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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2022
Asset Retirement Obligations |
Asset Retirement Obligations | 14. Asset Retirement Obligations Asset retirement obligations are 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, and the forecast risk free cost of capital. Epsilon has estimated the net present value of its total asset retirement obligations to be $2.8 million as of December 31, 2022 ($2.8 million at December 31, 2021) based on a total net future undiscounted liability of approximately $7.4 million ($7.4 million at December 31, 2021). Each year we review, and to the extent necessary, revise our asset retirement obligations estimates. The following table presents the activity in Epsilon’s asset retirement obligations for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year ended
​ | ​ | ​ | December 31, | ​ | ​ | December 31,
​ | ​ | 2022 |  | 2021
Balance beginning of period | ​ | $ | 2,833,656 | ​ | $ | 3,150,243
Liabilities acquired | ​ | ​ | 12,053 | ​ | ​ | 7,009
Liabilities disposed of | ​ | ​ | (25,835) | ​ | ​ | (381,346)
Wells plugged and abandoned | ​ | ​ | (118,260) | ​ | ​ | (31,945)
Change in estimates | ​ | ​ | — | ​ | ​ | (8,299)
Accretion | ​ | ​ | 78,623 | ​ | ​ | 97,994
Balance end of period | ​ | $ | 2,780,237 | ​ | $ | 2,833,656
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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 + Details
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