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Asset Retirement Obligation
 3 Months Ended
Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]  
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 three months ended March 31, 2015 and 2014 (in thousands):

 

 

Three Months Ended

 

 

March 31,

 

 

2015

 

 

2014

 

Balance at beginning of year

$

5,301

 

 

$

4,837

 

Liabilities incurred

 

188

 

 

 

91

 

Liabilities settled

 

(25

)

 

 

(11

)

Accretion expense

 

42

 

 

 

42

 

Revision in estimated costs of plugging oil and natural gas wells

 

—

 

 

—

 

Asset retirement obligation at end of period

$

5,506

 

 

$

4,959