Asset Retirement Obligations

6 Months Ended

Jun. 30, 2011

Asset Retirement Obligations [Abstract]

(4) Asset Retirement Obligations

We have asset retirement obligations associated with the future abandonment of our pipelines and related facilities and our offshore oil and gas properties. The following table summarizes our asset retirement obligation transactions during the three months ended June 30, 2011:


Asset retirement obligations as of December 31, 2010	$	2,727,856
Liabilities incurred		—
Liabilities settled		(986	)
Accretion expense		66,079

Asset retirement obligations as of June 30, 2011		2,792,949
Less: current portion of asset retirement obligations		191,752

Asset retirement obligations long-term balance as of June 30, 2011	$	2,601,197

- 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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