Annual report pursuant to Section 13 and 15(d)

NOTE 8. ASSET RETIREMENT OBLIGATIONS (Tables)

v2.4.1.9
NOTE 8. ASSET RETIREMENT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] For the purpose of determining the fair value of ARO incurred during the calendar years presented, the Company used the following assumptions:

   
December 31, 2014
 
       
Inflation rate (avg.)
   
1.3
%
Estimated asset life
 
18 years
 
Schedule of Asset Retirement Obligations [Table Text Block] The following table shows the change in the Company's ARO for 2014 and 2013:

Asset retirement obligations at December 31, 2012
 
$
52,644
 
         
Obligations assumed in acquisition
   
-
 
Additional retirement obligations incurred
   
26,345
 
Change in estimate
   
(74,777
)
Accretion expense
   
8,592
 
Settlements
   
-
 
         
Asset retirement obligations at December 31, 2013
 
$
12,804
 
         
Obligations assumed in acquisition
   
-
 
Additional retirement obligations incurred
   
19,418
 
Change in estimate
   
66,081
 
Accretion expense
   
1,872
 
Settlements
   
-
 
         
Asset retirement obligations at December 31, 2014
 
$
100,175