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ASSET RETIREMENT OBLIGATIONS
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]  
ASSET RETIREMENT OBLIGATIONS

NOTE 9 — ASSET RETIREMENT OBLIGATIONS:

The change in our asset retirement obligations during the years ended December 31, 2014, 2013 and 2012 is set forth below:

 

  Year Ended December 31,  
  2014   2013   2012  

Asset retirement obligations as of the beginning of the year, including current portion

   $502,513        $488,302        $425,779     

Liabilities incurred

   28,606        19,043        3,869     

Liabilities settled

   (55,839)        (79,695)        (67,641)     

Liabilities assumed

   -        -        15,263     

Divestment of properties

   (137,801)        (9,245)        (7,563)     

Accretion expense

   28,411        33,575        33,331     

Revision of estimates

   (49,481)        50,533        85,264     
  

 

 

     

 

 

     

 

 

  

Asset retirement obligations as of the end of the year, including current portion

       $316,409            $502,513            $488,302