Note 12 - Certain Relationships and Related Transactions

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

Note

12

–

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

The Company is affiliated by common management and ownership with Mesquite Minerals, Inc. (Mesquite), Mid-American Oil Company (Mid-American) and Lochbuie Limited Liability Company (LLTD). The Company also owns interests in certain producing and non-producing oil and gas properties as tenants in common with Mesquite, Mid-American and LLTD.

Mesquite, Mid-American and LLTD share facilities and employees including executive officers with the Company. The Company has been reimbursed for services, facilities, and miscellaneous business expenses incurred in

2019

in the amount of

$199,116

each by Mesquite, Mid-American and LLTD. Reimbursements in

2018

were

$192,629

each by Mesquite, Mid-American and LLTD. Included in the

2019

amounts, Mesquite, Mid-American and LLTD each paid

$135,778

for their share of salaries. In

2018,

the share of salaries paid by Mesquite, Mid-American and LLTD was

$135,693

each.