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Commitments | 12 Months Ended
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Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract] |
Commitments | 5. Commitments 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, 2017 are as follows.
(Thousands of dollars) |  | Operating Leases |
2018 |  | $ | 486 |
2019 |  |  | 172 |
Total minimum payments |  | $ | 658 |
Rent expense for office space for the years ended December 31, 2017 and 2016 was $659,000 and $892,000, respectively. Asset Retirement Obligation: A reconciliation of the liability for plugging and abandonment costs for the years ended December 31, 2017 and 2016 is as follows:
|  | Year Ended December 31, |
(Thousands of dollars) |  | 2017 |  |  | 2016 |
Asset retirement obligation at beginning of period |  | $ | 17,505 |  |  | $ | 11,737 |
Liabilities incurred |  |  | 45 |  |  |  | 68 |
Liabilities settled |  |  | (676 | ) |  |  | (288 | )
Accretion expense |  |  | 768 |  |  |  | 498 |
Revisions in estimated liabilities |  |  | 5,936 |  |  |  | 5,490 |
Asset retirement obligation at end of period |  | $ | 23,578 |  |  | $ | 17,505 |
The Company’s liability is determined using significant assumptions, including current estimates of plugging and abandonment costs, annual inflation of these costs, the productive life of wells and a risk-adjusted interest rate. Changes in any of these assumptions can result in significant revisions to the estimated asset retirement obligation. Revisions to the asset retirement obligation are recorded with an offsetting change to producing properties, resulting in prospective changes to depreciation, depletion and amortization expense and accretion of discount. Because of the subjectivity of assumptions and the relatively long life of most of the Company’s wells, the costs to ultimately retire the wells may vary significantly from previous estimates. During 2017 revisions in estimated liabilities for asset retirement obligations resulted from increased field costs resulting in shorter productive life of marginal wells and the Company’s acceleration of the schedule for plugging various marginal non-core properties.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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