BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 4,555,645	$ 4,404,246
Restricted cash	0	967,329
Short-term investments	2,141,887	2,140,822
Trade accounts receivable (net of reserve for doubtful accounts of $4,000 in 2014 and 2013)	448,168	484,468
Income taxes receivable	537,400	12,400
Crude oil inventory	74,607	102,334
Prepaid expenses and other assets	201,925	249,030
Deferred Income taxes	281,700	711,800
TOTAL CURRENT ASSETS	8,241,332	9,072,429
PROPERTY AND EQUIPMENT, at cost:
Oil and gas properties and equipment (successful efforts method)	19,883,190	19,883,190
Capitalized asset retirement costs	412,612	412,612
Drilling and operating equipment	2,058,744	2,058,744
Land, buildings and improvements	1,098,918	1,098,918
Automotive, office and other property and equipment	1,136,566	1,136,566
Property, Plant and Equipment, Gross, Total	24,590,030	24,590,030
Less - accumulated depletion, depreciation, amortization and valuation allowances	(21,439,883)	(21,335,914)
TOTAL PROPERTY AND EQUIPMENT	3,150,147	3,254,116
INVESTMENTS AND OTHER ASSETS
Long-term investments	1,139,149	1,131,707
Deferred income taxes	413,500	459,900
Deposits	250,000	250,000
Other assets	11,380	11,380
TOTAL INVESTMENTS AND OTHER ASSETS	1,814,029	1,852,987
TOTAL ASSETS	13,205,508	14,179,532
CURRENT LIABILITIES:
Accounts payable	351,836	290,930
Accrued professional fees	26,893	140,711
Accrued taxes, other than income taxes	54,444	54,444
Accrued payroll and related costs	56,010	40,932
Accrued royalties payable	227,457	226,502
Accrued insurance	69,838	113,480
Liability for deferred compensation	282,314	1,026,655
TOTAL CURRENT LIABILITIES	1,068,792	1,893,654
LIABILITY FOR ASSET RETIREMENT OBLIGATIONS	1,315,279	1,305,862
TOTAL LIABILITIES	2,384,071	3,199,516
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 Authorized - 50,000,000 shares Issued and outstanding - 4,688,085 shares	1,847,384	1,847,384
Retained earnings	8,974,053	9,132,632
TOTAL SHAREHOLDERS' EQUITY	10,821,437	10,980,016
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 13,205,508	$ 14,179,532