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Asset Retirement Obligations | 9 Months Ended
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Mar. 31, 2013
Asset Retirement Obligations |
Asset Retirement Obligations | Note 4 — Asset Retirement Obligations 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 is a reconciliation of the beginning and ending asset retirement obligation for the nine months ended March 31, 2013 and the year ended June 30, 2012:
|  | March 31, 2012 |  | June 30, 2012 |
Asset retirement obligations — beginning of period |  | $ | 968,677 |  | $ | 859,586 |
Liabilities sold |  | (170,433 | ) | — |
Liabilities incurred |  | 3,126 |  | 175,943 |
Liabilities settled |  | (38,077 | ) | (61,936 | )
Accretion of discount |  | 56,090 |  | 77,505 |
Revision of previous estimates |  | 5,432 |  | (82,421 | )
Asset retirement obligations — end of period |  | $ | 824,815 |  | $ | 968,677 |

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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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 22 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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