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Asset Retirement Obligation | 12 Months Ended
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Dec. 31, 2014
Asset Retirement Obligation [Abstract] |
Asset Retirement Obligation | 11. Asset Retirement Obligation Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following table summarizes the Companys Asset Retirement Obligation transactions for the years ended December 31, 2013 and 2014 (in thousands):
Balance December 31, 2012 | $ | 2,099 |
Accretion expense |  | 120 |
Liabilities incurred |  | 26 |
Liabilities settled |  | (417 | )
Revision in estimated liabilities |  | (48 | )
Balance December 31, 2013 | $ | 1,780 |
Accretion expense |  | 114 |
Liabilities incurred |  | 46 |
Liabilities settled |  | (70 | )
Revisions in estimated liabilities |  | 138 |
Balance December 31, 2014 | $ | 2,008 |
The liabilities settled during 2013 also include removal of $348,000 from the Asset Retirement Obligation related to the sale of the Tennessee oil and gas properties. The revisions in estimated liabilities in 2014 and 2013 resulted primarily from change in timing of wells to be plugged.

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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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