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ASSET RETIREMENT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2013
ASSET RETIREMENT OBLIGATIONS  
Schedule of change in asset retirement obligations assumed

 

 

 
   As of December 31,  
 
   2013   2012  

Beginning of year

   $ 7,333,584   $ 6,039,723  

Additional liabilities incurred

     1,066,822     1,448,063  

Accretion expense

     645,360     519,315  

Obligations on properties sold

     —     (511,730 )

Liabilities settled

     (73,358 )   (161,787 )

Revisions to estimate

     2,077,624     —  
           
​ ​ ​ ​ ​ ​ ​ ​

End of year

   $ 11,050,032   $ 7,333,584  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​