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Asset Retirement Obligations

3 Months Ended

Mar. 31, 2013

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, 2013 (in thousands).


Beginning asset retirement obligations	$	5,769
Liabilities incurred during period		116
Liabilities settled during period		-
Revisions in estimated cash flows		540
Accretion expense		81

Ending asset retirement obligations		6,506
Less: current asset retirement obligations⁽¹⁾		(760	)

Long-term asset retirement obligations	$	5,746

⁽¹⁾	Included in accrued liabilities in the Company’s unaudited condensed consolidated balance sheet at March 31, 2013.

- 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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