Properties and equipment and related accumulated DD&A as of June 30, 2021 and September 30, 2020 are as follows:

	June 30, 2021			September 30, 2020
Properties and equipment at cost, based on successful efforts accounting:
Producing natural gas and oil properties	$	323,187,303		$	324,886,491
Non-producing natural gas and oil properties		32,894,588			18,993,814
Other property and equipment		681,125			582,444
		356,763,016			344,462,749
Less accumulated depreciation, depletion and amortization		(259,018,926	)		(263,590,801	)
Net properties and equipment	$	97,744,090		$	80,871,948

Quarter Ended	Net royalty acres ⁽¹⁾⁽²⁾		Purchase Price ⁽¹⁾	Area of Interest

June 30, 2021
		262	$1.3 million	Haynesville / LA
		131	$1.0 million	Haynesville / TX
		2,514	$10.9 million	SCOOP / OK
March 31, 2021
	No significant acquisitions
December 31, 2020
		142	$1.0 million	Haynesville / TX
		184	$0.8 million	Haynesville / TX
		386	$3.5 million	Haynesville / TX
		297	$2.3 million	SCOOP / OK
September 30, 2020
	No significant acquisitions
June 30, 2020
	No significant acquisitions
March 31, 2020
	No significant acquisitions
December 31, 2019
	964		$9.3 million	SCOOP / OK
(1) Excludes subsequent closing adjustments and insignificant acquisitions.
(2) An estimated net royalty equivalent was used for the minerals included in the net royalty acres.

All purchases made in 2020 and 2021 were of mineral and royalty acreage and were accounted for as asset acquisitions.

Quarter Ended	Net mineral acres		Sale Price	Gain/(Loss)	Location
June 30, 2021
		2,857	$0.3 million	$0.2 million	Central Basin Platform, TX
March 31, 2021
	No significant divestitures
December 31, 2020
	No significant divestitures
September 30, 2020
		5,925	$0.8 million	$0.7 million	Northwest OK
June 30, 2020
	No significant divestitures
March 31, 2020
	No significant divestitures
December 31, 2019
	530		$3.4 million	$3.3 million	Eddy County, NM

Management considers the estimation of the Company’s natural gas, oil and NGL reserves to be the most significant of its judgments and estimates. Changes in natural gas, oil and NGL reserve estimates affect the Company’s calculation of DD&A, provision for retirement of assets and assessment of the need for asset impairments. On an annual basis, with a semi-annual update, the Company’s independent consulting petroleum engineer, with assistance from Company staff, prepares estimates of natural gas, oil and NGL reserves based on available geologic and seismic data, reservoir pressure data, core analysis reports, well logs, analogous reservoir performance history, production data and other available sources of engineering, geologic and geophysical information. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations utilizing appropriate prices for the current period. The estimated natural gas, oil and NGL reserves were computed using the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month natural gas, oil and NGL price for each month within the 12-month period prior to the balance sheet date, held flat over the life of the properties. However, projected future natural gas, oil and NGL pricing assumptions are used by management to prepare estimates of natural gas, oil and NGL reserves and future net cash flows used in asset impairment assessments and in formulating management’s overall operating decisions. Natural gas, oil and NGL prices are volatile, affected by worldwide production and consumption, and are outside the control of management.

Company management monitors all long-lived assets, principally natural gas and oil properties, for potential impairment when circumstances indicate that the carrying value of the asset may be greater than its estimated future net cash flows. The evaluations involve significant judgment since the results are based on estimated future events, such as inflation rates; future drilling and completion costs; future sales prices for natural gas, oil and NGL; future production costs; estimates of future natural gas, oil and NGL reserves to be recovered and the timing thereof; the economic and regulatory climates; and other factors. The need to test a property for impairment may result from significant declines in sales prices or unfavorable adjustments to natural gas, oil and NGL reserves. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations to reflect any material changes since the prior report was issued and then utilizes updated projected future price decks current with the period. For the three and nine months ended June 30, 2021, management’s assessment resulted in an impairment provision of $37,879 on producing properties and $7,976 on wells that the Company wrote off.

For the nine months ended June 30, 2020, management’s assessment resulted in an impairment provision on producing properties of $29,315,807, primarily due to the decline in commodity prices caused by the ongoing COVID-19 pandemic. During the three and nine months ended June 30, 2020, impairment on wells that were written off totaled $358,826 and $588,721, respectively.