Note 11 - Major Customers

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Concentration Risk Disclosure [Text Block]

NOTE

11.

Major Customers

Lion Oil Trading and Transportation, LLC purchased approximately

98%

of the Company's crude oil, natural gas and natural gas liquids during the period from

August 22, 2020

through

December 31, 2020.

Lion Oil Trading and Transportation, LLC and Enlink Crude Purchasing, LLC purchased approximately

49%

and

44%,

respectively, of the Company's crude oil, natural gas and natural gas liquids during the period from

January 1, 2020

through

August 21, 2020.

Based on the current demand for oil and natural gas and the availability of other purchasers, management believes the loss of these major purchasers would

not

have a material adverse effect on our financial condition and results of operations because crude oil and natural gas are fungible products with well-established markets and numerous purchasers.