ASSET RETIREMENT OBLIGATIONS
|3 Months Ended
Mar. 31, 2022
|Notes to Financial Statements
|Asset Retirement Obligation Disclosure [Text Block]
NOTE 7 — ASSET RETIREMENT OBLIGATIONS
AROs represent the estimated present value of the amount incurred to plug, abandon and remediate our properties at the end of their productive lives.
A summary of the changes to ARO is as follows (in thousands):
The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef