Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATION

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ASSET RETIREMENT OBLIGATION
12 Months Ended
Dec. 31, 2013
ASSET RETIREMENT OBLIGATION  
ASSET RETIREMENT OBLIGATION

NOTE 6 – ASSET RETIREMENT OBLIGATION

 

A reconciliation of the asset retirement obligation for the years ended December 31, 2012 and 2013 is as follows:

 

Balance, December 31, 2011

 

$

274,788

Liabilities incurred

 

 

200,593

Accretion expense

 

 

20,906

Balance, December 31, 2012

 

$

496,286

Liabilities incurred

 

 

481,296

Revision of estimate

 

 

211,691

Liabilities settled

 

 

(60,544)

Accretion expense

 

 

53,681

Balance, December 31, 2013

 

$

1,182,410