BALANCE SHEETS (USD $)	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 3,213,023	$ 2,762,676
Short-term investments	2,132,644	2,128,380
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2012 and 2011)	358,945	549,476
Joint interest billing receivable	3,235	6,019
Income taxes receivable	23,669	21,169
Crude oil inventory	116,168	118,156
Prepaid expenses and other assets	113,352	255,846
Deferred Income taxes	262,500	262,500
TOTAL CURRENT ASSETS	6,223,536	6,104,222
PROPERTY AND EQUIPMENT, at cost:
Oil and gas properties and equipment (successful efforts method)	19,847,970	19,124,558
Capitalized asset retirement costs	409,338	401,242
Drilling and operating equipment	1,966,750	1,956,371
Land, buildings and improvements	1,073,918	1,073,918
Automotive, office and other property and equipment	1,228,147	1,192,118
Property, Plant and Equipment, Gross, Total	24,526,123	23,748,207
Less - accumulated depletion, depreciation, amortization and valuation allowances	(20,459,549)	(20,091,655)
TOTAL PROPERTY AND EQUIPMENT	4,066,574	3,656,552
INVESTMENTS AND OTHER ASSETS
Long-term investments	1,086,311	1,071,984
Deferred income taxes	680,700	781,600
Deposits	250,000	250,000
Other assets	17,380	17,380
TOTAL INVESTMENTS OTHER ASSETS	2,034,391	2,120,964
TOTAL ASSETS	12,324,501	11,881,738
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	98,430	88,494
Accrued professional fees	100,834	142,990
Accrued taxes, other than income taxes	0	77,471
Accrued payroll and related costs	51,968	51,252
Accrued royalties payable	189,753	224,810
Accrued insurance	13,928	82,428
Current maturities of long-term debt	22,330	32,285
TOTAL CURRENT LIABILITIES	477,243	699,730
Long-term debt, net of current maturities	0	22,330
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS	1,305,802	1,278,889
TOTAL LIABILITIES	1,783,045	2,000,949
COMMITMENTS AND CONTINGENCIES (Note 4)
SHAREHOLDERS' EQUITY:
Preferred stock, no par value Authorized - 10,000,000 shares Issued and outstanding - none	0	0
Common stock, no par value (Note 6, 8 and 10) Authorized - 50,000,000 shares Issued and outstanding - 4,683,853 shares	1,682,971	1,682,971
Retained earnings	8,858,485	8,197,818
TOTAL SHAREHOLDERS' EQUITY	10,541,456	9,880,789
TOTAL LIABILITES AND SHAREHOLDERS' EQUITY	$ 12,324,501	$ 11,881,738