Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations (Tables)

v3.21.1
Asset Retirement Obligations (Tables)
6 Months Ended
Jun. 30, 2019
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:

 

      June 30, 2019  
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:

 

    Canadian properties     United States properties     Total  
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  
Accretion expense     41,886       12,750       54,636  
Foreign currency translation     53,305             53,305  
Asset retirement obligations, June 30, 2019   $ 1,353,590     $ 263,973     $ 1,617,563