Note 7 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

Note

7

:      Oil and Gas Leases

Results of oil and gas leasing activities for the year ending

December 31, 2019

and

2018

are as follows:

	2019		2018
Gross revenues
Royalty interests	$	500,426	$	576,976
Lease fees		22,901		4,487
		523,327		581,463
Production costs		57,454		63,231
Results before income tax expense		465,873		518,232
Estimated income tax expense		135,103		150,287
Results of operations from producing activities excluding corporate overhead	$	330,770	$	367,945

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, 2019

and

2018.

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:

	2019		2018
Net gas produced (MCF)		32,107		25,776
Net oil produced (Bbl)		6,272		6,956