Asset Retirement Obligation

12 Months Ended

Dec. 31, 2013

Asset Retirement Obligation [Abstract]

Asset Retirement Obligation

11. Asset Retirement Obligation

     Our asset retirement obligations represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws. The following table summarizes the Company's Asset Retirement Obligation transactions for the years ended December 31, 2012 and 2013 (in thousands):

Balance December 31, 2011	$	1,927
Accretion expense		132
Liabilities incurred		92
Liabilities settled		(52	)
Revision in estimated liabilities		-
Balance December 31, 2012	$	2,099
Accretion expense		120
Liabilities incurred		26
Liabilities settled		(417	)
Revisions in estimated liabilities		(48	)
Balance December 31, 2013	$	1,780

     The liabilities settled during 2013 also include removal of $348,000 from the Asset Retirement Obligation related to the sale of the Tennessee oil and gas properties. The revisions in estimated liabilities in 2013 resulted primarily from change in timing of wells to be plugged.