|
Statements of Income (Unaudited) (USD $)
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Revenues: |
|
|
| Oil and gas |
$ 230,222 |
$ 419,572 |
| Timber |
0 |
0 |
| Surface |
22,719 |
198,740 |
| Total revenues |
252,941 |
618,312 |
| Costs and Expenses: |
|
|
| Oil and gas production |
16,136 |
24,904 |
| Timber |
336 |
|
| Surface |
575 |
13 |
| General and administrative |
120,792 |
119,607 |
| Depreciation and depletion |
|
1,671 |
| Total cost and expenses |
137,839 |
146,195 |
| Income from operations |
115,102 |
472,117 |
| Other Income (Expense): |
|
|
| Interest income |
4,297 |
4,071 |
| Gain on sale of land |
1,498 |
|
| Net other income (expense) |
5,795 |
4,071 |
| Income before income taxes |
120,897 |
476,188 |
| Federal and State Income Taxes: |
|
|
| Current |
31,883 |
155,029 |
| Total income taxes |
31,883 |
155,029 |
| Net Income |
$ 89,014 |
$ 321,159 |
| Per Common Stock (1,942,495 shares): |
|
|
| Net Income (in dollars per share) |
$ 0.05 |
$ 0.17 |
| Dividends (in dollars per share) |
$ 0.07 |
$ 0.07 |