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Asset Retirement Obligation | 12 Months Ended
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Dec. 31, 2012
Asset Retirement Obligation [Abstract] |
Asset Retirement Obligation [Text Block] | Note 3 – Asset Retirement Obligation Our asset retirement obligations relate to the abandonment of oil wells. The amounts recognized are based on numerous estimates and assumptions, including future retirement costs, inflation rates and credit adjusted risk-free interest rates. The following shows the changes in asset retirement obligations:
Asset retirement obligations, January 1, 2011 |  | $ | 883,066 |
Liabilities incurred during the period |  |  | 297,800 |
Liabilities settled during the period |  |  | (359,513 | )
Accretion |  |  | 87,437 |
Asset retirement obligations, December 31, 2011 |  |  | 908,790 |
Liabilities incurred during the period |  |  | 347,018 |
Liabilities settled during the year |  |  | (1,427 | )
Accretion |  |  | 81,770 |
Asset retirement obligations, December 31, 2012 |  | $ | 1,336,151 |

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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