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Oil and Natural Gas Properties
 3 Months Ended
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, 2023December 31, 2022
(In thousands)
Proved$550,099 $516,011 
Unproved11,109 12,770 
Work-in-progress54,273 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.