Commitments (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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 operating leases at December 31, 2014 are as follows.


(Thousands of dollars)	Operating Leases
2015	$	651
2016		546
2017		46

Total minimum payments	$	1,243

Reconciliation of Liability for Plugging and Abandonment Costs

A reconciliation of the liability for plugging and abandonment costs for the years ended December 31, 2014 and 2013 is as follows:


	Year Ended December 31,
(Thousands of dollars)	2014			2013
Asset retirement obligation at beginning of period	$	10,537		$	9,012
Liabilities incurred		1,627			338
(Gain) loss on settlement of obligations		(1,797	)		40
Liabilities settled		(1,074	)		(776	)
Accretion expense		370			394
Revisions in estimated liabilities		2,838			1,529

Asset retirement obligation at end of period	$	12,501		$	10,537

- 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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