XML 49 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Asset Disposition
12 Months Ended
Dec. 31, 2012
Asset Disposition

Note 6 Asset Disposition

 

On July 31, 2012, the Company sold its Bolivar pipeline to Duma Energy Corporation (“Duma”), the operator of the field in which the Bolivar pipeline is located.  In connection with the sale, the Company received $1.00 and Duma assumed certain post-closing liabilities, including the future abandonment obligation of the pipeline. As of June 30, 2012, the Company carried an asset retirement obligation of $49,310 on its balance sheet with respect to the Bolivar pipeline.  The Company realized an operating loss of $45,540 during the nine months ended September 30, 2012, with respect to the Bolivar pipeline.

 

See Note 12, Subsequent Events.