Note 6 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2018			2017
Assets:
Net Leasehold Impairment Reserves	$	127,906		$	189,867
Gas Balance Receivable		32,352			32,352
Long-Lived Asset Impairment		936,272			945,399
Deferred Geological and Geophysical Expense		38,367			47,539
Other		224,670			266,141
Total Assets		1,359,567			1,481,298
Liabilities:
Receivables		72,807			59,561
Intangible Drilling Costs		1,741,413			1,614,470
Depletion, Depreciation and Other		755,618			725,317
Total Liabilities		2,569,838			2,399,348
Net Deferred Tax Liability	$	(1,210,271	)	$	(918,050	)

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Year Ended December 31,
	2018			2017
Current Tax Provision/(Benefit):
Federal	$	96,443		$	10,362
State		(784	)		167
Total Current Provision		95,659			10,529
Deferred Tax Provision/(Benefit)		292,221			(593,111	)
Total Provision/(Benefit)	$	387,880		$	(582,582	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Year Ended December 31,
	2018			2017
Computed Federal Tax Provision	$	567,330		$	35,035
Increase (Decrease) in Tax From:
Allowable Depletion in Excess of Basis		(192,979	)		(51,533	)
Dividend Received Deduction		(305	)		(618	)
State Income Tax Provision/(Benefit)		784			(167	)
Federal Income Tax Rate Change		---			(577,797	)
Other		13,050			12,498
Income Tax Provision/(Benefit)	$	387,880		$	(582,582	)
Effective Tax Rate		14	%		5	%