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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Estimated Useful Lives for Different Types of Property

Office furniture and fixtures	5 to 10 years
Automotive equipment	5 to 8 years

Schedule of Asset Retirement Obligation

	2012			2011
Beginning balance at January 1	$	990,074		$	848,631
Liabilities incurred		126,551			116,487
Liabilities settled (wells sold or plugged)		(4,116	)		(4,569	)
Accretion expense		29,761			26,010
Revision to estimate		19,808			3,515
Ending balance at December 31	$	1,162,078		$	990,074

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details