ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2025

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS

NOTE 10 – ASSET RETIREMENT OBLIGATIONS

Changes in the asset retirement obligations were as follows:

	Year ended December 31,
	2025		2024
Asset retirement obligations, beginning of period	$	1,711,108	$	1,638,027
Revisions to estimated retirement obligation cash flows		931,618		—
Accretion expense		77,932		73,081
Asset retirement obligations, end of period	$	2,720,658	$	1,711,108

The Company recorded accretion expense of $77,932 and $73,081 during the years ended December 31, 2025 and 2024, respectively. At December 31, 2025, the Company recalculated its asset retirement obligations based on indications that the associated costs had changed. Based on these changes in the estimate of cash flow costs and timing, the Company’s asset retirement obligation liability and the corresponding asset retirement cost both increased by $931,618. The Company recorded additional asset retirement obligation layers and corresponding assets during the year ended December 31, 2025 using a credit-adjusted risk-free rate of 5.04%.