Quarterly report pursuant to Section 13 or 15(d)

Asset Retirement Obligations

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Asset Retirement Obligations
 3 Months Ended
Mar. 31, 2017
Asset Retirement Obligations [Abstract]  
Asset Retirement Obligations

Note 8 - Asset Retirement Obligations



The table below summarizes the activity for the Company’s asset retirement obligations:



 

 

 



 

For the Three Months Ended



 

March 31, 2017

Asset retirement obligations at January 1, 2017

 

$

 6,661 

Accretion expense

 

 

 184 

Liabilities incurred

 

 

 195 

Liabilities settled

 

 

 (88)

Revisions to estimate

 

 

 (712)

Asset retirement obligations at end of period

 

 

 6,240 

Less: Current asset retirement obligations

 

 

 (1,588)

   Long-term asset retirement obligations at March 31, 2017

 

$

 4,652 



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, 2017 as long-term restricted investments were $3,339. 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.