Quarterly report pursuant to Section 13 or 15(d)

Asset retirement obligations (ARO) (Tables)

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Asset retirement obligations (ARO) (Tables)
9 Months Ended
Sep. 30, 2014
Asset Retirement Obligations (ARO)

A reconciliation of the Company’s asset retirement obligations for the quarter ended September 30, 2014, is as follows:

 

Balance, December 31, 2013

   $ 682,203   

Liabilities incurred

     —     

Accretion expense

     49,712   

Payment on liability

     (36,250
  

 

 

 

Balance, September 30, 2014

     695,665   

Less current asset retirement obligations

     (154,398 )
  

 

 

 

Long-term asset retirement obligations

   $ 541,267