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ASSET RETIREMENT OBLIGATION

12 Months Ended

Dec. 31, 2019

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION

NOTE 11 – ASSET RETIREMENT OBLIGATION

A reconciliation of the asset retirement obligation for the years ended December 31, 2017, 2018 and 2019 is as follows:

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​	​	​	​
Balance, December 31, 2016	​	$	7,957,035
Liabilities incurred	​	​	1,297,289
Liabilities settled	​	​	(766,595)
Accretion expense	​	​	567,968
Balance, December 31, 2017	​	$	9,055,697
Liabilities acquired	​	​	2,571,549
Liabilities incurred	​	​	1,311,956
Liabilities settled	​	​	(577,824)
Revision of estimate (1)	​	​	87,960
Accretion expense	​	​	606,459
Balance, December 31, 2018	​	$	13,055,797
Liabilities acquired	​	​	3,745,642
Liabilities incurred	​	​	631,727
Liabilities settled	​	​	(1,589,654)
Accretion expense	​	​	943,707
Balance, December 31, 2019	​	$	16,787,219

​

(1) Several factors are considered in the annual review process, including inflation rates, current estimates for removal cost, and estimated remaining useful life of the assets. The 2018 revision of estimates reflect decreases in the estimated remaining useful life of certain assets.

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- References

No definition available.

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- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2175671

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