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v2.4.0.6
Asset Retirement Obligations
12 Months Ended
Dec. 31, 2010
Asset Retirement Obligations  
Asset Retirement Obligations

NOTE 3—Asset Retirement Obligations

 

The reconciliation of the beginning and ending asset retirement obligation for the periods ending December 31, 2010 and 2009 is as follows (in thousands):

 

     December 31,  
     2010     2009  

Beginning balance

   $ 18,290      $ 13,804   

Liabilities incurred

     76        352   

Revisions in estimated liabilities

     1,187        3,299   

Liabilities settled

     (175       

Accretion expense

     1,507        891   

Dispositions

     (4,810     (56
                

Ending balance

   $ 16,075      $ 18,290   
                

Current liability

   $ 4,392      $ 4,574   

Long term liability

   $ 11,683      $ 13,716   
                

 

During 2010, we determined that the expected productive lives of many of our wells had decreased relative to the 2009 estimate, while the plug and abandon costs remained relatively flat with only slight increases. As a result, we revised our previously estimated asset retirement obligation by a discounted $1.2 million.