Note 6 - Asset Retirement Obligation

12 Months Ended

Dec. 31, 2012

Asset Retirement Obligation Disclosure [Text Block]

(6)           ASSET RETIREMENT OBLIGATION

We recognize the present value of asset retirement obligations beginning in the period in which they are incurred if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. A summary of our asset retirement obligations as of December 31, 2012 is as follows (in thousands):

Asset Category	Asset Retirement Obligation Liability			Estimated Life (years)
Oil and gas producing properties	$	4	(1)		15

(1) This is a recurring Level III fair value measurement.

The following table describes all changes to our asset retirement obligation liability during the year ended December 31, 2012 (in thousands):

Asset retirement obligation at beginning of  year	$	-
Additions during the year		4
Disposals during the year		-
Revisions of estimates		-
Accretion expense		-
Asset retirement obligation at end of year	$	4