Note 2 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2013

Leases, Operating [Abstract]

Operating Leases of Lessor Disclosure [Text Block]

Note 2.       Oil and Gas Leases

Results of oil and gas leasing activities for the year ending December 31, 2013 and 2012 are as follows:

	2013		2012
Gross revenues
Royalty interests	$	1,716,192	$	2,558,605
Working interests		--		--
Seismic and Lease Fees		91,128		259,001
		1,807,320		2,817,606
Production costs		114,204		219,224
Results before income tax expense		1,693,116		2,598,382
Estimated income tax expense (40%)		677,246		1,039,353
Results of operations from producing activities excluding corporate overhead	$	1,015,870	$	1,559,029

There were no major costs, with the exception of severance taxes, incurred in connection the Company's oil and gas leasing activities, which are located entirely within the United States, during the years ended December 31, 2013 and 2012.

Reserve quantities (unaudited):

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. Such reserves are located entirely within the United States. A schedule indicating such reserve quantities is, therefore, not presented. All oil and gas royalties come from Company owned properties that were developed and produced by producers under lease agreements.

Note 2.       Oil and Gas Leases (continued)

Company’s royalty and working interests share of oil and gas, exclusive of plant products, produced from leased properties:

	2013		2012
Net gas produced (MCF)		42,115		92,470
Net oil produced (Bbl)		12,765		19,543