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Asset retirement obligations (ARO)

3 Months Ended

Mar. 31, 2012

Asset retirement obligations (ARO) [Abstract]

8.	Asset retirement obligations (ARO)

A reconciliation of the Company’s asset retirement obligations for the quarter ended March 31, 2012, is as follows:


Balance, December 31, 2011	$	653,240
Liabilities incurred		—
Liabilities assumed by buyer of properties		(16,411	)
Accretion expense		2,066
Revisions to estimate		—

Balance, March 31, 2012		638,895
Less current asset retirement obligations		(15,421	)

Long-term asset retirement obligations	$	623,474

- 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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