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Note 2 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Operating Leases of Lessor Disclosure [Text Block]

Note 2.     Oil and Gas Leases

Results of oil and gas leasing activities for the year ending December 31, 2015 and 2014 are as follows:

		2015				20 14
Gross revenues
Royalty interests		$	772,212			$	1,366,281
Lease Fees			13,992				117,499
			786,204				1,483,780
Production costs			70,240				97,702
Results before income tax expense			715,964				1,386,078
Estimated income tax expense (40%)			286,386				554,431
Results of operations from producing activities excluding corporate overhead		$	429,578			$	831,647

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, 2015 and 2014.

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, unrelated to Company, under oil and gas mineral lease agreements.

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

		2015				2014
Net gas produced (MCF)			50,304				46,457
Net oil produced (Bbl)			11,145				10,593

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The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41457-112716

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-Name Accounting Standards Codification
-Topic 840
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41460-112716

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37051-112695

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
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-URI http://asc.fasb.org/extlink&oid=51678428&loc=d3e61901-109447

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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695

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