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10-Q - FORM 10-Q - Atlas Resources Series 28-2010 L.P.d431585d10q.htm
XML - IDEA: XBRL DOCUMENT - Atlas Resources Series 28-2010 L.P.R9.htm
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EX-31.1 - CERTIFICATION PURSUANT TO RULE 13A-14/15(D)-14 - Atlas Resources Series 28-2010 L.P.d431585dex311.htm
EX-32.2 - SECTION 1350 CERTIFICATION - Atlas Resources Series 28-2010 L.P.d431585dex322.htm
EX-32.1 - SECTION 1350 CERTIFICATION - Atlas Resources Series 28-2010 L.P.d431585dex321.htm
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EX-31.2 - CERTIFICATION PURSUANT TO RULE 13A-14/15(D)-14 - Atlas Resources Series 28-2010 L.P.d431585dex312.htm
v2.4.0.6
Asset Retirement Obligation
9 Months Ended
Sep. 30, 2012
Asset Retirement Obligation [Abstract]  
ASSET RETIREMENT OBLIGATION

NOTE 3 - ASSET RETIREMENT OBLIGATION

 

The Partnership recognizes an estimated liability for the plugging and abandonment of its oil and gas wells and related facilities. The Partnership also recognizes a liability for future asset retirement obligations if a reasonable estimate of the fair value of that liability can be made. The estimated liability is based on the MGP's historical experience in plugging and abandoning wells, estimated remaining lives of those wells based on reserve estimates, external estimates as to the cost to plug and abandon the wells in the future and federal and state regulatory requirements. The liability is discounted using an assumed credit-adjusted risk-free interest rate. Revisions to the liability could occur due to changes in cost estimates or remaining lives of the wells or if federal or state regulators enact new plugging and abandonment requirements. The associated asset retirement costs from revisions are capitalized as part of the carrying amount of the long-lived asset. The Partnership has no assets legally restricted for purposes of settling asset retirement obligations. Except for its oil and gas properties, the Partnership has determined that there are no other material retirement obligations associated with tangible long-lived assets.

 

A reconciliation of the Partnership's liability for well plugging and abandonment costs for the periods indicated is as follows:

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2012

 

2011

 

2012

 

2011

Asset retirement obligation at beginning of period.

$ 2,213,100

 

$                     1,686,600

 

$ 2,158,200

 

$                        1,407,800

Liabilities incurred from drilling wells

                 —

 

                —

 

                —

 

        231,400

Accretion expense

         27,600

 

        24,600

 

        82,500

 

          72,000

Asset retirement obligation at end of period

$ 2,240,700

 

$                     1,711,200

 

$ 2,240,700

 

$                        1,711,200