ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2011

ASSET RETIREMENT OBLIGATIONS [Abstract]

NOTE 6 – ASSET RETIREMENT OBLIGATIONS

Changes in our asset retirement obligations for the periods indicated are presented in the following table:

Liability for asset retirement obligation as of December 31, 2010	$	18,288
Accretion expense		557
Liabilities settled		(65	)
Liability for asset retirement obligation as of June 30, 2011	$	18,780

Current portion of asset retirment obligations	$	1,783
Non-current portion of asset retirement obligations		16,997
Liability for asset retirement obligation as of June 30, 2011	$	18,780

- 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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