Asset Retirement Obligations

12 Months Ended

Dec. 31, 2016

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

8. Asset Retirement Obligations

Pursuant to ASC 410, Asset Retirement Obligations, the Company recognizes the fair value of its asset retirement obligations related to the plugging, abandonment, and remediation of oil and gas producing properties. The present value of the estimated asset retirement costs has been capitalized as part of the carrying amount of the related long-lived assets, which approximated $2.5 million as of December 31, 2016.

The liability has been accreted to its present value as of December 31, 2016. The Company evaluated its wells and has determined a range of abandonment dates through December 2056.

The following represents a reconciliation of the asset retirement obligations:

	Years Ended December 31,
	2016			2015
	(In thousands)
Asset retirement obligations at beginning of period	$	7,488		$	6,835
Wells drilled during the year		154			331
Wells acquired during the year		28			176
Wells sold during the year		(4,780	)		(5	)
Accretion of discount		180			214
Revisions of previous estimates (1)		(205	)		13
Wells plugged and abandoned during the year		(182	)		(76	)
Asset retirement obligations at end of period	$	2,683		$	7,488