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Asset Retirement Obligation
6 Months Ended
Jun. 30, 2014
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation

(6)          ASSET RETIREMENT OBLIGATION

 

We recognize the present value of asset retirement obligations beginning in the period in which they are incurred if a reasonable estimate of a fair value can be made. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. A summary of our asset retirement obligations as of June 30, 2014 is as follows (in thousands):

 

   Asset Retirement    
Asset Category  Obligation   Estimated Life
          
Oil and gas producing properties  $2 (1)  27.5 years

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(1) This is a recurring Level 3 fair value measurement. See Note 7 - “Fair Value Measurements” for further discussions of Level 3 valuation definitions.

 

The following table describes all changes to our asset retirement obligation liability during the six months ended June 30, 2014 (in thousands):

 

   2014
      
Asset retirement obligation at beginning of period  $2 
Additions during the period   —   
Revisions of estimates   —   
Accretion expense   —   
Asset retirement obligation at end of period  $2