XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.21.1

Asset retirement obligations | 12 Months Ended
--- | ---
Dec. 31, 2020
Asset retirement obligations |
6. Asset retirement obligations | The Company’s asset retirement obligations represent the estimated present value of the estimated cash flows the Company will incur to plug, abandon and remediate its producing properties at the end of their productive lives, in accordance with applicable state laws. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. The Company’s asset retirement obligation transactions during the years ended December 31, 2020 and 2019 are summarized in the table below.
|  | For the year ended December 31, 2020 |  |  | For the year ended December 31, 2019 |
Asset retirement obligations, beginning of period |  | $ | 5,788,280 |  |  | $ | 230,650 |
Liabilities assumed in acquisitions |  |  | 9,508,484 |  |  |  | 5,251,329 |
Revision to estimates |  |  | (862,405 | ) |  |  | — |
Accretion expense |  |  | 929,858 |  |  |  | 306,301 |
Asset retirement obligation, end of period |  | $ | 15,364,217 |  |  | $ | 5,788,280 |

X
- References No definition available. + Details
Name: | us-gaap_AssetRetirementObligationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_AssetRetirementObligationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration