Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATION (Tables)

v2.4.1.9
ASSET RETIREMENT OBLIGATION (Tables)
12 Months Ended
Dec. 31, 2014
ASSET RETIREMENT OBLIGATION [Abstract]  
Asset retirement obligation transactions
The following table summarizes the company’s asset retirement obligation transactions recorded during the year ended December 31, 2014 and 2013.

   
Year Ended December 31,
 
   
2014
   
2013
 
Beginning Asset Retirement Obligation
  $ 3,824,002     $ 1,542,542  
Liabilities Incurred During the Period
    868,460       755,484  
Revision of Estimates
    83,626       1,097,097  
Accretion of Discount on Asset Retirement Obligations
    461,762       428,879  
Liabilities Settled During the Period
    (132,088 )     -  
Ending Asset Retirement Obligation
  $ 5,105,762     $ 3,824,002