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Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Summary of Asset Retirement Obligation Transactions

The following table summarizes the Company’s asset retirement obligation transactions recorded during 2015 and 2014, and in accordance with the provisions of FASB ASC Topic 410, Asset Retirement and Environmental Obligations (in thousands):

 

 

 

2015

 

 

2014

 

Beginning asset retirement obligations

 

$

6,078

 

 

$

3,011

 

Acquisitions (1)

 

 

—

 

 

 

2,742

 

Purchase price adjustment (2)

 

 

(1,192

)

 

 

—

 

Liabilities incurred

 

 

126

 

 

 

64

 

Accretion expense

 

 

550

 

 

 

317

 

Property dispositions

 

 

(403

)

 

 

—

 

Liabilities settled

 

 

(108

)

 

 

(56

)

Revision of estimates

 

 

24

 

 

 

—

 

Ending asset retirement obligations

 

$

5,075

 

 

$

6,078

 

 

 

(1)

See Note 3 Acquisitions and Divestitures for additional information on the Company's acquisition activities.

 

(2)

The Company recorded a purchase price adjustment related to its December 2014 Reverse Acquisition.  The adjustment decreased the allocation of asset retirement obligations due to adjusting the estimates of liabilities assumed to match the Company’s methodology.  See Note 3 Acquisition and Divestitures.