Quarterly report pursuant to Section 13 or 15(d)

Oil and Gas Royalty Interests

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Oil and Gas Royalty Interests
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Oil and Gas Royalty Interests Oil and Gas Royalty Interests
As of June 30, 2024 and December 31, 2023, we owned the following oil and gas royalty interests (in thousands):

June 30,
2024		 December 31,
2023
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  51,494 
Total royalty interests 51,494  51,494 
Less: accumulated depletion (5,911) (4,885)
Royalty interests, net $ 45,583  $ 46,609 
(1)Royalty interests assigned through the Declaration of Trust.
There were no sales or acquisitions of oil and gas royalty interests during the six months ended June 30, 2024. For the six months ended June 30, 2023, we acquired oil and gas royalty interests in 61 NRA (normalized to 1/8th) for an aggregate purchase price of approximately $1.8 million. There were no sales of oil and gas royalty interests during the six months ended June 30, 2023.

Depletion expense was $0.6 million for each of the three months ended June 30, 2024 and 2023. Depletion expense was $1.0 million and $0.9 million for the six months ended June 30, 2024 and 2023, respectively.