Asset Retirement Obligations

3 Months Ended

Mar. 31, 2012

Asset Retirement Obligations [Abstract]

NOTE 3 — ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the Company's asset retirement obligations for the three months ended March 31, 2012.


Beginning asset retirement obligations	$	4,269,584
Liabilities incurred during period		152,953
Liabilities settled during period		—
Accretion expense		52,750

Ending asset retirement obligations	$	4,475,287

At March 31, 2012, $338,917 of the Company's asset retirement obligations were classified as current liabilities and included in "accrued liabilities" in the Company's unaudited condensed consolidated balance sheet.

- 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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