Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATION (Tables)

v2.4.0.8
ASSET RETIREMENT OBLIGATION (Tables)
12 Months Ended
Dec. 31, 2013
ASSET RETIREMENT OBLIGATION (Tables)  
Changes in Asset Retirement Obligations

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