Asset Retirement Obligation

12 Months Ended

Dec. 31, 2016

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, 2015 and 2016 (in thousands):

Balance December 31, 2014	$	2,008
Accretion expense		126
Liabilities incurred		—
Liabilities settled		(24)
Revision in estimated liabilities		112
Balance December 31, 2015	$	2,222
Accretion expense		143
Liabilities incurred		2
Liabilities settled		(86)
Liabilities sold properties		(25)
Revisions in estimated liabilities		(210)
Balance December 31, 2016	$	2,046

The revisions in estimated liabilities in 2015 resulted primarily from change in timing of wells to be plugged.  The revision in estimated liabilities in 2016 resulted from change in timing of wills to be plugged, change in inflation factor, and change in current plugging costs.