Annual report [Section 13 and 15(d), not S-K Item 405]

ASSET RETIREMENT OBLIGATION (Tables)

v3.25.4
ASSET RETIREMENT OBLIGATION (Tables)
 12 Months Ended
Dec. 31, 2025
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Change in Asset Retirement Obligations A reconciliation of the asset retirement obligation for the years ended December 31, 2025, 2024 and 2023 is as follows:
Balance, December 31, 2022 $ 30,226,306 
Liabilities acquired
 2,090,777 
Liabilities incurred 439,528 
Liabilities sold
 (5,340,211)
Liabilities settled (647,828)
Revision of estimate (1)
53,826 
Accretion expense 1,425,686 
Balance, December 31, 2023 $ 28,248,084 
Liabilities incurred 695,553 
Liabilities sold (3,219,651)
Liabilities settled (855,561)
Revision of estimate (1)
133,794 
Accretion expense 1,380,298 
Balance, December 31, 2024 $ 26,382,517 
Liabilities acquired 2,780,280 
Liabilities incurred 89,923 
Liabilities sold
 (65,129)
Liabilities settled (208,411)
Revision of estimate (1)
(78,480)
Accretion expense 1,490,255 
Balance, December 31, 2025 $ 30,390,955 
(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 revisions recorded during the year ended December 31, 2025 included updated interests for our working interest partners. The revisions recorded during the years ended December 31, 2024 and 2023 were related to shorter estimated useful lives, with regards to planned dates to plug and abandon such assets.
Schedule of Current and Non-Current Asset Retirement Obligations
The following table presents the Company's current and non-current asset retirement obligation balances as of the dates specified.
December 31, 2025 December 31, 2024
Asset retirement obligations, current $ 418,526  $ 517,674 
Asset retirement obligations, non-current 29,972,429  25,864,843 
Asset retirement obligations $ 30,390,955  $ 26,382,517