Consolidated Balance Sheets (Current Period Unaudited) - USD ($)		Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	[1]	$ 6,671,884	$ 7,299,224
Available-for-Sale Debt Securities	[1]	5,369,536	4,208,648
Equity Securities	[1]	2,790,105	2,302,959
Refundable Income Taxes	[1]	108,941	120,230
Accounts Receivable	[1]	1,666,056	2,318,183
Total Current Assets	[1]	16,606,522	16,249,244
Investments:
Equity Method Investments	[1]	2,815,349	2,469,644
Other Investments	[1]	4,785,053	5,085,806
Total Investments	[1]	7,600,402	7,555,450
Property, Plant and Equipment:
Unproved Properties	[1]	1,887,613	1,846,543
Proved Properties	[1]	65,965,768	65,328,501
Oil and Gas Properties, Gross	[1]	67,853,381	67,175,044
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance	[1]	(53,430,956)	(52,773,978)
Oil and Gas Properties, Net	[1]	14,422,425	14,401,066
Other Property and Equipment, at Cost	[1]	758,256	758,256
Less – Accumulated Depreciation	[1]	(265,679)	(236,883)
Other Property and Equipment, Net	[1]	492,577	521,373
Total Property, Plant and Equipment, Net	[1]	14,915,002	14,922,439
Total Assets	[1]	39,121,926	38,727,133
Current Liabilities:
Accounts Payable	[1]	325,231	399,735
Other Current Liabilities	[1]	17,430	75,675
Note Payable, Current Portion	[1]	137,866	136,637
Total Current Liabilities	[1]	480,527	612,047
Long-Term Liabilities:
Asset Retirement Obligation	[1]	2,821,685	2,809,257
Deferred Tax Liability, Net	[1]	1,741,508	1,619,595
Note Payable, Less Current Portion	[1]	1,265,808	1,300,872
Total Long-Term Liabilities	[1]	5,829,001	5,729,724
Total Liabilities	[1]	6,309,528	6,341,771
Commitments and Contingencies	[1]
Equity:
Common Stock	[1]	92,368	92,368
Additional Paid-in Capital	[1]	65,000	65,000
Retained Earnings	[1]	34,241,077	33,828,418
Equity Before Treasury Stock	[1]	34,398,445	33,985,786
Less – Treasury Stock, at Cost	[1]	(1,749,858)	(1,749,858)
Total Equity Applicable to The Reserve Petroleum Company	[1]	32,648,587	32,235,928
Non-Controlling Interests	[1]	163,811	149,434
Total Equity	[1]	32,812,398	32,385,362
Total Liabilities and Equity	[1]	$ 39,121,926	$ 38,727,133

[1] Amounts presented include balances held by our consolidated variable interest entities (“VIEs”), Grand Woods and TWS, as further discussed in Note 5 – Non-Controlling Interest and Variable Interest Entities. As of March 31, 2023, total assets and liabilities of Grand Woods, which are included in the consolidated balance sheets, were $2,222,323 and $1,403,674, respectively, including $50,495 of cash. Grand Woods noteholder has partial recourse to the Company. As of March 31, 2023, total assets and liabilities of TWS, which are included in the consolidated balance sheets, were $625,092 and $5,155, respectively, including $306,479 of cash.