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Property and Equipment | 6 Months Ended
--- | ---
Jun. 30, 2023
Property and Equipment |
Property and Equipment | 5. Property and Equipment The following table summarizes the Company’s property and equipment as of June 30, 2023 and December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2023 | ​ | 2022
Property and equipment: | ​ | ​ | ​ | ​ | ​ | ​
Oil and gas properties, successful efforts method | ​ | ​ | ​ | ​ | ​ | ​
Proved properties | ​ | $ | 152,014,489 | ​ | $ | 148,326,265
Unproved properties | ​ | ​ | 25,989,679 | ​ | ​ | 18,169,157
Accumulated depletion, depreciation, amortization and impairment | ​ | ​ | (109,996,874) | ​ | ​ | (107,729,293)
Total oil and gas properties, net | ​ | ​ | 68,007,294 | ​ | ​ | 58,766,129
Gathering system | ​ | ​ | 42,673,506 | ​ | ​ | 42,639,001
Accumulated depletion, depreciation, amortization and impairment | ​ | ​ | (35,026,730) | ​ | ​ | (34,500,740)
Total gathering system, net | ​ | ​ | 7,646,776 | ​ | ​ | 8,138,261
Land | ​ | ​ | 637,764 | ​ | ​ | 637,764
Buildings and other property and equipment, net | ​ | ​ | 312,830 | ​ | ​ | 286,035
Total property and equipment, net | ​ | $ | 76,604,664 | ​ | $ | 67,828,189
​ Asset Acquisitions During the three and six months ended June 30, 2023, Epsilon made the following three acquisitions:
| ● | a 10% interest in two wellbores located in Eddy County, New Mexico for $2.1 million.
| ● | a 25% working interest in 1,297 gross acres in Ector County, Texas including the drilling of one well for $3.7 million and a commitment for the completion of that well for $1.6 million.
| ● | a 25% working interest in 11,067 gross acres in Ector County, Texas for $6.3 million.
There were no acquisitions during the three and six months ended June 30, 2022. Property Sale During the three and six months ended June 30, 2023, Epsilon sold two wellbore-only Oklahoma assets for $12,498. This sale resulted in a loss of $1.45 million. During the three and six months ended June 30, 2022, Epsilon sold one wellbore-only Oklahoma asset for $200,000. This sale resulted in a gain of $0.22 million. Property Impairment We perform a quantitative impairment test whenever events or changes in circumstances indicate that an asset group's carrying amount may not be recoverable, over proved properties using the published NYMEX forward prices, timing, methods and other assumptions consistent with historical periods. When indicators of impairment are present, GAAP requires that the Company first compare expected future undiscounted cash flows by asset group to their respective carrying values. If the carrying amount exceeds the estimated undiscounted future cash flows, a reduction of the carrying amount of the natural gas properties to their estimated fair values is required. Additionally, if an exploratory well is determined not to have found proved reserves, the costs incurred, net of any salvage value, should be charged to expense. During the three and six months ended June 30, 2023 and 2022, no impairment was recorded.

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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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- References No definition available. + Details
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