Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 06, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 156,595 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 17,917,425 | $ 2,738,338 |
Available-for-Sale Debt Securities | 1,515,234 | 18,517,910 |
Equity Securities | 780,509 | 545,075 |
Refundable Income Taxes | 298,595 | 109,999 |
Accounts Receivable | 650,408 | 968,382 |
Notes Receivable | 98,087 | |
Total Current Assets | 21,260,258 | 22,879,704 |
Investments: | ||
Equity Method Investments | 672,757 | 744,798 |
Other Investments | 2,400,214 | 1,898,347 |
Total Investments | 3,072,971 | 2,643,145 |
Property, Plant and Equipment: | ||
Unproved Properties | 2,975,845 | 2,727,857 |
Proved Properties | 55,237,369 | 54,451,862 |
Oil and Gas Properties, Gross | 58,213,214 | 57,179,719 |
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | 50,445,736 | 47,852,157 |
Oil and Gas Properties, Net | 7,767,478 | 9,327,562 |
Other Property and Equipment, at Cost | 466,728 | 466,728 |
Less – Accumulated Depreciation | 312,834 | 279,892 |
Other Property and Equipment, Net | 153,894 | 186,836 |
Total Property, Plant and Equipment | 7,921,372 | 9,514,398 |
Other Assets | 139,525 | 687,048 |
Total Assets | 32,394,126 | 35,724,295 |
Current Liabilities: | ||
Accounts Payable | 140,499 | 156,768 |
Other Current Liabilities | 63,243 | 25,243 |
Total Current Liabilities | 203,742 | 182,011 |
Long-Term Liabilities: | ||
Asset Retirement Obligation | 1,855,957 | 1,821,527 |
Dividends Payable | 138,625 | 676,148 |
Deferred Tax Liability, Net | 658,771 | 917,365 |
Total Long-Term Liabilities | 2,653,353 | 3,415,040 |
Total Liabilities | 2,857,095 | 3,597,051 |
Stockholders’ Equity: | ||
Common Stock | 92,368 | 92,368 |
Additional Paid-in Capital | 65,000 | 65,000 |
Retained Earnings | 31,069,956 | 33,660,169 |
Stockholders’ Equity Before Treasury Stock | 31,227,324 | 33,817,537 |
Less – Treasury Stock, at Cost | 1,690,293 | 1,690,293 |
Total Stockholders’ Equity | 29,537,031 | 32,127,244 |
Total Liabilities and Stockholders’ Equity | $ 32,394,126 | $ 35,724,295 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Revenues: | ||||
Oil and Gas Sales | $ 1,196,134 | $ 1,274,761 | $ 2,993,027 | $ 4,712,970 |
Lease Bonuses and Other | 803 | 2,031 | 83,024 | 91,379 |
Total Operating Revenues | 1,196,937 | 1,276,792 | 3,076,051 | 4,804,349 |
Operating Costs and Expenses: | ||||
Production | 432,403 | 549,478 | 1,370,699 | 1,733,325 |
Exploration | 77,803 | 15,684 | 152,973 | 60,549 |
Depreciation, Depletion, Amortization and Valuation Provisions | 1,253,044 | 581,716 | 2,869,968 | 1,132,718 |
General, Administrative and Other | 376,855 | 403,344 | 1,265,858 | 1,259,873 |
Total Operating Costs and Expenses | 2,140,105 | 1,550,222 | 5,659,498 | 4,186,465 |
Income/(Loss) from Operations | (943,168) | (273,430) | (2,583,447) | 617,884 |
Other Income, Net | 75,137 | 29,229 | 329,125 | 292,296 |
Income/(Loss) Before Income Taxes | (868,031) | (244,201) | (2,254,322) | 910,180 |
Income Tax Provision/(Benefit): | ||||
Current | (202,801) | (12,409) | (188,592) | 66,285 |
Deferred | 71,818 | (52,254) | (258,594) | (31,524) |
Total Income Tax Provision/(Benefit) | (130,983) | (64,663) | (447,186) | 34,761 |
Net Income/(Loss) | $ (737,048) | $ (179,538) | $ (1,807,136) | $ 875,419 |
Per Share Data | ||||
Net Income/(Loss), Basic and Diluted (in dollars per share) | $ (4.71) | $ (1.15) | $ (11.54) | $ 5.58 |
Cash Dividends Declared and/or Paid (in dollars per share) | $ 5 | $ 7 | ||
Weighted Average Shares Outstanding, Basic and Diluted (in shares) | 156,615 | 156,617 | 156,615 | 156,820 |
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, 2018 | $ 92,368 | $ 65,000 | $ 35,023,662 | $ (1,597,617) | $ 33,583,413 |
Net Income (Loss) | 875,419 | 875,419 | |||
Dividends Declared | (1,096,730) | (1,096,730) | |||
Purchase of Treasury Stock | (92,676) | (92,676) | |||
Balance at Sep. 30, 2019 | 92,368 | 65,000 | 34,802,351 | (1,690,293) | 33,269,426 |
Balance at Jun. 30, 2019 | 92,368 | 65,000 | 34,981,889 | (1,689,956) | 33,449,301 |
Net Income (Loss) | (179,538) | (179,538) | |||
Dividends Declared | |||||
Purchase of Treasury Stock | (337) | (337) | |||
Balance at Sep. 30, 2019 | 92,368 | 65,000 | 34,802,351 | (1,690,293) | 33,269,426 |
Balance at Dec. 31, 2019 | 92,368 | 65,000 | 33,660,169 | (1,690,293) | 32,127,244 |
Net Income (Loss) | (1,807,136) | (1,807,136) | |||
Dividends Declared | (783,077) | (783,077) | |||
Purchase of Treasury Stock | |||||
Balance at Sep. 30, 2020 | 92,368 | 65,000 | 31,069,956 | (1,690,293) | 29,537,031 |
Balance at Jun. 30, 2020 | 92,368 | 65,000 | 31,807,004 | (1,690,293) | 30,274,079 |
Net Income (Loss) | (737,048) | (737,048) | |||
Dividends Declared | |||||
Purchase of Treasury Stock | |||||
Balance at Sep. 30, 2020 | $ 92,368 | $ 65,000 | $ 31,069,956 | $ (1,690,293) | $ 29,537,031 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Net Cash Provided by Operating Activities | $ 873,884 | $ 2,174,640 |
Cash Provided by/(Applied to) Investing Activities: | ||
Maturity of Available-for-Sale Debt Securities | 25,082,211 | 22,176,226 |
Purchase of Available-for-Sale Debt Securities | (8,079,535) | (25,677,995) |
Proceeds from Disposal of Property, Plant and Equipment | 15,012 | 9,423 |
Purchase of Property, Plant and Equipment | (1,441,743) | (1,505,293) |
Equity Method Investments | 24,750 | 24,750 |
Other Investments | (512,415) | (3,733) |
Net Cash Provided by/(Applied to) Investing Activities | 15,088,280 | (4,976,622) |
Cash Applied to Financing Activities: | ||
Dividends Paid to Stockholders | (783,077) | (1,084,571) |
Purchase of Treasury Stock | (92,676) | |
Total Cash Applied to Financing Activities | (783,077) | (1,177,247) |
Net Change in Cash and Cash Equivalents | 15,179,087 | (3,979,229) |
Cash and Cash Equivalents, Beginning of Period | 2,738,338 | 6,428,499 |
Cash and Cash Equivalents, End of Period | $ 17,917,425 | $ 2,449,270 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1 The accompanying balance sheet as of December 31, 2019, 10 December 31, 2019 “2019 10 In the opinion of management, the accompanying financial statements reflect all adjustments (consisting only 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 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 A portion of oil and gas sales recorded in the statements of operations are the result of estimated volumes and pricing for oil and gas product not nine September 30, 2020 2019, $288,799 $278,006, The Company's disaggregated revenue has two Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Oil Sales $ 766,035 $ 922,052 $ 1,952,859 $ 3,239,602 Natural Gas Sales 397,623 318,717 947,653 1,336,748 Miscellaneous Oil and Gas Product Sales 32,476 33,992 92,515 136,620 $ 1,196,134 $ 1,274,761 $ 2,993,027 $ 4,712,970 |
Note 3 - Other Income, Net
Note 3 - Other Income, Net | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 3 The following is an analysis of the components of Other Income, Net: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ 85,724 $ (50,791 ) $ 235,113 $ 37,111 Gain on Asset Sales 5,072 6,959 19,025 9,422 Interest Income 9,380 123,832 145,282 412,946 Equity Losses in Investees (19,325 ) (44,849 ) (57,839 ) (140,573 ) Other Income 5,860 5,618 22,274 8,008 Interest and Other Expenses (11,574 ) (11,540 ) (34,730 ) (34,618 ) Other Income, Net $ 75,137 $ 29,229 $ 329,125 $ 292,296 |
Note 4 - Equity Method and Othe
Note 4 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 4 The Company's Equity Method Investments include: Broadway Sixty-Eight, LLC (“Broadway”), an Oklahoma limited liability company, with a 33% $26,100 $25,200 nine September 30, 2020 2019, $170,801 $157,911 September 30, 2020 December 31, 2019, Grand Woods Development, LLC (the “LLC”), an Oklahoma limited liability company, with a 47% 2015. 26.56 $1,200,000 $1,755,000 February 23, 2021. $58,852 $39,235 $232,537 $316,384 September 30, 2020 December 31, 2019, QSN Office Park, LLC (“QSN”), an Oklahoma limited liability company, with a 20% 2016. $1,300,000 March 26, 2021. $269,419 $270,503 September 30, 2020 December 31, 2019, The Company's Other Investments primarily include: Bailey Hilltop Pipeline, LLC (“Bailey”), with a 10% 2008. $80,377 September 30, 2020 December 31, 2019. Cloudburst International, Inc. (“Cloudburst”), with an 13.39% $1,294,375 2019 7 28 2019 10 $1,496,007 September 30, 2020 December 31, 2019. Genlith, Inc. (“Genlith”), with a 2% July 2020. $500,000 September 30, 2020. Ocean's NG (“Ocean”), with a 12.44% 2015. $227,351 $225,485 September 30, 2020 December 31, 2019, OKC Industrial Properties, LC (“OKC”), with a 10% 1992. 260 46 $56,164 September 30, 2020 December 31, 2019. |
Note 5 - Provision for Income T
Note 5 - Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 In 2020 2019, 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 6 - Asset Retirement Oblig
Note 6 - Asset Retirement Obligation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | Note 6 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, 2019 $ 1,821,527 Liabilities incurred for new wells (net of revisions) 4,206 Liabilities settled (wells sold or plugged) (4,013 ) Accretion expense 34,237 Balance at September 30, 2020 $ 1,855,957 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 7 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 September 30, 2020 December 31, 2019, September 30, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2021 $ --- $ 1,515,234 $ --- Equity Securities: Domestic Equities 572,719 --- --- International Equities 66,988 --- --- Others 140,802 --- --- $ 780,509 $ 1,515,234 $ --- December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2020 $ --- $ 18,517,910 $ --- Equity Securities: Domestic Equities 364,171 --- --- International Equities 110,629 --- --- Others 70,275 --- --- $ 545,075 $ 18,517,910 $ --- 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 nine September 30, 2020 2019 $4,206 $42,419, 3 6 The impairment loss in the nine September 30, 2020 2019 $2,418,898 $366,791, 3 8 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 September 30, 2020 December 31, 2019, |
Note 8 - Long-lived Assets Impa
Note 8 - Long-lived Assets Impairment Loss | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Long Lived Assets Impairment Loss [Text Block] | Note 8 Certain oil and gas producing properties have been deemed to be impaired because the assets, evaluated on a property-by-property basis, are not $2,418,898 nine September 30, 2020 |
Note 9 - New Accounting Pronoun
Note 9 - New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 9 See the “New Accounting Pronouncements” disclosures on page 25 2019 10 no December 31, 2019. |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Oil Sales $ 766,035 $ 922,052 $ 1,952,859 $ 3,239,602 Natural Gas Sales 397,623 318,717 947,653 1,336,748 Miscellaneous Oil and Gas Product Sales 32,476 33,992 92,515 136,620 $ 1,196,134 $ 1,274,761 $ 2,993,027 $ 4,712,970 |
Note 3 - Other Income, Net (Tab
Note 3 - Other Income, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Interest and Other Income [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ 85,724 $ (50,791 ) $ 235,113 $ 37,111 Gain on Asset Sales 5,072 6,959 19,025 9,422 Interest Income 9,380 123,832 145,282 412,946 Equity Losses in Investees (19,325 ) (44,849 ) (57,839 ) (140,573 ) Other Income 5,860 5,618 22,274 8,008 Interest and Other Expenses (11,574 ) (11,540 ) (34,730 ) (34,618 ) Other Income, Net $ 75,137 $ 29,229 $ 329,125 $ 292,296 |
Note 6 - Asset Retirement Obl_2
Note 6 - Asset Retirement Obligation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | Balance at December 31, 2019 $ 1,821,527 Liabilities incurred for new wells (net of revisions) 4,206 Liabilities settled (wells sold or plugged) (4,013 ) Accretion expense 34,237 Balance at September 30, 2020 $ 1,855,957 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2021 $ --- $ 1,515,234 $ --- Equity Securities: Domestic Equities 572,719 --- --- International Equities 66,988 --- --- Others 140,802 --- --- $ 780,509 $ 1,515,234 $ --- December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing in 2020 $ --- $ 18,517,910 $ --- Equity Securities: Domestic Equities 364,171 --- --- International Equities 110,629 --- --- Others 70,275 --- --- $ 545,075 $ 18,517,910 $ --- |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 288,799 | $ 278,006 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | $ 1,196,134 | $ 1,274,761 | $ 2,993,027 | $ 4,712,970 |
Oil and Condensate [Member] | ||||
Revenue | 766,035 | 922,052 | 1,952,859 | 3,239,602 |
Natural Gas, Production [Member] | ||||
Revenue | 397,623 | 318,717 | 947,653 | 1,336,748 |
Miscellaneous Oil and Gas Sales [Member] | ||||
Revenue | $ 32,476 | $ 33,992 | $ 92,515 | $ 136,620 |
Note 3 - Other Income, Net - Sc
Note 3 - Other Income, Net - Schedule of Components of Other Income, Net (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Realized and Unrealized Gain/(Loss) on Equity Securities | $ 85,724 | $ (50,791) | $ 235,113 | $ 37,111 |
Gain on Asset Sales | 5,072 | 6,959 | 19,025 | 9,422 |
Interest Income | 9,380 | 123,832 | 145,282 | 412,946 |
Equity Losses in Investees | (19,325) | (44,849) | (57,839) | (140,573) |
Other Income | 5,860 | 5,618 | 22,274 | 8,008 |
Interest and Other Expenses | (11,574) | (11,540) | (34,730) | (34,618) |
Other Income, Net | $ 75,137 | $ 29,229 | $ 329,125 | $ 292,296 |
Note 4 - Equity Method and Ot_2
Note 4 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees (Details Textual) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($)a | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020a | Dec. 31, 1992a | |
Operating Leases, Rent Expense, Total | $ 26,100 | $ 25,200 | |||
Equity Method Investments | 672,757 | $ 744,798 | |||
Other Long-term Investments | $ 2,400,214 | 1,898,347 | |||
Broadway Sixty-Eight Partnership [Member] | |||||
Equity Method Investment, Ownership Percentage | 33.00% | ||||
Equity Method Investments | $ 170,801 | 157,911 | |||
Grand Woods Development, LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 47.00% | ||||
Equity Method Investments | 232,537 | 316,384 | |||
Area of Real Estate Property (Acre) | a | 26.56 | ||||
Loan Guaranteed | 1,200,000 | ||||
Loans Payable, Total | 1,755,000 | ||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 58,852 | 39,235 | |||
QSN Office Park [Member] | |||||
Equity Method Investment, Ownership Percentage | 20.00% | ||||
Equity Method Investments | $ 269,419 | 270,503 | |||
Loan Guaranteed | $ 1,300,000 | ||||
OKC Industrial Properties [Member] | |||||
Other Investment, Ownership Percentage | 10.00% | ||||
Other Long-term Investments | $ 56,164 | 56,164 | |||
Area of Land (Acre) | a | 46 | 260 | |||
Bailey [Member] | |||||
Other Long-term Investments | $ 80,377 | $ 80,377 | |||
Cloudburst Solutions [Member] | |||||
Other Investment, Ownership Percentage | 10.00% | 13.39% | |||
Other Long-term Investments | $ 1,496,007 | $ 1,496,007 | |||
Payments to Acquire Interest in Subsidiaries and Affiliates, Total | 1,294,375 | ||||
Genlith [Member] | |||||
Other Investment, Ownership Percentage | 2.00% | ||||
Other Long-term Investments | $ 500,000 | ||||
Ocean [Member] | |||||
Other Investment, Ownership Percentage | 12.44% | ||||
Other Long-term Investments | $ 227,351 | $ 225,485 |
Note 6 - Asset Retirement Obl_3
Note 6 - Asset Retirement Obligation (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Current Year Inflation Rate | 4.08% |
Change In Present Value, Percent | 3.25% |
Note 6 - Asset Retirement Obl_4
Note 6 - Asset Retirement Obligation - Schedule of Asset Retirement Obligation (Details) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Balance, asset retirement obligation | $ 1,821,527 |
Liabilities incurred for new wells (net of revisions) | 4,206 |
Liabilities settled (wells sold or plugged) | (4,013) |
Accretion expense | 34,237 |
Balance, asset retirement obligation | $ 1,855,957 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Asset Retirement Obligation, Liabilities Incurred | $ 4,206 | |
Impairment Of Oil And Gas Cost Properties | 2,418,898 | |
Fair Value, Inputs, Level 3 [Member] | ||
Asset Retirement Obligation, Liabilities Incurred | 4,206 | $ 42,419 |
Impairment Of Oil And Gas Cost Properties | $ 2,418,898 | $ 366,791 |
Note 7 - Fair Value Measureme_4
Note 7 - Fair Value Measurements - Schedule of Fair Value Reported on a Recurring Basis (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Equity Securities | $ 780,509 | $ 545,075 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 780,509 | 545,075 |
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 | 572,719 | 364,171 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | International Equities [Member] | ||
Equity Securities | 66,988 | 110,629 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other [Member] | ||
Equity Securities | 140,802 | 70,275 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity Securities | 1,515,234 | 18,517,910 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Available-for-Sale Securities | 1,515,234 | 18,517,910 |
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] | ||
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 8 - Long-lived Assets Im_2
Note 8 - Long-lived Assets Impairment Loss (Details Textual) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Impairment Of Oil And Gas Cost Properties | $ 2,418,898 |