Note 3 - Oil and Gas Properties

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Oil and Gas Properties [Text Block]

NOTE 3 – OIL AND GAS PROPERTIES

On September 6, 2023, the Company entered into a Purchase and Sale Agreement (“PSA”) with NJW Oklahoma Acquisitions Company, Inc. a wholly-owned subsidiary of Nash Oil, Gas, and Power, Inc. (“NJW”). Under the terms of the PSA, the Company will acquire leases and related assets to certain oil and gas wells located in Noble, Kay, Payne and Pawnee, Oklahoma as more fully described in the PSA (the “Ambassador Project”) in addition to the working interests therein. Under the PSA the Company is obligated to make a cash payment of $6,500,000 and payment of approximately $100,000 for bonds required by the Bureau of Indian Affairs and Bureau of Land Management.

Oil and gas properties, unproved at September 30, 2023 and December 31, 2022 consisted of the following:

	Balance		Balance
Account	12/31/2022		9/30/2023
Leasehold Improvements - Chico Rica, LLC	$	40,000	$	40,000
Leasehold Improvements - Undeveloped		62,596		62,596
Lease Acquisition and Development Costs - Logan County		1,358,078		1,695,837
Total oil and gas properties, unproved	$	1,460,674	$	1,798,433