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Schedule of Asset Retirement Obligations (Tables) | 12 Months Ended
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Dec. 31, 2016
Schedule of Asset Retirement Obligations: |
Schedule of Asset Retirement Obligations | 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.
|  | 2016 |  | 2015
Asset retirement obligation, January 1 |  | $ | 2,770 |  |  | $ | 2,770 |
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 discounnt expense |  |  | — |  |  |  | — |
Asset retirement obligation, December 31 |  | $ | 2,770 |  |  | $ | 2,770 |

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- Definition Tabular disclosure of the carrying amount of a liability for asset retirement obligations. + 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 + Details
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