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Asset Retirement Obligation
 12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation Asset Retirement Obligation
 
Changes in the carrying amounts of the asset retirement obligation associated with the Company’s oil and natural gas properties were as follows:
 
Year Ended December 31,
(Thousands of U.S. Dollars)
2019
 
2018
Balance, beginning of year
$
43,799

 
$
31,564

Liability incurred
7,034

 
6,985

Settlements
(846
)
 
(600
)
Accretion
3,436

 
2,772

Revisions in estimated liability
(10,004
)
 
2,351

Liabilities assumed in acquisitions
—

 
727

Balance, end of year
$
43,419

 
$
43,799

 
 
 
 
Asset retirement obligation - current
$
—

 
$
123

Asset retirement obligation - long-term
43,419

 
43,676

Balance, end of year
$
43,419

 
$
43,799


 
Revisions in estimated liabilities relate primarily to changes in estimates of asset retirement costs and include, but are not limited to, revisions of estimated inflation rates, changes in property lives and the expected timing of settling asset retirement obligations. At December 31, 2019, the fair value of assets that were legally restricted for purposes of settling asset retirement obligations was $2.8 million (December 31, 2018 - $2.7 million). These assets were accounted for as restricted cash and cash equivalents on the Company's balance sheet.