	March 31,			December 31,
	2020			2019
Proven properties:
Acquisition, equipment, exploration, drilling and abandonment costs	$	11,820,726		$	11,820,392
Less: Accumulated depletion, depreciation, amortization, and impairment		(10,553,983	)		(10,267,973	)
Total Oil and gas properties, net	$	1,266,743		$	1,552,419

The Company uses the full cost method of accounting for its oil and natural gas exploration and development activities and it is required to perform a ceiling test calculation each quarter. The full cost ceiling test is an impairment test prescribed by SEC Regulation S-X Rule 4-10. The ceiling test is performed quarterly, on a country-by-country basis, utilizing the average of prices in effect on the first day of the month for the preceding twelve-month period in accordance with SEC Release No. 33-8995. The ceiling limits such pooled costs to the aggregate of the present value of future net revenues attributable to proved crude oil and natural gas reserves discounted at 10%, plus the lower of cost or market value of unproved properties, less any associated tax effects. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to earnings.

In order to fulfill the obligation to evaluate the full cost ceiling and to calculate DD&A of its oil and gas properties, the Company is required to estimate its reserves on a quarterly basis. The estimated proven oil and gas reserves considers the estimated future production based on the most current well information available including decline rate changes causing downward revisions and updated pricing in accordance with SEC requirements. The reserve estimated as of March 31, 2020 were prepared by Netherland, Sewell & Associates, Inc. The comparable calculated average SEC prices utilized in the preparation of the reserves as of March 31, 2020 were $2.07 per Mcf and $55.35 per Bbl. These prices represent a decrease of 15% and <1% for natural gas and oil, respectively, as compared to the pricing utilized as of December 31, 2019.

As a result of the decrease in both quantities of oil and gas reserves, as well as the discounted future cash flow estimates, the Company recorded an increased rate of DD&A per Mcfe and recorded a $242.6 million non-cash write-down of the carrying value of the Company’s oil and gas properties from the ceiling test limitation as of March 31, 2020. Given the continued depressed commodity prices, there is a reasonable possibility that the value of the reserves will be further reduced in future quarters, requiring an additional ceiling test write-down.