Note 2 - Current Liabilities

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note

2.

             Current Liabilities

The Company's accounts payable and accrued expenses consist of the following at

December

31:

	2016		2015
Accounts Payable:
Production and related other	$	1,364,131	$	1,501,647
Other		292,076		290,935
Joint venture partner deposits		47,234		47,234
	$	1,703,441	$	1,839,816
Accrued Expenses:
Payroll and retirement plan contributions	$	641,326	$	679,934
Current portion of asset retirement obligations		384,000		343,000
Other		79,500		75,300
Federal, state and local taxes		32,464		32,538
	$	1,137,290	$	1,130,772