XML 25 R12.htm IDEA: XBRL DOCUMENT

Note 5 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2023

Note 5: Oil and Gas Leases

Results of oil and gas leasing activities for the years ended December 31, 2023 and 2022 are as follows:

	2023			2022
Gross revenues
Royalty interests	$	380,654		$	596,755
Lease fees		-			-
		380,654			596,755
Production costs		(41,677	)		(50,312	)
Results before income tax expense		338,977			546,443
Estimated income tax expense		(86,917	)		(140,155	)
Results of operations from producing activities excluding corporate overhead	$	252,060		$	406,288

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:

	2023		2022
Net gas produced (MCF)		8,976		14,891
Net oil produced (Bbl)		3,826		4,719