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ASSET RETIREMENT OBLIGATIONS | 6 Months Ended
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Jun. 30, 2021
Asset Retirement Obligation Disclosure [Abstract] |
ASSET RETIREMENT OBLIGATIONS | 12. ASSET RETIREMENT OBLIGATIONS The Company has asset retirement obligations (“AROs”) associated with the future plugging and abandonment of proved properties. Initially, the fair value of a liability for an ARO is recorded in the period in which the ARO is incurred with a corresponding increase in the carrying amount of the related asset. The liability is accreted to its present value each period and the capitalized cost is depleted over the life of the related asset. If the liability is settled for an amount other than the recorded amount, an adjustment to the full-cost pool is recognized. The Company had no assets that are restricted for the purpose of settling AROs. In the fair value calculation for the ARO there are numerous assumptions and judgments, including the ultimate retirement cost, inflation factors, credit-adjusted risk-free discount rates, timing of retirement and changes in legal, regulatory, environmental, and political environments. To the extent future revisions to assumptions and judgments impact the present value of the existing ARO, a corresponding adjustment is made to the oil and natural gas property balance. The following is a reconciliation of the changes in the Company’s liabilities for asset retirement obligations as of June 30, 2021 and December 31, 2020: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | (in thousands) |
Balance, beginning of year |  | $ | 1,408 |  |  | $ | 819 |
Accretion |  |  | 40 |  |  |  | 43 |
Sold/Plugged |  |  | - |  |  |  | (12 | )
Acquired |  |  | 44 |  |  |  | 558 |
Balance, end of period |  | $ | 1,492 |  |  | $ | 1,408 |

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- References No definition available. + Details
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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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