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Note 5 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2021

Note 5: Oil and Gas Leases

Results of oil and gas leasing activities for the years ended December 31, 2021 and 2020 are as follows:

	2021			2020
Gross revenues
Royalty interests	$	364,907		$	257,247
Lease fees		-			5,882
		364,907			263,129
Production costs		(41,685	)		(29,379	)
Results before income tax expense		323,222			233,750
Estimated income tax expense		(93,734	)		(67,788	)
Results of operations from producing activities excluding corporate overhead	$	229,488		$	165,962

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.

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

	2021		2020
Net gas produced (MCF)		10,410		12,376
Net oil produced (Bbl)		5,072		5,043