Accounts Receivable Due From Drilling Operator And Account Payable Due To Drilling Operator

3 Months Ended

Mar. 31, 2016

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Accounts Receivable Due From Drilling Operator And Account Payable Due To Drilling Operator

NOTE 3 - ACCOUNTS RECEIVABLE DUE FROM DRILLING OPERATOR AND ACCOUNTS PAYABLE DUE TO DRILLING OPERATOR

Prior to 2012, we had been the drilling operator for wells drilled on our behalf and other third parties in which we own a working interest. In 2012, another working interest owner became the drilling operator for wells in which we own a working interest.

The amount due from the drilling operator as of March 31, 2016 and December 31, 2015, respectively is $334,414 and $218,456 for charges related to employee salary reimbursements, travel expense and lease costs.

The amount due to the drilling operator as of December 31, 2015 was $766,542 for charges incurred, but not paid.