Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATION (Tables)

v3.24.3
ASSET RETIREMENT OBLIGATION (Tables)
9 Months Ended
Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Changes in Asset Retirement Obligations A reconciliation for the asset retirement obligation during the nine months ended September 30, 2024 is as follows:
Balance, December 31, 2023 $ 28,248,084 
Liabilities incurred 505,721 
Liabilities sold (3,219,651)
Liabilities settled (492,167)
Revision of estimate (1)
133,794 
Accretion expense 1,057,213 
Balance, September 30, 2024
$ 26,232,994 

(1) The revisions recorded during the nine months ended September 30, 2024 were related to shorter estimated useful lives, with regards to planned dates to plug and abandon such assets.
Schedule of Current and Non-Current Asset Retirement Obligations
The following table presents the Company's current and non-current asset retirement obligation balances as of the periods specified.
September 30, 2024 December 31, 2023
Asset retirement obligations, current $ 836,421  $ 165,642 
Asset retirement obligations, non-current 25,396,573  28,082,442 
Asset retirement obligations $ 26,232,994  $ 28,248,084