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ASSET RETIREMENT OBLIGATION | 6 Months Ended
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Jun. 30, 2020
ASSET RETIREMENT OBLIGATION |
ASSET RETIREMENT OBLIGATION | 8. ASSET RETIREMENT OBLIGATIONS The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:
|  | June 30, |  | December 31,
(thousands of dollars) |  | 2020 |  | 2019
Balance, beginning of period |  | $ | 6,300 |  | $ | 6,203
Liabilities settled |  |  | (167) |  |  | (293)
Accretion expense |  |  | 138 |  |  | 390
Balance, end of period |  |  | 6,271 |  |  | 6,300
Less: Current portion |  |  | (949) |  |  | (894)
Non-current portion |  | $ | 5,322 |  | $ | 5,406
The Company is currently performing plugging and surface reclamation activities at its Rosita and Vasquez projects located in Duval County, Texas. The Company’s current liability of $0.9 million consists of the estimated costs associated with current reclamation activities through June 2021 at the Company’s Kingsville Dome, Rosita and Vasquez projects.

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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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