Note 13 - Subsequent Events, Risks and Uncertainties

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

Note

13

–

SUBSEQUENT EVENTS, RISKS AND UNCERTAINTIES

The Company’s impairment assessment of proved and unproved properties is based on several factors including oil and gas spot market prices and estimated futures prices that existed at

December 

31,

2019.

On

March 

8,

2020,

crude oil prices in both the spot market and futures market experienced significant declines. The Company’s

2019

financial statements are

not

required to be, and have

not

been, adjusted to reflect any effects on depreciation, depletion and amortization or impairment due to the subsequent declines in crude oil prices. Further, the effect of lower crude prices on the Company’s future financial position or results of operations is

not

currently determinable due to broader economic and industry uncertainties, including the impact to the operators and other working interest owners of the properties in which the Company owns interests.