ASSET RETIREMENT OBLIGATION (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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| ASSET RETIREMENT OBLIGATION | |||
| Balance | $ 16,787,219 | $ 13,055,797 | $ 9,055,697 |
| Liabilities acquired | 3,745,642 | 2,571,549 | |
| Liabilities incurred | 99,436 | 631,727 | 1,311,956 |
| Liabilities settled | (710,577) | (1,589,654) | (577,824) |
| Revision of estimate (1) | 34,441 | 87,960 | |
| Accretion Expense | 906,616 | 943,707 | 606,459 |
| Balance | $ 17,117,135 | $ 16,787,219 | $ 13,055,797 |
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- Definition Amount of asset retirement obligations acquired during the period. No definition available.
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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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of asset retirement obligations incurred during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of asset retirement obligations settled, or otherwise disposed of, during the period. This may include asset retirement obligations transferred to third parties associated with the sale of a long-lived asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in the asset retirement obligation from changes in the amount or timing of the estimated cash flows associated with the settlement of the obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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