Note 2 - Supplemental Cash Flow Information

9 Months Ended

Sep. 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 $5,154,000 and $5,050,000 during the nine months ended September 30, 2016 and 2015 respectively.

Cash payments for interest were $2,859,000 and $7,530,000 for the nine months ended September 30, 2016 and 2015 respectively.

The consolidated statement of cash flows for the nine months ended September 30, 2016 excludes the following non-cash transactions:

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

●   Termination of $487,000 short-term insurance financing reduced prepaid insurance.

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

●    Retirement of asset retirement obligations in the amount of $1,035,000 included in the gain on sale of oil and gas properties.

●    Oil and gas property of $1,347,000 removed from accounts payable due to title dispute.

●    Insurance premiums financed through issuance of short term debt of $1,954,000.

●    Equipment of $84,000 included in accounts payable.

●    Increase in property and equipment of $27,000 due to additional asset retirement obligation.

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