Asset Retirement Obligations

12 Months Ended

Dec. 31, 2018

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

Lonestar 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.

The liability has been accreted to its present value as of December 31, 2018. The Company evaluated its wells and has determined a range of abandonment dates through December 2070.

The following provides a reconciliation of activity in the asset retirement obligations for the years ended December 31, 2018 and 2017:

	Year Ended December 31,
In thousands	2018			2017
Beginning asset retirement obligations	$	5,649		$	2,683
Wells drilled during the year	408			220
Wells acquired during the year	223			2,797
Accretion expense	215			139
Revisions in estimated retirement obligations(1)	790			(190		)
Wells plugged and abandoned during the year	(90		)	—
Ending asset retirement obligations	$	7,195		$	5,649

(1) Revisions of previous estimates during the year ended December 31, 2018 are primarily attributable to changes in estimates of the amount of future costs for oilfield services required to plug and abandon wells.