Note 8 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

Note

8

:

      Oil and Gas Leases

Results of oil and gas leasing activities for the year ending

December 31, 2018

and

2017

are as follows:

	2018		2017
Gross revenues
Royalty interests	$	4,487	$	588,121
Lease fees		576,976		21,001
		581,463		609,122
Production costs		63,231		62,315
Results before income tax expense		518,232		546,807
Estimated income tax expense		150,287		169,510
Results of operations from producing activities excluding corporate overhead	$	367,945	$	377,297

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, 2018

and

2017.

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, unrelated to Company, under oil and gas mineral lease agreements.

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

	2018		2017
Net gas produced (MCF)		25,776		42,927
Net oil produced (Bbl)		6,956		8,169