Oil and Natural Gas Properties

12 Months Ended

Sep. 30, 2021

Oil and natural gas properties are summarized below:


	Year Ended September 30,
	2021		2020

	(In thousands)
Proved	$	402,165	$	326,420
Unproved	20,557		32,084
Work-in-progress	11,411		15,398
	434,133		373,902
Accumulated depletion and amortization	(88,336)		(63,176)
Total oil and natural gas properties, net	$	345,797	$	310,726

At September 30, 2021 and 2020, the Company had one and two exploratory wells, respectively, drilled but uncompleted that were included in work-in-progress with associated well costs of $3.7 million and $7.1 million, respectively. During the year ended September 30, 2021, one of the exploratory wells was completed, resulting in $3.4 million of costs transferred from work-in-progress to proved properties. At September 30, 2021, the Company had one exploratory well with costs of $3.7 million that has been capitalized for greater than one year but less than two years. The Company is in the process of evaluating completion methods for this exploratory well.

Depletion and amortization expense for proved oil and natural gas properties was $25.2 million and $20.8 million, respectively, for the year ended September 30, 2021 and 2020.

The Company incurred $9.6 million and $9.9 million of exploration costs, including $9.3 million and $7.9 million related to the expiration of oil and natural gas leases for the years ended September 30, 2021 and 2020, respectively.