Annual report [Section 13 and 15(d), not S-K Item 405]

ASSET RETIREMENT OBLIGATION (Tables)

v3.25.0.1
ASSET RETIREMENT OBLIGATION (Tables)
 12 Months Ended
Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Change in Asset Retirement Obligations A reconciliation of the asset retirement obligation for the years ended December 31, 2024, 2023 and 2022 is as follows:
Balance, December 31, 2021 $ 15,292,054 
Liabilities acquired
 14,538,550 
Liabilities incurred 353,008 
Liabilities settled (940,738)
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 
Liabilities incurred 695,553 
Liabilities sold
 (3,219,651)
Liabilities settled (855,561)
Revision of estimate (1)
133,794 
Accretion expense 1,380,298 
Balance, December 31, 2024 $ 26,382,517 
(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 revisions recorded during the years ended December 31, 2024 and 2023 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.
December 31, 2024 December 31, 2023
Asset retirement obligations, current $ 517,674  $ 165,642 
Asset retirement obligations, non-current 25,864,843  28,082,442 
Asset retirement obligations $ 26,382,517  $ 28,248,084