Texas Pacific Land Trust 10-K 28 Feb 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Document Information [Line Items]
Entity Registrant Name	TEXAS PACIFIC LAND TRUST
Entity Central Index Key	97,517
Trading Symbol	tpl
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)	7,927,314
Entity Public Float		$ 1,301,744,181
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 49,417,889	$ 45,011,969
Accrued receivables	6,550,429	3,787,534
Other assets	232,970	121,426
Deferred tax asset	3,874,788
Notes receivable for land sales ($32,749 due in 2017 and $32,906 due in 2016) (note 2)	94,971	139,114
Water wells, vehicles, furniture, and equipment – at cost less accumulated depreciation	1,168,281	260,901
Real estate acquired (notes 2 and 4)	1,114,601	1,114,601
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):
Land (surface rights) situated in eighteen counties in Texas – 877,488 acres in 2016 and 878,268 acres in 2015	0	0
Total assets	62,453,929	50,435,545
LIABILITIES AND CAPITAL
Accounts payable and accrued expenses	826,771	868,807
Income taxes payable	1,950,774	634,911
Other taxes payable	276,813	167,290
Unearned revenue (note 2)	11,775,049	2,579,406
Deferred taxes (note 6)		163,213
Pension plan liability (note 5)		333,239
Total liabilities	14,829,407	4,746,866
Commitments and contingencies (note 7)
Capital (notes 1, 2 and 8):
Certificates of Proprietary Interest, par value $100 each; outstanding 0 Certificates	0	0
Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,927,314 Sub-shares in 2016 and 8,118,064 Sub-shares in 2015	0	0
Accumulated other comprehensive income (loss)	(959,563)	(1,248,906)
Net proceeds from all sources	48,584,085	46,937,585
Total capital	47,624,522	45,688,679
Total liabilities and capital	62,453,929	50,435,545
Royalty Interests in Acres 1_16 [Member]
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):
1/16 nonparticipating perpetual royalty interest in 373,777 acres	0	0
Royalty Interests in Acres 1_128 [Member]
Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned (note 2):
1/128 nonparticipating perpetual royalty interest in 85,414 acres	$ 0	$ 0

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals)	Dec. 31, 2016USD ($)a$ / sharesshares	Dec. 31, 2015USD ($)a$ / sharesshares
Notes receivables for land sales | $	$ 32,749	$ 32,906
Land (surface rights) (Acre)	10,064.78	10,064.78
Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares	$ 100	$ 100
Certificates of Proprietary Interest, outstanding (in shares) | shares	0	0
Sub-share Certificates in Certificates of Proprietary Interest, par value (in dollars per share) | $ / shares	$ 0.0333	$ 0.0333
Sub-share Certificates in Certificates of Proprietary Interest, outstanding (in shares) | shares	7,927,314	8,118,064
Land Surface Rights [Member]
Land (surface rights) (Acre)	877,488	878,268
Royalty Interests in Acres 1_16 [Member]
Nonparticipating perpetual royalty interest in acres (Acre)	373,777	373,777
Royalty Interests in Acres 1_128 [Member]
Nonparticipating perpetual royalty interest in acres (Acre)	85,414	85,414

Statements of Income and Total

Statements of Income and Total Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income:
Oil and gas royalties	$ 29,996,962	$ 24,860,205	$ 29,346,103
Grazing lease rentals	489,982	483,989	500,292
Land sales	2,945,505	22,616,635	3,698,312
Interest income from notes receivable	8,279	40,866	140,291
Easements and sundry income	26,470,669	31,413,158	21,517,232
	59,911,397	79,414,853	55,202,230
Expenses:
Taxes, other than income taxes	1,779,277	1,476,576	1,692,256
Salaries and related employee benefits	1,240,802	1,195,598	917,726
General expense, supplies, and travel	1,004,144	777,842	629,990
Basis in real estate sold		10,458
Legal and professional fees	778,534	665,423	517,497
Depreciation	43,290	25,374	19,730
Trustees’ compensation	7,500	8,000	8,000
	4,853,547	4,159,271	3,785,199
Operating income	55,057,850	75,255,582	51,417,031
Interest income earned from investments	29,070	27,440	14,523
Income before income taxes	55,086,920	75,283,022	51,431,554
Income taxes (note 6):
Current	22,041,171	25,430,382	17,641,531
Deferred	(4,193,801)	(185,867)	(974,997)
	17,847,370	25,244,515	16,666,534
Net income	37,239,550	50,038,507	34,765,020
Amortization of net actuarial costs and prior service costs, net of income taxes of $49,227, $51,638, and $18,109 respectively	91,422	95,899	33,632
Net actuarial gain (loss) on pension plan net of income taxes of $106,573, $4,302, and $(423,848) respectively	197,921	7,989	(764,414)
Total other comprehensive gain (loss)	289,343	103,888	(730,782)
Total comprehensive income	$ 37,528,893	$ 50,142,395	$ 34,034,238
Net income per Sub-share Certificate (in dollars per share)	$ 4.66	$ 6.10	$ 4.14

Statements of Income and Total5

Statements of Income and Total Comprehensive Income (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Amortization of net actuarial costs and prior service costs, income taxes	$ 49,227	$ 51,638	$ 18,109
Net actuarial gain (loss) on pension plan income taxes	$ 106,573	$ 4,302	$ (423,848)

Statements of Net Proceeds From

Statements of Net Proceeds From All Sources (Equity) - USD ($)	Sub-Share Certificates of Proprietary Interest, Per Share [Member]	AOCI Attributable to Parent [Member]	Net Proceeds From All Sources [Member]	Total
Balances (in shares) at Dec. 31, 2013	8,473,202
Balances at Dec. 31, 2013		$ (622,012)	$ 18,551,678	$ 17,929,666
Net income			34,765,020	34,765,020
Periodic pension costs, net of income taxes		(730,782)		(730,782)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares)	(150,803)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled			(22,963,786)	(22,963,786)
Dividends paid			(2,280,301)	(2,280,301)
Balances (in shares) at Dec. 31, 2014	8,322,399
Balances at Dec. 31, 2014		(1,352,794)	28,072,611	26,719,817
Net income			50,038,507	50,038,507
Periodic pension costs, net of income taxes		103,888		103,888
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares)	(204,335)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled			(28,771,073)	(28,771,073)
Dividends paid			(2,402,460)	(2,402,460)
Balances (in shares) at Dec. 31, 2015	8,118,064
Balances at Dec. 31, 2015		(1,248,906)	46,937,585	45,688,679
Net income			37,239,550	37,239,550
Periodic pension costs, net of income taxes		289,343		289,343
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled (in shares)	(190,750)
Cost of Sub-share Certificates in Certificates of Proprietary Interest purchased and cancelled			(33,085,867)	(33,085,867)
Dividends paid			(2,507,183)	(2,507,183)
Balances (in shares) at Dec. 31, 2016	7,927,314
Balances at Dec. 31, 2016		$ (959,563)	$ 48,584,085	$ 47,624,522

Statements of Net Proceeds Fro7

Statements of Net Proceeds From All Sources (Equity) (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
AOCI Attributable to Parent [Member]
Periodic pension costs, income taxes	$ 155,800	$ 55,940	$ (405,739)
Net Proceeds From All Sources [Member]
Dividends paid - per Sub-share (in dollars per share)	$ 0.31	$ 0.29	$ 0.27

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 37,239,550	$ 50,038,507	$ 34,765,020
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	(4,038,001)	(129,927)	(1,380,735)
Depreciation and amortization	43,290	25,374	19,730
(Gain) loss on disposal of fixed assets	8,201	(712)	5,083
Changes in operating assets and liabilities:
Accrued receivables and other assets	(2,874,439)	(563,991)	689,129
Income taxes payable	1,315,863	227,966	52,258
Prepaid income taxes		815,937	(815,937)
Notes receivable for land sales	44,143	784,001	2,964,791
Accounts payable, accrued expenses and other liabilities	9,219,234	(1,629,956)	2,553,084
Net cash provided by operating activities	40,957,841	49,567,199	38,852,423
Cash flows from investing activities:
Proceeds from sale of fixed assets	18,000	25,000	21,000
Purchase of fixed assets	(976,871)	(221,456)	(53,788)
Net cash used in investing activities	(958,871)	(196,456)	(32,788)
Cash flows from financing activities:
Purchase of Sub-share Certificates in Certificates of Proprietary Interest	(33,085,867)	(28,771,073)	(22,963,786)
Dividends paid	(2,507,183)	(2,402,460)	(2,280,301)
Net cash used in financing activities	(35,593,050)	(31,173,533)	(25,244,087)
Net increase in cash and cash equivalents	4,405,920	18,197,210	13,575,548
Cash and cash equivalents, beginning of period	45,011,969	26,814,759	13,239,211
Cash and cash equivalents, end of period	$ 49,417,889	$ 45,011,969	$ 26,814,759

Note 1 - Nature of Operations

Note 1 - Nature of Operations	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	(1) Nature of Operations Texas Pacific Land Trust (Trust) was organized under a Declaration of Trust, dated February 1, 1888, The Trust is organized to manage land, including royalty interests, for the benefit of its owners. The Trust’s income is derived primarily from oil and gas royalties, easements and sundry income, land sales, grazing and sundry leases, interest on notes receivable, and interest on investments.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	(2) Summary of Significant Accounting Policies (a) Basis of Presentation These financial statements are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). The most significant accounting policies include the valuation of real estate and royalty interests assigned through the 1888 (b) Use of Estimates The preparation of financial statements in accordance with the accounting principles generally accepted in the United States of America requires ( c ) Revenue Recognition Oil and gas royalties Oil and gas royalties (royalties) are received in connection with royalty interests owned by the Trust. Royalties are recognized as revenue when crude oil and gas products are removed from the respective mineral reserve locations. Royalty payments are generally received one three The oil and gas royalties which the Trust receives are dependent upon the market prices for oil and gas. The market prices for oil and gas are subject to national and international economic and political conditions and, in the past, have been subject to significant price fluctuations. The Trust has analyzed public reports of drilling activities by the oil companies with which it has entered into royalty interest leases in an effort to identify unpaid royalties associated with royalty interests owned by the Trust. Rights to certain royalties believed by the Trust to be due and payable may Grazing lease rentals The Trust leases land to the ranching industry for grazing purposes. Lease income is recognized when earned. These leases generally require fixed annual payments and terms range from three five . Land sales Income is recognized on land sales during the periods in which such sales are closed and sufficient amounts of cash down payments are received using the full accrual method of gain recognition. For income tax purposes, land sales are recognized on the installment method. The sales price of land sales are reflected as income and the cost (basis) of the respective parcels of land are reflected as expenses as these parcels of land are not primarily held as income-producing “operating” properties. Inte rest income from notes receivable Interest income is recognized when earned, using the simple interest method. Accrued interest not received is reflected in accrued receivables . Easements and sundry income Easement contracts represent contracts which permit companies to install pipe lines, pole lines and other equipment on land owned by the Trust. Easement income is recognized when earned. When the Trust receives a signed contract and payment, the Trust makes available the respective parcel of land to the grantee. Though a small number of payments received are for perpetual easements, the vast majority are for terms of ten Sundry income represents leasing arrangements to companies in a wide array of industries, including: agricultural, oil and gas, construction, wind power and other industries. Lease income is recognized when earned. These leases generally require fixed annual payments or royalties. Lease terms generally range from month-to-month arrangements to ten Advance lease payments are deferred and amortized over the appropriate accounting period. Lease payments not received are included in accrued receivables . (d) Statements of Cash Flows Cash and cash equivalents consist of bank deposit and savings accounts. The Trust considers all highly liquid debt instruments with original maturities of three may two Cash disbursed for income taxes in 2016, 2015 2014 $20,725,307, $24,386,479 , and $18,405,210, December 31, 2016, 2015 2014, (e) Accrued Receivables Accrued receivables consist primarily of amounts due under oil and gas royalty leases and sundry leases. Accrued receivables are reflected at their net realizable value based on historical royalty and lease receipt information and other factors anticipated to affect valuation. A valuation allowance is recorded if amounts expected to be received are considered impaired. No allowance was considered necessary at December 31, 2016 2015. (f) Notes Receivable for Land Sales Notes receivable for land sales (notes receivable) consists of installment notes received as partial payment on land sales and are reflected at the principal amounts due net of an allowance for loan losses, if any. The Trust generally receives cash payments on land sales of 25% 7.0% 7.5% December 31, 2016 first 7.1% December 31, 2016. 10 15 2016, 2015 2014 $15,803, $713,062, $1,764,928, Management of the Trust monitors delinquencies to assess the propriety of the carrying value of its notes receivable. Accounts are considered delinquent thirty December 31, 2016 2015. Three customers represented 100% December 31, 2016 2015. The maturities of notes receivable for each of the five December 31, 2016 Year ending December 31, Amount 2017 $ 32,749 2018 30,181 2019 27,229 2020 4,812 2021 — Thereafter — $ 94,971 (g) Depreciation Provision for depreciation of depreciable assets is made by charges to income at straight-line and accelerated rates considered to be adequate to amortize the cost of such assets over their useful lives, which generally range from five fifteen December 31, 2016 2015 $164,851 $132,677, . (h) Real Estate Acquired While the Trust is generally not a purchaser of land, parcels are purchased from time to time at the discretion of the Trustees. Newly acquired real estate is recorded at cost. Real estate acquired through foreclosure is recorded at the aggregate of the outstanding principal balance, accrued interest, past due ad valorem taxes, and other fees incurred relating to the foreclosure. Real estate acquired is carried at the lower of cost or market. Valuations are periodically performed or obtained by management whenever events or changes in circumstances indicate that the carrying amount may (i) Real Estate and Royalty Interests Assigned Through the 1888 The fair market value of the Trust’s land and royalty interests was not determined in 1888 1888 (j) Net Income per Sub-share Certificate The cost of Sub-share Certificates purchased and retired is charged to net proceeds from all sources. Net income per Sub-share Certificate is based on the weighted average number of Sub-share Certificates in Certificates of Proprietary Interest and equivalent Sub-share Certificates of Proprietary Interest outstanding during each period (7,989,030 2016, 8,197,632 2015 8 ,397,314 2014). (k) Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry -forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 zero December 31, 2016 2015. (l) Recent Accounting Pronouncements In May 2014, 2014 09 , “ Revenue Recognition (Topic 606): 2014 09”). five December 15, 2017, may second third 2017, In February 2016, 2016 02, Leases (Topic 842)” 2016 02”). December 15, 2018, In June 2016, 2016 13, “Financial Instruments – Credit Losses (Topic 326)” 2016 13”). December 15, 2019. No other effective or pending accounting pronouncements are expected to affect the Trust. (m) Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting capital that, under accounting principles generally accepted in the United States of America, are excluded from net income. (n) Significant Customers Two customers represented 23 .7 %, 18.8% 29.1% December 31, 2016, 2015 2014, 2016,

Note 3 - Segment Information

Note 3 - Segment Information	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(3) Segment Information Segment information has been considered in accordance with applicable accounting standards. GAAP suggests using a management approach based on the way that management organizes the segments within the enterprise for making operating decisions and assessing performance. The Trust’s management views its operations as one 1888.

Note 4 - Real Estate Acquired

Note 4 - Real Estate Acquired	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	(4) Real Estate Acquired Real estate acquired included the following activity for the years ended December 31, 2016 2015: 2016 2015 Acres Book Value Acres Book Value Balance at January 1: 10,064.78 $ 1,114,601 10,124.78 $ 1,125,059 Additions — — — — Sales — — (60.00 ) (10,458 ) Balance at December 31: 10,064.78 $ 1,114,601 10,064.78 $ 1,114,601 No December 31, 2016 2015.

Note 5 - Employee Benefit Plans

Note 5 - Employee Benefit Plans	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 5 ) Employee Benefit Plans The Trust has a defined contribution plan available to all regular employees having one $51,438, $46,519 $41,172, 2016, 2015 2014, The Trust has a noncontributory pension plan (Plan) available to all regular employees having one 65. The following table sets forth the Plan’s changes in benefit obligation, changes in fair value of plan assets, and funded status as of December 31, 2016 2015 December 31: 201 6 20 15 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 4,884,300 $ 5,093,080 Service cost 152,743 160,133 Interest cost 215,006 199,538 Actuarial (gain) loss (202,520 ) (355,346 ) Benefits paid (216,451 ) (213,105 ) Projected benefit obligation at end of year $ 4,833,078 $ 4,884,300 Change in plan assets: Fair value of plan assets at beginning of year $ 4,551,061 $ 4,338,820 Actual return on plan assets 413,144 (46,609 ) Contributions by employer 189,219 471,955 Benefits paid (216,451 ) (213,105 ) Fair value of plan assets at end of year $ 4,936,973 $ 4,551,061 Funded (unfunded) status at end of year $ 103,895 $ (333,239 ) Amounts recognized in the balance sheets as of December 31 201 6 20 15 Assets $ 103,895 $ — Liabilities — (333,239 ) $ 103,895 $ (333,239 ) Amounts recognized in accumulated other comprehensive income (loss) consist of the following at December 31: 201 6 20 15 Net actuarial loss $ (1,484,936 ) $ (1,930,079 ) Prior service cost — — Amounts recognized in accumulated other comprehensive income (loss), before taxes (1,484,936 ) (1,930,079 ) Income tax benefit 525,373 681,173 Amounts recognized in accumulated other comprehensive income (loss), after taxes $ (959,563 ) $ (1,248,906 ) Net periodic benefit cost for the years ended December 31, 2016, 2015 2014 201 6 20 15 20 14 Components of net periodic benefit cost: Service cost $ 152,743 $ 160,133 $ 100,480 Interest cost 215,006 199,538 189,163 Expected return on plan assets (311,170 ) (296,446 ) (278,521 ) Amortization of net loss 140,649 144,026 46,171 Amortization of prior service cost — 3,511 5,570 Net periodic benefit cost $ 197,228 $ 210,762 $ 62,863 Other changes in plan assets and benefit obligations recognized in other comprehensive income: 20 16 20 15 20 14 Net actuarial (gain) loss $ (304,494 ) $ (12,291 ) $ 1,188,262 Recognized actuarial loss (140,649 ) (144,026 ) (46,171 ) Recognized prior service cost — (3,511 ) (5,570 ) Total recognized in other comprehensive income, before taxes $ (445,143 ) $ (159,828 ) $ 1,136,521 Total recognized in net benefit cost and other comprehensive income, before taxes $ (247,915 ) $ 50,934 $ 1,199,384 The Trust reclassified $91,422, $95,899 $33,632, $49,227, $51,638 $18,109, 2016, 2015 2014, $107,510 $0, The following table summarizes the Plan assets in excess of projected benefit obligation and accumulated benefit obligation at December 31, 2016, December 31, 2015: 201 6 20 15 Plan assets in excess of projected benefit obligation: Projected benefit obligation $ 4,833,078 $ 4,884,300 Fair value of plan assets $ 4,936,973 $ 4,551,061 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,365,973 $ 4,059,334 Fair value of plan assets $ 4,936,973 $ 4,551,061 The following are weighted-average assumptions used to determine benefit obligations and costs at December 31, 2016, 2015 2014 201 6 20 15 20 14 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 4.25% 4.50% 4.00% Rate of compensation increase 7.29 7.29 7.29 Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.50% 4.00% 5.00% Expected return on plan assets 7.00 7.00 7.00 Rate of compensation increase 7.29 7.29 7.29 The expected return on Plan assets assumption of 7.0% two thirds one third 2.5% 8.5% 2.5%. The Plan has a formal investment policy statement. The Plan’s investment objective is balanced income, with a moderate risk tolerance. This objective emphasizes current income through a 30% 80% secondary 20% 60%. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. The fair value accounting standards establish a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect our assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three Level 1 1 Level 2 Level 3 3. The fair values of plan assets by major asset category at December 31, 2016 2015, Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 1,048,282 $ 1,048,282 $ — $ — Equities 445,155 445,155 — — Mutual Funds Equity Funds 1,684,408 1,684,408 — — Fixed Income Funds 1,759,128 1,759,128 — — Total $ 4,936,973 $ 4,936,973 $ — $ — Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 827,692 $ 827,692 $ — $ — Equities 196,380 196,380 — — Mutual Funds Equity Funds 1,730,404 1,730,404 — — Fixed Income Funds 1,796,585 1,796,585 — — Total $ 4,551,061 $ 4,551,061 $ — $ — Management intends to fund the minimum ERISA amount for 2017. may The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten Year ending December 31, Amount 2017 $ 214,910 2018 245,175 2019 268,755 2020 282,475 2021 276,299 2022 to 2026 1,287,248

Note 6 - Income Taxes

Note 6 - Income Taxes	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 6 ) Income Taxes December 31, 2016, 2015 2014 2016 2015 2014 Current: U.S. Federal $ 21,665,130 $ 25,029,693 $ 17,243,130 State and local 376,041 400,689 398,401 22,041,171 25,430,382 17,641,531 Deferred benefit (4,193,801 ) (185,867 ) (974,997 ) $ 17,847,370 $ 25,244,515 $ 16,666,534 The Trust is taxed as if it were a corporation. Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 35% 2016 2015 2014 Computed tax expense at the statutory rate $ 19,280,422 $ 26,349,057 $ 18,001,044 Reduction in income taxes resulting from: Statutory depletion (1,608,961 ) (1,320,605 ) (1,569,762 ) State taxes 204,776 256,876 246,534 Other, net (28,867 ) (40,813 ) (11,282 ) $ 17,847,370 $ 25,244,515 $ 16,666,534 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2016 2015 2016 2015 Deferred revenue $ 4,177,130 $ — Basis difference in pension plan liability (36,363 ) 118,967 Total deferred tax assets 4,140,767 118,967 Basis differences in real estate acquired through foreclosure 233,977 235,130 Deferred installment revenue on land sales for tax purposes 32,002 47,050 Total deferred tax liability 265,979 282,180 Net deferred tax asset (liability) $ 3,874,788 $ (163,213 ) The Trust files a U. S. Federal income tax return. With few exceptions, the Trust is no longer subject to U. S. Federal income tax examination by tax authorities for years before 2013.

Note 7 - Lease Commitments

Note 7 - Lease Commitments	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(7) Lease Commitments The Trust is a lessee under an operating lease in connection with its administrative offices located in Dallas, Texas. This lease agreement requires monthly rent payments and expires in March 2025. December 31, 2016: Year ending December 31, Amount 2017 $ 75,224 2018 77,841 2019 80,457 2020 83,074 2021 85,690 Thereafter 296,319 $ 698,605 Rent expense for this lease agreement amounted to $82,420, $79,415 $70,400 December 31, 2016, 2015 2014,

Note 8 - Capital

Note 8 - Capital	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	( 8 ) Capital Certificates of Proprietary Interest (Certificates) and Sub-share Certificates in Certificates of Proprietary Interest (Sub-shares) are exchangeable in the ratio of one 3,000 No 2016 2015. The number of Certificates authorized for issuance at a given date is the number then outstanding plus one/three three The Declaration of Trust was executed and delivered in New York. In the opinion of counsel for the Trust, under the laws of the State of New York, the Certificate and Sub-share Certificate holders are not subject to any personal liability for the acts or obligations of the Trust. The assets of the Trust are located in Texas. In the opinion of Texas counsel, under the laws of the State of Texas, the Certificate and Sub-share Certificate holders may first

Note 9 - Subsequent Events

Note 9 - Subsequent Events	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	(9) Subsequent Events The Trust evaluated events that occurred after the balance sheet date through the date these financial statements were issued, and the following event that met recognition or disclosure criteria was identified: At their February 2017 $0.35 March 16, 2017 March 9, 2017. $1.00 March 16, 2017 March 9, 2017.

Note 10 - Oil and Gas Producing

Note 10 - Oil and Gas Producing Activities (Unaudited)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	(10) Oil and Gas Producing Activities (Unaudited) The Trust’s share of oil and gas produced, all of which is from royalty interests, was as follows for the years ended December 31, 2016, 2015 2014, 569,585, 383,961 260,829, 2,612,965, 1,910,389 1,370,377.

Note 11 - Selected Quarterly Fi

Note 11 - Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	( 11 ) Selected Quarterly Financial Data (Unaudited) The following tables present unaudited financial data of the Trust for each quarter of 2016 2015: Quarter ended December 31, September 30, June 30, March 31, 201 6 201 6 201 6 201 6 Income $ 17,573,001 $ 14,273,252 $ 16,196,110 $ 11,898,103 Income before income taxes $ 16,081,359 $ 13,099,676 $ 15,103,470 $ 10,802,414 Net income $ 10,906,970 $ 8,929,412 $ 10,123,117 $ 7,280,051 Net income per Sub-share Certificate $ 1.37 $ 1.12 $ 1.26 $ .90 Quarter ended December 31, September 30, June 30, March 31, 201 5 201 5 201 5 201 5 Income $ 14,721,058 $ 18,186,748 $ 11,795,134 $ 34,739,353 Income before income taxes $ 13,345,170 $ 17,233,208 $ 10,949,033 $ 33,755,611 Net income $ 8,995,057 $ 11,461,349 $ 7,416,012 $ 22,166,089 Net income per Sub-share Certificate $ 1.10 $ 1.40 $ 0.90 $ 2.67

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	(a) Basis of Presentation These financial statements are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). The most significant accounting policies include the valuation of real estate and royalty interests assigned through the 1888
Use of Estimates, Policy [Policy Text Block]	(b) Use of Estimates The preparation of financial statements in accordance with the accounting principles generally accepted in the United States of America requires
Revenue Recognition, Policy [Policy Text Block]	( c ) Revenue Recognition Oil and gas royalties Oil and gas royalties (royalties) are received in connection with royalty interests owned by the Trust. Royalties are recognized as revenue when crude oil and gas products are removed from the respective mineral reserve locations. Royalty payments are generally received one three The oil and gas royalties which the Trust receives are dependent upon the market prices for oil and gas. The market prices for oil and gas are subject to national and international economic and political conditions and, in the past, have been subject to significant price fluctuations. The Trust has analyzed public reports of drilling activities by the oil companies with which it has entered into royalty interest leases in an effort to identify unpaid royalties associated with royalty interests owned by the Trust. Rights to certain royalties believed by the Trust to be due and payable may Grazing lease rentals The Trust leases land to the ranching industry for grazing purposes. Lease income is recognized when earned. These leases generally require fixed annual payments and terms range from three five . Land sales Income is recognized on land sales during the periods in which such sales are closed and sufficient amounts of cash down payments are received using the full accrual method of gain recognition. For income tax purposes, land sales are recognized on the installment method. The sales price of land sales are reflected as income and the cost (basis) of the respective parcels of land are reflected as expenses as these parcels of land are not primarily held as income-producing “operating” properties. Inte rest income from notes receivable Interest income is recognized when earned, using the simple interest method. Accrued interest not received is reflected in accrued receivables . Easements and sundry income Easement contracts represent contracts which permit companies to install pipe lines, pole lines and other equipment on land owned by the Trust. Easement income is recognized when earned. When the Trust receives a signed contract and payment, the Trust makes available the respective parcel of land to the grantee. Though a small number of payments received are for perpetual easements, the vast majority are for terms of ten Sundry income represents leasing arrangements to companies in a wide array of industries, including: agricultural, oil and gas, construction, wind power and other industries. Lease income is recognized when earned. These leases generally require fixed annual payments or royalties. Lease terms generally range from month-to-month arrangements to ten Advance lease payments are deferred and amortized over the appropriate accounting period. Lease payments not received are included in accrued receivables .
Cash and Cash Equivalents, Policy [Policy Text Block]	(d) Statements of Cash Flows Cash and cash equivalents consist of bank deposit and savings accounts. The Trust considers all highly liquid debt instruments with original maturities of three may two Cash disbursed for income taxes in 2016, 2015 2014 $20,725,307, $24,386,479 , and $18,405,210, December 31, 2016, 2015 2014,
Receivables, Policy [Policy Text Block]	(e) Accrued Receivables Accrued receivables consist primarily of amounts due under oil and gas royalty leases and sundry leases. Accrued receivables are reflected at their net realizable value based on historical royalty and lease receipt information and other factors anticipated to affect valuation. A valuation allowance is recorded if amounts expected to be received are considered impaired. No allowance was considered necessary at December 31, 2016 2015.
Finance, Loans and Leases Receivable, Policy [Policy Text Block]	(f) Notes Receivable for Land Sales Notes receivable for land sales (notes receivable) consists of installment notes received as partial payment on land sales and are reflected at the principal amounts due net of an allowance for loan losses, if any. The Trust generally receives cash payments on land sales of 25% 7.0% 7.5% December 31, 2016 first 7.1% December 31, 2016. 10 15 2016, 2015 2014 $15,803, $713,062, $1,764,928, Management of the Trust monitors delinquencies to assess the propriety of the carrying value of its notes receivable. Accounts are considered delinquent thirty December 31, 2016 2015. Three customers represented 100% December 31, 2016 2015. The maturities of notes receivable for each of the five December 31, 2016 Year ending December 31, Amount 2017 $ 32,749 2018 30,181 2019 27,229 2020 4,812 2021 — Thereafter — $ 94,971
Depreciation, Depletion, and Amortization [Policy Text Block]	(g) Depreciation Provision for depreciation of depreciable assets is made by charges to income at straight-line and accelerated rates considered to be adequate to amortize the cost of such assets over their useful lives, which generally range from five fifteen December 31, 2016 2015 $164,851 $132,677, .
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block]	(h) Real Estate Acquired While the Trust is generally not a purchaser of land, parcels are purchased from time to time at the discretion of the Trustees. Newly acquired real estate is recorded at cost. Real estate acquired through foreclosure is recorded at the aggregate of the outstanding principal balance, accrued interest, past due ad valorem taxes, and other fees incurred relating to the foreclosure. Real estate acquired is carried at the lower of cost or market. Valuations are periodically performed or obtained by management whenever events or changes in circumstances indicate that the carrying amount may
Real Estate and Royalty Interests Assigned [Policy Text Block]	(i) Real Estate and Royalty Interests Assigned Through the 1888 The fair market value of the Trust’s land and royalty interests was not determined in 1888 1888
Earnings Per Share, Policy [Policy Text Block]	(j) Net Income per Sub-share Certificate The cost of Sub-share Certificates purchased and retired is charged to net proceeds from all sources. Net income per Sub-share Certificate is based on the weighted average number of Sub-share Certificates in Certificates of Proprietary Interest and equivalent Sub-share Certificates of Proprietary Interest outstanding during each period (7,989,030 2016, 8,197,632 2015 8 ,397,314 2014).
Income Tax, Policy [Policy Text Block]	(k) Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry -forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 zero December 31, 2016 2015.
New Accounting Pronouncements, Policy [Policy Text Block]	(l) Recent Accounting Pronouncements In May 2014, 2014 09 , “ Revenue Recognition (Topic 606): 2014 09”). five December 15, 2017, may second third 2017, In February 2016, 2016 02, Leases (Topic 842)” 2016 02”). December 15, 2018, In June 2016, 2016 13, “Financial Instruments – Credit Losses (Topic 326)” 2016 13”). December 15, 2019. No other effective or pending accounting pronouncements are expected to affect the Trust.
Comprehensive Income, Policy [Policy Text Block]	(m) Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting capital that, under accounting principles generally accepted in the United States of America, are excluded from net income.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	(n) Significant Customers Two customers represented 23 .7%, 18.8% 29.1% December 31, 2016, 2015 2014, 2016,

Note 2 - Summary of Significa21

Note 2 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Note Receivable Maturities [Table Text Block]	Year ending December 31, Amount 2017 $ 32,749 2018 30,181 2019 27,229 2020 4,812 2021 — Thereafter — $ 94,971

Note 4 - Real Estate Acquired (

Note 4 - Real Estate Acquired (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	2016 2015 Acres Book Value Acres Book Value Balance at January 1: 10,064.78 $ 1,114,601 10,124.78 $ 1,125,059 Additions — — — — Sales — — (60.00 ) (10,458 ) Balance at December 31: 10,064.78 $ 1,114,601 10,064.78 $ 1,114,601

Note 5 - Employee Benefit Pla23

Note 5 - Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Net Funded Status [Table Text Block]	201 6 20 15 Change in projected benefits obligation: Projected benefit obligation at beginning of year $ 4,884,300 $ 5,093,080 Service cost 152,743 160,133 Interest cost 215,006 199,538 Actuarial (gain) loss (202,520 ) (355,346 ) Benefits paid (216,451 ) (213,105 ) Projected benefit obligation at end of year $ 4,833,078 $ 4,884,300 Change in plan assets: Fair value of plan assets at beginning of year $ 4,551,061 $ 4,338,820 Actual return on plan assets 413,144 (46,609 ) Contributions by employer 189,219 471,955 Benefits paid (216,451 ) (213,105 ) Fair value of plan assets at end of year $ 4,936,973 $ 4,551,061 Funded (unfunded) status at end of year $ 103,895 $ (333,239 )
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	201 6 20 15 Assets $ 103,895 $ — Liabilities — (333,239 ) $ 103,895 $ (333,239 )
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	201 6 20 15 Net actuarial loss $ (1,484,936 ) $ (1,930,079 ) Prior service cost — — Amounts recognized in accumulated other comprehensive income (loss), before taxes (1,484,936 ) (1,930,079 ) Income tax benefit 525,373 681,173 Amounts recognized in accumulated other comprehensive income (loss), after taxes $ (959,563 ) $ (1,248,906 )
Schedule of Net Benefit Costs [Table Text Block]	201 6 20 15 20 14 Components of net periodic benefit cost: Service cost $ 152,743 $ 160,133 $ 100,480 Interest cost 215,006 199,538 189,163 Expected return on plan assets (311,170 ) (296,446 ) (278,521 ) Amortization of net loss 140,649 144,026 46,171 Amortization of prior service cost — 3,511 5,570 Net periodic benefit cost $ 197,228 $ 210,762 $ 62,863
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	20 16 20 15 20 14 Net actuarial (gain) loss $ (304,494 ) $ (12,291 ) $ 1,188,262 Recognized actuarial loss (140,649 ) (144,026 ) (46,171 ) Recognized prior service cost — (3,511 ) (5,570 ) Total recognized in other comprehensive income, before taxes $ (445,143 ) $ (159,828 ) $ 1,136,521 Total recognized in net benefit cost and other comprehensive income, before taxes $ (247,915 ) $ 50,934 $ 1,199,384
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]	201 6 20 15 Plan assets in excess of projected benefit obligation: Projected benefit obligation $ 4,833,078 $ 4,884,300 Fair value of plan assets $ 4,936,973 $ 4,551,061 Plan assets in excess of accumulated benefit obligation: Accumulated benefit obligation $ 4,365,973 $ 4,059,334 Fair value of plan assets $ 4,936,973 $ 4,551,061
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	201 6 20 15 20 14 Weighted average assumptions used to determine benefit obligations as of December 31: Discount rate 4.25% 4.50% 4.00% Rate of compensation increase 7.29 7.29 7.29 Weighted average assumptions used to determine benefit costs for the years ended December 31: Discount rate 4.50% 4.00% 5.00% Expected return on plan assets 7.00 7.00 7.00 Rate of compensation increase 7.29 7.29 7.29
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 1,048,282 $ 1,048,282 $ — $ — Equities 445,155 445,155 — — Mutual Funds Equity Funds 1,684,408 1,684,408 — — Fixed Income Funds 1,759,128 1,759,128 — — Total $ 4,936,973 $ 4,936,973 $ — $ — Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash Equivalents Money Markets $ 827,692 $ 827,692 $ — $ — Equities 196,380 196,380 — — Mutual Funds Equity Funds 1,730,404 1,730,404 — — Fixed Income Funds 1,796,585 1,796,585 — — Total $ 4,551,061 $ 4,551,061 $ — $ —
Schedule of Expected Benefit Payments [Table Text Block]	Year ending December 31, Amount 2017 $ 214,910 2018 245,175 2019 268,755 2020 282,475 2021 276,299 2022 to 2026 1,287,248

Note 6 - Income Taxes (Tables)

Note 6 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2016 2015 2014 Current: U.S. Federal $ 21,665,130 $ 25,029,693 $ 17,243,130 State and local 376,041 400,689 398,401 22,041,171 25,430,382 17,641,531 Deferred benefit (4,193,801 ) (185,867 ) (974,997 ) $ 17,847,370 $ 25,244,515 $ 16,666,534
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2016 2015 2014 Computed tax expense at the statutory rate $ 19,280,422 $ 26,349,057 $ 18,001,044 Reduction in income taxes resulting from: Statutory depletion (1,608,961 ) (1,320,605 ) (1,569,762 ) State taxes 204,776 256,876 246,534 Other, net (28,867 ) (40,813 ) (11,282 ) $ 17,847,370 $ 25,244,515 $ 16,666,534
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2016 2015 Deferred revenue $ 4,177,130 $ — Basis difference in pension plan liability (36,363 ) 118,967 Total deferred tax assets 4,140,767 118,967 Basis differences in real estate acquired through foreclosure 233,977 235,130 Deferred installment revenue on land sales for tax purposes 32,002 47,050 Total deferred tax liability 265,979 282,180 Net deferred tax asset (liability) $ 3,874,788 $ (163,213 )

Note 7 - Lease Commitments (Tab

Note 7 - Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31, Amount 2017 $ 75,224 2018 77,841 2019 80,457 2020 83,074 2021 85,690 Thereafter 296,319 $ 698,605

Note 11 - Selected Quarterly 26

Note 11 - Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Quarterly Financial Information [Table Text Block]	Quarter ended December 31, September 30, June 30, March 31, 201 6 201 6 201 6 201 6 Income $ 17,573,001 $ 14,273,252 $ 16,196,110 $ 11,898,103 Income before income taxes $ 16,081,359 $ 13,099,676 $ 15,103,470 $ 10,802,414 Net income $ 10,906,970 $ 8,929,412 $ 10,123,117 $ 7,280,051 Net income per Sub-share Certificate $ 1.37 $ 1.12 $ 1.26 $ .90 Quarter ended December 31, September 30, June 30, March 31, 201 5 201 5 201 5 201 5 Income $ 14,721,058 $ 18,186,748 $ 11,795,134 $ 34,739,353 Income before income taxes $ 13,345,170 $ 17,233,208 $ 10,949,033 $ 33,755,611 Net income $ 8,995,057 $ 11,461,349 $ 7,416,012 $ 22,166,089 Net income per Sub-share Certificate $ 1.10 $ 1.40 $ 0.90 $ 2.67

Note 2 - Summary of Significa27

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes Paid	$ 20,725,307	$ 24,386,479	$ 18,405,210
Percentage of Cash Payments on Land Sales	25.00%
Debt, Weighted Average Interest Rate	7.10%
Notes Receivable Prepayments	$ 15,803	713,062	$ 1,764,928
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 164,851	$ 132,677
Weighted Average Number of Shares Outstanding, Basic and Diluted	7,989,030	8,197,632	8,397,314
Income Tax Contingency		50.00%
Unrecognized Tax Benefits	$ 0	$ 0
Allowance for Doubtful Accounts Receivable	0	0
Allowance for Notes, Loans and Financing Receivable, Current	$ 0	$ 0
Number of Days Considered Delinquent	30 days
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	100.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	23.70%	18.80%	29.10%
Minimum [Member]
Grazing Lease Term	3 years
Debt Instrument, Interest Rate During Period	7.00%
Notes Receivable Installment Term	10 years
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member]
Grazing Lease Term	5 years
Debt Instrument, Interest Rate During Period	7.50%
Notes Receivable Installment Term	15 years
Property, Plant and Equipment, Useful Life	15 years

Note 2 - Maturities of Notes Re

Note 2 - Maturities of Notes Receivable (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
2,017	$ 32,749
2,018	30,181
2,019	27,229
2,020	4,812
2,021
Thereafter
	$ 94,971	$ 139,114

Note 3 - Segment Information (D

Note 3 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2016
Number of Operating Segments	1

Note 4 - Real Estate Acquired30

Note 4 - Real Estate Acquired (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate Owned, Valuation Allowance, Provision	$ 0	$ 0

Note 4 - Real Estate Acquired I

Note 4 - Real Estate Acquired Included the Following Activity (Details)	12 Months Ended
	Dec. 31, 2015USD ($)a
Balance (Acre) | a	10,124.78
Balance | $	$ 1,125,059
Sales (Acre) | a	(60)
Sales | $	$ (10,458)
Balance (Acre) | a	10,064.78
Balance | $	$ 1,114,601

Note 5 - Employee Benefit Pla32

Note 5 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 51,438	$ 46,519	$ 41,172
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax		91,422	95,899	33,632
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax		49,227	51,638	18,109
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax		$ 91,422	$ 95,899	$ 33,632
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		7.00%	7.00%	7.00%
Defined Benefit Plan Benefit Payment Term		10 years
Inflation Rate [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		2.50%
Minimum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		2.50%
Minimum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		30.00%
Minimum [Member] | Equity Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		20.00%
Maximum [Member]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets		8.50%
Maximum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		80.00%
Maximum [Member] | Equity Securities [Member]
Defined Benefit Plan, Target Plan Asset Allocations		60.00%
Scenario, Forecast [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax	$ 107,510
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax	$ 0

Note 5 - Plan Changes in Fair V

Note 5 - Plan Changes in Fair Value of Plan Assets and Funded Status (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in projected benefits obligation:
Projected benefit obligation at beginning of year	$ 4,884,300	$ 5,093,080
Service cost	152,743	160,133	$ 100,480
Interest cost	215,006	199,538	189,163
Actuarial (gain) loss	(202,520)	(355,346)
Benefits paid	(216,451)	(213,105)
Projected benefit obligation at end of year	4,833,078	4,884,300	5,093,080
Fair value of plan assets at beginning of year	4,551,061	4,338,820
Actual return on plan assets	413,144	(46,609)
Contributions by employer	189,219	471,955
Fair value of plan assets at end of year	4,936,973	4,551,061	$ 4,338,820
Funded (unfunded) status at end of year	$ 103,895	$ (333,239)

Note 5 - Amounts Recognized in

Note 5 - Amounts Recognized in the Balance Sheets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets	$ 103,895	$ 0
Liabilities		(333,239)
	$ 103,895	$ (333,239)

Note 5 - Amounts Recognized i35

Note 5 - Amounts Recognized in Accumulated Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Net actuarial loss	$ (1,484,936)	$ (1,930,079)
Prior service cost
Amounts recognized in accumulated other comprehensive income (loss), before taxes	(1,484,936)	(1,930,079)
Income tax benefit	525,373	681,173
Amounts recognized in accumulated other comprehensive income (loss), after taxes	$ (959,563)	$ (1,248,906)

Note 5 - Summary of Net Periodi

Note 5 - Summary of Net Periodic Benefits Cost (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in projected benefits obligation:
Service cost	$ 152,743	$ 160,133	$ 100,480
Interest cost	215,006	199,538	189,163
Expected return on plan assets	(311,170)	(296,446)	(278,521)
Amortization of net loss	140,649	144,026	46,171
Amortization of prior service cost		3,511	5,570
Net periodic benefit cost	$ 197,228	$ 210,762	$ 62,863

Note 5 - Other Changes in Plan

Note 5 - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net actuarial (gain) loss	$ (304,494)	$ (12,291)	$ 1,188,262
Recognized actuarial loss	(140,649)	(144,026)	(46,171)
Recognized prior service cost		(3,511)	(5,570)
Total recognized in other comprehensive income, before taxes	(445,143)	(159,828)	1,136,521
Total recognized in net benefit cost and other comprehensive income, before taxes	$ (247,915)	$ 50,934	$ 1,199,384

Note 5 - Projected Benefit Obli

Note 5 - Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Plan assets in excess of projected benefit obligation:
Projected benefit obligation	$ 4,833,078	$ 4,884,300
Fair value of plan assets	4,936,973	4,551,061
Accumulated benefit obligation	$ 4,365,973	$ 4,059,334

Note 5 - Summary of Weighted-av

Note 5 - Summary of Weighted-average Assumptions Used to Determine Benefit Obligations and Costs (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate	4.25%	4.50%	4.00%
Rate of compensation increase	7.29%	7.29%	7.29%
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate	4.50%	4.00%	5.00%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets	7.00%	7.00%	7.00%
Rate of compensation increase	7.29%	7.29%	7.29%

Note 5 - Fair Values of Plan As

Note 5 - Fair Values of Plan Assets by Major Asset Category (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Plan assets by category	$ 4,936,973	$ 4,551,061	$ 4,338,820
Fair Value, Inputs, Level 1 [Member]
Plan assets by category	4,936,973	4,551,061
Money Market Funds [Member]
Plan assets by category	1,048,282	827,692
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	1,048,282	827,692
Equity Securities [Member]
Plan assets by category	445,155	196,380
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	445,155	196,380
Equity Funds [Member]
Plan assets by category	1,684,408	1,730,404
Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	1,684,408	1,730,404
Fixed Income Funds [Member]
Plan assets by category	1,759,128	1,796,585
Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan assets by category	$ 1,759,128	$ 1,796,585

Note 5 - Summary of Benefit Pay

Note 5 - Summary of Benefit Payments Over Ten Years (Details)	Dec. 31, 2016USD ($)
2,017	$ 214,910
2,018	245,175
2,019	268,755
2,020	282,475
2,021	276,299
2022 to 2026	$ 1,287,248

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%

Note 6 - Income Tax Provision C

Note 6 - Income Tax Provision Charged to Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
U.S. Federal	$ 21,665,130	$ 25,029,693	$ 17,243,130
State and local	376,041	400,689	398,401
	22,041,171	25,430,382	17,641,531
Deferred	(4,193,801)	(185,867)	(974,997)
	$ 17,847,370	$ 25,244,515	$ 16,666,534

Note 6 - Summary of Income Tax

Note 6 - Summary of Income Tax Expense at Federal Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Computed tax expense at the statutory rate	$ 19,280,422	$ 26,349,057	$ 18,001,044
Reduction in income taxes resulting from:
Statutory depletion	(1,608,961)	(1,320,605)	(1,569,762)
State taxes	204,776	256,876	246,534
Other, net	(28,867)	(40,813)	(11,282)
	$ 17,847,370	$ 25,244,515	$ 16,666,534

Note 6 - Summary of Temporary D

Note 6 - Summary of Temporary Differences in Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred revenue	$ 4,177,130
Basis difference in pension plan liability	(36,363)	118,967
Total deferred tax assets	4,140,767	118,967
Basis differences in real estate acquired through foreclosure	233,977	235,130
Deferred installment revenue on land sales for tax purposes	32,002	47,050
Total deferred tax liability	265,979	282,180
Net deferred tax asset	$ 3,874,788
Net deferred tax liability		$ (163,213)

Note 7 - Lease Commitments (Det

Note 7 - Lease Commitments (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Rent Expense	$ 82,420	$ 79,415	$ 70,400

Note 7 - Summary of Future Mini

Note 7 - Summary of Future Minimum Lease Payments (Details)	Dec. 31, 2016USD ($)
2,017	$ 75,224
2,018	77,841
2,019	80,457
2,020	83,074
2,021	85,690
Thereafter	296,319
	$ 698,605

Note 8 - Capital (Details Textu

Note 8 - Capital (Details Textual) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Number of Certificates Exchanged	0	0
Certificate [Member]
Number of Shares Used In Ratio	1
Sub Shares [Member]
Number of Shares Used In Ratio	3,000

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - Subsequent Event [Member]	1 Months Ended
	Feb. 28, 2017$ / shares
Common Stock, Dividends, Per Share, Declared	$ 0.35
Special [Member]
Common Stock, Dividends, Per Share, Declared	$ 1

Note 10 - Oil and Gas Produci50

Note 10 - Oil and Gas Producing Activities (Unaudited) (Details Textual)	Dec. 31, 2016bbl	Dec. 31, 2015Mcfbbl	Dec. 31, 2014Mcfbbl
Productions Barrels of Oil	569,585	383,961	260,829
Production of Gas	2,612,965	1,910,389	1,370,377

Note 11 - Unaudited Financial D

Note 11 - Unaudited Financial Data of the Trust for Each Quarter (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income	$ 17,573,001	$ 14,273,252	$ 16,196,110	$ 11,898,103	$ 14,721,058	$ 18,186,748	$ 11,795,134	$ 34,739,353	$ 59,911,397	$ 79,414,853	$ 55,202,230
Income before income taxes	16,081,359	13,099,676	15,103,470	10,802,414	13,345,170	17,233,208	10,949,033	33,755,611	55,086,920	75,283,022	51,431,554
Net income	$ 10,906,970	$ 8,929,412	$ 10,123,117	$ 7,280,051	$ 8,995,057	$ 11,461,349	$ 7,416,012	$ 22,166,089	$ 37,239,550	$ 50,038,507	$ 34,765,020
Net income per Sub-share Certificate (in dollars per share)	$ 1.37	$ 1.12	$ 1.26	$ 0.90	$ 1.10	$ 1.40	$ 0.90	$ 2.67	$ 4.66	$ 6.10	$ 4.14