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Note 3 - Oil and Gas Leases
 12 Months Ended
Dec. 31, 2011
Operating Leases of Lessor Disclosure [Text Block]
Note 3. 
Oil and Gas Leases

Results of oil and gas leasing activities for the year ending December 31, 2011 and 2010 are as follows:

   
2011
   
2010
 
Gross revenues
           
Royalty interests
  $ 1,537,876     $ 1,163,442  
Working interests
    129       2,670  
Seismic and Lease Fees
    264,200       240,010  
      1,802,205       1,406,122  
Production costs
    138,801       105,490  
Results before income tax expense
    1,663,404       1,300,632  
Estimated income tax expense (40%)
    665,362       520,253  
Results of operations from  producing activities excluding corporate overhead
  $  998,042     $ 780,379  

There were no major costs, with the exception of severance taxes, incurred in connection the Company's oil and gas leasing activities, which are located entirely within the United States, during the years ended December 31, 2011 and 2010.

Reserve quantities (unaudited):

Reserve information relating to estimated quantities of the Company's interest in proved reserves of natural gas and crude including condensate and natural gas liquids is not available.  Such reserves are located entirely within the United States.  A schedule indicating such reserve quantities is, therefore, not presented.  All oil and gas royalties come from Company owned properties that were developed and produced by producers under lease agreements.

Company’s royalty and working interests share of oil and gas, exclusive of plant products, produced from leased properties:

   
2011
   
2010
 
             
Net gas produced (MCF)
    70,105       72,353  
Net oil produced (Bbl)
    9,801       11,257