Quarterly report pursuant to Section 13 or 15(d)

ASSET RETIREMENT OBLIGATION (Tables)

v2.4.1.9
ASSET RETIREMENT OBLIGATION (Tables)
3 Months Ended
Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Asset Retirement Obligations [Table Text Block]
The asset retirement obligation incurred at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as follows:
 
Balance, December 31, 2014
 
$
3,896,489
 
Liabilities incurred
 
 
31,575
 
Accretion expense
 
 
66,979
 
Balance, March 31, 2015
 
$
3,995,043