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Asset Retirement Obligations

9 Months Ended

Sep. 30, 2012

Asset Retirement Obligations

8. Asset Retirement Obligations

The following table reflects the changes in the Company’s ARO during the nine months ended September 30, 2012:

		(In thousands)
Balance at December 31, 2011		$	13,075
Liabilities incurred during period			5,388
Liabilities settled during period			(42	)
Accretion expense during period (1)			612
Revisions to estimates			1,774
Balance at September 30, 2012		$	20,807

(1) Included in depreciation, depletion and amortization on the Company’s Condensed Consolidated Statement of Operations.

The revisions to estimates were primarily due to changes in the estimated useful lives of certain wells. At September 30, 2012, the current portion of the total ARO balance was approximately $0.3 million and is included in accrued liabilities on the Company’s Condensed Consolidated Balance Sheet.

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 410

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7569-110849



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 143

-Paragraph 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

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