CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 1,697,793	$ 2,123,520
Escrow receivable	262,016	262,016
Prepaid expenses and other current assets	37,532	38,257
TOTAL CURRENT ASSETS	1,997,341	2,423,793
Oil and gas properties, full cost method
Costs subject to amortization	54,843,729	54,840,599
Costs not being amortized	2,916,536	2,879,063
Office equipment	90,004	90,004
Total	57,850,269	57,809,666
Accumulated depletion, depreciation, amortization, and impairment	(54,701,736)	(54,676,723)
PROPERTY AND EQUIPMENT, NET	3,148,533	3,132,943
Other assets	3,167	3,167
TOTAL ASSETS	5,149,041	5,559,903
CURRENT LIABILITIES
Accounts payable	20,009	23,195
Accrued expenses	15,163	16,315
TOTAL CURRENT LIABILITIES	35,172	39,510
LONG-TERM LIABILITIES
Reserve for plugging and abandonment costs	25,400	25,262
TOTAL LIABILITIES	$ 60,572	$ 64,772
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.001; 10,000,000 shares authorized, 0 shares issued and outstanding	$ 0	$ 0
Common stock, par value $0.001; 150,000,000 shares authorized 52,169,945 shares issued	52,170	52,170
Additional paid-in capital	66,042,549	66,019,681
Treasury shares, at cost; 670,609 and 190,000 shares, respectively	(128,231)	(38,152)
Accumulated deficit	(60,878,019)	(60,538,568)
TOTAL SHAREHOLDERS' EQUITY	5,088,469	5,495,131
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 5,149,041	$ 5,559,903