Asset Retirement Obligations

9 Months Ended

Mar. 31, 2016

Asset Retirement Obligation Disclosure [Abstract]

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 nine months ended March 31, 2016 and for the year ended June 30, 2015:



	March 31, 2016			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	34,555			34,866
Revision of previous estimates	—			12,020
Asset retirement obligations — end of period	$	807,545		$	772,990
Less current portion in accrued liabilities	(105,868		)	(57,223		)
Long-term portion of asset retirement obligations	$	701,677		$	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.