Property and Equipment, Net

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Note 4 - Property and Equipment, Net

Property and equipment, net consists of the following:

	As of December 31,
(in thousands)	2019			2018
Oil and gas properties:
Proved oil and gas properties	$	351,488		$	347,059
Unproved properties		4,872			5,416
Accumulated depreciation, depletion, amortization and impairment		(109,344	)		(98,604	)
Oil and gas properties, net		247,016			253,871
Pipeline facilities and equipment		12,814			12,714
Base gas		1,937			2,122
Furniture and fixtures, computer hardware and software, and other equipment		6,762			6,649
Accumulated depreciation and amortization		(5,529	)		(3,922	)
Other property and equipment, net		15,984			17,563
Total property and equipment, net	$	263,000		$	271,434

Unproved properties not subject to depletion consist principally of leasehold acquisition costs in the following areas:

	As of December 31,
(in thousands)	2019		2018
Ventura Basin:
California	$	1,602	$	1,595
Illinois Basin:
Indiana		432		432
Illinois		136		136
Appalachian Basin:
Kentucky		461		920
Ohio		66		66
Tennessee		1,869		1,869
West Virginia		306		398
Total unproved properties	$	4,872	$	5,416

Unproved properties are assessed for impairment at least annually. During the year ended December 31, 2019, approximately $1.0 million of expired leasehold costs were reclassified into proved property. During the year ended December 31, 2018, there were no leasehold costs reclassified into proved property.

We capitalized overhead applicable to acquisition, development and exploration activities, primarily in California, of approximately $790,000 and $337,000 for the years ended December 31, 2019 and 2018, respectively.

Depletion expense related to oil and gas properties for the years ended December 31, 2019 and 2018 was approximately $14.1 million and $7.3 million, respectively.