Quarterly report [Sections 13 or 15(d)]

ASSET RETIREMENT OBLIGATION (Tables)

v3.26.1
ASSET RETIREMENT OBLIGATION (Tables)
3 Months Ended
Mar. 31, 2026
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Changes in Asset Retirement Obligations A reconciliation for the asset retirement obligation during the three months ended March 31, 2026 is as follows:
Balance, December 31, 2025 $ 30,390,955 
Liabilities acquired — 
Liabilities incurred 17,418 
Liabilities sold (51,635)
Liabilities settled (116,514)
Revision of estimate (1)
8,943 
Accretion expense 395,496 
Balance, March 31, 2026
$ 30,644,663 
(1) The revisions recorded during the three months ended March 31, 2026 consisted of additional acquired working interests in three gross wells.
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 periods specified.
March 31, 2026 December 31, 2025
Asset retirement obligations, current $ 397,413  $ 418,526 
Asset retirement obligations, non-current 30,247,250  29,972,429 
Asset retirement obligations $ 30,644,663  $ 30,390,955