Property and Equipment

12 Months Ended

Dec. 31, 2019

Property and Equipment

Property and Equipment

4. Property and Equipment

The following table summarizes the Company’s property and equipment at December 31, 2019 and 2018:

	December 31,		December 31,
	2019		2018
Property and equipment:
Oil and gas properties, successful efforts method
Proved properties	$	130,819,256	$	118,851,574
Unproved properties		21,047,512		19,498,666
Accumulated depletion, depreciation, and amortization		(89,255,035)		(83,807,401)
Total oil and gas properties, net		62,611,733		54,542,839
Gathering system		41,445,225		41,040,847
Accumulated depletion, depreciation, and amortization		(29,961,690)		(28,137,573)
Total gathering system, net		11,483,535		12,903,274
Land		375,314		—
Buildings and other property and equipment, net		211,879		—
Total property and equipment, net	$	74,682,461	$	67,446,113

Property Acquisitions

During the years ended December 31, 2019 and 2018 the Company acquired additional acreage in the Anadarko Basin for $596,500 and $260,000, respectively. Included in additions to proved natural gas and oil properties for the year ended December 31, 2018 was an approximate $0.5 million cash call refund for wells previously drilled.

Property Sale

In June 2019, the Company completed the first part of a sale of undeveloped, stranded leases in Pennsylvania. At that time, the Company received $1.0 million. The sale was completed in July 2019 with a final payment of $0.4 million for a total of $1.4 million received for the stranded leases.

Property Impairment

At December 31, 2019 and 2018, the Company evaluated its proved and unproved natural gas and oil properties, and its gathering system assets for indicators of any potential impairment. As a result of these assessments, no impairment was required for the years ended December 31, 2019 and 2018.