ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2020

NOTE 4 — ASSET RETIREMENT OBLIGATIONS

The Company’s asset retirement obligations represent the present value of estimated future costs associated with the plugging and abandonment of oil and gas wells, removal of equipment and facilities from leased acreage, and land restoration in accordance with applicable lease terms, local, state and federal laws. The following table summarizes the changes in the Company’s asset retirement obligations for the three months ended March 31, 2020 (in thousands):


	For the three months ended
	March 31, 2020
Balance, beginning of period	$	3,653
Additional liability incurred		54
Obligations settled		—
Obligations on assets sold		(14)
Revisions in estimated cash flows		362
Accretion expense		97
Balance, end of period	$	4,152