ASSET RETIREMENT OBLIGATION

3 Months Ended

Mar. 31, 2020

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION

8. ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the reserve for future restoration and reclamation costs on the balance sheet:

	March 31,		December 31,
(thousands of dollars)	2020		2019
Balance, beginning of period	$	6,300	$	6,203
Liabilities settled		(26)		(293)
Accretion expense		106		390
Balance, end of period		6,380		6,300
Less: Current portion		(1,090)		(894)
Non-current portion	$	5,290	$	5,406

The Company is currently performing plugging and surface reclamation activities at its Kingsville Dome, Rosita and Vasquez projects located in Kleberg and Duval Counties in Texas. The Company’s current liability of $1.1 million consists of the estimated costs associated with current reclamation activities through March 2021 at the Company’s Kingsville Dome, Rosita and Vasquez projects.