Quarterly report pursuant to Section 13 or 15(d)

Oil and Gas Royalty Interests

v3.23.3
Oil and Gas Royalty Interests
 9 Months Ended
Sep. 30, 2023
Real Estate [Abstract]  
Oil and Gas Royalty Interests Oil and Gas Royalty Interests
As of September 30, 2023 and December 31, 2022, we owned the following oil and gas royalty interests (in thousands):
September 30,
2023		 December 31,
2022
Oil and gas royalty interests:
1/16th nonparticipating perpetual royalty interests (1)
$ —  $ — 
1/128th nonparticipating perpetual royalty interests (1)
—  — 
Royalty interests acquired, at cost 51,494  47,928 
Total royalty interests 51,494  47,928 
Less: accumulated depletion (4,281) (2,903)
Royalty interests, net $ 47,213  $ 45,025 
(1)Royalty interests assigned through the Declaration of Trust.
Acquisitions

For the nine months ended September 30, 2023, we acquired oil and gas royalty interests in 119 net royalty acres (normalized to 1/8th) for an aggregate purchase price of approximately $3.6 million. For the nine months ended September 30, 2022, we acquired oil and gas royalty interests in 92 net royalty acres (normalized to 1/8th) for an aggregate purchase price of approximately $1.7 million.

Depletion expense was $0.5 million and $0.3 million for the three months ended September 30, 2023 and 2022, respectively. Depletion expense was $1.4 million and $0.7 million for the nine months ended September 30, 2023 and 2022, respectively.