BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 3,834,097	$ 2,762,676
Short-term investments	2,135,709	2,128,380
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2012 and 2011)	375,090	555,495
Income taxes receivable	73,069	21,169
Crude oil inventory	82,180	118,156
Prepaid expenses and other assets	257,370	255,846
Deferred Income taxes	264,400	262,500
TOTAL CURRENT ASSETS	7,021,915	6,104,222
PROPERTY AND EQUIPMENT, at cost:
Oil and gas properties and equipment (successful efforts method)	20,007,453	19,124,558
Capitalized asset retirement costs	425,978	401,242
Drilling and operating equipment	1,966,750	1,956,371
Land, buildings and improvements	1,098,918	1,073,918
Automotive, office and other property and equipment	1,202,544	1,192,118
Property, Plant and Equipment, Gross, Total	24,701,643	23,748,207
Less - accumulated depletion, depreciation, amortization and valuation allowances	(20,953,324)	(20,091,655)
TOTAL PROPERTY AND EQUIPMENT	3,748,319	3,656,552
OTHER ASSETS
Long-term investments	1,101,526	1,071,984
Deferred income taxes	621,800	781,600
Deposits	250,000	250,000
Other assets	17,380	17,380
TOTAL OTHER ASSETS	1,990,706	2,120,964
TOTAL ASSETS	12,760,940	11,881,738
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	226,759	88,494
Accrued professional fees	120,000	142,990
Accrued taxes, other than income taxes	70,407	77,471
Accrued payroll and related costs	58,954	51,252
Accrued royalties payable	204,509	224,810
Accrued insurance	94,116	82,428
Current maturities of long-term debt	0	32,285
TOTAL CURRENT LIABILITIES	774,745	699,730
LONG-TERM DEBT, net of current maturities	0	22,330
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS	1,327,861	1,278,889
TOTAL LIABILITES	2,102,606	2,000,949
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 11, 12 and 13) Authorized - 50,000,000 shares Issued and outstanding - 4,688,085 shares and 4,683,853 shares at December 31, 2012 and December 31, 2011, respectively	1,682,971	1,682,971
Retained earnings	8,975,363	8,197,818
TOTAL SHAREHOLDERS' EQUITY	10,658,334	9,880,789
TOTAL LIABILITES AND SHAREHOLDERS' EQUITY	$ 12,760,940	$ 11,881,738