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PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION | 12 Months Ended
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Sep. 30, 2016
PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION |
PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION | PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION Barnwell’s property and equipment is detailed as follows:
| Estimated Useful Lives |  | Gross Property and Equipment |  | Accumulated Depletion, Depreciation, and Amortization |  | Net Property and Equipment
At September 30, 2016: |  |  |  |  |  |  |  |  |  |
Land |  |  | $ | 365,000 |  |  | $ | — |  |  | $ | 365,000 |
Oil and natural gas properties |  |  |  |  |  |  |  |  |  |
(full cost accounting) |  |  | 66,265,000 |  |  | (61,060,000 | ) |  | 5,205,000 |
Drilling rigs and equipment | 3 – 10 years |  | 6,379,000 |  |  | (5,770,000 | ) |  | 609,000 |
Office | 40 years |  | 857,000 |  |  | (274,000 | ) |  | 583,000 |
Other property and equipment | 3 – 17 years |  | 3,002,000 |  |  | (2,862,000 | ) |  | 140,000 |
Total |  |  | $ | 76,868,000 |  |  | $ | (69,966,000 | ) |  | $ | 6,902,000 |
| Estimated Useful Lives |  | Gross Property and Equipment |  | Accumulated Depletion, Depreciation, and Amortization |  | Net Property and Equipment
At September 30, 2015: |  |  |  |  |  |  |  |  |  |
Land |  |  | $ | 863,000 |  |  | $ | — |  |  | $ | 863,000 |
Oil and natural gas properties |  |  |  |  |  |  |  |  |  |
(full cost accounting) |  |  | 63,105,000 |  |  | (57,460,000 | ) |  | 5,645,000 |
Drilling rigs and equipment | 3 – 10 years |  | 6,598,000 |  |  | (5,825,000 | ) |  | 773,000 |
Offices | 40 years |  | 2,420,000 |  |  | (445,000 | ) |  | 1,975,000 |
Other property and equipment | 3 – 17 years |  | 2,967,000 |  |  | (2,755,000 | ) |  | 212,000 |
Total |  |  | $ | 75,953,000 |  |  | $ | (66,485,000 | ) |  | $ | 9,468,000 |
See Note 6 for discussion of the designation of the New York office as an asset held for sale at September 30, 2016. See Note 10 for discussion of acquisitions and divestitures of oil and natural gas properties in fiscal 2016 and 2015. Barnwell recognizes the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The following is a reconciliation of the asset retirement obligation:
| Year ended September 30,
| 2016 |  | 2015
Asset retirement obligation as of beginning of year | $ | 6,936,000 |  |  | $ | 9,163,000 |
Obligations incurred on new wells drilled or acquired | 167,000 |  |  | 316,000 |
Liabilities associated with properties sold | — |  |  | (2,013,000 | )
Revision of estimated obligation | (68,000 | ) |  | 918,000 |
Accretion expense | 464,000 |  |  | 632,000 |
Payments | (459,000 | ) |  | (655,000 | )
Foreign currency translation adjustment | 154,000 |  |  | (1,425,000 | )
Asset retirement obligation as of end of year | 7,194,000 |  |  | 6,936,000 |
Less current portion | (1,017,000 | ) |  | (506,000 | )
Asset retirement obligation, long-term | $ | 6,177,000 |  |  | $ | 6,430,000 |
Asset retirement obligations were reduced by $2,013,000 in fiscal 2015 for those obligations that were assumed by purchasers of Barnwell's oil and natural gas properties. Barnwell recognized an additional $918,000 of abandonment and reclamation capitalized costs and liabilities in fiscal 2015 for upward revisions to prior year estimates of costs as a result of the receipt of new and more specific information regarding costs to abandon wells similar to Barnwell’s. There were no such obligations assumed or significant revisions in fiscal 2016.

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- Definition Represents the entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale and includes the disclosure for an asset retirement obligation. + References No definition available. + Details
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