ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2020

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 three months ended March 31, 2020 and for the year ended December 31, 2019:



	March 31, 2020		December 31, 2019
	(In thousands)
ARO, beginning of period	$	3,423	$	2,444
Additional liabilities incurred	5		186
Accretion expense	62		433
Liabilities settled	—		(78		)
Revision in estimates	—		438
ARO, non-current	$	3,490	$	3,423