Asset Retirement Obligations

12 Months Ended

Dec. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

Lonestar recognizes 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, 2019. The Company evaluated its wells and has determined a range of abandonment dates through December 2069.

The following provides a reconciliation of activity in the asset retirement obligations for the years ended December 31, 2019 and 2018:

	Year Ended December 31,
In thousands	2019			2018
Beginning asset retirement obligations	$	7,195		$	5,649
Wells drilled during the year	26			408
Wells acquired during the year	—			223
Wells sold during the year	(388		)	—
Accretion expense	300			215
Revisions in estimated retirement obligations(1)	191			790
Wells plugged and abandoned during the year	(269		)	(90		)
Ending asset retirement obligations	$	7,055		$	7,195

(1) Revisions of previous estimates during the year ended December 31, 2019 are primarily attributable to changes in estimates of the timing of future costs for oilfield services required to plug and abandon wells.