Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligation

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Asset Retirement Obligation
9 Months Ended
Sep. 30, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation

Note 5 – Asset Retirement Obligation

 

The following table provides a reconciliation of the changes in the estimated present value of asset retirement obligations for the nine months ended September 30, 2019 and December 31, 2018.

 

    For the period ended  
    September 30, 2019     December 31, 2018  
             
Beginning asset retirement obligations   $ 340,117     $ 303,327  
Liabilities established     222,194       23,709  
Accretion expense     30,959       13,081  
Ending asset retirement obligations   $ 593,270     $ 340,117  

 

Accretion expense for the three months ended September 30, 2019 and 2018 was $10,333 and $3,507, respectively.

Accretion expense for the nine months ended September 30, 2019 and 2018 was $30,959 and $9,574, respectively.