Consolidated Balance Sheets - USD ($)		Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	[1]	$ 5,813,110	$ 5,218,474
Available-for-Sale Debt Securities	[1]	0	2,220,901
Equity Securities	[1]	2,764,073	2,664,066
Refundable Income Taxes	[1]	614,025	317,755
Accounts Receivable	[1]	2,184,635	2,366,663
Total Current Assets	[1]	11,375,843	12,787,859
Investments:
Equity Method Investments	[1]	2,810,745	2,818,790
Other Investments	[1]	5,553,553	5,332,553
Total Investments	[1]	8,364,298	8,151,343
Property, Plant and Equipment:
Unproved Properties	[1]	4,906,773	3,403,051
Proved Properties	[1]	70,976,987	69,152,923
Oil and Gas Properties, Gross	[1]	75,883,760	72,555,974
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance	[1]	(58,070,746)	(57,622,564)
Oil and Gas Properties, Net	[1]	17,813,014	14,933,410
Other Property and Equipment, at Cost	[1]	833,681	820,965
Less – Accumulated Depreciation	[1]	(339,502)	(306,587)
Other Property and Equipment, Net	[1]	494,179	514,378
Total Property, Plant and Equipment, Net	[1]	18,307,193	15,447,788
Total Assets	[1]	38,047,334	36,386,990
Current Liabilities:
Accounts Payable	[1]	1,182,001	537,796
Other Current Liabilities	[1]	59,147	12,839
Note Payable, Current Portion	[1]	143,704	142,136
Total Current Liabilities	[1]	1,384,852	692,771
Long-Term Liabilities:
Asset Retirement Obligation	[1]	2,220,023	2,566,368
Deferred Tax Liability, Net	[1]	1,966,506	1,219,511
Note Payable, Less Current Portion	[1]	1,122,104	1,158,736
Total Long-Term Liabilities	[1]	5,308,633	4,944,615
Total Liabilities	[1]	6,693,485	5,637,386
Equity:
Common Stock	[1]	92,368	92,368
Additional Paid-in Capital	[1]	65,000	65,000
Retained Earnings	[1]	32,949,074	32,212,066
Equity Before Treasury Stock	[1]	33,106,442	32,369,434
Less – Treasury Stock, at Cost	[1]	(1,946,547)	(1,820,527)
Total Equity Applicable to The Reserve Petroleum Company	[1]	31,159,895	30,548,907
Non-Controlling Interests	[1]	193,954	200,697
Total Equity	[1]	31,353,849	30,749,604
Total Liabilities and Equity	[1]	$ 38,047,334	$ 36,386,990

[1] At March 31, 2024 and December 31, 2023, includes approximately $3,130,642 and $2,768,756, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $1,310,615 and $1,301,270, respectively, of liabilities of consolidated variable interest entities for which creditors do have partial recourse to the general credit of the Company. For more information, see Note 5 – Non-Controlling Interest and Variable Interest Entities.