Note 6 - Asset Retirement Obligation

3 Months Ended

Mar. 31, 2013

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 March 31, 2013 is as follows (in thousands):

Asset Category	Asset Retirement Obligation Liability			Estimated Life (years)
Oil and gas producing properties	$	5	(1)		15

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

The following table describes all changes to our asset retirement obligation liability during the three months ended March 31, 2013 (in thousands):

Asset retirement obligation at beginning of period	$	4
Additions during the period		1
Disposals during the period		-
Revisions of estimates		-
Accretion expense		-
Asset retirement obligation at end of period	$	5