ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

NOTE 6 - ASSET RETIREMENT OBLIGATIONS

The Company’s asset retirement obligations (“ARO”) represent the present value of the estimated cash flows expected to be incurred to plug, abandon and remediate producing properties, excluding salvage values, at the end of their productive lives in accordance with applicable laws. Revisions in estimated liabilities during the period relate primarily to changes in estimates of asset retirement costs. Revisions in estimated liabilities can also include, but are not limited to, revisions of estimated inflation rates, changes in property lives and expected timing of settlement.

The following table summarizes the changes in the Company’s ARO for the years ended December 31, 2019 and 2018:



	For the Year Ended December 31,
	2019			2018
	(In thousands)
ARO, beginning of period	$	2,444		$	952
Additional liabilities incurred	186			374
Accretion expense	433			85
Liabilities settled	(78		)	(87		)
Revision in estimates	438			1,120
ARO, end of period	3,423			2,444
Less: current portion of ARO ⁽¹⁾	—			(11		)
ARO, non-current	$	3,423		$	2,433

⁽¹⁾ The current portion of ARO is included in accrued liabilities in the consolidated balance sheets.