Asset Retirement Obligations

6 Months Ended

Dec. 31, 2013

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 are reconciliations of the beginning and ending asset retirement obligation balances:

	December 31, 2013			June 30, 2013

Asset retirement obligations — beginning of period	$	615,551		$	968,677
Liabilities sold	(48,273		)	(439,927		)
Liabilities incurred	—			60,143
Liabilities settled	(53,295		)	(51,086		)
Accretion of discount	25,346			72,312
Revision of previous estimates	48,988			5,432
Asset retirement obligations due within one year included in “Other current liabilities”	(431,561		)	—
Asset retirement obligations — end of period	$	156,756		$	615,551