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Asset Retirement Obligations | 6 Months Ended
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Dec. 31, 2015
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 obligations for the six months ended December 31, 2015, and for the year ended June 30, 2015:
| December 31, 2015 |  | June 30, 2015
Asset retirement obligations — beginning of period | $ | 772,990 |  |  | $ | 352,215 |
Liabilities incurred (a) | — |  |  | 564,019 |
Liabilities settled | — |  |  | (137,604 | )
Liabilities sold | — |  |  | (52,526 | )
Accretion of discount | 22,860 |  |  | 34,866 |
Revision of previous estimates | — |  |  | 12,020 |
Asset retirement obligations — end of period | $ | 795,850 |  |  | $ | 772,990 |
Less current portion in accrued liabilities | (102,874 | ) |  | (57,223 | )
Long-term portion of asset retirement obligations | 692,976 |  |  | 715,767 |
(a) Liabilities incurred during fiscal 2015 relate to our share of the 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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