BALANCE SHEETS (USD $)	Jun. 30, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 4,152,665	$ 3,834,097
Short-term investments	2,138,406	2,135,709
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2013 and 2012)	467,160	375,090
Income taxes receivable	41,400	73,069
Crude oil inventory	83,582	82,180
Prepaid expenses and other assets	117,566	257,370
Deferred Income taxes	264,400	264,400
TOTAL CURRENT ASSETS	7,265,179	7,021,915
PROPERTY AND EQUIPMENT, at cost:
Oil and gas properties and equipment (successful efforts method)	20,063,740	20,007,453
Capitalized asset retirement costs	425,978	425,978
Drilling and operating equipment	2,058,744	1,966,750
Land, buildings and improvements	1,098,918	1,098,918
Automotive, office and other property and equipment	1,202,544	1,202,544
Property, Plant and Equipment, Gross, Total	24,849,924	24,701,643
Less - accumulated depletion, depreciation, amortization and valuation allowances	(21,215,120)	(20,953,324)
TOTAL PROPERTY AND EQUIPMENT	3,634,804	3,748,319
INVESTMENTS AND OTHER ASSETS
Long-term investments	1,116,493	1,101,526
Deferred income taxes	522,500	621,800
Deposits	250,000	250,000
Other assets	17,380	17,380
TOTAL INVESTMENTS OTHER ASSETS	1,906,373	1,990,706
TOTAL ASSETS	12,806,356	12,760,940
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	177,346	226,759
Accrued professional fees	84,604	120,000
Accrued taxes, other than income taxes	0	70,407
Accrued payroll and related costs	57,446	58,954
Accrued royalties payable	226,500	204,509
Accrued insurance	13,197	94,116
TOTAL CURRENT LIABILITIES	559,093	774,745
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS	1,346,172	1,327,861
TOTAL LIABILITES	1,905,265	2,102,606
COMMITMENTS AND CONTINGENCIES (Note 3)
SHAREHOLDERS' EQUITY:
Preferred stock, no par value Authorized - 10,000,000 shares Issued and outstanding - none	0	0
Common stock, no par value Authorized - 50,000,000 shares Issued and outstanding - 4,688,085 shares	1,682,971	1,682,971
Retained earnings	9,218,120	8,975,363
TOTAL SHAREHOLDERS' EQUITY	10,901,091	10,658,334
TOTAL LIABILITES AND SHAREHOLDERS' EQUITY	$ 12,806,356	$ 12,760,940