Other Long-Term Liabilities

3 Months Ended

Mar. 31, 2015

Other Long-Term Liabilities [Abstract]

Note 10 – Other Long-Term Liabilities

At March 31, 2015 and December 31, 2014, our other liabilities included the following:



		March 31,		December 31,
		2015		2014
Asset Retirement Obligations	$	64,359	$	65,935
Other		137		142
Total Other Liabilities	$	64,496	$	66,077

Asset Retirement Obligations

Our asset retirement obligations relate to our obligation for the plugging and abandonment of oil and gas properties. The asset retirement obligations are recorded at fair value and accretion expense, recognized over the life of the property, increases the liability to its expected settlement value. If the fair value of the estimated asset retirement obligation changes, an adjustment is recorded for both the asset retirement obligation and the asset retirement cost.

The following table provides a rollforward of our asset retirement obligations for the three months ended March 31, 2015:



		Three Months Ended
		March 31,
		2015
Carrying amount of asset retirement obligations as of December 31, 2014	$	106,482
Accretion expense (included in DD&A expense)		3,425
Impact of foreign currency exchange rate changes		(5,014)
Payment of asset retirement obligations		(10,699)
Liabilities incurred and assumed		-
Carrying amount of asset retirement obligations, as of end of period		94,194
Less: Current portion of asset retirement obligations		(29,835)
Long-term asset retirement obligations	$	64,359