| Related Party Transactions |
Related Party Transactions
Transactions between the subsidiaries of the Company and the following companies are included in Related Party Transactions: Gulfport; Grizzly Oil Sands ULC (“Grizzly”); El Toro Resources LLC ("El Toro"); Diamondback E&P LLC ("Diamondback"); Stingray Cementing LLC ("Cementing") and Stingray Energy Services LLC ("SR Energy") (collectively, the "2017 Stingray Companies"); Everest Operations Management LLC ("Everest"); Elk City Yard LLC ("Elk City Yard"); Double Barrel Downhole Technologies LLC ("DBDHT"); Orange Leaf Holdings LLC ("Orange Leaf"); Caliber Investment Group LLC ("Caliber"); and Dunvegan North Oilfield Services ULC (“Dunvegan”).
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REVENUES |
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ACCOUNTS RECEIVABLE |
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Three Months Ended March 31, |
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At March 31, |
At December 31, |
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2017 |
2016 |
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2017 |
2016 |
Pressure Pumping and Gulfport |
(a) |
$ |
31,745,950 |
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$ |
— |
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$ |
20,470,158 |
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$ |
19,094,509 |
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Muskie and Gulfport |
(b) |
11,540,419 |
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1,918,078 |
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8,109,288 |
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5,373,007 |
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Panther Drilling and Gulfport |
(c) |
1,042,377 |
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451,875 |
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1,732,263 |
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1,434,036 |
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Lodging and Grizzly |
(d) |
264 |
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555 |
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263 |
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274 |
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Bison Drilling and El Toro |
(e) |
— |
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371,873 |
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— |
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— |
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Panther Drilling and El Toro |
(e) |
— |
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170,170 |
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— |
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— |
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Bison Trucking and El Toro |
(e) |
— |
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130,000 |
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— |
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— |
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White Wing and El Toro |
(e) |
— |
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20,431 |
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— |
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— |
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Energy Services and El Toro |
(f) |
123,645 |
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— |
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64,646 |
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108,386 |
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White Wing and Diamondback |
(g) |
— |
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1,650 |
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— |
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— |
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The Company and 2017 Stingray Companies |
(h) |
44,206 |
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— |
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1,865,677 |
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1,363,056 |
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Panther and DBDHT |
(i) |
5,215 |
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— |
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86,015 |
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100,450 |
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Other Relationships |
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— |
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— |
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105,077 |
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115,565 |
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$ |
44,502,076 |
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$ |
3,064,632 |
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$ |
32,433,387 |
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$ |
27,589,283 |
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a. |
Pressure Pumping provides pressure pumping, stimulation and related completion services to Gulfport. |
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b. |
Muskie has agreed to sell and deliver, and Gulfport has agreed to purchase, specified annual and monthly amounts of natural sand proppant, subject to certain exceptions specified in the agreement, and pay certain costs and expenses. |
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c. |
Panther Drilling performs drilling services for Gulfport pursuant to a master service agreement. |
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d. |
Lodging provides remote accommodation and food services to Grizzly, an entity owned approximately 75% by affiliates of Wexford and approximately 25% by Gulfport.
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e. |
The contract land and directional drilling segment provides services for El Toro, an entity controlled by Wexford, pursuant to a master service |
agreement.
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f. |
Energy Services performs completion and production services for El Toro pursuant to a master service agreement. |
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g. |
White Wing provides rental services to Diamondback. |
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h. |
The Company provided certain services to the 2017 Stingray Companies. |
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i. |
Panther provides services and materials to DBDHT. |
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COST OF REVENUE |
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ACCOUNTS PAYABLE |
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Three Months Ended March 31, |
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At March 31, |
At December 31, |
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2017 |
2016 |
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2017 |
2016 |
Panther and DBDHT |
(a) |
$ |
127,720 |
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$ |
46,554 |
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$ |
115,661 |
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$ |
— |
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Bison Trucking and Diamondback |
(b) |
38,132 |
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41,627 |
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10,187 |
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— |
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Energy Services and Elk City Yard |
(c) |
26,700 |
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26,700 |
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— |
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— |
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The Company and 2017 Stingray Companies |
(d) |
237,365 |
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2,165 |
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408,458 |
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174,145 |
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Lodging and Dunvegan |
(e) |
— |
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— |
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— |
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3,199 |
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Bison Trucking and El Toro |
(f) |
— |
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— |
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79 |
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— |
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$ |
429,917 |
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$ |
117,046 |
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$ |
534,385 |
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$ |
177,344 |
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SELLING, GENERAL AND ADMINISTRATIVE COSTS |
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Consolidated and Everest |
(g) |
$ |
58,313 |
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$ |
72,324 |
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$ |
16,798 |
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$ |
12,668 |
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Consolidated and Wexford |
(h) |
233,880 |
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35,921 |
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109,065 |
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13,197 |
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Mammoth and Orange Leaf |
(i) |
29,510 |
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— |
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— |
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— |
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Lodging and Dunvegan |
(e) |
2,551 |
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— |
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886 |
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— |
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$ |
324,254 |
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$ |
108,245 |
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$ |
126,749 |
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$ |
25,865 |
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$ |
661,134 |
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$ |
203,209 |
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a. |
Panther rents rotary steerable equipment in connection with its directional drilling services from DBDHT. |
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b. |
Bison Trucking leases office space from Diamondback in Midland, Texas. The office space is leased through early 2017. |
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c. |
Energy Services leases property from Elk City Yard. |
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d. |
The 2017 Stingray Companies provided certain services to the Company and, from time to time, the 2017 Stingray Companies paid for goods and services on behalf of the Company. |
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e. |
Dunvegan provides technical and administrative services and pays for goods and services on behalf of Lodging. |
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f. |
Bison Drilling leases space from El Toro for storage of a rig. |
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g. |
Everest has historically provided office space and certain technical, administrative and payroll services to the Company and the Company has |
reimbursed Everest in amounts determined by Everest based on estimates of the amount of office space provided and the amount of
employees’ time spent performing services for the Company. In 2014, Everest provided personnel to support operational functions in addition
to significant technical and advisory support.
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h. |
Wexford provides certain administrative and analytical services to the Company and, from time to time, the Company pays for goods and |
services on behalf of Wexford.
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i. |
Orange Leaf leases office space to Mammoth Inc. |
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