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Asset Retirement Obligations | 6 Months Ended
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Dec. 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. During the six months ended December 31, 2020, the Delhi field operator abandoned two wells. Presently, we expect the Hamilton Dome operator to plug two wells during the next twelve months. The following is a reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2020 and for the year ended June 30, 2020:
| December 31, 2020 |  | June 30, 2020 |
Asset retirement obligations — beginning of period | $ | 2,588,894 |  |  | $ | 1,610,845 |  |
Liabilities incurred | — |  |  | 944,278 |  | (c)
Liabilities settled | (99,231) |  | (a) | (86,592) |  | (d)
Accretion of discount | 87,853 |  |  | 146,504 |  |
Revision of previous estimates | 91,430 |  | (b) | (26,141) |  |
Asset retirement obligations — end of period | $ | 2,668,946 |  |  | $ | 2,588,894 |  |
Less: current asset retirement obligations | 22,264 |  |  | — |  |
Long-term portion of asset retirement obligations | $ | 2,646,682 |  |  | $ | 2,588,894 |  |
(a) Abandonment of two non-scheduled Delhi field wells. (b) Upward revisions for two difficult-to-plug Delhi field wells. (c) Liabilities incurred in fiscal 2020 were primarily due to our acquisition of our Hamilton Dome interest. (d) The respective operators abandoned one well in the Delhi field and four wells in the Hamilton Dome 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://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 + Details
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