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Asset Retirement Obligations

6 Months Ended

Jun. 30, 2021

Asset Retirement Obligations

Asset Retirement Obligations

13. Asset Retirement Obligations

Asset retirement obligations were estimated by management based on Epsilon’s net ownership interest in all wells and the gathering system, estimated costs to reclaim and abandon such assets and the estimated timing of the costs to be incurred in future periods.

The following tables summarize the changes in asset retirement obligations for the periods indicated:

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​	​	​	​	​	​	​
​	​	Six Months Ended		​	Year ended
​	​	​	June 30,	​	​	December 31,
​	​	2021			2020
Balance beginning of period	​	$	3,150,243	​	$	2,909,855
Liabilities from drilling of new wells	​	​	6,907	​	​	5,826
Wells plugged and abandoned	​	​	(31,945)	​	​	(850)
Change in estimates	​	​	(8,299)	​	​	32,668
Accretion	​	​	52,547	​	​	202,744
Balance end of period	​	$	3,169,453	​	$	3,150,243

​

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- References

No definition available.

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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://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

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