Quarterly report pursuant to Section 13 or 15(d)

Asset retirement obligations (ARO)

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Asset retirement obligations (ARO)
9 Months Ended
Sep. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Asset retirement obligations (ARO)

A reconciliation of the Company's asset retirement obligations for the quarter ended September 30, 2015, is as follows:

 

Balance, December 31, 2014   $ 749,013  
Liabilities incurred      
Accretion expense     55,187  
Revisions to estimate      
         
     Balance, September 30, 2015     804,200  
         
Less current asset retirement obligations     (297,700 )
         
Long-term asset retirement obligations   $ 506,500