Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Aug. 08, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'RESERVE PETROLEUM CO | ' |
Entity Central Index Key | '0000083350 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 158,826 |
Entity Common Stock, Par Value Per Share | $0.50 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
BALANCE_SHEETS_Unaudited
BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash and Cash Equivalents | $12,640,482 | $10,764,506 |
Available-for-Sale Securities | 6,654,786 | 6,653,823 |
Trading Securities | 581,540 | 586,708 |
Refundable Income Taxes | 183,436 | 336,620 |
Receivables | 2,342,569 | 2,449,048 |
Prepaid Seismic | ' | 6,232 |
[AssetsCurrent] | 22,402,813 | 20,796,937 |
Investments: | ' | ' |
Equity Investment | 383,073 | 613,558 |
Other | 151,839 | 151,839 |
[LongTermInvestments] | 534,912 | 765,397 |
Oil and Gas Properties, at Cost, Based on the Successful Efforts Method of Accounting - | ' | ' |
Unproved Properties | 1,696,270 | 1,601,180 |
Proved Properties | 49,328,166 | 47,968,895 |
[OilAndGasPropertySuccessfulEffortMethodGross] | 51,024,436 | 49,570,075 |
Less - Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | 33,041,240 | 31,170,203 |
[OilAndGasPropertySuccessfulEffortMethodNet] | 17,983,196 | 18,399,872 |
Other Property and Equipment, at Cost | 434,549 | 427,056 |
Less - Accumulated Depreciation | 323,913 | 305,302 |
[PropertyPlantAndEquipmentOther] | 110,636 | 121,754 |
Total Property, Plant and Equipment | 18,093,832 | 18,521,626 |
Other Assets | 377,255 | 376,982 |
Total Assets | 41,408,812 | 40,460,942 |
Current Liabilities: | ' | ' |
Accounts Payable | 481,539 | 367,622 |
Other Current Liabilities - Deferred Income Taxes and Other | 406,644 | 337,624 |
[LiabilitiesCurrent] | 888,183 | 705,246 |
Long-Term Liabilities: | ' | ' |
Asset Retirement Obligation | 1,559,186 | 1,510,864 |
Dividends Payable | 1,528,033 | 1,369,966 |
Deferred Tax Liability, Net | 3,338,462 | 3,548,035 |
[LiabilitiesNoncurrent] | 6,425,681 | 6,428,865 |
Total Liabilities | 7,313,864 | 7,134,111 |
Stockholders' Equity: | ' | ' |
Common Stock | 92,368 | 92,368 |
Additional Paid-in Capital | 65,000 | 65,000 |
Retained Earnings | 35,229,550 | 34,363,292 |
[StockholdersEquityBeforeTreasuryStock] | 35,386,918 | 34,520,660 |
Less - Treasury Stock, at Cost | 1,291,970 | 1,193,829 |
Total Stockholders' Equity | 34,094,948 | 33,326,831 |
Total Liabilities and Stockholders' Equity | $41,408,812 | $40,460,942 |
STATEMENTS_OF_INCOME_Unaudited
STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating Revenues: | ' | ' | ' | ' |
Oil and Gas Sales | $5,103,967 | $4,956,399 | $10,379,177 | $8,780,715 |
Lease Bonuses and Other | 414,592 | 135,604 | 615,534 | 157,673 |
[OilAndGasRevenue] | 5,518,559 | 5,092,003 | 10,994,711 | 8,938,388 |
Operating Costs and Expenses: | ' | ' | ' | ' |
Production | 817,889 | 681,933 | 1,662,489 | 1,409,438 |
Exploration | 559,906 | 53,677 | 1,217,377 | 295,480 |
Depreciation, Depletion, Amortization and Valuation Provisions | 1,102,494 | 923,338 | 1,970,126 | 1,796,293 |
General, Administrative and Other | 433,423 | 408,941 | 871,664 | 840,912 |
[OperatingExpenses] | 2,913,712 | 2,067,889 | 5,721,656 | 4,342,123 |
Income from Operations | 2,604,847 | 3,024,114 | 5,273,055 | 4,596,265 |
Other Income, Net | 211,357 | 108,004 | 195,799 | 162,369 |
Income Before Provision for Income Taxes | 2,816,204 | 3,132,118 | 5,468,854 | 4,758,634 |
Income Tax Provision/(Benefit): | ' | ' | ' | ' |
Current | 720,433 | 328,624 | 1,623,195 | 556,334 |
Deferred | 24,262 | 549,847 | -200,553 | 705,642 |
Total Provision for Income Taxes | 744,695 | 878,471 | 1,422,642 | 1,261,976 |
Net Income | $2,071,509 | $2,253,647 | $4,046,212 | $3,496,658 |
Per Share Data: | ' | ' | ' | ' |
Net Income, Basic and Diluted | $13.03 | $14.04 | $25.43 | $21.77 |
Cash Dividends Declared and/or Paid | $20 | $10 | $20 | $10 |
Weighted Average Shares Outstanding, Basic and Diluted | 159,006 | 160,532 | 159,116 | 160,639 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Condensed Statements Of Cash Flows | ' | ' |
Net Cash Provided by Operating Activities | $7,216,668 | $5,457,450 |
Cash Flows Applied to Investing Activities: | ' | ' |
Purchase of Available-for-Sale Securities | -6,654,786 | -6,653,721 |
Maturity of Available-for-Sale Securities | 6,653,823 | 6,652,589 |
Proceeds from Disposal of Property, Plant and Equipment | 21,188 | 43,007 |
Purchase of Property, Plant and Equipment | -2,528,483 | -3,550,216 |
Cash Distribution from Equity Investee | 287,595 | 16,500 |
Net Cash Applied to Investing Activities | -2,220,663 | -3,491,841 |
Cash Flows Applied to Financing Activities: | ' | ' |
Dividends Paid to Stockholders | -3,021,888 | -1,530,833 |
Purchase of Treasury Stock | -98,141 | -167,080 |
Total Cash Applied to Financing Activities | -3,120,029 | -1,697,913 |
Net Change in Cash and Cash Equivalents | 1,875,976 | 267,696 |
Cash and Cash Equivalents at Beginning of Period | 10,764,506 | 10,842,311 |
Cash and Cash Equivalents at End of Period | $12,640,482 | $11,110,007 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
Basis Of Presentation | ' |
BASIS OF PRESENTATION | ' |
Note 1 – BASIS OF PRESENTATION | |
The accompanying balance sheet as of December 31, 2013, which has been derived from audited financial statements, the unaudited interim financial statements and these notes, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain disclosures normally included in financial statements prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) have been omitted. The accompanying financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
In the opinion of Management, the accompanying financial statements reflect all adjustments (consisting of normal recurring accruals), which are necessary for a fair statement of the results of the interim periods presented. The results of operations for the current interim periods are not necessarily indicative of the operating results for the full year. |
OTHER_INCOME_NET
OTHER INCOME, NET | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Income Net | ' | ||||||||||||||||
OTHER INCOME, NET | ' | ||||||||||||||||
Note 2 – OTHER INCOME, NET | |||||||||||||||||
The following is an analysis of the components of Other Income/(Loss), Net: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Trading Securities | $ | 39,942 | $ | 44,720 | $ | (5,983 | ) | $ | 79,794 | ||||||||
Gain on Asset Sales | 14,745 | 28,789 | 15,868 | 32,472 | |||||||||||||
Interest Income | 4,477 | 7,240 | 9,809 | 13,084 | |||||||||||||
Equity Earnings in Investee | 29,865 | 5,492 | 57,110 | 20,759 | |||||||||||||
Other Income | 133,586 | 30,419 | 141,516 | 33,638 | |||||||||||||
Interest and Other Expenses | (11,258 | ) | (8,656 | ) | (22,521 | ) | (17,378 | ) | |||||||||
Other Income, Net | $ | 211,357 | $ | 108,004 | $ | 195,799 | $ | 162,369 |
INVESTMENTS_AND_RELATED_COMMIT
INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES, INCLUDING GUARANTEES | 6 Months Ended |
Jun. 30, 2014 | |
Investments And Related Commitments And Contingent Liabilities Including Guarantees | ' |
INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES, INCLUDING GUARANTEES | ' |
Note 3 – INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES, INCLUDING GUARANTEES | |
Equity Investment consists of a 33% ownership interest in Broadway Sixty-Eight, Ltd. (the “Partnership”), an Oklahoma limited partnership, which owns and operates an office building in Oklahoma City, Oklahoma. Although the Company invested as a limited partner, it agreed, jointly and severally, with all other limited partners to reimburse the general partner for any losses suffered from operating the Partnership. The indemnity agreement provides no limitation to the maximum potential future payments. To date, no monies have been paid with respect to this agreement. |
PROVISION_FOR_INCOME_TAXES
PROVISION FOR INCOME TAXES | 6 Months Ended |
Jun. 30, 2014 | |
Provision For Income Taxes | ' |
PROVISION FOR INCOME TAXES | ' |
Note 4 – PROVISION FOR INCOME TAXES | |
In 2014 and 2013, the effective tax rate was less than the statutory rate, primarily as a result of allowable depletion for tax purposes in excess of the cost basis in oil and gas properties and the corporate graduated tax rate structure. | |
Excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, reduces estimated taxable income projected for any year. The federal excess percentage depletion estimates are updated throughout the year until finalized with the detail well-by-well calculations at year-end. When a provision for income taxes is recorded, federal excess percentage depletion benefits decrease the effective tax rate. The benefit of federal excess percentage depletion is not directly related to the amount of pre-tax income recorded in a period. Accordingly, in periods where a recorded pre-tax income is relatively small, the proportional effect of these items on the effective tax rate may be significant. |
ASSET_RETIREMENT_OBLIGATION
ASSET RETIREMENT OBLIGATION | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Asset Retirement Obligation [Abstract] | ' | ||||
ASSET RETIREMENT OBLIGATION | ' | ||||
Note 5 – ASSET RETIREMENT OBLIGATION | |||||
The Company records the fair value of its estimated liability to retire its oil and natural gas producing properties in the period in which it is incurred (typically the date of first sale). The estimated liability is calculated by obtaining current estimated plugging costs from the well operators and inflating it over the life of the property. Current year inflation rate used is 4.08%. When the liability is first recorded, a corresponding increase in the carrying amount of the related long-lived asset is also recorded. Subsequently, the asset is amortized to expense over the life of the property and the liability is increased annually for the change in its present value which is currently 3.25%. | |||||
A reconciliation of the Company’s asset retirement obligation liability is as follows: | |||||
Balance at December 31, 2013 | $ | 1,510,864 | |||
Liabilities incurred for new wells | 32,272 | ||||
Liabilities settled (wells sold or plugged) | (6,251 | ) | |||
Accretion expense | 22,301 | ||||
Balance at June 30, 2014 | $ | 1,559,186 |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||
Note 6 – FAIR VALUE MEASUREMENTS | |||||||||||||
Inputs used to measure fair value are organized into a fair value hierarchy based on the observability of the inputs. Level 1 inputs consist of quoted prices in active markets for identical assets. Level 2 inputs are inputs, other than quoted prices, for similar assets that are observable. Level 3 inputs are unobservable inputs. | |||||||||||||
Recurring Fair Value Measurements | |||||||||||||
Certain of the Company’s assets are reported at fair value in the accompanying balance sheets on a recurring basis. The Company determined the fair value of the available-for-sale securities using quoted market prices for securities with similar maturity dates and interest rates. At June 30, 2014 and December 31, 2013, the Company’s assets reported at fair value on a recurring basis are summarized as follows: | |||||||||||||
30-Jun-14 | |||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Financial Assets: | |||||||||||||
Available-for-Sale Securities – | |||||||||||||
U.S. Treasury Bills Maturing in 2014 | $ | — | $ | 6,654,786 | $ | — | |||||||
Trading Securities: | |||||||||||||
Domestic Equities | 424,479 | — | — | ||||||||||
International Equities | 145,621 | — | — | ||||||||||
Others | 11,440 | — | — | ||||||||||
31-Dec-13 | |||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Financial Assets: | |||||||||||||
Available-for-Sale Securities – | |||||||||||||
U.S. Treasury Bills Maturing in 2014 | $ | — | $ | 6,653,823 | $ | — | |||||||
Trading Securities: | |||||||||||||
Domestic Equities | 389,766 | — | — | ||||||||||
International Equities | 179,509 | — | — | ||||||||||
Others | 17,433 | — | — | ||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||
The Company’s asset retirement obligation annually represents a non-recurring fair value liability. The fair value of the non-financial liability incurred in the six months ended June 30, was $32,272 in 2014 and $61,726 in 2013 and was calculated using Level 3 inputs. See Note 5 above for more information about this liability and the inputs used for calculating fair value. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, marketable securities, trade payables and dividends payable. At June 30, 2014 and December 31, 2013, the historical cost of cash and cash equivalents, trade receivables, trade payables and dividends payable are considered to be representative of their respective fair values due to the short-term maturities of these items. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
Note 7 – SUBSEQUENT EVENTS | |
On July 30, 2014 the Company received $659,255 as a bonus for a lease of 366 net acres of owned minerals in Lee County, Texas. This amount will be reflected as lease bonus revenue in the 2014 third quarter results included in the Company’s Form 10-Q Quarterly Report for the period ending September 30, 2014. |
NEW_ACCOUNTING_PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements | ' |
NEW ACCOUNTING PRONOUNCEMENTS | ' |
Note 8 – NEW ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard under U.S. GAAP under which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for the Company for interim and annual periods beginning on or after December 15, 2016. Management is currently assessing the impact ASU 2014-09 will have on the Company, but it is not expected to have a material effect on the Company’s financial position, results of operations or cash flows. | |
No other accounting pronouncements were issued and none became effective since December 31, 2013 that were directly applicable to the Company. |
OTHER_INCOME_NET_Tables
OTHER INCOME, NET (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Other Income Net Tables | ' | ||||||||||||||||
Schedule of components of other income, net | ' | ||||||||||||||||
The following is an analysis of the components of Other Income/(Loss), Net: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Realized and Unrealized Gain/(Loss) on Trading Securities | $ | 39,942 | $ | 44,720 | $ | (5,983 | ) | $ | 79,794 | ||||||||
Gain on Asset Sales | 14,745 | 28,789 | 15,868 | 32,472 | |||||||||||||
Interest Income | 4,477 | 7,240 | 9,809 | 13,084 | |||||||||||||
Equity Earnings in Investee | 29,865 | 5,492 | 57,110 | 20,759 | |||||||||||||
Other Income | 133,586 | 30,419 | 141,516 | 33,638 | |||||||||||||
Interest and Other Expenses | (11,258 | ) | (8,656 | ) | (22,521 | ) | (17,378 | ) | |||||||||
Other Income, Net | $ | 211,357 | $ | 108,004 | $ | 195,799 | $ | 162,369 |
ASSET_RETIREMENT_OBLIGATION_Ta
ASSET RETIREMENT OBLIGATION (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Asset Retirement Obligation Tables | ' | ||||
Schedule of asset retirement obligation | ' | ||||
A reconciliation of the Company’s asset retirement obligation liability is as follows: | |||||
Balance at December 31, 2013 | $ | 1,510,864 | |||
Liabilities incurred for new wells | 32,272 | ||||
Liabilities settled (wells sold or plugged) | (6,251 | ) | |||
Accretion expense | 22,301 | ||||
Balance at June 30, 2014 | $ | 1,559,186 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of fair value reported on a recurring basis | ' | ||||||||||||
At June 30, 2014 and December 31, 2013, the Company’s assets reported at fair value on a recurring basis are summarized as follows: | |||||||||||||
30-Jun-14 | |||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Financial Assets: | |||||||||||||
Available-for-Sale Securities – | |||||||||||||
U.S. Treasury Bills Maturing in 2014 | $ | — | $ | 6,654,786 | $ | — | |||||||
Trading Securities: | |||||||||||||
Domestic Equities | 424,479 | — | — | ||||||||||
International Equities | 145,621 | — | — | ||||||||||
Others | 11,440 | — | — | ||||||||||
31-Dec-13 | |||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||
Financial Assets: | |||||||||||||
Available-for-Sale Securities – | |||||||||||||
U.S. Treasury Bills Maturing in 2014 | $ | — | $ | 6,653,823 | $ | — | |||||||
Trading Securities: | |||||||||||||
Domestic Equities | 389,766 | — | — | ||||||||||
International Equities | 179,509 | — | — | ||||||||||
Others | 17,433 | — | — |
OTHER_INCOME_NET_Details
OTHER INCOME, NET (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Components of Other Income: | ' | ' | ' | ' |
Net Realized and unrealized gain (loss) on trading securities | $39,942 | $44,720 | ($5,983) | $79,794 |
Gains on asset sales | 14,745 | 28,789 | 15,868 | 32,472 |
Interest income | 4,477 | 7,240 | 9,809 | 13,084 |
Equity Earnings in Investee | 29,865 | 5,492 | 57,110 | 20,759 |
Other Income | 133,586 | 30,419 | 141,516 | 33,638 |
Interest and Other Expenses | -11,258 | -8,656 | -22,521 | -17,378 |
Other Income/(Loss), Net | $211,357 | $108,004 | $195,799 | $162,369 |
INVESTMENTS_AND_RELATED_COMMIT1
INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES, INCLUDING GUARANTEES (Details Narrative) | Jun. 30, 2014 |
Investments And Related Commitments And Contingent Liabilities Including Guarantees Details Narrative | ' |
Ownership in Broadway Sixty-Eight, Ltd., classified as an equity investment | 33.00% |
ASSET_RETIREMENT_OBLIGATION_De
ASSET RETIREMENT OBLIGATION (Details Narrative) | 6 Months Ended |
Jun. 30, 2014 | |
Asset Retirement Obligation Details Narrative | ' |
Current year inflation rate | 4.08% |
Change in present value, percent | 3.25% |
ASSET_RETIREMENT_OBLIGATION_De1
ASSET RETIREMENT OBLIGATION (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Asset Retirement Obligation Details | ' |
Asset retirement obligation liability, beginning Balance | $1,510,864 |
Liabilities incurred for new wells | 32,272 |
Liabilities settled (wells sold or plugged) | -6,251 |
Accretion expense | 22,301 |
Asset retirement obligation at end of year | $1,559,186 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details Narrative) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Liabilities incurred | $32,272 | ' |
Measured on a Non-Recurring Basis [Member] | Level 3 Inputs [Member] | ' | ' |
Liabilities incurred | $32,272 | $61,726 |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair value on a recurring basis: | ' | ' |
Available-for-Sale Securities | $6,654,786 | $6,653,823 |
Trading Securities | 581,540 | 586,708 |
Measured on a Recurring Basis [Member] | Domestic Equities [Member] | Level 1 Inputs [Member] | ' | ' |
Fair value on a recurring basis: | ' | ' |
Trading Securities | 424,479 | 389,766 |
Measured on a Recurring Basis [Member] | International Equities [Member] | Level 1 Inputs [Member] | ' | ' |
Fair value on a recurring basis: | ' | ' |
Trading Securities | 145,621 | 179,509 |
Measured on a Recurring Basis [Member] | Other [Member] | Level 1 Inputs [Member] | ' | ' |
Fair value on a recurring basis: | ' | ' |
Trading Securities | 11,440 | 17,433 |
Measured on a Recurring Basis [Member] | US Treasury Bills Maturing in the next Twelve Months [Member] | Level 2 Inputs [Member] | ' | ' |
Fair value on a recurring basis: | ' | ' |
Available-for-Sale Securities | $6,654,786 | $6,653,823 |
SUBSEQUENT_EVENTS_Details_Narr
SUBSEQUENT EVENTS (Details Narrative) (Subsequent Event [Member], USD $) | 6 Months Ended |
Jun. 30, 2014 | |
acre | |
Subsequent Event [Member] | ' |
Lease bonus received - Lee County properties | $659,255 |
Lee County Lease acreage | 366 |