Note 5 - Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

5.

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

As of

June 30, 2017

and

December 31, 2016,

the accounts payable and accrued expenses consisted of the following:

	June 30 ,		December 31,
	2017		2016
Drilling work payable	$	151,028	$	144,542
Accounts payable		4,822,282		4,601,938
Interest payable		2,956,986		2,554,312
Total accounts payable and accrued expenses	$	7,930,296	$	7,300,792