Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2016

Asset Retirement Obligations Tables

Asset Retirement Obligations (ARO)

A reconciliation of the Company's ARO for the years ended December 31, 2016 and 2015 is as follows:

	2016			2015
Balance, beginning of year	$	995,197		$	749,013
Liabilities incurred upon acquisition of properties		-			204,493
Liabilities settled		(4,530	)		(28,684	)
Accretion expense		94,333			70,375
Balance, end of year		1,085,000			995,197
Less: current asset retirement obligations		(425,200	)		(409,621	)
Long-term asset retirement obligations	$	659,800		$	585,576