Asset Retirement Obligation

6 Months Ended

Jun. 30, 2014

Asset Retirement Obligation [Abstract]

Note 4 - Asset Retirement Obligation

Our asset retirement obligations relate to the liabilities associated with the abandonment of oil and natural gas wells. The amounts recognized are based on numerous estimates and assumptions, including future retirement costs, inflation rates and credit adjusted risk-free interest rates. The following shows the changes in asset retirement obligations:

Asset retirement obligations, December 31, 2013	$	2,687,801
Liabilities incurred during the period		2,363
Liabilities settled during the period		(30,647)
Accretion		127,389
Asset retirement obligations, June 30, 2014	$	2,786,906