Asset Retirement Obligations

9 Months Ended

Mar. 31, 2015

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

4. Asset Retirement Obligations

The following table summarizes the changes in the Company’s asset retirement obligations (“AROs”) for the nine months ended March 31, 2015 and the fiscal year ended June 30, 2014:

(in thousands)	Nine Months Ended March 31, 2015			Fiscal Year Ended June 30, 2014
Asset retirement obligations at beginning of period	$	5,745		$	5,020
Liabilities incurred		25			75
Liabilities settled		(36	)		(2	)
Acquisitions		—			—
Accretion expense		100			267
Revisions in estimated liabilities		—			385
Asset retirement obligations at end of period		5,834			5,745
Less: current portion		2,917			214
Long-term portion	$	2,917		$	5,531

During fiscal year ended June 30, 2014, the Company recorded an upward revision to previous estimates for its ARO primarily due to changes in the estimated future cash outlays. There were no revisions to ARO during the nine months ended March 31, 2015.