Note 2 - Current Liabilities

3 Months Ended

Mar. 31, 2017

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

March

31,

2017

and

December

31,2016:

	March 31,		December 31,
	2017		2016
Accounts Payable:
Production and related other	$	1,356,866	$	1,364,131
Other		291,207		292,076
Joint venture partner deposits		47,234		47,234
Total accounts payable	$	1,695,307	$	1,703,441
Accrued Expenses:
Current portion of asset retirement obligations	$	384,000	$	384,000
Payroll and retirement plan contributions		144,172		641,326
Other		77,200		79,500
Federal, state and local taxes		8,280		32,464
Total accrued expenses	$	613,652	$	1,137,290