Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000083350 | ||
Entity Registrant Name | RESERVE PETROLEUM CO | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-08157 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 73-0237060 | ||
Entity Address, Address Line One | 6801 Broadway Ext., Suite 300 | ||
Entity Address, City or Town | Oklahoma City | ||
Entity Address, State or Province | OK | ||
Entity Address, Postal Zip Code | 73116-9037 | ||
City Area Code | 405 | ||
Local Phone Number | 848-7551 | ||
Title of 12(g) Security | COMMON STOCK ($0.50 PAR VALUE) | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 21,358,046 | ||
Entity Common Stock, Shares Outstanding | 156,157 | ||
Auditor Firm ID | 483 | ||
Auditor Name | HoganTaylor LLP | ||
Auditor Location | Oklahoma City, Oklahoma |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and Cash Equivalents | $ 7,299,224 | $ 10,129,157 |
Available-for-Sale Debt Securities | 4,208,648 | |
Equity Securities | 2,302,959 | 9,142,357 |
Refundable Income Taxes | 120,230 | 350,927 |
Accounts Receivable | 2,318,183 | 1,362,963 |
Total Current Assets | 16,249,244 | 20,985,404 |
Investments: | ||
Equity Method Investments | 2,469,644 | 1,898,646 |
Other Investments | 5,085,806 | 2,791,656 |
Total Investments | 7,555,450 | 4,690,302 |
Property, Plant and Equipment: | ||
Unproved Properties | 1,846,543 | 1,663,567 |
Proved Properties | 65,328,501 | 58,046,754 |
Oil and Gas Properties, Gross | 67,175,044 | 59,710,321 |
Less – Accumulated Depreciation, Depletion, Amortization and Valuation Allowance | (52,773,978) | (52,686,001) |
Oil and Gas Properties, Net | 14,401,066 | 7,024,320 |
Other Property and Equipment, at Cost | 758,256 | 680,043 |
Less – Accumulated Depreciation | (236,883) | (146,425) |
Other Property and Equipment, Net | 521,373 | 533,618 |
Property, Plant and Equipment, Net | 14,922,439 | 7,557,938 |
Total Assets | 38,727,133 | 33,233,644 |
Current Liabilities: | ||
Accounts Payable | 399,735 | 261,114 |
Other Current Liabilities | 75,675 | 262,554 |
Note Payable, Current Portion | 136,637 | |
Total Current Liabilities | 612,047 | 523,668 |
Long-Term Liabilities: | ||
Asset Retirement Obligation | 2,809,257 | 2,359,826 |
Deferred Tax Liability, Net | 1,619,595 | 551,320 |
Note Payable, Less Current Portion | 1,300,872 | |
Total Long-Term Liabilities | 5,729,724 | 2,911,146 |
Total Liabilities | 6,341,771 | 3,434,814 |
Equity: | ||
Common Stock | 92,368 | 92,368 |
Additional Paid-in Capital | 65,000 | 65,000 |
Retained Earnings | 33,828,418 | 31,389,240 |
Equity Before Treasury Stock | 33,985,786 | 31,546,608 |
Less – Treasury Stock, at Cost | (1,749,858) | (1,747,778) |
Total Equity Applicable to The Reserve Petroleum Company | 32,235,928 | 29,798,830 |
Non-Controlling Interests | 149,434 | |
Total Equity | 32,385,362 | 29,798,830 |
Total Liabilities and Equity | $ 38,727,133 | $ 33,233,644 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Revenues: | ||
Operating revenues | $ 14,869,219 | $ 9,034,540 |
Lease Bonuses and Other | 295,544 | 9,804 |
Water Well Drilling Services | 1,006,121 | 72,082 |
Total Operating Revenues | 16,170,884 | 9,116,426 |
Operating Costs and Expenses: | ||
Production | 3,639,924 | 2,721,827 |
Exploration | 474,773 | 687,648 |
Water Well Drilling Services | 907,447 | 375,544 |
Depreciation, Depletion, Amortization and Valuation Provisions | 2,802,006 | 2,726,938 |
Gain on Disposition of Oil and Gas Properties | (198,443) | (16,313) |
General, Administrative and Other | 2,082,525 | 1,963,585 |
Total Operating Costs and Expenses | 9,741,059 | 8,459,229 |
Income from Operations | 6,429,825 | 657,197 |
Equity Loss in Investees | (164,497) | (154,041) |
Interest Expense | (34,523) | |
Other Income/(Loss), Net | (1,185,161) | 693,250 |
Income Before Income Taxes and Non-Controlling Interest | 5,045,644 | 1,196,406 |
Income Tax Provision/(Benefit) | 1,072,524 | (54,889) |
Net Income | 3,973,120 | 1,251,295 |
Less: Net Loss Attributable to Non-Controlling Interest | (27,631) | |
Net Income Attributable to Common Stockholders | $ 4,000,751 | $ 1,251,295 |
Per Share Data: | ||
Net Income Attributable to Common Stockholders, Basic (in dollars per share) | $ 25.62 | $ 8 |
Cash Dividends (in dollars per share) | $ 10 | $ 5 |
Weighted Average Shares Outstanding, Basic (in shares) | 156,163 | 156,483 |
Grand Woods [Member] | ||
Operating Costs and Expenses: | ||
Grand Woods Expenses | $ 32,827 | |
Oil and Gas [Member] | ||
Operating Revenues: | ||
Operating revenues | $ 14,869,219 | $ 9,034,540 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2020 | $ 92,368 | $ 65,000 | $ 30,920,837 | $ (1,692,893) | $ 29,385,312 | |
Net Income | 1,251,295 | |||||
Dividends Declared | (782,892) | (782,892) | ||||
Purchase of Treasury Stock | (54,885) | (54,885) | ||||
Net Income | 1,251,295 | 1,251,295 | ||||
Balance at Dec. 31, 2021 | 92,368 | 65,000 | 31,389,240 | (1,747,778) | 29,798,830 | |
Net Income | 4,000,751 | $ (27,631) | 3,973,120 | |||
Dividends Declared | (1,561,573) | (1,561,573) | ||||
Purchase of Treasury Stock | (2,080) | (2,080) | ||||
Consolidation of Grand Woods | 177,065 | 177,065 | ||||
Net Income | 4,000,751 | |||||
Balance at Dec. 31, 2022 | $ 92,368 | $ 65,000 | $ 33,828,418 | $ (1,749,858) | $ 149,434 | $ 32,385,362 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Provided by/(Applied to) Operating Activities: | ||
Lease Bonuses and Other | $ 289,314 | $ 9,804 |
Interest Received | 62,223 | 3,274 |
Dividends Received on Equity Securities | 304,049 | 360,407 |
Cash Distributions from Equity Method Investees | 41,580 | 24,750 |
Income Tax Refunds, Net of Income Taxes Paid | 226,158 | |
Cash Received from Class Action Lawsuits | 377 | 16,713 |
Other | 5,030 | 11,537 |
Cash Paid – | ||
Production and Exploration Costs | (3,804,075) | (2,557,012) |
General Suppliers, Employees and Taxes, Other than Income Taxes | (2,961,853) | (2,333,939) |
Income Taxes Paid, Net of Income Tax Refunds | (94,375) | |
Interest Paid | (29,873) | (23,184) |
Net Cash Provided by Operating Activities | 8,850,077 | 3,777,163 |
Cash Provided by/(Applied to) Investing Activities: | ||
Maturity of Available-for-Sale Debt Securities | 1,515,234 | |
Purchase of Available-for-Sale Debt Securities | (4,208,648) | |
Proceeds from Disposal of Property, Plant and Equipment | 533,699 | 22,000 |
Purchase of Property, Plant and Equipment | (10,266,573) | (2,932,919) |
Purchase of Equity Method and Other Investments | (1,473,097) | (1,639,940) |
Cash Distributions from Other Investments | 108,019 | 226,775 |
Notes Receivable | (168,711) | |
Sale of Equity Securities | 9,148,302 | 12,347,481 |
Purchase of Equity Securities | (3,944,143) | (18,367,234) |
Net Cash Applied to Investing Activities | (10,102,441) | (8,997,314) |
Cash Provided by/(Applied to) Financing Activities: | ||
Payments of Note Payable | (66,332) | |
Capital Contributions from Non-Controlling Interests | 52,416 | |
Dividends Paid to Stockholders | (1,561,573) | (782,892) |
Purchase of Treasury Stock | (2,080) | (54,885) |
Total Cash Applied to Financing Activities | (1,577,569) | (837,777) |
Net Change in Cash and Cash Equivalents | (2,829,933) | (6,057,928) |
Cash and Cash Equivalents at Beginning of Year | 10,129,157 | 16,187,085 |
Cash and Cash Equivalents at End of Year | 7,299,224 | 10,129,157 |
Reconciliation of Net Income to Net Cash Provided by Operating Activities: | ||
Net Income | 3,973,120 | 1,251,295 |
Net Income Increased (Decreased) by Net Change in – | ||
Net Unrealized Holding (Gains)/Losses on Equity Securities | 1,284,771 | (396,773) |
Realized (Gains)/Losses on Equity Securities | 350,469 | (176,858) |
Accounts Receivable | (933,501) | (358,242) |
Interest and Dividends Receivable | (21,718) | (20,725) |
Refundable Income Taxes | 230,697 | (132,723) |
Accounts Payable | 219,486 | 14,055 |
Deferred Taxes | 1,068,275 | (17,307) |
Equity Method and Other Investments | (13,274) | (104,940) |
Cash Distributions from Equity Method Investees | 41,580 | 24,750 |
Exploration Costs | 328,374 | 590,669 |
Disposition of Property, Plant and Equipment | (248,266) | (20,130) |
Depreciation, Depletion, Amortization and Valuation Provisions | 2,802,006 | 2,726,938 |
Deferred Revenue | (186,274) | 261,274 |
Other | (109,959) | 107,895 |
Net Cash Provided by Operating Activities | 8,850,077 | 3,777,163 |
TWS [Member] | ||
Net Income Increased (Decreased) by Net Change in – | ||
Depreciation, Depletion, Amortization and Valuation Provisions | 64,291 | 27,985 |
Oil and Gas [Member] | ||
Cash Provided by/(Applied to) Operating Activities: | ||
Revenue | 13,928,206 | 8,055,832 |
Service [Member] | ||
Cash Provided by/(Applied to) Operating Activities: | ||
Revenue | $ 788,941 | $ 303,356 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1 NATURE OF OPERATIONS The Reserve Petroleum Company, a Delaware corporation, is an independent oil and gas company engaged in oil and natural gas exploration, development and minerals management with areas of concentration in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming, a single business segment. The Company is also engaged in investments and joint ventures that are not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of The Reserve Petroleum Company and its subsidiaries in which the Company holds a controlling interest, reflecting ownership of a majority of the voting interest, as of the financial statement date. Additionally, the Company consolidates VIEs under certain criteria discussed further below. All intercompany accounts and transactions have been eliminated in consolidation. When necessary, reclassifications that are not Variable Interest Entities The Company decides at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a VIE. Generally, an entity is a VIE if ( 1 not 2 3 The Company consolidates VIEs when the Company is deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: ( 1 2 not Non-Controlling Interests When the Company consolidates an entity, 100% 100%, third not 7 Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three Investments Marketable Securities: The Company classifies its debt and marketable equity securities in one two December 31, 2022 2021. Equity Method and Other Investments: The Company accounts for its non-marketable investments in limited liability companies on the equity method if ownership allows the Company to exercise significant influence. Other investments, without readily determinable fair values, that are not not December 31, 2022 2021. See Note 6 Receivables and Revenue Recognition Oil and gas sales and resulting receivables are recognized when the product is delivered to the purchaser and title has transferred. Sales are to credit-worthy major energy purchasers with payments generally received within 60 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 December 31, 2022 2021, 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 Year Ended December 30, 2022 2021 Oil Sales $ 9,976,153 $ 5,905,936 Natural Gas Sales 4,342,725 2,628,472 Miscellaneous Oil and Gas Product Sales 550,341 500,132 $ 14,869,219 $ 9,034,540 The Company recognizes revenue from lease bonuses when it has received an executed lease agreement with a third may no Property, Plant and Equipment Oil and gas properties are accounted for on the successful efforts method. The acquisition, exploration and development costs of producing properties are capitalized. The Company has not one The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not not Depreciation, depletion and amortization of producing properties is computed on the units-of-production method on a property-by-property basis. The units-of-production method is based primarily on estimates of proved reserve quantities. Due to uncertainties inherent in this estimation process, it is at least reasonably possible that reserve quantities will be revised in the near term. Changes in estimated reserve quantities are applied to depreciation, depletion and amortization computations prospectively. Other property and equipment are depreciated on the straight line, declining balance, or other accelerated method as appropriate. The following estimated useful lives are used for property and equipment: Office furniture and fixtures (years) 5 to 10 Automotive equipment (years) 5 to 10 Income Taxes The Company utilizes an asset/liability approach to calculating deferred income taxes. Deferred income taxes are provided to reflect temporary differences in the basis of net assets and liabilities for income tax and financial reporting purposes. Deferred tax assets are reduced by a valuation allowance if a determination is made that it is more likely than not not The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not 50% The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. There were no uncertain tax positions as of December 31, 2022 2021. 2019, 2020 2021 5 Earnings Per Share Accounting guidance for Earnings Per Share (EPS) establishes the methodology of calculating basic earnings per share and diluted earnings per share. The calculations of basic earnings per share and diluted earnings per share differ in that instruments convertible to common stock (such as stock options, warrants and convertible preferred stock) are added to weighted average shares outstanding when computing diluted earnings per share. For 2022 2021, Concentrations of Credit Risk and Major Customers The Company’s receivables relate primarily to sales of oil and natural gas to purchasers with operations in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming. The Company had one purchaser in 2022 2021 The Company maintains its cash in bank deposit accounts, which at times may not not The Company’s investment in marketable equity securities consists of equity interests in both U.S. and international entities involved in a broad range of industries. These marketable equity securities are subject to overall market risks, which could result in a temporary or permanent decline in the fair value of these securities. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include oil and natural gas reserve quantities that form the basis for the calculation of amortization and impairment of oil and natural gas properties. Management emphasizes that reserve estimates are inherently imprecise and that estimates of more recent reserve discoveries are more imprecise than those for properties with long production histories. Actual results could differ from the estimates and assumptions used in the preparation of the Company’s consolidated financial statements. Gas Balancing Gas imbalances are accounted for under the sales method whereby revenues are recognized based on production sold. A liability is recorded when the Company’s excess takes of natural gas volumes exceed our estimated remaining recoverable reserves (over-produced). No Guarantees At the inception of a guarantee or subsequent modification, the Company records a liability for the fair value of the obligation undertaken in issuing the guarantee. The Company records a liability for its obligations when it becomes probable that the Company will have to perform under the guarantee. The Company has issued guarantees associated with the Company’s consolidated VIE, Grand Woods and its equity method investments. See Note 6 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 first The following table summarizes the asset retirement obligation for 2022 2021: 2022 2021 Beginning balance at January 1 $ 2,359,826 $ 1,810,729 Liabilities incurred 443,391 400,801 Liabilities settled (wells sold or plugged) (79,405 ) (17,004 ) Accretion expense 60,236 43,814 Revision to estimate 25,209 121,486 Ending balance at December 31 $ 2,809,257 $ 2,359,826 |
Note 3 - Common Stock
Note 3 - Common Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 3 COMMON STOCK The following table summarizes the changes in common stock issued and outstanding: Shares of Shares Treasury Shares Issued Stock Outstanding January 1, 2021, $ .50 200,000 184,735 28,140 156,595 Purchase of stock --- 422 (422 ) December 31, 2021, $ .50 200,000 184,735 28,562 156,173 Purchase of stock --- 16 (16 ) December 31, 2022, $ .50 200,000 184,735 28,578 156,157 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 MARKETABLE SECURITIES At December 31, 2022, one For equity securities, in 2022 2021 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 INCOME TAXES Components of deferred taxes are as follows: December 31, 2022 2021 Assets: Payables $ 22,647 $ 13,306 Net Leasehold Reserves 84,641 164,509 Long-Lived Asset Impairment 967,774 1,163,085 Deferred Geological and Geophysical Expense 71,987 77,149 Unrealized Equity Securities and Capital Gains 148,984 123,336 Asset Retirement Obligation 376,911 347,850 Total Assets 1,672,944 1,889,235 Liabilities: Receivables 239,884 122,711 Intangible Drilling Costs 1,951,662 1,437,150 Depletion and Depreciation 864,746 745,716 Investments 198,995 122,999 Other 37,252 11,979 Total Liabilities 3,292,539 2,440,555 Net Deferred Tax Liability $ (1,619,595 ) $ (551,320 ) The following table summarizes the current and deferred portions of income tax provision/(benefit): Year Ended December 31, 2022 2021 Current Tax Provision/(Benefit): Federal $ 3,812 $ (38,552 ) State 437 970 Total Current Provision/(Benefit) 4,249 (37,582 ) Deferred Tax Provision/(Benefit) 1,068,275 (17,307 ) Total Provision/(Benefit) $ 1,072,524 $ (54,889 ) The total income tax provision/(benefit) expressed as a percentage of income before income tax was 21.32% for 2022 2021. 21% 2022 2021 Year Ended December 31, 2022 2021 Computed Federal Tax Provision $ 1,059,585 $ 251,036 Increase (Decrease) in Tax from: Allowable Depletion in Excess of Basis (76,317 ) (148,538 ) Federal Tax Carrybacks --- (118,534 ) PY Provision Adjustments 109,438 --- Dividend Received Deduction (18,286 ) (38,269 ) State Income Tax Provision 437 970 Other (2,333 ) (1,554 ) Income Tax Provision/(Benefit) $ 1,072,524 $ (54,889 ) Effective Tax Rate 21.32 % (4.59 )% Excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, reduces estimated taxable income projected for any year. 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 - Equity Method and Othe
Note 6 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 6 EQUITY METHOD AND OTHER INVESTMENTS AND RELATED COMMITMENTS AND CONTINGENT LIABILITIES INCLUDING GUARANTEES The Company’s Equity Method Investments include: Broadway Sixty-Eight, LLC (“Broadway 68” 68 68 68 2022 2021. 68 December 31, 2022 2021, Broadway Seventy-Two, LLC (“Broadway 72” March 29, 2021. 72 72 December 31, 2022 2021, QSN Office Park, LLC (“QSN”), an Oklahoma limited liability company, with a 20% ownership, was acquired in 2016. 20% July 15, 2023 20% March 9, 2027. December 31, 2022 2021, not Stott’s Mill (“Stott’s Mill”), with a 50% ownership, was acquired in May 2022. two December 31, 2022. Victorum BRH3 “BRH3” November 2022. BRH2 BRH3 December 31, 2022. The Company’s Other Investments primarily include: Bailey Hilltop Pipeline, LLC (“Bailey”), with a 10% ownership, was acquired in 2008. December 31, 2022 2021. Cloudburst International, Inc. (“Cloudburst”), with a 12.99% ownership, was acquired in 2019. December 31, 2022 2021. Genlith, Inc. (“Genlith”), with a 5.15% ownership, was acquired in July 2020. December 31, 2022 2021, OKC Industrial Properties, LC (“OKC”), with a 10% ownership, was acquired in 1992. December 31, 2022 2021. Grand Woods holds approximately 26.56 December 31, 2022. 7 VCC Accern Investment, LLC (“VCC Accern”), with a 9.9% ownership, was acquired in September 2021. no December 31, 2022 2021. VCC Beachy Investment, LLC (“VCC Beachy”), with a 4.29% ownership, was acquired in November 2021. December 31, 2022 2021. Victorum BRH2 “BRH2” 16.3% August 2021. BRH2 BRH2 December 31, 2022 2021. VCC Homebase Investment, LLC (“VCC Homebase”), with a 7.29% ownership, was acquired in June 2021. December 31, 2022 2021, VCC Mamenta Investment, LLC (“VCC Mamenta”), with a 4.17% ownership, was acquired in July 2021. December 31, 2022 2021. VCC MooveGuru Investment, LLC (“VCC MooveGuru”), with a 3.53% ownership, was acquired in February 2022. December 31, 2022. VCC SquareFoot Investment, LLC (“VCC SquareFoot”), with a 14.85% ownership, was acquired in March 2022. December 31, 2022. VCC Venture Fund I, LP (“VCC Venture”), serves as a limited partnership to be used for investments in start-up entities and is managed by Victorum Capital Club. The Company committed to a $250,000 investment in VCC Venture. The Company’s investment in VCC Venture totaled $31,250 at December 31, 2022, |
Note 7 - Non-controlling Intere
Note 7 - Non-controlling Interest and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Variable Interest Entity Disclosure [Text Block] | Note 7 NON-CONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES TWS and Grand Woods are accounted for as consolidated VIEs. The Company owns an 80.37% interest in Grand Woods in the form of 47.08 Class A units and 546,735 Class C units, with the remaining non-controlling member interests held by other members, including 8.72% owned by executive officers of the Company. Grand Woods holds approximately 26.56 acres of undeveloped real estate in northeast Oklahoma City. Grand Woods was initially acquired as an investment in 2015 December 31, 2021. On September 15, 2022, 2022 September 30, 2022. 8 2022 The following table presents the summarized assets and liabilities of Grand Woods and TWS included in the consolidated balance sheets as of December 31, 2022. may third Grand Woods TWS Total Assets: Cash $ 24,050 $ 281,654 $ 305,704 Accounts Receivable --- 72,716 72,716 Other Investments (Land) 2,171,828 --- 2,171,828 Total Current Assets 2,195,878 354,370 2,550,248 Other Property and Equipment, at cost --- 419,044 419,044 Less – Accumulated Depreciation --- (92,278 ) (92,278 ) Other Property and Equipment, Net --- 326,766 326,766 Total Assets $ 2,195,878 $ 681,136 $ 2,877,014 Liabilities: Accounts Payable $ --- $ 58,742 $ 58,742 Note Payable, Current Portion 136,637 --- 136,637 Total Current Liabilities 136,637 58,742 195,379 Note Payable, Less Current Portion 1,300,872 --- 1,300,872 Total Liabilities $ 1,437,509 $ 58,742 $ 1,496,251 |
Note 8 - Note Payable
Note 8 - Note Payable | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | Note 8 NOTE PAYABLE Grand Woods has a note payable (“the Note”) that was used for the purchase and development of property. The Note has a 4% interest rate and matures November 23, 2026. November 23, 2026. December 31, 2022 2022 No not Below is a schedule of future principal payments that we are obligated to make on the outstanding Note at December 31, 2022: Years Ending December 31, Principal Payments 2023 $ 136,637 2024 142,136 2025 148,155 2026 1,010,581 $ 1,437,509 |
Note 9 - Costs Incurred in Oil
Note 9 - Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Text Block] | Note 9 COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION AND DEVELOPMENT ACTIVITIES All the Company’s oil and gas operations are within the continental United States. In connection with its oil and gas operations, the following costs were incurred: Year Ended December 31, 2022 2021 Acquisition of Properties: Unproved $ 963,822 $ 523,011 Proved 4,020,523 1,016,716 Exploration Costs 853,455 580,272 Development Costs 4,524,443 629,477 Asset Retirement Obligation 468,599 505,283 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 10 FAIR VALUE MEASUREMENTS The Company uses a three three Level 1 Level 2 not Level 3 During 2022 2021, no 2 3. Recurring Fair Value Measurements Certain of the Company’s assets are reported at fair value in the accompanying consolidated balance sheets on a recurring basis. The Company determined the fair value of equity securities and available-for-sale debt securities using quoted market prices, and where applicable, securities with similar maturity dates and interest rates. At December 31, 2022 2021, December 31, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing within 1 year $ --- $ 4,208,648 $ --- Equity Securities: Domestic Equities 1,720,410 --- --- International Equities 448,405 --- --- Others 134,144 --- --- $ 2,302,959 $ 4,208,648 $ --- December 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 6,822,808 $ --- $ --- International Equities 1,856,904 --- --- Others 462,645 --- --- $ 9,142,357 $ --- $ --- Non-recurring Fair Value Measurements The Company’s asset retirement obligation incurred annually represents a non-recurring fair value liability. The fair value of the non-financial liability incurred was $443,391 in 2022 2021 3 2 The fair value of oil and gas properties used in estimating impairment losses of $1,109,455 for 2022 2021 3 11 Fair Value of Financial Instruments The Company’s other financial instruments consist primarily of cash and cash equivalents, trade receivables, marketable securities, trade payables and dividends payable. As of December 31, 2022 2021, |
Note 11 - Long-lived Assets Imp
Note 11 - Long-lived Assets Impairment Loss | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Long Lived Assets Impairment Loss [Text Block] | Note 11 LONG-LIVED ASSETS IMPAIRMENT LOSS Certain oil and gas producing properties have been deemed to be impaired because the assets, evaluated on a property-by-property basis, are not 2022 2021 2022 2021 |
Note 12 - Other Income (Loss),
Note 12 - Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 12 OTHER INCOME/(LOSS), NET The following is an analysis of the components of Other Income/(Loss), Net: 2022 2021 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ (1,635,240 ) $ 573,631 Gain/(Loss) on Other Asset Sales 49,823 (201,119 ) Interest Income 98,231 23,999 Dividend Income 264,035 364,469 Income from Other Investments 108,034 3,255 Miscellaneous Income and Expenses (70,044 ) (70,985 ) Other Income/(Loss), Net $ (1,185,161 ) $ 693,250 |
Note 13 - Defined Contribution
Note 13 - Defined Contribution Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Defined Contribution Plan [Text Block] | Note 13 DEFINED CONTRIBUTION EMPLOYEE BENEFIT PLAN The Company sponsors a 401 may 2022, 2021. |
Note 14 - Certain Relationships
Note 14 - Certain Relationships and Related Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 14 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS The Company is affiliated by common management and ownership with Mesquite Minerals, Inc. (“Mesquite”), Mid-American Oil Company (“Mid-American”) and Lochbuie Limited Liability Company (“Lochbuie”). The Company also owns interests in certain producing and non-producing oil and gas properties as tenants in common with Mesquite, Mid-American and Lochbuie. Mesquite and Lochbuie share facilities and employees including executive officers with the Company. The Company has been reimbursed for services, facilities and miscellaneous business expenses incurred in 2022 2021 2022, 2021, The Company purchased working interest properties from Mesquite for $699,770, effective July 1, 2022. June 30, 2022. The Company purchased working interest properties from Mid-American for $500,469, effective July 1, 2021. June 30, 2021. |
Supplemental Schedules of Oil a
Supplemental Schedules of Oil and Gas Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | THE RESERVE PETROLEUM COMPANY WORKING INTEREST RESERVE QUANTITY INFORMATION (Unaudited) Year Ended December 31, 2022 2021 Oil and Condensate (Bbls) Proved Developed Reserves: Beginning of Year 357,274 221,795 Revisions of Previous Estimates 77,680 101,338 Extensions and Discoveries 74,737 60,609 Purchase of Reserves 337,387 38,079 Production (81,084 ) (64,547 ) End of Year 765,994 357,274 Proved Developed Reserves: Beginning of Year 357,274 221,795 End of Year 765,994 357,274 Gas (MCF) Proved Developed Reserves: Beginning of Year 2,668,082 1,534,311 Revisions of Previous Estimates 438,711 772,913 Extensions and Discoveries 170,312 463,536 Purchase of Reserves 216,030 273,660 Production (415,930 ) (376,338 ) End of Year 3,077,205 2,668,082 Proved Developed Reserves: Beginning of Year 2,668,082 1,534,311 End of Year 3,077,205 2,668,082 See notes on next page. SUPPLEMENTAL SCHEDULE 1 THE RESERVE PETROLEUM COMPANY WORKING INTEREST RESERVE QUANTITY INFORMATION (Unaudited) Notes: 1. Estimates of royalty interests’ reserves, on properties in which the Company does not not not 2022 2021. 2. The preceding table sets forth estimates of the Company’s proved oil and gas reserves, together with the changes in those reserves, as prepared by the Company’s engineer for 2022 2021. 10 10 3. The Company emphasizes that the reserve volumes shown are estimates, which by their nature are subject to revision in the near term. The estimates have been made by utilizing geological and reservoir data, as well as actual production performance data available to the Company. These estimates are reviewed annually and are revised upward or downward as warranted by additional performance data. The Company’s engineer is not 4. The Company’s internal controls relating to the calculation of its working interests’ reserve estimates include review and testing of the accounting data flowing into the calculation of the reserve estimates. In addition, the average oil and natural gas product prices calculated in the engineer’s 2022 2022 SUPPLEMENTAL SCHEDULE 2 THE RESERVE PETROLEUM COMPANY STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED WORKING INTEREST OIL AND GAS RESERVES (Unaudited) At December 31, 2022 2021 Future Cash Inflows $ 87,815,597 $ 32,293,498 Future Production and Development Costs (38,477,835 ) (16,056,240 ) Future Asset Retirement Obligation (3,719,370 ) (2,456,290 ) Future Income Tax Expense (5,529,912 ) (1,048,986 ) Future Net Cash Flows 40,088,480 12,731,982 10% Annual Discount for Estimated Timing of Cash Flows (16,182,590 ) (3,892,523 ) Standardized Measure of Discounted Future Net Cash Flows $ 23,905,890 $ 8,839,459 Estimates of future net cash flows from the Company’s proved working interests in oil and gas reserves are shown in the table above. These estimates, which by their nature are subject to revision in the near term, were based on an average monthly product price received by the Company for 2021 2022, no SUPPLEMENTAL SCHEDULE 3 THE RESERVE PETROLEUM COMPANY CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS FROM PROVED WORKING INTEREST RESERVE QUANTITIES (Unaudited) Year Ended December 31, 2022 2021 Standardized Measure, Beginning of Year $ 8,839,459 $ 1,931,647 Sales and Transfers, Net of Production Costs (6,832,951 ) (3,476,703 ) Net Change in Sales and Transfer Prices, Net of Production Costs 6,904,759 3,787,887 Extensions, Discoveries and Improved Recoveries, Net of Future Production and Development Costs 5,895,598 4,294,966 Revisions of Quantity Estimates 3,893,178 2,934,172 Accretion of Discount 1,203,372 326,800 Purchases of Reserves in Place 7,853,989 844,340 Net Change in Income Taxes (2,562,318 ) (1,188,405 ) Net Change in Asset Retirement Obligation 468,599 505,283 Changes in Production Rates (Timing) and Other (1,757,795 ) (1,120,528 ) Standardized Measure, End of Year $ 23,905,890 $ 8,839,459 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The Company’s consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of The Reserve Petroleum Company and its subsidiaries in which the Company holds a controlling interest, reflecting ownership of a majority of the voting interest, as of the financial statement date. Additionally, the Company consolidates VIEs under certain criteria discussed further below. All intercompany accounts and transactions have been eliminated in consolidation. When necessary, reclassifications that are not |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Variable Interest Entities The Company decides at the inception of each arrangement whether an entity in which an investment is made or in which we have other variable interests is considered a VIE. Generally, an entity is a VIE if ( 1 not 2 3 The Company consolidates VIEs when the Company is deemed to be the primary beneficiary. The primary beneficiary of a VIE is generally the party that both: ( 1 2 not |
Noncontrolling Interest [Policy Text Block] | Non-Controlling Interests When the Company consolidates an entity, 100% 100%, third not 7 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three |
Investment, Policy [Policy Text Block] | Investments Marketable Securities: The Company classifies its debt and marketable equity securities in one two December 31, 2022 2021. Equity Method and Other Investments: The Company accounts for its non-marketable investments in limited liability companies on the equity method if ownership allows the Company to exercise significant influence. Other investments, without readily determinable fair values, that are not not December 31, 2022 2021. See Note 6 |
Revenue from Contract with Customer [Policy Text Block] | Receivables and Revenue Recognition Oil and gas sales and resulting receivables are recognized when the product is delivered to the purchaser and title has transferred. Sales are to credit-worthy major energy purchasers with payments generally received within 60 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 December 31, 2022 2021, 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 Year Ended December 30, 2022 2021 Oil Sales $ 9,976,153 $ 5,905,936 Natural Gas Sales 4,342,725 2,628,472 Miscellaneous Oil and Gas Product Sales 550,341 500,132 $ 14,869,219 $ 9,034,540 The Company recognizes revenue from lease bonuses when it has received an executed lease agreement with a third may no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Oil and gas properties are accounted for on the successful efforts method. The acquisition, exploration and development costs of producing properties are capitalized. The Company has not one The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not not Depreciation, depletion and amortization of producing properties is computed on the units-of-production method on a property-by-property basis. The units-of-production method is based primarily on estimates of proved reserve quantities. Due to uncertainties inherent in this estimation process, it is at least reasonably possible that reserve quantities will be revised in the near term. Changes in estimated reserve quantities are applied to depreciation, depletion and amortization computations prospectively. Other property and equipment are depreciated on the straight line, declining balance, or other accelerated method as appropriate. The following estimated useful lives are used for property and equipment: Office furniture and fixtures (years) 5 to 10 Automotive equipment (years) 5 to 10 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company utilizes an asset/liability approach to calculating deferred income taxes. Deferred income taxes are provided to reflect temporary differences in the basis of net assets and liabilities for income tax and financial reporting purposes. Deferred tax assets are reduced by a valuation allowance if a determination is made that it is more likely than not not The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not 50% The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. There were no uncertain tax positions as of December 31, 2022 2021. 2019, 2020 2021 5 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Accounting guidance for Earnings Per Share (EPS) establishes the methodology of calculating basic earnings per share and diluted earnings per share. The calculations of basic earnings per share and diluted earnings per share differ in that instruments convertible to common stock (such as stock options, warrants and convertible preferred stock) are added to weighted average shares outstanding when computing diluted earnings per share. For 2022 2021, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Customers The Company’s receivables relate primarily to sales of oil and natural gas to purchasers with operations in Arkansas, Kansas, Oklahoma, South Dakota, Texas and Wyoming. The Company had one purchaser in 2022 2021 The Company maintains its cash in bank deposit accounts, which at times may not not The Company’s investment in marketable equity securities consists of equity interests in both U.S. and international entities involved in a broad range of industries. These marketable equity securities are subject to overall market risks, which could result in a temporary or permanent decline in the fair value of these securities. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include oil and natural gas reserve quantities that form the basis for the calculation of amortization and impairment of oil and natural gas properties. Management emphasizes that reserve estimates are inherently imprecise and that estimates of more recent reserve discoveries are more imprecise than those for properties with long production histories. Actual results could differ from the estimates and assumptions used in the preparation of the Company’s consolidated financial statements. |
Gas Balancing Arrangements, Policy [Policy Text Block] | Gas Balancing Gas imbalances are accounted for under the sales method whereby revenues are recognized based on production sold. A liability is recorded when the Company’s excess takes of natural gas volumes exceed our estimated remaining recoverable reserves (over-produced). No |
Minimum Guarantees, Policy [Policy Text Block] | Guarantees At the inception of a guarantee or subsequent modification, the Company records a liability for the fair value of the obligation undertaken in issuing the guarantee. The Company records a liability for its obligations when it becomes probable that the Company will have to perform under the guarantee. The Company has issued guarantees associated with the Company’s consolidated VIE, Grand Woods and its equity method investments. See Note 6 |
Asset Retirement Obligation [Policy Text Block] | 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 first The following table summarizes the asset retirement obligation for 2022 2021: 2022 2021 Beginning balance at January 1 $ 2,359,826 $ 1,810,729 Liabilities incurred 443,391 400,801 Liabilities settled (wells sold or plugged) (79,405 ) (17,004 ) Accretion expense 60,236 43,814 Revision to estimate 25,209 121,486 Ending balance at December 31 $ 2,809,257 $ 2,359,826 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 30, 2022 2021 Oil Sales $ 9,976,153 $ 5,905,936 Natural Gas Sales 4,342,725 2,628,472 Miscellaneous Oil and Gas Product Sales 550,341 500,132 $ 14,869,219 $ 9,034,540 |
Schedule Of Useful Lives Of Property And Equipment [Table Text Block] | Office furniture and fixtures (years) 5 to 10 Automotive equipment (years) 5 to 10 |
Schedule of Asset Retirement Obligations [Table Text Block] | 2022 2021 Beginning balance at January 1 $ 2,359,826 $ 1,810,729 Liabilities incurred 443,391 400,801 Liabilities settled (wells sold or plugged) (79,405 ) (17,004 ) Accretion expense 60,236 43,814 Revision to estimate 25,209 121,486 Ending balance at December 31 $ 2,809,257 $ 2,359,826 |
Note 3 - Common Stock (Tables)
Note 3 - Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Shares of Shares Treasury Shares Issued Stock Outstanding January 1, 2021, $ .50 200,000 184,735 28,140 156,595 Purchase of stock --- 422 (422 ) December 31, 2021, $ .50 200,000 184,735 28,562 156,173 Purchase of stock --- 16 (16 ) December 31, 2022, $ .50 200,000 184,735 28,578 156,157 |
Note 5 - Income Taxes (Tables)
Note 5 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Assets: Payables $ 22,647 $ 13,306 Net Leasehold Reserves 84,641 164,509 Long-Lived Asset Impairment 967,774 1,163,085 Deferred Geological and Geophysical Expense 71,987 77,149 Unrealized Equity Securities and Capital Gains 148,984 123,336 Asset Retirement Obligation 376,911 347,850 Total Assets 1,672,944 1,889,235 Liabilities: Receivables 239,884 122,711 Intangible Drilling Costs 1,951,662 1,437,150 Depletion and Depreciation 864,746 745,716 Investments 198,995 122,999 Other 37,252 11,979 Total Liabilities 3,292,539 2,440,555 Net Deferred Tax Liability $ (1,619,595 ) $ (551,320 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2022 2021 Current Tax Provision/(Benefit): Federal $ 3,812 $ (38,552 ) State 437 970 Total Current Provision/(Benefit) 4,249 (37,582 ) Deferred Tax Provision/(Benefit) 1,068,275 (17,307 ) Total Provision/(Benefit) $ 1,072,524 $ (54,889 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2022 2021 Computed Federal Tax Provision $ 1,059,585 $ 251,036 Increase (Decrease) in Tax from: Allowable Depletion in Excess of Basis (76,317 ) (148,538 ) Federal Tax Carrybacks --- (118,534 ) PY Provision Adjustments 109,438 --- Dividend Received Deduction (18,286 ) (38,269 ) State Income Tax Provision 437 970 Other (2,333 ) (1,554 ) Income Tax Provision/(Benefit) $ 1,072,524 $ (54,889 ) Effective Tax Rate 21.32 % (4.59 )% |
Note 7 - Non-controlling Inte_2
Note 7 - Non-controlling Interest and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Variable Interest Entities [Table Text Block] | Grand Woods TWS Total Assets: Cash $ 24,050 $ 281,654 $ 305,704 Accounts Receivable --- 72,716 72,716 Other Investments (Land) 2,171,828 --- 2,171,828 Total Current Assets 2,195,878 354,370 2,550,248 Other Property and Equipment, at cost --- 419,044 419,044 Less – Accumulated Depreciation --- (92,278 ) (92,278 ) Other Property and Equipment, Net --- 326,766 326,766 Total Assets $ 2,195,878 $ 681,136 $ 2,877,014 Liabilities: Accounts Payable $ --- $ 58,742 $ 58,742 Note Payable, Current Portion 136,637 --- 136,637 Total Current Liabilities 136,637 58,742 195,379 Note Payable, Less Current Portion 1,300,872 --- 1,300,872 Total Liabilities $ 1,437,509 $ 58,742 $ 1,496,251 |
Note 8 - Note Payable (Tables)
Note 8 - Note Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Years Ending December 31, Principal Payments 2023 $ 136,637 2024 142,136 2025 148,155 2026 1,010,581 $ 1,437,509 |
Note 9 - Costs Incurred in Oi_2
Note 9 - Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Oil and Gas, Present Activity [Table Text Block] | Year Ended December 31, 2022 2021 Acquisition of Properties: Unproved $ 963,822 $ 523,011 Proved 4,020,523 1,016,716 Exploration Costs 853,455 580,272 Development Costs 4,524,443 629,477 Asset Retirement Obligation 468,599 505,283 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Available-for-Sale Debt Securities – U.S. Treasury Bills Maturing within 1 year $ --- $ 4,208,648 $ --- Equity Securities: Domestic Equities 1,720,410 --- --- International Equities 448,405 --- --- Others 134,144 --- --- $ 2,302,959 $ 4,208,648 $ --- December 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Equity Securities: Domestic Equities $ 6,822,808 $ --- $ --- International Equities 1,856,904 --- --- Others 462,645 --- --- $ 9,142,357 $ --- $ --- |
Note 12 - Other Income (Loss)_2
Note 12 - Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Interest and Other Income [Table Text Block] | 2022 2021 Net Realized and Unrealized Gain/(Loss) on Equity Securities $ (1,635,240 ) $ 573,631 Gain/(Loss) on Other Asset Sales 49,823 (201,119 ) Interest Income 98,231 23,999 Dividend Income 264,035 364,469 Income from Other Investments 108,034 3,255 Miscellaneous Income and Expenses (70,044 ) (70,985 ) Other Income/(Loss), Net $ (1,185,161 ) $ 693,250 |
Supplemental Schedules of Oil_2
Supplemental Schedules of Oil and Gas Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] | Year Ended December 31, 2022 2021 Oil and Condensate (Bbls) Proved Developed Reserves: Beginning of Year 357,274 221,795 Revisions of Previous Estimates 77,680 101,338 Extensions and Discoveries 74,737 60,609 Purchase of Reserves 337,387 38,079 Production (81,084 ) (64,547 ) End of Year 765,994 357,274 Proved Developed Reserves: Beginning of Year 357,274 221,795 End of Year 765,994 357,274 Gas (MCF) Proved Developed Reserves: Beginning of Year 2,668,082 1,534,311 Revisions of Previous Estimates 438,711 772,913 Extensions and Discoveries 170,312 463,536 Purchase of Reserves 216,030 273,660 Production (415,930 ) (376,338 ) End of Year 3,077,205 2,668,082 Proved Developed Reserves: Beginning of Year 2,668,082 1,534,311 End of Year 3,077,205 2,668,082 |
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block] | At December 31, 2022 2021 Future Cash Inflows $ 87,815,597 $ 32,293,498 Future Production and Development Costs (38,477,835 ) (16,056,240 ) Future Asset Retirement Obligation (3,719,370 ) (2,456,290 ) Future Income Tax Expense (5,529,912 ) (1,048,986 ) Future Net Cash Flows 40,088,480 12,731,982 10% Annual Discount for Estimated Timing of Cash Flows (16,182,590 ) (3,892,523 ) Standardized Measure of Discounted Future Net Cash Flows $ 23,905,890 $ 8,839,459 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block] | Year Ended December 31, 2022 2021 Standardized Measure, Beginning of Year $ 8,839,459 $ 1,931,647 Sales and Transfers, Net of Production Costs (6,832,951 ) (3,476,703 ) Net Change in Sales and Transfer Prices, Net of Production Costs 6,904,759 3,787,887 Extensions, Discoveries and Improved Recoveries, Net of Future Production and Development Costs 5,895,598 4,294,966 Revisions of Quantity Estimates 3,893,178 2,934,172 Accretion of Discount 1,203,372 326,800 Purchases of Reserves in Place 7,853,989 844,340 Net Change in Income Taxes (2,562,318 ) (1,188,405 ) Net Change in Asset Retirement Obligation 468,599 505,283 Changes in Production Rates (Timing) and Other (1,757,795 ) (1,120,528 ) Standardized Measure, End of Year $ 23,905,890 $ 8,839,459 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain (Loss), before Tax, Total | $ 0 | $ 0 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | shares | 0 | 0 |
Current Year Inflation Rate | 4.08% | |
Change In Present Value, Percent | 3.25% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of Major Customers | 1 | 2 |
Oil and Gas [Member] | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 1,142,304 | $ 584,336 |
Oil and Gas [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 14% | 35% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | $ 14,869,219 | $ 9,034,540 |
Oil and Condensate [Member] | ||
Revenue | 9,976,153 | 5,905,936 |
Natural Gas, Production [Member] | ||
Revenue | 4,342,725 | 2,628,472 |
Miscellaneous Oil and Gas Sales [Member] | ||
Revenue | $ 550,341 | $ 500,132 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Property, Plant, and Equipment, Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property useful lives (Year) | 10 years |
Automobiles [Member] | Minimum [Member] | |
Property useful lives (Year) | 5 years |
Automobiles [Member] | Maximum [Member] | |
Property useful lives (Year) | 10 years |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance , asset retirement obligation | $ 2,359,826 | $ 1,810,729 |
Liabilities incurred | 443,391 | 400,801 |
Liabilities settled (wells sold or plugged) | (79,405) | (17,004) |
Accretion expense | 60,236 | 43,814 |
Revision to estimate | 25,209 | 121,486 |
Balance , asset retirement obligation | $ 2,809,257 | $ 2,359,826 |
Note 3 - Common Stock - Changes
Note 3 - Common Stock - Changes in Common Stock Issued and Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |
Balance, shares issued (in shares) | 184,735 | 184,735 | 184,735 |
Balance, treasury stock (in shares) | 28,578 | 28,562 | 28,140 |
Balance, shares issued (in shares) | 156,157 | 156,173 | 156,595 |
Purchase of stock (in shares) | 16 | 422 | |
Purchase of stock (in shares) | (16) | (422) |
Note 3 - Common Stock - Chang_2
Note 3 - Common Stock - Changes in Common Stock Issued and Outstanding (Details) (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 |
Common stock, shares authorized (in shares) | 200,000 | 200,000 | 200,000 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ (350,469) | $ 176,858 |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (1,284,771) | $ 396,773 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.32% | 4.59% |
Note 5 - Income Taxes - Deferre
Note 5 - Income Taxes - Deferred Taxes Components (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Payables | $ 22,647 | $ 13,306 |
Net Leasehold Reserves | 84,641 | 164,509 |
Long-Lived Asset Impairment | 967,774 | 1,163,085 |
Deferred Geological and Geophysical Expense | 71,987 | 77,149 |
Unrealized Equity Securities and Capital Gains | 148,984 | 123,336 |
Asset Retirement Obligation | 376,911 | 347,850 |
Total Assets | 1,672,944 | 1,889,235 |
Liabilities: | ||
Receivables | 239,884 | 122,711 |
Intangible Drilling Costs | 1,951,662 | 1,437,150 |
Depletion and Depreciation | 864,746 | 745,716 |
Investments | 198,995 | 122,999 |
Other | 37,252 | 11,979 |
Total Liabilities | 3,292,539 | 2,440,555 |
Net Deferred Tax Liability | $ (1,619,595) | $ (551,320) |
Note 5 - Income Taxes - Income
Note 5 - Income Taxes - Income Tax Expense, Current and Deferred Portions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current Tax Provision/(Benefit): | ||
Federal | $ 3,812 | $ (38,552) |
State | 437 | 970 |
Total Current Provision/(Benefit) | 4,249 | (37,582) |
Deferred Tax Provision/(Benefit) | 1,068,275 | (17,307) |
Total Provision/(Benefit) | $ 1,072,524 | $ (54,889) |
Note 5 - Income Taxes - Reconci
Note 5 - Income Taxes - Reconciliation of Computed Income Tax (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Computed Federal Tax Provision | $ 1,059,585 | $ 251,036 |
Increase (Decrease) in Tax from: | ||
Allowable Depletion in Excess of Basis | (76,317) | (148,538) |
Federal Tax Carrybacks | (118,534) | |
PY Provision Adjustments | 109,438 | |
Dividend Received Deduction | (18,286) | (38,269) |
State Income Tax Provision | 437 | 970 |
Other | (2,333) | (1,554) |
Income Tax Provision/(Benefit) | $ 1,072,524 | $ (54,889) |
Effective Tax Rate | 21.32% | 4.59% |
Effective Tax Rate | (21.32%) | (4.59%) |
Note 6 - Equity Method and Ot_2
Note 6 - Equity Method and Other Investments and Related Commitments and Contingent Liabilities, Including Guarantees (Details Textual) | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 30, 2022 | Sep. 30, 2022 USD ($) a | May 31, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Nov. 30, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 1992 a | |
Equity Method Investments | $ 2,469,644 | $ 1,898,646 | |||||||||
Other Long-Term Investments | 5,085,806 | 2,791,656 | |||||||||
Corporate Office from Broadway [Member] | |||||||||||
Operating Lease, Expense | 36,000 | 36,000 | |||||||||
Equity Method Investments | $ 115,093 | 141,457 | |||||||||
Broadway Sixty-Eight Partnership [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 33% | ||||||||||
Broadway 72 Partnership [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 40% | ||||||||||
Equity Method Investments | $ 1,080,465 | 948,693 | |||||||||
QSN Office Park [Member] | |||||||||||
Equity Method Investment, Ownership Percentage | 20% | ||||||||||
Equity Method Investments | $ 284,249 | 279,763 | |||||||||
QSN Office Park [Member] | Development Loan [Member] | |||||||||||
Loan Guaranteed | 978,931 | ||||||||||
QSN Office Park [Member] | Construction Loan [Member] | |||||||||||
Loan Guaranteed | 488,575 | ||||||||||
Stott's Mill [Member] | |||||||||||
Other Investment, Ownership Percentage | 50% | ||||||||||
Other Long-Term Investments | 688,575 | ||||||||||
Victorum BRH3 Investment [Member] | |||||||||||
Other Investment, Ownership Percentage | 27.27% | ||||||||||
Other Long-Term Investments | $ 301,261 | ||||||||||
OKC Industrial Properties [Member] | |||||||||||
Other Investment, Ownership Percentage | 10% | ||||||||||
Other Long-Term Investments | $ 82,482 | ||||||||||
Area of Land (Acre) | a | 23 | 260 | |||||||||
Bailey [Member] | |||||||||||
Other Long-Term Investments | $ 77,377 | ||||||||||
Cloudburst Solutions [Member] | |||||||||||
Other Investment, Ownership Percentage | 12.99% | ||||||||||
Other Long-Term Investments | $ 1,596,007 | ||||||||||
Genlith [Member] | |||||||||||
Other Investment, Ownership Percentage | 5.15% | ||||||||||
Other Long-Term Investments | $ 460,000 | $ 500,000 | |||||||||
Grand Woods Development, LLC [Member] | |||||||||||
Land | 2,171,828 | ||||||||||
VCC Smarter Firms [Member] | |||||||||||
Other Investment, Ownership Percentage | 9.90% | ||||||||||
Other Long-Term Investments | 50,458 | ||||||||||
VCC Beachy [Member] | |||||||||||
Other Investment, Ownership Percentage | 4.29% | ||||||||||
Other Long-Term Investments | 30,198 | ||||||||||
BHR2 [Member] | |||||||||||
Other Long-Term Investments | 300,754 | ||||||||||
VCC Homebase [Member] | |||||||||||
Other Investment, Ownership Percentage | 7.29% | ||||||||||
Other Long-Term Investments | 125,404 | $ 100,337 | |||||||||
VCC Mamenta [Member] | |||||||||||
Other Investment, Ownership Percentage | 4.17% | ||||||||||
Other Long-Term Investments | 45,193 | ||||||||||
VCC MooveGuru Investment, LLC [Member] | |||||||||||
Other Investment, Ownership Percentage | 3.53% | ||||||||||
Other Long-Term Investments | 30,163 | ||||||||||
VCC Squarefoot Investment, LLC [Member] | |||||||||||
Other Investment, Ownership Percentage | 14.85% | ||||||||||
Other Long-Term Investments | 75,843 | ||||||||||
VCC Venture Fund [Member] | |||||||||||
Other Long-Term Investments | 31,250 | ||||||||||
Other Long-Term Investments, Investment Commitment | $ 250,000 | ||||||||||
Other Long-Term Investments, Percentage of Investment Commitment | 12.50% |
Note 7 - Non-controlling Inte_3
Note 7 - Non-controlling Interest and Variable Interest Entities (Details Textual) | 12 Months Ended | ||
Sep. 15, 2022 USD ($) | Dec. 31, 2022 USD ($) a shares | Dec. 31, 2021 USD ($) | |
Equity Method Investments | $ 2,469,644 | $ 1,898,646 | |
Grand Woods [Member] | Conversion of Senior Note Payable into Class C Units [Member] | Reserve Petroleum [Member] | |||
Debt Conversion, Credit Enhancement Fee | $ 60,000 | ||
Debt Conversion, Original Debt, Amount | 486,735 | ||
Grand Woods [Member] | Northeast Oklahoma City [Member] | |||
Area of Real Estate Property (Acre) | a | 26.56 | ||
Grand Woods [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 8.72% | ||
Grand Woods [Member] | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 80.37% | ||
Equity Method Investments | $ 528,733 | ||
Cash | 4,173 | ||
Real Estate Investment Property, Net, Total | 2,171,828 | ||
Notes Payable, Total | 1,437,509 | ||
Credit Enhancement Fee Receivable | 60,000 | ||
Grand Woods [Member] | Financial Guarantee [Member] | |||
Notes Payable, Total | $ 1,200,000 | ||
Grand Woods [Member] | Capital Unit, Class A [Member] | |||
Investment Owned, Balance, Shares (in shares) | shares | 47.08 | ||
Grand Woods [Member] | Capital Unit, Class B [Member] | |||
Investment Owned, Balance, Shares (in shares) | shares | 546,735 | ||
Grand Woods [Member] | Capital Unit, Class C [Member] | |||
Capital Units, Dividend Percentage | 6% |
Note 7 - Non-controlling Inte_4
Note 7 - Non-controlling Interest and Variable Interest Entities - Summary of Assets and Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable | $ 2,318,183 | $ 1,362,963 |
Total Current Assets | 16,249,244 | 20,985,404 |
Other Property and Equipment, at cost | 758,256 | 680,043 |
Less – Accumulated Depreciation | 236,883 | 146,425 |
Other Property and Equipment, Net | 14,922,439 | 7,557,938 |
Total Assets | 38,727,133 | 33,233,644 |
Accounts Payable | 399,735 | 261,114 |
Note Payable, Current Portion | 136,637 | |
Total Current Liabilities | 612,047 | 523,668 |
Note Payable, Less Current Portion | 1,300,872 | |
Total Liabilities | 6,341,771 | $ 3,434,814 |
Grand Woods [Member] | ||
Cash | 24,050 | |
Other Investments (Land) | 2,171,828 | |
Total Current Assets | 2,195,878 | |
Total Assets | 2,195,878 | |
Note Payable, Current Portion | 136,637 | |
Total Current Liabilities | 136,637 | |
Note Payable, Less Current Portion | 1,300,872 | |
Total Liabilities | 1,437,509 | |
TWS [Member] | ||
Cash | 281,654 | |
Accounts Receivable | 72,716 | |
Total Current Assets | 354,370 | |
Other Property and Equipment, at cost | 419,044 | |
Less – Accumulated Depreciation | 92,278 | |
Other Property and Equipment, Net | 326,766 | |
Total Assets | 681,136 | |
Accounts Payable | 58,742 | |
Total Current Liabilities | 58,742 | |
Total Liabilities | 58,742 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash | 305,704 | |
Accounts Receivable | 72,716 | |
Other Investments (Land) | 2,171,828 | |
Total Current Assets | 2,550,248 | |
Other Property and Equipment, at cost | 419,044 | |
Less – Accumulated Depreciation | 92,278 | |
Other Property and Equipment, Net | 326,766 | |
Total Assets | 2,877,014 | |
Accounts Payable | 58,742 | |
Note Payable, Current Portion | 136,637 | |
Total Current Liabilities | 195,379 | |
Note Payable, Less Current Portion | 1,300,872 | |
Total Liabilities | $ 1,496,251 |
Note 8 - Note Payable (Details
Note 8 - Note Payable (Details Textual) - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Sep. 14, 2022 | Dec. 31, 2022 | Sep. 15, 2022 | |
Notes Payable, Current, Total | $ 136,637 | $ 136,637 | ||
Grand Woods [Member] | ||||
Notes Payable, Total | $ 1,437,509 | |||
Grand Woods [Member] | Financial Guarantee [Member] | ||||
Notes Payable, Total | $ 1,200,000 | |||
The Note [Member] | Grand Woods [Member] | Financial Guarantee [Member] | ||||
Notes Payable, Total | 1,200,000 | 1,200,000 | ||
The Note [Member] | Grand Woods [Member] | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 31,315 | |||
Grand Woods [Member] | ||||
Notes Payable, Current, Total | $ 136,637 | $ 136,637 | ||
Grand Woods [Member] | The Note [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | ||
Debt Instrument, Periodic Payment, Total | $ 16,043 | |||
Notes Payable, Total | $ 1,437,509 | 1,437,509 | ||
Notes Payable, Current, Total | 136,637 | 136,637 | ||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 29,873 | $ 61,188 | ||
Debt Instrument, Covenant, Paydown, Percentage of Net Proceeds Received Less Capital Gains | 90% | |||
Debt Instrument, Covenant, Reserve Account, Percentage of Net Proceeds Received Less Capital Gains | 10% |
Note 8 - Notes Payable - Schedu
Note 8 - Notes Payable - Schedule of Future Principle Payments (Details) - The Note [Member] - Grand Woods [Member] | Dec. 31, 2022 USD ($) |
2023 | $ 136,637 |
2024 | 142,136 |
2025 | 148,155 |
2026 | 1,010,581 |
Long-Term Debt, Total | $ 1,437,509 |
Note 9 - Costs Incurred in Oi_3
Note 9 - Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities - Costs Related to Oil and Gas Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Acquisition of Properties: | ||
Unproved | $ 963,822 | $ 523,011 |
Proved | 4,020,523 | 1,016,716 |
Exploration Costs | 853,455 | 580,272 |
Development Costs | 4,524,443 | 629,477 |
Asset Retirement Obligation | $ 468,599 | $ 505,283 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Liabilities Incurred | $ 443,391 | $ 400,801 |
Impairment Of Oil And Gas Cost Properties | 1,109,455 | 1,673,929 |
Fair Value, Inputs, Level 3 [Member] | ||
Asset Retirement Obligation, Liabilities Incurred | 443,391 | 400,801 |
Impairment Of Oil And Gas Cost Properties | $ 1,109,455 | $ 1,673,929 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Schedule of Fair Value Reported on a Recurring Basis (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Treasury Bills Maturing within 1 year | $ 4,208,648 | |
Equity Securities | 2,302,959 | $ 9,142,357 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 2,302,959 | 9,142,357 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity Securities | 4,208,648 | |
Domestic Equities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 1,720,410 | 6,822,808 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Treasury Bills Maturing within 1 year | 4,208,648 | |
International Equities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 448,405 | 1,856,904 |
Other [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | $ 134,144 | $ 462,645 |
Note 11 - Long-lived Assets I_2
Note 11 - Long-lived Assets Impairment Loss (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment Of Oil And Gas Cost Properties | $ 1,109,455 | $ 1,673,929 |
Note 12 - Other Income (Loss)_3
Note 12 - Other Income (Loss), Net - Schedule of Components of Other Income, Net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Realized and Unrealized Gain/(Loss) on Equity Securities | $ (1,635,240) | $ 573,631 |
Gain/(Loss) on Other Asset Sales | 49,823 | (201,119) |
Interest Income | 98,231 | 23,999 |
Dividend Income | 264,035 | 364,469 |
Income from Other Investments | 108,034 | |
Miscellaneous Income and Expenses | (70,044) | (70,985) |
Other Income/(Loss), Net | $ (1,185,161) | $ 693,250 |
Note 13 - Defined Contributio_2
Note 13 - Defined Contribution Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6% | |
Defined Contribution Plan, Cost | $ 48,271 | $ 43,583 |
Note 14 - Certain Relationshi_2
Note 14 - Certain Relationships and Related Transactions (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Mesquite [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 144,951 | $ 209,187 | ||
Mesquite [Member] | Payments For Salaries [Member] | ||||
Related Party Transaction, Amounts of Transaction | 81,533 | 108,506 | ||
Mesquite [Member] | Purchased Working Interest Properties1 [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 699,770 | |||
Mesquite [Member] | Purchased Nonproducing Leaseholds and Other Miscellaneous Assets [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 289,739 | |||
Lochbuie Limited Liability Company, LLTD [Member] | ||||
Related Party Transaction, Amounts of Transaction | 200,153 | 208,974 | ||
Lochbuie Limited Liability Company, LLTD [Member] | Payments For Salaries [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 112,887 | |||
Mid American [Member] | ||||
Related Party Transaction, Amounts of Transaction | 159,001 | |||
Mid American [Member] | Payments For Salaries [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 81,278 | |||
Mid American [Member] | Purchased Working Interest Properties1 [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 500,469 |
Supplemental Schedules of Oil_3
Supplemental Schedules of Oil and Gas Information (Details Textual) - bbl | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Oil and Condensate (Bbls) [Member] | ||
Proved Developed and Undeveloped Reserves Production Royalty (Barrel of Oil) | 26,322 | 25,618 |
Gas (MCF) [Member] | ||
Proved Developed and Undeveloped Reserves Production Royalty (Barrel of Oil) | 295,242 | 307,986 |
Supplemental Schedules of Oil_4
Supplemental Schedules of Oil and Gas Information - Working Interest Reserve Quantity Information (Details) - bbl | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Oil and Condensate (Bbls) [Member] | ||
Beginning of Year (Barrel of Oil) | 357,274 | 221,795 |
Revisions of Previous Estimates (Barrel of Oil) | 77,680 | 101,338 |
Extensions and Discoveries (Barrel of Oil) | 74,737 | |
Purchase of Reserves (Barrel of Oil) | 337,387 | |
Production (Barrel of Oil) | (81,084) | (64,547) |
End of Year (Barrel of Oil) | 765,994 | 357,274 |
Beginning of Year (Barrel of Oil) | 357,274 | 221,795 |
End of Year (Barrel of Oil) | 765,994 | 357,274 |
Gas (MCF) [Member] | ||
Beginning of Year (Barrel of Oil) | 2,668,082 | 1,534,311 |
Revisions of Previous Estimates (Barrel of Oil) | 438,711 | 772,913 |
Extensions and Discoveries (Barrel of Oil) | 170,312 | |
Purchase of Reserves (Barrel of Oil) | 216,030 | |
Production (Barrel of Oil) | (415,930) | (376,338) |
End of Year (Barrel of Oil) | 3,077,205 | 2,668,082 |
Beginning of Year (Barrel of Oil) | 2,668,082 | 1,534,311 |
End of Year (Barrel of Oil) | 3,077,205 | 2,668,082 |
Supplemental Schedules of Oil_5
Supplemental Schedules of Oil and Gas Information - Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Future Cash Inflows | $ 87,815,597 | $ 32,293,498 |
Future Production and Development Costs | (38,477,835) | (16,056,240) |
Future Asset Retirement Obligation | (3,719,370) | (2,456,290) |
Future Income Tax Expense | (5,529,912) | (1,048,986) |
Future Net Cash Flows | 40,088,480 | 12,731,982 |
10% Annual Discount for Estimated Timing of Cash Flows | (16,182,590) | (3,892,523) |
Standardized Measure of Discounted Future Net Cash Flows | $ 23,905,890 | $ 8,839,459 |
Supplemental Schedules of Oil_6
Supplemental Schedules of Oil and Gas Information - Changes in Standardized Measure of Discounted Future Net Cash Flows From Proved Working Interest Reserve Quantities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Standardized Measure, Beginning of Year | $ 8,839,459 | $ 1,931,647 |
Sales and Transfers, Net of Production Costs | (6,832,951) | (3,476,703) |
Net Change in Sales and Transfer Prices, Net of Production Costs | 6,904,759 | 3,787,887 |
Extensions, Discoveries and Improved Recoveries, Net of Future Production and Development Costs | 5,895,598 | 4,294,966 |
Revisions of Quantity Estimates | 3,893,178 | 2,934,172 |
Accretion of Discount | 1,203,372 | 326,800 |
Purchases of Reserves in Place | 7,853,989 | 844,340 |
Net Change in Income Taxes | (2,562,318) | (1,188,405) |
Net Change in Asset Retirement Obligation | 468,599 | 505,283 |
Changes in Production Rates (Timing) and Other | (1,757,795) | (1,120,528) |
Standardized Measure, End of Year | $ 23,905,890 | $ 8,839,459 |