Note 2 - Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2016

Supplemental Cash Flow Elements [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

Note 2 - Supplemental Cash Flow Information

The Israeli taxing authority withheld taxes of $3,277,000 and $3,033,000 during the six months ended June 30, 2016 and 2015 respectively.

Cash payments for interest were $1,896,000 and $7,442,000 for the periods ended June 30, 2016 and 2015 respectively.

The consolidated statement of cash flows for the period ended June 30, 2016 excludes the following non-cash transactions:

●    Increase in property and equipment of $1,000 due to additional asset retirement obligation.

The consolidated statement of cash flows for the period ended June 30, 2015 excludes the following non-cash transactions:

●    Retirement of asset retirement obligations in the amount of $792,000 included in the gain on sale of oil and gas properties.

●    Property and equipment of $29,000 included in accounts payable.

●    Increase in property and equipment of $25,000 due to additional asset retirement obligation.

●    Increase in debt discount of $235,000 deducted from loan proceeds.