ASSET RETIREMENT OBLIGATION

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

NOTE 11 – ASSET RETIREMENT OBLIGATION

A reconciliation of the asset retirement obligation for the years ended December 31, 2022, 2021 and 2020 is as follows:


Balance, December 31, 2019	$	16,787,219
Liabilities incurred	99,436
Liabilities settled	(710,577)
Revision of estimate (1)	34,441
Accretion expense	906,616
Balance, December 31, 2020	$	17,117,135
Liabilities acquired	662,705
Liabilities incurred	171,390
Liabilities sold	(2,934,126)
Liabilities settled	(904,514)
Revision of estimate (1)	435,419
Accretion expense	744,045
Balance, December 31, 2021	$	15,292,054
Liabilities acquired	14,538,550
Liabilities incurred	353,008
Liabilities settled	(940,738)
Accretion expense	983,432
Balance, December 31, 2022	$	30,226,306

(1)Several factors are considered in the annual review process, including current estimates for removal cost and estimated remaining useful life of the assets. The 2020 revision of estimates reflect an adjustment to the estimates for plugging costs. The 2021 revision of estimates primarily reflect updated interests for our working interest partners.