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Asset Retirement Obligations
 9 Months Ended
Mar. 31, 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 nine months ended March 31, 2017 and for the year ended June 30, 2016:
 
March 31,
2017
 
June 30,
2016
Asset retirement obligations — beginning of period
$
962,196

 
$
772,990

Liabilities incurred
14,119

 
28,505

Liabilities settled
(157,164
)
 
—

Liabilities sold (a)
(47,817
)
 
—

Accretion of discount
39,892

 
49,054

Revision of previous estimates
—

 
111,647

Asset retirement obligations — end of period
$
811,226

 
$
962,196

Less current portion in accrued liabilities (b)
—

 
(201,896
)
Long-term portion of asset retirement obligations
$
811,226

 
$
760,300


 
(a) We conveyed our interest in a well to the previous operator in exchange for the assumption of our asset retirement obligation.

(b) As we have now retired our remaining operated wells, our asset retirement obligations consist entirely of our working interest obligations in the Delhi field.