Oil and Gas Royalty Interests |
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| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Oil and Gas Royalty Interests | Oil and Gas Royalty Interests
As of December 31, 2021 and 2020, we owned the following oil and gas royalty interests (in thousands, except number of acres):
(1) Nonparticipating perpetual royalty interests in 370,737 gross royalty acres as of December 31, 2021 and 2020.
(2) Nonparticipating perpetual royalty interests in 84,934 gross royalty acres as of December 31, 2021 and 2020.
(3) Royalty interest in 4,090 net royalty acres as of December 31, 2021 and 2020.
Royalty Interests Assigned Through the 1888 Declaration of Trust
The fair market value of the Trust’s Assigned royalty interests was not determined in 1888 when the Trust was formed, and accordingly, these Assigned royalty interests were recorded with no value. See Note 2, “Summary of Significant Accounting Policies — Real Estate and Royalty Interests Assigned Through the 1888 Declaration of Trust” for further information regarding the Assigned royalty interests. The Assigned royalty interests include 1/16th and 1/128th royalty interests.
Royalty Interests Transactions
There were no oil and gas royalty interest transactions for the year ended December 31, 2021.
For the year ended December 31, 2020, we acquired oil and gas royalty interests in 1,017 net royalty acres (normalized to 1/8th) for an aggregate purchase price of $16.9 million, an average price of approximately $16,668 per net royalty acre.
For the year ended December 31, 2019, we acquired oil and gas royalty interests in 1,247 net royalty acres (normalized to 1/8th) for an aggregate purchase price of $4.7 million, an average price of approximately $3,800 per net royalty acre.
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