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Asset Retirement Obligations (ARO) (Tables)
 3 Months Ended
Mar. 31, 2013
Asset Retirement Obligations (ARO)

A reconciliation of the Company’s asset retirement obligations for the quarter ended March 31, 2013, is as follows:

 

Balance, December 31, 2012

    $ 647,268   

Liabilities incurred

      —     

Accretion expense

      16,294   

Revisions to estimate

      —     
  

 

 

  

Balance, March 31, 2013

      663,562   

Less current asset retirement obligations

      (79,380 )
  

 

 

  

Long-term asset retirement obligations

    $ 584,182