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Asset Retirement Obligations
 9 Months Ended
Sep. 30, 2016
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

7. ASSET RETIREMENT OBLIGATIONS

 

The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:

 

    September 30,   December 31,
    2016   2015
(thousands of dollars)        
Balance, beginning  of period   $      4,468   $ 4,196
Liabilities settled   (54)   (178)
Accretion expense   360   450
Balance, end of period   4,774   4,468
     Less:  Current portion   (121)   (121)
     Less:  Liabilities held for sale   (105)   (105)
Non-current portion   $      4,548   $ 4,242

 

 

The Company is currently performing surface reclamation activities at its Rosita project located in Duval County, Texas. The Company’s current liability of $0.1 million consists of the estimated costs associated with current and planned surface reclamation activities through September 2017 at the Company’s Rosita project.