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Asset Retirement Obligations (Tables) | 12 Months Ended
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Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract] |
The Company’s asset retirement obligation transactions during the years ended December 31, 2023 and 2022 are summarized in the table below. | The Company’s asset retirement obligation transactions during the years ended December 31, 2023 and 2022 are summarized in the table below.
|  | For the Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Asset retirement obligations, beginning of period |  | $ | 25,000,740 |  |  | $ | 20,640,599 |
Liabilities assumed in acquisitions |  |  | 72,000 |  |  |  | 502,539 |
Revisions |  |  | 2,303,938 |  |  |  | 2,660,653 |
Liabilities settled |  |  | (964,274 | ) |  |  | (160,957 | )
Accretion expense |  |  | 1,756,023 |  |  |  | 1,357,906 |
Asset retirement obligation, end of period |  | $ | 28,168,427 |  |  | $ | 25,000,740 |
Less current portion included in Accrued Expenses |  |  | 700,000 |  |  |  | — |
Asset retirement obligation, long-term |  | $ | 27,468,427 |  |  | $ | 25,000,740 |

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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 -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 + Details
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