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The Company’s asset retirement obligation transactions during the years ended December 31, 2023 and 2022 are summarized in the table below. (Details) - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract] |  |
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 The element represents asset retirement obligations beginning of period. + References No definition available. + Details
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- Definition Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481639/420-10-35-4 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 + Details
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- Definition Amount of asset retirement obligations incurred during the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481850/410-20-50-1 + Details
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