ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Sep. 30, 2023

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

7. ASSET RETIREMENT OBLIGATIONS

Asset retirement obligations reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Company’s oil and gas properties. Changes to the asset retirement obligations are as follows:

	2023			2022
Asset retirement obligations, beginning of the year	$	236,412		$	552,594
Obligations derecognized		(287	)		-
Revisions of estimates		(7,934	)		(371,212	)
Accretion expense		31,976			55,030
	$	260,167		$	236,412

During the year ended September 30, 2023, the Company had revision of estimates totaling $7,934 (2022 - $371,212) primarily due to changes in future cost estimates and retirement dates for its oil and gas assets. During the year ended September 30, 2023, the Company incurred plugging and abandonment costs of $66,354 and recognized a loss of $66,067 on the settlement.

Reclamation deposits

As of September 30, 2023, the Company held reclamation deposits of $145,000 (September 30, 2022 - $145,000), which are expected to be released after all reclamation work has been completed with regard to its oil and natural gas interests.