Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | RESERVE PETROLEUM CO | |
Entity Central Index Key | 0000083350 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 156,618 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and Cash Equivalents | $ 2,536,576 | $ 6,428,499 |
Available-for-Sale Debt Securities | 19,178,476 | 16,249,414 |
Equity Securities | 542,365 | 454,058 |
Refundable Income Taxes | 16,387 | |
Accounts Receivable | 1,126,335 | 846,419 |
Notes Receivable | 218,158 | 218,158 |
Other Current Assets | 428,410 | |
Total Current Assets | 24,030,320 | 24,212,935 |
Investments: | ||
Equity Method Investments | 805,754 | 881,860 |
Other Investments | 1,692,982 | 1,689,249 |
Total Investments | 2,498,736 | 2,571,109 |
Property, Plant and Equipment: | ||
Unproved Properties | 2,309,371 | 2,249,113 |
Proved Properties | 55,337,650 | 54,789,836 |
Oil and Gas Properties, Gross | 57,647,021 | 57,038,949 |
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | 46,484,398 | 46,008,467 |
Oil and Gas Properties, Net | 11,162,623 | 11,030,482 |
Other Property and Equipment, at Cost | 404,045 | 403,718 |
Less – Accumulated Depreciation | 264,447 | 249,333 |
Other Property and Equipment, Net | 139,598 | 154,385 |
Total Property, Plant and Equipment | 11,302,221 | 11,184,867 |
Total Assets | 37,831,277 | 37,968,911 |
Current Liabilities: | ||
Accounts Payable | 174,739 | 318,387 |
Income Taxes Payable | 18,029 | |
Other Current Liabilities | 60,243 | 25,243 |
Total Current Liabilities | 253,011 | 343,630 |
Long-Term Liabilities: | ||
Asset Retirement Obligation | 1,825,069 | 1,774,114 |
Dividends Payable | 1,072,895 | 1,057,483 |
Deferred Tax Liability, Net | 1,231,001 | 1,210,271 |
Total Long-Term Liabilities | 4,128,965 | 4,041,868 |
Total Liabilities | 4,381,976 | 4,385,498 |
Stockholders’ Equity: | ||
Common Stock | 92,368 | 92,368 |
Additional Paid-in Capital | 65,000 | 65,000 |
Retained Earnings | 34,981,889 | 35,023,662 |
Stockholders’ Equity Before Treasury Stock | 35,139,257 | 35,181,030 |
Less – Treasury Stock, at Cost | 1,689,956 | 1,597,617 |
Total Stockholders’ Equity | 33,449,301 | 33,583,413 |
Total Liabilities and Stockholders’ Equity | $ 37,831,277 | $ 37,968,911 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Revenues: | ||||
Oil and Gas Sales | $ 1,845,498 | $ 2,557,191 | $ 3,438,209 | $ 4,136,471 |
Lease Bonuses and Other | 81,820 | 79,932 | 89,347 | 225,795 |
Total Operating Revenues | 1,927,318 | 2,637,123 | 3,527,556 | 4,362,266 |
Operating Costs and Expenses: | ||||
Production | 625,141 | 612,492 | 1,183,847 | 1,219,259 |
Exploration | 41,646 | 57,540 | 44,865 | 135,185 |
Depreciation, Depletion, Amortization and Valuation Provisions | 316,160 | 633,162 | 551,002 | 959,494 |
General, Administrative and Other | 403,668 | 416,800 | 856,528 | 867,334 |
Total Operating Costs and Expenses | 1,386,615 | 1,719,994 | 2,636,242 | 3,181,272 |
Income from Operations | 540,703 | 917,129 | 891,314 | 1,180,994 |
Other Income, Net | 122,508 | 617,045 | 263,067 | 707,443 |
Income Before Provision for Income Taxes | 663,211 | 1,534,174 | 1,154,381 | 1,888,437 |
Income Tax Provision/(Benefit): | ||||
Current | 42,313 | 158,342 | 78,694 | 92,438 |
Deferred | (101,724) | (6,856) | 20,730 | 142,718 |
Total Income Tax Provision/(Benefit) | (59,411) | 151,486 | 99,424 | 235,156 |
Net Income | $ 722,622 | $ 1,382,688 | $ 1,054,957 | $ 1,653,281 |
Per Share Data | ||||
Net Income, Basic and Diluted (in dollars per share) | $ 4.61 | $ 8.78 | $ 6.72 | $ 10.49 |
Cash Dividends Declared and/or Paid (in dollars per share) | $ 7 | $ 5 | $ 7 | $ 5 |
Weighted Average Shares Outstanding, Basic and Diluted (in shares) | 156,736 | 157,528 | 156,924 | 157,575 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2017 | $ 92,368 | $ 65,000 | $ 33,497,463 | $ (1,532,813) | $ 32,122,018 |
Net Income | 270,594 | 270,594 | |||
Dividends Declared | |||||
Purchase of Treasury Stock | (12,954) | (12,954) | |||
Net Income | 270,594 | 270,594 | |||
Balance at Mar. 31, 2018 | 92,368 | 65,000 | 33,768,057 | (1,545,767) | 32,379,658 |
Balance at Dec. 31, 2017 | 92,368 | 65,000 | 33,497,463 | (1,532,813) | 32,122,018 |
Net Income | 1,653,281 | ||||
Net Income | 1,653,281 | ||||
Balance at Jun. 30, 2018 | 92,368 | 65,000 | 34,363,250 | (1,557,830) | 32,962,788 |
Balance at Mar. 31, 2018 | 92,368 | 65,000 | 33,768,057 | (1,545,767) | 32,379,658 |
Net Income | 1,382,687 | 1,382,688 | |||
Dividends Declared | (787,494) | (787,494) | |||
Purchase of Treasury Stock | (12,063) | (12,063) | |||
Net Income | 1,382,687 | 1,382,688 | |||
Balance at Jun. 30, 2018 | 92,368 | 65,000 | 34,363,250 | (1,557,830) | 32,962,788 |
Balance at Dec. 31, 2018 | 92,368 | 65,000 | 35,023,662 | (1,597,617) | 33,583,413 |
Net Income | 332,335 | 332,335 | |||
Dividends Declared | |||||
Purchase of Treasury Stock | (45,591) | (45,591) | |||
Net Income | 332,335 | 332,335 | |||
Balance at Mar. 31, 2019 | 92,368 | 65,000 | 35,355,997 | (1,643,208) | 33,870,157 |
Balance at Dec. 31, 2018 | 92,368 | 65,000 | 35,023,662 | (1,597,617) | 33,583,413 |
Net Income | 1,054,957 | ||||
Net Income | 1,054,957 | ||||
Balance at Jun. 30, 2019 | 92,368 | 65,000 | 34,981,889 | (1,689,956) | 33,449,301 |
Balance at Mar. 31, 2019 | 92,368 | 65,000 | 35,355,997 | (1,643,208) | 33,870,157 |
Net Income | 722,622 | 722,622 | |||
Dividends Declared | (1,096,730) | (1,096,730) | |||
Purchase of Treasury Stock | (46,748) | (46,748) | |||
Net Income | 722,622 | 722,622 | |||
Balance at Jun. 30, 2019 | $ 92,368 | $ 65,000 | $ 34,981,889 | $ (1,689,956) | $ 33,449,301 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net Cash Provided by Operating Activities | $ 1,494,017 | $ 1,739,237 |
Cash Provided by/(Applied to) Investing Activities: | ||
Maturity of Available-for-Sale Debt Securities | 16,249,414 | 16,371,544 |
Purchase of Available-for-Sale Debt Securities | (19,178,476) | (16,415,010) |
Proceeds from Disposal of Property, Plant and Equipment | 578,430 | |
Purchase of Property, Plant and Equipment | (1,258,854) | (838,104) |
Other Investments | (23,351) | (53,086) |
Cash Received from Tax Refunds | 14,995 | |
Net Cash Applied to Investing Activities | (4,211,267) | (341,231) |
Cash Applied to Financing Activities: | ||
Dividends Paid to Stockholders | (1,082,334) | (799,871) |
Purchase of Treasury Stock | (92,339) | (25,017) |
Total Cash Applied to Financing Activities | (1,174,673) | (824,888) |
Net Change in Cash and Cash Equivalents | (3,891,923) | 573,118 |
Cash and Cash Equivalents, Beginning of Period | 6,428,499 | 4,767,810 |
Cash and Cash Equivalents, End of Period | $ 2,536,576 | $ 5,340,928 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1 The accompanying balance sheet as of December 31, 2018, 10 December 31, 2018, “2018 10 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 |
Note 2 - Other Income, Net
Note 2 - Other Income, Net | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 2 The following is an analysis of the components of Other Income, Net: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ (837 ) $ (13,779 ) $ 87,902 $ 14,945 Gain on Asset Sales 2,464 600,016 2,464 601,231 Interest Income 156,586 67,115 289,114 120,732 Equity Losses in Investees (25,248 ) (31,544 ) (95,724 ) (30,059 ) Other Income 1,082 7,164 2,390 24,448 Interest and Other Expenses (11,539 ) (11,927 ) (23,079 ) (23,854 ) Other Income, Net $ 122,508 $ 617,045 $ 263,067 $ 707,443 |
Note 3 - Equity Method and Othe
Note 3 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 3 The Company’s Equity Method Investments include: Broadway Sixty-Eight, LLC (“Broadway”), an Oklahoma limited liability company, with a 33% $16,500 $14,000 six June 30, 2019 2018, $177,611 $172,722 June 30, 2019 December 31, 2018, Grand Woods Development, LLC (the “LLC”), an Oklahoma limited liability company, with a 47% 2015. 26.56 $1,000,000 $1,595,750 October 31, 2020. $362,595 $438,303 June 30, 2019 December 31, 2018, $43,158 QSN Office Park (“QSN”), an Oklahoma limited liability company, with a 20% 2016. $1,300,000 March 26, 2021. $265,548 $270,835 June 30, 2019 December 31, 2018, The Company’s Other Investments primarily include: OKC Industrial Properties (“OKC”), with a 10% 1992. 260 46 $56,164 June 30, 2019 December 31, 2018. Bailey Hilltop Pipeline (“Bailey”), with a 10% 2008. $80,377 June 30, 2019 December 31, 2018. Cloudburst Solutions (“Solutions”), with a 10.625% $500,000 2014, $750,000 $44,375 2016 2018, $1,294,375 June 30, 2019 December 31, 2018. $175,000 Ocean’s NG (“Ocean”), with a 12.44% 2015. $221,751 $218,018 June 30, 2019 December 31, 2018, |
Note 4 - Provision for Income T
Note 4 - Provision for Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 4 On December 22, 2017, 35% 21% December 31, 2018 six June 30, 2019 may 2018 In 2019 2018, 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 will be 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. When a benefit for income taxes is recorded, federal excess percentage depletion benefits increase the effective tax rate. The benefit of federal excess percentage depletion is not may |
Note 5 - Asset Retirement Oblig
Note 5 - Asset Retirement Obligation | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | Note 5 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 4.08%. first 3.25%. A reconciliation of the Company’s asset retirement obligation liability is as follows: Balance at December 31, 2018 $ 1,774,114 Liabilities incurred for new wells (net of revisions) 38,516 Liabilities settled (wells sold or plugged) (9,885 ) Accretion expense 22,795 Revision to estimate (471 ) Balance at June 30, 2019 $ 1,825,069 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6 Inputs used to measure fair value are organized into a fair value hierarchy based on the observability of the inputs. Level 1 2 3 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 debt securities using quoted market prices for securities with similar maturity dates and interest rates. At June 30, 2019 December 31, 2018, June 30, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2019 $ --- $ 19,178,476 $ --- Equity Securities: Domestic Equities 393,637 --- --- International Equities 144,560 --- --- Others 4,168 --- --- December 31, 2018 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2019 $ --- $ 16,249,414 $ --- Equity Securities: Domestic Equities 259,843 --- --- International Equities 179,083 --- --- Others 15,132 --- --- Non- R ecurring 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 June 30, 2019 2018 $38,516 $16,074, 3 5 The impairment loss in the six June 30, 2019 2018 $66,791 $321,376, 3 7 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, 2019 December 31, 2018, |
Note 7 - Long-lived Assets Impa
Note 7 - Long-lived Assets Impairment Loss | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Long Lived Assets Impairment Loss [Text Block] | Note 7 Oil and gas producing properties are monitored for potential impairment when circumstances indicate that they are not may six June 30, 2019, $66,791, $321,376 2018. six June 30, 2019 may |
Note 8 - New Accounting Pronoun
Note 8 - New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 8 On January 1, 2019, No. 2016 02, Leases no not 12 not See the “New Accounting Pronouncements” disclosures on page 26 2018 10 no December 31, 2018. |
Note 9 - Revenue Recognition
Note 9 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 9 The Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers 606 first 2018 not not The Company’s revenues are primarily derived from its interests in the sale of oil and natural gas production. Each barrel of oil or thousand cubic feet of natural gas delivered is considered a separate performance obligation. The Company recognizes revenue from its interests in the sales of oil and natural gas in the period that its performance obligations to provide oil and natural gas to customers are satisfied. Performance obligations are satisfied when the Company has no third one three not not June 30, 2019 2018, $394,750 $384,877, The Company’s contracts with customers originate at or near the time of delivery and transfer of control of oil and natural gas to the purchasers. As such, the Company does not The Company’s oil is typically sold at delivery points under contract terms that are common in our industry. The Company's natural gas produced is delivered by the well operators to various purchasers at agreed upon delivery points under a limited number of contract types that are also common in our industry. However, under these contracts, the natural gas may may The Company’s disaggregated revenue has two three June 30, 2019 2018 $1,335,620 $1,889,603, three June 30, 2019 2018 $452,919 $589,501, three June 30, 2019 2018 $56,959 $78,087, six June 30, 2019 2018 $2,317,551 $2,870,389, six June 30, 2019 2018 $1,018,031 $1,130,774, six June 30, 2019 2018 $102,627 $135,308, |
Note 2 - Other Income, Net (Tab
Note 2 - Other Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Interest and Other Income [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ (837 ) $ (13,779 ) $ 87,902 $ 14,945 Gain on Asset Sales 2,464 600,016 2,464 601,231 Interest Income 156,586 67,115 289,114 120,732 Equity Losses in Investees (25,248 ) (31,544 ) (95,724 ) (30,059 ) Other Income 1,082 7,164 2,390 24,448 Interest and Other Expenses (11,539 ) (11,927 ) (23,079 ) (23,854 ) Other Income, Net $ 122,508 $ 617,045 $ 263,067 $ 707,443 |
Note 5 - Asset Retirement Obl_2
Note 5 - Asset Retirement Obligation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Balance at December 31, 2018 $ 1,774,114 Liabilities incurred for new wells (net of revisions) 38,516 Liabilities settled (wells sold or plugged) (9,885 ) Accretion expense 22,795 Revision to estimate (471 ) Balance at June 30, 2019 $ 1,825,069 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 30, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2019 $ --- $ 19,178,476 $ --- Equity Securities: Domestic Equities 393,637 --- --- International Equities 144,560 --- --- Others 4,168 --- --- December 31, 2018 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2019 $ --- $ 16,249,414 $ --- Equity Securities: Domestic Equities 259,843 --- --- International Equities 179,083 --- --- Others 15,132 --- --- |
Note 2 - Other Income, Net - Sc
Note 2 - Other Income, Net - Schedule of Components of Other Income, Net (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net Realized and Unrealized Gain/(Loss) on Equity Securities | $ (837) | $ (13,779) | $ 87,902 | $ 14,945 |
Gain on Asset Sales | 2,464 | 600,016 | 2,464 | 601,231 |
Interest Income | 156,586 | 67,115 | 289,114 | 120,732 |
Equity Losses in Investees | (25,248) | (31,544) | (95,724) | (30,059) |
Other Income | 1,082 | 7,164 | 2,390 | 24,448 |
Interest and Other Expenses | (11,539) | (11,927) | (23,079) | (23,854) |
Other Income, Net | $ 122,508 | $ 617,045 | $ 263,067 | $ 707,443 |
Note 3 - Equity Method and Ot_2
Note 3 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees (Details Textual) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019USD ($)a | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 1992a | |
Operating Leases, Rent Expense, Total | $ 16,500 | $ 14,000 | ||||
Equity Method Investments | 805,754 | $ 881,860 | ||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | 218,158 | 218,158 | ||||
Other Long-term Investments | $ 1,692,982 | 1,689,249 | ||||
OKC Industrial Properties [Member] | ||||||
Area of Land | a | 46 | 260 | ||||
Broadway Sixty-Eight Partnership [Member] | ||||||
Equity Method Investment, Ownership Percentage | 33.00% | |||||
Equity Method Investments | $ 177,611 | 172,722 | ||||
Grand Woods Development, LLC [Member] | ||||||
Equity Method Investment, Ownership Percentage | 47.00% | |||||
Equity Method Investments | $ 362,595 | 438,303 | ||||
Area of Real Estate Property | a | 26.56 | |||||
Loan Guaranteed | $ 1,000,000 | |||||
Loans Payable, Total | 1,595,750 | |||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 43,158 | |||||
QSN Office Park [Member] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
Equity Method Investments | $ 265,548 | 270,835 | ||||
Loan Guaranteed | $ 1,300,000 | |||||
OKC Industrial Properties [Member] | ||||||
Other Investment, Ownership Percentage | 10.00% | |||||
Other Long-term Investments | $ 56,164 | 56,164 | ||||
Bailey [Member] | ||||||
Other Investment, Ownership Percentage | 10.00% | |||||
Other Long-term Investments | $ 80,377 | 80,377 | ||||
Cloudburst Solutions [Member] | ||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 175,000 | |||||
Other Investment, Ownership Percentage | 10.625% | |||||
Other Long-term Investments | $ 1,294,375 | 1,294,375 | ||||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | 44,375 | $ 750,000 | $ 500,000 | |||
Ocean [Member] | ||||||
Other Investment, Ownership Percentage | 12.44% | |||||
Other Long-term Investments | $ 221,751 | $ 218,018 |
Note 5 - Asset Retirement Obl_3
Note 5 - Asset Retirement Obligation (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Current Year Inflation Rate | 4.08% |
Change In Present Value, Percent | 3.25% |
Note 5 - Asset Retirement Obl_4
Note 5 - Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Details) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Balance, asset retirement obligation | $ 1,774,114 |
Liabilities incurred for new wells (net of revisions) | 38,516 |
Liabilities settled (wells sold or plugged) | (9,885) |
Accretion expense | 22,795 |
Revision to estimate | (471) |
Balance, asset retirement obligation | $ 1,825,069 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Asset Retirement Obligation, Liabilities Incurred | $ 38,516 | |
Impairment Of Oil And Gas Cost Properties | 66,791 | $ 321,376 |
Fair Value, Inputs, Level 3 [Member] | ||
Asset Retirement Obligation, Liabilities Incurred | 38,516 | 16,074 |
Impairment Of Oil And Gas Cost Properties | $ 66,791 | $ 321,376 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Schedule of Fair Value Reported on a Recurring Basis (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Equity Securities | $ 542,365 | $ 454,058 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Available-for-Sale Securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Domestic Equities [Member] | ||
Equity Securities | 393,637 | 259,843 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | International Equities [Member] | ||
Equity Securities | 144,560 | 179,083 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other [Member] | ||
Equity Securities | 4,168 | 15,132 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Available-for-Sale Securities | 19,178,476 | 16,249,414 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Domestic Equities [Member] | ||
Equity Securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | International Equities [Member] | ||
Equity Securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other [Member] | ||
Equity Securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Available-for-Sale Securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Domestic Equities [Member] | ||
Equity Securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | International Equities [Member] | ||
Equity Securities | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other [Member] | ||
Equity Securities |
Note 7 - Long-lived Assets Im_2
Note 7 - Long-lived Assets Impairment Loss (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Impairment Of Oil And Gas Cost Properties | $ 66,791 | $ 321,376 |
Note 9 - Revenue Recognition (D
Note 9 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Contract with Customer, Liability, Revenue Recognized | $ 394,750 | $ 384,877 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,845,498 | $ 2,557,191 | 3,438,209 | 4,136,471 |
Oil and Condensate [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,335,620 | 1,889,603 | 2,317,551 | 2,870,389 |
Natural Gas, US Regulated [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 452,919 | 589,501 | 1,018,031 | 1,130,774 |
Miscellaneous Oil and Gas Sales [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 56,959 | $ 78,087 | $ 102,627 | $ 135,308 |