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ASSET RETIREMENT OBLIGATION | 12 Months Ended
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Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract] |
ASSET RETIREMENT OBLIGATION | NOTE 10 — 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. 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. 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 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://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-2 + Details
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