Note 3 - Company Operations

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note

3.

      Company Operations

The Company’s operations are classified into

three

principal operating segments that are all located in the United States: oil and gas, timber and surface. 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.

Following is a summary of segmented operations information for the quarter ended

March

31,

2017

and

2016,

respectively:

	2017			2016
Revenues
Oil and Gas	$	181,669		$	91,721
Timber		--			112,835
Surface		17,102			83,752
Total		198,771			288,308
Cost and Expenses
Oil and Gas		12,966			10,733
Timber		--			5,793
Surface		9,611			1,397
Total		22,577			17,923
Income from Operations
Oil and Gas		168,703			80,988
Timber		--			107,042
Surface		7,491			82,355
Total		176,194			270,385
Other Income (Expense) before Income Taxes		(136,774	)		(123,206	)
Income before Income Taxes		39,420			147,179

	2017		2016
Identifiable Assets, net of accumulated depreciation and depletion
Oil and Gas		--		--
Timber		2,083,408		1,563,858
Surface		--		--
General Corporate Assets		12,414,659		12,829,478
Total		14,498,067		14,393,336
Capital Expenditures
Oil and Gas		--		--
Timber		11,040		19,521
Surface		--		--
General Corporate Assets		--		59,639
Total		11,040		79,160
Depreciation and Depletion
Oil and Gas		--		--
Timber		--		1,751
Surface		--		--
General Corporate Assets		234		--
Total	$	234	$	1,751

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 in the Company’s Form

10

-K for the year ended

December

31,

2016.

The Company evaluates performance based on income or loss from operations before income taxes excluding any 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.

Revenue from customers representing

5%

or more of total revenue for the quarter ended

March

31,

2017

and

2016,

respectively are:

Count	2017		2016
1	$	41,884	$	112,800
2		34,137		63,400
3		23,215		25,900
4		13,039		20,000
5		13,028		16,600
6		12,795		15,600