PROPERTY AND EQUIPMENT AND ASSET RETIREMENT OBLIGATION (Tables)

12 Months Ended

Sep. 30, 2021

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, Amortization, and Impairment		Net Property and Equipment
At September 30, 2021:
Oil and natural gas properties:   (full cost accounting)
Proved properties		$	58,490,000	$	(56,067,000)	$	2,423,000
Unproved properties		962,000		—		962,000
Total oil and natural gas properties		59,452,000		(56,067,000)		3,385,000
Drilling rigs and equipment	3 – 10 years	7,273,000		(6,789,000)		484,000
Other property and equipment	3 – 10 years	687,000		(681,000)		6,000
Total		$	67,412,000	$	(63,537,000)	$	3,875,000

	Estimated Useful Lives	Gross Property and Equipment		Accumulated Depletion, Depreciation, Amortization, and Impairment		Net Property and Equipment
At September 30, 2020:
Oil and natural gas properties:   (full cost accounting)
Proved properties		$	64,142,000	$	(61,839,000)	$	2,303,000
Unproved properties		—		—		—
Total oil and natural gas properties		64,142,000		(61,839,000)		2,303,000
Drilling rigs and equipment	3 – 10 years	8,244,000		(6,793,000)		1,451,000
Other property and equipment	3 – 17 years	1,045,000		(1,025,000)		20,000
Total		$	73,431,000	$	(69,657,000)	$	3,774,000

Schedule of reconciliation of the asset retirement obligation

The following is a reconciliation of the asset retirement obligation: 

	Year ended September 30,
	2021		2020
Asset retirement obligation as of beginning of year	$	6,194,000	$	6,389,000
Obligations incurred on new wells drilled or acquired	532,000		227,000
Liabilities associated with properties sold	(375,000)		(169,000)
Revision of estimated obligation	279,000		(279,000)
Accretion expense	580,000		561,000
Payments	(421,000)		(498,000)
Foreign currency translation adjustment	264,000		(37,000)
Asset retirement obligation as of end of year	7,053,000		6,194,000
Less current portion	(713,000)		(647,000)
Asset retirement obligation, long-term	$	6,340,000	$	5,547,000