Long Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2015

Long Term Liabilities Tables [Abstract]

Schedule of Long-term Liabilities

		December 31,		December 31,
		2015		2014
Short-term debt:
Senior Notes	$	2,760,000	$	100,000
Bank indebtedness		630,000		-
Long-term debt and other long-term liabilities:
Bank indebtedness		-		518,000
Senior notes		-		2,760,000
Other long-term obligations		165,784		152,472
	$	3,555,784	$	3,530,472

Maturity Schedule

Aggregate maturities of debt at December 31, 2015:(1)
											Beyond
	2016		2017		2018		2019		2020		5 years		Total
$	3,390,000	$	-	$	-	$	-	$	-	$	-	$	3,390,000

⁽¹⁾Continued low oil and natural gas prices during 2015 have had a significant adverse impact on our business, and, as a result of our financial condition, substantial doubt exists that we will be able to continue as a going concern. As a result, we have reclassified all of our total outstanding debt as short-term.

Our ability to continue as a going concern is dependent on many factors, including, among other things, our ability to comply with the covenants in our existing debt agreements and amend or replace our debt agreements as they mature.  Please refer to Note 1 for further discussion.

A failure by us to comply with our financial covenants or to comply with the other restrictions in our financing agreements may result in reduced borrowing capacity or an event of a default, causing our debt obligations under such financing agreements (and any other indebtedness or contractual obligations to the extent linked to it by reason of cross-default or cross-acceleration provisions) to potentially become immediately due and payable.