Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

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Asset Retirement Obligations
6 Months Ended
Jun. 30, 2015
Asset Retirement Obligations [Abstract]  
Asset Retirement Obligations

Note 7 - Asset Retirement Obligations 

 

The table below summarizes the Company’s asset retirement obligations activity for the six months ended June 30, 2015: 

 

 

 

 

Asset retirement obligations at January 1, 2015

 

$

6,674 

Accretion expense

 

 

343 

Liabilities incurred

 

 

88 

Liabilities settled

 

 

(2,533)

Revisions to estimate

 

 

(451)

Asset retirement obligations at end of period

 

 

4,121 

Less: Current asset retirement obligations

 

 

(872)

  Long-term asset retirement obligations at June 30, 2015

 

$

3,249 

 

Certain of the Company’s operating agreements require that assets be restricted for abandonment obligations. Amounts recorded in the consolidated balance sheets at June 30, 2015 as long-term restricted investments were $3,299. 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.