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Asset Retirement Obligation | 6 Months Ended
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Jun. 30, 2013
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 the six months ended June 30, 2013 and 2012 (in thousands):
|  | Six Months Ended June 30, |
|  | 2013 |  |  | 2012 |
Balance at beginning of year |  | $ | 4,422 |  |  | $ | 3,455 |
Liabilities incurred |  |  | 177 |  |  |  | 182 |
Liabilities settled |  |  | (31 | ) |  |  | (83 | )
Accretion expense |  |  | 82 |  |  |  | 79 |
Revision in estimated costs of plugging oil and natural gas wells |  |  | — |  |  |  | 536 |
Asset retirement obligation at end of period |  | $ | 4,650 |  |  | $ | 4,169 |

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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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