Callon Petroleum Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2015

Asset Retirement Obligation [Abstract]

Note 7 - Asset Retirement Obligations

The table below summarizes the Company’s asset retirement obligations activity for the three months ended March 31, 2015:


Asset retirement obligations at January 1, 2015	$	6,674
Accretion expense		209
Liabilities incurred		87
Liabilities settled		(178)
Revisions to estimate		(483)
Asset retirement obligations at end of period		6,309
Less: Current asset retirement obligations		(5,047)
Long-term asset retirement obligations at March 31, 2015	$	1,262

Certain of the Company’s operating agreements require that assets be restricted for abandonment obligations. Amounts recorded in the consolidated balance sheets at March 31, 2015 as long-term restricted investments were $3,292. 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.