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Asset Retirement Obligations | 9 Months Ended
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Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note 4 - Asset Retirement Obligations Empire’s asset retirement obligations represent the estimated present value of the estimated cash flows Empire 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 Empire’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Empire’s asset retirement obligation activity is as follows:
|  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
Asset retirement obligations, beginning of period |  | $ | 28,168,427 |  |  | $ | 25,000,740 |
Additions |  |  | 876,955 |  |  |  | 72,000 |
Liabilities settled |  |  | (864,138 | ) |  |  | (910,967 | )
Revisions |  |  | — |  |  |  | 2,303,939 |
Accretion expense |  |  | 1,486,929 |  |  |  | 1,277,140 |
Asset retirement obligation, end of period |  | $ | 29,668,173 |  |  | $ | 27,742,852 |
Less current portion included in Accrued Expenses |  |  | 700,000 |  |  |  | — |
Asset retirement obligation, long-term |  | $ | 28,968,173 |  |  | $ | 27,742,852 |
The additions in 2024 primarily relate to the completion of new wells as part of Empire’s North Dakota Starbuck Drilling Program and additional working interest acquired in New Mexico (see Note 3).

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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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