Asset Retirement Obligations

3 Months Ended

Sep. 30, 2015

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

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 is a

reconciliation of the beginning and ending asset retirement obligations for the three months ended September 30, 2015, and for the year ended June 30, 2015:

	Three Months Ended   September 30, 2015			Year Ended June 30, 2015
Asset retirement obligations — beginning of period	$	772,990		$	352,215
Liabilities incurred (a)	—			564,019
Liabilities settled	—			(137,604		)
Liabilities sold	—			(52,526		)
Accretion of discount	11,343			34,866
Revision of previous estimates	—			12,020
Asset retirement obligations — end of period	$	784,333		$	772,990
Less current portion in accrued liabilities	(57,223		)	(57,223		)
Long-term portion of asset retirement obligations	727,110			715,767

(a) Liabilities incurred during fiscal 2015 relate to our share of the the estimated abandonment costs of the wells and facilities in the Delhi field subsequent to the reversion of our working interest.