Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue Recognition [Abstract]

REVENUE RECOGNITION

Note 2 – REVENUE RECOGNITION

A portion of oil and natural gas sales recorded in the consolidated statements of income are the result of estimated volumes and pricing for oil and natural gas payments not yet received for the period. For the three months ended March 31, 2024 and 2023, that estimate represented $1,702,565 and $1,580,027, respectively, of oil and natural gas sales included in the consolidated statements of income.

The Company’s disaggregated revenue has two primary revenue sources, which are oil sales and natural gas sales.

The following is an analysis of the components of oil and natural gas sales:

	Three Months Ended March 31,
	2024		2023
Oil Sales	$	2,450,164	$	2,344,037
Natural Gas Sales	514,345		535,401
Miscellaneous Oil and Gas Product Sales	47,133		56,003
	$	3,011,642	$	2,935,441