Asset Retirement Obligations

12 Months Ended

Dec. 31, 2011

Asset Retirement Obligations Disclosure [Abstract]

3. ASSET RETIREMENT OBLIGATIONS:

The Company is required to record the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The following table summarizes the activities for the Company's asset retirement obligations for the years ended:

		December 31,
		2011		2010

Asset retirement obligations at beginning of period	$	28,052	$	17,372
Accretion expense		3,088		2,099
Liabilities incurred		10,878		8,564
Liabilities settled		(3)		(17)
Revisions of estimated liabilities		37		34
Asset retirement obligations at end of period		42,052		28,052
Less: current asset retirement obligations		-		-
Long-term asset retirement obligations	$	42,052	$	28,052

- Definition

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.

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