Oil and Gas Properties

3 Months Ended

Mar. 31, 2025

Note 4 – Oil and Gas Properties

Oil and gas properties, net consist of the following:


(in thousands)	March 31, 2025			December 31, 2024
Proved oil and natural gas properties (a)	$	800,805		$	687,366
Unproved oil and natural gas properties		393,281			318,855

Total oil and gas properties		1,194,086			1,006,221
Less: Accumulated depletion		(171,634	)		(140,376	)

Oil and gas properties, net	$	1,022,452		$	865,845

(a)	Represents proved and undeveloped (i.e., wells in progress) and proved and producing properties.

The Company uses the successful efforts method of accounting for its oil and gas properties. Property acquisition costs are depleted on a

units-of-production

basis over total proved reserves, while costs of wells and related equipment and facilities are depleted on a

units-of-production

basis over proved developed reserves.

Depletion on oil and gas properties was $31.3 million and $13.3 million for the three months ended March 31, 2025 and 2024, respectively.

Depreciation expense on the Company’s equipment and other property was less than $0.1 mi

llio

n for both the three months ended March 31, 2025 and 2024.