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Asset Retirement Obligations

12 Months Ended

Jun. 30, 2019

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, 2019 and 2018:

	Years Ended
	2019				2018
Asset retirement obligations — beginning of period	$	1,422,955			$	1,288,743
Liabilities incurred	31,268				44,700
Accretion of discount	101,506				90,290
Revisions to previous estimates	55,116				(778		)
Asset retirement obligations — end of period	1,610,845				1,422,955
Less: current asset retirement obligations	(50,244		)		(35,539		)
Long-term portion of asset retirement obligations	$	1,560,601			$	1,387,416

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2175671

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