Android Emulator does not start and gives following errors

Question

I tried to start the emulator first time on my laptop and it shows the following error I am working on Windows 7 (64 bit) and android Studio version 1.2.2

could not get wglGetExtensionsStringARB
Creating filesystem with parameters:
    Size: 69206016
could not get wglGetExtensionsStringARB
could not get wglGetExtensionsStringARB
    Block size: 4096
    Blocks per group: 32768
could not get wglGetExtensionsStringARB
could not get wglGetExtensionsStringARB
    Inodes per group: 4224
could not get wglGetExtensionsStringARB
    Inode size: 256
could not get wglGetExtensionsStringARB
    Journal blocks: 1024
could not get wglGetExtensionsStringARB
    Label: 
    Blocks: 16896
getGLES1ExtensionString: Could not find GLES 1.x config!
Failed to obtain GLES 1.x extensions string!
    Block groups: 1
    Reserved block group size: 7
Could not initialize emulated framebuffer
Created filesystem with 11/4224 inodes and 1302/16896 blocks
emulator: ERROR: Could not initialize OpenglES emulation, use '-gpu off' to disable it.