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Note 5 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2022

Note 5: Oil and Gas Leases

Results of oil and gas leasing activities for the years ended December 31, 2022 and 2021 are as follows:

	2022			2021
Gross revenues
Royalty interests	$	596,755		$	364,907
Lease fees		-			-
		596,755			364,907
Production costs		(50,312	)		(41,685	)
Results before income tax expense		546,443			323,222
Estimated income tax expense		(140,155	)		(93,734	)
Results of operations from producing activities excluding corporate overhead	$	406,288		$	229,488

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. A schedule indicating such reserve quantities is, therefore, not presented. Such reserves are located entirely within the United States. 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:

	2022		2021
Net gas produced (MCF)		14,891		10,410
Net oil produced (Bbl)		4,719		5,072