PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION (Tables)

12 Months Ended

Sep. 30, 2023

PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION

Schedule of property and equipment

Barnwell’s property and equipment is detailed as follows: 

	Estimated Useful Lives	Gross Property and Equipment		Accumulated Depletion, Depreciation, Amortization, and Impairment		Net Property and Equipment
At September 30, 2023:
Proved oil and natural gas properties   (full cost method)		$	80,851,000	$	(59,549,000)	$	21,302,000
Drilling rigs and equipment	3 – 10 years	6,618,000		(6,127,000)		491,000
Other property and equipment	3 – 10 years	605,000		(587,000)		18,000
Total		$	88,074,000	$	(66,263,000)	$	21,811,000

	Estimated Useful Lives	Gross Property and Equipment		Accumulated Depletion, Depreciation, Amortization, and Impairment		Net Property and Equipment
At September 30, 2022:
Proved oil and natural gas properties   (full cost method)		$	67,883,000	$	(54,651,000)	$	13,232,000
Drilling rigs and equipment	3 – 10 years	6,304,000		(5,943,000)		361,000
Other property and equipment	3 – 10 years	619,000		(611,000)		8,000
Total		$	74,806,000	$	(61,205,000)	$	13,601,000

Schedule of reconciliation of the asset retirement obligation

The following is a reconciliation of the asset retirement obligation: 

	Year ended September 30,
	2023		2022
Asset retirement obligation as of beginning of year	$	8,456,000	$	7,053,000
Obligations incurred on new wells drilled or acquired	21,000		1,682,000
Liabilities associated with properties sold	—		(483,000)
Revision of estimated obligation	1,462,000		1,021,000
Accretion expense	808,000		767,000
Payments	(1,005,000)		(942,000)
Foreign currency translation adjustment	91,000		(642,000)
Asset retirement obligation as of end of year	9,833,000		8,456,000
Less current portion	(1,536,000)		(1,327,000)
Asset retirement obligation, long-term	$	8,297,000	$	7,129,000