Asset Retirement Obligations

12 Months Ended

Dec. 31, 2012

Asset Retirement Obligations Disclosure [Abstract]

2. 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,
		2012		2011

Asset retirement obligations at beginning of period	$	42,052	$	28,052
Accretion expense		4,922		3,088
Liabilities incurred		13,638		10,878
Liabilities settled		(1,182)		(3)
Revisions of estimated liabilities		1,384		37
Asset retirement obligations at end of period		60,814		42,052
Less: current asset retirement obligations		(702)		-
Long-term asset retirement obligations	$	60,112	$	42,052

- 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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