Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations (Tables)

v3.19.3
Asset Retirement Obligations (Tables)
12 Months Ended
Dec. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Fair value of Asset Retirement Obligations

For the purpose of determining the fair value of AROs incurred during the years presented, the Company used the following assumptions:

 

      December 31, 2018
Inflation rate     1.92 - 2.15 %

Estimated asset life

    15 - 21 years
Schedule of Asset Retirement Obligations

The following table shows the change in the Company’s ARO liability for the years ended December 31, 2018 and 2017:

 

    Canadian properties     United States properties     Total  
Asset retirement obligations, December 31, 2016   $     $ 322,710     $ 322,710  
Additions           101,405       101,405  
Accretion expense           49,753       49,753  
Asset retirement obligations, December 31, 2017           473,868       473,868  
Additions     1,313,982             1,313,982  
Accretion expense     4,353       23,618       27,971  
Disposition           (246,263 )     (246,263 )
Foreign currency translation     (59,936 )           (59,936 )
Asset retirement obligations, December 31, 2018   $ 1,258,399     $ 251,223     $ 1,509,622