-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Wz3k5EHdpylA+AwgPWZwV8tgUn3fWLyoJRZMQJMLagBLcNfFDrnqsypTnwkbIKSs
 QGH5Uerlrc0XEhzfA9sL9g==

<SEC-DOCUMENT>0001140361-08-012827.txt : 20080516
<SEC-HEADER>0001140361-08-012827.hdr.sgml : 20080516
<ACCEPTANCE-DATETIME>20080516125754
ACCESSION NUMBER:		0001140361-08-012827
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080512
FILED AS OF DATE:		20080516
DATE AS OF CHANGE:		20080516

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RESERVE PETROLEUM CO
		CENTRAL INDEX KEY:			0000083350
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				730237060
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		6801 N BROADWAY STE 300
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73116-9092
		BUSINESS PHONE:		4058487551

	MAIL ADDRESS:	
		STREET 1:		6801 NORTH BROADWAY
		STREET 2:		SUITE 300
		CITY:			OKLAHOMA
		STATE:			OK
		ZIP:			73116-9092

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FARMERS ROYALTY HOLDING CO
		DATE OF NAME CHANGE:	19751015

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MCLAIN MASON W
		CENTRAL INDEX KEY:			0001275429

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08157
		FILM NUMBER:		08841284

	BUSINESS ADDRESS:	
		STREET 1:		6801 N BROADWAY
		STREET 2:		STE 300
		CITY:			OKLAHOMA CITY
		STATE:			OK
		ZIP:			73116
		BUSINESS PHONE:		4058487551X306
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-05-12</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000083350</issuerCik>
        <issuerName>RESERVE PETROLEUM CO</issuerName>
        <issuerTradingSymbol>RSRV</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001275429</rptOwnerCik>
            <rptOwnerName>MCLAIN MASON W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3016 ROLLING STONE RD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>OKLAHOMA CITY</rptOwnerCity>
            <rptOwnerState>OK</rptOwnerState>
            <rptOwnerZipCode>73120</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-05-12</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>G</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>1035</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                    <footnoteId id="F1"/>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15186</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Gifted common stock to sons and daughters-in-law</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Mason W. McLain</signatureName>
        <signatureDate>2008-05-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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