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Note 5 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024 are as follows:

		2025				2024
Gross revenues
Royalty interests		$	415,469			$	417,846
Lease fees			-				-
			415,469				417,846
Production costs			(36,228	)			(46,436	)
Results before income tax expense			379,241				371,410
Estimated income tax expense			(97,086	)			(95,081	)
Results of operations from producing activities excluding corporate overhead		$	282,155			$	276,329

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.