
	June 30, 2025		December 31, 2024


	(In thousands)
Proved	$	1,053,197	$	1,027,183
Unproved	104,789		100,974
Work-in-progress	34,439		21,318
	$	1,192,425	$	1,149,475
Accumulated depletion, amortization and impairment	(325,207)		(288,678)
Total oil and natural gas properties, net	$	867,218	$	860,797

Depletion and amortization expense for proved oil and natural gas properties was $17.8 million and $16.5 million, respectively, for the three months ended June 30, 2025, and 2024 and $35.3 million and $33.5 million, respectively, for the six months ended June 30, 2025, and 2024.

The cost of proved and unproved oil and natural gas properties are assessed for impairment at least annually or whenever events and circumstances indicate that a decline in the recoverability of their carrying value may have occurred. We compare the undiscounted future cash flows to the carrying amount to determine if the carrying amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, we adjust the carrying amount to their estimated fair value which is considered a Level 3 measurement.

Certain oil and natural gas property in New Mexico outside of the Company's acreage in the Red Lake field failed the initial step assessment, which looked at the carrying value compared to undiscounted cash flows for this property. Based on this assessment of our long-lived assets impairment test, the carrying value exceeded the estimated fair market value and we recognized a $1.2 million non-cash impairment on proved properties during the three and six months ended June 30, 2025.