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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2013
Accounting Policies [Abstract]  
Changes to Asset Retirement Obligations

The following is a description of the changes to our asset retirement obligations for the twelve months ended December 31:

 

     2013     2012  

Asset retirement obligations at beginning of period

    $ 416,322      $ 256,651   

Liabilities incurred during the period

      4,259        3,849   

Accretion expense

      4,124        47,004   

Liability revisions

      4,740        108,818   

Liabilities held for sale

      (388,005 )      —     
  

 

 

    

 

 

  

Asset retirement obligations at end of period

    $ 41,440      $ 416,322