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Other Long-Term Obligations and Commitments (Tables)

9 Months Ended

Sep. 30, 2015

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 2015 and thereafter for the operating leases are as follows:


(Thousands of dollars)	Operating Leases

2015	$	194
2016		793
2017		125
2018		16

Total minimum payments	$	1,128

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, 2015 is as follows:


(Thousands of dollars)

Asset retirement obligation – December 31, 2014	$	12,501
Liabilities incurred		80
Liabilities settled		(1,108	)
Accretion expense		399

Asset retirement obligation – September 30, 2015	$	11,872

- 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.

+ References + Details