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Assets and Liabilities Held for Sale
12 Months Ended
Dec. 31, 2012
Assets and Liabilities Held for Sale [Abstract]  
ASSETS AND LIABILITIES HELD FOR SALE

NOTE 7 – ASSETS AND LIABILITIES HELD FOR SALE

The $3,013,000 of assets held for sale relate to the shallow well properties located in West Virginia. This amount includes property and equipment sold which was used to maintain the shallow wells. These wells were sold because we are redirecting our focus from the operation of shallow wells to drilling deep wells in the Marcellus Shale. Assets held for sale are measured at the lower of their carrying amount prior to classification of the group of assets as held for sale and the fair value less costs to sell.

Liabilities held for sale are the asset retirement obligations associated with the shallow wells that are being sold.