Note 6 - Company Operations

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

Note 6.       Company Operations

The Company’s operations are classified into three principal operating segments that are all located in the United States: oil and gas, surface and timber. The Company’s reportable business segments are strategic business units that offer income from different products. They are managed separately due to the unique aspects of each area.

Note 6.       Company Operations (continued)

Following is a summary of segmented operations information for 2013 and 2012:

	2013			2012
Revenues
Oil and Gas	$	1,807,320		$	2,817,606
Surface		139,871			345,267
Timber		166,637			100,114
Total		2,113,828			3,262,987
Cost and Expenses
Oil and Gas		114,204			219,224
Surface		1,649			5,302
Timber		119,368			40,018
Total		235,221			264,544
Income from Operations
Oil and Gas		1,693,116			2,598,382
Surface		138,222			339,965
Timber		47,269			60,096
Total		1,878,607			2,998,443
Other Income (Expense) before Income Taxes		(492,992	)		(348,608	)
Income before Income Taxes		1,385,615			2,649,835
Identifiable Assets, net of accumulated depreciation and depletion
Oil and Gas		--			--
Surface		--			--
Timber		1,301,639			1,235,790
General Corporate Assets		11,744,967			11,349,630
Total		13,046,606			12,585,420
Capital Expenditures
Oil and Gas		--			--
Surface		--			--
Timber		161,004			98,174
General Corporate Assets		97,098			38,047
Total		258,102			136,221
Depreciation and Depletion
Oil and Gas		--			--
Agricultural		--			--
--Timber		95,155			9,128
General Corporate Assets		6,686			6,686
Total	$	101,841		$	15,814

There are no intersegment sales reported in the accompanying income statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates performance based on income or loss from operations before income taxes excluding nonrecurring gains and losses on securities held available-for-sale. Income before income tax represents net revenues less costs and expenses less other income and expenses of a general corporate nature. Identifiable assets by segment are those assets used solely in the Company's operations within that segment.

Note 6.       Company Operations (continued)

Revenue from five customers of the Company’s oil and gas segment represented approximately $759,000, $236,000, $177,000, $153,000, and $129,000, respectively, of the Company’s 2013 total revenue. In 2012, four oil and gas segment customers represented $1,324,000, $286,000, $216,000, and $179,000 respectively, of the Company’s total revenue.