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Other Long-Term Obligations and Commitments (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Future Minimum Lease Payments for Non-Cancelable Operating Leases

The Company has several non-cancelable operating leases, primarily for rental of office space, that have a term of more than one year. The future minimum lease payments for the rest of fiscal 2014 and thereafter for the operating leases are as follows:


(Thousands of dollars)	Operating Leases

2014	$	188
2015		651
2016		545
2017		46

Total minimum payments	$	1,430

Reconciliation of Liability for Plugging and Abandonment Costs

A reconciliation of the liability for plugging and abandonment costs for the nine months ended September 30, 2014 is as follows:


(Thousands of dollars)

Asset retirement obligation – December 31, 2013	$	10,537
Liabilities incurred		1,579
Liabilities settled		(642	)
Gain on settlement of liabilities		(1,787	)
Accretion expense		275
Revisions in estimated liabilities		—

Asset retirement obligation – September 30, 2014	$	9,962

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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