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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2014
FAIR VALUE OF FINANCIAL INSTRUMENTS  
Schedule of financial instruments recognized at fair value on a recurring basis


 

 

June 30, 2014

 

 

Level 1

Level 2

Level 3

Total

Assets

 

 

 

 

 

Restricted cash

 

$    4,010,967

$                 -

$               -

$   4,010,967

Total financial assets

 

$    4,010,967

$                 -

$               -

$   4,010,967

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Asset retirement obligation

 

$                  -

$   3,788,502

$               -

$   3,788,502

Derivative liabilities

 

-

-

3,956,886

3,956,886

Total financial liabilities

 

$                  -

$   3,788,502

$ 3,956,886

$   7,745,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

Level 1

Level 2

Level 3

Total

Assets

 

 

 

 

 

Restricted cash

 

$    4,010,937

$                 -

$               -

$   4,010,937

Total financial assets

 

$    4,010,937

$                 -

$               -

$   4,010,937

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Asset retirement obligation

 

$                  -

$   3,833,608

 

$   3,833,608

Derivative liabilities

 

-

-

2,169,408

2,169,408

Total financial liabilities

 

$                  -

$   3,833,608

$ 2,169,408

$   6,003,016