ASSET RETIREMENT OBLIGATION

12 Months Ended

Dec. 31, 2024

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION

NOTE 8 – ASSET RETIREMENT OBLIGATION

Changes in the asset retirement obligations for the years ended December 31, 2024 and 2023 were as follows:

	Year ended December 31,
	2024		2023
Asset retirement obligation, beginning of period	$	1,638,027	$	224,511
Revisions to estimate of retirement obligations		-		1,075,061
Accretion expense		73,081		13,471
Changes in asset retirement obligation estimates		-		324,984
Asset retirement obligation, end of period	$	1,711,108	$	1,638,027

The Company recorded accretion expense of $73,081 and $13,471 during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2023, 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 increased by $1,075,061 and the Company’s asset retirement obligation expense increased by $324,984 during the year ended December 31, 2023. The Company added layers to its asset retirement obligations and assets at its credit-adjusted risk-free rate of 6.65% during the year ended December 31, 2023.