6. Asset Retirement Obligation

12 Months Ended

Mar. 31, 2014

Asset Retirement Obligation Disclosure [Abstract]

6. Asset Retirement Obligation

For the purpose of determining the fair value of the asset retirement obligation incurred during the year ended March 31, 2014, the Company assumed an inflation rate of 4.07%, an estimated average asset life of 30 years, and a credit adjusted risk free interest rate of 7.85%.

The following reconciles the value of the asset retirement obligation for the periods presented.  This included a short-term obligation of $317,000 and $296,000 as of March 31, 2014 and 2013, respectively, which was a component of accrued liabilities on the balance sheets:

	2014			2013
Asset retirement obligation, beginning of year	$	2,105,000		$	1,826,000
Liabilities settled		(7,000	)		-
Liabilities incurred		85,000			69,000
Revisions in estimated liabilities		-			33,000
Accretion		202,000			177,000
Asset retirement obligation, end of year		2,385,000			2,105,000
Less current portion		(317,000	)		(296,000	)
Asset retirement obligation, less current portion	$	2,068,000		$	1,809,000