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ASSET RETIREMENT OBLIGATION (Tables) | 12 Months Ended
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Dec. 31, 2012
ASSET RETIREMENT OBLIGATION (Tables) |
ASSET RETIREMENT OBLIGATION (Tables) | In the third quarter of 2012 the Company re-evaluated its method of plugging abandoned wells and determined by doing so in-house it could lower the cost. Based upon the Company’s current calculations we have established a sufficient reserve, for accounting purposes, to plug the existing wells when necessary.
(in thousands) |  | 2012 |  |  | 2011 |
Asset retirement obligation, January 1 |  | $ | 2,702 |  |  | $ | 2,573 |
Acquisition of oil and gas properties |  |  | - |  |  |  | - |
Revisions in the estimated cash flows |  |  | - |  |  |  | - |
Liability incurred upon acquiring and drilling wells |  |  | - |  |  |  | - |
Liability settled upon plugging and abandoning wells |  |  | - |  |  |  | - |
Accretion of discount expense |  |  | 68 |  |  |  | 129 |
Asset retirement obligation, December 31 |  | $ | 2,770 |  |  | $ | 2,702 |

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