Note 6 - Land Purchases and Sales

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Real Estate Disclosure [Text Block]

Note

6

:

      Land Purchases and Sales

Land Purchases

The Company did

not

purchase any lands during the years ended

December 31, 2018

and

2017.

However, in

2017

the Company did incur costs of

$76,432

to clear, survey and improve drainage on certain lands. These costs increase the value of the land and were

not

considered maintenance costs.

Land Sales

During the year ended

December 31, 2018,

the Company sold the following lands:

	+/-		Louisiana								Mineral
Quarter	Acres		Parish	Ownership			Land		Timber		Rights %
1st		17	Calcasieu		100	%	$	128,000		-		0	%
1st		20	Calcasieu		16.7	%	$	147,625		-		0	%
1st		211	Calcasieu		16.7	%	$	536,572		-		100	%
1st		76	Calcasieu		16.7	%	$	189,167		-		0	%

During the year ended

December 31, 2017,

the Company sold the following lands:

	+/-		Louisiana								Mineral
Quarter	Acres		Parish	Ownership			Land		Timber		Rights %
1st		1	Calcasieu		100	%	$	3,390		-		0	%
3rd		2	Calcasieu		16.7	%	$	888		-		0	%
3rd		44	Calcasieu		16.7	%	$	31,196		-		50	%
4th		0.4	Calcasieu		100	%	$	3,914		-		0	%

The

3rd

quarter sale of +/-

44

acres in Calcasieu parish was structured as a

1031

Exchange for income tax purposes. See Note

2

for more details. For the years ended

December 31, 2018

and

2017,

the gains on sales of land were

$881,654

and

$34,711,

respectively.