Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATION

v3.23.3
ASSET RETIREMENT OBLIGATION
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 were as follows:
Balance, December 31, 2022 $ 30,226,306 
Liabilities acquired 2,090,777 
Liabilities incurred 261,786 
Liabilities sold (4,717,507)
Liabilities settled (226,424)
Revision of estimate 53,824 
Accretion expense 1,073,901 
Balance, September 30, 2023
 $ 28,762,663 
The following table presents the Company's current and non-current asset retirement obligation balances as of the periods specified.
September 30, 2023 December 31, 2022
Asset retirement obligations, current 279,681  635,843 
Asset retirement obligations, non-current 28,482,982  29,590,463 
Asset retirement obligations $ 28,762,663  $ 30,226,306