Note 2 - Acquisitions and Dispositions	12 Months Ended
Dec. 31, 2024
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	2. Acquisitions and Dispositions 2024 Transactions: In the first quarter of 2024, the Company sold 48 net acres in Lea County, New Mexico, along with minor working interest in 23 non-operated wells, receiving gross proceeds of $375,600, and in the second quarter of 2024, sold an additional 12 net acres in Lea County for proceeds of $150,600 and sold 2.29 surface acres in Odessa, Texas for $68,036. Also in the second quarter of 2024, we farmed out certain acreage in east Texas for $55,000. In the third quarter of 2024, acreage transactions included the acquisition of 100.27 net acres in Reagan County, Texas for a purchase price of $1,109,785 and another purchase of 281 net acres in Reagan County for $2,774,025. Also in the second quarter of 2024, we sold 7.8 surface acres in Midland County, Texas for proceeds of $427,760 and sold 44.58 net acres of leasehold interest in Roger Mills County Oklahoma for proceeds of $89,159. In New Mexico, we sold our remaining working interests in seven properties in Lea and Eddy Counties for $220,000. Effective September 1, 2024, the Company sold its interest in Eastern Oil Well Service Company, a south Texas well-servicing business, for net proceeds of $2,800,000, recognizing a gain on sale of $1,921,000. 2023 Transactions: In the first quarter of 2023, the Company sold 7.8 surface acres in Midland County, Texas receiving gross proceeds of $436,050 and recognizing a gain of $47,000. In the second quarter of 2023, the Company acquired 55 net acres in the South Stiles area of Reagan County, Texas for $605,000, and in a separate agreement also in Reagan County, the Company sold 320 non-core acres for proceeds of $6,000,000. In addition, the Company sold 36.51% interest in one well in Midland County, Texas for proceeds of $60,000. In the third quarter of 2023, the Company sold a non-core 38.25-acre leasehold tract in Martin County, Texas for proceeds of $899,000 and sold 3 surface acres in Liberty County, Texas for net proceeds of $37,053. Also in the third quarter, in various counties of Oklahoma, the Company divested its interest in 39 wells, reducing its future plugging liability by approximately $1.5 million. Effective July 1, 2023, the Company acquired the operations of 36 wells from DE Permian and 50% of DE Permian’s original ownership in such wells. In addition, in Reagan County, Texas, the Company acquired 114.52 net acres from DE Permian for $1,700,853 and assigned to them 203.23 net acres. In the fourth quarter of 2023, the Company sold 136 surface acres in Oklahoma for net proceeds of $306,000 and in Midland Texas sold 9.35 net acres for proceeds of $280,423, recognizing a gain on sale of $1,921,000.

Note 2 - Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2024

Mergers, Acquisitions and Dispositions Disclosures [Text Block]

2. Acquisitions and Dispositions

2024 Transactions:

In the first quarter of 2024, the Company sold 48 net acres in Lea County, New Mexico, along with minor working interest in 23 non-operated wells, receiving gross proceeds of $375,600, and in the second quarter of 2024, sold an additional 12 net acres in Lea County for proceeds of $150,600 and sold 2.29 surface acres in Odessa, Texas for $68,036. Also in the second quarter of 2024, we farmed out certain acreage in east Texas for $55,000.

In the third quarter of 2024, acreage transactions included the acquisition of 100.27 net acres in Reagan County, Texas for a purchase price of $1,109,785 and another purchase of 281 net acres in Reagan County for $2,774,025. Also in the second quarter of 2024, we sold 7.8 surface acres in Midland County, Texas for proceeds of $427,760 and sold 44.58 net acres of leasehold interest in Roger Mills County Oklahoma for proceeds of $89,159. In New Mexico, we sold our remaining working interests in seven properties in Lea and Eddy Counties for $220,000. Effective September 1, 2024, the Company sold its interest in Eastern Oil Well Service Company, a south Texas well-servicing business, for net proceeds of $2,800,000, recognizing a gain on sale of $1,921,000.

2023 Transactions:

In the first quarter of 2023, the Company sold 7.8 surface acres in Midland County, Texas receiving gross proceeds of $436,050 and recognizing a gain of $47,000.

In the second quarter of 2023, the Company acquired 55 net acres in the South Stiles area of Reagan County, Texas for $605,000, and in a separate agreement also in Reagan County, the Company sold 320 non-core acres for proceeds of $6,000,000. In addition, the Company sold 36.51% interest in one well in Midland County, Texas for proceeds of $60,000.

In the third quarter of 2023, the Company sold a non-core 38.25-acre leasehold tract in Martin County, Texas for proceeds of $899,000 and sold 3 surface acres in Liberty County, Texas for net proceeds of $37,053. Also in the third quarter, in various counties of Oklahoma, the Company divested its interest in 39 wells, reducing its future plugging liability by approximately $1.5 million. Effective July 1, 2023, the Company acquired the operations of 36 wells from DE Permian and 50% of DE Permian’s original ownership in such wells. In addition, in Reagan County, Texas, the Company acquired 114.52 net acres from DE Permian for $1,700,853 and assigned to them 203.23 net acres.

In the fourth quarter of 2023, the Company sold 136 surface acres in Oklahoma for net proceeds of $306,000 and in Midland Texas sold 9.35 net acres for proceeds of $280,423, recognizing a gain on sale of $1,921,000.