Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATION (Tables)

v3.22.0.1
ASSET RETIREMENT OBLIGATION (Tables)
12 Months Ended
Dec. 31, 2021
ASSET RETIREMENT OBLIGATION.  
Schedule of asset retirement obligation

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​

​

​

Balance, December 31, 2018

​

$

13,055,797

Liabilities acquired

​

​

3,745,642

Liabilities incurred

​

​

631,727

Liabilities settled

​

​

(1,589,654)

Accretion expense

​

​

943,707

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

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(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.