Note 5 - Receivables, Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note 5— Receivables, Accounts Payable and Accrued Liabilities

Accounts Receivable

Below is a summary of accounts receivable as of December 31, 2014 and December 31, 2013:

	December 31, 2014		December 31, 2013
	(in thousands)
Commodity sales	$	1,473	$	2,303
Accounts receivable - joint venture		-		12,230
Other		449		7,097
Accounts receivable	$	1,922	$	21,630

At December 31, 2014 and December 31, 2013, accounts receivable other consisted of $0.3 million and $7.0 million due to the Company from the Company’s joint venture partner for services and materials provided directly to the joint venture partner.

Income Taxes Receivable

The Company’s December 31, 2014 and December 31, 2013 income tax receivable amounts were $2.1 million.

Value-Added Tax Receivable

Value-added tax (referred to as “IGV” in Peru) is generally imposed on goods and services at a rate of 18%.

The Company is recovering its IGV receivable with IGV payables associated with oil sales under the normal IGV recovery process.

Activity related to the Company’s value-added tax receivable for December 31, 2014 and 2013 is as follows:

	December 31, 2014			December 31, 2013
	(in thousands)
Value-added tax receivable as of the beginning of the period	$	12,262		$	21,784
IGV accrued related to expenditures during period		13,943			12,722
IGV reduced related to sale of oil during period		(21,712	)		(22,244	)
Value-added tax receivable as of the end of the period	$	4,493		$	12,262
Current portion of value-added tax receivable as of the end of the period	$	2,343		$	10,490
Long-term portion of value-added tax receivable as of the end of the period	$	2,150		$	1,772

See Note-7, “Prepaid and Other Current Assets and Other Non-Current Assets” for further information on the long-term portion of the value-added tax receivable.

Accounts Payable and Accrued Liabilities

Below is a summary of accounts payable as of December 31, 2014 and December 31, 2013:

	December 31, 2014		December 31, 2013
	(in thousands)
Accounts payable - joint venture	$	2,947	$	-
Other accounts payable		1,433		3,127
Accounts payable	$	4,380	$	3,127

The December 31, 2014 and December 31, 2013 accrued liabilities amounts were $6.5 million and $11.2 million, respectively.