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Note 2 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2016

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,

2016

and

2015

are as follows:

		2016				2015
Gross revenues
Royalty interests		$	488,947			$	772,212
Lease fees			21,909				13,992
			510,856				786,204
Production costs			47,212				70,240
Results before income tax expense			463,644				715,964
Estimated income tax expense			97,365				286,386
Results of operations from producing activities excluding corporate overhead		$	366,279			$	429,578

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,

2016

and

2015.

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:

		2016				2015
Net gas produced (MCF)			48,959				50,304
Net oil produced (Bbl)			8,447				11,145

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- Definition

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41460-112716

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-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
-SubTopic 235
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61901-109447

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695

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