Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATION (Tables)

v2.4.0.6
ASSET RETIREMENT OBLIGATION (Tables)
12 Months Ended
Dec. 31, 2012
ASSET RETIREMENT OBLIGATION (Tables)  
Changes in Asset Retirement Obligations

A reconciliation of the asset retirement obligation for the years ended December 31, 2011 and 2012 is as follows:

 

Balance, December 31, 2010

$

-

Liabilities incurred

 

269,241

Accretion expense

 

5,547

Balance, December 31, 2011

$

274,788

Liabilities incurred

 

200,593

Accretion expense

 

20,906

Balance, December 31, 2012

$

496,286