Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATION

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ASSET RETIREMENT OBLIGATION
 12 Months Ended
Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATION
NOTE 10 — ASSET RETIREMENT OBLIGATION
A reconciliation of the asset retirement obligation for the years ended December 31, 2023, 2022 and 2021 is as follows:
Balance, December 31, 2020 $ 17,117,135 
Liabilities acquired
 662,705 
Liabilities incurred 171,390 
Liabilities sold
 (2,934,126)
Liabilities settled (904,514)
Revision of estimate (1)
435,419 
Accretion expense 744,045 
Balance, December 31, 2021 $ 15,292,054 
Liabilities acquired 14,538,550 
Liabilities incurred 353,008 
Liabilities sold — 
Liabilities settled (940,738)
Revision of estimate (1)
— 
Accretion expense 983,432 
Balance, December 31, 2022 $ 30,226,306 
Liabilities acquired 2,090,777 
Liabilities incurred 439,528 
Liabilities sold
 (5,340,211)
Liabilities settled (647,828)
Revision of estimate (1)
53,826 
Accretion expense 1,425,686 
Balance, December 31, 2023 $ 28,248,084 
(1)Several factors are considered in the annual review process, including current estimates for removal cost and estimated remaining useful life of the assets. The 2021 revision of estimates primarily reflect updated interests for our working interest partners.
The following table presents the Company's current and non-current asset retirement obligation balances as of the periods specified.
December 31, 2023 December 31, 2022
Asset retirement obligations, current $ 165,642  $ 635,843 
Asset retirement obligations, non-current 28,082,442  29,590,463 
Asset retirement obligations $ 28,248,084  $ 30,226,306