The Company records the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the costs or timing estimates. The asset retirement obligation is incurred using an annual credit-adjusted risk-free discount rate at the applicable dates. A reconciliation for the asset retirement obligation during the three months ended March 31, 2026 is as follows:


Balance, December 31, 2025	$	30,390,955
Liabilities acquired	—
Liabilities incurred	17,418
Liabilities sold	(51,635)
Liabilities settled	(116,514)
Revision of estimate (1)	8,943
Accretion expense	395,496
Balance, March 31, 2026	$	30,644,663

(1) The revisions recorded during the three months ended March 31, 2026 consisted of additional acquired working interests in three gross wells.

The following table presents the Company's current and non-current asset retirement obligation balances as of the periods specified.


	March 31, 2026		December 31, 2025
Asset retirement obligations, current	$	397,413	$	418,526
Asset retirement obligations, non-current	30,247,250		29,972,429
Asset retirement obligations	$	30,644,663	$	30,390,955