PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION (Tables)

12 Months Ended

Sep. 30, 2019

PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION

Schedule of property and equipment

Barnwell’s property and equipment is detailed as follows: 

	Estimated Useful Lives	Gross Property and Equipment		Accumulated Depletion, Depreciation, and Amortization			Net Property and Equipment
At September 30, 2019:
Land		$	200,000	$	—		$	200,000
Oil and natural gas properties
(full cost accounting)		62,205,000		(55,972,000		)	6,233,000
Drilling rigs and equipment	3 – 10 years	7,882,000		(6,484,000		)	1,398,000
Office	40 years	857,000		(338,000		)	519,000
Other property and equipment	3 – 17 years	1,378,000		(1,340,000		)	38,000
Total		$	72,522,000	$	(64,134,000	)	$	8,388,000

	Estimated Useful Lives	Gross Property and Equipment		Accumulated Depletion, Depreciation, and Amortization			Net Property and Equipment
At September 30, 2018:
Land		$	200,000	$	—		$	200,000
Oil and natural gas properties
(full cost accounting)		63,946,000		(48,769,000		)	15,177,000
Drilling rigs and equipment	3 – 10 years	6,620,000		(6,197,000		)	423,000
Office	40 years	857,000		(317,000		)	540,000
Other property and equipment	3 – 17 years	1,387,000		(1,316,000		)	71,000
Total		$	73,010,000	$	(56,599,000	)	$	16,411,000

Schedule of reconciliation of the asset retirement obligation

The following is a reconciliation of the asset retirement obligation: 

	Year ended September 30,
	2019			2018
Asset retirement obligation as of beginning of year	$	7,122,000		$	6,863,000
Obligations incurred on new wells drilled or acquired	203,000			3,085,000
Liabilities associated with properties sold	(43,000		)	(1,855,000		)
Revision of estimated obligation	(958,000		)	(547,000		)
Accretion expense	608,000			297,000
Payments	(372,000		)	(624,000		)
Foreign currency translation adjustment	(171,000		)	(97,000		)
Asset retirement obligation as of end of year	6,389,000			7,122,000
Less current portion	(330,000		)	(444,000		)
Asset retirement obligation, long-term	$	6,059,000		$	6,678,000