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Asset Retirement Obligations | 12 Months Ended
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Dec. 31, 2016
Asset Retirement Obligation Disclosure [Abstract] |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS In general, the Company’s asset retirement obligations relate to future costs associated with plugging and abandonment of its oil and natural gas wells, removal of pipelines, equipment and facilities from leased acreage and returning such land to its original condition. The amounts recognized are based on numerous estimates and assumptions, including future retirement costs, future recoverable quantities of oil and natural gas, future inflation rates and the Company’s credit-adjusted risk-free interest rate. Revisions to the liability can occur due to changes in these estimates and assumptions or if federal or state regulators enact new plugging and abandonment requirements. At the time of the actual plugging and abandonment of its oil and natural gas wells, the Company includes any gain or loss associated with the operation in the amortization base to the extent the actual costs are different from the estimated liability. The following table summarizes the changes in the Company’s asset retirement obligations for the years ended December 31, 2016 and 2015 (in thousands).
|  | Year Ended December 31,
|  | 2016 |  | 2015
Beginning asset retirement obligations |  | $ | 15,420 |  |  | $ | 11,951 |
Liabilities incurred during period |  | 1,791 |  |  | 4,508 |
Liabilities settled during period |  | (375 | ) |  | (588 | )
Revisions in estimated cash flows |  | 2,622 |  |  | (1,185 | )
Accretion expense |  | 1,182 |  |  | 734 |
Ending asset retirement obligations |  | 20,640 |  |  | 15,420 |
Less: current asset retirement obligations (1) |  | (915 | ) |  | (254 | )
Long-term asset retirement obligations |  | $ | 19,725 |  |  | $ | 15,166 |
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(1) | Included in accrued liabilities in the Company’s consolidated balance sheets at December 31, 2016 and 2015.

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- 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 + Details
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