ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2014

6. ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:


	June 30,	December 31,
	2014	2013

Balance at beginning of period	$ 3,833,608	$ 4,498,057
Changes in cash flow estimates	-	584,025
Costs incurred	(146,723)	(1,638,214)
Accretion expense	101,617	389,740
Balance at ending of period	$ 3,788,502	$ 3,833,608

The Company’s asset retirement obligation balance of $3,788,502 is comprised of a current liability in the amount of $151,434 and a long-term liability in the amount of $3,637,068. The Company is currently performing plugging and abandonment activities at its Rosita project.