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Asset Retirement Obligations | 12 Months Ended
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Jun. 30, 2017
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 years ended June 30, 2017 and 2016:
| Years Ended June 30,
| 2017 |  | 2016
Asset retirement obligations—beginning of period | $ | 962,196 |  |  | $ | 772,990 |
Liabilities incurred | 52,792 |  |  | 28,505 |
Liabilities settled | (157,164 | ) |  | — |
Liabilities sold (b) | (47,817 | ) |  | — |
Accretion of discount | 59,664 |  |  | 49,054 |
Revisions to previous estimates | 419,072 |  |  | 111,647 |
Asset retirement obligations — end of period (b) | 1,288,743 |  |  | 962,196 |
Less current asset retirement obligations | (35,115 | ) |  | (201,896 | )
Long-term portion of asset retirement obligations | $ | 1,253,628 |  |  | $ | 760,300 |
(a) We conveyed our interest in a well to the previous operator in exchange for the assumption of our asset retirement obligations. (b) As we have now retired all of our remaining operated wells, our asset retirement obligations as of June 30, 2017 consist entirely of our working interest obligations in the Delhi field.

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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 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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