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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2012

Financial Assets and Liabilities Accounted for at Fair Value on Nonrecurring Basis

The following tables presents the Company’s financial assets and liabilities, which were accounted for at fair value on a non-recurring basis as of December 31, 2012 and 2011, by level within the fair value hierarchy.

	December 31, 2012
	Level 1		Level 2		Level 3		Total
ASSETS
Oil and gas properties, net	$	-	$	-	$	24,127	$	24,127

LIABILITIES
Asset retirement obligation	$	-	$	-	$	57,532	$	57,532

	December 31, 2011
	Level 1		Level 2		Level 3		Total
ASSETS
Oil and gas properties, net	$	-	$	-	$	18,692	$	18,692

LIABILITIES
Asset retirement obligation	$	-	$	-	$	55,316	$	55,316

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details