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Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.3
Intangible Assets
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] Ìý
Intangible Assets Intangible Assets
Intangible assets, net consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):

Ìý September 30,
2023		 December 31,
2022
Intangible assets, at cost: Ìý Ìý
Saltwater disposal easement $ 17,557Ìý $ —Ìý
Groundwater rights acquired 3,846Ìý —Ìý
Total intangible assets, at cost (1)
21,403Ìý —Ìý
Less: accumulated amortization (95) —Ìý
Intangible assets, net $ 21,308Ìý $ —Ìý
(1)The remaining weighted average amortization period for total intangible assets was 19.0 years as of September 30, 2023.

Acquisitions

For the nine months ended September 30, 2023, we acquired a saltwater disposal easement and groundwater rights in separate transactions for an aggregate cost of approximately $21.4 million. We had no intangible assets as of December 31, 2022.
Amortization of intangible assets was $0.1 million for the three and nine months ended SeptemberÌý30, 2023. The estimated future annual amortization expense of intangible assets is $0.4 million for the remainder of 2023, $1.1 million for 2024, $1.1 million for 2025, $1.1 million for 2026, $1.1 million for 2027, $1.1 million for 2028 and $15.4 million thereafter.