Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v2.4.0.6
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2012
Asset Retirement Obligation [Abstract]  
Asset Retirement Obligations
Asset Retirement Obligations
 
The following table summarizes the activity for the Company’s asset retirement obligations:
 
For the year ended December 31,
 
2012
 
2011
Asset retirement obligations at beginning of the period
$
13,938

 
$
15,925

Accretion expense
2,253

 
2,338

Liabilities incurred
205

 
36

Liabilities settled
(1,950
)
 
(3,797
)
Revisions to estimate
(1,145
)
 
(564
)
Asset retirement obligations at end of period
13,301

 
13,938

Less: current asset retirement obligations
(2,336
)
 
(1,260
)
Long-term asset retirement obligations at the end of the period
$
10,965

 
$
12,678



Certain of the Company's operating agreements require that assets be restricted for future abandonment obligations. Amounts recorded on the Consolidated Balance Sheets at December 31, 2012 as long-term restricted investments were $3,798.  These assets, which primarily include short-term U.S. Government securities, are held in abandonment trusts dedicated to pay future abandonment costs for several of the Company’s oil and natural gas properties.