Asset Retirement Obligations

12 Months Ended

Dec. 31, 2013

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,
		2013		2012

Asset retirement obligations at beginning of period	$	60,814	$	42,052
Accretion expense		5,171		4,922
Liabilities incurred		7,730		13,638
Liabilities settled		(2,334)		(1,182)
Revisions of estimated liabilities		1,426		1,384
Asset retirement obligations at end of period		72,807		60,814
Less: current asset retirement obligations		(96)		(702)
Long-term asset retirement obligations	$	72,711	$	60,112

- 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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