Asset Retirement Obligations

6 Months Ended

Jun. 30, 2015

Asset Retirement Obligations [Abstract]

Asset Retirement Obligations

3)Asset Retirement Obligations

We record the fair value of the reclamation liability for our inactive mining properties and our operating oil and gas properties as of the date that the liability is incurred.  We review the liability each quarter and determine if a change in estimate is required, and we accrete the discounted liability on a quarterly basis for the future liability.  Final determinations are made during the fourth quarter of each year.  We deduct any actual funds expended for reclamation during the quarter in which it occurs.

The following is a reconciliation of the total liability for asset retirement obligations:

	(In thousands)
	June 30,		December 31,
	2015		2014
Beginning asset retirement obligation	$	1,133	$	812
Accretion of discount		24		40
Liabilities incurred		61		310
Liabilities settled		--		(29	)
Ending asset retirement obligation	$	1,218	$	1,133
Mineral properties	$	196	$	187
Oil and Gas wells		1,022		946
Ending asset retirement obligation	$	1,218	$	1,133