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Asset Retirement Obligations

12 Months Ended

Dec. 31, 2012

Asset Retirement Obligations [Abstract]

NOTE 4 — ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the Company’s asset retirement obligations for the years ended December 31, 2012 and 2011 (in thousands).


	Year ended December 31,
	2012		2011
Beginning asset retirement obligations	$	4,270	$	3,695
Liabilities incurred during period		1,243		187
Revisions in estimated cash flows		–		312
Liabilities settled during period		–		(133	)
Accretion expense		256		209

Ending asset retirement obligations	$	5,769	$	4,270

At December 31, 2012 and 2011, $660,303 and $334,500, respectively, of the Company’s asset retirement obligations were classified as current liabilities and included in “accrued liabilities” in the Company’s consolidated balance sheets, based on the expected timing of payments.

- 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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