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D. DISCONTINUED OPERATIONS
3 Months Ended
Mar. 31, 2021
Extractive Industries [Abstract]  
DISCONTINUED OPERATIONS

NOTE D: DISCONTINUED OPERATIONS

 

On August 31, 2020, the Company sold its entire oil and gas operation for $85,000 to an independent third party. In prior years the Company has accrued a liability of $2,745,000 to plug and abandon the existing wells. This obligation was assumed by the buyer. Upon the sale of the wells the Company recorded a gain of $2,138,000.

 

Also included in discontinued operations are net operating expenses the Company incurred during the period presented. For the three months ended March 31, 2020 the Company recorded operating losses of $63,000 from the oil and gas operation.