CRK » Topics » Asset Retirement Obligations

This excerpt taken from the CRK 10-Q filed Nov 9, 2005.

Asset Retirement Obligations

 

Comstock’s primary asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock’s total estimated liability during the nine months ended September 30, 2005 and 2004:

 

 

 

 

 

 

 

 

 

 

 

Nine Months

 

 

Ended September 30,

 

 

2005

 

2004

 

 

(In thousands)

Future abandonment liability — beginning of period

 

$

19,248

 

 

$

19,174

 

Accretion expense

 

 

109

 

 

 

880

 

Acquisition liabilities assumed

 

 

266

 

 

 

 

New wells placed on production

 

 

61

 

 

 

738

 

Liabilities settled

 

 

 

 

 

(3,030

)

Bois d’Arc abandonment liability(1)

 

 

(16,915

)

 

 

 

Future abandonment liability — end of period

 

$

2,769

 

 

$

17,762

 

                                              

(1)   Comstock’s share of the asset retirement obligations of Bois d’Arc was reclassified to the investment in Bois d’Arc upon the change to the equity accounting method.

 

10

 



 

 

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

 

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