes for the year ended December 31, 2018 are as follows: For the Year Ended December 31, 2018 (in thousands) Current income tax provision: Federal $ 995 State 12 Total current income tax provision 1,007 Deferred income tax provision: Federal 2,264 State 21 Total deferred income tax provision 2,285 Total provision for income taxes $ 3,292 A reconciliation of the statutory federal income tax amount to the recorded expense is as follows: For the Year Ended December 31, 2018 (in thousands) Income tax expense (benefit) at the federal statutory tax rate (21%) $ 21,475 Impact of net income attributable to the non-controlling interests (2,306 ) Impact of net income attributable to pre-business combination period (16,576 ) Impact of pre-business combination tax adjustment 824 Other, Net (125 ) Provision for (benefit from) income taxes $ 3,292 The components of the Company’s deferred tax assets and liabilities as of December 31, 2018 are as follows: For the Year Ended December 31, 2018 (in thousands) Deferred tax assets: Difference in carrying value and tax basis in oil and gas assets $ 59,208 Prior period income tax benefit/(liability) (370 ) Total deferred tax assets 58,838 Valuation allowance - Net deferred tax assets 58,838 Deferred tax liabilities: Prepaid Expenses 65 Other - Total deferred tax liabilities 65 Net deferred tax assets $ 58,773

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 9—Related Party Transactions Founder Shares In June 2016, the Company issued an aggregate of 125,000 shares of Class B Common Stock to Osprey Sponsor, LLC (the “Sponsor”) for an aggregate purchase price of $25,000 (the “Founder Shares”). In March 2017, the Company effectuated a 57.5-for-1 stock split resulting in an aggregate of 7,187,500 Founder Shares outstanding and held by the Sponsor. The Founder Shares automatically converted into Class A Common Stock upon the consummation of the Transactions on a one-for-one basis. Due to the underwriter’s election not to exercise the remaining portion of the over-allotment option related to the Osprey initial public offering, 312,500 Founder Shares were forfeited resulting in an aggregate of 6,875,000 Founder Shares held by the Sponsor prior to the Transactions. Atlas Energy Group, LLC Atlas Energy Group, LLC, which Company officers and directors Edward Cohen and Jonathan Cohen are also directors and officers of, and its affiliates provide the Company with advisory services in connection with potential business opportunities and prospective targets. For the years ended December 31, 2018 and 2017, the Company paid less than $0.1 million and $0 in expenses in connection with such services. In October 2018, Daniel Herz resigned from any and all director and officer positions within Atlas Energy Group, LLC and its affiliates. Hepco Capital Management, LLC Hepco Capital Management, LLC (“Hepco Capital”), which Company officers and directors Edward Cohen, Jonathan Cohen and Jeffrey Brotman are also directors and officers of, and its affiliates share certain employees and office space and reimburses the Company for a proportionate amount of the shared expenses on a monthly basis. For the years ended December 31, 2018 and 2017, the Company incurred less than $0.1 million and $0 million, respectively. Royal Resources L.P. Royal Resources L.P. (“Royal”), which owns 40 million shares of the Class C Common Stock of the Company, as well as, 40 million units of OpCo, has entered into a Master Service Agreement (“MSA”) with the Company in December 2018. Under the MSA, the Company provides certain management services to Royal. For the year ended December 31, 2018, the Company received less than $0.1 million under this agreement.

Major Operators

Major Operators	12 Months Ended
	Dec. 31, 2018
Risks And Uncertainties [Abstract]
Major Operators	Note 10—Major Operators The following table presents the percentage of revenues with the Company’s significant operators (those that have accounted for 10% or more of the Company’s revenues in a given period) for the periods indicated: % of Revenues For the Year Ended December 31, 2018 2017 2016 Conoco Phillips 39 % 15 % 16 % EOG 22 % 18 % 17 % Devon 16 % 30 % 35 % BP 5 % 20 % 21 % Total 82 % 83 % 89 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11—Commitments and Contingencies The Company could be subject to various possible loss contingencies which arise primarily from interpretation of federal and state laws and regulations affecting the natural gas and crude oil industry. Such contingencies include differing interpretations as to the prices at which natural gas and crude oil sales may be made, the prices at which royalty owners may be paid for production from their leases, environmental issues and other matters. Management believes it has complied with the various applicable laws and regulations, administrative rulings and interpretations. Commitments and Contractual Obligations Future non-cancelable commitments related to certain contractual obligations as of December 31, 2018 are presented below (in thousands): Payments Due by Period Total 2019 2020 2021 2022 2023 Thereafter Long-term debt obligations $ 21,000 $ - $ - $ - $ - $ 21,000 $ - Operating lease obligations 1,218 226 309 311 121 106 145 Total $ 22,218 $ 226 $ 309 $ 311 $ 121 $ 21,106 $ 145

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 12—Subsequent Events Cash Dividends In February 2019, the Company declared a quarterly cash dividend of $0.20 per share of Class A Common Stock totaling approximately $9.2 million for all shares of Class A Common Stock outstanding. The dividend is for the period from October 1, 2018 through December 31, 2018. The dividend was payable on February 28, 2019 to all Class A shareholders of record on February 21, 2019. OpCo Distribution In February 2019, OpCo made distributions totaling $18.4 million to its unitholders. Of the $18.4 million distributed by OpCo, the Company received $9.8 million.

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (Unaudited)	Note 13 – Quarterly Financial Data (Unaudited) (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2018: Revenues $ 20,303 $ 26,313 $ 24,282 $ 26,301 Operating income $ 12,230 $ 16,299 $ 16,837 $ 17,816 Net income attributable to common shareholders/unitholders $ 53,866 $ 16,956 $ 12,667 $ 6,636 Net income per share: Common shares, basic and diluted (2) N/A N/A $ 0.06 (1) $ 0.14 Weighted average number of shares outstanding: Common shares, basic and diluted (2) N/A N/A 45,855 45,855 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2017: Revenues $ 29,224 $ 23,630 $ 19,045 $ 25,864 Operating income $ 13,445 $ 9,959 $ 7,547 $ 13,015 Net income attributable to common shareholders/unitholders $ 13,207 $ 9,814 $ 7,503 $ 44,994 Net income per share: Common shares, basic and diluted (2) N/A N/A N/A N/A Weighted average number of shares outstanding: Common shares, basic and diluted (2) N/A N/A N/A N/A (1) Subsequent to the issuance of the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018, the Company's management determined that net income attributable to non-controlling interests, net of tax, had been excluded from the numerator in the calculation of Earnings per common share (diluted). As a result, Earnings per common share (diluted) for the three months ended September 30, 2018 has been corrected from $0.03 previously reported to $0.06. (2) Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.

Supplemental Information on Oil

Supplemental Information on Oil and Natural Gas Operations (Unaudited)	12 Months Ended
	Dec. 31, 2018
Extractive Industries [Abstract]
Supplemental Information on Oil and Natural Gas Operations (Unaudited)	Note 14 – Supplemental Information on Oil and Natural Gas Operations (Unaudited) The Company’s oil and natural gas reserves are attributable solely to properties within the United States. Discontinued operations information comprising of the RNR interests which were not acquired in the Transactions have not been included in the Supplemental Information for Crude Oil Producing Activities for each period presented below. Capitalized oil and natural gas costs Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows: As of December 31, 2018 2017 (in thousands) Proved royalty interest $ 307,438 $ 435,808 Unproved royalty interests 19,335 19,200 Accumulated amortization (117,605 ) (150,345 ) Net royalty interests in oil and natural gas properties $ 209,168 $ 304,663 Costs incurred in oil and natural gas activities Costs incurred in oil and natural gas property acquisitions, exploration and development activities are as follows: December 31, 2018 2017 2016 (in thousands) Acquisition costs: Proved properties $ 207 $ - $ - Unproved properties 1,008 - - Total $ 1,215 $ - $ - Results of operations from oil and natural gas producing activities The following table sets forth the revenues and expenses related to the production and sale of oil and natural gas. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to the net operating results of the Company’s oil, natural gas and natural gas liquids operations. December 31, 2018 2017 2016 (in thousands) Royalty income $ 98,655 $ 95,972 $ 70,964 Production and ad valorem taxes (5,143 ) (5,242 ) (4,531 ) Marketing and transportation (2,368 ) (6,505 ) (6,605 ) Depletion (16,962 ) (33,837 ) (35,840 ) Income tax expense (3,292 ) - - Results of operations from oil, natural gas and natural gas liquids $ 70,890 $ 50,388 $ 23,988 Oil and Natural Gas Reserves Proved oil and gas reserve estimates as of December 31, 2018, 2017 and 2016 were prepared by Ryder Scott Company, L.P. independent petroleum engineers. Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon the 12-month unweighted average of the first-day-of-the-month prices. There are numerous uncertainties inherent in estimating quantities of proved oil and natural gas reserves. Oil and natural gas reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered. The changes in estimated proved reserves are as follows: Oil Natural Gas Natural Gas Liquids (MBbls) (MMcf) (MBbls) Proved Developed and Undeveloped Reserves: As of December 31, 2015 21,460 56,880 5,791 Purchase of reserves in place - - - Extensions and discoveries 1,107 2,451 329 Revisions of previous estimates (8,265 ) (22,015 ) (2,046 ) Production (1,400 ) (4,081 ) (508 ) As of December 31, 2016 12,902 33,235 3,566 Purchase of reserves in place Extensions and discoveries 1,581 5,194 431 Revisions of previous estimates 6,227 28,574 1,428 Divestiture of reserves (1,228 ) (3,767 ) (582 ) Production (1,406 ) (4,446 ) (525 ) As of December 31, 2017 18,076 58,790 4,318 Purchase of reserves in place 23 83 13 Extensions and discoveries - - - Revisions of previous estimates 421 7,514 86 Divestiture of reserves (2,150 ) (6,155 ) (969 ) Production (1,158 ) (4,047 ) (285 ) As of December 31, 2018 15,212 56,185 3,163 Proved Developed Reserves December 31, 2016 5,810 18,863 2,274 December 31, 2017 5,344 20,043 1,705 December 31, 2018 3,857 18,700 1,293 Proved Undeveloped Reserves: December 31, 2016 7,092 14,372 1,292 December 31, 2017 12,732 38,747 2,613 December 31, 2018 11,355 37,485 1,870 Revisions represent changes in previous reserves estimates, either upward or downward, resulting from new information normally obtained from development drilling and production history or resulting from a change in economic factors, such as commodity prices, operating costs or development costs. During the year ended December 31, 2018, the Company’s positive revisions of 1,759 MBoe resulted primarily from the drilling of 92 new wells and from 225 new proved undeveloped locations added. The purchase of reserves in place of 50 MBoe were due to multiple acquisitions primarily located in Karnes county within the Eagle Ford Shale. During the year ended December 31, 2017, the Company’s extensions and discoveries (1) During the year ended December 31, 2016, the Company’s extensions and discoveries (1) (1) Starting in 2018, the Company will disclose new PUD locations and wells drilled in established intervals will be classified as “positive revisions” Standardized Measure of Discounted Cash Flows The standardized measure of discounted future net cash flows are based on the unweighted average, first-day-of-the-month price. The projections should not be viewed as realistic estimates of future cash flows, nor should the “standardized measure” be interpreted as representing current value to the Company. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary. The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2018, 2017 and 2016: December 31, 2018 2017 2016 (in thousands) Future cash inflows $ 1,265,153 $ 1,158,687 $ 630,292 Future production costs (98,672 ) (116,121 ) (77,956 ) Future income tax expense (87,803 ) - - Future net cash flows 1,078,678 1,042,566 552,336 10% discount to reflect timing of cash flows (469,808 ) (446,987 ) (225,937 ) Standardized measure of discounted cash flows $ 608,870 $ 595,579 $ 326,399 In the table below the average first-day-of–the-month price for oil, natural gas and natural gas liquids is presented, all utilized in the computation of future cash inflows: December 31, 2018 2017 2016 Unweighted Arithmetic Average First-Day-of-the-Month Prices Oil (per Bbl) $ 65.56 $ 51.34 $ 42.75 Natural gas (per Mcf) $ 3.10 $ 2.98 $ 2.49 Natural gas liquids (per Bbl) $ 25.57 $ 19.51 $ 12.40 Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows: December 31, 2018 2017 2016 (in thousands) Standardized measure of discounted future net cash flows at the beginning of the period $ 595,579 $ 326,399 $ 597,677 Purchase of minerals in place 1,092 - - Sales of oil and natural gas, net of production costs (91,180 ) (84,225 ) (59,829 ) Extensions and discoveries - 53,076 27,555 Net changes in prices and production costs 165,659 68,978 (43,287 ) Revisions of previous quantity estimates 41,728 260,567 (232,776 ) Divestiture of reserves (73,755 ) (42,821 ) - Net changes in income taxes (49,758 ) - - Accretion of discount 59,558 32,640 43,289 Net changes in timing of production and other (40,053 ) (19,035 ) (6,230 ) Standardized measure of discounted future net cash flows at the end of the period $ 608,870 $ 595,579 $ 326,399

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation The accompanying audited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). All intercompany balances and transactions are eliminated in consolidation. The acquisition of the Royal Entities has been accounted for as a reverse recapitalization. Under this method of accounting, Falcon will be treated as the acquired company and Royal will be treated as the acquirer for financial reporting purposes. Therefore, the consolidated financial results include information regarding Royal as the Company’s predecessor entity, which includes certain interests in subsidiary companies which were not acquired by the Company in the Transactions. Thus, the financial statements included in this report reflect (i) the historical operating results of Royal prior to the Transactions: (ii) the combined results of the Company, OpCo and Royal following the Transactions; (iii) the assets, liabilities and partners’ capital of Royal at their historical costs; and (iv) the Company’s equity and earnings per share presented for the period from the Closing Date of the Transaction. The Royal subsidiaries that were contributed in the Transactions are VickiCristina, LP, DGK ORRI Company, L.P., Noble EF DLG LP, Noble EF LP and Noble Marcellus LP. The interests in Riverbend Natural Resources, L.P. (“RNR”) and KGD ORRI, L.P. were not contributed in the Transactions (the “Non-Contributed Entities”). The RNR interests that were not contributed in the Transactions are classified as discontinued operations and are presented separately in the December 31, 2017 consolidated balance sheet of the Company. In addition, the amounts attributed to RNR interests related to the Transactions are included in discontinued operations in the consolidated statements of operations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent unrestricted cash on hand and include all highly liquid investments purchased with a maturity of three months or less and money market funds. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments.
Use of estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting periods; and the quantities and values of proved oil, natural gas and natural gas liquids (“NGLs”) reserves used in calculating depletion and assessing impairment of oil and natural gas properties. Actual results could differ significantly from these estimates. Significant estimates made by management include the quantities of proved oil, natural gas and NGL reserves, related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, fair value of the Company’s warrants, estimates of current and deferred income taxes. While management believes these estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates and it is reasonably possible these estimates could be revised in the near term, and these revisions could be material.
Accounts Receivables	Accounts Receivable The Company’s accounts receivable balance results primarily from operators’ sales of oil and natural gas to their customers. Accounts receivable are recorded at the contractual amounts and do not bear interest. The Company reserves for specific accounts receivables when it is probable that all or a part of an outstanding balance will not be collected. The Company regularly reviews collectability and establishes or adjusts the allowance as necessary using the specific identification method. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered doubtful. As of December 31, 2018 and 2017, the Company had not recorded any reserves for uncollectible amounts or deemed any amounts to be uncollectible.
Royalty Interests in Oil and Natural Gas Properties	Royalty Interests in Oil and Natural Gas Properties The Company follows the successful efforts method of accounting for oil and natural gas operations. Under this method, costs to acquire mineral and royalty interests in oil and natural gas properties are capitalized when incurred. Acquisitions of royalty interests of oil and natural gas properties are considered asset acquisitions and are recorded at cost. Acquisition costs of proven royalty interests are amortized using the units of production method over the life of the property, which is estimated using proven reserves. Acquisition costs of royalty interests on unproved properties, where there are no proven reserves, are not amortized. When the associated exploration stage interests are converted to proven reserves, the cost basis is amortized using the units of production methodology over the life of the property, using proven reserves. For purposes of amortization, interests in oil and natural gas properties are grouped in a reasonable aggregation of properties with common geological structural features or stratigraphic condition. Amortization expense related to the Company’s proved properties was $17.0 million and $33.8 million for the years ended December 31, 2018 and 2017. We review and evaluate our royalty interests in oil and natural gas properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Proved oil and gas properties are reviewed for impairment when events and circumstances indicate a potential decline in the fair value of such properties below the carrying value, such as a downward revision of the reserve estimates or lower commodity prices. When such events or changes in circumstances occur, we estimate the undiscounted future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. If the carrying value of the properties is determined to not be recoverable based on the undiscounted cash flows, an impairment charge is recognized by comparing the carrying value to the estimated fair value of the properties. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and a discount rate commensurate with the risk reflective of the lives remaining for the respective oil and gas properties. There was no such impairment of proved oil and natural gas properties for the years ended December 31, 2018 or 2017. Unproved properties are also assessed for impairment periodically on a depletable unit basis when facts and circumstances indicate that the carrying value may not be recoverable, at which point an impairment loss is recognized to the extent the carrying value exceeds the estimated recoverable value. The carrying value of unproved properties, including unleased mineral rights, is determined based on management’s assessment of fair value using factors similar to those previously noted for proved properties, as well as geographic and geologic data. There was no impairment of unproved properties for the years ended December 31, 2018 and 2017. Upon the sale of a complete depletable unit, the book value thereof, less proceeds or salvage value, is charged to income. Upon the sale or retirement of an individual well, or an aggregation of interests which make up less than a complete depletable unit, the proceeds are credited to accumulated DD&A, unless doing so would significantly alter the DD&A rate of the depletable unit, in which case a gain or loss would be recorded. There was gain on sale certain oil and natural gas properties recorded of $41.4 million and $31.4 million for the years ended December 31, 2018 and 2017, respectively.
Debt Issuance Costs	Debt Issuance Costs Other assets include capitalized costs of $3.0 million and $0.2 million as of December 31, 2018 and 2017, respectively. The costs are associated with the Company’s credit agreement and are being amortized over the term of the credit agreement.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. GAAP establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This three-tier hierarchy classifies fair value amounts recognized or disclosed in the consolidated financial statements based on the observability of inputs used to estimate such fair values. The classification within the hierarchy of an asset or liability is determined based on the lowest level input that is significant to the fair value measurement. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, the Company categorizes its assets and liabilities recorded at fair value using this hierarchy. The amounts reported in the balance sheet for cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value because of the short-term maturities of these instruments (Level 1). Because the Credit Facility (as defined in “Note 5 – Debt – Falcon Credit Facility” below) has a market rate of interest, its carrying amount approximated fair value (Level 2).
Revenue Recognition	Revenue Recognition The Company’s oil, natural gas and natural gas liquids sales contracts are generally structured whereby the producer of the properties in which the Company owns a royalty interest sells the Company’s proportionate share of oil, natural gas and natural gas liquids production to the purchaser and the Company collects its percentage royalty based upon the revenue generated by the sale of the oil, natural gas and natural gas liquids. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead or at the gas processing facility based on the Company’s percentage ownership share of the revenue. The Company uses the entitlement method of accounting for revenues. Under this method, revenues are recognized based on actual production. However, settlement statements for certain oil, natural gas and natural gas liquids sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of royalty income to be received based upon the Company’s interest. The Company records the differences between its estimates and the actual amounts received for royalties in the month that payment is received from the producer. The Company has existing internal controls for its revenue estimation process and related accruals, and any identified differences between its revenue estimates and actual revenue received historically have not been significant. To the extent actual volumes and prices of oil and natural gas are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to the expected sales volume and prices for those properties are estimated and recorded.
Income Taxes	Income Taxes The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2018. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. Royal was historically treated as a partnership for federal income tax purposes, with each partner being separately taxed on its share of taxable income; therefore, there is no federal income tax expense reflected in Royal’s historical financial statements prior to the Transactions.
Derivative Financial Instruments	Derivative Financial Instruments Royal used derivative financial instruments to reduce exposure to fluctuations in commodity prices. The transactions were in the form of crude swaps. Royal’s derivative instruments were not designated as cash flow hedges for accounting purposes for any of periods presented. Accordingly, the changes in fair value are recognized in the consolidated statements of operations in the period of change. Gains and losses from derivatives are included in the cash flows from operating activities. Royal’s derivative financial instruments were extinguished in connection with the Transactions.
Segment Reporting	Segment Reporting The Company derives revenue from royalty interests, mineral interests, non-participating royalty interests and overriding royalty interests, or ORRIs (collectively “Royalties”), in oil and natural gas properties in North America. The Company operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s chief executive officer has been determined to be the CODM and allocates resources and assesses performance based upon financial information at the consolidated level.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company is an “emerging growth company” (“EGC”) as defined by the JOBS Act. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can selectively delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to avail itself of this exemption and, as a result, its financial statements may not be comparable to the financial statements of issuers that are required to comply with the effective dates for new or revised accounting standards that are applicable to public companies. Section 107 of the JOBS Act provides that the Company can elect to opt out of the extended transition period at any time, which election is irrevocable. In May 2014, the FASB issued updated guidance on the reporting and disclosure of revenue recognition. The update requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires new qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, information about contract balances and performance obligations, and assets recognized from costs incurred to obtain or fulfill a contract. In April 2015, the FASB proposed a one-year deferral of the effective date, and therefore, this guidance will be effective for the Company beginning in the first quarter of 2019, with early adoption optional but not before the original effective date of December 15, 2016. In May and December 2016, the FASB issued certain narrow-scope improvements and practical expedients to the guidance. The Company has completed its review of a representative sample of revenue contracts covering its material revenue streams that was designed to evaluate any potential changes in revenue recognition upon adoption of the new standard, and based on evaluations to-date, the implementation of the new standard will not have a material impact on the consolidated financial statements and disclosures. The Company has also completed its review of the information technology and internal control changes that will be required to implement the new standard based on the results of its contract review process. The Company intends to use the modified retrospective approach upon adoption of the new guidance on the effective date of January 1, 2019 and does not anticipate recording or disclosing any material transition adjustments upon adoption. In February 2016, the FASB issued new guidance which amends various aspects of existing guidance for leases. The new guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The main difference between previous GAAP and the new standard is the recognition of lease assets and lease liabilities by lessees on the balance sheet for those leases classified as operating leases under previous GAAP. As a result, the Company will have to recognize a liability representing its lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The new guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial position or results of operations. In August 2016, the FASB issued new guidance which makes eight targeted changes to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update provides specific guidance on cash flow classification issues that are not currently addressed by GAAP and thereby reduces the current diversity in practice. The standard is effective for the Company’s financial statements issued for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this requirement to have a significant impact on its financial condition, results of operations, cash flows and related disclosures. In January 2017, the FASB issued new guidance which provides clarifications to evaluating when a set of transferred assets and activities (collectively, the “set”) is a business and provides a screen to determine when a set is not a business. Under the new guidance, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset, or group of similar assets, the assets acquired would not represent a business. Also, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to produce outputs. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and should be applied on a prospective basis to any transactions occurring within the period of adoption. Early adoption is permitted for interim or annual periods in which the financial statements have not been issued. The Company does not expect this requirement to have a significant impact on its financial condition, results of operations, cash flows and related disclosures.

Transactions (Tables)

Transactions (Tables)	12 Months Ended
	Dec. 31, 2018
Business Combinations [Abstract]
Schedule of discontinued operations that are classified as held for sale	December 31, 2017 Assets: Current assets: Cash and cash equivalents $ 2,152 Accounts receivable 1,185 Total current assets 3,337 Royalty interests in oil and natural gas properties, net 22,253 Total assets of disposal group classified as held for sale $ 25,590 Liabilities and shareholder's equity: Current liabilities: Accounts payable and accrued expenses $ 152 Total current liabilities 152 Credit facility 976 Asset retirement obligation 182 Total liabilities of the disposal group classified as held for sale $ 1,310 December 31, 2018 2017 2016 Revenues: Oil and gas sales $ 5,401 $ 8,349 $ 2,615 Expenses: Production and ad valorem taxes 484 738 237 Lease operating expenses 510 674 440 Transportation and marketing 333 421 142 Depreciation, depletion and amortization 1,574 3,248 1,425 General, administrative and other 324 237 195 Total expenses 3,225 5,318 2,439 Operating income 3,031 176 Other income (expense): Other income 2 - - Interest expense (39 ) (53 ) (154 ) Total other income (expense) (37 ) (53 ) (154 ) Net income $ 2,139 $ 2,978 $ 22 December 31, 2018 2017 2016 Net cash provided by operating activities - discontinued operations $ 4,488 $ 5,623 $ 217 Net cash used in investing activities - discontinued operations (523 ) (3,293 ) (5,260 )

Oil and Natural Gas Interests (

Oil and Natural Gas Interests (Tables)	12 Months Ended
	Dec. 31, 2018
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
Schedule of oil and natural gas interest	As of December 31, December 31, 2018 2017 Oil and natural gas interests: Subjection to depletion $ 307,438 $ 435,808 Not subjection to depletion 19,335 19,200 Gross oil and natural gas interests 326,773 455,008 Accumulated depletion and impairment (117,605 ) (150,345 ) Oil and natural gas interests, net $ 209,168 $ 304,663

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of Financial Covenant Ratio	The Credit Facility contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, include restrictions on the Company’s ability to incur additional indebtedness, acquire and sell assets, create liens, enter into certain lease agreements, make investments, make distributions and require the maintenance of the financial ratios described below. Financial Covenant Required Ratio Ratio of total net debt to EBITDAX, as defined in the Credit Facility Not greater than 4.0 to 1.0 Ratio of current assets to current liabilities, as defined in the Credit Facility Not less than 1.0 to 1.0

Shareholder's Equity and Divi_2

Shareholder's Equity and Dividends (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of outstanding stock and warrants	Class A Common Stock Class B Common Stock Class C Common Stock Warrants Issued at IPO 27,500,000 - - 13,749,999 Issued to founders - 6,875,000 - 7,500,000 Issued in connection with private placement 11,480,000 - - - Issued in connection with the Transactions - - 40,000,000 - Class B conversion related to Transactions 6,875,000 (6,875,000 ) Shares outstanding at December 31, 2018 45,855,000 - 40,000,000 21,249,999
Schedule of quarterly dividends related to the Company's quarterly financial results	Quarter Ended Total Quarterly Dividend Per Share Total Cash Dividends Payment Date Shareholders Record Date December 31, 2018 $ 0.2000 $ 9,171 February 28, 2019 February 21, 2019 September 30, 2018 (1) $ 0.0950 $ 4,356 November 15, 2018 November 8, 2018 (1) Initial pro rata dividend, prorated for the period from August 23, 2018 to September 30, 2018.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): For the Year Ended For the Year Ended December 31, December 31, 2018 2017 Numerator: Net income attributable to common stockholders - basic and diluted $ 9,166 N/A Denominator: Weighted average shares outstanding - basic and diluted 45,855 N/A Net income per common share, basic and diluted $ 0.20 N/A

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of provision for income taxes	The components of the provision for income taxes for the year ended December 31, 2018 are as follows: For the Year Ended December 31, 2018 (in thousands) Current income tax provision: Federal $ 995 State 12 Total current income tax provision 1,007 Deferred income tax provision: Federal 2,264 State 21 Total deferred income tax provision 2,285 Total provision for income taxes $ 3,292
Schedule of reconciliation of the statutory federal income tax	A reconciliation of the statutory federal income tax amount to the recorded expense is as follows: For the Year Ended December 31, 2018 (in thousands) Income tax expense (benefit) at the federal statutory tax rate (21%) $ 21,475 Impact of net income attributable to the non-controlling interests (2,306 ) Impact of net income attributable to pre-business combination period (16,576 ) Impact of pre-business combination tax adjustment 824 Other, Net (125 ) Provision for (benefit from) income taxes $ 3,292
Schedule of deferred tax assets and liabilities	The components of the Company’s deferred tax assets and liabilities as of December 31, 2018 are as follows: For the Year Ended December 31, 2018 (in thousands) Deferred tax assets: Difference in carrying value and tax basis in oil and gas assets $ 59,208 Prior period income tax benefit/(liability) (370 ) Total deferred tax assets 58,838 Valuation allowance - Net deferred tax assets 58,838 Deferred tax liabilities: Prepaid Expenses 65 Other - Total deferred tax liabilities 65 Net deferred tax assets $ 58,773

Major Operators (Tables)

Major Operators (Tables)	12 Months Ended
	Dec. 31, 2018
Major Customers [Abstract]
Schedule of revenues with the Company's significant operators	The following table presents the percentage of revenues with the Company’s significant operators (those that have accounted for 10% or more of the Company’s revenues in a given period) for the periods indicated: % of Revenues For the Year Ended December 31, 2018 2017 2016 Conoco Phillips 39 % 15 % 16 % EOG 22 % 18 % 17 % Devon 16 % 30 % 35 % BP 5 % 20 % 21 % Total 82 % 83 % 89 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Schedule of future non-cancelable commitments related to certain contractual obligations	Payments Due by Period Total 2019 2020 2021 2022 2023 Thereafter Long-term debt obligations $ 21,000 $ - $ - $ - $ - $ 21,000 $ - Operating lease obligations 1,218 226 309 311 121 106 145 Total $ 22,218 $ 226 $ 309 $ 311 $ 121 $ 21,106 $ 145

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	(in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2018: Revenues $ 20,303 $ 26,313 $ 24,282 $ 26,301 Operating income $ 12,230 $ 16,299 $ 16,837 $ 17,816 Net income attributable to common shareholders/unitholders $ 53,866 $ 16,956 $ 12,667 $ 6,636 Net income per share: Common shares, basic and diluted (2) N/A N/A $ 0.06 (1) $ 0.14 Weighted average number of shares outstanding: Common shares, basic and diluted (2) N/A N/A 45,855 45,855 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2017: Revenues $ 29,224 $ 23,630 $ 19,045 $ 25,864 Operating income $ 13,445 $ 9,959 $ 7,547 $ 13,015 Net income attributable to common shareholders/unitholders $ 13,207 $ 9,814 $ 7,503 $ 44,994 Net income per share: Common shares, basic and diluted (2) N/A N/A N/A N/A Weighted average number of shares outstanding: Common shares, basic and diluted (2) N/A N/A N/A N/A (1) Subsequent to the issuance of the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018, the Company's management determined that net income attributable to non-controlling interests, net of tax, had been excluded from the numerator in the calculation of Earnings per common share (diluted). As a result, Earnings per common share (diluted) for the three months ended September 30, 2018 has been corrected from $0.03 previously reported to $0.06. (2) Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.

Supplemental Information on O_2

Supplemental Information on Oil and Natural Gas Operations (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Extractive Industries [Abstract]
Schedule of Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities	Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion and amortization are as follows: As of December 31, 2018 2017 (in thousands) Proved royalty interest $ 307,438 $ 435,808 Unproved royalty interests 19,335 19,200 Accumulated amortization (117,605 ) (150,345 ) Net royalty interests in oil and natural gas properties $ 209,168 $ 304,663
Schedule of Costs Incurred in Oil and Natural Gas Property Acquisitions, Exploration and Development Activities	Costs incurred in oil and natural gas property acquisitions, exploration and development activities are as follows: December 31, 2018 2017 2016 (in thousands) Acquisition costs: Proved properties $ 207 $ - $ - Unproved properties 1,008 - - Total $ 1,215 $ - $ -
Schedule of Results of Operations from Oil, Natural Gas and Natural Gas Liquids Operations	The following table sets forth the revenues and expenses related to the production and sale of oil and natural gas. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to the net operating results of the Company’s oil, natural gas and natural gas liquids operations. December 31, 2018 2017 2016 (in thousands) Royalty income $ 98,655 $ 95,972 $ 70,964 Production and ad valorem taxes (5,143 ) (5,242 ) (4,531 ) Marketing and transportation (2,368 ) (6,505 ) (6,605 ) Depletion (16,962 ) (33,837 ) (35,840 ) Income tax expense (3,292 ) - - Results of operations from oil, natural gas and natural gas liquids $ 70,890 $ 50,388 $ 23,988
Schedule of Changes in Estimated Proved Reserves	The changes in estimated proved reserves are as follows: Oil Natural Gas Natural Gas Liquids (MBbls) (MMcf) (MBbls) Proved Developed and Undeveloped Reserves: As of December 31, 2015 21,460 56,880 5,791 Purchase of reserves in place - - - Extensions and discoveries 1,107 2,451 329 Revisions of previous estimates (8,265 ) (22,015 ) (2,046 ) Production (1,400 ) (4,081 ) (508 ) As of December 31, 2016 12,902 33,235 3,566 Purchase of reserves in place Extensions and discoveries 1,581 5,194 431 Revisions of previous estimates 6,227 28,574 1,428 Divestiture of reserves (1,228 ) (3,767 ) (582 ) Production (1,406 ) (4,446 ) (525 ) As of December 31, 2017 18,076 58,790 4,318 Purchase of reserves in place 23 83 13 Extensions and discoveries - - - Revisions of previous estimates 421 7,514 86 Divestiture of reserves (2,150 ) (6,155 ) (969 ) Production (1,158 ) (4,047 ) (285 ) As of December 31, 2018 15,212 56,185 3,163 Proved Developed Reserves December 31, 2016 5,810 18,863 2,274 December 31, 2017 5,344 20,043 1,705 December 31, 2018 3,857 18,700 1,293 Proved Undeveloped Reserves: December 31, 2016 7,092 14,372 1,292 December 31, 2017 12,732 38,747 2,613 December 31, 2018 11,355 37,485 1,870
Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves	The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2018, 2017 and 2016: December 31, 2018 2017 2016 (in thousands) Future cash inflows $ 1,265,153 $ 1,158,687 $ 630,292 Future production costs (98,672 ) (116,121 ) (77,956 ) Future income tax expense (87,803 ) - - Future net cash flows 1,078,678 1,042,566 552,336 10% discount to reflect timing of cash flows (469,808 ) (446,987 ) (225,937 ) Standardized measure of discounted cash flows $ 608,870 $ 595,579 $ 326,399
Schedule of Average First Day of the Month Price for Oil, Natural Gas and Natural Gas Liquids	In the table below the average first-day-of–the-month price for oil, natural gas and natural gas liquids is presented, all utilized in the computation of future cash inflows: December 31, 2018 2017 2016 Unweighted Arithmetic Average First-Day-of-the-Month Prices Oil (per Bbl) $ 65.56 $ 51.34 $ 42.75 Natural gas (per Mcf) $ 3.10 $ 2.98 $ 2.49 Natural gas liquids (per Bbl) $ 25.57 $ 19.51 $ 12.40
Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows	Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows: December 31, 2018 2017 2016 (in thousands) Standardized measure of discounted future net cash flows at the beginning of the period $ 595,579 $ 326,399 $ 597,677 Purchase of minerals in place 1,092 - - Sales of oil and natural gas, net of production costs (91,180 ) (84,225 ) (59,829 ) Extensions and discoveries - 53,076 27,555 Net changes in prices and production costs 165,659 68,978 (43,287 ) Revisions of previous quantity estimates 41,728 260,567 (232,776 ) Divestiture of reserves (73,755 ) (42,821 ) - Net changes in income taxes (49,758 ) - - Accretion of discount 59,558 32,640 43,289 Net changes in timing of production and other (40,053 ) (19,035 ) (6,230 ) Standardized measure of discounted future net cash flows at the end of the period $ 608,870 $ 595,579 $ 326,399

Organization and Presentation (

Organization and Presentation (Details) $ / shares in Units, $ in Millions	Aug. 23, 2018USD ($)aVoteshares	Dec. 31, 2018Vote$ / shares
Organization and Presentation (Textual)
Description of the acquisition		(i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C Common Stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled.
Descriptions of royalties		The Company’s assets, via its controlling interest in OpCo, consist of royalty interests, mineral interests, non-participating royalty interests and overriding royalty interests, or ORRIs (collectively, “Royalties”), underlying approximately 252,000 gross unit acres that are concentrated in what the Company believes is the “core-of-the-core” of liquids-rich condensate region of the Eagle Ford Share in Karnes, DeWitt and Gonzales Counties, Texas. The company owns additional assets of approximately 68,000 gross acres in Pennsylvania, Ohio and West Virginia that is prospective for Marcellus Shale.
Class A Common Stock [Member]
Organization and Presentation (Textual)
Common stock, par value | $ / shares		$ 0.0001
Common stock, number of votes per share		1
Class C Common Stock [Member]
Organization and Presentation (Textual)
Common stock, number of votes per share		1
Royal Entities [Member]
Organization and Presentation (Textual)
Cash paid | $	$ 400
Royal Entities [Member] | Class C Common Stock [Member]
Organization and Presentation (Textual)
Common stock, number of votes per share	1
Common stock issued or agreed to issue | shares	40,000,000
Royal Entities [Member] | Subsidiaries [Member]
Organization and Presentation (Textual)
Common units issued | shares	40,000,000
Royal Entities [Member] | Subsidiaries [Member] | Texas [Member]
Organization and Presentation (Textual)
Gross acres owned by the company | a	252,000
Royal Entities [Member] | Subsidiaries [Member] | Pennsylvania, Ohio and West Virginia [Member]
Organization and Presentation (Textual)
Gross acres owned by the company | a	68,000
Royal Entities [Member] | Subsidiaries [Member] | Class A Common Stock [Member]
Organization and Presentation (Textual)
Common units redemption ratio	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Feb. 28, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of Significant Accounting Policy [Line Items]
Amortization of royalty interests in oil and natural gas properties		$ 16,962,000	$ 33,837,000	$ 35,840,000
Impairment of proved oil and natural gas properties		0	0
Impairment of unproved properties		0	0
Realized gain on sale of oil and natural gas properties	$ 41,400,000	41,400,000	31,400,000
Other Assets [Member]
Summary of Significant Accounting Policy [Line Items]
Debt issuance costs capitalized		$ 3,000,000	$ 200,000

Transactions (Details Textual)

Transactions (Details Textual) $ / shares in Units, $ in Millions	Aug. 23, 2018USD ($)Voteshares	Dec. 31, 2018USD ($)Vote$ / sharesshares
Transaction (Textual)
Description of the acquisition		(i) $400 million of cash and (ii) 40 million OpCo Common Units. The Company also issued to the Contributors 40 million shares of non-economic Class C Common Stock of the Company, which entitles each holder to one vote per share. The OpCo Common Units are redeemable on a one-for-one basis for shares of Class A Common Stock at the option of the Contributors. Upon the redemption by any Contributor of OpCo Common Units for Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such Contributor will be cancelled.
Private Placement [Member]
Transaction (Textual)
Common stock issued or agreed to issue		11,480,000
Aggregate common shares purchase price | $ / shares		$ 10
Aggregate common shares amount | $		$ 114.8
Class C Common Stock [Member]
Transaction (Textual)
Common stock, number of votes per share | Vote		1
Class A Common Stock [Member]
Transaction (Textual)
Common stock, number of votes per share | Vote		1
Aggregate common shares purchase price | $ / shares		$ 0.0001
Class A Common Stock [Member] | Contribution Agreement [Member]
Transaction (Textual)
Volume weighted average price, period		30 days
Potentially receive up to an additional OpCo Common Units		20,000,000
Royal Entities [Member]
Transaction (Textual)
Cash paid | $	$ 400
Royal Entities [Member] | Class C Common Stock [Member]
Transaction (Textual)
Common stock issued or agreed to issue	40,000,000
Common stock, number of votes per share | Vote	1
Royal Entities [Member] | Subsidiaries [Member]
Transaction (Textual)
Common units issued	40,000,000
Royal Entities [Member] | Subsidiaries [Member] | Class A Common Stock [Member]
Transaction (Textual)
Common units redemption ratio	100.00%

Transactions (Details)

Transactions (Details) $ in Thousands	Dec. 31, 2017USD ($)
Current assets:
Cash and cash equivalents	$ 2,152
Accounts receivable	1,185
Total current assets	3,337
Royalty interests in oil and natural gas properties, net	22,253
Total assets of disposal group classified as held for sale	25,590
Current liabilities:
Accounts payable and accrued expenses	152
Total current liabilities	152
Credit facility	976
Asset retirement obligation	182
Total liabilities of the disposal group classified as held for sale	$ 1,310

Transactions (Details 1)

Transactions (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Oil and gas sales	$ 5,401	$ 8,349	$ 2,615
Expenses:
Production and ad valorem taxes	484	738	237
Lease operating expenses	510	674	440
Transportation and marketing	333	421	142
Depreciation, depletion and amortization	1,574	3,248	1,425
General, administrative and other	324	237	195
Total expenses	3,225	5,318	2,439
Operating income		3,031	176
Other income (expense):
Other income	2
Interest expense	(39)	(53)	(154)
Total other income (expense)	(37)	(53)	(154)
Net income	$ 2,139	$ 2,978	$ 22

Transactions (Details 2)

Transactions (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Discontinued Operations And Disposal Groups [Abstract]
Net cash provided by operating activities - discontinued operations	$ 4,488	$ 5,623	$ 217
Net cash used in investing activities - discontinued operations	$ (523)	$ (3,293)	$ (5,260)

Oil and Natural Gas Interests_2

Oil and Natural Gas Interests (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Oil and natural gas interests:
Subjection to depletion	$ 307,438	$ 435,808
Not subjection to depletion	19,335	19,200
Gross oil and natural gas interests	326,773	455,008
Accumulated depletion and impairment	(117,605)	(150,345)
Oil and natural gas interests, net	$ 209,168	$ 304,663

Oil and Natural Gas Interests_3

Oil and Natural Gas Interests (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2018	Dec. 31, 2018	Dec. 31, 2017
Oil And Gas Exploration And Production Industries Disclosures [Abstract]
Unaffiliated third part for cash proceeds amount	$ 121.1
Realized gain amount	$ 41.4	$ 41.4	$ 31.4

Debt (Details)

Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
First lien credit facility [Member]
Line Of Credit Facility [Line Items]
Borrowing base on credit facility		$ 57,000,000
Repayments of lines of credit		27,000,000
RNR credit facility [Member]
Line Of Credit Facility [Line Items]
Borrowing base on credit facility		$ 2,000,000
Borrowings interest rate, description	Borrowings are between 7% and 9% for London InterBank Offered Rate based loans (“LIBOR”), and between 6% and 8% for base rate loans. The interest rate is based on the percentage of the borrowing based utilized.
RNR credit facility [Member] | LIBOR [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Credit facility interest rate		7.00%
RNR credit facility [Member] | LIBOR [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Credit facility interest rate		9.00%
RNR credit facility [Member] | Base Rate [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Credit facility interest rate		6.00%
RNR credit facility [Member] | Base Rate [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Credit facility interest rate		8.00%
Falcon Credit Facility [Member]
Line Of Credit Facility [Line Items]
Borrowing base on credit facility	$ 500,000,000
Borrowings interest rate, description	Principal amounts borrowed are payable on the maturity date. The Company has a choice of borrowing at an alternative base rate (which is equal to the greatest of the federal funds rate plus one-half of 1.0%, the prime rate or the one-month LIBOR rate plus 1.0%) or LIBOR, with such borrowings bearing interest, payable quarterly in arrears for base rate loans and one month, two-month, three month or six-month periods for LIBOR loans. LIBOR loans bear interest at a rate per annum equal to the rate appearing on the Reuters Reference LIBOR01 or LIBOR02 page as the LIBOR, for deposits in dollars at 12:00 noon (London, England time) for one, two, three, or six months plus an applicable margin ranging from 200 to 300 basis points. Base rate loans bear interest at a rate per annum equal to the greatest of (i) the agent bank’s reference rate, (ii) the federal funds effective rate plus 50 basis points and (iii) the rate for one-month LIBOR loans plus 1%, plus an applicable margin ranging from 100 to 200 basis points. The next scheduled redetermination of our borrowing base is on April 1, 2019.
Credit facility interest rate	4.76%
Falcon's borrowing base amount	$ 115,000,000
Drawn under credit agreement	38,000,000
Outstanding amount	$ 21,000,000
Description of maximum aggregate revolving borrowings	The Credit Facility initially provides for aggregate revolving borrowings of up to $500.0 million with an initial $115.0 million borrowing base and expires on the fifth anniversary of the Closing Date.
Amount incurred in closing of Credit Facility	$ 3,200,000
Current borrowing base on available capacity under credit facility	$ 94,000,000
Falcon Credit Facility [Member] | LIBOR [Member]
Line Of Credit Facility [Line Items]
Applicable margin	1.00%
Falcon Credit Facility [Member] | LIBOR [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Applicable margin	1.00%
Falcon Credit Facility [Member] | LIBOR [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Applicable margin	2.00%
Falcon Credit Facility [Member] | Federal Funds [Member]
Line Of Credit Facility [Line Items]
Applicable margin	0.50%

Debt - (Details 1)

Debt - (Details 1) - Falcon Credit Facility [Member]	12 Months Ended
	Dec. 31, 2018
Maximum [Member]
Ratio of total net debt to EBITDAX, as defined in the Credit Facility	4.00%
Minimum [Member]
Ratio of current assets to current liabilities, as defined in the Credit Facility	1.00%

Shareholder's Equity and Divi_3

Shareholder's Equity and Dividends (Details)	12 Months Ended
	Dec. 31, 2018shares
Warrant [Member]
Issued at IPO	13,749,999
Issued to founders	7,500,000
Shares outstanding at December 31, 2018	21,249,999
Class A Common Stock [Member]
Issued at IPO	27,500,000
Issued in connection with private placement	11,480,000
Class B conversion related to Transactions	6,875,000
Shares outstanding at December 31, 2018	45,855,000
Common Class B [Member]
Issued to founders	6,875,000
Class B conversion related to Transactions	(6,875,000)
Class C Common Stock [Member]
Issued in connection with the Transactions	40,000,000
Shares outstanding at December 31, 2018	40,000,000

Shareholder's Equity and Divi_4

Shareholder's Equity and Dividends (Details Textual)	Aug. 23, 2018Vote$ / sharesshares	Dec. 31, 2018USD ($)Vote$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
Shareholders Equity and Dividends (Textual)
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Preferred stock, par value | $ / shares		$ 0.0001	$ 0.0001
Preferred stock, shares authorized		1,000,000	1,000,000
Distributions of non-controlling interest holders | $		$ 4,101,000	$ 200,000
Common Stock are available for issuance		8,600,000
Subsidiaries [Member] | General Partner [Member] | OpCo [Member]
Shareholders Equity and Dividends (Textual)
Ownership percentage		100.00%
Subsidiaries [Member] | Limited Partner [Member] | OpCo [Member]
Shareholders Equity and Dividends (Textual)
Ownership percentage		53.00%
Warrant [Member]
Shareholders Equity and Dividends (Textual)
Stock issued common units to contributors		40,000,000
Business combination, description		In addition to the above, the Contributors will be entitled to receive earn-out consideration to be paid in the form of OpCo Common Units (with a corresponding number of shares of Class C Common Stock) if the volume-weighted average price of the trading days during any thirty (30) calendar days (the “30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement. If the 30-Day VWAP of the Class A Common Stock is $12.50 or more per share at any time within the seven years following the closing, Royal LP will receive (i) an additional 10 million OpCo Common Units (and an equivalent number of shares of Class C Common Stock), plus (ii) an amount of OpCo Common Units (and an equivalent number of shares of Class C Common Stock) equal to (x) the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the first earn-out is achieved (with any dividends paid in the stub year in which the first earn-out is achieved annualized for purposes of determining what portion of such dividends would have, on an annual basis, exceeded $0.50), multiplied by 10 million, (y) divided by $12.50. If the 30-Day VWAP of the Class A Common Stock is $15.00 or more per share at any time within the seven years following the closing (which $15.00 threshold will be reduced by the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $0.50 in each year between the closing and the date the earn-out is achieved, but not below $12.50), the Contributors will receive an additional 10 million OpCo Common Units (and an equivalent number of Class C Common Stock). Upon recognition of the earn-out, as there is no consideration received, the Company would record the payment of the earn-out as adjustments through equity (non-controlling interest and additional-paid-in-capital).
Consideration received | $		$ 0
Warrant [Member] | Royal Entities [Member] | Subsidiaries [Member]
Shareholders Equity and Dividends (Textual)
Additional common units may be issued		10,000,000
Private Placement Warrants [Member]
Shareholders Equity and Dividends (Textual)
Warrant outstanding, shares	7,500,000	7,500,000
Warrants, description		Each Private Placement Warrant is exercisable for one share of Class A Common Stock at a price of $11.50. The Private Placement Warrants are identical to the Public Warrants discussed above, except (i) they will not be redeemable by the Company so long as they are held by the Sponsor and (ii) they may be exercisable by the holders on a cashless basis.
Warrants, number of common stocks purchased by each warrant	1
Warrants, exercise price | $ / shares	$ 1
Warrant to purchase shares of common stock exercise price | $ / shares	$ 11.50
Private Placement [Member]
Shareholders Equity and Dividends (Textual)
Aggregate common shares		11,480,000
Aggregate common shares purchase price | $ / shares		$ 10
Aggregate common shares amount | $		$ 114,800,000
Public Warrants [Member]
Shareholders Equity and Dividends (Textual)
Warrant outstanding, shares		13,749,999
Warrants, description		Each Public Warrant entitles the holder to purchase one share of Class A Common Stock at a price of $11.50 per share. The Public Warrants will expire five years after the closing of the Transactions or earlier upon redemption or liquidation. The Company may call the Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant with not less than 30 days’ notice provided to the Public Warrant holders. However, this redemption right can only be exercised if the last sale price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-day trading period ending three business days before we send the notice of redemption to the Public Warrant holders
Warrants, outstanding, term		5 years
Redemption price per warrant | $ / shares		$ 0.01
Redemption of warrants notice period		30 days
Redemption of warrants threshold consecutive trading days		20 days
Public Warrants [Member] | Maximum [Member]
Shareholders Equity and Dividends (Textual)
Redemption of warrants threshold trading days		30 days
Common Class B [Member]
Shareholders Equity and Dividends (Textual)
Common stock, shares issued		0
Common stock, shares outstanding		0
Common stock, shares authorized		0
Common stock, conversion ratio		100.00%
Class C Common Stock [Member]
Shareholders Equity and Dividends (Textual)
Common stock, shares issued		40,000,000
Common stock, shares outstanding		40,000,000
Common stock, shares authorized		120,000,000
Common stock, par value | $ / shares		$ 0.0001
Common stock, number of votes per share | Vote		1
Class C Common Stock [Member] | Royal Entities [Member]
Shareholders Equity and Dividends (Textual)
Common stock, number of votes per share | Vote	1
Aggregate common shares	40,000,000
Class A common stock
Shareholders Equity and Dividends (Textual)
Common stock, shares issued		45,855,000
Common stock, shares outstanding		45,855,000
Common stock, shares authorized		240,000,000
Common stock, par value | $ / shares		$ 0.0001
Common stock voting, description		Holders of the Company’s Class A Common Stock are entitled to one vote for each share.
Common stock, number of votes per share | Vote		1
Aggregate common shares purchase price | $ / shares		$ 0.0001
Class A common stock | Royal Entities [Member] | Subsidiaries [Member]
Shareholders Equity and Dividends (Textual)
Common units redemption ratio	100.00%
Class A common stock | Warrant [Member]
Shareholders Equity and Dividends (Textual)
Common units redemption ratio		100.00%
Class A common stock | Public Warrants [Member]
Shareholders Equity and Dividends (Textual)
Warrants, number of common stocks purchased by each warrant		1
Warrants, exercise price | $ / shares		$ 11.50
Class A common stock | Public Warrants [Member] | Minimum [Member]
Shareholders Equity and Dividends (Textual)
Redemption of warrants common stock trigger price per share | $ / shares		$ 18

Shareholder's Equity and Divi_5

Shareholder's Equity and Dividends (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	[1]
Total Quarterly Dividend Per Share	$ 0.095
Dividend Paid [Member]
Total Quarterly Dividend Per Share	$ 0.2000	$ 0.0950
Total Cash Dividends	$ 9,171	$ 4,356
Payment Date	Feb. 28, 2019	Nov. 15, 2018
Shareholders Record Date	Feb. 21, 2019	Nov. 8, 2018
[1]	Initial pro rata dividend, prorated for the period from August 23, 2018 to September 30, 2018.

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - Class A common stock	12 Months Ended
	Dec. 31, 2018shares
Warrants to Purchase Common Stock
Earnings Per Share [Line Items]
Effects of shares excluded from computation of diluted net income per share	21,249,999
Conversion of Class C Common Stock
Earnings Per Share [Line Items]
Effects of shares excluded from computation of diluted net income per share	40,000,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended																12 Months Ended
	Dec. 31, 2018	[1]	Sep. 30, 2018	[1]	Jun. 30, 2018	[1]	Mar. 31, 2018	[1]	Dec. 31, 2017	[1]	Sep. 30, 2017	[1]	Jun. 30, 2017	[1]	Mar. 31, 2017	[1]	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Numerator:
Net income attributable to common stockholders - basic and diluted																	$ 9,166	$ 0
Denominator:
Weighted average shares outstanding - basic and diluted	45,855		45,855		0		0		0		0		0		0		45,855	0	0
Net income per common share, basic and diluted	$ 0.14		$ 0.06	[2]	$ 0		$ 0		$ 0		$ 0		$ 0		$ 0		$ 0.20	$ 0	$ 0
[1]	Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.
[2]	Subsequent to the issuance of the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018, the Company's management determined that net income attributable to non-controlling interests, net of tax, had been excluded from the numerator in the calculation of Earnings per common share (diluted). As a result, Earnings per common share (diluted) for the three months ended September 30, 2018 has been corrected from $0.03 previously reported to $0.06. Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Aug. 23, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense		$ 3,292,000	$ 0	$ 0
Federal income tax expense	$ 0
Net deferred tax assets		58,800,000
Prepayment of income taxes		800,000	$ 0
Accrued interest and penalties		$ 0
U.S. federal corporate tax rate		21.00%	35.00%

Income Taxes - (Details 1)

Income Taxes - (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current income tax provision:
Federal	$ 995
State	12
Total current income tax provision	1,007
Deferred income tax provision:
Federal	2,264
State	21
Total deferred income tax provision	2,285
Total provision for income taxes	$ 3,292	$ 0	$ 0

Income Taxes - (Details 2)

Income Taxes - (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at the federal statutory tax rate (21%)	$ 21,475
Impact of net income attributable to the non-controlling interests	(2,306)
Impact of net income attributable to pre-business combination period	(16,576)
Impact of pre-business combination tax adjustment	824
Other, Net	(125)
Total provision for income taxes	$ 3,292	$ 0	$ 0

Income Taxes - (Details 3)

Income Taxes - (Details 3) $ in Thousands	Dec. 31, 2018USD ($)
Deferred tax assets:
Difference in carrying value and tax basis in oil and gas assets	$ 59,208
Prior period income tax benefit/(liability)	(370)
Total deferred tax assets	58,838
Net deferred tax assets	58,838
Deferred tax liabilities:
Prepaid Expenses	65
Total deferred tax liabilities	65
Net deferred tax assets	$ 58,773

Related Party Transactions (Det

Related Party Transactions (Details)	1 Months Ended		12 Months Ended
	Mar. 31, 2017shares	Jun. 30, 2016USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)
Class A Common Stock [Member]
Related Party Transaction [Line Items]
Issuance common stock to the sponsor			27,500,000
Founders shares outstanding			45,855,000
Class C Common Stock [Member]
Related Party Transaction [Line Items]
Founders shares outstanding			40,000,000
Founder Shares [Member]
Related Party Transaction [Line Items]
Issuance common stock to the sponsor		125,000
Aggregate purchase price | $		$ 25,000
Stock split conversion ratio	57.5
Forfeiture of founder shares	312,500
Founder Shares [Member] | Class A Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, conversion ratio	100.00%
Atlas Energy Group, LLC [Member]
Related Party Transaction [Line Items]
Amount of related party transaction | $			$ 100,000	$ 0
Hepco Capital Management, LLC [Member]
Related Party Transaction [Line Items]
Amount of related party transaction | $			100,000	$ 0
Royal Entities [Member] | Master Service Agreement | Maximum [Member]
Related Party Transaction [Line Items]
Amount of related party transaction | $			$ 100,000
Royal Entities [Member] | Master Service Agreement | Subsidiaries [Member]
Related Party Transaction [Line Items]
Aggregate common shares			40,000,000
Royal Entities [Member] | Class C Common Stock [Member] | Master Service Agreement
Related Party Transaction [Line Items]
Aggregate common shares			40,000,000
Over-Allotment Option [Member] | Founder Shares [Member]
Related Party Transaction [Line Items]
Founders shares outstanding	7,187,500

Major Operators (Details)

Major Operators (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	82.00%	83.00%	89.00%
Conoco Phillips [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	39.00%	15.00%	16.00%
EOG [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	22.00%	18.00%	17.00%
Devon [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	16.00%	30.00%	35.00%
BP [Member]
Entity Wide Revenue Major Customer [Line Items]
Percentage of revenues	5.00%	20.00%	21.00%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2018USD ($)
Long-term debt obligations
Long-term debt obligation, total	$ 21,000
2019	0
2020	0
2021	0
2022	0
2023	21,000
Thereafter	0
Operating lease obligations
Operating lease obligations, total	1,218
2019	226
2020	309
2021	311
2022	121
2023	106
Thereafter	145
Contractual obligations
Total	22,218
2019	226
2020	309
2021	311
2022	121
2023	21,106
Thereafter	$ 145

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Feb. 28, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Cash dividend of per share		$ 0.095
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash dividend of per share	$ 0.20
Total cash dividend	$ 9.2
Dividend payable date	Feb. 28, 2019
Dividend payable record date	Feb. 21, 2019
Dividends payable, description	The dividend is for the period from October 1, 2018 through December 31, 2018
Distributions to unitholders	$ 18.4
Payment received from OpCo	$ 9.8

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2018		Sep. 30, 2018		Jun. 30, 2018		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 26,301		$ 24,282		$ 26,313		$ 20,303		$ 25,864		$ 19,045		$ 23,630		$ 29,224		$ 97,199	$ 97,763	$ 70,121
Operating income	17,816		16,837		16,299		12,230		13,015		7,547		9,959		13,445		63,182	43,966	17,031
Net income attributable to common shareholders/unitholders	$ 6,636		$ 12,667		$ 16,956		$ 53,866		$ 44,994		$ 7,503		$ 9,814		$ 13,207		$ 90,125	$ 75,518	$ 14,711
Earnings per common share:
Common shares, basic and diluted	$ 0.14	[1]	$ 0.06	[1],[2]	$ 0	[1]	$ 0	[1]	$ 0	[1]	$ 0	[1]	$ 0	[1]	$ 0	[1]	$ 0.20	$ 0	$ 0
Weighted average number of shares outstanding:
Weighted average shares outstanding - basic and diluted	45,855	[1]	45,855	[1]	0	[1]	0	[1]	0	[1]	0	[1]	0	[1]	0	[1]	45,855	0	0
[1]	Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.
[2]	Subsequent to the issuance of the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018, the Company's management determined that net income attributable to non-controlling interests, net of tax, had been excluded from the numerator in the calculation of Earnings per common share (diluted). As a result, Earnings per common share (diluted) for the three months ended September 30, 2018 has been corrected from $0.03 previously reported to $0.06. Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.

Quarterly Financial Data (Una_4

Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Information (Parenthetical) (Details) - $ / shares

3 Months Ended

12 Months Ended

Dec. 31, 2018

[1]

Sep. 30, 2018

Jun. 30, 2018

[1]

Mar. 31, 2018

[1]

Dec. 31, 2017

[1]

Sep. 30, 2017

[1]

Jun. 30, 2017

[1]

Mar. 31, 2017

[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Common shares, basic and diluted

$ 0.14

$ 0.06

[1],[2]

$ 0

$ 0

$ 0

$ 0

$ 0

$ 0

$ 0.20

$ 0

$ 0

Previously Reported Adjustment [Member]

Common shares, basic and diluted

$ 0.03

[1]

Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.

[2]

Subsequent to the issuance of the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018, the Company's management determined that net income attributable to non-controlling interests, net of tax, had been excluded from the numerator in the calculation of Earnings per common share (diluted). As a result, Earnings per common share (diluted) for the three months ended September 30, 2018 has been corrected from $0.03 previously reported to $0.06. Since the Transactions were structured as a reverse capitalization by which the Company issued stock for the net assets of Royal accompanied by a recapitalization earnings per share is calculated for the Company only for periods after the Transactions due to the reverse recapitalization.

Schedule of Aggregate Capitaliz

Schedule of Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Capitalized Costs, Oil and Gas Producing Activities, Net [Abstract]
Proved royalty interest	$ 307,438	$ 435,808
Unproved royalty interests	19,335	19,200
Accumulated amortization	(117,605)	(150,345)
Net royalty interests in oil and natural gas properties	$ 209,168	$ 304,663

Schedule of Costs Incurred in O

Schedule of Costs Incurred in Oil and Natural Gas Property Acquisitions, Exploration and Development Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Acquisition costs:
Proved properties	$ 207
Unproved properties	1,008
Total	$ 1,215

Schedule of Results of Operatio

Schedule of Results of Operations from Oil, Natural Gas and Natural Gas Liquids Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Results Of Operations Oil And Gas Producing Activities Net Income Excluding Corporate Overhead And Interest Costs [Abstract]
Royalty income	$ 98,655	$ 95,972	$ 70,964
Production and ad valorem taxes	(5,143)	(5,242)	(4,531)
Marketing and transportation	(2,368)	(6,505)	(6,605)
Depletion	(16,962)	(33,837)	(35,840)
Income tax expense	(3,292)
Results of operations from oil, natural gas and natural gas liquids	$ 70,890	$ 50,388	$ 23,988

Supplemental Information on O_3

Supplemental Information on Oil and Natural Gas Operations (Unaudited) (Details Textual) MBoe in Thousands	12 Months Ended
	Dec. 31, 2018MBoeWellLocation	Dec. 31, 2017MBoeWellLocation	Dec. 31, 2016MBoeWellLocation
Extractive Industries [Abstract]
Unweighted average of first day of month prices	12 months	12 months	12 months
Number of wells, net | Well	92	93	96
Number of new proved undeveloped locations | Location	225	85	105
Revisions of previous estimates	1,759	12,417	(13,980)
Purchase of reserves in place	50
Extensions and discoveries		2,878	1,845

Schedule of Changes in Estimate

Schedule of Changes in Estimated Proved Reserves (Details)	12 Months Ended
	Dec. 31, 2018MBblsMcf	Dec. 31, 2017MBblsMcf	Dec. 31, 2016MBblsMcf
Oil [Member]
Proved developed and undeveloped reserves:
Beginning Balance	18,076	12,902	21,460
Purchase of reserves in place	23	0	0
Extensions and discoveries	0	1,581	1,107
Revisions of previous estimates	421	6,227	(8,265)
Divestiture of reserves	(2,150)	(1,228)
Production	(1,158)	(1,406)	(1,400)
Ending balance	15,212	18,076	12,902
Proved developed reserves	3,857	5,344	5,810
Proved undeveloped reserves	11,355	12,732	7,092
Natural Gas [Member]
Proved developed and undeveloped reserves:
Beginning Balance | Mcf	58,790	33,235	56,880
Purchase of reserves in place | Mcf	83	0	0
Extensions and discoveries | Mcf	0	5,194	2,451
Revisions of previous estimates | Mcf	7,514	28,574	(22,015)
Divestiture of reserves | Mcf	(6,155)	(3,767)
Production | Mcf	(4,047)	(4,446)	(4,081)
Ending balance | Mcf	56,185	58,790	33,235
Proved developed reserves | Mcf	18,700	20,043	18,863
Proved undeveloped reserves | Mcf	37,485	38,747	14,372
Natural Gas Liquids [Member]
Proved developed and undeveloped reserves:
Beginning Balance	4,318	3,566	5,791
Purchase of reserves in place	13	0	0
Extensions and discoveries	0	431	329
Revisions of previous estimates	86	1,428	(2,046)
Divestiture of reserves	(969)	(582)
Production	(285)	(525)	(508)
Ending balance	3,163	4,318	3,566
Proved developed reserves	1,293	1,705	2,274
Proved undeveloped reserves	1,870	2,613	1,292

Schedule of Standardized Measur

Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Extractive Industries [Abstract]
Future cash inflows	$ 1,265,153	$ 1,158,687	$ 630,292
Future production costs	(98,672)	(116,121)	(77,956)
Future income tax expense	(87,803)	0	0
Future net cash flows	1,078,678	1,042,566	552,336
10% discount to reflect timing of cash flows	(469,808)	(446,987)	(225,937)
Standardized measure of discounted cash flows	$ 608,870	$ 595,579	$ 326,399	$ 597,677

Schedule of Standardized Meas_2

Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves (Parenthetical) (Details)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Measurement Input, Discount Rate [Member]
Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves [Line Items]
Alternative investment, measurement input	0.10	0.10	0.10

Schedule of Average First Day o

Schedule of Average First Day of the Month Price for Oil, Natural Gas and Natural Gas Liquids (Details)	12 Months Ended
	Dec. 31, 2018$ / bbl$ / Mcf	Dec. 31, 2017$ / bbl$ / Mcf	Dec. 31, 2016$ / bbl$ / Mcf
Oil [Member]
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Unweighted Arithmetic Average First-Day-of-the-Month Prices	65.56	51.34	42.75
Natural Gas [Member]
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Unweighted Arithmetic Average First-Day-of-the-Month Prices | $ / Mcf	3.10	2.98	2.49
Natural Gas Liquids [Member]
Average Sales Price And Production Costs Per Unit Of Production [Line Items]
Unweighted Arithmetic Average First-Day-of-the-Month Prices	25.57	19.51	12.40

Schedule of Principal Changes i

Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]
Standardized measure of discounted future net cash flows at the beginning of the period	$ 595,579	$ 326,399	$ 597,677
Purchase of minerals in place	1,092	0	0
Sales of oil and natural gas, net of production costs	(91,180)	(84,225)	(59,829)
Extensions and discoveries	0	53,076	27,555
Net changes in prices and production costs	165,659	68,978	(43,287)
Revisions of previous quantity estimates	41,728	260,567	(232,776)
Divestiture of reserves	(73,755)	(42,821)	0
Net changes in income taxes	(49,758)	0	0
Accretion of discount	59,558	32,640	43,289
Net changes in timing of production and other	(40,053)	(19,035)	(6,230)
Standardized measure of discounted future net cash flows at the end of the period	$ 608,870	$ 595,579	$ 326,399