Annual report pursuant to Section 13 and 15(d)

ASSET RETIREMENT OBLIGATIONS (Tables)

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ASSET RETIREMENT OBLIGATIONS (Tables)
12 Months Ended
Dec. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring, Valuation Technique

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

 

    December 31, 2017  
Inflation rate (avg.)     2.1 %
Estimated asset life     21 years  
Schedule of Asset Retirement Obligations

The following table shows the change in the Company’s ARO for 2017 and 2016:

 

Asset retirement obligations at December 31, 2015   $ 213,328  
         
Obligations assumed in acquisitions     70,384  
Additional retirement obligations incurred      
Change in estimate      
Accretion expense     38,998  
Settlements      
         
Asset retirement obligations at December 31, 2016   $ 322,710  
         
Obligations assumed in acquisition     101,405  
Additional retirement obligations incurred      
Change in estimate      
Accretion expense     49,753  
Settlements      
         
Asset retirement obligations at December 31, 2017   $ 473,868