Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATION

v2.4.0.6
ASSET RETIREMENT OBLIGATION
12 Months Ended
Dec. 31, 2012
ASSET RETIREMENT OBLIGATION  
ASSET RETIREMENT OBLIGATION

NOTE 6 – ASSET RETIREMENT OBLIGATION

 

A reconciliation of the asset retirement obligation for the years ended December 31, 2011 and 2012 is as follows:

 

Balance, December 31, 2010

$

-

Liabilities incurred

 

269,241

Accretion expense

 

5,547

Balance, December 31, 2011

$

274,788

Liabilities incurred

 

200,593

Accretion expense

 

20,906

Balance, December 31, 2012

$

496,286