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Oil and Natural Gas Properties | 3 Months Ended
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Mar. 31, 2023
Extractive Industries [Abstract] |
Oil and Natural Gas Properties | Oil and Natural Gas Properties Oil and natural gas properties are summarized below:
| March 31, 2023 |  | December 31, 2022
| (In thousands)
Proved | $ | 550,099 |  |  | $ | 516,011 |
Unproved | 11,109 |  |  | 12,770 |
Work-in-progress | 54,273 |  |  | 45,169 |
| 615,481 |  |  | 573,950 |
Accumulated depletion, amortization and impairment | (142,759) |  |  | (133,848) |
Total oil and natural gas properties, net | $ | 472,722 |  |  | $ | 440,102 |
Depletion and amortization expense for proved oil and natural gas properties was $8.9 million and $6.4 million, respectively, for the three months ended March 31, 2023 and 2022. Exploration expense was $0.3 million and $1.5 million, respectively, for the three months ended March 31, 2023 and 2022. On April 3, 2023, the Company closed on an acquisition of oil and natural gas assets. Transaction costs associated with the acquisition were approximately $1.9 million for the three months ended March 31, 2023. In connection with the acquisition, a deposit of $33 million was paid by the Company and reflected as funds held in escrow on the condensed consolidated balance sheet as of March 31, 2023. For further information regarding the acquisition, see Note 13 - Subsequent Events.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 360 -URI https://asc.fasb.org/subtopic&trid=2145654 + Details
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