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ASSET RETIREMENT OBLIGATIONS
 3 Months Ended
Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
ASSET RETIREMENT OBLIGATIONS

NOTE 7 – ASSET RETIREMENT OBLIGATIONS

 

The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the future retirement of oil and natural gas properties for the three months ended March 31, 2021 and the nine months ended December 31, 2020.

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Carrying amount at beginning of period

 

 $ 46,748

 

 

 $ 71,150

 

Acquisition of Viking

 

 

 -

 

 

 

 -

 

Accretion

 

 

 3,970

 

 

 

 58,25

 

Dispositions

 

 

 

 

 

 

 (30,227 )

Revisions of previous estimates

 

 

 

 

 

 

 5,825

 

Carrying amount at end of period

 

 $ 50,718

 

 

 $ 46,748