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Asset Retirement Obligations

9 Months Ended

Sep. 30, 2024

Restructuring Cost and Reserve [Line Items]

Note 3 – Asset Retirement Obligations

Asset retirement obligations represent the estimated present value of the amount to plug, abandon, and remediate producing properties at the end of their productive lives in accordance with applicable laws. The following table summarizes the Company’s asset retirement obligation transactions for the periods ending September 30, 2024 and 2023:

	2024		2023

Asset retirement obligations, beginning of year	$	1,347,493	$	1,167,701

Accretion of discount		50,284		43,456

Asset retirement obligation, end of year	$	1,397,777	$	1,211,157

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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