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ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 + Details
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