Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATION

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ASSET RETIREMENT OBLIGATION
 6 Months Ended
Jun. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATION
NOTE 9 — ASSET RETIREMENT OBLIGATION
The Company records the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the costs or timing estimates. The asset retirement obligation is incurred using an annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation during the six months ended June 30, 2023 were as follows:
Balance, December 31, 2022 $ 30,226,306 
Liabilities acquired — 
Liabilities incurred 173,516 
Liabilities sold (2,262,478)
Liabilities settled (151,656)
Revision of estimate — 
Accretion expense 719,725 
Balance, June 30, 2023 $ 28,705,413 
The following table presents the Company's current and non-current asset retirement obligation balances as of the periods specified.
June 30, 2023 December 31, 2022
Asset retirement obligations, current 408,958  635,843 
Asset retirement obligations, non-current 28,296,455  29,590,463 
Asset retirement obligations $ 28,705,413  $ 30,226,306