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Asset Retirement Obligation

6 Months Ended

Jun. 30, 2014

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 condensed balance sheet. The following table describes the changes to the Company’s asset retirement obligations during the six months ended June 30, 2014 and 2013 (in thousands):

		Six Months Ended June 30,
		2014				2013
Balance at beginning of year		$	4,837			$	4,422
Liabilities incurred			91				177
Liabilities settled			(31	)			(31	)
Accretion expense			84				82
Revision in estimated costs of plugging oil and natural gas wells			20				—
Asset retirement obligation at end of period		$	5,001			$	4,650

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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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