Note 6 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	December 31,
	2019			2018
Assets:
Net Leasehold Impairment Reserves	$	257,389		$	127,906
Gas Balance Receivable		32,352			32,352
Long-Lived Asset Impairment		806,364			936,272
Deferred Geological and Geophysical Expense		17,087			38,367
Other		318,734			224,670
Total Assets		1,431,926			1,359,567
Liabilities:
Receivables		76,891			72,807
Intangible Drilling Costs		1,546,222			1,741,413
Depletion, Depreciation and Other		726,178			755,618
Total Liabilities		2,349,291			2,569,838
Net Deferred Tax Liability	$	(917,365	)	$	(1,210,271	)

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

	Year Ended December 31,
	2019			2018
Current Tax Provision/(Benefit):
Federal	$	68,198		$	96,443
State		1,633			(784	)
Total Current Provision		69,831			95,659
Deferred Tax Provision/(Benefit)		(292,906	)		292,221
Total Provision/(Benefit)	$	(223,075	)	$	387,880

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

	Year Ended December 31,
	2019			2018
Computed Federal Tax Provision/(Benefit)	$	(102,866	)	$	567,330
Increase (Decrease) in Tax From:
Allowable Depletion in Excess of Basis		(60,224	)		(192,979	)
Dividend Received Deduction		(4,443	)		(305	)
State Income Tax Provision/(Benefit)		(1,633	)		784
Other		(53,909	)		13,050
Income Tax Provision/(Benefit)	$	(223,075	)	$	387,880
Effective Tax Rate		46	%		14	%