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Acquisitions and Dispositions
6 Months Ended
Jun. 30, 2023
Business Combinations [Abstract]  
Acquisitions and Dispositions
(2) Acquisitions and Dispositions
2023 Transactions
:
In the first quarter of 2023, the Company sold 7.8 surface acres in Midland County, Texas receiving gross proceeds of $436,050 and recognizing a gain of $47,000.
In the second quarter of 2023, the Company acquired 55 net acres in the South Stiles area of Reagan County, Texas for $605,000 and in a separate agreement also in Reagan County, the Company sold 320
non-core
acres for proceeds of $6,000,000.
In July 2023, the Company sold a
non-core
leasehold tract in Martin County, Texas for proceeds of $899,000.
2022 Transactions
:
In the first quarter of 2022, the Company sold 1,809 net leasehold acres in Reagan and Midland Counties, Texas through two separate transactions receiving gross proceeds of $14.0 million.
In the second quarter of 2022, the Company sold 241 net acres in Canadian County, Oklahoma for $845,000.