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Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2012
Asset Retirement Obligations (ARO)

A reconciliation of the Company’s ARO for the years ended December 31, 2011 and 2012 is as follows:

 

     2011     2012  

Balance, beginning of year

    $ —       $ 653,240   

Liabilities incurred upon acquisition of properties

      639,176        —     

Liabilities assumed by buyer of properties

      —         (16,411 ) 

Liabilities settled

      —          (81,007 ) 

Accretion expense

      14,064        35,621   

Revisions of prior estimates

      —         55,825   
  

 

 

    

 

 

  

Balance, end of year

      653,240        647,268   

Less current asset retirement obligations

      (15,398 )      (78,140 ) 
  

 

 

    

 

 

  

Long-term asset retirement obligations

    $ 637,842      $ 569,128