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Restricted Deposits
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12 Months Ended |
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Dec. 31, 2013
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| Restricted Deposits |
4. Restricted Deposits Restricted deposits as of December 31, 2013 and 2012 consisted of funds escrowed for the future plugging and abandonment of certain oil and natural gas properties. Pursuant to the Purchase and Sale Agreement with Total E&P USA Inc. (“Total E&P”), security for future plugging and abandonment of certain oil and natural gas properties is required either through bonds or payments to an escrow account or a combination. Monthly payments are made to an escrow account and these funds are returned once verification is made as to fulfilling the security amount requirements. We were in compliance with the security requirements as of December 31, 2013. See Note 16 for potential future security requirements. |
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- Definition
The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. No definition available.
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