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Note 5 - Oil and Gas Leases | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Lessor, Operating Leases [Text Block] |
Note 5: | Oil and Gas Leases
Results of oil and gas leasing activities for the years ended December 31, 2024 and 2023 are as follows:
|  | 2024 |  |  | 2023 |
Gross revenues |  |  |  |  |  |  |  |
Royalty interests |  | $ | 417,846 |  |  | $ | 380,654 |
Lease fees |  |  | - |  |  |  | - |
|  |  | 417,846 |  |  |  | 380,654 |
Production costs |  |  | (46,436 | ) |  |  | (41,677 | )
Results before income tax expense |  |  | 371,410 |  |  |  | 338,977 |
Estimated income tax expense |  |  | (95,081 | ) |  |  | (86,917 | )
Results of operations from producing activities excluding corporate overhead |  | $ | 276,329 |  |  | $ | 252,060 |
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.

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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