| Note 7 - Other Contingencies - Litigation | In
August, 2014, we initiated separate legal actions in Pakistan for an injunction against Sui Southern Gas Company Limited (Sui
Southern) and Hycarbex-American Energy, Inc. (Hycarbex), respectively, in furtherance of the prior interim
orders of the Arbitration Tribunal. The new action filed in the Sindh, Karachi High Court named as defendants Sui Southern, Hycarbex,
its parent company, Hycarbex Asia Pte. Ltd. (Hycarbex Asia) and two additional pro forma defendants and requests
an injunction against Sui Southern against payment to Hycarbex of 18% of the total proceeds of gas sales. The requested injunction
was granted to us by the Karachi Court but later vacated as premature as it pertains to the third party gas gatherer. However,
we also filed in the Islamabad High Court an action against Hycarbex, Hycarbex Asia and Hydro Tur as defendants and obtained injunctive
relief against Hycarbex from interference with the Arbitration Tribunal-ordered notifications to Sui Southern to pay us directly
our 18% of production, and injunctive relief requiring Hycarbex to escrow the 18% of production which would have been payable
to the Company. On April 15, 2015, the ICC Arbitration Tribunal rendered its Partial Final Award in the pending arbitration proceedings
which declared that the November 9, 2003 Stock Purchase Agreement between the Company, Hycarbex and Hydro-Tur, which was amended
on February 16, 2004, and December 15, 2009, is void ab initio and of no legal effect on account of the fraud and misrepresentations
of Hycarbex, Hydro-Tur and Hycarbex-Asia and that the Company is thus the 100% owner of the common stock of Hycarbex relating
back to the original Stock Purchase Agreement date of November 9, 2003. In connection with its findings, the ICC Arbitration Tribunal
ordered that the register of shareholders for Hycarbex be corrected to reflect the Company as the owner of 100% of the common
stock, that Hycarbex and Hycarbex-Asia take any and all steps necessary to effect the rectification of the register of shareholders
of Hycarbex to reflect the Company as the owner of 100% of the common stock, and that Hycarbex and Hycarbex-Asia bear all costs
of the arbitration proceedings, including the Companys legal costs, which costs and fees are to be fixed by the ICC Arbitration
Tribunal in a subsequent award after submission of the total costs and fees by AEGG. The ICC Arbitration Tribunal dismissed Hydro-Turs
application for costs. The April 15 Award makes moot certain of the pending actions in Pakistan due to the recovery of ownership
of 100% of the stock of Hycarbex. The
Company has effected the shareholder and management registration changes ordered by the ICC and has caused Hycarbex to open a
new office in Islamabad, Pakistan for Hycarbexs future operations. The new management of Hycarbex has also assumed control
of Hycarbexs Pakistan personnel. Finally, the new management of Hycarbex has begun its efforts to assume complete control
of the Pakistan-based assets, including review and appraisement of each asset and interfacing with the local oil and gas regulatory
authorities with jurisdiction over those assets to assure regulatory compliance. The Government of Pakistan, including the Ministry
of Petroleum, the Director General of Petroleum Concessions, the Securities and Exchange Commission of Pakistan and the Pakistan
Board of Investment have each advised that they view the Company as the legal owner of Hycarbex. Further, subsequent to March
31, 2018, the Government of Pakistan granted to Hycarbex an extension to the Yasin Exploration License relating back to the date
of the request for extension in March, 2013. Planning has been initiated toward development and exploration activities for the
Yasin Exploration License based on this extension. The extension is subject to performance requirements pertaining to seismic,
rework of the Haseeb #1 Well and the work program financial obligations which are being reviewed by Management and which will
be discussed with the Government of Pakistan as the work at the site moves forward. Management intends to conduct a detailed review
of the benefits and obligations associated with these Pakistan-based assets. |
