Asset Retirement Obligations (Tables)

6 Months Ended

Dec. 31, 2016

Asset Retirement Obligation Disclosure [Abstract]

Schedule of reconciliations of the beginning and ending asset retirement obligation balances

The following is a

reconciliation of the beginning and ending asset retirement obligations for the six months ended December 31, 2016 and for the year ended June 30, 2016:

	December 31, 2016			June 30, 2016
Asset retirement obligations — beginning of period	$	962,196		$	772,990
Liabilities incurred	—			28,505
Liabilities settled	(107,412		)	—
Liabilities sold (a)	(47,817		)	—
Accretion of discount	26,330			49,054
Revision of previous estimates	—			111,647
Asset retirement obligations — end of period	$	833,297		$	962,196
Less current portion in accrued liabilities (b)	(49,050		)	(201,896		)
Long-term portion of asset retirement obligations	$	784,247		$	760,300

(a) We conveyed our interest in a well to the previous operator in exchange for the assumption of our asset retirement obligation.

(b) We expect to retire our one remaining operated well before the end of our fiscal year. Once this retirement occurs, our asset retirement obligations will consist entirely of our working interest obligations in the Delhi field.