Note 5 - Oil and Gas Leases

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

Note 5: Oil and Gas Leases

Results of oil and gas leasing activities for the years ended December 31, 2024 and 2023 are as follows:

	2024			2023
Gross revenues
Royalty interests	$	417,846		$	380,654
Lease fees		-			-
		417,846			380,654
Production costs		(46,436	)		(41,677	)
Results before income tax expense		371,410			338,977
Estimated income tax expense		(95,081	)		(86,917	)
Results of operations from producing activities excluding corporate overhead	$	276,329		$	252,060

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. A schedule indicating such reserve quantities is, therefore, not presented. Such reserves are located entirely within the United States. 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.