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ASSET RETIREMENT OBLIGATION | 9 Months Ended
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Sep. 30, 2021
ASSET RETIREMENT OBLIGATION |
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 were as follows: ​
​ | ​ | ​ | ​
Balance, December 31, 2020 |  | $ | 17,117,135
Liabilities incurred | ​ |  | 160,285
Liabilities acquired | ​ |  | 662,704
Liabilities sold | ​ | ​ | (2,934,126)
Revision of previous estimates | ​ | ​ | 153,475
Liabilities settled | ​ |  | (722,005)
Accretion expense | ​ |  | 560,662
Balance, September 30, 2021 | ​ | $ | 14,998,130
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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 + Details
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