Asset Retirement Obligation

12 Months Ended

Dec. 31, 2014

Asset Retirement Obligation [Abstract]

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 Companys Asset Retirement Obligation transactions for the years ended December 31, 2013 and 2014 (in thousands):


Balance December 31, 2012	$	2,099

Accretion expense		120
Liabilities incurred		26
Liabilities settled		(417	)
Revision in estimated liabilities		(48	)

Balance December 31, 2013	$	1,780

Accretion expense		114
Liabilities incurred		46
Liabilities settled		(70	)
Revisions in estimated liabilities		138

Balance December 31, 2014	$	2,008

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 2014 and 2013 resulted primarily from change in timing of wells to be plugged.