Note 11 - Asset Retirement Obligations

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Asset Retirement Obligation Disclosure [Text Block]

Note 11. Asset Retirement Obligations

The Company has asset retirement obligations associated with the future plugging and abandonment of oil and gas properties and related facilities. Revisions to the liability typically occur due to changes in the estimated abandonment costs, well economic lives, and the discount rate.

The following table summarizes the Company’s asset retirement obligation transactions recorded during the nine months ended September 30, (in thousands):

	2020
Beginning asset retirement obligations	$	2,164
Liabilities incurred		46
Accretion expense		137
Divestitures		(10	)
Revision of estimates		(2	)
Ending asset retirement obligations	$	2,335