Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL INSTRUMENTS

 v2.3.0.11
FINANCIAL INSTRUMENTS
6 Months Ended
Jun. 30, 2011
FINANCIAL INSTRUMENTS [Abstract]  
FINANCIAL INSTRUMENTS
NOTE 12      FINANCIAL INSTRUMENTS
 
The Company's non-derivative financial instruments include cash and cash equivalents, accounts receivable, short term investments, and accounts payable. The carrying amount of cash and cash equivalents, accounts receivable, accounts payable, and line of credit approximate fair value because of their immediate or short-term maturities.
 
The Company's accounts receivable relate to crude oil and natural gas sold to various industry companies.  Credit terms, typical of industry standards, are of a short-term nature and the Company does not require collateral.  Management believes the Company's accounts receivable at June 30, 2011 and December 31, 2010 do not represent significant credit risks as they are dispersed across many counterparties. The Company has determined that no allowance for doubtful accounts is necessary at June 30, 2011 and December 31, 2010.