Asset Retirement Obligation
|3 Months Ended|
Mar. 31, 2017
|Asset Retirement Obligation Disclosure [Abstract]|
|Asset Retirement Obligation||
Note 7 - Asset Retirement Obligation
Our asset retirement obligations relate to the abandonment of oil and gas wells. The amounts recognized are based on numerous estimates and assumptions, including future retirement costs, inflation rates and credit adjusted risk-free interest rates. The following shows the changes in asset retirement obligations:
Depletion expense for the three months ended March 31, 2017 and 2016 was $3,646 and $0, respectively.
The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
Reference 1: http://www.xbrl.org/2003/role/presentationRef