ASSET RETIREMENT OBLIGATIONS
|3 Months Ended|
Mar. 31, 2022
|ASSET RETIREMENT OBLIGATIONS|
|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, 2022 and the year ended December 31, 2021.
The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef