XML 60 R19.htm IDEA: XBRL DOCUMENT v3.20.1
Asset Retirement Obligations
 9 Months Ended
Mar. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
Asset Retirement Obligations
 
Our asset retirement obligations represent the estimated present value of the amount we expect to 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, 2020 and for the year ended June 30, 2019:
 
March 31,
2020
 
June 30,
2019
Asset retirement obligations — beginning of period
$
1,610,845

 
$
1,422,955

Liabilities incurred
903,580

(a)
31,268

Liabilities settled
(86,593
)
(b)
—

Liabilities sold
—

 
—

Accretion of discount
103,852

 
101,506

Revision of previous estimates
(32,504
)
 
55,116

Asset retirement obligations — end of period
$
2,499,180

 
$
1,610,845

Less current portion in accrued liabilities
—

 
(50,244
)
Long-term portion of asset retirement obligations
$
2,499,180

 
$
1,560,601

 
(a) Liabilities incurred in fiscal 2020 were due to our acquisition of our Hamilton Dome interest.
(b) We abandoned one well in the Delhi field and four wells in the Hamilton Dome field.