Asset Retirement Obligation

9 Months Ended

Sep. 30, 2013

Asset Retirement Obligation [Text Block]

5	Asset retirement obligations
	The Company’s asset retirement obligations relate to plugging and abandonment of oil and gas properties. The components of the change in the Company’s asset retirement obligations during the nine months ended September 30, 2013 and for the year ended December 31, 2012 are shown below.

	September 30,		December 31,
	2013		2012
	$		$
Asset retirement obligations, January 1	2,392,369		2,208,867
Additions and revisions	39,573		-
Settlements and disposals	(117,846	)	-
Accretion expense	129,488		183,502
Asset retirement obligations, September 30	2,443,584		2,392,369