Note 6 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2016		2015
Assets:
Net Leasehold Impairment Reserves	$	290,167	$	298,061
Gas Balance Receivable		52,379		52,379
Long-Lived Asset Impairment		1,745,936		2,163,449
Deferred Geological and Geophysical Expense		62,720		110,107
Other		406,579		385,307
Total Assets		2,557,781		3,009,303

Liabilities:
Receivables		91,622			70,335
Intangible Drilling Costs		2,856,294			3,434,057
Depletion, Depreciation and Other		1,121,025			1,131,281
Total Liabilities		4,068,941			4,635,673
Net Deferred Tax Liability	$	(1,511,160	)	$	(1,626,370	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2016			2015
Current Tax Provision/(Benefit):
Federal	$	(57,494	)	$	402,676
State		(182	)		(15,790	)
Total Current Provision/(Benefit)		(57,676	)		386,886
Deferred Tax Benefit		(115,210	)		(1,859,431	)
Total Benefit	$	(172,886	)	$	(1,472,545	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2016			2015
Computed Federal Tax Benefit	$	(87,418	)	$	(1,141,678	)
Increase (Decrease) in Tax From:
Allowable Depletion in Excess of Basis		(83,460	)		(359,552	)
Dividend Received Deduction		(878	)		(723	)
State Income Tax Benefit		(182	)		(15,790	)
Other		(948	)		45,198
Income Tax Benefit	$	(172,886	)	$	(1,472,545	)
Effective Tax Rate		67%			44%