BALANCE SHEETS (USD $)	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 2,762,676	$ 1,535,532
Short-term investments	3,200,364	3,058,528
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2011 and 2010)	549,476	508,457
Joint interest billing receivable	6,019	0
Income taxes receivable	21,169	0
Crude oil inventory	118,156	86,361
Prepaid expenses and other assets	255,846	230,876
Deferred Income taxes	262,500	245,100
TOTAL CURRENT ASSETS	7,176,206	5,664,854
PROPERTY AND EQUIPMENT, at cost:
Oil and gas properties and equipment (successful efforts method)	19,124,558	18,101,529
Capitalized asset retirement costs	401,242	389,463
Drilling and operating equipment	1,956,371	1,946,805
Land, buildings and improvements	1,073,918	1,066,571
Automotive, office and other property and equipment	1,192,118	1,182,613
Property, Plant and Equipment, Gross, Total	23,748,207	22,686,981
Less - accumulated depletion, depreciation, amortization and valuation allowances	(20,091,655)	(18,687,908)
TOTAL PROPERTY AND EQUIPMENT	3,656,552	3,999,073
OTHER ASSETS
Deferred income taxes	781,600	708,500
Deposits	250,000	250,000
Other assets	17,380	7,380
TOTAL OTHER ASSETS	1,048,980	965,880
TOTAL ASSETS	11,881,738	10,629,807
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	88,494	73,374
Accrued professional fees	142,990	122,506
Accrued taxes, other than income taxes	77,471	63,361
Accrued payroll and related costs	51,252	60,365
Accrued royalties payable	224,810	193,052
Accrued insurance	82,428	86,888
Accrued income taxes	0	12,800
Current maturities of long-term debt	32,285	13,473
TOTAL CURRENT LIABILITIES	699,730	625,819
LONG-TERM DEBT, net of current maturities	22,330	26,946
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS	1,278,889	1,235,193
TOTAL LIABILITES	2,000,949	1,887,958
COMMITMENTS AND CONTINGENCIES (Note 7)
SHAREHOLDERS' EQUITY:
Preferred stock, no par value Authorized - 10,000,000 shares Issued and outstanding - none	0	0
Common stock, no par value (Note 5, 11, 12 and 13) Authorized - 50,000,000 shares Issued and outstanding - 4,683,853 shares and 4,677,728 shares at December 31, 2011 and December 31, 2010, respectively	1,682,971	1,639,228
Retained earnings	8,197,818	7,102,621
TOTAL SHAREHOLDERS' EQUITY	9,880,789	8,741,849
TOTAL LIABILITES AND SHAREHOLDERS' EQUITY	$ 11,881,738	$ 10,629,807