Related Party Transactions

3 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 13 - RELATED PARTY TRANSACTIONS

During 2015, the Company conducted business with two companies owned by Clarence E. Smith, a current shareholder and former officer and director. Work was awarded the companies after bids were sought and reviewed. The amount of payments total $29,450 for 2015.

During 2015, the Company conducted business with a company owned by William F. Woodburn, a current shareholder and director. Work related to consulting services performed by Mr. Woodburn for the Company’s joint development with Republic that were billed to the Company was a total of $84,254 for 2015.

In May 2015, the Company engaged Opportune LLP, a consulting firm specializing in assisting clients across the energy industry, to perform reporting functions for which the Company did not have the staff to complete in the prescribed timeframes. Josh L. Sherman, a member of our board of directors and chairman of our Audit Committee, is a partner in Opportune LLP. The amount of payments total $607,270 for 2015.