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Asset Retirement Obligations (Tables) | 12 Months Ended
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Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract] |
The Company’s asset retirement obligation transactions during the years ended December 31, 2022 and 2021 are summarized in the table below. | The Company’s asset retirement obligation transactions during the years ended December 31, 2022 and 2021 are summarized in the table below.
|  | For the Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Asset retirement obligations, beginning of period |  | $ | 20,640,599 |  |  | $ | 15,364,217 |
Liabilities assumed in acquisitions |  |  | 502,539 |  |  |  | 6,117,709 |
Revisions |  |  | 2,660,653 |  |  |  | (2,055,806 | )
Liabilities settled |  |  | (160,957 | ) |  |  | — |
Accretion expense |  |  | 1,357,906 |  |  |  | 1,214,479 |
Asset retirement obligation, end of period |  | $ | 25,000,740 |  |  | $ | 20,640,599 |
The revisions in 2022 primarily relate to the identification of nonproducing wells, including injection wells and temporarily abandoned wells in New Mexico.

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- Definition Tabular disclosure of the carrying amount of a liability for asset retirement obligations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 + Details
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