CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 3,074,286	$ 5,355,191
Accounts receivable, net of allowance for doubtful accounts:
Trade	2,536,812	2,829,266
Officers and employees	21,562	75,404
Other	667,342	633,573
Commodity derivative instruments	2,140,162	2,658,047
Prepayments	457,945	704,523
Other deferred charges	174,983	415,740
Total current assets	9,073,092	12,671,744
OIL AND GAS PROPERTIES (full cost method):
Not subject to amortization	14,606,401	14,288,716
Subject to amortization	204,949,817	204,512,038
Subtotal	219,556,218	218,800,754
Less: accumulated depreciation, depletion and amortization	(119,690,987)	(117,304,945)
Net oil and gas properties	99,865,231	101,495,809
OTHER PROPERTY AND EQUIPMENT:
Land, buildings and improvements	2,795,000	2,795,000
Other property and equipment	3,460,507	3,460,507
Total	6,255,507	6,255,507
Less: accumulated depreciation and amortization	(2,234,675)	(2,174,316)
Net other property and equipment	4,020,832	4,081,191
OTHER ASSETS AND DEFERRED CHARGES:
Commodity derivative instruments	800,250	1,070,541
Deposits	414,064	264,064
Other noncurrent assets	0	38,104
Total other assets and deferred charges	1,214,314	1,372,709
TOTAL ASSETS	114,173,469	119,621,453
CURRENT LIABILITIES:
Current maturities of debt	29,862,186	30,063,635
Accounts payable, principally trade	6,424,557	7,933,664
Asset retirement obligations	470,607	70,000
Other accrued liabilities	1,781,611	1,781,484
Total current liabilities	38,538,961	39,848,783
OTHER NONCURRENT LIABILITIES:
Asset retirement obligations	8,368,545	8,720,498
Deferred taxes	884,431	1,417,364
Other liabilities	21,924	30,090
Total other noncurrent liabilities	9,274,900	10,167,952
EQUITY:
Preferred stock	10,828,603	10,828,603
Common stock, no par value (300 million shares authorized, 71,911,361 and 71,834,617 issued)	142,286,922	141,858,946
Accumulated other comprehensive income (loss)	0	0
Accumulated earnings (deficit)	(86,755,917)	(83,082,831)
Total equity	66,359,608	69,604,718
TOTAL LIABILITIES AND EQUITY	$ 114,173,469	$ 119,621,453