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Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligations (ARO)

A reconciliation of the Company’s ARO for the years ended December 31, 2013 and 2014 is as follows:

 

     2013      2014  

Balance, beginning of year

    $ 647,268      $ 682,203   

Liabilities incurred upon acquisition of properties

      —           —     

Liabilities assumed by buyer of properties

      (32,161 )      —     

Liabilities settled

      —           —     

Accretion expense

      67,096         66,810   

Revisions of prior estimates

      —          —     
  

 

 

     

 

 

  

Balance, end of year

   682,203      749,013   

Less current asset retirement obligations

   (159,782 )    (191,843 ) 
  

 

 

     

 

 

  

Long-term asset retirement obligations

 $ 522,421    $ 557,170