Other Liabilities

12 Months Ended

Dec. 31, 2012

Other Liabilities Disclosure [Abstract]

Other Liabilities Disclosure [Text Block]

Note 11– Other Liabilities

Other liabilities included the following:

		December 31,
		2012		2011
Asset retirement obligations	$	139,821	$	45,180
Long-term derivative liabilities		7,402		16,067
Other		469		1
Total Other Liabilities	$	147,692	$	61,248

Our asset retirement obligations relate to obligation of the plugging and abandonment of oil and gas properties. The asset retirement obligation is recorded at fair value and accretion expense, recognized over the life of the property, increases the liability to its expected settlement value. If the fair value of the estimated asset retirement obligation changes, an adjustment is recorded for both the asset retirement obligation and the asset retirement cost. The following table provides a rollforward of the asset retirement obligations for the year ended December 31, 2012 and 2011:

		Year Ended
		December 31,
		2012		2011
Carrying amount of asset retirement obligations, as of beginning of period	$	47,258	$	42,997
Increase due to revised estimates		102,447		14,609
Accretion expense (included in DD&A expense)		7,542		4,478
Impact of foreign currency exchange rate changes		3,019		430
Payment of asset retirement obligations		(8,521)		(15,256)
Liabilities incurred and assumed		24,331		-
Carrying amount of asset retirement obligations, as of end of year		176,076		47,258
Less: current portion of asset retirement obligations		(36,255)		(2,078)
Long-term asset retirement obligations	$	139,821	$	45,180