Note 2 - Current Liabilities

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note 2. Current Liabilities

The Company’s current liabilities consist of the following at June 30, 2016 and December 31, 2015:

	June 30,		December 31,
	2016		2015
Accounts Payable:
Production and related other	$	1,464,630	$	1,501,647
Other		288,436		290,935
Joint venture partner deposits		47,234		47,234
	$	1,800,300	$	1,839,816
Accrued Expenses:
Current portion of asset retirement obligations	$	343,000	$	343,000
Payroll and retirement plan contributions		281,215		679,934
Other		12,100		75,300
Federal, state and local taxes		16,232		32,538
	$	652,547	$	1,130,772