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Asset Retirement Obligations | 12 Months Ended
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Jun. 30, 2014
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note 7—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 years ended June 30, 2014 and 2013:
| Years Ended
| 2014 |  | 2013
Asset retirement obligations—beginning of period | $ | 615,551 |  |  | $ | 968,677 |
Liabilities incurred | — |  |  | 60,143 |
Liabilities settled | (323,665 | ) |  | (51,086 | )
Liabilities sold | (48,273 | ) |  | (439,927 | )
Accretion of discount | 41,626 |  |  | 72,312 |
Revisions to previous estimates | 66,976 |  |  | 5,432 |
Less: current asset retirement obligations | (146,703 | ) |  | — |
Asset retirement obligations—end of period | $ | 205,512 |  |  | $ | 615,551 |

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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 + Details
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