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Asset Retirement Obligations | 12 Months Ended
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Jun. 30, 2016
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | 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, 2016 and 2015:
| Years Ended
| 2016 |  | 2015
Asset retirement obligations—beginning of period | $ | 772,990 |  |  | $ | 352,215 |
Liabilities incurred (a) | 28,505 |  |  | 564,019 |
Liabilities settled | — |  |  | (137,604 | )
Liabilities sold | — |  |  | (52,526 | )
Accretion of discount | 49,054 |  |  | 34,866 |
Revisions to previous estimates | 111,647 |  |  | 12,020 |
Asset retirement obligations — end of period | 962,196 |  |  | 772,990 |
Less: current asset retirement obligations | (201,896 | ) |  | (57,223 | )
Long-term portion of asset retirement obligations | $ | 760,300 |  |  | $ | 715,767 |
(a) Liabilities incurred during fiscal 2015 relate to our share of the estimated abandonment costs of the wells and facilities in the Delhi field subsequent to the reversion of our working interest.

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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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