Asset Retirement Obligations

6 Months Ended

Jun. 30, 2011

Asset Retirement Obligations [Abstract]

Note 4 – Asset Retirement Obligations

Our asset retirement obligations relate to obligations for the future plugging and abandonment of oil and gas properties. The following table provides a rollforward of our asset retirement obligations for the six months ended June 30, 2011 and 2010:

		Six Months Ended
		June 30,
		2011		2010
Carrying amount of asset retirement obligations as of beginning of period	$	42,997	$	47,362
Accretion expense (included in DD&A expense)		2,434		2,245
Impact of foreign currency exchange rate changes		1,871		(3,640)
Payment of asset retirement obligations		(10,680)		(567)
Reduction in asset retirement obligations		-		(1,812)
Carrying amount of asset retirement obligations as of end of period		36,622		43,588
Less: Current portion		(6,677)		(4,849)
Long-term asset retirement obligations	$	29,945	$	38,739

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

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