OTHER DISCLOSURES

12 Months Ended

Dec. 31, 2015

Other Disclosures

OTHER DISCLOSURES

Other Operating Expenses

	December 31,
	2015			2014			2013
Bad debt expense	$	839,171		$	97,068		$	193,601
Recovery of bad debts		(342,944	)		(1,984	)		(2,520	)
Loss (gain) on disposal of property		(28,006	)		3,392			(19,307	)
Total	$	468,221		$	98,476		$	171,774

Other Non-Operating Income (Expense)

	December 31,
	2015		2014		2013
Interest income	$	19,587	$	23,632	$	7,336
Rental income		16,000		-		-
Bank-mandated derivative instruments novation cost		-		-		(175,000	)
Louisiana sales tax settlement		-		-		(44,149	)
Louisiana Mineral Board audit		-		-		(23,686	)
Other		751		1,746		(5,118	)
Total	$	36,338	$	25,378	$	(240,617	)

Other Receivables

	December 31,
	2015		2014
December 2015 and December 2014 settled oil derivative instruments	$	257,286	$	407,003
Tax refund		177,157		158,571
Debit balances for trade payables		109,586		187,031
Refund from PPI for duplicate charges		89,544		89,544
D&O insurance premium adjustment		-		16,356
Other		-		(1,943	)
Total	$	633,573	$	856,562

Prepayments

	December 31,
	2015		2014
Insurance	$	570,379	$	536,410
Taxes and fees		39,687		21,882
Property taxes		41,583		56,992
Other subscriptions		16,508		6,355
Software maintenance agreements		14,572		19,105
Geological well database subscription		8,883		19,055
Software licenses		2,065		44,172
Exploration and drilling costs		-		71,893
Services		-		4,530
Other		10,846		1,840
Total	$	704,523	$	782,234

Other Current Deferred Charges

	December 31,
	2015		2014
Loan fees	$	415,740	$	189,409
Deferred premium on 2015 oil derivative instruments		-		153,389
Total	$	415,740	$	342,798

Other Noncurrent Assets

	December 31,
	2015		2014
Deferred offering costs	$	38,104	$	-
Loan fees		-		262,200
Total	$	38,104	$	262,200

Other Accrued Liabilities

	December 31,
	2015		2014
Employee termination benefits	$	422,037	$	-
Salaries and bonuses		393,072		479,537
Accounting and audit		202,297		22,964
Severance taxes		157,941		164,374
Ad valorem taxes		143,957		172,444
Vacation		138,962		166,660
Sales and use tax		85,076		81,661
Insurance		67,532		119,121
Fees for commodity hedging advisor		64,953		48,590
Interest expense		39,471		9,327
Financing cost		35,000		-
Employee restricted stock unit awards		13,981		-
Commodity hedge settlement		-		153,389
Other		17,205		1,498
Total	$	1,781,484	$	1,419,565