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Asset Retirement Obligation | 12 Months Ended
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Dec. 31, 2012
Asset Retirement Obligation |
7. | Asset Retirement Obligation
The Company records a liability for the estimated costs to be incurred in connection with the abandonment of oil and natural gas properties in the future. This liability is included in the caption “other” in the liabilities section of the consolidated balance sheet. The following table describes the changes to the Company’s asset retirement obligations during 2012 and 2011 (in thousands):
|  | 2012 |  |  | 2011 |
Balance at beginning of year |  | $ | 3,455 |  |  | $ | 3,063 |
Liabilities incurred |  |  | 418 |  |  |  | 361 |
Liabilities settled |  |  | (150 | ) |  |  | (110 | )
Accretion expense |  |  | 163 |  |  |  | 143 |
Revision in estimated costs of plugging oil and natural gas wells |  |  | 536 |  |  |  | (2 | )
Asset retirement obligation at end of year |  | $ | 4,422 |  |  | $ | 3,455 |

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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 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FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.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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