4. Property and Equipment

The following table summarizes the Company’s property and equipment as of March 31, 2021 and December 31, 2020:


	March 31,		December 31,
	2021		2020
Property and equipment:
Oil and gas properties, successful efforts method
Proved properties	$	134,831,162	$	133,902,723
Unproved properties		21,510,765		21,552,063
Accumulated depletion, depreciation, amortization and impairment		(99,469,225)		(98,200,111)
Total oil and gas properties, net		56,872,702		57,254,675
Gathering system		42,215,928		42,202,644
Accumulated depletion, depreciation, amortization and impairment		(32,480,738)		(32,101,624)
Total gathering system, net		9,735,190		10,101,020
Land		637,764		637,764
Buildings and other property and equipment, net		335,455		338,419
Total property and equipment, net	$	67,581,111	$	68,331,878

Property Impairment

Epsilon performs a quantitative impairment test quarterly or 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 compares 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, which is determined based on discounted cash flow techniques using significant assumptions including projected revenues, future commodity prices, and a market-specific weighted average cost of capital which are affected by expectations about future market and economic conditions.

During the three months ended March 31, 2021, no impairment was required. During the three months ended March 31, 2020, Epsilon recognized certain indicators of impairments specific to our Oklahoma assets related to historically low oil and NGL prices and determined that the carrying value of those assets was not recoverable. As a result of this assessment, a $1.76 million impairment was recorded on the Company’s Oklahoma assets during the three months ended March 31, 2020.